Group 1: Economic Development and Governance - The 20th Central Committee of the Communist Party emphasizes the importance of achieving socialist modernization and enhancing the governance system, particularly focusing on new economic organizations and employment groups [1][2] - The Beijing Municipal Committee plans to strengthen the construction of the party in emerging fields to enhance its influence and cohesion [1] - The city aims to improve grassroots governance and community service systems, addressing urgent issues faced by the public [1] Group 2: Environmental Protection and Sustainable Development - The committee highlights significant progress in building a beautiful China, with a focus on ecological environment protection and quality improvement in Beijing [2] - The city aims to create a harmonious relationship between humans and nature, promoting green, low-carbon, and high-quality development [2] Group 3: Digital Economy and Innovation - The 20th Central Committee calls for advancing digital China, with the Beijing Internet Court focusing on issues like data rights and artificial intelligence to support the digital economy's high-quality development [3] - The Capital Airport Economic Zone aims to enhance its role in international exchanges and develop a robust economic industry system [3] Group 4: Cultural Development - The committee stresses the need to stimulate cultural innovation and development, with institutions like the National Grand Theatre planning to enhance various cultural platforms and public engagement [4] Group 5: Community Engagement and Social Welfare - Community leaders emphasize the importance of grassroots efforts in improving living conditions and fostering community participation in governance [5] - The focus is on enhancing digital capabilities to integrate heritage protection, public services, and community governance [5] Group 6: Legal and Security Framework - The Beijing Municipal Procuratorate aims to enhance its service framework to support the city's development goals and ensure high-quality legal services [6] - The emphasis on national security and social stability reflects the central government's commitment to maintaining a safe environment for citizens [6]

Group 1 - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of achieving socialist modernization and encourages continuous efforts towards national rejuvenation [1] - The Beijing Municipal Social Work Department aims to enhance social governance, focusing on new economic organizations and employment groups, while improving community service systems [1] - The Beijing Municipal Bureau of Ecology and Environment highlights significant improvements in air quality during the 14th Five-Year Plan and sets goals for a harmonious relationship between humans and nature in the next five years [2] Group 2 - The Beijing Municipal Federation of Industry and Commerce plans to strengthen political guidance for private enterprises and improve the business environment to support high-quality development [2] - The Beijing Internet Court will focus on digital rights, artificial intelligence, and algorithm governance to provide judicial support for the healthy development of the digital economy [3] - The Capital Airport Economic Zone aims to develop a modern industrial system that supports international exchanges and enhances its role as a comprehensive international aviation hub [3] Group 3 - The National Grand Theatre plans to enhance various platforms for performing arts and cultural education to meet the growing cultural needs of the public [4] - Community initiatives like the "Hutong Discussion Council" aim to engage residents in local governance and improve living conditions through digital empowerment [5] - The Beijing Municipal People's Procuratorate focuses on enhancing its service system to support the capital's functional development and improve the quality of its work [5]

Core Viewpoint - The development of new quality productivity is an intrinsic requirement and important focus for promoting high-quality development, emphasizing the need to continue this theme into the "15th Five-Year Plan" period [1] Group 1: Importance of Technological Innovation - Technological innovation is identified as a "key variable" in the significant changes occurring globally, and it is essential for supporting Chinese-style modernization [1] - The core element of developing new quality productivity is technological innovation, which should lead the way in building a modern industrial system [1] Group 2: Strategic Focus and Implementation - The strategy emphasizes strengthening original innovation and tackling key core technologies, promoting deep integration of technological and industrial innovation [1] - There is a call for a comprehensive green transformation of economic and social development, with a focus on the foundational and strategic support for developing new quality productivity [1] Group 3: Practical Considerations - The development of new quality productivity requires certain endowments and must consider practical feasibility [1] - The approach should be "tailored to local conditions," advocating for a scientific, rational, and pragmatic execution of work, while selectively promoting new industries, models, and driving forces to avoid a rush to develop [1]

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - China's economy shows an external - stable and internal - weak pattern, with large deflationary pressure and no urgent need for a new round of comprehensive growth - stabilizing measures. The new policy - based financial instruments are expected to boost the economy in Q4 [4]. - Sino - US trade tensions show signs of easing, and the upcoming consultations and summit are expected to reach agreements on relaxing export controls, commodity purchases, and extending the suspension of high - tariffs [15]. - The 20th Fourth Plenary Session of the CPC Central Committee sets the goals for the 15th Five - Year Plan period, aiming to promote high - quality development and modernization [17]. - The US dollar index is expected to fluctuate in a low - level range in H2 2025, and the RMB exchange rate against the US dollar will be oscillatingly strong with pressure [19][21]. - The upward trend of precious metals since late August may continue until 2026, but investors need to control positions due to short - term adjustment risks [32]. 3. Summary by Relevant Catalogs 3.1 Macro Environment Review 3.1.1 Economy - **GDP**: In Q3 2025, China's real GDP grew 4.8% year - on - year, a 0.4 - percentage - point decline from Q2. The nominal GDP grew 3.73% year - on - year, a 0.21 - percentage - point decline from the previous quarter. The GDP deflator shrank 1.02% year - on - year, with deflationary pressure remaining high [4]. - **Investment**: From January to September 2025, cumulative fixed - asset investment decreased by 0.3% year - on - year, turning from a 0.5% increase in January - August. Real estate investment decreased by 13.9% year - on - year, manufacturing investment increased by 4%, and infrastructure investment increased by 3.34% [6]. - **Consumption**: In September 2025, total retail sales of consumer goods increased by 3% year - on - year, a 0.4 - percentage - point decline from August [6]. - **Output**: In September 2025, industrial output increased by 6.5% year - on - year, a 1.3 - percentage - point increase from August [7]. - **Real Estate**: From January to September 2025, new - home sales area decreased by 5.5% year - on - year, and new - home sales volume decreased by 7.9% year - on - year. Housing prices continued to decline, and inventory pressure increased [8][10]. 3.1.2 Focus - Sino - US trade tensions have shown signs of easing. After multiple rounds of tariff hikes and counter - measures, the two sides will hold the fifth - round economic and trade consultations in Malaysia from October 24 - 27, and the leaders will meet on October 30 in South Korea [11][15]. 3.1.3 Policy - The 20th Fourth Plenary Session of the CPC Central Committee was held from October 20 - 23, 2025. It put forward the main goals for the 15th Five - Year Plan period, including high - quality development, technological self - reliance, and social progress [16][17]. 3.2 Precious Metals Market Analysis 3.2.1 US Treasury Yields and US Dollar Exchange Rate - The US dollar index is expected to fluctuate in a low - level range of 95 - 102 in H2 2025. The RMB exchange rate against the US dollar will be oscillatingly strong with pressure, and the 10 - year US Treasury yield will fluctuate between 3.8% - 4.5% [19][21][23]. 3.2.2 Market Investment Sentiment - As of October 23, 2025, the SPDR Gold ETF holdings were 1052.4 tons, 22.8% higher than the low point in May 2024, and the SLV Silver ETF holdings were 15469 tons, 16% higher than the low point in May 2024 [24][25]. 3.2.3 Precious Metals Review and Outlook - In the long - term, geopolitical risks and the restructuring of the global trade and currency system support the upward trend of gold prices. In the medium - term, economic recession risks and liquidity premium expectations make gold prices stronger. In the short - term, gold prices have entered a new upward trend since late August. The short - term adjustment risks exist, but the upward trend may continue until 2026 [28][29][32]. 3.2.4 Precious Metals - Related Charts - The gold - silver ratio has rebounded slightly in the second half of October. The correlation between gold and the US dollar index has changed from negative to positive, and the negative correlation between gold and crude oil has increased [33][34].

Group 1 - The chip sector is leading the rebound in technology stocks, with significant gains in storage chips, automotive chips, and AI chips. As of the report, the Kweichow Moutai ETF (588810) rose by 4.08%, the chip leader ETF (516640) increased by 3.84%, the communication equipment ETF (159583) gained 3.79%, and the specialized and innovative ETF (563210) rose by 3.58%. Notably, Huahong Semiconductor surged over 11% and Unisoc increased by over 9% [1] - The Fourth Plenary Session's communiqué emphasizes accelerating high-level technological self-reliance and strength to lead the development of new productive forces. It highlights the importance of seizing opportunities from the new round of technological revolution and industrial transformation, integrating education, technology, and talent development, and advancing digital China construction [1] - Institutions indicate that the core spirit of this plenary session is to break structural bottlenecks through technological innovation, counteract internal competition pressures with efficiency reforms, and achieve long-term stable growth through high-quality development. This marks the starting point for re-evaluating industrial structures and serves as a strategic layout window for medium to long-term technology growth and high-end manufacturing sectors [1] Group 2 - The Kweichow Moutai ETF (588810) closely tracks the Kweichow Moutai index, focusing on chip companies listed on the Sci-Tech Innovation Board, with a 20% daily price fluctuation limit. Investors without on-site accounts can consider the linked funds (Class A 023651; Class C 023652) [2]

Core Viewpoint - The Ministry of Science and Technology emphasizes the need for high-level technological self-reliance and innovation to lead the development of new productive forces, outlining four key areas for deployment [1] Group 1: Key Areas of Deployment - Strengthening original innovation and tackling key core technology challenges [1] - Promoting deep integration of technological innovation and industrial innovation [1] - Advancing the development of education, technology, and talent in a coordinated manner [1] - Deepening the construction of a digital China [1]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the integration of the real economy and digital economy, aiming to enhance technological self-reliance and innovation to support China's modernization goals by 2035 [1][2][3] Group 1: Key Strategies - Strengthening original innovation and tackling key core technologies through a new national system, focusing on integrated circuits, industrial mother machines, and high-end instruments [1][2] - Promoting deep integration of technological and industrial innovation, enhancing the capacity for systematic tackling of challenges, and supporting enterprises in leading innovation initiatives [2] - Advancing education and talent development in coordination with technological and industrial needs, establishing a mechanism for integrated planning and resource allocation [2] Group 2: Digital Economy and AI - Deepening the construction of a digital China by building a secure and open national data market, facilitating the integration of the real and digital economies [2] - Accelerating innovation in artificial intelligence and other digital technologies, ensuring efficient supply of computing power, algorithms, and data [1][2] - Implementing the "Artificial Intelligence +" initiative to empower various industries comprehensively [1][2]

Core Points - The central theme of the news is the introduction and interpretation of the 15th Five-Year Plan for national economic and social development, emphasizing the importance of high-quality development and innovation in China's economy [2][3]. Group 1: Economic Development Goals - The 15th Five-Year Plan outlines seven main goals for economic and social development, including significant achievements in high-quality development and substantial improvements in self-reliance in technology [3]. - The plan prioritizes the construction of a modern industrial system and the strengthening of the real economy, focusing on four key tasks: solidifying the foundation, fostering innovation, expanding capacity, and enhancing efficiency [3]. Group 2: Technological Innovation - The plan emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces through four strategies: enhancing original innovation, promoting deep integration of technology and industry, advancing education and talent development, and furthering the construction of a digital China [3]. Group 3: Social Development - The plan addresses population quality development with three main focuses: creating a family-friendly society, promoting elderly care, and encouraging the active participation of the elderly in the workforce [4]. - It also highlights the importance of strengthening the centralized leadership of the Party to ensure effective implementation of the plan and maintain a clean political environment [4]. Group 4: Market Opportunities - The plan aims to leverage China's market advantages to make it a global hub for innovation and attract foreign investment, ensuring that foreign capital can thrive and share in new opportunities in China [5].

Group 1 - The core viewpoint emphasizes the need for high-level technological self-reliance and innovation to lead new productive forces [1] - The proposal outlines four key areas for deployment: strengthening original innovation and tackling key core technologies [1] - It highlights the importance of deep integration between technological innovation and industrial innovation [1] Group 2 - The initiative includes a comprehensive approach to advancing education and talent development in science and technology [1] - It also focuses on promoting the construction of a digital China [1]

Core Viewpoint - The Ministry of Science and Technology emphasizes the need for high-level technological self-reliance and innovation to lead the development of new productive forces, outlining four key areas for deployment [1] Group 1: Key Areas of Deployment - Strengthening original innovation and tackling key core technology challenges [1] - Promoting deep integration of technological innovation and industrial innovation [1] - Advancing the development of education and technology talent in a coordinated manner [1] - Deepening the construction of a digital China [1]