Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need for significant achievements in this area as a main goal [1] - The upcoming "14th Five-Year Plan" is a critical period for achieving substantial progress towards the 2035 modernization goals, including reaching a per capita GDP level of middle-income countries and enhancing common prosperity [1] - The current economic phase requires maintaining appropriate growth while addressing structural adjustments, transformation of growth drivers, and other complex challenges to meet the increasing needs of the population [1] Group 2 - High-quality development is characterized by the organic unity of quality and quantity, where structural optimization and efficiency improvement are essential to avoid a return to extensive growth models [2] - The focus on "effective quality improvement" includes building a modern industrial system, strengthening the real economy, and enhancing technological self-reliance and innovation capabilities [2] - The emphasis on "reasonable quantity growth" involves expanding domestic demand, improving macroeconomic regulation, and ensuring a stable economic foundation through coordinated policies [3] Group 3 - The integration of "effective market" and "active government" is necessary for high-quality development, requiring the establishment of a high-level socialist market economy system [3] - The need for a robust macroeconomic governance system is highlighted to ensure sustainable high-quality development [3]

Group 1 - The core focus during the "Fifteen Five" period is to strengthen the foundation for socialist modernization and to fully exert efforts in economic and social development [1][5] - Emphasis on developing the real economy, with a focus on intelligent, green, and integrated directions, aiming to build a strong manufacturing nation and a modern industrial system [5][10] - The strategy includes optimizing traditional industries, nurturing emerging industries, and promoting high-quality development in the service sector [5][7] Group 2 - The plan aims to seize opportunities from the new round of technological revolution and industrial transformation, enhancing the national innovation system and self-innovation capabilities [7][10] - There is a strong emphasis on original innovation and tackling key core technologies, integrating technological and industrial innovation [7][10] Group 3 - The strategy includes expanding domestic demand as a strategic basis, promoting consumption and investment, and ensuring a positive interaction between supply and demand [11][14] - Efforts will be made to boost consumption and effective investment while removing barriers to the construction of a unified national market [11][14] Group 4 - The plan calls for expanding high-level opening-up and maintaining a multilateral trade system to enhance international circulation [13][16] - It emphasizes the importance of self-initiated opening-up and promoting trade innovation and high-quality cooperation in the Belt and Road Initiative [17][16] Group 5 - The focus is on modernizing agriculture and rural areas, ensuring the integration of urban and rural development, and enhancing agricultural production capacity [18][22] - The strategy aims to consolidate and expand the achievements of poverty alleviation and improve living conditions in rural areas [22][24] Group 6 - The plan includes promoting cultural innovation and development, enhancing the influence of Chinese culture, and fostering a strong cultural identity [25][28] - It emphasizes the importance of Marxism in the ideological field and the promotion of socialist core values [28][31] Group 7 - The strategy aims to improve people's livelihoods and promote common prosperity, addressing urgent issues faced by the populace [27][31] - It includes enhancing employment quality, improving income distribution, and ensuring access to quality education and social security [31][32] Group 8 - The plan focuses on achieving a comprehensive green transformation and building a beautiful China, emphasizing ecological safety and sustainable development [32][35] - It aims to promote carbon neutrality and establish a new energy system while enhancing green development momentum [35][32] Group 9 - The strategy includes modernizing the national security system and capabilities, ensuring social order and vitality [34][38] - It emphasizes the importance of a comprehensive national security strategy and improving public safety governance [38][41] Group 10 - The plan aims for high-quality advancement of national defense and military modernization, adhering to the leadership of the Communist Party [39][41] - It includes enhancing combat capabilities and modernizing military governance [41][42]

【导读】六大券商首席解读党的二十届四中全会公报 中国基金报 券商报道组 党的二十届四中全会 10 月 20 日至 23 日在北京举行，会议审议通过了《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》。 10 月 23 日，党的二十届四中全会公报发 布。五年规划对国民经济和社会发展具有重要意义，对此，中国基金报记者采访了多位券商 首席对公报和规划建议内容进行解读。 受访券商首席分别为 广发证券首席经济学家郭磊、中信建投证券首席经济学家黄文涛、申万 宏源证券首席经济学家赵伟、方正证券首席宏观经济学家燕翔、浙商证券首席经济学家李 超，以及中金公司研究部首席国内策略分析师李求索 。 受访券商首席表示，全会公报明确提出 " 十五五 " 时期经济社会发展的主要目标。其中 " 高 质量发展取得显著成效 " 位列第一，是最主要的目标。预计 " 十五五 " 经济增速目标设置将 较为灵活，更突出 " 提质增效 " 。 受访券商首席认为，在必须遵循的原则方面，会议新增 " 坚持以经济建设为中心 " ，并将其 置于 " 以推动高质量发展为主题 " 之前，进一步凸显对经济发展的重视。在科技创新方面， 加强 " 原始创新 " ...

消费引擎释放内需新活力 本报（chinatimes.net.cn）记者张智 北京报道 不久前的2025年中秋国庆假期，我国全社会跨区域人员流动量创下历史新高，其中，8.88亿人次国内出 游，较2024年国庆节假日7天增加1.23亿人次；国内游总花费8090.06亿元，较2024年国庆节假日7天增加 1081.89亿元。 热气腾腾的假日消费图景，是"十四五"期间中国内需潜力释放、发展韧性增强的生动缩影，也为"十五 五"时期扩内需工作打下了坚实的基础。 刚刚闭幕的党的四中全会审议通过了《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》（下称《建议》），其中要求，要建设强大国内市场，加快构建新发展格局，坚持扩大内需这个战 略基点，坚持惠民生和促消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新 需求，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和可靠性。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。 "我国扩大内需既有空间，又有潜力。《建议》提出，要坚持惠民生和促消费、投资于物和投资于人紧 密结合，深入实施提振消费专项行动，扩大服务消费，推动商品 ...

Group 1 - The core viewpoint emphasizes the importance of both GDP and GNI, focusing on the economic development of China and the well-being of its people [1][3] - The 14th Five-Year Plan aims for qualitative improvement and reasonable quantitative growth, promoting comprehensive human development and common prosperity [1][3] - The strategy includes enhancing domestic demand and establishing a modern industrial system through technological self-reliance and innovation [2][3] Group 2 - The article highlights the necessity of talent development to support innovation and economic growth, recognizing that people are both the producers and consumers in the economy [3] - It discusses the goal of increasing the middle-income group from 400 million to over 800 million in the next decade, while also addressing regional and urban-rural disparities [3] - The focus is on improving the social safety net and increasing the proportion of disposable income in national income to boost consumer spending [3][5] Group 3 - The article stresses the need for a balanced approach in production, circulation, distribution, and consumption to strengthen the domestic economic cycle [4][5] - It advocates for a unified national market to facilitate the free flow of goods and resources, enhancing the interaction between consumption and investment [5] - The ultimate goal is to create a resilient and competitive large-scale economy that meets the growing needs of the people [5]

Group 1 - The core focus during the "15th Five-Year" period is to strengthen the foundation for achieving socialist modernization and to fully exert efforts in economic and social development [1] - Emphasis on developing the real economy, with a focus on intelligent, green, and integrated directions, aiming to build a strong manufacturing nation and a modern industrial system [5][10] - The strategy includes optimizing traditional industries, nurturing emerging industries, and promoting high-quality development in the service sector [5] Group 2 - The need to seize opportunities from the new round of technological revolution and industrial transformation, enhancing the national innovation system and self-innovation capabilities [7] - Strengthening original innovation and tackling key core technologies, promoting deep integration of technological and industrial innovation [7] Group 3 - The strategy aims to expand domestic demand as a strategic basis, combining consumer welfare with investment in goods and people, fostering a positive interaction between supply and demand [11] - Efforts to boost consumption and effective investment while removing barriers to national market construction [11] Group 4 - The plan includes expanding high-level opening-up and maintaining a multilateral trade system to enhance international circulation [16] - Promoting trade innovation and expanding bilateral investment cooperation, particularly in the context of the Belt and Road Initiative [17] Group 5 - Addressing agricultural modernization and rural revitalization as a priority, enhancing agricultural production capacity and quality [22][18] - Promoting urban-rural integration and ensuring modern living conditions in rural areas [22] Group 6 - The strategy focuses on optimizing regional economic layout and promoting coordinated regional development [24][21] - Enhancing regional development coordination and promoting spatial development patterns [24] Group 7 - The importance of cultural innovation and the development of socialist culture is highlighted, aiming to enhance the influence of Chinese civilization [28][25] - Promoting the core socialist values and cultural industry development [28] Group 8 - The plan emphasizes improving people's livelihoods and promoting common prosperity, addressing urgent social issues and enhancing quality of life [31][27] - Fostering high-quality employment and improving the social security system [31] Group 9 - The strategy includes advancing ecological transformation and building a beautiful China, focusing on carbon neutrality and ecological safety [35][32] - Promoting pollution prevention and establishing a new energy system [35] Group 10 - The modernization of national security systems and capabilities is a key focus, ensuring social order and governance [38][34] - Strengthening national security capabilities in key areas and improving public safety governance [38] Group 11 - High-quality advancement of national defense and military modernization is emphasized, adhering to the leadership of the Communist Party [41][39] - Accelerating the integration of mechanization, informationization, and intelligence in military development [42]

在生产、流通、分配和消费等四个经济活动的基本环节中，做大做强国内大循环，必须同时发力才能构 成一个完整而又均衡的体系，尤其是需要补足生产和消费之间的流通、分配环节，通过构建全国统一大 市场来促进各种要素与货物的自由流通，更要做好分配促进消费并反哺和支持生产领域的创新。因此， 要将投资于物和投资于人紧密结合，促进消费和投资、供给和需求良性互动，做大做强国内大循环，满 足人民日益增长的美好生活需求，构筑更具韧性、竞争力与规模优势的大国经济优势。 当前，世界正经历百年未有之大变局，我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多 的时期。在这样的背景下，我国必须加快构建新发展格局，即重视供给侧的科技自立自强，通过创新解 决各类"卡脖子"问题，建设现代化产业体系；又牢牢扭住扩大内需这个战略基点，使生产、分配、流 通、消费更多依托国内市场，形成国民经济良性循环。最终做强国内大循环、畅通国内国际双循环，提 高发展质量和韧性。 实现高水平科技自立自强与以内需为主导的模式，能够实现内部可循环，促进总供给和总需求在更高水 平上实现动态平衡，并以巨大国内市场和供给能力支撑并带动外循环，最终形成大国经济的优势。可以 发现， ...

Group 1: Economic Development and Planning - The 14th Five-Year Plan has achieved high completion rates and quality improvements despite challenges such as the pandemic and external pressures, with key macro indicators like GDP and employment meeting or nearing targets [2] - The upcoming 15th Five-Year Plan emphasizes high-quality development, with a focus on technological self-reliance and expanding domestic demand as crucial support for achieving socialist modernization [3][4] Group 2: Technological Innovation and Education - The 15th Five-Year Plan will prioritize technology-driven and innovation-led development, aiming for breakthroughs in key areas such as artificial intelligence, chips, aerospace, and biomedicine [4] - The plan highlights the integration of education, technology, and talent development to foster a sustainable innovation capability [4] Group 3: Domestic Demand and Economic Stability - The emphasis on "new demand leading new supply" reflects a focus on stimulating consumption and investment, which is expected to enhance the stability and sustainability of economic growth [5] - The strategy to strengthen domestic circulation aims to boost internal demand, thereby reducing the impact of external uncertainties on the economy [5] Group 4: Foreign Trade and Cooperation - The plan calls for expanding high-level opening-up and promoting trade innovation, with a focus on diversifying trade partners and enhancing the competitiveness of export products [6] - Continued efforts to deepen bilateral and regional cooperation, including the implementation of the RCEP, are expected to enhance the resilience of China's foreign trade [6] Group 5: Real Estate Sector Transformation - The real estate sector is transitioning towards long-term high-quality development, with a focus on meeting residents' demands for improved housing quality [7] - The emphasis on "high-quality" housing supply indicates a shift from the previous "three highs" model, aiming for sustainable growth in the real estate market [7] Group 6: Macroeconomic Policy and Support - The ongoing macroeconomic policies will focus on stabilizing employment, businesses, and market expectations to support economic recovery [8] - Coordinated fiscal and monetary policies are expected to enhance economic growth and structural optimization during the 15th Five-Year Plan [8]

特别是在经济社会发展领域要进一步夯实基础、全面发力。要着力推动经济实现质的有效提升和量的合理增 长，充分释放经济增长潜力，努力从中等收入国家向中等发达国家水平迈进。 要着力在发展新质生产力上取得重大突破，加快培育新动能，壮大新的经济增长引擎；要着力促进供需两侧 结构全面优化升级，坚持惠民生和促消费、投资于物和投资于人紧密结合，促进形成更多由内需主导、消费 拉动、内生增长的经济发展模式。 【大河财立方消息】10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 中央财办分管日常工作的副主任、中央农办主任韩文秀会上表示，"十五五"时期是基本实现社会主义现代化夯 实基础、全面发力的关键时期，具有承前启后的重要地位。 韩文秀表示，从现在起到2035年，只有10年时间，前五年发展好了才能争取更大主动，要以时不我待、只争 朝夕的时代紧迫感和历史使命感，科学谋划未来五年经济社会发展，紧紧抓住时间窗口，巩固拓展优势，破 除瓶颈制约，补强短板弱项，推动事关中国式现代化全局的战略任务取得重大突破。 责编:李文玉 | 审核:李震 | 监审:古筝 要着力推动经济和社会协调发展，在高质量发展中提高人民生活品质，解决好 ...

Group 1 - The core viewpoint of the report emphasizes that the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlines a blueprint for future economic and social development, focusing on high-quality development as a key task during the 14th Five-Year Plan period [3][4] - The report highlights that the economic growth rate during the 14th Five-Year Plan is approximately 5.4% annually, which alleviates some pressure on the growth rate for the 15th Five-Year Plan [3] - The construction of a modern industrial system is identified as a primary task, with a focus on strengthening the real economy and advancing the transformation and upgrading of industries [3][4] Group 2 - The report indicates that the 15th Five-Year Plan will prioritize domestic demand expansion and consumption promotion, aiming to strengthen the domestic circulation and enhance consumer capacity [4] - It discusses the importance of market-oriented reforms to improve resource allocation efficiency and expand high-level openness, which will facilitate the development of new productive forces [4] - The emphasis on technological innovation and self-reliance in high-level technology is noted as a critical foundation for developing new productive forces, with a focus on original innovation and core technology breakthroughs [3][4]