10月28日，《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》（以下简称《建议》） 正式发布。记者注意到，此次《建议》在投资、消费等领域出现多个新提法。这些新提法背后有怎样的 深意？在我国经济迈向"十五五"的关键节点，如何破解消费率偏低、内需动力不足的深层矛盾？面对复 杂严峻的国内外环境，深化改革的突破口究竟在哪里？ 带着这些关乎经济发展全局的核心问题，近日，《每日经济新闻》记者（以下简称NBD）专访了第十 四届全国政协委员尹艳林。尹艳林深耕宏观经济领域多年，曾长期任职于国家发改委和原中央财经领导 小组办公室，对中国经济体制改革、供需结构调整等议题有着深刻洞察和独到见解。他对扩大内需、全 国统一大市场等领域的问题，都提出了具体的改革方向和建议。 新型城镇化仍然是经济增长的重要引擎 NBD：《建议》在"十五五"时期经济社会发展的主要目标中提出，全要素生产率稳步提升，居民消费率 明显提高，内需拉动经济增长主动力作用持续增强。这对今后几年的经济发展会产生哪些影响？ 尹艳林：全要素生产率稳步提升对应高质量发展阶段的创新驱动逻辑。创新发挥作用，首先就表现在全 要素生产率的提升。这一表述是从供给端突出科技进步 ...

Core Viewpoint - The article emphasizes the importance of understanding and implementing Xi Jinping's discourse on developing new quality productivity in accordance with local conditions, which is crucial for establishing a solid material and technological foundation for Chinese-style modernization [3][4]. Summary by Sections Understanding New Quality Productivity - New quality productivity is characterized by innovation, moving away from traditional economic growth models, and is defined by high technology, high efficiency, and high quality, aligning with advanced production quality [5][6]. - Innovation is the core element of new quality productivity, encompassing technological, business model, management, and institutional innovations [6][7]. Key Characteristics - The focus is on quality improvement rather than just quantitative growth, with an emphasis on optimizing the combination of production factors to enhance overall productivity [7][8]. - New quality productivity signifies advanced productivity, which includes higher-skilled labor, advanced technological tools, and a broader range of labor objects, reflecting the evolution of production factors [8]. Basic Requirements for Development - The development of new quality productivity must respect and understand development laws, including the integration of market and government roles, and the importance of both basic and applied research [10][11]. - Regions should leverage their unique resources and industrial foundations to promote new industries and models, ensuring that traditional industries are not neglected but rather enhanced through new technologies [12][13]. Core Drivers and Systemic Support - Strengthening independent innovation is crucial, focusing on original and disruptive technological advancements, and fostering a robust innovation ecosystem [14][15]. - Building a modern industrial system is essential, balancing the upgrade of traditional industries with the development of strategic emerging industries [15][16]. Market and Reform Initiatives - Establishing a strong domestic market is vital for the growth of new quality productivity, emphasizing the role of consumption and investment in driving economic activity [16][17]. - Deepening reforms to create a supportive environment for innovation and productivity development is necessary, including optimizing the allocation of production factors and enhancing the financial system [17][18]. International Cooperation - Expanding high-level openness is important for integrating into the global economy, facilitating the flow of advanced production factors, and enhancing international collaboration [18].

Summary of Conference Call Notes Industry Overview - The conference call discusses the outlook for the Chinese stock and bond markets in 2025, primarily driven by technology stocks and influenced by the "anti-involution" policy [1][2][3]. Key Points and Arguments Economic and Market Outlook - The Chinese stock market is expected to be driven by technology stocks, while the bond market will show a divergence in trends, particularly influenced by the "anti-involution" policy from June to August [1][2]. - The goal for China's economic growth over the next decade is set at a minimum of 4.17% with a vision of achieving a per capita GDP of $29,000 [1][7][8]. - The "anti-involution" policy aims to transition the economy from localized deflation to moderate inflation, enhancing corporate profitability and capital returns [1][9]. Stock and Bond Market Dynamics - In 2025, the stock market is expected to perform strongly, with a projected target for the A-share market at 4,400-4,500 points [2][19]. - The bond market's 10-year treasury yield is currently at 1.8%, with expectations of it fluctuating around this level unless significant economic changes occur [4][6]. - The correlation between stock and bond markets is weak, with distinct driving forces for each, although they may converge under certain macroeconomic conditions [2][3][4]. Sector Focus and Investment Opportunities - The focus for 2026 includes AI applications and cyclical sectors, with specific attention on software, media, hardware, and industries related to PPI such as electrical equipment and defense [2][17][18]. - The potential for AI integration in various sectors is highlighted as a significant growth opportunity, particularly in robotics and autonomous driving [17][18]. Risks and Considerations - The volatility of global technology stocks may impact the growth rate of the information technology sector, which is crucial for overall economic performance [5][6]. - The transition from deflation to inflation is critical; if successful, it could lead to adjustments in corporate earnings and bond market dynamics [4][6]. Long-term Economic Goals - The long-term economic strategy emphasizes the importance of enhancing total factor productivity to avoid stagnation similar to Japan's economic experience over the past 30 years [12][11]. - The need for a balanced approach involving reasonable inflation and currency appreciation is essential to meet the ambitious GDP targets by 2035 [8][10]. Capital Flows and Market Valuation - The influence of southbound capital on Hong Kong stocks is becoming more pronounced, with significant inflows expected to continue [15][16]. - The valuation of Hong Kong stocks is at a historical high risk premium, indicating strong demand despite a deflationary environment [15]. Other Important Insights - The "anti-involution" policy is seen as a pivotal measure for economic transformation, potentially attracting international capital and leading to a systemic revaluation of Chinese assets [9][10]. - The conference emphasizes the importance of monitoring CPI and PPI trends as they will significantly influence interest rates and overall economic health in the near future [6][4].

每经记者｜张蕊 每经编辑｜陈星 10月28日，《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》（以下简称《建议》）正式发布。 记者注意到，此次《建议》在投资、消费等领域出现多个新提法。这些新提法背后有怎样的深意？在我国经济迈向"十五五"的关键节点，如何破解消费率 偏低、内需动力不足的深层矛盾？面对复杂严峻的国内外环境，深化改革的突破口究竟在哪里？ 带着这些关乎经济发展全局的核心问题，近日，《每日经济新闻》记者（以下简称NBD）专访了第十四届全国政协委员尹艳林。 尹艳林深耕宏观经济领域多年，曾长期任职于国家发改委和原中央财经领导小组办公室，曾对中国经济体制改革、供需结构调整等议题有着深刻洞察和独 到见解。 他直言不讳当前面临的一些问题背后是深层次的体制问题，坦言当前改革进入深水区的特征更加明显。他对扩大内需、全国统一大市场等领域的问题，都 提出了具体的改革方向和建议。 新型城镇化仍然是经济增长的重要引擎 NBD：《建议》在"十五五"时期经济社会发展的主要目标中提出，全要素生产率稳步提升，居民消费率明显提高，内需拉动经济增长主动力作用持续增 强。这对今后几年的经济发展会产生哪些影响？ 尹艳林：全要素生 ...

Core Insights - The core message of the articles emphasizes the transformation of AI from a mere tool to an intrinsic capability that enhances productivity across various industries, as articulated by Baidu's founder, Li Yanhong [2][13]. Group 1: AI and Productivity - AI is becoming a core engine for enhancing total factor productivity (TFP) during a critical transition towards high-quality economic development, moving away from traditional growth models reliant on capital and labor [3][4]. - The integration of AI into production processes is expected to contribute over $15 trillion to global GDP by 2030, with AI's contribution to the economy growing at an annual rate of over 15% [3][4]. - Baidu's approach to "internalizing AI capabilities" is seen as a key strategy to unlock new productivity potential across industries, addressing the need for efficiency and innovation [3][6]. Group 2: Baidu's Innovations - Baidu introduced the world's first commercially viable self-evolving superintelligent agent, "Famu," which optimizes decision-making and resource allocation across complex scenarios [6][7]. - The "LuoBo Kuaipao" platform, a leading autonomous driving service, has achieved significant milestones, including 250,000 fully autonomous orders weekly and over 2.4 billion kilometers driven, showcasing AI's role in transforming physical productivity [9][10]. - Baidu's AI applications span various sectors, demonstrating a comprehensive ecosystem that integrates digital and physical productivity enhancements [15][16]. Group 3: Strategic Vision - Li Yanhong's vision of AI as an "inherent capability" reflects Baidu's strategic focus on creating a full-stack ecosystem that encompasses computing power, frameworks, models, and applications [13][14]. - The launch of the Kunlun chip and the PaddlePaddle framework positions Baidu as a leader in AI infrastructure, supporting a wide range of enterprises in their AI endeavors [14][15]. - Baidu's advancements in AI, including the Wenxin 5.0 model, highlight its commitment to achieving global leadership in AI technology and applications [15][17]. Group 4: Future Outlook - The integration of AI into everyday processes is expected to lead to a significant increase in productivity, making efficiency improvements a routine aspect of business operations [16][17]. - Baidu's initiatives are contributing to China's shift from a follower to a leader in AI technology, with the company poised to redefine industry standards and practices globally [17].

10月28日，《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》（下称《"十五五"规划 建议》）全文正式发布。与"十四五"规划相比，"十五五"在战略重点上既有延续性，也展现出了新的变 化。 在经济发展目标层面，"十五五"规划建议提出"高质量发展要取得显著成效"，将增长目标从"十四 五"的"持续健康发展"调整为"保持在合理区间"，并首次明确要求要提升"全要素生产率增长"。这表明 国家更加注重增长的质量与效率。其中，在科技与产业发展方面，"十四五"规划聚焦于研发投入增长和 基础技术突破，而"十五五"规划建议则提出了以"新质生产力"为引领，强调要"构建以先进制造业为骨 干的现代化产业体系"，并新增了"科技自立自强水平大幅增长"的目标。这体现了国家科技战略的重心 正在从研发基础和技术突破，转向强调科技与产业深度融合、并实现高水平自主可控的整体战略升级。 文 | 大湾区人工智能应用研究院 特别值得关注的是，"十五五"规划建议对人工智能给予了前所未有的重视。规划建议中"人工智能"一词 被提及8次，"数智化"被提及5次，而"十四五"规划建议中这两个词的提及次数分别为2次和0次。规划建 议更是明确提出："全面实施' ...

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes "steady improvement of total factor productivity" as a key goal for the 14th Five-Year Plan period [1][2] - Total factor productivity (TFP) reflects the efficiency of all inputs in producing outputs and is a measure of economic development quality and technological innovation [1][4] - The report indicates that enhancing TFP is crucial for achieving sustainable economic growth amid complex internal and external challenges [3][4] Group 1: Importance of Total Factor Productivity - TFP is a core indicator of production factor quality and efficiency, essential for high-quality economic growth [4] - The Chinese government aims to increase TFP growth to around 2% annually by 2035 to achieve modernization [3] - The focus on TFP aligns with the broader goal of transitioning to a modern economic system and promoting high-quality development [2][3] Group 2: Strategies for Improvement - Innovation is key to enhancing TFP, including technological advancements and efficient resource allocation [5][6] - The manufacturing sector's significant scale and technological capabilities provide a strong foundation for improving TFP [5] - Digitalization and green development are identified as areas that can further enhance TFP through new efficiency gains and structural benefits [5][6]

Group 1 - The core objective of the 15th Five-Year Plan is to steadily improve total factor productivity (TFP) as a key goal for economic and social development [1][2] - TFP reflects the efficiency of all inputs in producing output and is a measure of economic development quality, technological innovation capability, and the integration of technology and economy [1][4] - The Chinese government emphasizes the importance of TFP in achieving high-quality development and modernizing the economic system [2][3] Group 2 - The continuous and stable growth of the economy relies on the steady improvement of TFP, especially in the context of complex internal and external environments [3][4] - To achieve the goal of modernizing socialism by 2035, TFP growth needs to reach an average annual rate of around 2% [3] - Key drivers for TFP growth include technological advancements and improved resource allocation efficiency, which are essential for fostering new productive forces [3][6] Group 3 - Enhancing TFP is crucial for promoting sustainable economic growth without significantly increasing capital and labor inputs [4][6] - China has favorable conditions for improving TFP, including a large-scale manufacturing sector and significant opportunities for technological and model innovation [6][7] - The integration of digitalization and green development can create new growth points for TFP and release structural dividends [6][7] Group 4 - Innovation is essential for improving TFP, which includes both technological innovation and the innovative allocation of production factors [7] - Comprehensive reforms are necessary to eliminate barriers to the development of new productive forces and facilitate the efficient flow of quality resources [7]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the steady improvement of total factor productivity (TFP) as a key goal for the 14th Five-Year Plan period, reflecting the importance of TFP in enhancing economic quality and innovation capabilities [1][2]. Group 1: Importance of Total Factor Productivity - TFP is defined as the ratio of total output to the combined input of all factors, serving as a measure of productivity levels and economic development quality [1]. - The improvement of TFP is crucial for achieving sustainable economic growth, especially in the context of declining traditional growth drivers and increasing external uncertainties [3][4]. - The 20th National Congress report highlights the need for high-quality development and the acceleration of a modern economic system to enhance TFP [2]. Group 2: Challenges and Goals - The average annual growth rate of TFP in developed countries has been low, with the U.S. at approximately 0.7% and other industrialized nations below 1% over the past 20 years [1]. - To achieve modernization by 2035, China needs to increase TFP growth to around 2% annually, driven by technological advancements and improved resource allocation efficiency [3]. Group 3: Strategies for Improvement - The enhancement of TFP can counteract the decline in traditional factor inputs and provide sustainable growth sources [6]. - China has favorable conditions for improving TFP, including a significant manufacturing sector and opportunities for technological and model innovations [6]. - The integration of digitalization and green development can create new efficiency growth points and structural dividends [6]. Group 4: Innovation and Reform - Innovation is essential for TFP improvement, encompassing both technological advancements and the innovative allocation of production factors [7]. - Comprehensive reforms are necessary to eliminate barriers to the development of new productive forces, facilitating the efficient flow of quality factors across the market [7].

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes the steady improvement of total factor productivity (TFP) as a key goal for the 14th Five-Year Plan period [1][2] - TFP is a measure of the efficiency of all inputs in the production process, reflecting the quality of economic development and the ability for technological innovation [1][4] - The report highlights that enhancing TFP is crucial for sustainable economic growth, especially in the context of complex internal and external challenges [3][4] Group 1: Importance of TFP - TFP is identified as a core indicator of new productive forces, directly influencing the degree of high-quality economic development and potential growth rates [2][5] - The 20th National Congress report stresses the need to accelerate the construction of a modern economic system and improve TFP [2][3] - The Fourth Plenary Session's reaffirmation of TFP underscores the central leadership's commitment to building a modern industrial system and promoting high-quality development [2][3] Group 2: Challenges and Goals - The current economic environment presents significant challenges, including an aging population and resource constraints, which necessitate a focus on TFP for continued growth [3][5] - A target of achieving an average annual TFP growth rate of around 2% by 2035 is set to realize socialist modernization [3][5] - TFP growth is driven by technological advancements and improved resource allocation efficiency, which are essential for fostering new productive forces [3][5] Group 3: Strategies for Improvement - To effectively enhance TFP, leveraging existing conditions such as large-scale production and innovation capabilities is essential [5][6] - The integration of digitalization and green development is expected to create new growth points for TFP [5][6] - Innovation in both technology and the configuration of production factors is crucial for elevating TFP, including the transformation of traditional industries [6]