大国经济都是内需为主导，市场是当今世界最稀缺的资源，强大国内市场是中国式现代化的战略依托。 我国产业体系和基础设施体系配套完善，14亿多人口的超大规模市场潜力巨大。面向未来，无论是深入 推进以人为本的新型城镇化、大力实施城市更新行动，还是扎实推进乡村全面振兴、在发展中稳步提升 民生保障水平，都将有力促进投资和消费良性循环，释放巨大内需潜力。 全会提出坚持扩大内需这个战略基点，体现了实施扩大内需战略的连贯性。坚持惠民生和促消费、投资 于物和投资于人紧密结合，促进消费和投资、供给和需求良性互动，旨在增强国内大循环内生动力和可 靠性。纵深推进全国统一大市场建设，打通各种卡点堵点，破除地方保护和市场分割，综合整治"内卷 式"竞争，旨在充分释放我国超大规模市场红利。加快构建高水平社会主义市场经济体制，充分激发各 类经营主体活力，加快完善要素市场化配置体制机制，实现市场有效有序、政府有为有度，必将进一步 增强高质量发展动力。 全会对扩大高水平对外开放作出部署，展现了中国坚持开放合作、互利共赢的信心和决心。今年前三季 度，我国货物贸易进出口同比增长4%，其中出口同比增长7.1%，绘出逆势上扬曲线。尽管单边主义、 保护主义逆 ...

国家统计局工业司首席统计师于卫宁表示，各地区各部门认真落实更加积极有为宏观政策，培育壮大新 经济增长点，高技术制造业、装备制造业等新质生产力较快增长，叠加低基数效应影响，规模以上工业 企业利润增速继续回升。 工业企业营收增长加快。前9个月，规上工业企业营收同比增长2.4%，其中9月份营收增长2.7%。营业 收入当月增速连续两个月加快，为企业盈利持续恢复创造有利条件。 国家统计局10月27日发布数据，前9个月，规上工业企业利润同比增长3.2%，为去年8月份以来各月累 计最高增速；较前8个月加快2.3个百分点，呈现加快恢复态势。9月份，规上工业企业利润同比增长 21.6%，较8月份加快1.2个百分点。 不同规模类型企业利润均有改善，私营和外资企业利润明显加快。前9个月，规上工业大型、中型、小 型企业利润同比分别增长2.5%、5.3%、2.7%。分企业类型看，私营企业、外商和港澳台投资企业利润 分别增长5.1%、4.9%。 营收利润率回升。前9个月，规上工业企业营业收入利润率为5.26%，同比提高0.04个百分点；其中，9 月份规上工业企业营业收入利润率为5.49%，同比提高0.85个百分点。 国家金融与发展实验室 ...

国家统计局10月27日发布的数据显示，1~9月份，规模以上工业企业利润同比增长3.2%，为去年8月份 以来各月累计最高增速；较1~8月份加快2.3个百分点，呈现加快恢复态势。 随着更加积极有为的宏观政策落地见效，叠加低基数效应影响，规模以上工业企业利润增速继续回升。 于卫宁分析，高技术制造业带动作用明显。1~9月份，规模以上高技术制造业利润同比增长8.7%，较 1~8月份加快2.7个百分点，拉动全部规模以上工业企业利润增长1.6个百分点。其中，9月份高技术制造 业利润两位数增长，增速达26.8%，拉动当月全部规模以上工业企业利润增长6.1个百分点，成为工业企 业高质量发展的重要动力。 企业效益方面，1~9月份，规模以上工业企业营业收入利润率为5.26%，同比提高0.04个百分点；其中， 9月份规模以上工业企业营业收入利润率为5.49%，同比提高0.85个百分点，已连续两个月提高。 庞溟分析，从利润角度看，9月份营收利润率为5.49%，与8月份利润率相比大致保持稳定，且每百元营 业收入中的成本和费用继续环比减少，表明企业在成本控制和产品结构优化方面继续取得积极进展。 庞溟表示，9月工业企业利润增长面和回升面进一 ...

Group 1 - The core viewpoint emphasizes the strategic decision made by the Central Committee, led by Xi Jinping, to accelerate the construction of a new development pattern, which is crucial for maintaining China's development initiative [1] - The "dual circulation" development pattern was conceived in response to the changes in the global environment due to the pandemic, highlighting the need for new development strategies [1] - The "14th Five-Year Plan" period has seen significant contributions from domestic demand, with an average contribution rate of 86.4% to economic growth from 2021 to 2024 [2] Group 2 - China's goods trade volume is projected to grow from 32.2 trillion yuan in 2020 to 43.8 trillion yuan in 2024, reflecting an annual growth rate of 8.0% [2] - The focus on strengthening domestic circulation is seen as essential for countering uncertainties in international circulation, with a strategic emphasis on building a robust domestic economic system [2] - The Central Committee's commitment to expanding domestic demand is aimed at enhancing the internal dynamics and reliability of the domestic circulation [3] Group 3 - The importance of a strong domestic market is highlighted as a strategic foundation for China's modernization, supported by a well-developed industrial and infrastructure system [3] - The plan includes promoting urbanization, rural revitalization, and improving living standards to stimulate investment and consumption [3] - The Central Committee's deployment for expanding high-level opening-up reflects China's confidence in open cooperation and mutual benefits, with a 4% year-on-year increase in goods trade in the first three quarters of the year [4] Group 4 - Despite challenges from unilateralism and protectionism, the commitment to high-level opening-up and the Belt and Road Initiative aims to enhance the efficiency of domestic and international market interactions [4] - Historical resilience against external risks has been a key factor in China's ability to navigate challenges, emphasizing the importance of focusing on domestic development [4]

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of building a strong domestic market and accelerating the construction of a new development pattern [1] - The session highlighted the need to boost consumption and effective investment, while breaking down barriers to the construction of a unified national market [1][6] - Recent consumption data shows that China's total retail sales of consumer goods reached 36.5877 trillion yuan, growing by 4.5% in the first three quarters of the year [1] Group 1: Consumption and Investment - The core task of macro policy in the next phase is to significantly boost consumption, with a focus on developing the service sector to absorb employment [4] - The relationship between boosting consumption and effective investment is crucial, with the emphasis on "effective" investment being a key distinction [7] - Effective investment should prioritize sectors like AI and new infrastructure, moving away from traditional infrastructure investments that have seen a decline [7][10] Group 2: New Infrastructure and Market Demand - New infrastructure projects should be aligned with real market demand, ensuring resources are allocated to areas that enhance economic density and facilitate the flow of factors [9] - The government is expected to introduce new policy financial tools to stimulate fixed investment, focusing on digital economy and green technology rather than traditional infrastructure [10] Group 3: Social Welfare and Employment - The Fourth Plenary Session stressed the importance of improving public welfare and ensuring common prosperity, particularly in the context of an aging population [12] - Public consumption spending is expected to expand rigidly, focusing on social security, childcare, and basic public services to encourage private consumption [12][13] - The development of the service sector is seen as a key area for creating quality employment opportunities, especially as traditional industries become more automated [13]

Core Viewpoint - The article emphasizes the strategic decision made by the Chinese government to accelerate the construction of a new development pattern, focusing on strengthening domestic circulation while optimizing the domestic and international dual circulation system [1][2]. Group 1: Economic Growth and Domestic Circulation - The average contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to reach 86.4% [2]. - The total import and export volume of goods is expected to increase from 32.2 trillion yuan in 2020 to 43.8 trillion yuan in 2024, with an annual growth rate of 8.0% [2]. - The article highlights the importance of a strong domestic market as a strategic foundation for China's modernization, leveraging the vast market potential of over 1.4 billion people [3]. Group 2: Investment and Consumption - The article discusses the need to promote a virtuous cycle of investment and consumption, emphasizing the integration of improving people's livelihoods and stimulating consumption [3]. - It advocates for the construction of a unified national market to eliminate barriers and enhance market efficiency, thereby releasing the benefits of China's large-scale market [3]. Group 3: International Cooperation and Openness - The article outlines the commitment to expand high-level opening-up, despite challenges from unilateralism and protectionism, with a focus on maintaining a multilateral trade system [4]. - It notes that in the first three quarters of the year, China's goods trade imports and exports grew by 4% year-on-year, with exports increasing by 7.1% [4].

Core Viewpoint - The article emphasizes the importance of boosting domestic consumption and effective investment as key strategies for China's economic development, particularly in the context of the recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China [1][4]. Group 1: Domestic Market and Consumption - The Fourth Plenary Session highlighted the need to strengthen the domestic market and accelerate the construction of a new development pattern, focusing on expanding domestic demand and enhancing the interaction between supply and demand [1][4]. - In the first three quarters, China's total retail sales of consumer goods reached 36,587.7 billion yuan, growing by 4.5%, with retail sales of goods increasing by 4.6% and catering revenue growing by 3.3% [1][4]. - The article notes that while service consumption is growing faster than goods consumption, there are signs of insufficient effective demand, as evidenced by the 0.9% growth in catering revenue in September [6][4]. Group 2: Investment Strategies - The article discusses the distinction between "effective investment" and general investment, emphasizing that investment must be effective, while consumption should be prioritized unconditionally [7][4]. - It suggests that to enhance domestic circulation, significant efforts are needed to boost consumption, which in turn will drive new supply and create new demand [6][4]. - The focus of new infrastructure investment should shift from traditional infrastructure to areas like electricity and computing power, which are essential for supporting high-tech advancements [7][10]. Group 3: Policy Implications - The article indicates that the government is expected to introduce incremental policies in the fourth quarter, with a focus on new infrastructure and strategic emerging industries, aiming to stabilize investment growth [10][15]. - A new policy tool involving 500 billion yuan is highlighted, which will primarily target new infrastructure and strategic emerging industries, contrasting with previous tools that included traditional infrastructure [10][15]. - The article stresses the importance of public consumption in driving private consumption, particularly through social security and welfare measures aimed at low- and middle-income groups [12][14].

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Short-term easing of US-China trade tensions and anticipation of economic work conference guidance [1] - Mid-term expectations for improved profitability in the fiberglass sector [2] - The construction materials sector has shown a 1.60% increase in the past week, underperforming compared to the broader market indices [4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 348.2 RMB/ton, up 1.3 RMB/ton from last week but down 63.0 RMB/ton year-on-year. The average cement inventory ratio is 67.9%, up 0.6 percentage points from last week [11][12][18]. - **Glass**: The average price for float glass is 1243.7 RMB/ton, down 57.3 RMB/ton from last week and down 9.3% year-on-year. Inventory levels have increased, indicating weak demand [44][50]. - **Fiberglass**: The market for non-alkali fiberglass remains stable, with prices holding steady. The average price for 2400tex non-alkali winding direct yarn is between 3250-3700 RMB/ton [5]. 2. Industry Dynamics Tracking - **Investment Trends**: Fixed asset investment growth has slowed, indicating weakness in traditional sectors like real estate and infrastructure. The focus is shifting towards technology and domestic consumption [4]. - **Market Recommendations**: The report suggests focusing on technology sectors benefiting from domestic cycles and improving supply chains in the real estate sector [4]. 3. Weekly Market Review and Sector Valuation - The construction materials sector has underperformed compared to the broader market indices, with a 1.60% increase against a 3.24% rise in the CSI 300 index [4]. - The report highlights the importance of industry self-discipline and the potential for price stabilization in the cement sector due to supply-side adjustments [5][11]. 4. Price and Inventory Trends - **Cement Prices**: The report notes a slight increase in cement prices in certain regions, with expectations for continued price fluctuations due to seasonal demand [11][12]. - **Glass Inventory**: The increase in glass inventory suggests a need for demand recovery to stabilize prices [50]. 5. Recommendations for Key Companies - The report recommends focusing on leading companies in the cement and fiberglass sectors, such as China National Building Material and China Jushi, which are expected to benefit from market adjustments and technological advancements [5].

Core Viewpoint - The wholesale and retail industry in China has shown a positive trend with a year-on-year growth of 5.6% in value added from January to September, supporting the expansion of domestic demand and strengthening the domestic circulation [1] Group 1: Market Performance - The urban commercial sector is performing steadily, with foot traffic and sales in 78 monitored pedestrian streets increasing by 4.3% and 4.4% year-on-year respectively [3] - The rural e-commerce market is thriving, with online retail sales in rural areas growing by 7.7% and agricultural product online sales increasing by 9.6% year-on-year [3] Group 2: Profitability and Business Dynamics - The profit of key monitored commodity markets in the wholesale and retail sector has increased by 8.2% year-on-year [4] - The industrial consumer goods and production materials markets have seen profit growth of 17.9% and 6.4% respectively [4] - Emerging retail formats such as convenience stores, specialty stores, warehouse membership stores, and unmanned stores are experiencing double-digit growth in sales [4]

2025年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举行，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》，提出了从2026年到2030年"十五 五"时期经济社会发展的七个主要目标，即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。 记者：对老百姓来说，最关心的就是怎么能挣更多的钱。因为只有挣多了钱，我们才敢去花费，愿意去 花费。那未来五年，有什么办法让老百姓的口袋能够再鼓一点？ 黄汉权：因为对大部分人来说，他的收入主要是来自就业，就业是我们收入的大头。少数可能是有投资 性收入、财产性收入，所以要让老百姓能够获得更多的收入，那就是要提高我们就业的数量和质量。一 方面肯定是要经济保持一个合理的增长，这个增长和就业是高度关联的；第二个，我们要在增长的过程 当中，能够通过新旧动能的转换，比如说在数字经济、AI，还有生命科学以及其他的领域，它的待 遇、薪酬应该说也是比较高的。 记者：但不是所有人都能成为新领域人才的，对这些大多数人来 ...