Group 1 - The core message emphasizes the importance of innovation as the primary driving force for development, highlighting the need for deep integration of technological and industrial innovation [6] - The year 2025 marks the conclusion of the "14th Five-Year Plan," with a focus on advancing China's economy under pressure and promoting new and superior development [3][21] - The rapid development of artificial intelligence is seen as a key factor in cultivating new productive forces and driving high-quality development in China [16] Group 2 - Resource-based regions are encouraged to achieve new development, with traditional industries needing revitalization through transformation and upgrading [10] - The concept of localized development is emphasized, suggesting that each region should leverage its unique characteristics to foster new productive forces [14] - The continuous implementation of five-year plans is recognized as an important experience in governance and a political advantage of socialism with Chinese characteristics [21]

调查简介：本次全球调查由环球时报研究院具体执行。调查国家样本中包括15个发达国家和31个发展中 国家，涵盖各大洲代表性国家及G20国家、9个金砖国家、10个东盟国家。不含中国。调查对象样本选 取及问卷投放、数据回收等工作依行业规范开展。调查方式根据不同国家的实际情况采用适宜方式，包 括面对面访问（CAPI/PAPI）、计算机辅助电话调查（CATI）、大规模会员样本库在线调查（Online） 三种。调查对象为18岁-70岁的普通民众。数据回收过程中，根据各国人口特征对样本组构成进行了一 定程度的配额限定。调查时间为2025年8月至10月。共获得有效样本数据51689份。 2025年，世界在变乱交织中加速演进。中国发展与世界格局的联动性不断增强，中国对全球增长、科技 变革和全球治理的影响更加深远而积极。为持续观察世界如何看待中国，环球时报社再度面向46个国 家、约5.17万民众开展"中国国际形象全球调查"，客观、全面、准确地了解国外民众对中国的印象、认 知与评价。 习近平新时代中国特色社会主义思想获国际社会高度认同 本次调查选取了习近平新时代中国特色社会主义思想中的部分重要理念，询问国外受访民众的意 见。"构建人 ...

Market Outlook - The market is expected to continue a slow bull trend in 2026, with signs of a profit bottom emerging and ample liquidity gradually reflecting in the performance of listed companies [4][9] - Valuation metrics indicate that the price-to-earnings ratio of stocks relative to bonds is near historical averages, with a low interest rate environment providing upward valuation momentum [9][10] - The Chinese stock market has significant room for improvement in its securitization rate, suggesting potential for further growth [9][10] Industry Allocation Outlook - The report emphasizes a focus on technology, domestic circulation, strategic security, and opening up to the outside world as key investment directions [4][10] - The technology sector is highlighted as a primary area of interest, particularly in AI applications and robotics, which are expected to drive market performance [7][10] - The cyclical recovery is anticipated, with attention on sectors such as high-tech manufacturing, new consumption patterns, and resource scarcity [10] 2025 Market Review - The market has shown a steady upward trend, characterized by a slow bull market, with technology and metals leading the gains [8][23] - Key themes included AI-driven growth, new consumption, and innovative pharmaceuticals, with significant performance from small-cap and resource stocks [23][24] - The overall market performance has been robust, with major indices achieving over 15% gains, particularly in the ChiNext and Northbound indices [23][28] Profit and Valuation Trends - As of Q3 2025, the overall revenue growth for A-shares has turned positive, with a year-on-year increase of 4.19%, and the ChiNext leading with a 15.74% increase [36][40] - Profit growth has also shown significant improvement, with A-shares experiencing an 11.45% year-on-year increase in profits, and the ChiNext achieving a remarkable 32.90% growth [36][40] - There is a structural divergence in profitability, with high valuations correlating with high growth in sectors like technology, while domestic demand sectors lag behind [42][45] Global Economic Context - The report anticipates a favorable global liquidity environment due to ongoing monetary and credit easing, particularly in the U.S., which is expected to positively impact Chinese exports [9][10] - The U.S. economy is projected to experience a mild recovery in 2026, with inflation trends remaining manageable, supporting a favorable investment climate for equities [55]

Core Viewpoint - The implementation of the Five-Year Plans is a crucial method for the Chinese Communist Party to govern and manage the country, reflecting the continuous development of socialism with Chinese characteristics since the establishment of the People's Republic of China [1] Group 1: Consistency of Strategic Goals - All fourteen Five-Year Plans have been centered around the goal of building a socialist modernized country, with each plan serving to refine and specify this strategic objective [2] - The first Five-Year Plan focused on developing heavy industry to establish a solid foundation for national industrialization and defense modernization, while the Fourteenth Five-Year Plan aims to lay a good foundation for the comprehensive construction of a modern socialist country [2] Group 2: Stability of Strategic Determination - The process of socialist modernization in China faces unprecedented challenges due to its complex national conditions, yet the determination to advance this modernization has remained unwavering throughout the different historical periods of the Five-Year Plans [3] - The strategic determination of the Communist Party has not wavered despite the changing internal and external environments, maintaining a consistent focus on building a modern socialist country [3] Group 3: Continuity of Strategic Arrangements - The development of Chinese-style modernization is characterized by a relay race approach, where the continuity of strategic arrangements is a prominent feature [4] - Each Five-Year Plan builds upon the previous one, ensuring a coherent and interconnected strategy that contrasts sharply with the short-sighted governance seen in some Western countries [4] Group 4: Progressiveness of Strategic Planning - The development of Chinese-style modernization is a long-term historical process, with each Five-Year Plan representing a step forward based on the previous one, embodying a progressive approach to strategic planning [5] - The goals set for the Fifteenth Five-Year Plan are more advanced than those of the Fourteenth Five-Year Plan, indicating a clear progression in the tasks and objectives of Chinese-style modernization [5]

党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》， 为"十四五"收好官、"十五五"开好局提供了科学指引，为我们经济社会发展提出了明确的战略规划和具 体的实践要求。习近平总书记强调："科学制定和接续实施五年规划，是我们党治国理政一条重要经 验，也是中国特色社会主义一个重要政治优势。"这一重要论断深刻指出了制定和实施五年规划的价值 内涵和实践意义。回顾我们党科学制定和接续实施五年规划的历史进程，充分认识五年规划如何"塑 造"中国，能够为贯彻落实党的二十届四中全会精神、奋力开创中国式现代化建设新局面提供重要启 示。 一、中国为什么需要五年规划 凡事预则立，不预则废。五年规划是我们党在治国理政过程中，为指导我国经济社会发展而制定的中长 期规划。从1953年实施"一五"计划的历史现实看，中国之所以需要五年规划，是因为五年规划既是继承 和发展马克思主义生产力理论的必然要求，也是社会主义建设事业的现实需要。 ●社会主义建设事业的现实需要 ●继承和发展马克思主义生产力理论的必然要求 ●实施五年规划的三个阶段 ●客观审慎地进行合理规划 （原载《党课参考》2025年24期） ●体现鲜明的人 ...

发挥耐心资本优势 探索"中国特色投资之路"的实践路径 ◎记者 陈佳怡 12月12日，由上海证券报与交通银行上海市分行联合主办、基煜基金全程协办的"上证·大虹桥金融高质 量发展大会"在上海长宁区举办。中保投资有限责任公司党委委员、副总裁陈子昊在大会上表示，"十五 五"规划建议中蕴藏着众多投资机会。展望未来，中保投资将继续发挥"耐心资本"优势，支持新质生产 力发展，探索"中国特色投资之路"的实践路径。 从"五年规划"视角回顾中国经济发展的近二十年，陈子昊表示，"五年规划"清晰地勾勒出一条从要素驱 动、投资驱动向创新驱动转型的国家战略路径：从经济发展目标角度来看，"规模、速度优先"升级 为"质量、效益并举"；从重点发展领域角度来看，科技创新的重要性不断提升；从资本市场建设角度来 看，新型资本配置体系逐步成形。 "通过回溯历史数据，'五年规划'的政策导向与资本市场行情存在深度联动。"陈子昊称，历次"五年规 划"都指引经济增长动力的重点发展领域，"十五五"规划建议中也蕴藏着几大投资机会： 陈子昊 中保投资副总裁陈子昊： 二是培育壮大新兴产业和未来产业。"十五五"规划建议为发展新兴产业、未来产业擘画了蓝图、指明了 方向。 ...

新加坡学者马凯硕日前在接受总台《高端访谈》专访时积极评价中国的五年规划。他高度评价中国发展 的长远眼光："'十五五'规划聚焦高质量发展，我认为这非常英明。" 新加坡前常驻联合国代表 马凯硕：最早让我意识到中国具有长远眼光和战略思维的是亨利·基辛格（美 国前国务卿）。事实上，在我的《中国的选择》一书中，经他同意我引用了他说的话——"中国拥有全 面且长期的战略"。而五年规划正是这种长期战略思维的重要体现。 ...

他高度评价中国发展的长远眼光："'十五五'规划聚焦高质量发展，我认为这非常英明。" 他说，与中国"脱钩"就是与世界"脱钩"："我一直主张，对美国而言更明智的做法是停止遏制中国发展，因为中国的发展势不可挡。" 期待中国创新发展惠及世界，他表示："全世界应当为中国在机器人制造与生产领域引领全球而感到高兴。" 新加坡前常驻联合国代表马凯硕接受《高端访谈》专访，敬请收看。 0:00 邹韵：2025年接近尾声，刚刚结束的中央经济工作会议为明年的经济发展做出了部署，也将为"十五五"规划落实夯实基础。回顾"十四五"时期，我国走过了 极不寻常、极不平凡的发展历程。那么中国经济不断扩大高水平对外开放对国际合作有怎样的推动作用？中国发展新质生产力对世界有何积极意义？带着这 些问题，我们专访了新加坡前常驻联合国代表马凯硕，一同在对话中寻找答案。 邹韵：马凯硕教授，晚上好！感谢您接受《高端访谈》专访。本次采访前，您出席了《世界开放报告2025》的发布会，这是虹桥国际经济论坛和进博会发布 的旗舰报告之一。首先，能否请您和我们分享一下报告中让您印象深刻的一些核心要点？ 马凯硕：西方普遍认为世界正走向"逆全球化"，因此这份《世界开放报告》 ...

党的二十届四中全会通过的"十五五"规划建议，提供了读懂"中国之治"的一扇窗口。 习近平总书记指出："科学制定和接续实施五年规划，是我们党治国理政一条重要经验，也是中国特色 社会主义一个重要政治优势。" 世界百年变局加速演进，"中国之治"风景这边独好。 "中国之治"的密码是什么，背后的逻辑是什么，未来的前景是什么？面对"世界怎么了、我们怎么办"这 一时代之问，人们一次次把目光投向中国。 从"一五"到"五五"，我国建立起独立的比较完整的工业体系和国民经济体系；"六五""七五"，推动基本 解决温饱问题；"八五""九五"，实现人民生活总体达到小康水平；"十五"到"十三五"，全面建成小康社 会；"十四五"时期，我国经济实力、科技实力、综合国力跃上新台阶，中国式现代化迈出新的坚实步 伐。 一步一个脚印，一程接着一程，在一个又一个五年规划（计划）的接力中，中国式现代化已经展开壮美 画卷并呈现出无比光明灿烂的前景。 "十五五"，承前启后的关键时期。回望十四个五年，展望新的五年，眺望伟大复兴的航程，我们更能深 刻理解"中国之制"的巨大优势，更能深刻感受"中国之治"的强大效能。 领导力—— 党的领导是中国特色社会主义制度的最大优 ...

Group 1 - The seventh China-Cuba theoretical seminar was held in Beijing, focusing on "Using Scientific Development Planning to Promote the Practice and Experience of Socialist Modernization" [1] - This year marks the 65th anniversary of diplomatic relations between China and Cuba, with significant exchanges and meetings between leaders to strengthen bilateral ties [1] - The Chinese Communist Party emphasizes long-term planning to guide economic and social development, achieving rapid economic growth and long-term social stability through strategic five-year plans [1] Group 2 - The Cuban representative praised the achievements of China under the leadership of Xi Jinping and expressed willingness to enhance exchanges on governance experiences [1]