Core Viewpoint - The meeting emphasized the importance of the "15th Five-Year Plan" for achieving socialist modernization and accelerating the construction of a strong province in the new era, highlighting the need for strategic planning and implementation [2][3]. Group 1 - The "15th Five-Year Plan" period is identified as a critical time for solidifying the foundation of socialist modernization and advancing the province's responsibilities [2]. - The meeting called for a deep understanding of the development requirements of new productive forces and the integration of technological and industrial innovation [3]. - A total of 50 significant topics have been identified for research, aimed at guiding the province's economic and social development during the "15th Five-Year Plan" period [3]. Group 2 - The meeting stressed the need for a strategic focus on major projects that are forward-looking, strategic, and feasible, to ensure high-quality completion of the planning work [3]. - It was highlighted that the province should adhere to a dual focus on goals and problems, ensuring systematic and coordinated policy measures [3]. - The importance of green, low-carbon, and high-quality development was underscored, along with the essential requirement of common prosperity [3].

"十四五"收官在即，"十五五"新篇待启。近日，习近平总书记就研究吸收网民对"十五五"规划编制工作 意见建议作出重要指示强调，广大人民群众积极建言献策，提出了许多有价值的意见建议，有关部门要 认真研究吸纳。 统筹：韩珅、王志斌 编导：王心彤、单怡颖 治国理政，总书记始终强调问计于民。今年2月17日，在中国经济巨轮迎难而上、乘风破浪的关键时 期，总书记与民营企业家代表面对面，共谋民营经济发展大计。 2025年3月，在贵州黎平县肇兴侗寨，总书记同乡亲们围坐在一起,召开了一场别开生面的"板凳座谈 会"。4月，总书记在上海主持召开部分省区市"十五五"时期经济社会发展座谈会时强调，要深入调查研 究，坚持目标导向和问题导向相统一，在确定发展思路和战略举措时注重体现自身特色、发挥比较优 势。 察民情、听民声、汇民智，总书记问需于民、问计于民。2025年全国两会，总书记三次到团组参加审议 讨论，同代表委员深入交流、共商国是。 一问一答间，照见发展大势，凸显为民初心。新征程上，科学谋划好"十五五"时期经济社会发展，坚持 问需于民、问计于民相结合，必将凝聚起推进中国式现代化的强大合力，不断实现人民对美好生活的向 往。 记者：刘勤兵 ...

Core Viewpoint - The article discusses the upcoming "15th Five-Year Plan" (2026-2030) in China, emphasizing its significance as the concluding year of the "14th Five-Year Plan" (2021-2025) and the need for strategic planning to address complex economic challenges and opportunities ahead [1][15]. Group 1: Development Environment - The political bureau meeting highlights that the development environment for the "15th Five-Year Plan" faces profound and complex changes, with both strategic opportunities and risks coexisting, and an increase in unpredictable factors [2][18]. - Compared to the "14th Five-Year Plan," the "15th Five-Year Plan" will focus on enhancing the competitiveness of China's manufacturing supply side while addressing demand-side issues such as insufficient effective demand [2][19]. Group 2: Key Tasks and Goals - The key tasks of the "15th Five-Year Plan" are summarized as "consolidating the foundation and making comprehensive efforts," indicating a continuation and deepening of the previous plan's objectives [3][23]. - The economic growth target for the "15th Five-Year Plan" is yet to be clearly defined, but it is expected to maintain a reasonable growth rate, with potential annual growth rates estimated between 4.8% and 5.0% [4][27]. Group 3: Innovation and Industry Development - "Innovation-driven" development is likely to be a key focus, with an emphasis on integrating technological and industrial innovation to cultivate globally competitive emerging pillar industries [5][35]. - The plan may prioritize sectors such as artificial intelligence, low-altitude economy, and marine economy, reflecting a shift towards new quality productivity [6][35]. Group 4: Supply and Demand Balance - The "15th Five-Year Plan" aims to optimize the supply-demand balance, addressing the discrepancies between actual and nominal growth rates observed during the "14th Five-Year Plan" [7][19]. - It will promote the construction of a unified national market and optimize the supply-demand ratio in key industries to achieve dynamic balance [7][19]. Group 5: Investment in Human Capital - The plan emphasizes "investing in people," focusing on improving consumption contributions to growth, addressing demographic challenges, and enhancing social security mechanisms [8][19]. - Policies may include promoting service consumption and addressing youth employment issues, particularly for the 16-24 age group [8][19]. Group 6: Real Estate and Urban Development - The "15th Five-Year Plan" will shift from expanding urbanization to enhancing the quality of existing urban stock, with a focus on new models of real estate development [9][19]. - It will also prioritize urban infrastructure upgrades, including improvements in waste management and transportation systems [9][19]. Group 7: Reform and Opening Up - The plan is expected to deepen reforms, particularly in state-owned enterprise collaboration with private enterprises, and to optimize the fiscal system to encourage consumption [10][19]. - Expanding institutional openness will be a key direction, enhancing compatibility with external markets amid rising global protectionism [10][19]. Group 8: Strategic Resources and Regional Coordination - The "15th Five-Year Plan" will focus on securing strategic resources and enhancing the resilience of supply chains, particularly in critical industries [11][19]. - Regional coordination will be emphasized, with initiatives aimed at fostering collaboration in technology and industry across different regions [12][19].

Core Viewpoint - The Politburo meeting on July 30 emphasized a focus on stabilizing the economy rather than stimulating it, indicating that the policy direction will prioritize implementation over new initiatives, while remaining flexible to adjust if unexpected situations arise [1][2] Group 1: Economic Policy Focus - The meeting highlighted that the economic performance in the first half of the year was positive despite trade tensions, with major economic indicators showing good results and new productive forces developing positively [1] - The emphasis on high-quality urban renewal in the real estate sector was noted as a key strategy to stabilize the market, requiring further observation from policymakers [1] - The meeting introduced a new focus on enhancing the attractiveness and inclusiveness of the domestic capital market, aiming to attract both domestic and foreign investors, particularly for technology innovation enterprises [1] Group 2: 14th and 15th Five-Year Plans - The 15th Five-Year Plan is characterized as a critical period for achieving decisive progress in socialist modernization, shifting from a focus on stability and risk prevention during the 14th Five-Year Plan to a more proactive approach [2] - The meeting underscored the need for active responses to changes and challenges in international competition, with a focus on technological innovation and common prosperity [2] - The strategic direction for the 15th Five-Year Plan includes more proactive policies in areas such as foreign openness, industrial policy, and distribution policy, aiming to consolidate the economic foundation and activate development momentum [2]

Core Viewpoint - The aerospace ETF Tianhong (159241) is experiencing significant trading activity and capital inflow, driven by a favorable market environment and upcoming military events, indicating strong investor interest in the aerospace and defense sector. Group 1: ETF Performance - As of August 7, 2025, the aerospace ETF Tianhong (159241) recorded a turnover of 19.2% with a transaction volume of 89.5065 million yuan, reflecting active market trading [3] - The ETF has seen a cumulative increase of 4.14% over the past week, ranking first among comparable funds [4] - The latest scale of the aerospace ETF Tianhong (159241) reached 469 million yuan, marking a new high since its inception [4] - In the past month, the ETF's share volume increased by 83.5 million shares, indicating significant growth [4] - Over the last 10 trading days, the ETF attracted a total capital inflow of 36.0819 million yuan [4] Group 2: Market Drivers - The military sector is gaining attention due to the upcoming military parade on September 3, which is expected to showcase advanced equipment and act as a catalyst for the defense sector [5] - The release of the "Shenzhen Low Altitude Infrastructure High-Quality Construction Plan (2024-2026)" is anticipated to boost the low-altitude economy and related military technology applications [5] - The upcoming "14th Five-Year Plan" is expected to clarify the order logic and growth paths for military enterprises, providing long-term growth momentum for the sector [5] Group 3: ETF Composition and Focus - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key areas such as aircraft and satellite industries [6] - The index has a high concentration of military-related stocks, with 98.2% of its constituents belonging to the defense and military industry, surpassing traditional military indices [7] - The index also has the highest exposure to drone-related companies, making it the leading index in terms of drone content [8] - It covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and maritime equipment [9] - The index constituents exhibit stronger technological attributes and clearer valuation logic, aligning with the trend of high-end development in the aerospace sector [10] Group 4: Growth Expectations - The National Aerospace and Aviation Industry Index is projected to have a higher revenue growth rate than traditional military indices by 2025 [11]

Group 1 - The report highlights that since the 1990s, China has experienced seven notable rounds of price increases, with the current phase expected to follow a supply-side logic leading to a lag in stock market performance compared to PPI [1][16][19] - It emphasizes that demand determines potential returns while supply influences certainty, indicating that the current supply-side "anti-involution" is clear, and further guidance from the demand side is awaited [1][17][19] - The report suggests that if demand-side policies are implemented, sectors with relatively high certainty and elasticity, such as cement, glass, pharmaceuticals, and electrical machinery, are likely to benefit [1][19] Group 2 - The monthly market review indicates that despite various external factors, market sentiment has improved, with major indices reaching new highs, particularly in the steel, pharmaceuticals, and construction materials sectors [2][23] - The report notes that the core contradiction in the market remains internal, with expectations for profit improvement driving the market, while external factors are expected to have a muted impact [3][23] - It recommends focusing on sectors with strong growth signals and those in an upward trend, such as military, pharmaceuticals, communication equipment, and insurance, while also considering potential rebound opportunities in semiconductor and robotics sectors [4][19] Group 3 - The report provides insights into the current capacity utilization rates across various industries, indicating that sectors like non-metallic mineral products, pharmaceuticals, and electrical machinery are under significant pressure due to overcapacity [20][22] - It highlights that the capacity utilization rates for key industrial products are at historically low levels, suggesting potential for recovery if demand-side policies are enacted [20][22] - The report also tracks the performance of different sectors, noting that steel, pharmaceuticals, and construction materials have led the market, while banking and public utilities have seen declines [2][23]

8月6日，航空航天ETF天弘（159241）开盘拉升，一度涨超2%，净值创上市以来新高。Wind数据显 示，截至8月5日，该基金跟踪标的指数近1年涨幅超37%，近3个月涨幅26%，均领跑军工类主题指数。 7月31日深圳出台了一个"低空基建大礼包"——《深圳市低空基础设施高质量建设方案（2024—2026 年）》发布，要建立深圳地区低空空域管理运行协同机制，2026年全市120米以下无人机适飞空域占比 超75%。 在大盘整体强势背景下，阅兵临近军工板块关注度高，在多重利好因素催化表现活跃，成"易催化"体 质。 9月3日阅兵仪式，届时各种硬核装备有望亮相，也将成为推动军工板块上涨的催化剂。 10月-11月"十五五"规划有望来临，新一轮装备发展的"大计划"很可能落地，军工企业的订单和成长路 线或更清晰。 十四五收官+军贸驱动，基本面向好奠定行情基础 从中期逻辑来看，军工投资机会都值得投资者高看一眼，业绩拐点大概率出现。 2025年作为"十四五"规划收官之年，为确保"十四五"冲刺收官任务圆满完成，军工行业迎来订单释放和 业绩改善关键拐点，持续推动军工行业回暖。 产业链订单迎来小高潮。近期的航展或阅兵或将展示包括"无人 ...

Group 1 - The core viewpoint of the articles highlights the celebration of the 98th anniversary of the People's Liberation Army and the optimistic outlook for military trade, civil aviation, and commercial aerospace industries in China [1] - The "14th Five-Year Plan" and the planning for the "15th Five-Year Plan" are expected to boost domestic demand and contribute to economic growth, particularly in military trade and civil aviation [1] - The military industry ETF (512660) is noted for its comprehensive coverage of the defense industry chain, showcasing good elasticity and defensive attributes, making it an important tool for industry allocation opportunities [1] Group 2 - As of August 5, 2025, the military industry ETF has a scale of 16.953 billion, ranking first among 12 similar products [2] - The military industry ETF tracks the China Securities Military Industry Index, which selects representative listed companies in the defense sector, reflecting the overall performance of the military industry [1][2] - The index covers multiple sub-sectors of the defense industry, demonstrating high industry concentration and distinct military characteristics [1]

Core Viewpoint - The defense and military industry sector is experiencing sustained high interest, driven by geopolitical events and military parades, leading to significant stock price increases and historical highs for several companies [1] Group 1: Market Performance - The military sector has shown strong performance, with companies like Changcheng Military and Beifang Changlong hitting historical highs, and other firms like Kesi Technology and Aileda also seeing substantial gains [1] - Historical data indicates that military indices generally outperform the CSI 300 during military parade events, except for the poor performance in 2018 [1] Group 2: Structural Opportunities - The military sector is currently in a "triple benefit" phase, characterized by policy support from accelerated state-owned enterprise restructuring, steady growth in military spending providing order support, and an upcoming new development cycle as the "14th Five-Year Plan" concludes [1] - The improvement in military stock performance is not merely driven by short-term sentiment but is increasingly supported by fundamental factors and policy initiatives [1] Group 3: Earnings Expectations - Core military companies are expected to see significant earnings improvements, with Aerospace Science and Technology's profits soaring by 1628% to 2.315 billion and Gaode Infrared's net profit increasing by 734% to 957 million in the first half of the year [2] - Anticipated catalysts, particularly order announcements, are expected to continue delivering positive results into 2025 [2] Group 4: Global Military Trade - The global military trade market is projected to grow, with a 19.37% year-on-year increase in the global military trade index in 2022, indicating a rapid development phase for military trade [2] Group 5: Long-term Growth Potential - The defense budget is steadily increasing, with significant room for growth compared to some developed countries, and the military industry is expected to see substantial improvements as demand recovers and capacity structures optimize [3] - The long-term goals set for 2035 and 2050 provide clear guidance for industry development, with a focus on new domains such as large aircraft, low-altitude economy, commercial aerospace, drones, and robotic dogs [3]

Core Points - The meeting emphasized the importance of Xi Jinping's speech at the Central Urban Work Conference as a fundamental guideline for urban work in the new era and new journey [1] - The meeting highlighted the historical achievements in urban development since the new era and the need to deeply understand the decisive significance of the "two establishments" [1] - The meeting called for a focus on enhancing the effectiveness of the work of the People's Congress to support economic development and align with the city's reform efforts [1] Summary by Categories Urban Development - The meeting recognized the historical achievements in urban development since the new era, stressing the need for a deeper understanding of the "two establishments" [1] Policy Implementation - The meeting underscored the importance of implementing the decisions made by the municipal party committee and enhancing the effectiveness of the People's Congress in supporting economic development [1] Future Planning - The meeting discussed the need to advance key work with higher standards, including the implementation of the Central Eight Regulations and the preparation for the "14th Five-Year Plan" [1]