Group 1 - The five-year plan serves as a "metronome" for China's modernization, reflecting both the continuity of domestic policies and alignment with global development trends [1][2] - The recent signing of the upgraded version of the China-ASEAN Free Trade Area agreement creates more market opportunities and boosts regional development and global economic confidence [1][2] - China's five-year planning is observed as a means to gauge its "action direction" and potential to reshape the global economic landscape [1][3] Group 2 - The leadership of the Chinese Communist Party is highlighted as a key factor in the successful execution of strategic planning and policy implementation [2][3] - The "15th Five-Year Plan" is seen as providing an "opportunity list" for the world, with foreign companies recognizing the benefits of aligning with China's growth [2][3] - China's approach to modernization emphasizes that there is no singular model or standard, promoting a unique path that resonates with the aspirations of developing countries [3][4] Group 3 - The plan emphasizes cooperation and mutual benefits, with China offering zero tariff treatment to the least developed countries that have diplomatic relations with it [3] - The concept of "Chinese-style modernization" is presented as a new form of human civilization, reflecting both domestic and global aspirations [3][4] - China's commitment to a stable development outlook and significant mutual benefits is recognized by foreign investors, leading to increased investment in the country [2][3]

Strategy Overview - The report indicates that the market is currently in a "slow bull" phase, with short-term corrections not altering the overall trend. Key policies and events impacting the market have been implemented, and November marks a performance gap period. Signals of domestic demand recovery show divergence, with significant recovery in corporate revenue and profits in September, but a weakening PMI in October. The focus will shift to the implementation of incremental macro policies as the year-end approaches [5][6][10]. November Stock Picks - The November stock picks from Zhongyin Securities include: China Eastern Airlines (transportation), COSCO Shipping Specialized (transportation), Hualu Hengsheng (chemicals), Yake Technology (chemicals), CATL (electricity), Bairen Medical (pharmaceuticals), Anjuke Food (food and beverage), Lingnan Holdings (social services), Shenghong Technology (electronics), Industrial Fulian (electronics), and iFlytek (computers) [10][12]. Transportation Industry: China Eastern Airlines - China Eastern Airlines is one of the three major state-owned airlines in China, with a focus on passenger transport, which constitutes over 90% of its revenue. The company is expected to achieve a revenue of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%, with a gross profit margin of 4.26% [12][13]. Transportation Industry: COSCO Shipping Specialized - COSCO Shipping Specialized reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.329 billion yuan, up 10.54%. The company is expanding its fleet and has raised funds through a private placement to support its growth [15][16]. Chemical Industry: Hualu Hengsheng - Hualu Hengsheng's gross profit margin decreased to 18.01% in the first half of 2025, down 3.19 percentage points year-on-year, due to weak market demand. The company is focusing on cost reduction and efficiency improvement, with a significant increase in R&D expenses [17][18]. Chemical Industry: Yake Technology - Yake Technology's revenue grew due to increased sales in LNG and electronic materials. However, net profit growth lagged behind revenue growth due to foreign exchange losses and increased R&D expenses. The company is actively developing new technologies and products in the electronic materials sector [20][21]. Electric Industry: CATL - CATL reported a revenue of 283.072 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.28%, with a profit growth of 36.20%. The company maintains a strong market position, with a global market share of 36.8% in battery installations [24][25]. Pharmaceutical Industry: Bairen Medical - Bairen Medical has seen rapid growth in its revenue and profits, particularly in its heart valve replacement and repair segment, which grew by 64.28% year-on-year. The company is expected to continue its growth trajectory with new product approvals [27][28]. Food and Beverage Industry: Anjuke Food - Anjuke Food's revenue for Q3 2024 was 3.53 billion yuan, a year-on-year increase of 4.6%. The company is focusing on promoting new products, particularly in the frozen food segment, which has shown significant growth [30][31]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 2.09 billion yuan in the first half of 2025, a year-on-year increase of 8.52%. The company is expanding its travel agency and hotel operations, with a focus on enhancing its market presence [32][33]. Electronics Industry: Shenghong Technology - Shenghong Technology reported a revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.31%. The company is leveraging its technological advantages to expand its high-end product offerings [35][36]. Electronics Industry: Industrial Fulian - Industrial Fulian's revenue for the first half of 2025 was 360.76 billion yuan, a year-on-year increase of 35.58%. The company is expected to benefit from the growing demand for AI infrastructure and cloud services [39][40]. Computer Industry: iFlytek - iFlytek's revenue for Q1 2025 was 4.658 billion yuan, a year-on-year increase of 27.74%. The company is focusing on enhancing its cash flow and controlling expenses while investing in R&D for new technologies [42][43].

Core Insights - The Executive Director of the APEC Secretariat, Pedroso, emphasized the importance of maintaining foresight, setting clear development goals, and evaluating expected outcomes for global economies [2] Group 1 - Pedroso highlighted that China's "Five-Year Plan" serves as a valuable reference for many economies worldwide [2]

Group 1 - The meeting emphasized the importance of implementing the strategic guidance of the five-year plan to promote high-quality economic and social development in Shanghai [1][2] - The city aims to enhance the quality of the China International Import Expo (CIIE) by providing first-class urban services and showcasing a favorable business environment [2] - There is a focus on developing Shanghai as a key city for football development, with an emphasis on building a high-quality football ecosystem and promoting youth football [3] Group 2 - The meeting highlighted the need for comprehensive planning and public participation in the formulation of the "14th Five-Year Plan" to reflect the people's needs [1] - It was noted that the city should integrate the CIIE with major industrial developments and investment promotion activities to maximize its spillover effects [2] - The importance of adhering to the principles of the Party in the operation of the Party School was reiterated, aiming to enhance the quality of training and decision-making support for party members [2][3]

Core Insights - The "14th Five-Year Plan" serves as a crucial guide for national economic and industrial development, indicating significant policy shifts and their potential impact on the capital market [1][2] - The "15th Five-Year Plan" (2026-2030) emphasizes a proactive policy approach to address both strategic opportunities and risks, focusing on enhancing economic growth and productivity [1][2] Policy Signals from the "15th Five-Year Plan" - The plan aims to build a modern industrial system and develop new productive forces, balancing the expansion of advantages with the reinforcement of weaknesses [2] - It emphasizes upgrading traditional industries while promoting emerging sectors such as renewable energy, aerospace, and advanced manufacturing [2] - The plan addresses insufficient effective demand by enhancing resident consumption rates and optimizing income distribution [2] Market Characteristics During Previous Five-Year Plans - Historical data shows that from the "10th Five-Year Plan" (2001) to the present, the Chinese capital market has experienced coordinated growth in both scale and quality [3] - The Shanghai Composite Index has shown a trend of increasing low points during each five-year planning period, with a general reduction in annualized volatility, indicating enhanced market stability [3][4] Market Performance Around Five-Year Plan Releases - The release of five-year plans has demonstrated a calendar effect on the A-share market, with significant short-term market reactions following the announcements [5][6] - Statistical analysis of market performance around the release dates shows varying impacts, with some plans leading to positive market movements shortly after their announcements [5][6] Industry Performance Linked to Policy - Emerging industries highlighted in the "12th" to "14th Five-Year Plans" have shown varied market performance, with certain sectors outperforming the overall market index [7][9] - Sectors such as environmental protection, semiconductors, and new energy have benefited from both policy support and favorable market conditions, acting as accelerators for growth [9][10]

Market Performance - The A-share market experienced a strong rally, with major indices rising significantly, including the ChiNext Index which surged nearly 3% to reach a new high for the year [1] - The Shanghai Composite Index closed above 4000 points, while the North Stock Exchange 50 Index increased by over 8% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.26 trillion yuan, an increase of 108.2 billion yuan compared to the previous trading day [1] Sector Performance - The energy storage sector showed strong performance, with companies like Sungrow Power and Tongrun Equipment hitting new highs [1] - The photovoltaic sector also saw explosive growth, with stocks such as LONGi Green Energy and Tongwei Co. reaching their daily limit [1] - The non-ferrous metals sector experienced a rapid rise, with Zhongfu Industrial hitting the daily limit [1] - Conversely, bank stocks collectively declined, with Chengdu Bank dropping nearly 6% [1] Market Drivers - The recent market rally is attributed to multiple factors, including the approval of the 14th Five-Year Plan by the Central Committee, which historically correlates with stock market uptrends [4][7] - The announcement of a new high-tech industry initiative aimed at accelerating the development of strategic emerging industries has sparked enthusiasm in the technology sector [7] - Improvements in external conditions and recovering economic data, along with a loosening of market liquidity, have provided positive support for the market [9] Economic Indicators - From January to September, the total profit of industrial enterprises above designated size reached 53,732 billion yuan, reflecting a year-on-year growth of 3.2% [10] - In September alone, profits for these enterprises increased by 21.6% year-on-year [10] Investment Strategy - A balanced investment strategy is recommended, combining aggressive positions in technology growth sectors with defensive positions in dividend-yielding value stocks [11] - It is advised to maintain a reasonable position size, ideally between 50-70%, and to adjust holdings based on market movements [11]

Group 1 - The "14th Five-Year Plan" has laid a solid foundation for China's economic development, emphasizing the importance of long-term planning in achieving sustainable growth [2][4] - The "15th Five-Year Plan" focuses on building a modern industrial system, with a strong emphasis on the manufacturing sector, which currently accounts for approximately 30% of global manufacturing value added [4][7] - The integration of manufacturing and service industries is crucial, with a push towards digital solutions and service-oriented manufacturing to enhance competitiveness [5][7] Group 2 - The plan outlines 12 key deployments, with the first being the consolidation and strengthening of the real economy, indicating a strategic shift towards a new type of major power [4][8] - The emphasis on innovation-driven development marks a transition from merely addressing shortcomings to enhancing profitability and establishing a modern industrial framework [8][10] - The goal of achieving a per capita GDP level of middle-income countries by 2035 reflects China's commitment to maintaining mid-to-high-speed economic growth [10][11] Group 3 - China's ongoing commitment to opening up its market will create significant opportunities for international businesses, positioning China as one of the largest single markets globally [12][14] - The country's complete industrial system and strong manufacturing capabilities provide a stable foundation for global supply chains, enhancing production efficiency for partner countries [13][14] - China's focus on green production capabilities addresses global challenges in sustainable development, contributing to the green transition worldwide [13][14]

10月23日，中共二十届四中全会胜利闭幕。国际社会对全会予以高度关注，折射出中国五年规划在全球 议程中的分量。各方对中国继续发挥世界增长稳定锚和动力源作用抱有信心，期待在中国式现代化进程 中更好共享发展机遇。 科学制定和接续实施五年规划，是中国共产党治国理政的重要方式，也是国际社会读懂中国式现代化的 重要窗口。"中国是能够从长远着眼的国家，真的是一个前瞻型的国家。"意大利前总理蒙蒂的感慨，道 出了国际社会对中国既有五年规划也有百年目标的治国智慧的普遍钦佩。 "十四五"时期，面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，中国有效应对一系列重 大风险挑战，以高质量发展的确定性应对各种不确定性：经济增量预计将超过35万亿元，人均GDP已连 续两年超过1.3万美元，位居中等偏上收入国家前列，连续15年稳坐全球制造业"头把交椅"，对世界经 济增长的年均贡献率保持在30%左右……无论外部环境怎么变化，中国坚持集中力量办好自己的事，信 心更强大、信念更坚定。 当今世界正处在深刻变革与动荡不安的十字路口，不确定性笼罩全球。统筹中华民族伟大复兴战略全局 和世界百年未有之大变局，中国在变乱交织的国际形势中保持确定性，必 ...

科学制定和接续实施五年规划，是中国共产党治国理政的重要方式，也是国际社会读懂中国式现代化的 重要窗口。"中国是能够从长远着眼的国家，真的是一个前瞻型的国家。"意大利前总理蒙蒂的感慨，道 出了国际社会对中国既有五年规划也有百年目标的治国智慧的普遍钦佩。 中国之所以能够创造改写人类历史的发展奇迹，一个重要原因就在于接续编制和实施五年规划，充分发 挥社会主义制度优势，坚持全国一盘棋，坚持一张蓝图绘到底。从1953年开始实施第一个五年计划，到 今年"十四五"规划即将收官，中国从一个积贫积弱的农业国成长为世界第一制造业大国、世界第二大经 济体。既登高望远，又脚踏实地，正是一个又一个五年规划的接续实施，推动中国式现代化不断向前发 展。在全球范围，中国五年规划赢得广泛赞誉，成为世界各国借鉴中国经验的重要方面。 一个坚持与世界各国共享机遇、共谋发展的中国，正日益成为动荡世界中"确定性的绿洲"，为全球发展 持续贡献稳定力量、合作力量、进步力量 实现社会主义现代化是一个阶梯式递进、不断发展进步的历史过程。"十五五"时期是基本实现社会主义 现代化夯实基础、全面发力的关键时期。保持战略定力，增强必胜信心，展现历史主动，中国将不断开 ...

一个坚持与世界各国共享机遇、共谋发展的中国，正日益成为动荡世界中"确定性的绿洲"，为全球发展 持续贡献稳定力量、合作力量、进步力量 10月23日，中共二十届四中全会胜利闭幕。国际社会对全会予以高度关注，折射出中国五年规划在全球 议程中的分量。各方对中国继续发挥世界增长稳定锚和动力源作用抱有信心，期待在中国式现代化进程 中更好共享发展机遇。 当今世界正处在深刻变革与动荡不安的十字路口，不确定性笼罩全球。统筹中华民族伟大复兴战略全局 和世界百年未有之大变局，中国在变乱交织的国际形势中保持确定性，必将对全球发展产生更加重大的 影响。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》对未来5年 发展作出顶层设计和战略擘画，是乘势而上、接续推进中国式现代化建设的又一次总动员、总部署。 《建议》既有对大势的高瞻远瞩，也有以问题为导向的实事求是，对发展方向的擘画明确且清晰，有力 增强了国际社会对中国发展的信心。"这是塑造未来5年全球市场的会议""正是这种制度安排让中国能够 高效推进国家发展、实现长期目标""有望为全球创造更多发展机遇，提供更多有益方案"……各方的观 察与期待充分表明，一个坚持与世界各 ...