Market Performance - The communication ETF (515880) increased by 4.86%, the semiconductor equipment ETF (159516) rose by 3.99%, and the ChiNext AI ETF (159388) gained 3.70% on October 27 [1][2]. Policy Insights - The recent Central Committee meeting emphasized enhancing the level of technological self-reliance during the 14th Five-Year Plan, focusing on seizing high ground in technology development and establishing emerging pillar industries [1][3]. - The Ministry of Science and Technology indicated a commitment to implementing the recommendations for AI's top-level design and systematic deployment [1][3]. Fundamental Analysis - Demand for optical modules for 2026 has been significantly raised, reinforcing the sustainability and certainty of the high prosperity cycle driven by AI computing power [3]. - North American cloud service providers plan to increase capital expenditures to over $370 billion in the 2025 fiscal year, marking a 40% year-on-year growth, which directly benefits the optical module and IDC sectors [3]. - The AI industry is experiencing accelerated industrialization, with significant infrastructure investments and mature business models in overseas markets, while domestic markets see a rapid increase in domestic GPU production and computing power [3]. - Investors are encouraged to monitor the communication ETF (515880), semiconductor equipment ETF (159516), and ChiNext AI ETF (159388) for potential opportunities [3].

Core Insights - The document outlines a strategic framework for China's economic and social development over the next five years, emphasizing high-quality development and technological self-reliance [1][4]. Group 1: Strategic Focus Areas - The report highlights four main dimensions: technological self-reliance as a strategic core, expanding domestic demand and consumption as key to stable growth, balancing high-quality development with high-level security, and combining policy stability with dynamism [2]. - "New quality productivity" is introduced into the five-year planning framework, focusing on building a modern industrial system and enhancing the foundation of the real economy [3]. Group 2: Technological and Industrial Development - The report emphasizes the importance of original innovation and future industries, indicating a commitment to seizing competitive advantages in technological revolutions [1][3]. - A differentiated cultivation strategy for various industries is proposed, establishing a three-tier industrial system: upgrading traditional industries, expanding emerging industries, and laying out future industries [3]. Group 3: Domestic Demand and Consumption - The report reiterates the strategy of expanding domestic demand, linking it closely with improving people's livelihoods and promoting consumption [6]. - It emphasizes the need for a new demand-driven approach to supply, highlighting the importance of consumer demand in stimulating investment and economic growth [6][7]. Group 4: Capital Market Implications - The report does not provide direct guidance on capital market operations but suggests that a clear national development plan will help align policy expectations with capital allocation and market ecology [8]. - The capital market is expected to evolve from merely providing financing to becoming a comprehensive support platform for resource allocation, risk mitigation, and wealth management [9].

"这是一份为未来五年乃至更长时期内，中国经济社会发展定调的纲领性文件。"——10月23日，中 国共产党第二十届中央委员会第四次全体会议公报（以下简称"公报"）一经发布，便在证券业内引发高 度关注与热烈解读。 "公报全篇共计5000余字，产业、科技、安全、民生、改革、消费等关键词被多次提及。"开源证券 副总裁、研究所所长孙金钜告诉《金融时报》记者，特别是"产业"和"科技"，相较三中全会公报时被提 及频次大幅增加，预计科技创新、自主可控等将会是"十五五"规划重点。 长城证券首席经济学家汪毅在接受《金融时报》记者采访时表示，公报为"十五五"时期描绘了 以"高质量发展"为核心的顶层设计，释放出前瞻布局、内外兼修、民生为本的清晰信号。在发展方向 上，突出强调"原始创新"和"未来产业"，彰显出在科技革命竞争中抢占制高点的决心；通过强调"供需 良性互动"和"重点区域增长极"，旨在激发内需潜力并优化发展空间布局。 "公报主要聚焦四大维度。"中航基金固定收益部基金经理汪术勤向《金融时报》记者分享了他的观 点。一是科技自立自强成战略核心，二是扩大内需与消费升级成稳增长关键，三是高质量发展与高水平 安全动态平衡，四是政策"稳"与" ...

Group 1 - The "14th Five-Year Plan" period is marked by significant achievements in China's development, with a focus on economic strength, technological advancement, and comprehensive national power [2][3][4] - The construction of Zhangjiang Science City aims to become a globally influential technology innovation center by 2030, emphasizing high-level technological self-reliance [2] - The agricultural sector in Jilin Province has seen a substantial increase in protective farming techniques, enhancing soil quality and agricultural productivity [4] Group 2 - The "15th Five-Year Plan" period is crucial for advancing modernization and economic development, with a strong emphasis on high-quality growth and comprehensive reform [5][9] - The establishment of the Xiong'an New Area is a key project for modern urban development, focusing on intelligent manufacturing capabilities [5] - The cultural tourism sector in Sichuan is being developed to enhance cultural consumption and economic growth, leveraging historical sites like the Sanxingdui Museum [6] Group 3 - The energy sector in Shanxi is transitioning towards green development, focusing on energy transformation and industrial upgrading [5] - The construction of the Pinglu Canal is expected to enhance connectivity between inland ports and coastal areas, supporting high-level foreign trade [8] - The agricultural modernization efforts in Yunnan aim to promote highland specialty agriculture, contributing to rural revitalization [7]

Group 1 - The core viewpoint of the article emphasizes the increasing trend of unicorn companies in emerging industries, such as new energy and biotechnology, seeking to go public in the A-share market, driven by the need for long-term strategic development and sustainable growth [1][4] - Unicorn companies leverage capital market tools like refinancing, mergers and acquisitions, and equity incentives to achieve comprehensive and rapid development, addressing their urgent need for long-term capital due to high technology investment and long return cycles [2][3] - The transition from private pricing to public pricing mechanisms post-IPO enhances the credibility, transparency, and liquidity of unicorn companies, allowing them to gain higher market valuations and improve their brand influence and competitive position [2][3] Group 2 - For investors, the IPO of unicorn companies serves as a crucial step in capital circulation, providing an exit channel for early-stage venture capital and introducing diverse secondary market investors, which stabilizes long-term funding [3] - Regulatory bodies have implemented measures to optimize the listing process for innovative companies, enhancing the motivation for unicorn companies to go public and improving overall market quality [3][4] - At the national strategic level, guiding high-quality unicorn companies to list is essential for enhancing technological innovation capabilities and ensuring the security of industrial chains, positioning the country competitively in the global technology landscape [4][5] Group 3 - The capital market plays a pivotal role in providing stable innovation capital for unicorn companies, which are at the forefront of technological self-reliance and innovation, thus fostering a virtuous cycle of "technology-industry-finance" [5]

Group 1 - The "14th Five-Year Plan" period is marked by significant achievements in China's development, with a focus on economic strength, technological advancement, and comprehensive national power [2][3] - The construction of the Zhangjiang Science City aims to become a globally influential center for technological innovation by 2030, emphasizing high-level self-reliance in technology [2] - The agricultural sector in Jilin Province has seen a substantial increase in protective farming techniques, enhancing soil quality and agricultural productivity [4] Group 2 - The "15th Five-Year Plan" period is viewed as a critical time for solidifying foundations and advancing comprehensive efforts in various regions, including Hunan Province's integration into broader economic strategies [5] - The Xiong'an New Area is set to achieve significant milestones in smart manufacturing and urban modernization, guided by the principles outlined in the recent plenary session [6] - The development of the Pinglu Canal is expected to enhance connectivity between inland ports and coastal areas, supporting high-level external openness [9] Group 3 - The cultural and tourism sectors in Sichuan Province are focusing on integrating cultural heritage with economic development to meet the growing demand for high-quality cultural consumption [7] - The agricultural modernization efforts in Yunnan Province are aimed at enhancing crop quality and supporting rural revitalization through highland specialty agriculture [8] - The forestry sector in Fujian Province is exploring collective forest rights reforms to promote sustainable economic growth without deforestation [12]

Group 1 - The "14th Five-Year Plan" period is marked by significant achievements in China's development, with a focus on economic strength, technological advancement, and comprehensive national power [2][3][4] - The construction of Zhangjiang Science City aims to become an internationally influential science city by 2030, emphasizing high-level technological self-reliance [2] - The agricultural sector in Jilin Province has seen a substantial increase in protective farming techniques, enhancing soil quality and agricultural productivity [4] Group 2 - The "15th Five-Year Plan" is viewed as a critical period for foundational work and comprehensive efforts, with a focus on integrating into national economic strategies [5][10] - The establishment of the Xiong'an New Area is highlighted as a key project for modern urban development, with a commitment to high-quality construction and innovation [6] - The cultural and tourism sectors are being developed to enhance consumer experiences and promote cultural heritage, particularly in Sichuan Province [7] Group 3 - The energy sector in Shanxi is transitioning towards green development, focusing on high-quality growth and modern industrial systems [6] - The construction of the Pinglu Canal is expected to improve transportation infrastructure, facilitating trade and connectivity with coastal ports [9] - The Hainan Free Trade Port is advancing towards its operational goals, emphasizing institutional innovation and smooth implementation of core policies [10]

Core Viewpoint - The article emphasizes the strategic goals and initiatives outlined in the recent 20th Central Committee's Fourth Plenary Session, focusing on high-quality development, technological self-reliance, and comprehensive reforms during the 14th Five-Year Plan period [2][12][21]. Economic and Social Development Goals - The main objectives for the 14th Five-Year Plan include achieving significant results in high-quality development, maintaining reasonable economic growth, and significantly improving the resident consumption rate [21]. - Other goals include enhancing technological self-reliance, deepening reforms, improving social civilization, increasing the quality of life, advancing ecological progress, and strengthening national security [21]. Consumption and Livelihood - The National Development and Reform Commission highlighted the potential for significant expansion and quality improvement in the service sector, emphasizing the need to boost consumption and increase government investment in livelihood-related areas [3]. Investment - Infrastructure investment will focus on comprehensive planning and the construction of new infrastructure, with an estimated investment demand exceeding 5 trillion yuan for the renovation of over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan [3]. - The plan aims to establish around 100 national-level zero-carbon parks and optimize the layout of strategic industries and resource bases [3]. Financial Sector - The financial sector is urged to prioritize risk prevention and regulatory strength while promoting high-quality development, with a focus on maintaining stability in financial markets [4][26]. - The People's Bank of China emphasized the importance of centralized leadership in financial work and the need for a robust financial stability guarantee system [4][26]. Technology and Industry Deployment - The strategy includes building a modern industrial system and enhancing the competitiveness of traditional industries while fostering emerging industries such as renewable energy and advanced manufacturing [5][22]. - Key technological advancements will focus on critical core technologies and the integration of technology with industry [5][22]. Foreign Trade and Investment - The plan aims to promote the internationalization of the renminbi and expand high-standard free trade agreements, particularly in the service sector [6][24]. - Efforts will be made to enhance trade innovation and expand bilateral investment cooperation [24]. Market Unification and Anti-Competition Measures - The strategy includes unifying market regulations to eliminate local protectionism and market fragmentation, addressing "involution" competition [6][24]. Anti-Corruption Efforts - The article outlines ongoing efforts to combat corruption and improve the supervision system within the party and state, emphasizing the importance of maintaining a clean political environment [7][25]. Upcoming Events - The upcoming release of the 14th Five-Year Plan recommendations and the APEC summit in South Korea are highlighted as significant events to watch [8].

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China concluded successfully, discussing the work report by General Secretary Xi Jinping and approving the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [1][2] Group 1: Strategic Importance - The "15th Five-Year Plan" is seen as a significant blueprint for China's economic and social development over the next five years, reflecting a commitment to open cooperation and mutual benefit [1][2] - The plan emphasizes the importance of high-quality development, comprehensive deepening of reforms, and the combination of effective markets and proactive government [2][3] Group 2: Leadership and Governance - Xi Jinping's leadership in drafting the plan is highlighted as a demonstration of the Communist Party's wisdom and capability in governance, ensuring alignment with long-term strategic goals [2][3] - The plan's principles include prioritizing the people, high-quality development, and maintaining a focus on stability and gradual progress [3][7] Group 3: Economic Transformation - The plan prioritizes building a modern industrial system and strengthening the foundation of the real economy, indicating a shift from being the "world's factory" to a leader in smart and green manufacturing [4][5] - Emphasis is placed on accelerating technological self-reliance and innovation, which is crucial for enhancing production efficiency and fostering new industries [5][6] Group 4: Global Implications - The plan is expected to provide stability and predictability for global markets, making China a reliable partner for trade and investment [5][8] - China's experience with five-year planning is viewed as a valuable governance model for other developing countries, showcasing the importance of clear strategic vision and execution [6][7][8]

Market Overview - The A-share market achieved a breakthrough amidst fluctuations, with the Shanghai Composite Index successfully surpassing 3950 points during the week of October 20-24, 2025, reflecting a 2.88% increase [3][11] - The technology growth sector made a strong comeback in the latter half of the week, indicating market expectations for policies promoting technological self-reliance and new productive forces [3][11] - The average daily trading volume in the A-share market decreased to 1.7928 trillion yuan, showing a decline compared to the previous week, influenced by macroeconomic uncertainties [11] US-China Negotiations - The upcoming US-China negotiations from October 24-27 in Malaysia are viewed as a critical signal for easing trade tensions, potentially improving risk appetite in the capital markets if a summit between the leaders occurs [4][11] Style Rotation - The market is entering a phase of style equilibrium, suggesting that discussions around style rotation have largely concluded, with various sectors seeking their own changes and returning to performance-driven market characteristics [4][12] Active Equity Fund Index Performance - The Active Equity Fund Selection Index rose by 3.72% last week, with a cumulative excess return of 39.11% since inception [5][15] - The High-end Manufacturing Fund Selection Index increased by 8.47% last week, but has recorded a cumulative excess return of -2.53% since inception [6][15] - The Growth Stock Fund Selection Index saw a rise of 5.14% last week, with a cumulative excess return of 38.79% since inception [7][15] Sector-Specific Fund Performance - The Technology Stock Fund Selection Index increased by 5.79% last week, achieving a cumulative excess return of 51.08% since inception [7][15] - The Consumer Stock Fund Selection Index rose by 0.59% last week, with a cumulative excess return of 7.88% since inception [7][15] - The Pharmaceutical Stock Fund Selection Index decreased by 1.12% last week, but has a cumulative excess return of 20.21% since inception [7][15]