华福证券 策略点评 2025 年 11 月 29 日 巡视利剑护航"十五五" 事件： 中共中央政治局 11 月 28 日召开会议，审议《关于二十届中央巡视省（自治区、 直辖市）情况的综合报告》。 主要政策解读： （1）彰显巡视利剑作用。从巡视全覆盖的成果来看，中央对省级单位的监督 已形成常态化机制。会议既肯定了各省区市工作的新进展，也直言不讳指出 存在问题，必须从政治上高度重视，这种"以巡促察、以改提质、以治固 本"的系统化治理逻辑，不仅使巡视成为全面从严治党的利剑，更成为十五 五规划精准施策的前置研判机制。 （2）强调动真碰硬整改。"动真碰硬"传递出整改工作绝不能走过场、搞形 式的强烈信号。会议将巡视整改与学习贯彻党的二十届四中全会精神、谋划 "十五五"规划相结合，将其定位为全面从严治党、净化政治生态、加强领 导班子建设的重要抓手，极大地提升了巡视整改的定位和意义，表明中央正 通过巡视利器，推动政治监督具体化、精准化、常态化，为高质量发展清障 护航，十五五规划的高质量编制，正以巡视整改的实效为底色。 （3）靶向施策强整改。会议重申树立正确政绩观、完善干部考核机制，正是 要破解部分地区在经济发展中可能存在的短 ...

Core Points - The meeting of the Political Bureau of the Central Committee emphasized the importance of the inspection work and the need for comprehensive coverage of provincial inspections [1][2] - The meeting highlighted the progress made by various provinces but also pointed out existing issues that require serious political attention and resolution [1] - The focus is on integrating inspection rectification with the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session and planning for the 14th Five-Year Plan period [1] Group 1 - The meeting called for a deep understanding and implementation of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2] - It stressed the importance of adhering to the strategic positioning set by the Central Committee for each region and ensuring the implementation of major decisions [2] - The need to maintain a high-pressure stance against corruption and to create a clean political environment was emphasized [2] Group 2 - The meeting discussed the importance of strengthening the leadership team and cadre construction, as well as improving the evaluation mechanism for officials [2] - It highlighted the necessity of enhancing daily supervision and accountability, particularly for top leaders [2] - The meeting also addressed the need to effectively prevent and resolve various risks while improving the social governance system [2]

Core Points - The meeting emphasized the importance of the 15th Five-Year Plan for Guangxi's economic and social development, aiming for significant progress in achieving socialist modernization alongside the national timeline [5][10][16] - The meeting recognized the achievements during the 14th Five-Year period, highlighting the resilience shown in overcoming challenges such as the COVID-19 pandemic and the ongoing development of key infrastructure projects [7][8] - The meeting outlined strategic goals for the 15th Five-Year period, focusing on high-quality development, technological innovation, and deepening cooperation with ASEAN countries [10][11][12] Summary by Sections Meeting Overview - The 11th Plenary Session of the 12th Committee of the Communist Party of Guangxi was held on November 28, 2025, in Nanning, attended by 77 committee members and other officials [4] Key Discussions - The meeting discussed the work report presented by Chen Gang, emphasizing the need to align actions with the spirit of the 20th Central Committee [5][6] - The meeting highlighted the importance of the 20th Central Committee's decisions in guiding Guangxi's development strategies [5][9] Achievements and Challenges - The meeting acknowledged significant achievements during the 14th Five-Year period, including effective pandemic response and infrastructure development [7][8] - It recognized the complex changes in the development environment, balancing opportunities and risks [8] Strategic Goals for the 15th Five-Year Plan - The meeting set forth major goals, including enhancing the quality of economic development, advancing AI and technological innovation, and expanding domestic and international cooperation [10][11][12] - Emphasis was placed on building a modern industrial system and strengthening the foundation of the real economy [11] Policy Directions - The meeting called for a focus on high-quality development, innovation, and a robust open economy, while also addressing social welfare and environmental sustainability [12][15] - It stressed the importance of cultural development and the promotion of national unity [14] Implementation and Governance - The meeting underscored the need for effective governance and the implementation of the 15th Five-Year Plan, with a commitment to enhancing the political responsibility of local leaders [16][17] - It highlighted the importance of maintaining social stability and improving living standards as part of the development strategy [17]

Group 1 - The meeting emphasized the importance of the Central Committee's inspection work, highlighting the need for serious attention to issues identified during inspections and the necessity for effective rectification measures [1][2] - It was noted that while progress has been made in various provinces, there are still problems that require political attention and resolution [1] - The meeting called for integrating inspection rectification with the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session and planning for the "14th Five-Year" period of economic and social development [1] Group 2 - Provincial party committees are urged to deeply study and implement Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, ensuring adherence to the strategic positioning set by the Central Committee [2] - The meeting stressed the importance of maintaining a correct view of political achievements and fully implementing the new development concept, alongside improving the evaluation mechanism for officials [2] - Continuous efforts are required to advance strict governance of the Party, enhance supervision over key leaders, and maintain a high-pressure stance against corruption to foster a clean political environment [2]

Core Viewpoint - The meeting of the Central Political Bureau emphasized the importance of the inspection work led by the Party Central Committee, highlighting the need for serious rectification and the integration of inspection results with the implementation of the Party's policies and economic development plans [2][3]. Group 1 - The Central Political Bureau reviewed the comprehensive report on the inspection of provinces, autonomous regions, and municipalities, noting progress and existing issues that require political attention and resolution [2]. - The meeting called for a focus on rectification efforts, emphasizing the need to strengthen daily supervision and integrate inspection rectification with the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session [2][3]. - It was stressed that provincial and municipal party committees must thoroughly study and implement Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, ensuring adherence to the Party's major decisions and policies [3]. Group 2 - The meeting highlighted the importance of establishing a correct view of political achievements and fully implementing the new development concept, while also improving the evaluation mechanism for officials [3]. - There is a strong emphasis on maintaining a high-pressure stance against corruption, enhancing the management and supervision of key leaders, and fostering a clean political environment [3]. - The need for effective risk prevention and resolution, as well as the improvement of the social governance system, was also discussed, along with the importance of addressing common issues identified during inspections [3].

Core Points - The meeting emphasized the importance of the Central Inspection Work, highlighting the need for serious rectification of issues identified during inspections [1][2] - The meeting called for a comprehensive approach to integrate inspection rectification with the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session and the planning of the "14th Five-Year" period for economic and social development [1][2] Group 1 - The meeting underscored the necessity for provincial and regional party committees to deeply study and implement Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2] - It stressed the importance of adhering to the strategic positioning set by the Central Committee and ensuring the implementation of major decisions and deployments [2] - The meeting highlighted the need to establish a correct view of political achievements and to fully implement the new development concept [2] Group 2 - The meeting called for persistent efforts in advancing strict governance of the Party, emphasizing the need to strengthen political responsibility in Party management [2] - It highlighted the importance of maintaining a high-pressure stance against corruption and creating a clean political environment [2] - The meeting also focused on enhancing the construction of leadership teams and the cadre workforce, promoting democratic centralism, and ensuring the correct orientation in personnel selection [2]

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of inspection work and the need for serious rectification to promote high-quality development [1][2]. Group 1 - The Central Committee, led by Xi Jinping, has initiated the fifth and sixth rounds of inspections, achieving full coverage of provinces and regions [1]. - Progress and effectiveness have been noted in the work of various provinces and regions, but there are still issues that require serious political attention and resolution [1]. - The rectification of inspection findings should be integrated with the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session and the planning of the "14th Five-Year" economic and social development [1]. Group 2 - Provincial party committees are urged to deeply study and implement Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, ensuring adherence to the strategic positioning set by the Central Committee [2]. - There is a call to establish and practice a correct view of political achievements, fully implement the new development concept, and improve the evaluation mechanism for officials [2]. - The meeting stresses the need for ongoing strict governance of the Party, reinforcing the political responsibility for Party management, and maintaining a high-pressure stance against corruption [2].

Core Viewpoint - The meeting emphasized the importance of the 20th Central Inspection and the need for provinces and regions to address issues identified during inspections, linking corrective actions to the implementation of the 20th Central Committee's spirit and the planning of the "14th Five-Year" period for economic and social development [1][2]. Group 1 - The Central Committee, led by Xi Jinping, is committed to enhancing inspection work, achieving full coverage of provincial inspections, and addressing identified issues with a serious political approach [1]. - Provinces and regions are urged to deeply study and implement Xi Jinping's thoughts, ensuring adherence to the Central Committee's strategic positioning and major decision-making [2]. - There is a call for a correct view of political achievements, comprehensive implementation of new development concepts, and improvement of the evaluation mechanism for officials [2]. Group 2 - The meeting highlighted the need for ongoing strict governance of the Party, emphasizing the importance of supervision over key leaders and maintaining a high-pressure stance against corruption [2]. - Strengthening the construction of leadership teams and the cadre workforce is essential, with a focus on democratic centralism and correct personnel orientation [2]. - The meeting also discussed the importance of utilizing inspection results to address common issues and promote deep reforms for systemic solutions [2].

Group 1 - The meeting emphasized the importance of the Central Committee's inspection work, highlighting the need for serious rectification and responsibility implementation in response to the findings from the inspections across provinces and regions [1][2] - It was noted that while progress has been made in various provinces, there are still issues that require political attention and resolution, linking the rectification efforts to the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session [1][2] - The meeting called for a comprehensive approach to strengthen party governance, enhance supervision over leadership, and maintain a high-pressure stance against corruption to foster a clean political environment [2] Group 2 - The meeting underscored the necessity for provincial party committees to deeply study and implement Xi Jinping's thoughts, ensuring alignment with the Central Committee's strategic positioning for their regions [2] - It was highlighted that a correct view of performance should be established, with a focus on practical actions to uphold the Central Committee's major decisions and policies [2] - The need for a robust cadre evaluation mechanism and the promotion of a culture of accountability and risk prevention was also discussed, aiming to improve social governance systems [2]

Core Points - The meeting of the Central Political Bureau emphasized the importance of the 20th Central Inspection work and the need for serious rectification of issues identified during inspections [1][2] - The meeting highlighted the necessity for provincial party committees to implement the strategic positioning set by the Central Committee and to ensure the execution of major decisions [2] Group 1 - The Central Committee, led by Xi Jinping, is focusing on the comprehensive report regarding the inspection of provinces, autonomous regions, and municipalities, indicating progress but also the presence of issues that require political attention [1] - The meeting called for a rigorous approach to inspection rectification, linking it to the implementation of the spirit of the 20th Central Committee's Fourth Plenary Session and the planning for the "15th Five-Year" period [1][2] - There is a strong emphasis on maintaining a high-pressure stance against corruption and ensuring a clean political environment through effective supervision and management of power [2] Group 2 - The meeting stressed the importance of adhering to the new development philosophy and improving the evaluation mechanisms for officials, promoting a culture of practical and results-oriented governance [2] - It was noted that there is a need to enhance the construction of leadership teams and the cadre workforce, ensuring the correct orientation in personnel selection and encouraging accountability among officials [2] - The meeting also discussed the importance of utilizing inspection results to address common issues and promote deep reforms, aiming for a comprehensive approach to governance [2]