1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report compares the core contents of the communiqués of the Fourth Plenary Session of the 20th CPC Central Committee and the Fifth Plenary Session of the 19th CPC Central Committee, covering aspects such as past achievements, development environment, guiding ideology, principles, main goals, and specific strategies for different fields [1] 3. Summaries According to Relevant Catalogs Past Achievements - The 2025 plenary session highly evaluated the great achievements in China's development during the "14th Five - Year Plan" period, with the economy, technology, and comprehensive national strength reaching new levels and a good start for the second - centenary goal. The 2020 plenary session highly evaluated the decisive achievements in building a moderately prosperous society in all respects [1] Development Environment - The "15th Five - Year Plan" period will face a complex and changing development environment with both strategic opportunities and risks. China's economy has a stable foundation, many advantages, strong resilience, and great potential, and the long - term positive trend remains unchanged. In 2020, China had shifted to a high - quality development stage with many advantages for continued development, but also faced problems such as unbalanced and insufficient development [1] Guiding Ideology - Both emphasize adhering to the Party's leadership, the new development concept, and the general keynote of making progress while maintaining stability. The 2025 session focuses on promoting high - quality development with reform and innovation as the driving force and meeting people's needs as the goal, and comprehensively and strictly governing the Party as the guarantee. The 2020 session emphasized deepening supply - side structural reform [1] Principles - Both stress adhering to the Party's overall leadership, the people - centered approach, high - quality development, and reform. The 2025 session also mentions the combination of an effective market and an active government, and coordinating development and security [1] Main Goals - In 2025, significant achievements are expected in high - quality development, reform, social civilization, ecological civilization, people's livelihood, and national governance. By 2035, China's economic, technological, and comprehensive national strength will be greatly enhanced, and basic socialist modernization will be achieved [1] Industry System - Both emphasize focusing on the real economy, building manufacturing, quality, and network powers. The 2025 session also mentions promoting digital China construction, developing strategic emerging industries, and optimizing traditional industries [1] Science and Technology - Both highlight the core position of innovation. The 2025 session focuses on seizing the opportunity of the technological revolution, promoting the integrated development of education, science and technology, and talents, and strengthening original innovation and key core technology research [1] Domestic Market - Both advocate expanding domestic demand and combining it with supply - side reform. The 2025 session emphasizes promoting consumption and investment through new demand and supply, and enhancing the internal dynamics of the domestic cycle [1] Economic System - Both stress improving the socialist market economic system, giving play to the market's decisive role and the government's role. The 2025 session also mentions establishing a modern fiscal and financial system and accelerating the transformation of government functions [1] Opening - up - Both advocate high - level opening - up. The 2025 session emphasizes expanding independent opening - up, promoting trade innovation, and high - quality construction of the Belt and Road Initiative [1] Rural Issues - Both prioritize solving "Three Rural Issues" and promoting rural revitalization. The 2025 session emphasizes promoting rural modernization, ensuring food security, and implementing rural construction actions [1] Regional Development - Both aim to optimize regional economic layout and promote coordinated development. The 2025 session focuses on leveraging the effects of relevant strategies and enhancing regional development coordination [1] Culture - Both adhere to the guiding position of Marxism in the ideological field and promote cultural development. The 2025 session emphasizes developing a new - era socialist culture with international influence [1] People's Livelihood - Both focus on improving people's livelihood and promoting common prosperity. The 2025 session emphasizes solving people's urgent problems, promoting high - quality employment, and improving the social security system [1] Green Development - Both uphold the concept of "lucid waters and lush mountains are invaluable assets" and promote green transformation. The 2025 session emphasizes carbon peaking and carbon neutrality and building a new energy system [1] National Security - Both adhere to the overall national security concept and strengthen national security construction. The 2025 session emphasizes integrating security into all fields of development and preventing various risks [1] National Defense - Both aim to modernize national defense and the military. The 2025 session focuses on accelerating the integration of mechanization, informatization, and intelligence, and improving combat capabilities [1] Party Building - Both emphasize the Party's overall leadership and strengthening Party building. The 2025 session focuses on enhancing the Party's leadership ability in economic and social development [1] National Reunification - Both aim to maintain the long - term prosperity and stability of Hong Kong and Macao, promote cross - strait relations, and achieve national reunification [1]

宏 观 研 究 四中全会精神学习理解 国 内 经 济 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 联系人 贾东旭 (8621)23297818× jiadx@swsresearch.com 2025 年 10 月 23 日 续写奇迹新篇章 ——四中全会精神学习理解 事件：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。 一、全会强调"集中力量办好自己的事"，"续写经济快速发展和社会长期稳定两大奇迹新篇章 经济形势研判方面，本次会议指出"我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时期"， 同时着重强调，要"勇于面对风高浪急甚至惊涛骇浪的重大考验"。相较于十九届五中全会，本次会议更加突出 我国经济长期向好的支撑条件、基本趋势与制度优势，并明确提出要"以历史主动精神克难关、战风险、迎挑战， 集中力量办好自己的事，续写经济快 ...

Group 1: Economic Development Goals - The primary goal for the 14th Five-Year Plan is to achieve significant results in high-quality development, emphasizing the continuation of current policies and economic structure transformation[1][2] - The implicit economic growth target for the 15th Five-Year Plan is likely set around 4.5%, based on experiences from the 13th and 14th Five-Year Plans[1][2] Group 2: Technological Independence - Accelerating high-level technological self-reliance is a key focus, with policies centered around new productive forces amid global changes and U.S.-China competition[3] - Support for nine future industries and addressing "bottleneck" areas are essential for achieving technological independence[3] Group 3: Manufacturing Sector - Maintaining a reasonable proportion of the manufacturing sector is crucial, with a focus on advanced manufacturing as the backbone of a modern industrial system[4][13] - The emphasis is on integrating high-tech advancements into traditional manufacturing to enhance competitiveness[4][13] Group 4: Investment Strategies - The report highlights the need for a combination of investments in physical infrastructure and human capital to stimulate domestic demand[5][7] - Investment in human capital is seen as a key driver for demand, especially in the context of shifting economic structures and reduced cyclical effects from real estate[7] Group 5: Market Economy and Openness - Building a high-level market economy involves promoting the organic combination of institutional advantages and market mechanisms[8] - Expanding high-level openness focuses on mutual benefits and integrating domestic rules with global trade standards[8]

Core Viewpoint - The article emphasizes the significance of the 15th Five-Year Plan in advancing China's modernization and addressing both domestic and international challenges, highlighting the leadership of the Communist Party under Xi Jinping [2][3][4]. Group 1: Strategic Importance of the 15th Five-Year Plan - The implementation of the 15th Five-Year Plan is essential for orderly progress in Chinese-style modernization and for gaining strategic initiative amid global changes [3]. - The plan aims to effectively respond to external environmental changes and to promote high-quality development, which is deemed crucial for the nation's future [3][4]. Group 2: Achievements and Historical Context - The "14th Five-Year" period was marked by extraordinary achievements despite significant challenges, including the COVID-19 pandemic and various risks [3][4]. - The leadership of Xi Jinping is credited with steering the nation through these challenges, resulting in notable accomplishments that inspire confidence [3][4]. Group 3: Focus on High-Quality Development - The plan prioritizes high-quality development, emphasizing the enhancement of domestic circulation and the construction of a robust domestic market [5]. - There is a strong focus on technological innovation as a key driver for modernization, with specific strategies outlined to achieve high-level self-reliance in technology [5][6]. Group 4: Regional Development Strategies - Regions are encouraged to develop unique economic strategies that align with national goals while leveraging their comparative advantages [6][7]. - The article highlights the importance of green development as a fundamental aspect of modernization, with specific initiatives aimed at ecological and sustainable growth [7]. Group 5: National Security and Governance - National security is identified as a critical foundation for stable modernization, with the military's role emphasized in maintaining security and supporting national development [8]. - The article underscores the necessity of strong party leadership as a guarantee for advancing Chinese-style modernization [8].

Core Viewpoint - The article emphasizes the importance of focusing on domestic issues and continuing the narrative of rapid economic development and long-term social stability in China, amidst a backdrop of both strategic opportunities and risks [3][4]. Economic Development - The meeting highlighted that China's development is currently characterized by both strategic opportunities and challenges, with an increasing number of unpredictable factors [3]. - It was stated that the goal for the "14th Five-Year Plan" period is to achieve significant results in high-quality development and greatly enhance the level of technological self-reliance [3][13]. - The meeting reaffirmed the commitment to achieving the annual economic and social development goals, with a solid foundation for a 5% economic growth target supported by nearly 300 billion yuan in policy financial tools and 500 billion yuan allocated from local government debt limits [4][13]. Modern Industrial System - The meeting placed greater emphasis on building a modern industrial system and explicitly stated the need to maintain a reasonable proportion of manufacturing [5][13]. - It stressed the importance of integrating technological innovation into industrial practices and promoting collaboration between traditional and emerging industries [5][13]. - The meeting also called for enhancing the internal dynamics and reliability of domestic circulation and breaking down barriers to the construction of a unified national market [5][13]. Technological Development - The meeting underscored the importance of achieving high-level technological self-reliance and leading the development of new productive forces [6][14]. - It proposed a coordinated development of education, technology, and talent, while also emphasizing the advancement of digital China [6][14]. Economic System Reform - The meeting highlighted the critical role of economic system reform, upgrading the focus from "comprehensive deepening of reform" to "economic system reform as a driving force" [7][15]. - It emphasized the need to enhance the effectiveness of macroeconomic governance and improve the market-oriented allocation of resources [7][15]. Social Welfare and Green Development - The meeting focused on increasing efforts to improve people's livelihoods and promote common prosperity, with a specific emphasis on employment, income, and housing [7][15]. - It called for a comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality goals [8][15]. Regional Development - The meeting proposed optimizing regional economic layouts and promoting coordinated regional development, emphasizing the need for a high-quality regional economic layout and land space system [8][16].

Macro Dynamics - The main goals for the "15th Five-Year Plan" period include significant achievements in high-quality development, substantial improvement in technological self-reliance, breakthroughs in comprehensive reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and a more solid national security barrier [2] E-commerce Growth - In the first three quarters of this year, China's online retail sales increased by 9.8%, with highlights in digital products, online services, and instant e-commerce, showing growth rates of 8.3%, 20.2%, and 24.3% respectively [3] Company Dynamics - Huaxia Bank reported a 7.62% year-on-year increase in net profit for Q3 2025, with total revenue of 19.359 billion yuan, a decrease of 15.02% year-on-year [8] - Xinlai Materials plans to invest 2 billion yuan in a semiconductor core component project, expecting an annual output value exceeding 1.5 billion yuan upon reaching full production [15] - Yinglian Co. reported a staggering 1572.67% increase in net profit for the first three quarters of 2025, with revenue of 1.648 billion yuan, a 10.68% increase year-on-year [16] - Tianneng Heavy Industry's net profit for the first three quarters of 2025 increased by 1359.03%, with revenue of 2.513 billion yuan, a 37.54% increase year-on-year [17] - Te Yi Pharmaceutical's net profit surged by 985% in the first three quarters of 2025, with revenue of 6.92 billion yuan, a 51.86% increase year-on-year [19] - Hemei Group's net profit for Q3 2025 increased by 706%, with revenue of 1.39 billion yuan, a 53.35% increase year-on-year [20] - Jingrui Electric Materials reported a 938.99% increase in net profit for Q3 2025, with revenue of 4.19 billion yuan, a 14.27% increase year-on-year [21]

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。 "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。 来源：人民日报微信 责编：万健祎 校对： 刘星莹 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 尾盘突发！多只A股，直 拉涨停 丨 中美将在马来西亚举行经贸磋商 丨 利好！两大板块，涨停潮！ 丨 史上首次！突破38万亿美元！美股大跌 丨 突发！ 特朗普宣布：取消！ 丨 深夜暴涨，多次熔断！4天12倍，又见散户逼空？ 丨 6051 ...

Core Viewpoint - The article discusses the key outcomes and strategic directions from the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, emphasizing high-quality development, technological self-reliance, and the establishment of a robust domestic market. Economic and Social Development Goals - The main goals for the 15th Five-Year Plan include significant achievements in high-quality development, substantial improvements in technological self-reliance, deepening reforms, enhancing social civilization, improving people's living standards, advancing ecological progress, and strengthening national security [3]. Key Tasks for the Next Five Years - The article outlines twelve major tasks, including: - Building a modern industrial system focused on strengthening the real economy and maintaining a reasonable proportion of manufacturing [7]. - Accelerating technological self-reliance to lead new productive forces and seize technological high ground [7]. - Establishing a strong domestic market by expanding domestic demand and removing barriers to a unified national market [7]. - Promoting high-level socialist market economic system to stimulate the vitality of various business entities [7]. - Expanding high-level opening-up to create win-win cooperation [7]. - Advancing agricultural modernization and rural revitalization [7]. - Promoting regional coordinated development and optimizing economic layout [7]. - Fostering socialist culture and enhancing cultural strength [7]. - Advancing common prosperity by addressing urgent livelihood issues, particularly in real estate and population development [7]. - Building a beautiful China through comprehensive green transformation [7]. - Modernizing national security systems and capabilities [7]. - Promoting high-quality defense and military modernization [7]. Short-term Work Focus - The focus is on stabilizing growth and preventing risks, with an emphasis on maintaining employment, ensuring social stability, and addressing urgent public concerns [5][7]. Domestic Market and Consumption - The article stresses the importance of building a strong domestic market and enhancing consumption, with a strategic focus on expanding domestic demand and ensuring a positive interaction between supply and demand [16]. International Context - The article notes the increasing complexity and uncertainty in the international environment, highlighting China's transition to a high-quality development stage and its institutional advantages [8]. Industry Performance - The article mentions various sectors experiencing significant growth, such as coal, energy metals, and cultural industries, while also noting the challenges faced by sectors like electronics and real estate [11][12][33]. Company Performance Highlights - Several companies reported substantial revenue and profit growth, indicating a positive trend in specific industries, such as renewable energy and pharmaceuticals [19][20]. Investment Opportunities - The article suggests potential investment opportunities in sectors aligned with the strategic goals outlined in the 15th Five-Year Plan, particularly in technology, manufacturing, and green industries [7][19].

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, presided over by the Central Political Bureau with General Secretary Xi Jinping delivering an important speech [1] Group 1: Economic and Social Development - The session reviewed and approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing that the "15th Five-Year" period is crucial for achieving socialist modernization [2] - The development environment during this period is characterized by profound and complex changes, with both strategic opportunities and risks present [2] - The session highlighted the need to adhere to Marxism, Mao Zedong Thought, Deng Xiaoping Theory, and Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2][3] Group 2: Principles and Goals - Key principles for economic and social development include upholding the Party's leadership, prioritizing the people, promoting high-quality development, and deepening reforms [3] - Major goals for the "15th Five-Year" period include achieving significant results in high-quality development, enhancing technological self-reliance, and improving the quality of life for the people [4] - The session called for the construction of a modern industrial system, strengthening the real economy, and accelerating the establishment of a high-level socialist market economy [4] Group 3: National Security and Social Stability - The session emphasized the importance of national security and the need to modernize the national security system and capabilities [5] - It called for unity among all ethnic groups in the country to strive for the goals set in the "15th Five-Year" plan, reinforcing the Party's leadership and promoting social stability [5]

Group 1 - The main goal of the "14th Five-Year Plan" is to achieve significant results in high-quality development, enhance technological self-reliance, deepen reforms, improve social civilization, and elevate the quality of life for the people [1] - By 2035, China's economic, technological, defense, and comprehensive national strength is expected to significantly increase, moving away from the previous high-speed growth model to focus on quality [1] - The emphasis will be on improving total factor productivity, increasing product added value, and achieving self-control over key core technologies, with a target growth rate of around 5% [1] Group 2 - The capital market is identified as a crucial link between technology and industry, with a focus on supporting early-stage hard technology through venture capital and private equity [2] - The A-share market has initiated a "technology bull market," which is expected to attract household savings into equity assets, creating a virtuous cycle of wealth, consumption, and industry [2] - A sustained technology-driven bull market is viewed as a key driver for China's economy, enhancing household income and stimulating consumption while providing long-term capital for technological innovation [2] Group 3 - The formation of a MACD golden cross signal indicates positive momentum in certain stocks [3]