Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the importance of the "15th Five-Year Plan" period for achieving socialist modernization and outlines key principles and goals for economic and social development [1][2]. Group 1: Key Period - The "15th Five-Year Plan" period is crucial for laying the foundation for socialist modernization and plays a significant transitional role in the overall process [2]. Group 2: Principles to Follow - Economic and social development during the "15th Five-Year Plan" must adhere to the following principles: - Upholding the Party's comprehensive leadership - Prioritizing the people - Focusing on high-quality development - Deepening reforms comprehensively - Combining effective markets with proactive government - Balancing development with security [5]. Group 3: Main Goals - The primary goals for the "15th Five-Year Plan" period include: - Achieving significant results in high-quality development - Substantially improving self-reliance in technology - Making new breakthroughs in comprehensive reforms - Enhancing social civilization - Continuously improving people's quality of life - Making major progress in building a beautiful China - Strengthening national security [3]. Group 4: Proposed Initiatives - Key initiatives include: - Building a modern industrial system to strengthen the foundation of the real economy - Accelerating high-level technological self-reliance to lead new productive forces - Developing a strong domestic market and constructing a new development pattern - Enhancing the socialist market economy system to boost high-quality development - Expanding high-level opening-up for win-win cooperation - Promoting agricultural modernization and rural revitalization - Optimizing regional economic layout for coordinated development - Stimulating cultural innovation and development - Improving people's livelihoods and promoting common prosperity - Advancing green transformation for sustainable development - Modernizing national security systems and capabilities [6][7].

Core Points - The 20th Central Committee's Fourth Plenary Session was held from October 20 to 23, 2025, with 168 Central Committee members and 147 alternate members in attendance [2] - The session discussed a work report by Xi Jinping and approved the proposal for the 15th Five-Year Plan for national economic and social development [3][4] Group 1: Achievements during the 14th Five-Year Plan - The 14th Five-Year Plan period was marked by significant achievements despite complex international situations and domestic challenges, leading to new major accomplishments in the party and national endeavors [4] - China's economic strength, technological capabilities, and overall national power have reached new heights, marking a solid step towards Chinese-style modernization [4] Group 2: Principles for Economic and Social Development - The principles include upholding the party's comprehensive leadership, prioritizing the people, promoting high-quality development, deepening reforms, and balancing effective markets with proactive government [6][5] - The focus is on coordinating development and security, with significant improvements expected in high-quality development, technological self-reliance, and social civilization [7] Group 3: Key Initiatives for the 15th Five-Year Plan - Initiatives include building a modern industrial system, strengthening the foundation of the real economy, accelerating high-level technological self-reliance, and constructing a robust domestic market [8]

Group 1 - The main goals for the "14th Five-Year Plan" period include significant achievements in high-quality development, a substantial increase in technological self-reliance, and breakthroughs in comprehensive reforms [2][4] - There will be a notable improvement in social civilization, enhancement of people's quality of life, and major progress in building a beautiful China [2][4] - By 2035, the aim is to achieve a significant leap in economic strength, technological capability, national defense, comprehensive national power, and international influence, with per capita GDP reaching the level of moderately developed countries [2][4]

#四中全会 #全文 中国共产党第二十届中央委员会第四次全体会议公报：“十五五”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2035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。要大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点；促进重点群体稳定就业，加大欠薪整治力度；加强社会治安整体防控；增补张升民为中共中央军事委员会副主席。 ...

新华社北京10月23日电 中国共产党第二十届中央委员会第四次全体会议公报 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 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。 出席这次全会的有，中央委员168人，候补中央委员147人。中央纪律检查委员会常务委员会委员和 有关方面负责同志列席会议。党的二十大代表中部分基层同志和专家学者也列席了会议。 全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告，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》。习近平就《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二 十大和二十届历次全会精神，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，统筹推进"五 位一体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统筹发展和安全，进一步 全面深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好 民生保障和生态 ...

全会听取和讨论了习近平受中央政治局委托所作的工作报告，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》。习近平就《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二十大 和二十届历次全会精神，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，统筹推进"五位一 体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统筹发展和安全，进一步全面 深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好民生 保障和生态环境保护，维护国家安全和社会稳定，开展深入贯彻中央八项规定精神学习教育、纵深推进 全面从严治党，加强国防和军队现代化建设，做好港澳工作和对台工作，深入推进中国特色大国外交， 推动经济持续回升向好，"十四五"主要目标任务即将胜利完成。隆重纪念中国人民抗日战争暨世界反法 西斯战争胜利80周年，极大振奋民族精神、激发爱国热情、凝聚奋斗力量。 新华社北京10月23日电 中国共产党第二十届中央委员会第四次全体会议公报 （2025年10月23日中国共产党第二十届中央委员会第四次全 ...

每经记者｜王砚丹 每经编辑｜叶峰 A股市场今日早盘低开低走，午后两点开始强力反攻，最终实现三大指数集体上涨。 截至收盘，沪指涨0.22%，深证成指涨0.22%，创业板指涨0.09%。 个股方面，上涨股票数量接近3000只，逾70只股票涨停。煤炭、能源、文化传媒、航运港口、化纤、多元金融等板块涨幅居前，工程机械、采掘、非金属材 料、生物制品等板块跌幅居前。 今日迎来霜降节气，大江南北天气转凉。A股市场早盘也迎来一波冷空气，沪指盘中一度跌约1%。 然而下午2点后，资金突然蜂拥进场，A股三大股指集体拉升翻红。 消息面上，商务部新闻发言人就中美经贸磋商有关问题答记者问。 此外，今日市场仍有不少赛道温度火热，尤其是科技板块亮点多多，赚钱效应并不差。 一般而言，新股和次新股表现是衡量大盘冷热的重要温度计。今日在大盘调整期间，新股与次新股表现抢眼。建发致新20cm涨停，昊创瑞通、云汉芯城涨 超10%，联合动力、广东建科、艾芬达跟涨。 邓利军表示，"十五五"规划落地可能对A股走势影响有限，但可能进一步强化科技主线，可关注以下行业： 一是科技自立自强与现代化产业体系建设方向上，计算机、电子、通信、机器人等新质生产力相关行业； ...

A股市场今日早盘低开低走，午后两点开始强力反攻，最终实现三大指数集体上涨。 截至收盘，沪指涨0.22%，深证成指涨0.22%，创业板指涨0.09%。 个股方面，上涨股票数量接近3000只，逾70只股票涨停。煤炭、能源、文化传媒、航运港口、化纤、多元金融等板块涨幅居前，工程机械、采掘、非金属 材料、生物制品等板块跌幅居前。 今日迎来霜降节气，大江南北天气转凉。A股市场早盘也迎来一波冷空气，沪指盘中一度跌约1%。 然而下午2点后，资金突然蜂拥进场，A股三大股指集体拉升翻红。 消息面上，商务部新闻发言人就中美经贸磋商有关问题答记者问。 此外，今日市场仍有不少赛道温度火热，尤其是科技板块亮点多多，赚钱效应并不差。 一般而言，新股和次新股表现是衡量大盘冷热的重要温度计。今日在大盘调整期间，新股与次新股表现抢眼。建发致新20cm涨停，昊创瑞通、云汉芯城 涨超10%，联合动力、广东建科、艾芬达跟涨。 新股和次新股大涨对重新凝聚人气起到了重要作用。而这些次新股本身就以科技板块为主。 我们以次新股云汉芯城为例。该公司是国内最早一批推出电子元器件B2B线上商城并以此开展业务的企业之一，目前已成为我国电子元器件领域B2B领军 企业 ...

Core Viewpoint - Wuhan is urged to take the lead in six key areas to accelerate its development as a national central city, focusing on high-quality growth and overcoming development bottlenecks [1][2]. Group 1: Development Goals - The goal is to build "five centers" and to act as a leading hub for the Yangtze River Economic Belt and the central region's rise [1][2]. - The emphasis is on achieving a significant transformation over the next decade, with a focus on high-quality development and urban advancement [1]. Group 2: Strategic Focus Areas - Key areas for breakthrough include enhancing urban capacity, strengthening comprehensive strength, and promoting technological self-reliance through innovation and industrial transformation [3]. - As a core city, Wuhan is expected to play a pivotal role in regional coordination, deepening reforms, and becoming an inland open highland [3]. Group 3: Cultural and Social Development - There is a focus on cultural heritage and developing Wuhan into a world-renowned cultural tourism destination, alongside improving urban governance and enhancing the well-being of its citizens [3]. - The call for a shift in mindset from "middle-income" to a more ambitious and competitive spirit is emphasized, aiming for first-class standards and achievements [3].

Group 1: Software ETF Performance - The Software ETF has a turnover of 3% during trading, with a transaction volume of 1.69 billion yuan [3] - Over the past month, the Software ETF has an average daily transaction volume of 604 million yuan, ranking first among comparable funds [3] - In the last two weeks, the Software ETF's scale increased by 410 million yuan, achieving significant growth and ranking first in new scale among comparable funds [3] - In the last 10 trading days, there were net inflows of funds for 7 days, totaling 1.017 billion yuan [3] - As of October 22, 2025, the net value of the Software ETF has increased by 12.43% over the past three years [3] - The highest monthly return since inception was 39.35%, with the longest consecutive monthly gains being 3 months and a maximum increase of 69.40% [3] - The average return during the months of increase is 10.06% [3] Group 2: Key Holdings and Market Insights - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Tonghuashun, Kingsoft Office, and others, accounting for a total of 62.41% [3] - Huatai Securities indicates that the AI application ecosystem is becoming increasingly complete, with rapid penetration of large model technology in finance, healthcare, and education [3] - The commercialization process of AI is exceeding market expectations, supported by increased policy backing and accelerated domestic computing power construction [3] - Key enterprises in the AI industry chain are expected to continue benefiting, with investment opportunities in computing infrastructure and AI application software [3] Group 3: Manufacturing Sector Insights - CITIC Construction Investment believes that China's manufacturing sector has largely achieved its 2025 phase goals and will continue to develop towards a medium-level position in the global manufacturing power by 2035 [4] - The industrial sector has become a core driver of GDP growth, with high prosperity in equipment manufacturing, high-tech manufacturing, and digital products [4] - As manufacturing PMI continues to improve and industrial AI accelerates, the importance of technological self-reliance is highlighted against the backdrop of increased US tariffs and software export restrictions [4] - Key areas such as CAD, CAE, and industrial operating systems are expected to see continuous breakthroughs [4] - Investors can also consider the Software ETF linked fund (012620) to capitalize on AI software investment opportunities [4]