Core Points - The Ministry of Science and Technology held a meeting on October 24 to convey and implement the spirit of the 20th Central Committee's Fourth Plenary Session, emphasizing the importance of this as a major political task for the current and future periods [1] - The meeting highlighted the "14th Five-Year Plan" period as crucial for achieving high-level technological self-reliance and building a strong technological nation, aiming to leverage the new round of technological revolution and industrial transformation [1] Group 1 - The meeting called for strengthening organizational leadership and coordinating efforts in learning, publicity, education, and training to create a wave of enthusiasm for implementing the spirit of the plenary session [1] - It emphasized the need to anchor the strategic goal of building a strong technological nation and to enhance original innovation and key core technology breakthroughs [1] - The meeting outlined the importance of integrating technological innovation with industrial innovation and advancing educational and technological talent development [1] Group 2 - The meeting stressed the necessity of comprehensive deepening of the scientific and technological system reform to enhance independent innovation capabilities [1] - It aimed to provide strong support for the comprehensive promotion of the great rejuvenation of the Chinese nation through technological modernization [1] - The meeting underscored the importance of strategic planning, policy measures, major tasks, research capabilities, resource platforms, and regional innovation [1]

Core Viewpoint - The article emphasizes the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task, focusing on advancing high-level technological self-reliance and building a strong technological nation [1] Group 1 - The meeting called for strengthening organizational leadership and promoting learning, publicity, and training related to the session's spirit [1] - It highlighted the "14th Five-Year Plan" period as crucial for achieving socialist modernization and technological self-reliance [1] - The article stresses the need to seize historical opportunities from the new round of technological revolution and industrial transformation [1] Group 2 - The meeting aims to enhance original innovation and tackle key core technology challenges [1] - It advocates for deep integration of technological and industrial innovation, along with comprehensive reforms in the technology system [1] - The goal is to significantly improve independent innovation capabilities and support the modernization of the Chinese nation [1]

转自：北京日报客户端 党的二十届四中全会是在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议。全会通过 的《建议》，对未来五年发展作出顶层设计和战略擘画，一系列战略指引深刻把握时代特征和发展规 律，在谋定长远中为中国式现代化领航定向。兰州大学将把全会部署转化为实际行动和工作成效，深入 贯彻落实全国教育大会和教育强国建设规划纲要、三年行动计划精神，扎实推动学校第十一次党代会确 定的愿景目标与行动方略落地见效，高质量做好学校"十五五"发展规划编制工作，深化教育科技人才一 体化发展，聚焦国家战略急需与区域发展关键问题，在新时代推动西部大开发、黄河流域生态保护和高 质量发展等重大任务中主动担当，让教育科技人才创新活力在西部大地充分涌流，为开创中国式现代化 崭新局面贡献兰大智慧。 华东理工大学党委书记 蒋传海 中国人民大学党委书记 张东刚 党的二十届四中全会公报明确指出，统筹教育强国、科技强国、人才强国建设，为教育高质量发展指明 了方向与路径。中国人民大学将深入学习贯彻全会精神和习近平总书记在学校考察调研时重要讲话精 神，聚焦立德树人根本任务，坚持"学以铸魂"，紧紧聚焦全会提出的新思想新论断新部署，深化理解认 ...

中央委员、贵州省委书记徐麟："十四五"时期这五年是极不平凡的。以习近平同志为核心的党中央，总 揽全局，带领全党全军全国各族人民团结一心，众志成城，集中精力办好自己的事。这五年，我国经济 和社会发展取得了新的开创性进展、突破性的变革、历史性的成就。 中央委员、甘肃省委书记胡昌升：习近平总书记代表中央政治局所作的工作报告，高屋建瓴，视野宏 阔，彰显了政治担当，饱含了为民情怀，集中了全党智慧，汇集了人民力量，实现了理论创新和实践创 新相统一、顶层设计与基层探索相统一、时代要求与人民期盼相统一，为未来五年擘画了宏伟蓝图，必 将对党和国家事业发展产生重大而深远的影响。 中央委员、吉林省委书记黄强："十四五"时期打下了很好的基础，实现了良好开局。用中长期规划指导 经济社会发展，是中国特色社会主义的重要政治优势和成功经验。党的二十大明确，到2035年基本实现 社会主义现代化，"十五五"时期是夯实基础、全面发力的关键时期。吉林省将认真学习贯彻二十届四中 全会精神，不折不扣贯彻落实全会的决策部署，奋力推动吉林高质量发展和全面振兴取得新突破。 "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。与会同志们表示，要 ...

Group 1: Economic Development Goals - The "15th Five-Year Plan" aims for significant achievements in high-quality development, technological self-reliance, and comprehensive reforms [1] - By 2035, the goal is to elevate China's economic, technological, defense, and comprehensive national strength, achieving a per capita GDP at the level of moderately developed countries [1] Group 2: Industrial and Technological Advancements - The Ministry of Industry and Information Technology emphasizes new industrialization, focusing on high-quality development and the integration of technological and industrial innovation [2] - Plans include nurturing emerging industries and future sectors, with a focus on advanced manufacturing and technology-driven growth [2] Group 3: Market and Economic Structure - The strategy includes expanding domestic demand and enhancing the domestic market's resilience to external risks [4][5] - A unified national market will be promoted by eliminating unreasonable market entry restrictions and ensuring fair competition [4][5] Group 4: Agricultural and Rural Development - The focus is on modernizing agriculture and rural areas, with goals set for 2035 to achieve agricultural modernization and improved living conditions in rural areas [6] - Efforts will be made to enhance agricultural productivity and quality, while promoting rural revitalization [6] Group 5: Social Welfare and Employment - The plan emphasizes improving people's livelihoods and promoting common prosperity through enhanced social welfare systems and employment opportunities [7] - Key initiatives include improving income distribution, education, and healthcare services [7] Group 6: Environmental Sustainability - The "15th Five-Year Plan" includes a commitment to green transformation and building a beautiful China, focusing on carbon neutrality and ecological protection [8][9] - Policies will be implemented to promote a circular economy and sustainable resource management [9] Group 7: Macro-Economic Stability - The government aims to stabilize employment, businesses, and market expectations to maintain economic stability [10] - Continuous macroeconomic policy adjustments will be made to support economic recovery and growth [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Group 1 - The CR450 high-speed train operates at a speed of 400 km/h, enabling travel from Beijing to Shanghai in just three hours, showcasing China's advancements in technology and innovation during the 14th Five-Year Plan [1][2] - The C919 large passenger aircraft and the "Aida·Modu" ship represent significant milestones in China's aerospace and maritime industries, contributing to the formation of a one-hour transportation circle in the Beijing-Tianjin-Hebei region [2][3] - The launch of the first domestically produced electromagnetic aircraft carrier, Fujian, and the "Dream" submersible for deep-sea exploration highlight China's rapid advancements in naval and oceanographic technology [3][4] Group 2 - The 14th Five-Year Plan has accelerated the growth of emerging industries, with breakthroughs in key core technologies and an increasing number of products featuring "Chinese chips" [4][5] - China is transforming from a global technology participant and contributor to a pioneer and leader, reflecting a significant shift in its role in the global technology landscape [5]

Core Insights - The national market regulation technology and information work conference was held in Hangzhou, Zhejiang from October 16 to 17, emphasizing the importance of technology and information in market regulation [1] Group 1: Strategic Emphasis - The conference highlighted the need to deeply implement the Central Committee's strategic deployment regarding a technology-powered nation, a cyber power, and a digital China [1] - It stressed the importance of adhering to the Party's comprehensive leadership and enhancing the level of top-level design [1] Group 2: Technological Innovation - The meeting called for collaborative efforts to leverage technological innovation as a leading force [1] - There is a push to accelerate the application of new technologies to gradually improve the quality and efficiency of smart regulation [1] Group 3: Development and Innovation - The conference aimed to cultivate a solid development foundation and continuously stimulate innovation vitality [1] - It seeks to provide stronger technological and informational support for the modernization of market regulation, contributing to high-quality economic and social development [1]

Core Insights - The technology sector is experiencing a strong resurgence, particularly in areas such as communication equipment, computer devices, software development, data centers, and cloud computing, with notable ETF performances [1] - The Ministry of Science and Technology has identified the "14th Five-Year Plan" as a critical period for becoming a technology powerhouse, emphasizing the need for strategic planning in technological innovation [1] - The Ministry of Industry and Information Technology is launching a "millisecond computing" initiative aimed at establishing a nationwide millisecond-level computing network by 2027, which will stimulate demand across various segments of the computing infrastructure and network equipment manufacturing [1] Industry and Company Summary - The ChiNext AI ETF (159246) tracks the ChiNext AI Index, which selects 50 companies from the ChiNext market, covering the entire AI industry chain including hardware, software, and applications [2] - The ETF focuses on leading companies in communication equipment and optical modules, providing a comprehensive investment opportunity in the AI sector [2] - Investors without stock accounts can access opportunities through linked funds (A class 024662; C class 024663) [2]

"度"量中国这五年：以科技创新丈量中国"高度" 中新社北京10月17日电 (记者 张素)展现中国航天员太空生活的电影《窗外是蓝星》持续热映。中国人 民解放军航天员大队航天员王亚平近日接受中新社记者专访时说，这部电影就像是乘组从太空给大家摘 回来的一颗"星"。 "它让观众更真切、更沉浸地和航天员一起进入空间站，和乘组一起工作、生活、飞行。"王亚平说。 10月11日，中国人民解放军航天员大队航天员王亚平在北京接受中新社记者专访。 中新社记者 易海菲 摄 "十四五"期间，中国空间站全面建成，进入应用与发展阶段，截至目前已接纳9个任务乘组进驻，进行6 次"太空会师"，累计有23名中国航天员、27人次进入太空，驻留周期从3个月延至半年。 回首"十四五"，中国航天事业实现历史性、高质量、跨越式发展。嫦娥六号任务实现人类首次月球背面 采样返回，中国首个商业航天发射场建成投用，中国首次小行星探测与采样返回之旅正式启程…… "我国已成为世界航天大国，正在加快建设航天强国。"中国科学院国家空间科学中心主任王赤表示， 《国家空间科学中长期发展规划(2024—2050年)》实施一年来，其战略引领与前瞻布局的效应已初步显 现，"为科技 ...