文/ 《清华金融评论》 周茗一 中共中央于1 0月2 4日上午1 0时举行新闻发布会，介绍和解读党的二十届 四中全会精神。会议介绍，此次全会最重要的成果，审议通过了中共中央 关于制定国民经济和社会发展第十五个五年规划的建议》 ， "十五五"时 期 ， 既 要 乘 势 而 上 ， 又 要 迎 难 而 上 ， 充 分 发 挥 中 国 特 色 社 会 主 义 制 度 优 势、超大规模市场优势、完整产业体系优势、丰富人才资源优势，把各方 面优势转化为高质量发展的实际效能。 党的二十届四中全会最重要的成果，是审议通过了《建议》。《建议》共15个部分、61条、分为三大板块。第一板块是总论，关于"十五五"时期我国发展环 境的总体判断，主要阐述"十四五"时期我国发展取得的重大成就、抓好"十五五"时期经济社会发展的重大意义和总体要求。第二板块为分论，关于"十五 五"时期经济社会发展的指导方针，分领域部署"十五五"时期的战略任务和重大举措。第三板块 "十五五"时期经济社会发展主要目标，关于主要部署坚持和 加强党中央集中统一领导、推进社会主义民主法治建设等任务。 "十五五"时期，既要乘势而上，又要迎难而上 中央财办分管日常工作的副 ...

智通财经APP获悉，中共中央于2025年10月24日上午10时举行新闻发布会，介绍和解读党的二十届四中 全会精神。会上国家发展改革委党组书记、主任郑栅洁介绍，2024年，我国"三新"经济增加值占GDP比 重超过18%。《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》提出打造新兴支柱产 业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，将催生数个万亿元级甚至 更大规模的市场；《建议》还提出前瞻布局未来产业，推动量子科技、生物制造、氢能和核聚变能、脑 机接口、具身智能、第六代移动通信等成为新的经济增长点，这些产业蓄势发力，未来10年将再造一个 中国高技术产业。 中央财办分管日常工作的副主任、中央农办主任韩文秀在会上表示，"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，具有承前启后的重要地位。我们要以时不我待，只争朝夕的 时代紧迫感和历史使命感，科学谋划未来5年经济社会发展。要着力推动经济实现质的有效提升和量的 合理增长，充分释放经济增长的潜力，努力从中等收入国家向中等发达国家水平迈进。 文字实录如下： 中央宣传部副部长、国务院新闻办公室主任 莫高义： 女士们、 ...

Group 1 - The core message emphasizes China's commitment to expanding high-level opening-up and creating a win-win cooperation landscape, focusing on steady institutional opening and maintaining a multilateral trade system [1] - The Chinese economy is showing resilience with an average GDP growth rate of 5.5% during the first four years of the 14th Five-Year Plan, providing vast opportunities for foreign enterprises [2][3] - Since the beginning of the 14th Five-Year Plan, China has attracted over $700 billion in foreign investment, surpassing its target six months ahead of schedule, with a notable increase in newly established foreign enterprises [3] Group 2 - The Ministry of Commerce has implemented practical measures to optimize the business environment, including reducing foreign investment restrictions and enhancing support for foreign enterprises [3][4] - High-tech industries have seen significant foreign investment growth, with actual foreign investment in sectors like e-commerce and pharmaceuticals increasing substantially [6] - Provinces like Guangdong and Shandong are leading efforts to attract foreign investment, with Guangdong reporting over 360,000 foreign-invested enterprises and Shandong eliminating restrictions in the manufacturing sector [6][7]

夯实基础全面发力 四中全会为中国未来五年明调定向 全会明确，稳步扩大制度型开放，维护多边贸易体制，拓展国际循环，以开放促改革促发展，与世界各 国共享机遇、共同发展。 他认为，未来五年，中国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时期。如何充分 发挥自身优势，妥善应对可能出现的风高浪急甚至惊涛骇浪，直接关系到中国式现代化建设进程。 基于"十五五"时期对于中国实现长期发展目标的重要意义，全会要求这一时期"确保基本实现社会主义 现代化取得决定性进展"，并明确了"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，美丽中国建设取得新的重大进展，国家安全屏障更加巩固。 王衡认为，这些目标是全方位的，体现了中国式现代化在物质文明、政治文明、精神文明、社会文明、 生态文明各领域的协同共进。 公报提出了12个方面的具体部署，在专家看来是实现上述主要目标的"路线图"。透过这一"路线图"，人 们可以看到一个更加注重以自身高质量发展为世界作出更大贡献，与世界深度互动、彼此成就的中国。 目前，中国已成为150 ...

Group 1 - The core message emphasizes China's commitment to expanding high-level opening-up and creating a win-win cooperation environment, with a focus on promoting trade innovation and high-quality development of the Belt and Road Initiative [2][3] - The Chinese economy has shown resilience, with an average GDP growth rate of 5.5% during the first four years of the 14th Five-Year Plan, providing vast opportunities for foreign enterprises [4] - Since the beginning of the 14th Five-Year Plan, China has attracted over $700 billion in foreign investment, surpassing its target six months ahead of schedule, with a notable increase in newly established foreign enterprises [4][5] Group 2 - The Ministry of Commerce has introduced practical measures to enhance the business environment and reduce foreign investment restrictions, including the release of the "2025 Action Plan for Stabilizing Foreign Investment" [5] - High-tech industries have seen significant foreign investment growth, with actual foreign investment in high-tech industries reaching 127.87 billion yuan, reflecting a shift towards innovation-driven investment [7] - Guangdong and Shandong provinces are leading in attracting foreign investment, with Guangdong reporting over 360,000 foreign-invested enterprises and Shandong eliminating restrictions on foreign investment in manufacturing [8]

Core Insights - The Singapore Business Federation (SBF) will lead a delegation of over 500 executives from 57 Singaporean companies to the 8th China International Import Expo (CIIE) in Shanghai from November 5 to 10, highlighting the importance of trade relations between Singapore and China [1][2] - The participation of 18 new companies and 39 returning companies at the expo reflects Singapore's commitment to deepening economic cooperation with China, especially in light of the 35th anniversary of diplomatic relations and the third anniversary of the Regional Comprehensive Economic Partnership (RCEP) [1][2] Group 1 - The CIIE has become a key channel for Singaporean companies to enter the Chinese market, achieving a cumulative trade volume of over 5.33 billion Singapore dollars (approximately 29.3 billion yuan) since its inception in 2018 [2] - This year's theme for Singapore is "New Singapore-China Synergy, Smart Vision for the Future," with a total exhibition area of 1,213 square meters, focusing on service trade, food and agricultural products, and consumer goods [2] - The SBF's Executive Director emphasized the importance of the CIIE as a bridge for Singaporean companies to connect with one of the most dynamic markets globally, reinforcing Singapore's role as a reliable partner for Chinese companies looking to expand in the ASEAN region [2] Group 2 - Singapore aims to leverage its mature financial ecosystem and advanced digital infrastructure to create more growth opportunities for businesses in the region, especially as it prepares to assume the ASEAN chairmanship in 2027 [2] - The SBF plans to continue utilizing platforms like the CIIE to help Singaporean companies expand their presence in China while assisting Chinese companies in exploring opportunities in the ASEAN market [2]

风劲帆满启新程——国际社会瞩目中国绘制发展奋进新蓝图 新华社记者 金秋北京，汇聚世界目光。 中国共产党第二十届中央委员会第四次全体会议20日上午在北京开始举行。会议将审议《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》。 多国人士表示，过去5年，在中国共产党坚强领导下，中国经济社会发展取得巨大成就。他们高度 关注中共二十届四中全会的召开，相信这一历史性盛会将为中国未来5年发展擘画新蓝图，期待中 国为世界持续注入稳定性和确定性，为其他国家探索发展道路提供新借鉴，为世界和平稳定和人 类发展进步作出新贡献。 "更具创新活力、高质量发展的中国" "中国高铁网络已成为全球最现代化的铁路网络，中国还在构建以算力为核心的数字基础设施。以 高新技术驱动的新型基础设施快速增长，表明中国已为长期稳定发展做好准备，世界充满期 待……" 说起中国在"十四五"期间取得的成就，经常赴华采访的巴西知名媒体人莱昂纳多·阿图什侃侃而 谈。"中国在过去几年发展进程中取得令世界瞩目的成就，成为全球增长最重要的贡献者。" 与阿图什一样，许多国际人士在接受采访时表示，他们之所以高度关注中共二十届四中全会和"十 五五"规划制定，是因为见证 ...

Core Insights - The 23rd CTE China Toy Expo and four other exhibitions were held in Shanghai, attracting 2,629 exhibitors and 5,426 brands from 41 countries and regions, showcasing China's market appeal and innovation potential [1] - The exhibitions included CTE China Toy Expo, CLE China Licensing Expo, CKE China Baby and Child Products Expo, and CPE China Early Education Expo, covering a total area of 230,000 square meters, with a significant increase in international participation [1] - The number of overseas exhibitors at the CLE China Licensing Expo increased by 65% year-on-year, highlighting China's global market influence [1] Group 1 - The exhibitions showcased explosive growth in overseas exhibitors, with a concentration of global leading brands and a notable "going out" effect of industrial clusters [6] - Over 1,200 export-oriented exhibitors participated, indicating a shift from merely processing for foreign brands to having independent designs and brands, reflecting the soft power of China's toy industry [8] - The event provided a platform for global industry collaboration and demonstrated China's commitment to expanding openness and promoting industrial innovation [9] Group 2 - Key trends in the market are emerging from China, with companies actively collaborating with major partners to scale up [4] - The number of visitors and buyers at the event was impressive, indicating a growing and expanding market [4] - Exhibits included smart toys and environmentally friendly products, showcasing new trends in the industry [6]

Core Viewpoint - The A-share market has experienced a significant bull market since September 24, 2024, with over 1,400 stocks doubling in price, representing more than 26% of the total 5,324 stocks listed [3][8]. Industry Performance Summary - **Communication**: Increased by 124.09%, with 49 stocks doubling, including Shijia Photon and Changxin Bochuang [4]. - **Electronics**: Increased by 121.05%, with 204 stocks doubling, including *ST Yushun and Shenghong Technology [4]. - **Comprehensive**: Increased by 108.05%, with 5 stocks doubling, including Dongyangguang and Yuegui Shares [4]. - **Computers**: Increased by 82.15%, with 121 stocks doubling, including Lian Di Information and Huijin Shares [4]. - **Machinery Equipment**: Increased by 80.80%, with 231 stocks doubling, including Changsheng Bearing and Zhongjian Technology [4]. - **Media**: Increased by 80.60%, with 22 stocks doubling, including ST Huatuo and Giant Network [4]. - **Electric Power Equipment**: Increased by 71.98%, with 128 stocks doubling, including Electric Wind Power and Naconoer [4]. - **Automobile**: Increased by 59.43%, with 112 stocks doubling, including Tianpu Shares and Zhejiang Rongtai [4]. - **Other Industries**: Various other sectors such as defense, environmental protection, and construction materials also saw significant increases, with some industries like coal and oil showing minimal growth [5][8]. Insights from the Past Year - The market is unpredictable, and reversals can happen suddenly. Long-term investment discipline often yields better results than short-term market predictions [6][10]. - Contrarian thinking is crucial for investment success. Opportunities often arise during market pessimism, while caution is needed during market euphoria [11]. - Asset allocation is an effective strategy to mitigate negative emotions and avoid poor decision-making during market volatility [11].

Market Overview - A-shares experienced a slight increase on September 22, with the Shanghai Composite Index rising by 0.07% to 3822.59 points and a trading volume of 589.7 billion yuan [1] - The Shenzhen Component Index rose by 0.17% to 13093.29 points, with a trading volume of 753 billion yuan, while the ChiNext Index fell by 0.09% to 3088.28 points, with a trading volume of 340.1 billion yuan [1] Sector Performance - The consumer electronics sector saw significant gains, with companies like Luxshare Precision and Guokong Electric hitting the daily limit [1] - The robotics sector continued its strong performance, with companies such as Yokogawa Precision and Wanma Co. also reaching the daily limit [1] - The liquid cooling server sector experienced a surge, with Invec hitting the daily limit and Industrial Fulian rising over 8%, reaching a historical high [1] - Conversely, the tourism and film industry faced declines, with Jin Yi Film hitting the daily limit down [1][2] - The energy metals sector opened high but closed lower, with companies like Tengyuan Cobalt, Tianqi Lithium, and Ganfeng Lithium all experiencing declines [1][2] Institutional Insights - CICC noted that the A-share market is currently in a short-term adjustment phase but maintains a positive medium-term outlook, with growth styles expected to continue to expand and rotate across various sectors [3] - CITIC Securities expressed optimism about the humanoid robotics sector, highlighting ongoing catalysts and recommending focus on segments like sensors and domestic supply chains [3] - Xing Shi Investment indicated that technology remains a key market driver, but volatility may increase due to potential sector rotations and capital shifts [4] Industry News - The steel industry has set a target for an average annual growth of 4% over the next two years, with strict measures against new capacity additions as part of a structural adjustment plan [5] - The plan emphasizes the need for equipment upgrades and low-carbon transitions, with a goal for over 80% of steel production capacity to complete ultra-low emission modifications by the end of 2025 [5] Company News - BYD's spokesperson responded to reports of Warren Buffett's Berkshire Hathaway fully exiting its stake in the company, clarifying that the reduction in holdings began in August 2022 and expressing gratitude for the long-term support received [6] - Several express delivery companies in Shanghai announced a price increase for collection services, citing the need to eliminate unhealthy competition and ensure stable service for customers [7]