Core Viewpoint - The core viewpoint of the article emphasizes the transition from "self-reliance" to "high-level self-reliance" in China's technology deployment during the 15th Five-Year Plan, responding to external pressures such as unilateral tariffs and technology blockades from the U.S. This shift reflects China's strategic choice to prioritize quality over scale in economic development and to build global competitive advantages [1][5]. Summary by Sections Technology Focus - The term "technology" appears 10 times and "innovation" 8 times in the recent communiqué, indicating a strong emphasis on technological advancement as a driving force for economic development during the 15th Five-Year Plan [6]. - The document highlights the need for breakthroughs in core technologies, particularly in the scientific instruments sector, which has become China's third-largest import category, following oil and electronic components [6][8]. Key Areas of Attention in Scientific Instruments - The article identifies two main focus areas for the scientific instruments industry: original innovation and tackling key core technologies. It stresses the importance of enhancing original innovation and achieving breakthroughs in critical technologies such as integrated circuits and high-end instruments [8][9]. - The need for domestic production and control over high-end scientific instruments, such as mass spectrometers and electron microscopes, is highlighted as a priority for the upcoming period [9]. Green Ecology and Future Industries - The 15th Five-Year Plan aims to achieve dual control over carbon emissions, with targets to increase the share of non-fossil energy consumption from 20% in 2025 to over 25% by 2030. This will drive demand for carbon emission monitoring and ecological environment monitoring instruments [11][12]. - The plan outlines the development of strategic emerging industries, including new energy and materials, which are expected to create significant market opportunities and demand for high-end, specialized, and intelligent scientific instruments [12]. External Environment and Challenges - The article notes that the external environment for the 15th Five-Year Plan is more complex, with ongoing trade tensions and potential escalations in technology blockades from the U.S. This situation may compress China's external demand and impact high-tech supply chains [13]. - However, the challenges posed by external pressures may accelerate innovation and policy focus in the scientific instruments sector, presenting opportunities for significant development [13].

Group 1: Company Performance - The company 康盛股份 reported a net profit increase of 240.21% year-on-year for the first three quarters, driven by its immersion liquid cooling products used in data center cooling [6] - 吉比特, a well-known game developer, achieved a net profit growth of 84.66% year-on-year in the first three quarters and plans to distribute a dividend of 60 yuan per 10 shares [5] - 科力远 completed small-scale trials for its solid-state battery dry electrode and is advancing to pilot testing, with a net profit increase of 539.97% year-on-year for the first three quarters [4] Group 2: Industry Trends - The "十四五" plan emphasizes accelerating the construction of a financial powerhouse, indicating a focus on financial and advanced manufacturing sectors [2] - The company 海兴电力, a major exporter of smart electric meter products, reported a net profit decline of 7.48% year-on-year in its third-quarter report, although the decline was less severe than in the mid-year report [3] - The company 通润装备 is developing a 110kW photovoltaic grid-connected inverter, primarily for commercial rooftop solar projects, and has announced the acquisition of 正泰电源, which specializes in photovoltaic inverters and energy storage systems [3]

Core Viewpoint - The "14th Five-Year Plan" prioritizes high-quality development, emphasizing technological self-reliance and modernization of the industrial system, which will accelerate the development of strategic emerging industries like new materials, potentially creating a trillion-yuan market [1] Industry Summary - The chemical new materials industry is entering a period of accelerated development, particularly in segments such as photoresists, high-end engineering plastics, thermal interface materials, and high-end additives [1] - China's chemical industry chain is expected to reshape the global chemical industry landscape due to significant cost advantages and continuous technological breakthroughs [1] - In the refrigerant sector, adjustments to the quota scheme in 2026 are anticipated to ensure healthy industry development, maintaining a positive outlook on its long-term prosperity cycle [1] - Supply-side structural optimization is expected, with recommendations to focus on sectors with significant supply compression elasticity, such as organic silicon and membrane materials, as well as varieties with relative advantages [1] Investment Product Summary - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of high-tech barrier and innovative capability enterprises in the new materials sector [1] - The industry allocation primarily covers high-tech manufacturing sectors such as chemicals, electronics, and new energy [1]

Core Viewpoint - The National Natural Science Foundation Committee emphasizes the importance of technological innovation and self-reliance as outlined in the recent Central Committee meeting, aiming to significantly enhance China's technological independence and strength [1][2]. Group 1: Strategic Direction - The Central Committee's decision highlights the leading role of technological innovation in the 15th Five-Year Plan, with a clear goal of significantly improving the level of technological self-reliance [1]. - The meeting underscores the need for the committee to enhance political, ideological, and action consciousness in supporting modernization through technological advancement [1]. Group 2: Implementation and Action Plan - The committee is urged to take immediate action in organizing and promoting the learning and implementation of the meeting's spirit through various educational and training initiatives [2]. - Emphasis is placed on the need for grassroots party organizations to effectively communicate the meeting's spirit to all members, fostering a strong atmosphere for learning [2]. Group 3: Future Planning and Focus Areas - The committee is tasked with planning the scientific fund's 15th Five-Year Plan and aligning with the national basic research plan, focusing on enhancing funding efficiency and reform [2]. - There is a call for a forward-looking and leading layout in key research areas, encouraging high-risk, high-value basic research to ensure resources are directed towards innovative frontline researchers [2].

Core Insights - The ChiNext Index is leading the major indices, with a focus on technology growth sectors, particularly the hard technology broad-based ETF (588330) showing a peak intraday increase of 1.98% and currently up 1.15%, aiming for a seventh consecutive daily gain [1][3] Market Performance - The power equipment sector is leading the market, with notable gains from solar leaders such as Canadian Solar up over 12%, Sungrow Power Supply up over 7%, and Trina Solar up over 5% [3] - In the electronics sector, major players like Sanan Optoelectronics are up over 8%, with Shenghong Technology and Jiangbo Long both seeing increases of over 5% and 4% respectively [3] - In the pharmaceutical and biotechnology sector, Tigermed is up over 5%, while Kanglong Chemical has increased by over 2% [3] Policy and Strategic Insights - On October 27, during the 2025 Financial Street Forum Annual Meeting, the China Securities Regulatory Commission announced the initiation of reforms for the ChiNext board [4] - The new five-year plan emphasizes the importance of technological self-reliance and innovation, with "new quality productivity" being a key focus [4] - Investment in technology is increasingly viewed as a bet on national strategic security, with companies possessing genuine technological barriers expected to be significant investment themes under the new five-year plan [4] Investment Opportunities - The dual innovation leading ETF (588330) is characterized by: 1. Cross-market diversification with a focus on strategic emerging industries, selecting 50 large-cap companies from the ChiNext and Sci-Tech Innovation Board [6] 2. A growth-oriented investment style that aligns with the rising importance of technological self-reliance [6] 3. High elasticity for capturing technology market trends, with a lower investment threshold compared to direct investments in individual stocks [6] 4. Strong performance since the low point on April 8, with a cumulative increase of 94.68%, outperforming major indices like the ChiNext Index (78.71%) and the Sci-Tech Innovation Index (60.87%) [6][7]

Core Insights - The industrial mother machine is crucial for various industries such as automotive, electronics, aerospace, and engineering machinery, and is expected to benefit from downstream market developments [1][2] - The Industrial Mother Machine ETF (159667) is positioned to capture investment opportunities in this sector [2] Group 1: Tungsten - The ETF contains approximately 10% tungsten, with recent price increases: black tungsten concentrate at 279,000 CNY/ton (up 3.3% week-on-week) and APT at 409,000 CNY/ton (up 3.5% week-on-week) [1] - Price increases are driven by tight supply conditions and rising demand, alongside improved overseas tungsten supply chain inventory [1] Group 2: PCB Industry - The ETF has over 30% exposure to PCB equipment, with the PCB industry expected to maintain high growth, as leading manufacturers are just beginning to expand production [1] - Nvidia's decision to use M9 materials in its Rubin project in the second half of 2026 indicates higher equipment requirements and increased wear on drilling needles, benefiting PCB equipment and consumables companies [1] Group 3: Robotics - The ETF includes nearly 40% in humanoid robots, which demand high production efficiency for key components like screws and gears [1] - Domestic and international machine tool manufacturers are launching specialized products for humanoid robot component manufacturers, indicating potential for further growth in this segment [1] Group 4: Policy and Investment Opportunities - The "14th Five-Year Plan" emphasizes the need for technological self-reliance and breakthroughs in key areas such as integrated circuits and industrial mother machines [2] - The Industrial Mother Machine ETF tracks the CSI Machine Tool Index, which includes 50 listed companies involved in machine tool manufacturing, reflecting the overall performance of the mechanical equipment, electronics, new energy, and robotics industries [2]

Group 1 - The core focus of the 14th Five-Year Plan is on "technological self-reliance and strength," with an emphasis on high-quality development and original innovation, reflecting the importance of technology in economic growth [4][5] - The plan highlights the need for breakthroughs in "bottleneck" areas of core technology, particularly in the AI industry chain, which includes upstream computing power, midstream algorithms/data, and downstream applications [5] - The announcement indicates a significant shift towards boosting domestic consumption, with a focus on improving the consumption rate and increasing government investment in social welfare sectors such as education and healthcare [6][7] Group 2 - The plan emphasizes the construction of a robust national security system, covering critical areas such as food, energy resources, and key industrial supply chains, with a notable increase in focus on national defense and aerospace [8][10] - Emerging industries such as new energy, new materials, and aerospace are identified as strategic growth areas, alongside future industries like quantum technology and AI, which are expected to drive new growth points [10] - The military industry is anticipated to experience a cyclical recovery, with strong expectations for order releases at the intersection of the five-year plan, particularly in aerospace projects similar to the US "Starlink" initiative [11][12]

新华社记者 10月28日，《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》全文发布。 党的二十届四中全会上，习近平总书记就《建议》起草的有关情况向全会作说明时指出，"十五 五"时期是夯实基础、全面发力的关键时期，制定和实施好"十五五"规划，就能为2035年基本实现社会 主义现代化奠定更加坚实的基础。 全会通过的"十五五"规划建议，准确把握"十五五"时期在基本实现社会主义现代化进程中的重要地 位，对"十五五"时期我国经济社会发展作出系统谋划和战略部署，为乘势而上、接续推进中国式现代化 建设擘画宏伟蓝图、指明前进方向。 明确"十五五"时期经济社会发展主要目标 翻开《建议》，通篇15部分开列61条，分为三大板块，坚持目标导向和问题导向、坚持系统思维、 坚持进一步全面深化改革、坚持扩大对外开放，全面部署"十五五"时期我国经济社会发展和党的建设各 方面工作。 科学设定发展目标，对制定和实施好五年规划至关重要。 《建议》从七方面明确"十五五"时期经济社会发展的主要目标：高质量发展取得显著成效，科技自 立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不断提 高，美丽中国建设取 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes economic construction, technological self-reliance, and high-quality development in real estate, indicating a shift in focus towards sustainable growth and innovation-driven development [1][3][20]. Economic Growth and Structure - The plan aims for a per capita GDP of approximately $25,000 by 2035, with current figures at $13,500, projected to exceed $14,000 this year [4][5]. - To achieve this goal, an average GDP growth rate of over 4.4% is necessary over the next decade [6]. - The focus is shifting from investment-driven growth to consumption and innovation-driven growth, marking a significant structural change in the economy [11]. Regional Development - The plan highlights the need for optimized regional economic layouts and coordinated development, with major urban clusters like Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area identified as key growth areas [12][13]. - The strategy aims to address regional disparities, particularly the widening gap between northern and southern regions [13]. High-Tech Industry Development - A goal to establish a new high-tech industry over the next decade is set, with a focus on strategic emerging industries such as new energy, new materials, and aerospace [14]. - The high-tech sector is expected to reshape industrial structures and urban competitiveness, with significant market potential in areas like electric vehicles and low-altitude economy [15][16]. Real Estate Sector - The real estate sector is now positioned as a foundation for public welfare rather than a pillar of economic growth, indicating a transition from rapid expansion to quality development [20]. - Sales in the real estate market have declined significantly, with new and second-hand housing sales dropping from 1.93 billion square meters to 1.5 billion square meters since 2021 [22]. - The focus is shifting towards urban renewal rather than new construction, impacting land finance and necessitating new revenue sources for local governments [24]. Investment in Human Capital - The plan proposes measures to create a family-friendly society, including financial support for child-rearing and education, which may stimulate population growth [26][27]. - The expansion of free education is also highlighted, with a potential move towards 12 years of free education [27]. - Wage increases are anticipated, with recent adjustments to minimum wage standards across various provinces signaling a commitment to improving income distribution [29][31].

Core Insights - The company reported a steady recovery in its performance, with Q3 2025 revenue reaching 230 million yuan, a year-on-year increase of 32.73% and a quarter-on-quarter increase of 14.14%, while net profit attributable to shareholders was 14.6964 million yuan, up 23.32% year-on-year and 115.20% quarter-on-quarter [1] Group 1: Industry Developments - The Chinese government has emphasized the acceleration of domestic semiconductor material production, providing a historic opportunity for the development of photoresist resin [2] - The photoresist industry has faced long-standing challenges due to the monopoly of Japanese and American companies on key raw materials, which has hindered domestic production [2] - The company has established a dedicated R&D team for photoresist resin, achieving international advanced levels in key indicators for KrF photoresist resin [2] Group 2: Production Capacity and Technology - The company has successfully launched the first domestic high-automation flexible/volume production dual production line for KrF photoresist resin, which has entered mass production [3] - The overall design capacity of the two production lines is at the hundred-ton level, utilizing the company's self-developed automation control system to enhance production efficiency and reduce operational errors [3] - Future plans include gradually expanding production capacity to achieve an annual output of 200-300 tons of high-end photoresist resin within the next two to three years [3] Group 3: Business Strategy and Growth - The company is diversifying its growth strategy by leveraging its core display materials business while accelerating its entry into the semiconductor materials sector [4] - The liquid crystal materials business continues to perform steadily, with successful mass production of high-performance materials for various applications [4] - The company has made significant progress in OLED materials, optimizing production processes and establishing partnerships with domestic and international OLED material companies [4] Group 4: Breakthroughs in Polyimide - The company has achieved breakthroughs in both display and packaging dimensions within the polyimide sector, with successful testing and validation of various products [5] - The company is advancing in the area of advanced packaging PSPI, completing small-scale tests and preparing for customer validation [5] Group 5: Future Outlook - The company is positioned to leverage breakthroughs in domestic photoresist resin production to drive growth in two high-demand sectors, enhancing its capabilities for independent control of high-end materials [6] - Continuous expansion of production capacity and customer validation efforts are expected to strengthen the company's position in the industry [6]