1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" is expected to be gradually implemented in three steps: the core content will be announced on October 23, 2025; the full text of the Party's "15th Five - Year Plan Outline Suggestions" will be released in the following days; the full text of the "15th Five - Year Plan Outline" will be officially released after being approved by the Fourth Session of the 14th National People's Congress in March 2026. The plan will inherit and innovate on previous goals, especially in key areas such as economic growth, technological innovation, and institutional reform [1]. - Five - year plans have a profound impact on the macro - underlying logic, economic context, and capital markets. They often lead to significant stock market rallies and clearly define core investment tracks. They also affect the supply and demand of commodities, thereby influencing prices [2]. 3. Summary According to the Table of Contents 3.1 "15th Five - Year Plan" Later Implementation Process and Main Nodes - The implementation process will follow three steps: on October 23, 2025, the "Fourth Plenary Session" will release a communiqué with the core content of the "15th Five - Year Plan"; in the following days, the Party's "15th Five - Year Plan Suggestions" will be released, along with an explanation by the General Secretary; the State Council will compile the final version of the plan based on the Party's suggestions and submit it to the National People's Congress for approval in March 2026 [1][6]. 3.2 Five - Year Plan Document Framework Content Overview - The "Five - Year Plan Outline" includes a general introduction (covering economic situation judgment, guiding ideology, principles, and goals), specific area discussions (detailing key tasks in various fields), and a conclusion (emphasizing Party leadership, implementation, and guarantee mechanisms). Quantitative indicators in previous plans mainly cover five areas: economic development, people's well - being, ecological environment, innovation drive, and security [10]. 3.3 "15th Five - Year Plan" Key Content Outlook 3.3.1 Economic Growth Target Setting - Long - term growth targets require China to reach the level of a high - income country by the end of the "14th Five - Year Plan" and double its economic aggregate or per - capita income by 2035. As of 2024, China's per - capita GDP was $13,300. To reach the minimum threshold of a moderately developed country ($24,000) by 2035, the average nominal growth rate from 2026 - 2035 should be no less than 5.6% (assuming a 4.5% nominal growth rate in 2025). The actual GDP growth rate from 2026 - 2035 should be around 4%. Market expectations suggest setting a target of around 5% in 2026 and gradually reducing it to 4.8% [17][18][23]. 3.3.2 Key Work Task Deployment - The "15th Five - Year Plan" will continue to focus on economic, institutional, industrial, innovation, people's well - being, and ecological fields. Key areas include institutional reform, technological innovation, domestic demand expansion, green development, and industrial chain security. New quality productivity development is expected to accelerate, and the plan will also address issues such as effective demand shortage and international competition [24][29][30]. 3.4 Five - Year Plan's Market Impact 3.4.1 Five - Year Plans as Investment Mainlines - Five - year plans reshape the economic underlying logic, clarify development priorities, and provide clear investment tracks for the capital market. Different periods have seen different industries thrive, such as traditional cyclical industries during the "11th Five - Year Plan" and technology industries during the "12th" and "13th Five - Year Plans" [33]. 3.4.2 Stock Market Impact - Historically, stock markets have often rallied around the release of five - year plans. Currently, the technology - growth sector has outperformed the market, with some sub - themes like optical modules and AI computing power showing significant excess returns. If the "15th Five - Year Plan" has unexpected content, it will create short - term trading opportunities and support medium - term technology and reform - related investments [35][37]. 3.4.3 Commodity Market Impact - Five - year plans affect commodity supply and demand through national economic logic, industrial policies, and resource security strategies. They have led to a shift in demand from traditional commodities like steel and cement to manufacturing and new - energy - related metals. Supply - side reforms and national policies also influence commodity prices [40].

Core Points - The U.S. Vice President Pence stated that President Trump has not yet decided on providing "Tomahawk" missiles to Ukraine, emphasizing the need to prioritize U.S. security and retain critical weapon systems [1] - During a meeting on October 17, President Trump reportedly refused to supply Ukraine with "Tomahawk" cruise missiles that could reach Moscow [1] Summary by Sections - **U.S. Government Position** - Vice President Pence highlighted that the decision regarding the provision of "Tomahawk" missiles to Ukraine is still pending, with a focus on U.S. security [1] - President Trump’s discussions with Ukrainian President Zelensky included a refusal to provide missiles capable of striking Moscow [1]

Core Viewpoint - The drama "Silent Glory" concludes with a powerful portrayal of the sacrifices made by historical figures in Taiwan's covert operations during the period from 1949 to 1950, emphasizing the importance of national security and the ongoing relevance of these themes in contemporary society [2][3]. Summary by Sections Drama Overview - "Silent Glory" is the first drama to depict the covert struggles in Taiwan before and after the founding of New China, focusing on real historical figures such as Wu Shi, Zhu Feng, Chen Bao Cang, and Nie Xi, showcasing their heroic efforts during a tumultuous period [2]. Actors' Reflections - Actor Yu Hewei, who plays General Wu Shi, highlights the character's dedication to national security and the importance of individual contributions to safeguarding the nation [3]. - Actor Wu Yue, portraying Zhu Feng, pays tribute to the revolutionary martyrs of the covert operations and emphasizes the collective effort in building a strong national security [3]. - Actor Na Zhidong, who plays Chen Bao Cang, expresses a desire to honor the legacy of the hero and stresses the importance of remembering such figures in today's peaceful era [3]. - Actor Wei Chen, portraying Nie Xi, recounts the character's bravery and contributions to the party, reinforcing the call to honor the sacrifices made by those in the covert operations [3]. Call to Action - The actors collectively urge the public to report any threats to national security by calling the hotline 12339, reinforcing the message that everyone plays a role in maintaining national safety [3].

Core Viewpoint - The article discusses the conclusion of the TV series "Silent Glory," which reflects the covert struggles in Taiwan during the early years of the People's Republic of China, highlighting the sacrifices of historical figures and the importance of national security [2][3]. Summary by Sections - The series "Silent Glory" is the first to depict the covert operations in Taiwan around the time of the founding of New China, focusing on the intense battles between 1949 and 1950, showcasing a narrative of faith and sacrifice [3]. - The actors portraying the main characters express their thoughts on the significance of their roles, emphasizing the themes of loyalty and national security. They highlight the ongoing relevance of covert operations in contemporary society [4][5]. - The character Wu Shi, played by actor Yu Hewei, symbolizes unwavering loyalty to the nation, and the series serves as a reminder of the importance of national security, urging everyone to be vigilant [4]. - The actors call for public awareness regarding national security threats, encouraging citizens to report any suspicious activities through the hotline 12339 [5].

美国这几天像被踩到脚了一样跳。原因很简单，中国宣布加强稀土出口管制。财长贝森特连着好几天在公开场合"开炮"，用尽各种说法指责中国"用稀土 对抗世界"。问题是，他这些话，暴露的不是中国的态度，而是美国的慌。 被打中命门的不是别人，就是美国自己。 想想看，从矿山到精炼，从冶炼再到永磁体生产，中国掌握着全球超过90%的精炼能力和核心技术。这是几十年积累下来的，不是两三年能补回来的。美 国现在急得像热锅上的蚂蚁，到处开稀土项目，叫嚣要"国家级工程"来替代，可就算开了工，没有五到十年，也难以形成完整产业链。 其实这事的戏剧性恰恰在这儿。美国这些年干了什么？搞芯片封锁、筑"小院高墙"、把高科技当成武器。口口声声"自由贸易"，一转头就加征100%的关 税；嘴上谈合作，手里却一直在围堵中国的科技发展。现在遇到一点反制，立刻喊"对抗世界"。你说这像话吗？ 问题的根子，从来不在中国的政策，而在美国自以为可以永远控制全球的那种傲慢。 更气人的是，美国还真把自己当成稀土世界的裁判。贝森特那几天讲话特别情绪化，说中国"威胁全球供应链"。可现实是，中国还设了绿色通道、民用豁 免，根本没断供。连过渡期都安排好了，体现的是一个大国的克制。 ...

Group 1 - A significant cyber attack by the US National Security Agency (NSA) targeting China's National Time Service Center has been uncovered, aiming to disrupt and steal sensitive information [1][4] - The National Time Service Center, located in Xi'an, Shaanxi Province, is crucial for providing high-precision time services across various sectors including communication, finance, and national defense [3][4] - The investigation revealed that the NSA's cyber attack activities have been systematic and planned over time, utilizing vulnerabilities in mobile services and stolen login credentials to infiltrate the center's systems [4][5] Group 2 - The NSA's cyber operations have been characterized by high-intensity attacks using specialized tools, with attempts to penetrate critical infrastructure that could lead to severe disruptions in communication, finance, and transportation [3][4] - The attacks were strategically timed during late-night hours in Beijing, employing virtual private servers from various regions to obscure their origins [4][5] - The broader context indicates a pattern of US cyber dominance and violations of international cyber norms, with the NSA targeting not only China but also other regions globally [5][6]

Core Points - The U.S. government has announced a new 25% tariff on imported medium and heavy trucks and parts, effective from November 1, citing "national security" as the reason for the decision [1] - The new tariffs will affect a range of vehicles including large pickups, moving trucks, freight trucks, dump trucks, and 18-wheel tractor trailers [1] - General Motors has indicated that it could face up to $5 billion in tariff-related costs this year, while Ford has projected a loss of $3 billion due to the new tariffs [1] - The U.S. Chamber of Commerce had previously urged against the imposition of new truck tariffs, but their efforts did not yield significant results [1]

Core Viewpoint - The article highlights a case of espionage involving a guest at a seaside homestay who was observed taking photos of a military dock, emphasizing the need for heightened security awareness in sensitive areas [5][6]. Group 1: Espionage Incident - A special guest at a seaside homestay was found to be taking long-term photographs of military activities through a window facing a military dock [2][5]. - The homestay owner noticed suspicious behavior and reported it to national security authorities, leading to the successful identification and apprehension of the foreign spy [5]. Group 2: Security Recommendations - The article warns that accommodations near military facilities are vulnerable to exploitation by malicious actors, urging property owners to enhance security measures [5][6]. - It suggests that windows and balconies facing sensitive areas should be monitored closely, and recommends installing visual barriers to obstruct direct lines of sight [5][6]. Group 3: Public Awareness and Reporting - The article calls for increased public awareness and participation in national security, encouraging citizens to report suspicious activities through designated channels [6][9]. - It emphasizes the legal consequences for individuals engaging in unauthorized surveillance or activities near military zones [9].

Group 1 - China's new regulation on rare earth exports requires approval for products containing "Chinese elements" or utilizing Chinese technology, even if only 0.1% [1] - The regulation aims to protect national security and economic interests, a common practice internationally [1] - The announcement has caused significant reactions in the Western world, particularly from the U.S. and European allies [3] Group 2 - U.S. President Trump initially threatened to impose a 100% tariff on Chinese goods but later softened his stance as the market reacted negatively [3] - European allies, particularly the EU, expressed strong concerns and are seeking a robust response to China's new regulation, indicating a desire to align with the U.S. [3] - The urgency from Europe stems from their loss of competitive edge in key industries, such as electric vehicles, and a desire to regain market share [3] Group 3 - The World Trade Organization (WTO) suggested that China should reduce exports and rely more on domestic demand, which has been perceived as biased towards the U.S. [5] - China's position is bolstered by its significant role in the global rare earth supply chain, providing 70% of the EU's rare earth needs [5] - China's foreign trade data remains strong, with an increasing share of high-tech product exports, indicating resilience in its economy [5] Group 4 - The situation signals that China has the capability and determination to counter Western pressures in critical sectors [7] - The resolution of these tensions may require a return to negotiations based on equality, respect, and mutual benefit [7] - Upcoming high-level talks between China and the U.S. will be closely watched to see if the U.S. and its allies understand China's clear signals [7]

Core Viewpoint - The recent export control measures on rare earths by China are aimed at enhancing national security and preventing illegal use of these materials, contrary to claims made by the U.S. that these measures will broadly impact various global industries [1][2]. Group 1: China's Export Control Measures - China's recent export control measures on rare earths are based on legal regulations and aim to prevent illegal flows of rare earths to inappropriate uses, such as weapons [1]. - The controlled products include rare earth magnetic materials and related components, as well as rare earth targets already listed in China's export control list [1]. - Prior to the implementation of these measures, China communicated with multiple countries and regions, including the U.S., EU, and Japan, regarding the export controls [1]. Group 2: U.S. Response and Misinterpretation - The U.S. interpretation of China's measures is seen as a distortion that exaggerates the impact, creating unnecessary misunderstandings and panic [2]. - The U.S. has a long history of extraterritorial jurisdiction measures, having implemented multiple semiconductor export controls against China since 2022 [2]. - The U.S. approach is viewed as an attempt to coerce other countries into joining efforts to suppress China, reflecting a broadening of its own national security concerns [2]. Group 3: Industry Concerns and Compliance - European companies have expressed concerns about production halts while waiting for rare earth export application approvals [2]. - China plans to optimize the licensing process during the implementation of these measures, aiming to shorten review times and consider general licenses and exemptions to facilitate compliant trade [2].