Group 1 - The State Council Information Office will hold a press conference on September 22 at 3 PM to discuss the achievements of the financial industry during the "14th Five-Year Plan" period [1] - Key officials attending the conference include Pan Gongsheng, Governor of the People's Bank of China, Li Yunzhe, Director of the Financial Regulatory Administration, Wu Qing, Chairman of the China Securities Regulatory Commission, and Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange [1]

Economic Overview - During the "14th Five-Year Plan" (2021-2025), China's nominal GDP is expected to exceed 140 trillion yuan, an increase of over 35 trillion yuan compared to the end of the "13th Five-Year Plan" [3] - The average annual growth rate of real GDP from 2021 to 2024 is projected at 5.5%, while nominal GDP is expected to grow at an average of 6.9% [3] - By the end of the "14th Five-Year Plan," nominal GDP growth is anticipated to be lower than real GDP growth, indicating a need for price level recovery [4] Future Growth Targets - To achieve the goal of reaching a per capita GDP of 27,000 USD by 2035, the average annual nominal GDP growth during the "15th Five-Year Plan" (2026-2030) should be at least 5% [5] - The ideal target for nominal GDP growth could be around 6%, providing a buffer against uncertainties such as exchange rate fluctuations [5] - The average annual growth rate of real GDP should ideally be maintained at approximately 4.8% during the "15th Five-Year Plan" [46] Policy Recommendations - It is suggested to set clear economic growth targets during the "15th Five-Year Plan" to address demand insufficiency and promote supply-demand balance [50] - A comprehensive target system is proposed, including a nominal GDP growth target of 5%, real GDP growth of 4.8%, and a shift in overall price growth from negative to positive [52] - Specific targets for consumption and income growth include a 6.5% annual increase in resident consumption and a 6% increase in resident income [52]

Core Insights - The A-share market is currently experiencing a "slow bull" trend, supported by new policies and investment strategies, with expectations of a gradual upward movement in September 2025 [7][28]. - Recent macroeconomic data indicates a decline in fixed asset investment and retail sales, which may lead to increased market expectations for favorable policy interventions [6][25]. Market Performance - During the week of September 15-19, 2025, A-share indices showed mixed results, with the Shanghai Composite Index down 1.30% and the ChiNext Index up 2.34%, indicating volatility in the market [3][9]. - The largest weekly fluctuation was observed in the Sci-Tech Innovation Board Index, which had a volatility of 5.95% [9]. Sector Analysis - Among the 31 first-level industries, coal and electric equipment sectors performed well, with weekly gains of 3.51% and 3.07% respectively, while banking and non-ferrous metals sectors saw declines of -4.21% and -4.02% [4][19]. - In the second-level industry analysis, home appliance components and engineering machinery led with weekly gains of 11.35% and 6.10%, while small metals and marine equipment sectors faced significant declines of -7.66% and -6.99% [5][22]. Macroeconomic Data - Fixed asset investment growth continued to decline, with an August year-on-year growth rate of 0.50%, driven by decreases in infrastructure, manufacturing, and real estate investments [6][25]. - Retail sales growth also weakened, with August's year-on-year growth at 3.40%, leading to a cumulative growth rate of 4.60%, the lowest level in 2025 [26][28]. Investment Recommendations - The report suggests focusing on sectors related to anti-involution, technology (especially AI), and environmental protection, as these areas are expected to benefit from ongoing policy support and market trends [7][28].

Group 1 - The State Council Information Office will hold a press conference on September 22, 2025, at 3 PM to discuss the achievements of the financial industry during the "14th Five-Year Plan" period [1] - Key officials from the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission will present the developments in the financial sector and answer questions from reporters [1]

Core Viewpoint - The upcoming press conference on September 22, 2025, will focus on the achievements of China's financial industry during the "14th Five-Year Plan" period, highlighting the historical progress in scale and quality while serving the real economy, preventing financial risks, and deepening reforms and opening up [1] Group 1 - The press conference will be held by the State Council Information Office, featuring key financial leaders including the Governor of the People's Bank of China, the Director of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [1] - The "14th Five-Year Plan" aims to accelerate the construction of a strong financial nation, emphasizing the importance of financial services to the real economy [1] - The financial industry has achieved significant historical advancements in both scale and quality since the beginning of the "14th Five-Year Plan" [1]

Core Viewpoint - The article announces a press conference scheduled for September 22, 2025, where key financial leaders will discuss the achievements of the financial sector during the "14th Five-Year Plan" period [1]. Group 1 - The press conference will feature prominent figures including the Governor of the People's Bank of China, the Director of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [1]. - The focus of the conference will be on the development achievements of the financial industry during the "14th Five-Year Plan" [1].

Economic Growth - By the end of the "14th Five-Year Plan," Yunnan's economic output is expected to increase by approximately 680 billion yuan compared to 2020, equivalent to creating another Kunming [1] - Yunnan's economic total reached 2 trillion yuan in 2018, projected to surpass 3 trillion yuan in 2023 and reach 3.15 trillion yuan in 2024, with per capita GDP exceeding 65,000 yuan [1] - The share of the private economy in the regional GDP is expected to rise from 46.5% in 2020 to 53.3% in 2024 [1] Investment and Industry - The proportion of industrial investment in fixed asset investment is projected to increase from 26.7% in 2020 to 52.1% in 2024, with R&D expenditure growing at an annual rate of 12.1% [1] - Traditional industries such as energy and non-ferrous metals continue to play a crucial role, while new sectors like green aluminum, silicon photovoltaic, and new energy batteries are emerging as new growth engines [2] Social and Environmental Development - The average annual growth rate of income for farmers is projected at 8%, with poverty-stricken counties seeing an average annual growth of 8.6% [3] - The air quality in cities at or above the prefecture level is expected to reach a good rate of 99.1% by 2024, with major water bodies maintaining stable and compliant water quality [2] - The total tourism expenditure in Yunnan is expected to reach 1.14 trillion yuan in 2024, with tourist numbers reaching 3.9 million [3]

Group 1 - The core focus of Zhejiang's development during the "14th Five-Year Plan" is high-quality growth and the establishment of a common prosperity demonstration zone, with a commitment to reducing urban-rural, regional, and income disparities [1] - Zhejiang has achieved the highest per capita disposable income for urban and rural residents for 24 and 40 consecutive years, respectively, reflecting its economic strength [1] - The province has implemented 13 major reforms and introduced 32 policies to support the private economy, earning recognition for its favorable business environment and becoming the second-largest exporter in China [1] Group 2 - The innovation landscape in Zhejiang has evolved with the formation of the Zhejiang Science and Technology Corridor, which includes multiple collaborative platforms for technology transfer between research institutions and local industries [2] - The successful hosting of the 19th Asian Games in Hangzhou showcased the province's sports infrastructure, with 56 competition venues designed for public use [8] - The total area of sports facilities in Zhejiang has increased from 166 million square meters to 211 million square meters, indicating a significant enhancement in public sports infrastructure [10] Group 3 - Ningbo-Zhoushan Port has maintained its position as the world's busiest port, with a cargo throughput of 1.377 billion tons in 2024, marking a 4% year-on-year increase [12] - The expansion of airports in Taizhou, Lishui, and Jiaxing is contributing to the development of air transport networks, including the construction of the highest slope airport in East China [14] - Since 2021, approximately 1,098 kilometers of new railway lines have been added in Zhejiang, enhancing the province's transportation connectivity [17] Group 4 - Zhejiang has applied for 20 national marine ecological restoration projects and has made significant progress in ecological environment governance, with over 4.25 million acres of land undergoing comprehensive remediation [21] - The Kaifa Reservoir, the first ecological function-oriented water conservancy project in the country, has been completed, integrating watershed ecological restoration into its construction [24] - Zhejiang is actively pursuing a path of modernization that balances development with ecological protection, aiming to write a new chapter in Chinese-style modernization [26]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The A-share market's major indices showed a pattern of rising and then falling, with most sector indices declining. Only the electronics, communication, and social services sectors closed in the green. The Shanghai Composite Index dropped 1.15% to 3831.66 points, and the ChiNext Index fell 1.64%. The trading volume in the Shanghai and Shenzhen stock markets reached 3.1 trillion yuan. The U.S. stock market's three major indices all hit new closing highs, with the Nasdaq rising 0.94% to 22470.725 points. [1] - The market adjustment will continue, and it is maintained that the Shanghai Composite Index will be in a volatile adjustment in September. However, there are still structural opportunities in the market. During this market adjustment, the fundamentals and capital enthusiasm of the CSI 500 and CSI 1000 are more advantageous, showing greater resilience. The sentiment weakened yesterday, and the volatility of related options decreased significantly. Opportunities for bottom - up layout can be considered in the next few trading days. [2] Summary by Directory 1. Market Analysis - **Domestic and Overseas Macroeconomic Situation**: In the "14th Five - Year Plan" period, China's R & D investment increased continuously. In 2024, the total R & D investment exceeded 3.6 trillion yuan, a 48% increase from 2020, and the R & D investment intensity reached 2.68%, exceeding the average level of EU countries. The number of initial jobless claims in the U.S. last week dropped to 231,000, the largest decline in nearly four years. [1] - **Stock Market Performance**: In the spot market, A - share indices rose and then fell. Most sector indices declined, with only a few sectors closing in the green. The trading volume in the Shanghai and Shenzhen stock markets increased to 3.1 trillion yuan. In the U.S., the three major stock indices all hit new closing highs. In the futures market, the basis of stock index futures decreased on the delivery day of the current - month contract, and both trading volume and open interest increased. [1] 2. Strategy - The market adjustment will continue, and the Shanghai Composite Index will be in a volatile adjustment in September. There are structural opportunities, with the CSI 500 and CSI 1000 showing more resilience. Opportunities for bottom - up layout can be considered in the next few trading days. [2] 3. Charts 3.1 Macro - economic Charts - Include charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rates and A - share trends, and U.S. Treasury yields and A - share style trends. [5] 3.2 Spot Market Tracking Charts - **Stock Index Performance**: On September 18, 2025, the Shanghai Composite Index was 3831.66 (down 1.15% from the previous day), the Shenzhen Component Index was 13075.66 (down 1.06%), the ChiNext Index was 3095.85 (down 1.64%), the CSI 300 Index was 4498.11 (down 1.16%), the SSE 50 Index was 2912.83 (up 0.17%), the CSI 500 Index was 7199.88 (down 0.83%), and the CSI 1000 Index was 7476.40 (down 1.04%). [11] - Also include charts of trading volume in the Shanghai and Shenzhen stock markets and margin trading balances. [11] 3.3 Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest of stock index futures increased. For example, the trading volume of IF was 220,019 (an increase of 57,520), and the open interest was 288,603 (an increase of 14,691). [15] - **Basis**: The basis of stock index futures decreased. For example, the basis of the IF current - month contract was - 10.91 (a decrease of 13.09). [36] - **Inter - delivery Spread**: The inter - delivery spread data of stock index futures are provided, such as the IF's next - month minus current - month spread was - 11.20 (a change of + 0.20). [42]

9月17日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，国务院国资委相关负责人介绍砥砺奋进"十四五"中央企业高质量发展 情况，并答记者问。会上介绍，中央企业资产总额超过90万亿元，累计上缴税费超过10万亿元，一批"卡脖子"关键核心技术集中攻克……戳图！一组数据看 国资央企高质量发展成果！ H and and the may be and the seat of the see and : 2774 Press III H E and 7 Exp r f 15 可】网 ( "十四五"以来中央企业综合实力不断增强， 竞 and All Old The First Free For 下 c 个月 本 创 1.9万亿元增长到2.6万亿元 年均增速分别达到7.3%、8.3%。 澳门网 "十四五"期间,国资央企布局结构不断优化, 组10家企业实施战略性重组,9家新的中 企业组建设立。 and "十四五"以来，中央企业累计上缴税费 20 1 10万亿元，完成向社保基金划转国有股 1.2万亿元。 I r st 中 11 es a 中央企业的创新实力取得了长足进步，研发 费连续三年超过万亿元,投入强 ...