Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the suggestions for the 15th Five-Year Plan, emphasizing high-quality development and technological self-reliance as primary goals for the upcoming decade [1] Group 1: Economic Growth and Development Goals - The average GDP growth rate needs to be maintained above 4.5% over the next decade to achieve the goal of reaching the per capita GDP level of moderately developed countries by 2035 [2] - The focus has shifted from "economic development" and "reform and opening up" to "high-quality development" and "technological self-reliance," indicating a greater emphasis on the quality and technological content of economic growth [2] - The plan includes a commitment to maintaining a reasonable proportion of the manufacturing sector and constructing a modern industrial system centered on advanced manufacturing [2][8] Group 2: Policy Directions and Strategic Focus - The report outlines 12 major deployments, with a strong emphasis on supporting the real economy, enhancing service sector development, and building modern infrastructure [4] - The focus on supply-side reforms will prioritize "productivity + innovation," while demand-side policies will concentrate on "consumption + inclusiveness" [6] - The report highlights the importance of stabilizing employment, enterprises, markets, and expectations as part of maintaining economic fundamentals [7] Group 3: Market Outlook and Investment Opportunities - The Chinese stock market is expected to continue its upward trend, driven by the transformation of the economy and ongoing capital market reforms [3] - New emerging technologies are identified as a key investment theme, with cyclical financial sectors also seen as potential outperformers [3] - The emphasis on high-quality economic development and the need for a robust manufacturing base suggest that policies supporting advanced manufacturing and technology sectors will be prioritized [4][8]

党的二十届四中全会是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召开的 一次十分重要的会议。全会审议通过"十五五"规划建议，对未来五年发展作出顶层设计和战 略擘画。与会同志们表示，要深入学习贯彻党的二十届四中全会精神，为实现"十五五"规划 而团结奋斗，确保基本实现社会主义现代化取得决定性进展，开创中国式现代化建设新局面。 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。 来源：央视新闻客户端 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。 中央候补委员、火箭军某部研究员 李贤玉： 从现代战争来看，作战样式已经发生了深刻变 革。回望 ...

（央视财经《经济信息联播》）今天（10月24日），A股主要股指全线收红，其中上证指数创下十年新 高，科技股再度领涨，半导体重返强势。 中泰证券研究所资深策略分析师 张文宇 ：展望后市，伴随着政策的密集发布，比如说"十五五"规划的 具体细节，包括对于科技自立自强的表述更加明显，科技（板块）反弹它有一定惯性。但是我们也要注 意到整个科技板块从8月份以来也积累了不少涨幅。 | 角球面试测图 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | සිද | 1 | 2 | 标持 | 最复出 | 机点额 | 家族服 | 成交量 | G交换 | 150 | 今川 | 景在 | 長永 | | | 202007 | | 上任指数 | 3561, 31 | 27, 95 | 0.71% | 5.68亿 | 316 '818 | 3922. 41 | 3529, 12 | 1910 31 | 3928. 91 | | 20 | 597001 | | 深证成指 | 132 ...

Group 1: Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes a strategic framework for advancing Chinese-style modernization and the great rejuvenation of the Chinese nation, focusing on the integration of technological innovation and the real economy [2][3] - The meeting reiterates the importance of "centering on economic construction," highlighting its significance in the upcoming five years [2][3] - The session aims for "high-quality development" and emphasizes achieving significant results in economic growth, with a target of 5% for the year supported by macroeconomic policies [3] Group 2: Technological Innovation - The term "technology" appears frequently in the communiqué, indicating its critical role in the 15th Five-Year Plan, with a focus on self-reliance and leading new productive forces [4][5] - The emphasis on original innovation and key core technology breakthroughs is crucial for establishing a leading position in global technological competition [5][6] - The meeting outlines a commitment to increasing investment and support in frontier technology areas, reflecting a strategic shift towards enhancing domestic innovation capabilities [6] Group 3: Consumer and Social Welfare - The session stresses the importance of expanding domestic demand and integrating social welfare with consumption, indicating a long-term approach to fostering consumer growth [7][8] - Key areas of focus include improving social security coverage, enhancing public services, and addressing community needs to stimulate consumption sustainably [8]

作者丨周潇枭 编辑丨张星 党的二十大确定到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。 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京召开，全会审议通过了《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》（下文简称《建议》），明确了"十五 五"时期经济社会发展的指导方针和主要目标，擘画了未来五年发展的宏伟蓝图，为深入推进中国式现 代化指明了前进方向。 10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。发布会邀请了中央政策研 究室主任江金权，中央财办分管日常工作的副主任、中央农办主任韩文秀，国家发展改革委党组书记、 主任郑栅洁，科技部党组书记、部长阴和俊，商务部党组书记、部长王文涛，以及国家卫生健康委党组 书记、主任雷海潮出席，介绍相关情况并答记者问。 江金权表示，《建议》即将发布。《建议》共有15个部分、61条，分为三大板块。第一板块是总论，包 括第一部分、第二部分，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。第二板块从第三部分到第十四部分为分论，分领域部署了" ...

Core Viewpoint - The article discusses the key objectives and strategies outlined in the "15th Five-Year Plan" (2021-2025) as approved by the Chinese Communist Party, emphasizing the importance of high-quality development, technological self-reliance, and expanding domestic demand to achieve modernization by 2035 [1][2]. Economic Growth and Development Goals - The main goals for the "15th Five-Year Plan" include achieving significant results in high-quality development, maintaining economic growth within a reasonable range, and significantly improving the resident consumption rate [4]. - The plan aims for a substantial increase in the level of technological self-reliance, with rapid breakthroughs in key core technologies and deep integration of technological and industrial innovation [4]. - It emphasizes the need for comprehensive reforms to enhance the socialist market economy and improve the high-level opening-up system [4]. Domestic Demand and Consumption - The strategy focuses on expanding domestic demand as a key foundation for modernization, with a projected retail sales total of 48.3 trillion yuan in 2024, expected to exceed 50 trillion yuan in 2025 [7]. - The plan includes initiatives to boost consumption, such as implementing special actions to stimulate consumption and enhancing the quality of public services to improve living standards [10][8]. - The government aims to optimize investment structures and increase the proportion of government investment in public welfare [8]. Modern Industrial System - The plan prioritizes building a modern industrial system, with a focus on optimizing traditional industries and fostering emerging sectors such as new energy and advanced manufacturing [12]. - It anticipates a market space of approximately 10 trillion yuan over the next five years, driven by the development of strategic emerging industries [12]. - The plan also includes forward-looking initiatives in future industries like quantum technology and artificial intelligence, which are expected to contribute significantly to economic growth [12][13]. Technological Innovation - The "15th Five-Year Plan" emphasizes the importance of technological modernization, aiming to enhance the national innovation system and boost self-innovation capabilities [13]. - Specific measures include supporting enterprises in leading innovation efforts and increasing R&D investment, particularly in artificial intelligence and other digital technologies [14]. - The government plans to strengthen the ecosystem for artificial intelligence development, focusing on foundational research and governance [14]. High-Level Opening-Up - The plan outlines strategies for expanding high-level opening-up, including promoting trade innovation and enhancing bilateral investment cooperation [17]. - It aims to leverage China's large market to attract foreign investment and create a favorable business environment [18]. - The emphasis is on balancing GDP growth with national income (GNI) considerations, reflecting a shift towards recognizing the importance of income generated from overseas investments [19][20].

Core Insights - The semiconductor industry is crucial for national digital economy security and competitiveness, with a focus on self-reliance and technological independence [1][3] - Muxi Integrated Circuit (Shanghai) Co., Ltd. is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and playing a key role in breaking overseas technology monopolies [3][4] Industry Context - The 20th National Congress emphasized accelerating high-level technological self-reliance, with the Sci-Tech Innovation Board providing a green channel for tech companies to access capital markets [3] - The Sci-Tech Innovation Board has introduced differentiated listing standards for hard tech companies, allowing those with a projected market value of at least 3 billion yuan and recent revenue of no less than 300 million yuan to list, which suits the GPU industry's characteristics of high R&D investment and long return cycles [4] Company Performance - Muxi's projected revenue for 2024 is 743 million yuan, with the latest external equity financing valuing the company at 21.071 billion yuan [4] - The company has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, and 901 million yuan from 2022 to 2024, totaling over 2.2 billion yuan, which is 282.11% of its cumulative revenue during the same period [5] - Muxi has developed a full product matrix covering intelligent computing inference, training integration, and graphics rendering, with its self-developed C500 series GPU chips achieving domestic leadership in performance [4][5] Technological Advancements - Muxi has achieved significant breakthroughs in technology and product development, with a core team possessing top-tier GPU expertise [6][7] - The company has developed proprietary technologies such as MetaXLink for high-speed interconnects, enhancing the performance of large-scale computing clusters [7] - Muxi's products have been deployed in key sectors including education, finance, transportation, and energy, demonstrating their applicability in high-end computing scenarios [7][9] Supply Chain Strategy - Muxi is proactively building a domestic supply chain to mitigate risks associated with global semiconductor uncertainties, having established stable partnerships with domestic foundries and packaging/testing facilities [8] - The company plans to further reduce reliance on foreign supply chains with its new generation of training and inference chips [8] Market Position and Future Outlook - Muxi holds approximately 1% market share in China's AI chip market and is one of the few domestic GPU manufacturers to achieve commercial applications of thousand-card clusters [10] - The company aims to expand its market share by leveraging established channels and technological advantages, aligning with national strategies for AI empowerment across various industries [10] - Muxi's development is recognized as strategically significant for the upgrade of the domestic GPU industry and the broader semiconductor sector, contributing to high-quality development of the digital economy [10][11]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the IPO application review by the Shanghai Stock Exchange's Sci-Tech Innovation Board, highlighting its role in achieving national computing power infrastructure autonomy [1] Group 1: Company Overview - Muxi was established in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, aiming to become a globally competitive GPU enterprise [2] - The founding team consists of three senior scientists from AMD, including Dr. Chen Weiliang, who has over 20 years of chip R&D experience, and has led the development of multiple high-performance GPU products [2] Group 2: Business Progress - Muxi's commercial progress is ahead of the industry, with its Xiyun C500 training integrated GPU expected to achieve formal mass production by February 2024, and cumulative sales exceeding 25,000 units by March 31, 2025 [3] - As of September 5, 2025, Muxi has an order backlog of 1.43 billion yuan, nearly double its expected revenue for the entire year of 2024 [3] Group 3: Product Development - Muxi's self-developed MetaXLink can achieve various interconnection topologies with 2-64 cards, demonstrating strong performance in linearity and stability for intelligent computing clusters [3] - The company is developing the Xiyun C600 GPU, which completed its initial testing in July 2023 and is expected to enter mass production by the end of 2025 [3] Group 4: Market Context - The semiconductor industry is receiving integrated support from policies, funding, and market initiatives, with Muxi's IPO aiming to raise 3.904 billion yuan for the development and industrialization of new high-performance GPUs and AI inference GPUs [1]

Market Overview - The market showed a strong recovery this week, with all three major indices closing in the green after two weeks of adjustment, indicating strong investor willingness to buy [1][10] - The Shanghai Composite Index rose by 2.88%, the Shenzhen Component Index increased by 4.73%, the ChiNext Index surged by 8.05%, the STAR 50 Index climbed by 7.27%, and the Beijing Stock Exchange 50 Index gained 2.74% [1][6] Economic Analysis - The GDP growth rate for the third quarter was in line with expectations, showing resilience in external demand while internal demand remained weak. The GDP for the first three quarters of 2025 grew by 5.2% year-on-year, with the third quarter showing a growth of 4.8%, down 0.4 percentage points from the second quarter [2][11] - The economic performance showed a disparity, with external demand remaining resilient while consumption and investment indicators were generally weak. The Producer Price Index (PPI) and core Consumer Price Index (CPI) showed initial signs of improvement, although inflation remains a weak variable [3][11] Policy Insights - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, with a focus on institutional innovation to drive economic growth. This is expected to provide clearer medium- to long-term policy expectations for the market [2][12] - Short-term economic pressures are manageable, with fiscal policies accelerating and monetary policies shifting towards a more accommodative stance. The potential for reserve requirement ratio (RRR) cuts and interest rate reductions in the fourth quarter is anticipated to support consumption and stabilize the real estate market [3][13] Sector Recommendations - It is recommended to focus on sectors such as finance, TMT (Technology, Media, and Telecommunications), machinery, non-ferrous metals, and electric equipment for potential investment opportunities [4][15]

Group 1 - The core viewpoint of the articles revolves around the outcomes of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, which emphasizes the achievements during the 14th Five-Year Plan and sets the main goals for the 15th Five-Year Plan [1][2] - The session highlighted 12 key areas including modern industrial systems, technological self-reliance, expanding domestic demand, market economy reforms, and rural revitalization [2][3] Group 2 - The construction of a modern industrial system is emphasized, with a focus on integrating technological innovation and industrial development, particularly in advanced manufacturing and aerospace technology [5][6] - The strategy of technological self-reliance is marked as a central growth driver for the 15th Five-Year Plan, aiming to enhance basic research and key technology breakthroughs [6] - The approach to expanding domestic demand is noted to focus on the balance between supply and demand, promoting long-term consumption growth rather than short-term stimulus [7][8] Group 3 - The report indicates a potential acceleration in the pace of opening up, with an emphasis on institutional and autonomous openness in response to global competition [9] - The A-share market is expected to show a "long-term" and "steady" trend, supported by improved market confidence and structural reforms [10] - Investment opportunities are suggested in sectors such as digital technology, aerospace, high-end manufacturing, and consumer goods, with specific focus areas identified [11][12]