中共中央政治局常委李强、王沪宁、蔡奇、丁薛祥出席座谈会。 座谈会上，民革中央主席郑建邦、民盟中央主席丁仲礼、民建中央主席郝明金、民进中 央主席蔡达峰、农工党中央主席何维、致公党中央主席蒋作君、九三学社中央主席武维华、 台盟中央主席苏辉、全国工商联主席高云龙、无党派人士代表郭雷先后发言。他们高度评价 在以习近平同志为核心的中共中央坚强领导下我国"十四五"时期经济社会发展取得的成就，赞 同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的考虑，并就扩大内需、 构建现代化产业体系、培育发展新质生产力、推进教育科技人才一体建设、强化创新链产业 链和消费链协同、促进共同富裕、推动区域协调发展、建设海洋强国、建设更高水平平安中 国、保障能源和粮食安全、促进民营经济高质量发展、深化两岸融合发展等提出意见和建 议。 征求对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的意见 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强王沪宁蔡奇丁薛祥出席 新华社北京10月24日电 中共中央8月27日在中南海召开党外人士座谈会，就中共中央 关于制定国民经济和社会发展第十五个五年规划的建议听取各民主党派中央、全国 ...

Core Insights - The article highlights a significant recovery in both Hong Kong and A-share markets, particularly in the semiconductor sector, driven by strong performances from companies like Hua Hong Semiconductor and SMIC [1] - A recent important meeting held from October 20 to 23 in Beijing emphasized the strategic goal of accelerating high-level technological self-reliance, marking a notable increase in the mention of "technology" from 2 to 10 times compared to the previous session [1] - The meeting's core spirit focuses on using technological innovation to overcome structural bottlenecks, efficiency reforms to counteract internal competition, and achieving long-term stable growth through high-quality development [1] Market Performance - In the Hong Kong market, semiconductor stocks showed significant strength, with Hua Hong Semiconductor rising over 10% [1] - In the A-share market, storage chip concepts were active, with stocks like Jiangbolong and Lanke Technology collectively rising [1] - Mainstream ETFs such as the Science and Technology Innovation 50 ETF and the Hang Seng Technology Index ETF all experienced increases [1] Strategic Implications - The recent meeting is seen as a starting point for re-evaluating industrial structures and a strategic window for long-term technology growth and high-end manufacturing sectors [1] - The focus on technology self-reliance and innovation is expected to reshape investment strategies in the capital market [1] Related ETFs - In the Hong Kong market, the Hang Seng Technology Index ETF supports T+0 trading and is driven by a dual focus on "hard technology + new consumption" [2] - In the A-share market, the Science and Technology Innovation 50 ETF targets high elasticity with a focus on leading companies in the dual innovation sector [2]

Core Viewpoint - The news highlights the performance of the CSI 500 Quality Growth Index and its ETF, emphasizing the importance of technological self-reliance and innovation in the context of China's economic strategy and the ongoing global technological competition [1][2]. Group 1: Index Performance - As of October 24, 2025, the CSI 500 Quality Growth Index rose by 0.51%, with notable increases in constituent stocks such as Shengyi Electronics (19.99%) and Deep Technology (6.33%) [1]. - The CSI 500 Quality Growth ETF experienced a 0.60% increase, with a significant growth in scale of 10.88 million yuan over the past month and an increase of 20 million shares [1]. Group 2: Strategic Context - The emphasis on accelerating high-level technological self-reliance is seen as a response to the ongoing global technological competition and the need for China to enhance its innovation capabilities [2]. - The development of a domestic computing power system is identified as a crucial measure for China to address technological blockades and ensure industrial security, particularly in the semiconductor industry [2]. Group 3: Index Composition - As of September 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 22.61% of the index, with companies like Huagong Technology and Kaiying Network among the leaders [3]. - The index is designed to provide diverse investment options by selecting 100 companies with strong profitability, sustainable earnings, and robust cash flow from the broader CSI 500 Index [2].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has seen a strong increase of 2.49%, with notable gains from constituent stocks such as Huahong Semiconductor (up 10.96%) and Plater (up 6.04%) [3] - The Sci-Tech 100 Index ETF (588030) rose by 2.38%, reaching a latest price of 1.33 yuan, and has accumulated a 22.05% increase over the past three months [3] - The trading volume for the Sci-Tech 100 Index ETF was 1.08 billion yuan with a turnover rate of 1.8%, and the average daily trading volume over the past year was 3.96 billion yuan, ranking first among comparable funds [3] Group 2 - The DeepSeek research team has released the DeepSeek-OCR technology, achieving approximately 97% decoding accuracy at 10x compression and 60% at 20x compression, indicating significant advancements in long text processing [4] - Haitong International views this technology as a new generation of long text processing that is more suitable for low-cost storage and retrieval scenarios, particularly in structured document processing like financial reports and scientific literature [4] - The latest scale of the Sci-Tech 100 Index ETF reached 5.915 billion yuan, ranking 2nd out of 12 comparable funds [4] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 24.32% of the total index, with major companies including Huahong Semiconductor and BeiGene [5]

Core Viewpoint - The semiconductor sector has been under pressure due to tariff risks, but recent easing of China-US trade relations has led to a strong rebound in the technology sector, particularly in semiconductor equipment ETFs [1] Group 1: Trade Relations and Economic Policy - The Chinese Vice Premier He Lifeng will lead a delegation to Malaysia for trade discussions with the US from October 24 to 27 [1] - The 20th Central Committee's Fourth Plenary Session outlined major goals for the "14th Five-Year Plan" period, emphasizing significant achievements in high-quality development and increased self-reliance in technology [1] Group 2: Market Performance and Investment Opportunities - The semiconductor equipment ETF (159516) rose nearly 3%, with increasing trading volume, reflecting strong market interest [1] - The ETF has seen over 200% growth in shares this year, currently exceeding 7.5 billion yuan, making it the largest in its category with superior liquidity [1] - Citic Securities suggests that after key events such as the Federal Reserve meeting and potential meetings between US and Chinese leaders, market risk appetite may improve, recommending investment in the semiconductor sector at reasonable price levels [1] Group 3: ETF Focus and Investment Strategy - The semiconductor equipment ETF (159516) tracks the CSI Semiconductor Materials and Equipment Theme Index, focusing on upstream equipment and materials in the semiconductor industry [1]

| 申万期货品种策略日报——股指 | 2025/10/24 | 星期五 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4574.00 | 4563.40 | 4537.00 | 4500.20 | 前日收盘价 | 4593.60 | 4580.80 | 4553.80 | 4516.80 | | | 涨跌 | 15.60 | 14.60 | 14.20 | 15.00 | 沪深300 | 涨跌幅 | 0.3 ...

报告日期：2025 年 10 月 24 日 申银万国期货研究所 首席点评：新蓝图，新起点 中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。全会提出了"十五五"时期经济社会发展的主要目标：高质量发 展取得显著成效，科技自立自强水平大幅提高，进一步全面深化改革取得新突破， 社会文明程度明显提升，人民生活品质不断提高，美丽中国建设取得新的重大进 展，国家安全屏障更加巩固。在此基础上再奋斗五年，到二〇三五年实现我国经 济实力、科技实力、国防实力、综合国力和国际影响力大幅跃升，人均国内生产 总值达到中等发达国家水平，人民生活更加幸福美好，基本实现社会主义现代化。 国内商品期货夜盘，原油主力合约收涨 3.48%报 469.8 元/桶。贵金属方面，沪 金收涨 1.56%报 948.64 元/克，沪银涨 1.48%报 11517 元/千克。 重点品种： 贵金属、原油、白糖 贵金属：金银高位调整后价格企稳。俄乌冲突有望进一步降温，但美国制裁俄罗 斯两大石油巨头之后，地缘政治风险再起。贸易对抗阶段性升温，但近期美方有 表态有所缓和。美联储主席暗示暂停缩表，但市场对年内两次降 ...

Group 1 - The core point of the news is that Zhongchao Holdings has received formal acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, marking a significant step in its strategic layout in the aerospace high-end manufacturing sector [1] - The company plans to issue up to 380 million shares to no more than 35 specific investors, aiming to raise a total of no more than 1.21 billion yuan, which will be allocated to key projects in aerospace engine and gas turbine high-end component manufacturing, advanced high-temperature alloy precision forming technology research and development, and supplementing working capital [1] - This fundraising initiative aligns with the national "14th Five-Year Plan," which emphasizes "technological self-reliance" and includes "building a strong aerospace nation" as a key goal, highlighting the unprecedented strategic importance placed on the aerospace industry by the state [1] Group 2 - Jiangsu Precision Casting, a subsidiary of Zhongchao Holdings, has signed an agreement with Shanghai Jiao Tong University to participate in a national key technology research project focused on new materials, specifically responsible for the research on "high-temperature alloy large complex thin-walled castings," with results directly applicable to key components of aircraft engines [2] - Jiangsu Precision Casting's "high-temperature alloy overall liquid precision forming technology" won the National Technology Invention Award (Second Class) at the National Science and Technology Conference in June 2024, successfully overcoming industry challenges in the precision forming of large complex thin-walled components, and has been applied in major aerospace projects [2] - The aerospace industry chain is expected to encounter new development opportunities as the "14th Five-Year Plan" elevates the "strong aerospace nation" initiative, with Zhongchao Holdings expanding high-end capacity and deepening technological research and development, supported by its subsidiary's national project participation and recognition [2]

Macro Commentary - The core objective of China's "14th Five-Year Plan" (2026-2030) emphasizes high-quality development, shifting focus from GDP growth to technological self-reliance and economic transformation [2][4] - Key strategic industries highlighted include artificial intelligence, semiconductors, advanced robotics, green energy, aerospace, and industrial software [2] - The plan aims to rebalance the economy towards consumption-driven growth, with increased investment in social services such as healthcare and elder care, benefiting sectors like consumer staples and healthcare [2][4] Market Performance - The Hang Seng Index closed at 25,968, up 0.72% year-to-date performance is 29.45% [2] - The Shanghai Composite Index closed at 3,922, with a year-to-date increase of 17.03% [2] - U.S. markets showed positive performance, with the Dow Jones up 0.27% and the S&P 500 up 0.49% [2][4] Company Analysis - **Giant Bio (2367 HK)**: The approval of its first injectable aesthetic product marks the beginning of a new growth phase for the company. The product is aimed at facial dermal filling to correct dynamic wrinkles [5][6] - The company has a strong channel advantage due to its established network and brand recognition in the aesthetic market, which is expected to drive growth [5] - **Thermo Fisher (TMO US)**: Reported a strong 3Q25 performance with a revenue increase of 5.0% year-on-year and an adjusted EPS growth of 9.7%. The company raised its full-year guidance based on robust performance [6][7] - The demand from pharma and biotech clients is showing positive signs, with revenue growth driven by bioproduction and analytical instruments [7][8] - The company is expected to benefit from the trend of pharmaceutical companies establishing manufacturing facilities in the U.S., which will reflect in its performance by 2027-2028 [9]

中国中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。中央财办分管日常工作的副主任、中央农办主任韩 文秀介绍 关于"十五五"时期经济社会发展的指导方针 。 《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》强调，要全面贯彻习近平新时代中国特色社会主义思想，围绕全面建成 社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代化全面推进中华民族伟大复兴，统筹推进"五位一体"总体布局，协调推进"四 个全面"战略布局，完整准确全面贯彻新发展理念，加快构建新发展格局。 《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》提出"五个以""两个推动""一个确保"的要求，即： 坚持以经济建设为中 心 ，以推动高质量发展为主题，以改革创新为根本动力，以满足人民日益增长的美好生活需要为根本目的，以全面从严治党为根本保障，推 动经济实现质的有效提升和量的合理增长，推动人的全面发展、全体人民共同富裕迈出坚实步伐，确保基本实现社会主义现代化取得决定性 进展。 《建议》指出，"十五五"时期经济社会发展必须遵循六项重大原则，即： 坚持党的全面领导、坚持人民至上、坚持高质量发展、坚持全面深 化改 ...