Core Insights - During the "14th Five-Year Plan" period, China's technological achievements have reached historic milestones, with the country now ranking among the top ten globally in comprehensive innovation capability, aiming for a strong technological nation and accelerating high-level self-reliance in technology [1][2] Group 1: Technological Achievements - Major technological breakthroughs have emerged, including the successful lunar sample return mission of "Chang'e 6" and the deep-sea autonomous remote-controlled submersible "Haidou 1" completing tests at depths of 10,000 meters [1] - The Ministry of Science and Technology has highlighted advancements in artificial intelligence and brain-computer interfaces, establishing new competitive advantages [1] Group 2: Technology Transfer and Collaboration - The level of technology transfer in China has significantly improved, with the national technology contract transaction volume expected to reach 6.8 trillion yuan in 2024, maintaining double-digit growth for several consecutive years [2] - Collaborative models between universities and leading enterprises are being established, exemplified by Xi'an Jiaotong University partnering with 248 companies to form joint research institutes, resulting in over 2,500 research projects and the training of more than 2,000 engineering master's and doctoral students [2] Group 3: Future Goals and Strategies - The strategic goal is to build a strong technological nation by 2035, with the next five years deemed critical for achieving this objective [2] - The Ministry of Science and Technology emphasizes the importance of integrating education, technology, and talent development, fostering deep integration of technological and industrial innovation, and creating a world-class innovation environment [2]

2023年6月初，美国临床肿瘤学会现场，包括BMS（百时美施贵宝）在内的8家全球制药巨头，不约而 同对创新药企业百利天恒的双抗ADC（抗体偶联药物）iza-bren（BL-B01D1）产生兴趣。6个月后，合 作尘埃落地：百利天恒与BMS达成首付8亿美元、潜在总交易额最高可达84亿美元的战略合作，刷新全 球ADC领域单药交易总价纪录，成为中国创新药从"中国新"迈向"全球新"的生动注脚。 "资本市场的支持，是公司实现高质量发展的关键动力。"百利天恒董事长朱义道出了"十四五"以来我国 科技企业的成长逻辑。五年来，以科创板、创业板（下称"双创板"）为核心的资本市场改革持续深化， 通过制度创新、融资支持与生态培育，逐步构建起"科技突破—资本赋能—产业升级"的良性循环，为我 国培育新质生产力、实现高水平科技自立自强注入强劲动能。 制度创新赋能： A股"含科量"提升 国内首个"机器人生产机器人"的规模化基地内，12台库卡重型机器人化身"工人"，以毫秒级同步协作实 现24小时不间断作业，平均每30分钟就下线一台工业机器人。佛山顺德的美的库卡智能制造科技园里的 这幅智能制造场景，正是"十四五"期间上市公司以技术创新推动产业升级 ...

Core Viewpoint - The A-share market is currently undergoing a healthy adjustment within the growth industry cycle, indicating that the adjustment has entered its later stage, with November being a critical verification window for the next phase of growth opportunities [2][3]. Historical Adjustment Patterns - Historical data shows that typical adjustments in growth sectors have a maximum decline of 15%-20% and last 1-2 months, with stronger sectors experiencing shallower and quicker corrections [3][4]. - The current adjustment has seen the ChiNext index decline by only 9.1% over 8 days, while the AI computing sector has dropped 10.4% over 22 days, both remaining below historical adjustment limits [3][4]. Upcoming Catalysts - Two key events in late October to early November will influence the market's next phase: the completion of Q3 earnings reports and the outcomes of the APEC summit regarding US-China relations [5][6]. - The Q3 earnings reports are expected to highlight the performance of growth sectors, with AI computing chains showing an average net profit growth of over 30% [6]. - A potential easing of tensions in US-China relations could positively impact sectors like semiconductors and wind energy, enhancing market sentiment [6][7]. Policy and Liquidity Factors - Ongoing discussions about the next five-year plan are expected to boost policy support for technology and high-end manufacturing sectors, which has already begun to influence market risk appetite [8]. - The anticipated interest rate cut by the Federal Reserve is likely to create more room for domestic monetary policy, which historically benefits growth sectors more than value sectors [8]. Investment Focus - The current adjustment phase is seen as an opportunity to focus on growth sectors with strong performance support, particularly in AI computing and applications [9]. - The AI industry is still in a strong upward trajectory, with significant capital expenditure expected in data centers and related infrastructure [9][10]. - The power equipment sector is poised for growth driven by high domestic investment and expanding international markets [13]. - The machinery sector is also expected to benefit from overseas demand, particularly in high-end and intelligent equipment [14]. Conclusion - The current market adjustment is viewed as a temporary phase, with November's earnings and policy signals likely to open new opportunities for growth investments [15].

央视网消息："十四五"时期，中国经济实力和国际影响力跃上新台阶。在中国经济发展蓝图中有哪些优先事项？ 新加坡《联合早报》：人工智能产业发展迅速 中国人工智能产业发展迅速，目前有超过5000家AI企业。其中，国家级人工智能专精特新"小巨人"企业，专注于细分市场，有创新 能力强、市场占有率高、掌握关键核心技术等优势。为推动AI产业发展，中国围绕算力、算法、数据、应用四大环节开展投资布 局。通过政府引导和政策支持，企业逐渐向更高层级的智能工厂迈进。 法国《世界报》：科技创新仍是优先事项 中国正在审议新的五年规划，为2026年至2030年的经济发展制定框架，世界期待从中窥见世界第二大经济体的未来走向。在一些领 域，中国仍在努力追赶，而在另一些方面，例如电动汽车，中国已取得技术领先地位。文章强调，对中国来说，科技创新仍然是头 号优先事项。透过中国在人工智能与无人机等领域的突出进展，未来五年，中国创新的力量将对世界产生巨大影响。 英国广播公司：持续推动高质量发展 文章分析了中国过往的五年规划如何重塑全球经济，包括中国成为可再生能源和电动汽车领域无可争议的世界领先者；聚焦"高质 量发展"，在多个高科技领域取得主导地位。专家 ...

Core Viewpoint - The "15th Five-Year Plan" (referred to as "15th Plan") is crucial for China's economic and social development from 2026 to 2030, with a draft to be submitted for review in March next year [4]. Group 1: Economic Context - China is the world's second-largest economy by nominal GDP and the largest by purchasing power parity, playing a significant role in global economic growth and consumption of major commodities [4]. - The government faces challenges due to the ongoing decline in the real estate market since 2021, which has impacted the economy [4]. Group 2: Planning and Goals - The government is likely to avoid setting specific growth targets for the "15th Plan," focusing instead on high-quality development, resilience, safety, and inclusiveness, with annual growth targets set later [5]. - A potential growth target of "around 4.5%" for 2026 is anticipated, gradually shifting to "around 4%" by 2030 [5]. Group 3: Investment and Policy Focus - Continued investment and industrial policies will be directed towards achieving technological self-reliance, particularly in semiconductors, artificial intelligence, and biotechnology [5]. - The traditional economy, centered around the real estate sector, will remain a growth pillar while efforts to address real estate market debt and fiscal system repair are expected [5]. Group 4: Social Welfare Reforms - The government may reform the social welfare system, especially the pension system, to achieve income redistribution, with significant increases in basic pension payments for low-income families and enhanced medical insurance subsidies [5].

Core Insights - The report from the China Internet Network Information Center indicates that by June 2025, the user base for generative artificial intelligence in China is expected to reach 515 million, an increase of 266 million from December 2024, resulting in a penetration rate of 36.5% [1] Group 1: Market Performance - As of October 20, 2025, the CSI Artificial Intelligence Industry Index has risen by 4.00%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 12.23%), Xinyi Sheng (up 9.16%), and Youkede (up 6.74%) [1] - The Artificial Intelligence ETF has seen a 3.95% increase, with a cumulative rise of 45.34% over the past three months as of October 17, 2025 [1] Group 2: Liquidity and Fund Flow - The Artificial Intelligence ETF recorded a turnover of 2.51% and a transaction volume of 192 million yuan, with a total fund inflow of 244 million yuan over the past seven trading days [3] Group 3: Policy and Strategic Insights - The Ministry of Science and Technology has identified the "14th Five-Year Plan" as a critical period for becoming a technology powerhouse, emphasizing the need for high-level technological self-reliance, which will benefit cutting-edge technology research and core technology breakthroughs [3] - CITIC Securities highlights that the current structural fundamental clues in A-shares are primarily related to Chinese companies going global, with a focus on resource security, industrial chain security, and leading technology security as new strategic intentions [3] Group 4: Investment Strategy - The Huafu Artificial Intelligence ETF employs quarterly rebalancing and focuses on AI revenue share and growth indicators to identify potential high-growth companies within the AI sector [4] - The ETF aims to provide comprehensive coverage of the AI industry while adapting to changes in industry trends, thus enhancing returns for investors [4] - For investors without stock accounts, the Huafu Artificial Intelligence ETF offers connection funds (Class A 008020, Class C 008021) [4]

Core Viewpoint - The launch of the journal "Advanced Materials Connections" aims to support China's strategic goals of becoming a manufacturing powerhouse and achieving technological self-reliance, while fostering innovation in the field of intelligent connections [1] Group 1: Journal Launch and Objectives - The journal is co-founded by Harbin Institute of Technology and aims to promote interdisciplinary innovation in materials, manufacturing, and information technology [1] - It will focus on cutting-edge technologies such as interface science in welding and connections, intelligent welding, additive manufacturing, and electronic packaging [1] - The journal is set to be included in the "Excellence Action Plan Phase II for Chinese Scientific Journals" starting in 2024 [1] Group 2: Editorial and Advisory Committees - The journal's advisory and editorial boards consist of members from over ten countries, including the US, UK, Australia, South Korea, Canada, Singapore, and Japan [1] - The journal is committed to publishing original, systematic, and forward-looking research results [1] - It aims to provide high-quality academic services to global scholars [1]

Core Viewpoint - China has essentially completed its 2025 manufacturing goals and is progressing towards achieving a medium-level status among global manufacturing powers by 2035 [1] Industry Summary - The industrial sector has become a core driver of GDP growth in China [1] - High demand is observed in advanced fields such as equipment manufacturing, high-tech manufacturing, and digital products [1] - The manufacturing PMI continues to improve, indicating a positive trend in the sector [1] Technology and Innovation - The acceleration of industrial AI implementation is noted as a significant development [1] - The importance of technological self-reliance is emphasized in light of the U.S. plans to increase tariffs on China and restrict key software exports [1] - Key areas such as CAD, CAE, and industrial operating systems are expected to see continuous breakthroughs [1]

Group 1 - The core viewpoint emphasizes the importance of leveraging the advantages of a new type of national system to accelerate high-level technological self-reliance and strength in China [1] - During the 14th Five-Year Plan period, significant historical achievements and transformations in China's technological innovation have been made under the strong leadership of the central government [1][2] - The strategic goal of building a strong technological nation by 2035 is anchored on addressing major national needs through collaboration between government and market forces [1][5] Group 2 - China's space station has achieved complete domestic production of products and materials, with 100% self-control of key core components, resulting in hundreds of space science experiments conducted in orbit [4] - The Chang'e missions have successfully returned lunar samples, with Chang'e 5 collecting 1,731 grams from the moon's surface and Chang'e 6 expected to bring back 1,935.3 grams from the moon's far side [4][5] - The national strategic scientific and technological strength has been continuously strengthened, with the construction of national laboratories and the enhancement of research capabilities in institutions and universities [5][9] Group 3 - Original achievements in technology are continuously emerging, exemplified by the EAST project achieving a world record of 1 million degrees Celsius for 1,066 seconds, marking a significant leap in fusion energy research [6][7] - The total R&D expenditure in society is expected to exceed 3.6 trillion yuan in 2024, maintaining China's position as the second-largest in the world [7][9] - The proportion of corporate R&D investment is projected to exceed 77% in 2024, with over 524,000 companies holding valid invention patents, accounting for 74.4% of the total in China [9] Group 4 - The innovation capacity of enterprises has significantly improved, with the successful development of the world's first 8.6-generation OLED glass substrate in Anhui, marking a breakthrough in domestic technology [8][9] - The integration of technology innovation systems involving industry, academia, and research has been strengthened, with enterprises taking a leading role in innovation [8][9] - The "dual-directional leaderboard" mechanism has been implemented in Sichuan Province to enhance the connection between market demand and scientific research, facilitating technology transfer and commercialization [12][13]

Group 1 - The core viewpoint emphasizes the need for continuous policy and financial support to achieve high-level technological self-reliance and strength [1][3] - Significant investments in technology are prioritized in fiscal spending, with a focus on creating a strong policy synergy to promote technological innovation [1][3] - Recent data indicates that tax reduction and increased fiscal input have injected strong momentum into technological innovation, leading to the rapid emergence of major technological achievements [1][2] Group 2 - Fiscal policy serves as a crucial tool for macroeconomic regulation and is vital for supporting technological innovation [2][4] - Structural tax reductions and refunds have significantly alleviated the tax burden on enterprises, with a reported 1.3336 trillion yuan in tax reductions and refunds supporting technological innovation in the first eight months of the year [2] - The R&D expense deduction policy has been enhanced during the 14th Five-Year Plan period, effectively incentivizing enterprises to increase R&D investments [2] Group 3 - National fiscal science and technology expenditure is projected to reach 5.5 trillion yuan during the 14th Five-Year Plan, marking a 34% increase from the previous five-year period, with a focus on foundational and strategic research [3] - The government aims to optimize the structure of technology spending and enhance the effectiveness of fiscal policies to support key areas of innovation [3][4] - Collaboration between fiscal and financial policies is essential to mobilize more financial resources and social capital towards technological innovation [4]