预告时间：2025-08-1410:00 国务院新闻办公室2025年8月14日(星期四)上午10时举行"高质量完成'十四五'规划"系列主题新闻发布 会，请国家发展改革委党组成员、国家数据局局长刘烈宏介绍"十四五"时期数字中国建设发展成就，并 答记者问。 ...

Group 1 - A-shares continue to rise, with daily trading volume exceeding 2 trillion yuan and the Shanghai Composite Index reaching a 44-month high of 3688.63 points on August 13 [1] - The total market capitalization of A-shares reached 98.48 trillion yuan, reflecting a 14.7% increase from the end of last year, with banking, electronics, and pharmaceutical industries leading in market value [1] - Seven industries, including non-ferrous metals, defense, machinery, electronics, pharmaceuticals, communications, and basic chemicals, saw market capitalization growth exceeding 20% since the end of last year, with non-ferrous metals and defense industries exceeding 30% growth at 37.51% and 30.76% respectively [1] Group 2 - The current A-share market rally is supported by three core factors: increased attention from decision-makers towards the capital market, continuous improvement in micro liquidity, and ongoing market hotspots [2] - As of August 13, 295 stocks have seen price increases exceeding 100% this year, with only 6 stocks having a market capitalization over 1 billion yuan, and 113 stocks over 100 million yuan [2] - The majority of the 295 stocks belong to the pharmaceutical and machinery sectors, with 53 and 52 stocks respectively, and 68.47% classified as strategic emerging industries [2] Group 3 - The 295 stocks exhibit three main characteristics: high industry concentration with machinery and pharmaceuticals accounting for over 35%, significant theme-driven performance, and dominance of small-cap stocks with about 60% having market capitalizations below 100 million yuan [3] - The median return on equity (ROE) for these stocks is only 3.46%, with 46 stocks exceeding 10% ROE and 87 stocks reporting negative ROE [3] - The performance of these stocks is largely driven by event catalysts, expectations reversal, and low base rebounds, indicating a reliance on valuation expansion and sensitivity to marginal information and trading sentiment [3]

Core Insights - The "14th Five-Year Plan" period is set to conclude in 2025, marking a significant milestone in China's economic and social development, with a focus on achieving high-quality growth and innovation [2][3]. Economic Growth - China's economy has consistently crossed significant thresholds, maintaining its position as the world's second-largest economy, with GDP expected to reach approximately 140 trillion yuan by 2025 [4]. - The average economic growth rate during the "14th Five-Year Plan" is projected at 5.5%, which is notable for an economy of China's size [4]. - The economic increment during this period is expected to exceed 35 trillion yuan, equivalent to recreating the economic output of the Yangtze River Delta region [4]. Manufacturing and Infrastructure - China remains the world's largest manufacturing power, with over 220 products leading in global production [5]. - The country has established the largest power infrastructure system globally, with an energy self-sufficiency rate of over 80% [6]. - Significant advancements in infrastructure have been made, supporting high-quality economic development [5]. Innovation and Technology - China's innovation capabilities are on the rise, with a substantial increase in R&D investment, which grew nearly 50% compared to the end of the "13th Five-Year Plan" [7]. - The number of high-tech enterprises has surpassed 460,000, indicating a robust environment for technological advancement [7]. - Major technological achievements include the successful operation of the Chinese space station and advancements in various high-tech sectors [8]. Domestic Market and Consumption - The domestic market is a crucial pillar for economic stability, with over 1.4 billion people and a growing middle-income population [10]. - Retail sales and fixed asset investments reached 48.8 trillion yuan and 51.4 trillion yuan, respectively, in 2024, highlighting the strength of domestic consumption [10]. - The average contribution of final consumption to economic growth has increased to 56.2%, reflecting a shift towards a consumption-driven economy [11]. Foreign Investment and Trade - China has accelerated its pace of opening up to the world, with a significant reduction in foreign investment restrictions, particularly in the manufacturing sector [12]. - The country has absorbed over 700 billion USD in foreign investment since the beginning of the "14th Five-Year Plan," showcasing its attractiveness as an investment destination [12]. - In 2024, the scale of goods imports reached 2.6 trillion USD, providing new opportunities for international cooperation [12].

Core Viewpoint - The A-share market is experiencing a collective rise, with the Shanghai Composite Index up by 0.07% and the ChiNext Index up by 0.33%, driven by sectors such as duty-free and AI, while sectors like brain-computer interfaces, energy metals, and photovoltaics are declining [1] Group 1: Market Outlook - Shenwan Hongyuan suggests that the bull market atmosphere will not easily dissipate, and small-cap growth stocks may continue to outperform until a clear market trend is established [1] - The potential directions for a bull market include domestic technological breakthroughs and high global market share manufacturing reversing "involution" [1] - The market is expected to maintain its characteristics of sector rotation and high micro-level activity, with new opportunities arising from individual stock events [1] Group 2: Liquidity and Investment Strategy - Galaxy Securities indicates that with improved liquidity, the market is likely to operate at a high oscillation level, focusing on sectors with strong performance [2] - The margin financing balance has risen above 2 trillion yuan, but remains below historical peaks, suggesting a stable market environment [2] - The "anti-involution" theme is expected to persist, with growth sectors benefiting from the AI technology revolution and emerging industry trends [2] Group 3: Sector Focus - Dongfang Securities emphasizes that the market's upward trend remains intact, with a focus on sectors such as defense, AI computing power, semiconductors, and humanoid robots [3] - The market may experience short-term adjustments, providing opportunities for increased allocation in active sectors [3]

当前，中国正处在加快转型升级步伐、奋力推进高质量发展的关键阶段，正处在以中国式现代化全面推进强国建设、民族复兴伟业的关键 时期。 在中国经济发展的关键一程，习近平总书记高瞻远瞩、审时度势，一次次作出关键抉择，沉着应对挑战，指明前进方向，激发起强大信心 和力量。 今年是"十四五"规划收官、"十五五"规划谋划之年。 统筹：杨咏、汪奇文、杨云燕 撰稿/编导：房宽 记者：房宽、李恒毅、马晓冬、孙青、陈杰 配音：王帅龙 包装：欧阳建嘉 新华社音视频部制作 新华通讯社出品 【纠错】 【责任编辑:薛涛】 ...

7月18日，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。商务部部长王文涛、商务部国际贸易谈判代表兼副部长李 成钢、商务部副部长兼国际贸易谈判副代表凌激、商务部副部长盛秋平介绍"十四五"商务高质量发展成就，并答记者问。新华社记者 金良快 摄 新华社北京7月18日电（记者谢希瑶、王雨萧）国务院新闻办公室18日举行"高质量完成'十四五'规划"系列主题新闻发布会。商务部部长王文涛表 示，"十四五"以来，商务发展顶住一波又一波冲击，经受住历史考验，消费、外贸、外资、对外投资合作等各领域主要目标指标进展符合预期， 重大任务顺利推进，商务高质量发展取得显著进展。 7月18日，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。这是王文涛在会上介绍情况。新华社记者 金良快 摄 王文涛从四个方面回顾了"十四五"商务发展主要成就。消费主引擎和稳定器作用增强，强大国内市场优势凸显。"十四五"以来，消费市场规模稳 居全球第二，过去四年社零总额年均增长5.5%，今年有望突破50万亿元人民币；服务消费保持较快增长，居民服务性消费支出占比提升3.5个百 分点，达到46.1%；新型消费蓬勃发展，新业态 ...

Group 1 - During the "14th Five-Year Plan" period, China's actual foreign investment utilization reached $708.73 billion by the end of June, with a target of 34.6% of high-tech industry investment by 2024 [3] - China's foreign trade demonstrated strong resilience, with merchandise trade exceeding $5 trillion and $6 trillion, while service trade surpassed $1 trillion for the first time [5] - The modern commercial circulation system has shown positive results, with the wholesale and retail industry's added value projected to reach 13.8 trillion yuan in 2024, second only to manufacturing [9] Group 2 - China and the United States remain important economic partners, with projected goods trade of $688.3 billion and service trade of $155.8 billion in 2024 [11] - Trade with countries involved in the Belt and Road Initiative has grown at an average annual rate of 4.7%, with completed contract revenue nearing $600 billion [13] - The Free Trade Pilot Zones have become a testing ground for institutional openness, with foreign trade and foreign investment accounting for 19.6% and 24% of the national totals, respectively, by 2024 [17]

Group 1 - The core achievement of the "14th Five-Year Plan" is the significant role of consumption as a main engine for economic growth, with major indicators in consumption, foreign trade, foreign investment, and international cooperation meeting expectations [1][2][8] - The domestic consumption market remains robust, with an average annual growth rate of 5.5% in total retail sales over the past four years, and is expected to exceed 50 trillion yuan this year [2][3] - Service consumption has seen rapid growth, with the proportion of residents' service consumption expenditures increasing by 3.5 percentage points to 46.1% [4] Group 2 - China has solidified its position as a trade power, maintaining the world's second-largest service trade scale and ranking among the top three in total foreign investment, with over 700 billion USD in foreign investment absorbed during the "14th Five-Year Plan" [9][12] - The export of high-tech products is projected to reach 18.2% by 2024, with knowledge-intensive service trade increasing by 38% compared to 2020 [12] - The negative list for foreign investment access continues to shrink, with all restrictions in the manufacturing sector eliminated, and pilot programs in sectors like telecommunications and biotechnology being implemented [14]

新华社快讯：国家税务总局局长胡静林7月28日在国新办举行的"高质量完成'十四五'规划"系列主题新 闻发布会上介绍，"十四五"时期，我国经济平稳增长，税务部门累计征收的税费收入预计将超155万亿 元，占全口径财政收入的比重已达80%左右。经济社会发展和民生改善的财力基础不断夯实。 【纠错】 【责任编辑:王佳宁】 ...

Core Insights - The National Taxation Administration revealed that during the "14th Five-Year Plan" period, tax revenue is expected to exceed 155 trillion yuan, accounting for approximately 80% of total fiscal revenue [2] - A series of tax reduction and fee reduction policies have been implemented, with an estimated total of 10.5 trillion yuan in new tax reductions and fee reductions, and export tax rebates expected to exceed 9 trillion yuan [4] - The tax system reform and tax reductions have significantly supported the improvement of people's livelihoods, with personal income tax reductions increasing from 116 billion yuan in 2020 to nearly 300 billion yuan this year [4] Tax Revenue and Economic Growth - Tax revenue during the "14th Five-Year Plan" is projected to exceed 85 trillion yuan, with social insurance fees and land transfer fees expected to exceed 70 trillion yuan [2] - As of June 2023, the number of tax-related business entities has surpassed 100 million, reflecting strong market vitality and resilience [4] Tax Compliance and Enforcement - A new tax enforcement system has been established, focusing on risk management and accountability, with 62,100 tax law violations investigated, recovering 571 billion yuan in tax losses [5] - The awareness of tax law and the importance of maintaining legal fairness have significantly increased across society [5]