"十五五"时期是我国基本实现社会主义现代化夯实基础、全面发力的关键时期。我国"十五五"时期经济 社会发展目标，摆在首要位置的是"实现高质量发展取得显著成效，科技自立自强水平大幅提高"。资本 市场是连接产业与资本的纽带，是培育创新资本、加快科技创新的重要推动力量。在十五五期间，我国 资本市场将迎来哪些机遇和挑战？对此，经济日报记者采访了财信证券首席经济学家袁闯。 袁闯表示，"十五五"期间，我国建设现代化产业体系具备坚实的基础。我国产业体系健全、供应链全球 竞争实力强，在当前以人工智能为代表的全球新一轮科技革命加速突破的阶段，我国在政策环境、人才 队伍、关键技术特别是应用场景方面具备明显的优势，我国已经成为新一轮科技革命的引领者，这对于 优化提升传统产业、培育壮大新兴产业和未来产业能够形成有力的支撑。我国金融体系内部也在发生深 刻的结构性变迁，一方面金融资源正在加速从传统的重资本产业流向新质生产力领域；另一方面有利于 推动创新驱动发展模式的直接融资体系将发挥越来越重要的作用，高质量的资本市场将为我国"十五 五"期间建设现代化产业体系、实现高水平科技自立自强提供更加有力的支撑。"十五五"期间，在建设 现代化产业体系 ...

Core Points - The meeting emphasized the significance of the 20th Central Committee's Fourth Plenary Session, highlighting its historical and global importance in advancing China's modernization and national rejuvenation [1][2] - The Provincial Office is tasked with leading the learning and implementation of the session's spirit, ensuring alignment with the central government's decisions [1][2] Summary by Sections - **Political Significance** - The meeting underscored the need to elevate political awareness and recognize the importance of the recent plenary session [2] - It called for a deep understanding of General Secretary Xi Jinping's important speeches and the overarching blueprint for the next five years [2] - **Development Goals** - The meeting highlighted the achievements during the 14th Five-Year Plan and the opportunities and challenges for the upcoming 15th Five-Year Plan [2] - It stressed the importance of grasping the guiding ideology, major principles, strategic tasks, and fundamental guarantees for the 15th Five-Year Plan [2] - **Actionable Steps** - The meeting urged for the conversion of learning outcomes into concrete actions that support high-quality development [2] - It emphasized the need for proactive engagement, coordination, and effective implementation of the session's spirit across the province [2]

赵乐际强调，要积极宣传宣讲、带头贯彻落实党的二十届四中全会精神，带动周围群众团结奋进， 推动全会部署要求在本地区本行业本单位落实见效。要继续加强思想、政治建设，模范遵守宪法法律， 弘扬正风正气，勤勉尽责、廉洁自律，展现新时代人大代表的风采。 中共中央政治局委员、全国人大常委会副委员长李鸿忠主持座谈会。 新华社北京10月27日电（记者熊丰）中共中央政治局常委、全国人大常委会委员长赵乐际27日下午 同列席十四届全国人大常委会第十八次会议的全国人大代表座谈交流。他强调，人大代表要把学习好、 贯彻好党的二十届四中全会精神作为重大政治任务和履职必修课，同学习贯彻习近平经济思想、习近平 法治思想和习近平总书记关于坚持和完善人民代表大会制度的重要思想结合起来，融会贯通、学以致 用，把学习成果体现到政治站位、履职能力和工作质效的提升上。 座谈会上，代表们围绕深入学习贯彻党的二十届四中全会精神，结合各自履职和工作实际作了发 言。赵乐际认真倾听，和代表深入交流。他说，要自觉把思想和行动统一到四中全会精神上来，认真学 习习近平总书记重要讲话精神和全会通过的《建议》、公报等文件，坚决拥护全会作出的各项决定，深 刻领会党中央对形势的分 ...

Core Viewpoint - The capital market is expected to play a crucial role in achieving China's economic development goals during the "15th Five-Year Plan" period, focusing on technology advancement, wealth accumulation, private investment stimulation, consumption enhancement, and social welfare improvement. Group 1: Role of Capital Market in Economic Development - The capital market should support the development of a modern industrial system and technological advancements, with a target of maintaining over 50% annual growth in AI computing power investments during the "15th Five-Year Plan" [1] - A long-term bull market could lead to a rapid increase in residents' property income, potentially allowing the middle-income group to exceed 400 million people, thus becoming a significant reservoir of wealth [1] Group 2: Stimulating Private Investment - A sustained bull market can act as an accelerator for private investment, as higher market valuations increase companies' willingness to invest, contrasting with the low investment levels seen during previous market downturns [2] Group 3: Enhancing Consumption and Domestic Demand - The capital market is expected to contribute to the construction of a unified market and the expansion of domestic demand, with stock market growth leading to increased consumer spending, potentially adding several trillion yuan to consumption by 2030 [2] Group 4: Improving Social Welfare - The capital market's support is essential for enhancing social welfare, with a goal to increase the proportion of social security spending to GDP from under 10% to 15%-20% during the "15th Five-Year Plan," relying on better investment returns from social security funds [2]

Core Points - The China Securities Regulatory Commission (CSRC) is prioritizing the study and implementation of the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task [1] - The CSRC plans to enhance training and interpretation efforts to ensure the session's spirit is deeply understood within the system [1] - The meeting emphasized the importance of aligning with the session's directives, conducting thorough research, and strategically planning for the 14th and 15th Five-Year Plans for capital market development [1] Group 1 - The CSRC is tasked with organizing comprehensive training and interpretation of the 20th Central Committee's Fourth Plenary Session [1] - The meeting highlighted the need for the CSRC to complete its annual work goals and ensure a solid foundation for high-quality development in the upcoming 15th Five-Year Plan [1] - The focus is on scientific planning for the capital market's strategic tasks and major initiatives during the 15th Five-Year Plan period [1]

Core Viewpoint - The Chinese government aims to leverage its large market to attract foreign investment and foster global innovation, emphasizing mutual benefits and shared opportunities in the global economy [1][3]. Group 1: Market Potential - China has a population of over 1.4 billion, with the middle-income group expected to exceed 800 million in the next decade, indicating significant market potential [3]. - The government plans to boost consumption and create a "Buy in China" brand to stimulate both goods and services consumption [3]. Group 2: Foreign Investment Strategy - The strategy focuses on making China a global opportunity for foreign enterprises, treating them as integral partners rather than outsiders [3]. - The government will lower market entry barriers and prioritize the service sector for future openings, including telecommunications, biotechnology, and foreign-owned hospitals [3]. Group 3: International Relations - The Chinese government emphasizes dialogue and cooperation as the only correct approach in Sino-U.S. economic relations, advocating for the stability of global supply chains [3]. - Previous economic negotiations have shown that mutual respect and equal consultation can lead to solutions for both parties' concerns, promoting a healthy and sustainable economic relationship [3].

Core Viewpoint - The financial system is tasked with implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a major political task, emphasizing the need for comprehensive training and understanding of the session's principles within the financial sector [1] Group 1: Financial System Initiatives - The financial system is to initiate a learning wave regarding the plenary session's spirit, organizing training in a layered, graded, and phased manner to ensure full coverage [1] - There is a focus on planning key financial work for the 14th Five-Year Plan period, accurately understanding the main goals and challenges faced during this period [1] Group 2: Regulatory and Development Focus - The emphasis is on maintaining a strong regulatory environment, preventing financial risks, and promoting high-quality development as the main line of work [1] - The financial system is encouraged to support economic development actively while ensuring the achievement of the main economic and social development goals for the year [1] Group 3: Future Financial Strategy - The goal is to accelerate the construction of a modern financial system with Chinese characteristics and to make significant progress in building a strong financial nation [1] - The importance of solidifying the regulatory atmosphere and preventing financial "explosions" in the fourth quarter is highlighted [1]

Core Insights - The most significant outcome of the Fourth Plenary Session of the 20th Central Committee is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [3] - The document consists of 15 parts and 61 articles, divided into three main sections: general overview, specific strategic tasks, and tasks related to strengthening centralized leadership [3] Economic and Social Development Goals - The main goals for the 15th Five-Year Plan include: 1. Achieving significant results in high-quality development 2. Substantially improving self-reliance in technology 3. Making new breakthroughs in deepening reforms 4. Enhancing social civilization 5. Continuously improving the quality of life for the people 6. Making major progress in building a beautiful China 7. Strengthening national security [4] Strategic Tasks - The first strategic task is to build a modern industrial system and consolidate the foundation of the real economy, with key tasks categorized as: 1. Upgrading and solidifying the foundation 2. Fostering innovation 3. Expanding capacity and improving quality 4. Enhancing efficiency [4] Technological Development - To accelerate high-level self-reliance in technology, the plan outlines four areas of focus: 1. Strengthening original innovation and tackling key core technologies 2. Promoting deep integration of technological and industrial innovation 3. Advancing education and talent development in science and technology 4. Promoting the construction of a digital China [4] Foreign Trade and Investment - The plan emphasizes four important aspects for foreign trade and investment during the 15th Five-Year Plan: 1. Actively expanding autonomous opening 2. Promoting innovative development of trade 3. Expanding bilateral investment cooperation 4. High-quality co-construction of the Belt and Road Initiative [4] Population Development - The plan focuses on three key areas for promoting high-quality population development: 1. Building a family-friendly society with supportive policies for marriage and childbirth 2. Promoting elderly care through improved policies and services 3. Encouraging older individuals to participate in the workforce and developing the silver economy [5] Political Leadership - The plan emphasizes the importance of strengthening the centralized leadership of the Party as a fundamental guarantee for advancing modernization, with strategic deployments including: 1. Improving mechanisms for implementing major decisions 2. Ensuring effective execution and communication 3. Promoting a clean political environment and combating corruption [5] Market Opportunities - The plan aims to leverage China's large market advantages to become a global hub for innovation and opportunities, attracting foreign investment and ensuring sustainable development [6]

新华社快讯：中央政策研究室主任江金权在中共中央10月24日举行的新闻发布会上说，《建议》共15个 部分、61条、分为三大板块。第一板块是总论，主要阐述"十四五"时期我国发展取得的重大成就、抓 好"十五五"时期经济社会发展的重大意义和总体要求。第二板块为分论，分领域部署"十五五"时期的战 略任务和重大举措。第三板块主要部署坚持和加强党中央集中统一领导、推进社会主义民主法治建设等 任务。 ...

Group 1 - The core viewpoint of the article is the announcement of the "15th Five-Year Plan" by the Central Policy Research Office, highlighting its significance for economic and social development in China [1] - The "15th Five-Year Plan" consists of 15 parts and 61 articles, divided into three main sections [1] - The first section discusses the major achievements during the "14th Five-Year Plan" period and outlines the overall requirements for the upcoming "15th Five-Year Plan" [1] - The second section focuses on strategic tasks and major initiatives for various fields during the "15th Five-Year Plan" [1] - The third section emphasizes the importance of maintaining and strengthening the centralized and unified leadership of the Party, as well as advancing socialist democracy and the rule of law [1]