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]

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The bond market is still mainly in a volatile state. Investors should be cautious about blind optimism and adopt a strategy of entering and exiting on the left side without lingering. In terms of investment portfolios, a "dumbbell + small - band" approach should be used. The short - end can use credit bonds under 2 years and interest - rate bonds under 3 years as the allocation base, and the long - end can use 30 - year interest - rate bonds for small - band trading [1][3]. - The Fourth Plenary Session's communique implies positive expressions. The equity bull market may continue, and investors should have confidence and perseverance in it. It also has implications for GDP growth, policy measures, investment themes, and the importance of domestic demand and consumption [11]. - The US is facing economic pressure due to tariff frictions. The long - term employment pressure is significantly greater than the temporary inflation pressure. The Fed may implement "three consecutive rate cuts". The US has a strong motivation to ease relations with China, and investors should expect a final agreement to be reached [23]. 3. Summary by Directory 3.1 Bond Market Weekly Observation 3.1.1 How to View the Enlightenment of the Fourth Plenary Session on the Capital Market? - The communique implies positive signals for the equity bull market. It emphasizes maintaining a reasonable GDP growth rate in the long - term, anticipating more policy measures, clarifying investment themes such as advanced manufacturing and technology, and increasing the importance of domestic demand and consumption. In the short term, the meeting may boost the stock market, and the bond market may adjust accordingly, but will later be affected by other factors [11][15][17]. 3.1.2 US Tariffs Lead to Recession, Weaker Bargaining Chips, and Strong Motivation for Easing - The fifth round of Sino - US economic and trade negotiations is taking place, with the location in an Asian city this time, closer to China's comfort zone. China's response to the US's TACO behavior is more mature, using rare - earth export and soybean import as countermeasures. The US is facing economic pressure, with employment pressure greater than inflation pressure, and the Fed may cut rates. The US has a motivation to ease relations with China, and a final agreement is expected [21][22][23]. 3.1.3 Bond Market Strategy: Enter and Exit on the Left Side without Lingering, and Adopt a "Dumbbell + Small - Band" Approach - The bond market is in a volatile state. A fast - in and fast - out strategy of buying on dips and taking profits on rallies is relatively effective. The 10 - year and 30 - year treasury bond active bonds have changed, and their core oscillation ranges are estimated. The investment portfolio should use a "dumbbell + small - band" approach, with short - end and long - end allocations as described above [27][28]. 3.2 Bond Market Asset Performance No specific summary content is provided in the given text for this part, only some related charts are mentioned. 3.3 High - Frequency Entity Tracking 3.3.1 Price - Related - This week, the Nanhua Agricultural Products Index and international crude oil prices rose, with prices of agricultural products showing a mixed trend. Brent crude oil rose by $4.93 per barrel, and WTI crude oil rose by $4.33 per barrel. Vegetable and meat prices had different changes, with some rising and some falling [39]. 3.3.2 Industry - Related - Industrial - related data improved slightly this week. The Nanhua Industrial Products Index rose, glass prices fell slightly, and coking coal prices rose. Supply - side data such as blast furnace and petroleum asphalt开工率 were better than last week [45]. 3.3.3 Investment and Real Estate - Related - This week, investment and real estate - related data on the demand side showed a slight recovery, with transaction volume data increasing, but the growth rate was lower than the historical average. The second - hand housing listing price index declined further, and the cumulative value of housing completion area increased compared to last month but was still lower than the historical average [55]. 3.3.4 Travel and Consumption - Related - This week, travel and consumption data were mixed, generally in line with the season. Subway passenger volumes in major cities increased, movie box - office revenues decreased, passenger car retail sales decreased but were higher than the historical average, and the number of domestic flights increased [61].

侯建国对认真学习领会、全面贯彻落实习近平总书记重要讲话和全会精神提出五点要求。一是把学 习贯彻全会精神作为当前和今后一个时期的重大政治任务，切实把思想和行动统一到党中央重大决策部 署上来。二是对标全会部署要求，加快推动院"十五五"规划编制工作，围绕国家战略需求，进一步优化 科研布局、明确主攻方向、凝练重大选题，着力加强使命驱动的建制化基础研究，加快突破关键核心技 术。三是加强与行业部门和重点区域对接合作，共同梳理国家发展战略和产业创新发展的重大科技需 求，加强重大任务联合选题、协同攻关，为培育发展新质生产力提供有力科技支撑。四是加快推进各项 年度重点工作，认真对照"十四五"规划目标任务和年初确定的各项重点任务，逐项梳理排查，逐一推进 落实，确保高标准、高质量完成年度目标任务，为实现"十五五"良好开局奠定坚实基础。五是加强党对 科技事业的全面领导，持之以恒推进全面从严治党，坚决把党的自我革命要求落实到位，推进党的作风 建设常态化长效化，坚定不移开展反腐败斗争，为改革创新发展提供坚强保证。 （原载于《科技日报》 2025-10-25 04版） 24日，中国科学院党组召开理论学习中心组集体学习会，传达学习习近平总书 ...

Core Points - The Ministry of Science and Technology emphasizes the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task for the current and future period [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 [1] - The focus is on leveraging new opportunities from technological revolutions and industrial transformations, enhancing original innovation, and integrating technological and industrial innovation [1] Summary by Sections - **Implementation of Central Committee Spirit** - The Ministry calls for strengthening organizational leadership and promoting learning and training to ensure the implementation of the Central Committee's decisions [1] - **Strategic Goals for Technological Development** - The meeting identifies the need to anchor the strategic goal of building a strong technological nation and to enhance capabilities in original innovation and key core technologies [1] - **Integration of Education and Technology** - There is a push for deep integration of technological innovation and industrial innovation, along with comprehensive reforms in the technology system to boost independent innovation capabilities [1]

受访券商首席表示，在党的二十届四中全会结束之后，按照惯例在会后一周左右公布中央关于"十五 五"规划的建议稿，2026年3月份的两会按惯例将审议并对外发布"十五五"规划《纲要》。 广发证券首席经济学家郭磊：关于科技创新，需要注意的两个细节是"抓住新一轮科技革命和产业变革 的历史机遇"和"要加强原始创新和关键核心技术攻关"。目前处于新一轮技术革命的关键历史阶段，加 强"原始创新"将有助于中国在全球科技创新中建立先行优势。 中信建投证券首席经济学家黄文涛：五年规划总体思路的演变，体现了政策理念的与时俱进。增速目标 逐渐柔性化，而创新、生态、安全等领域的约束则更突出。经济发展更加重视"质的有效提升和量的合 理增长"，把"坚持有效市场和有为政府相结合"写入原则。 申万宏源证券首席经济学家赵伟：会议提出要"坚持以经济建设为中心"，主要目标突出"高质量发展取 得显著成效，科技自立自强水平大幅提高"。在必须遵循的原则方面，会议新增"坚持以经济建设为中 心"，并将其置于"以推动高质量发展为主题"之前，进一步凸显对经济发展的重视。 方正证券首席宏观经济学家燕翔："十五五"时期，中国资本市场将大有作为。一方面，资本市场在服务 实体 ...

Core Insights - The 2025 Bund Summit emphasized the need for China to enhance its foundational research investment to support its innovation-driven development strategy [1][2] - China's R&D intensity is at 2.68%, nearing the OECD average, but foundational research accounts for only 6.91% of total R&D spending, significantly lower than the 17% in the U.S. [1] - The mismatch between funding and innovation chains is attributed to insufficient investment in foundational research by enterprises [1] Group 1 - Liu Yuanchun highlighted that private enterprises are currently significant contributors to foundational research investment, while state-owned enterprises are gradually increasing their contributions due to national strategic requirements [2] - A parallel structure between state-owned and private enterprises in foundational and applied research is expected to emerge in the future [2] - Effective advancement of foundational research requires an appropriate market structure, indicating that excessive competition may not necessarily lead to deeper research [2] Group 2 - Liu Yuanchun pointed out the "inverted U" relationship between market structure and competition, suggesting that a monopolistic competition market system is more favorable for foundational research [2] - The upcoming "14th Five-Year Plan" should focus on the importance of national policies, layouts, and ownership structures in promoting foundational research [2]

Core Viewpoint - Guizhou Moutai, a leading player in the domestic liquor market, faces challenges to its dominance as technology stocks, particularly Cambricon, gain momentum in the stock market [2][4]. Group 1: Market Performance - On October 24, Cambricon's stock surged by 9.01%, closing at 1525 CNY per share, surpassing Guizhou Moutai's closing price of 1450 CNY per share, reclaiming the title of "A-share King" [4]. - Cambricon's trading volume reached 23.403 billion CNY, highlighting a significant concentration of funds in the technology sector amid a total market turnover of 1.97 trillion CNY [4]. - The surge in Cambricon's stock price is attributed to multiple factors, including the "14th Five-Year Plan" emphasizing technological self-reliance and the importance of AI chips in the semiconductor sector [4][6]. Group 2: Company Performance - Cambricon reported a staggering revenue of 4.607 billion CNY for the first three quarters, reflecting a year-on-year increase of 2386.38%, with a net profit of 1.605 billion CNY [4][6]. - The company completed a targeted placement of 3.985 billion CNY at a price of 1195.02 CNY per share, which bolstered market confidence due to the involvement of 13 institutions with a six-month lock-up period [6][11]. Group 3: Investor Insights - Notable investor Zhang Jianping, known as "Zhang Alliance Leader," has significantly increased his stake in Cambricon, becoming the fifth-largest shareholder with a holding of 608.63 million shares, valued at approximately 8.489 billion CNY [9][11]. - Zhang's investment strategy is based on a deep understanding of industry trends, particularly in the AI chip sector, aligning with government policies supporting technological self-reliance [9][12]. Group 4: Industry Trends - The technology sector, particularly AI chips, is experiencing a boom, contrasting sharply with the sluggish performance of the liquor industry, which is facing challenges such as "stock competition and price inversion" [14][16]. - The semiconductor market is showing signs of internal differentiation, as evidenced by Texas Instruments' disappointing earnings forecast, which led to a significant drop in its stock price [14][16]. Group 5: Investment Considerations - The long-term support for technological self-reliance from government policies presents opportunities for investment in AI chip companies like Cambricon, which are expected to have clear commercial prospects [16][18]. - However, the volatility of Cambricon's stock price poses risks, as seen in its sharp fluctuations, which can lead to challenges for ordinary investors in managing their investments [16][18].

全会突出"新质生产力"概念，将科技自立自强提升到前所未有的战略层面。强调要加快高水平科技自立自强，引领发展新质生产 力。 二是"科技接地气"——推动科技创新和产业创新深度融合。坚持把发展经济的着力点放在实体经济上，在改造提升传统产业的基 础上，既要打造新兴支柱产业，加快新能源、新材料、航空航天、低空经济等新兴产业集群发展；还要前瞻布局未来产业，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。 三是"抱团发力"——一体推进教育、科技、人才发展，要把这三者拧成一股绳，将教育强国、科技强国、人才强国建设统筹起 来，强化协同发展，为科技发展提供更坚实的人才支撑和智力保障。 央视网消息：二十届四中全会公报在科技领域的新部署令人振奋。着眼创新发展、向新而行，还释放了哪些关键信号？又有哪些 新亮点值得关注？来看记者的观察报道。 第一是要"啃硬骨头"——加强原始创新和关键核心技术攻关。我国科技发展正从"跟跑追赶"转向"原创引领"，提出完善新型举国 体制，聚焦集成电路、工业母机、高端仪器等重点领域实现关键突破，并且加大基础 ...

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlined the development goals for the next five years, emphasizing high-quality development and technological self-reliance [1][2] - The main objectives for the "15th Five-Year Plan" include significant achievements in high-quality development, enhanced self-reliance in technology, and improved living standards [1][2] - The meeting highlighted the importance of a strong domestic market to support high-quality development and proposed measures to optimize traditional industries and foster emerging sectors [2] Group 2 - China's GDP grew by 5.2% year-on-year in the first three quarters, with a 4.8% growth in the third quarter, indicating a stable economic trend despite external pressures [3] - Consumer spending contributed 53.5% to economic growth, a 9 percentage point increase from the previous year, showcasing the resilience of the domestic market [3] - The high-tech manufacturing sector saw a 9.6% increase in value-added output, reflecting a shift towards high-end, intelligent, and green industries [3] Group 3 - Shanghai's GDP reached 40,721.17 billion yuan in the first three quarters, growing by 5.5%, which is higher than the national average [7] - The city's new driving forces, particularly in high-tech manufacturing and strategic emerging industries, contributed significantly to its economic growth [7] - The third sector, including finance and information services, showed robust growth, with the information technology services sector increasing by 15.5% [7] Group 4 - International gold prices experienced a significant drop, with a one-day decline of over 6%, marking the largest single-day drop since April 2013 [8][9] - The recent surge in gold prices, which rose approximately 60% this year, was driven by geopolitical tensions and global economic uncertainties [9] - The sharp decline in gold prices is attributed to profit-taking by investors and a recovery in risk appetite, indicating a potential technical correction [9] Group 5 - The U.S. national debt surpassed $38 trillion, reflecting a rapid increase in debt levels, with significant growth observed in recent months [13] - The yield on U.S. Treasury bonds has reached new lows, indicating market concerns over debt sustainability and potential economic pressures [13] - The ongoing government "shutdown" has exacerbated market anxieties regarding fiscal stability and the need for further monetary easing [13] Group 6 - Pop Mart's stock price fell by over 9% despite reporting a revenue increase of 245%-250% year-on-year for Q3, indicating market skepticism about sustainable growth [14][15] - The company's revenue growth was driven by strong performance in both domestic and international markets, particularly in online channels [14] - Concerns over high valuation and dependency on key IPs have led to increased market volatility and cautious investor sentiment [15]

Market Overview - The Shanghai Composite Index experienced a fluctuating upward trend this week, reaching a ten-year high on Friday, with daily trading volume hitting a near two-month low [2] - The ChiNext Index showed a similar pattern, also closing the week with a positive candlestick [2] - Key sectors that performed well included components, Apple supply chain, CPO, storage chips, and shale gas, while precious metals, kitchen appliances, and liquor saw declines [2] - The A-share market lacks a clear "main line," with ongoing differentiation and many hotspots being short-lived [2] Operational Strategy - The Shanghai Composite Index has reached a ten-year high, with short-term signals indicating potential new tops, although these may be minor [4] - The Shenzhen Component and ChiNext Index have not shown new top signals, suggesting a phase of rebound rather than a new trend [4] - The inconsistent performance of these indices contributes to the need for a cautious market approach [4] Key Insights from the Fourth Plenary Session - The Fourth Plenary Session emphasized "technological self-reliance" as a primary goal for the 14th Five-Year Plan, indicating a significant focus on technology in future planning [7] - The session highlighted the importance of building a modern industrial system with an emphasis on "intelligent and green" development, including a new focus on becoming a "space power" [8] - The session's goals align with historical planning phases, indicating a shift towards hard technology and self-sufficiency in the face of external pressures [10] Investment Opportunities - The emphasis on "space power" presents investment opportunities in the aerospace industry, which can drive growth in related sectors such as telecommunications and energy [11] - The AI computing sector is highlighted as a key area for investment, particularly in hardware related to liquid cooling and other advanced technologies [12] - The coal sector is experiencing favorable supply and demand dynamics, with rising prices indicating a potential for profitability and dividend stability [13] - The "three oil giants" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain resilience in earnings despite fluctuating oil prices, showcasing long-term investment potential [14]