中央委员、贵州省委书记徐麟："十四五"时期这五年是极不平凡的。以习近平同志为核心的党中央，总 揽全局，带领全党全军全国各族人民团结一心，众志成城，集中精力办好自己的事。这五年，我国经济 和社会发展取得了新的开创性进展、突破性的变革、历史性的成就。 中央委员、甘肃省委书记胡昌升：习近平总书记代表中央政治局所作的工作报告，高屋建瓴，视野宏 阔，彰显了政治担当，饱含了为民情怀，集中了全党智慧，汇集了人民力量，实现了理论创新和实践创 新相统一、顶层设计与基层探索相统一、时代要求与人民期盼相统一，为未来五年擘画了宏伟蓝图，必 将对党和国家事业发展产生重大而深远的影响。 中央委员、吉林省委书记黄强："十四五"时期打下了很好的基础，实现了良好开局。用中长期规划指导 经济社会发展，是中国特色社会主义的重要政治优势和成功经验。党的二十大明确，到2035年基本实现 社会主义现代化，"十五五"时期是夯实基础、全面发力的关键时期。吉林省将认真学习贯彻二十届四中 全会精神，不折不扣贯彻落实全会的决策部署，奋力推动吉林高质量发展和全面振兴取得新突破。 "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。与会同志们表示，要 ...

Group 1: Economic Development Goals - The "15th Five-Year Plan" aims for significant achievements in high-quality development, technological self-reliance, and comprehensive reforms [1] - By 2035, the goal is to elevate China's economic, technological, defense, and comprehensive national strength, achieving a per capita GDP at the level of moderately developed countries [1] Group 2: Industrial and Technological Advancements - The Ministry of Industry and Information Technology emphasizes new industrialization, focusing on high-quality development and the integration of technological and industrial innovation [2] - Plans include nurturing emerging industries and future sectors, with a focus on advanced manufacturing and technology-driven growth [2] Group 3: Market and Economic Structure - The strategy includes expanding domestic demand and enhancing the domestic market's resilience to external risks [4][5] - A unified national market will be promoted by eliminating unreasonable market entry restrictions and ensuring fair competition [4][5] Group 4: Agricultural and Rural Development - The focus is on modernizing agriculture and rural areas, with goals set for 2035 to achieve agricultural modernization and improved living conditions in rural areas [6] - Efforts will be made to enhance agricultural productivity and quality, while promoting rural revitalization [6] Group 5: Social Welfare and Employment - The plan emphasizes improving people's livelihoods and promoting common prosperity through enhanced social welfare systems and employment opportunities [7] - Key initiatives include improving income distribution, education, and healthcare services [7] Group 6: Environmental Sustainability - The "15th Five-Year Plan" includes a commitment to green transformation and building a beautiful China, focusing on carbon neutrality and ecological protection [8][9] - Policies will be implemented to promote a circular economy and sustainable resource management [9] Group 7: Macro-Economic Stability - The government aims to stabilize employment, businesses, and market expectations to maintain economic stability [10] - Continuous macroeconomic policy adjustments will be made to support economic recovery and growth [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Group 1 - The CR450 high-speed train operates at a speed of 400 km/h, enabling travel from Beijing to Shanghai in just three hours, showcasing China's advancements in technology and innovation during the 14th Five-Year Plan [1][2] - The C919 large passenger aircraft and the "Aida·Modu" ship represent significant milestones in China's aerospace and maritime industries, contributing to the formation of a one-hour transportation circle in the Beijing-Tianjin-Hebei region [2][3] - The launch of the first domestically produced electromagnetic aircraft carrier, Fujian, and the "Dream" submersible for deep-sea exploration highlight China's rapid advancements in naval and oceanographic technology [3][4] Group 2 - The 14th Five-Year Plan has accelerated the growth of emerging industries, with breakthroughs in key core technologies and an increasing number of products featuring "Chinese chips" [4][5] - China is transforming from a global technology participant and contributor to a pioneer and leader, reflecting a significant shift in its role in the global technology landscape [5]

Core Insights - The national market regulation technology and information work conference was held in Hangzhou, Zhejiang from October 16 to 17, emphasizing the importance of technology and information in market regulation [1] Group 1: Strategic Emphasis - The conference highlighted the need to deeply implement the Central Committee's strategic deployment regarding a technology-powered nation, a cyber power, and a digital China [1] - It stressed the importance of adhering to the Party's comprehensive leadership and enhancing the level of top-level design [1] Group 2: Technological Innovation - The meeting called for collaborative efforts to leverage technological innovation as a leading force [1] - There is a push to accelerate the application of new technologies to gradually improve the quality and efficiency of smart regulation [1] Group 3: Development and Innovation - The conference aimed to cultivate a solid development foundation and continuously stimulate innovation vitality [1] - It seeks to provide stronger technological and informational support for the modernization of market regulation, contributing to high-quality economic and social development [1]

Core Insights - The technology sector is experiencing a strong resurgence, particularly in areas such as communication equipment, computer devices, software development, data centers, and cloud computing, with notable ETF performances [1] - 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 strategic planning in technological innovation [1] - The Ministry of Industry and Information Technology is launching a "millisecond computing" initiative aimed at establishing a nationwide millisecond-level computing network by 2027, which will stimulate demand across various segments of the computing infrastructure and network equipment manufacturing [1] Industry and Company Summary - The ChiNext AI ETF (159246) tracks the ChiNext AI Index, which selects 50 companies from the ChiNext market, covering the entire AI industry chain including hardware, software, and applications [2] - The ETF focuses on leading companies in communication equipment and optical modules, providing a comprehensive investment opportunity in the AI sector [2] - Investors without stock accounts can access opportunities through linked funds (A class 024662; C class 024663) [2]

Core Insights - The article highlights China's significant advancements in space exploration and technology innovation over the past five years, particularly during the "14th Five-Year Plan" period [3][6]. Group 1: Space Exploration Achievements - China's space station has been fully constructed and is now in the application and development phase, having hosted 9 crewed missions and 6 "space rendezvous" events, with a total of 23 astronauts and 27 spaceflights [3]. - The Chang'e 6 mission marked the first successful sample return from the far side of the moon, showcasing China's capabilities in lunar exploration [3]. - The establishment of China's first commercial space launch site and the initiation of the first asteroid exploration mission further solidify China's status as a major space power [3]. Group 2: Technological Innovations - The article emphasizes the role of technological innovation in measuring the height of Mount Everest, which has seen advancements from traditional triangulation to satellite remote sensing and intelligent calculations [4][5]. - Innovations in intelligent surveying technology are being applied in various fields, including emergency mapping and spatial planning, contributing to the construction of a digital China [5]. Group 3: Research and Development Growth - China's total number of R&D personnel ranks first globally, with a significant proportion of young scientists leading key projects, indicating a robust and dynamic research environment [6]. - Basic research funding reached 249.7 billion RMB in 2024, reflecting a growth of over 70% since 2020, which is crucial for establishing a strong foundation for scientific advancement [6]. - The number of highly cited papers from China accounts for about one-third of the global total, maintaining the country's position as the second-largest contributor in this area for four consecutive years [6]. Group 4: Future Strategic Goals - The article outlines strategic goals set by the 20th National Congress of the Communist Party of China, aiming for high-level self-reliance in technology and the establishment of a strong technological nation by 2035 [6]. - Plans for the next five years include the development of major national science and technology projects, the establishment of verification platforms, and the continuation of the "Belt and Road" technology innovation action plan [6].

Core Insights - Over the past five years, China has achieved significant milestones in various sectors, showcasing resilience and vitality amid global uncertainties [1][3][13] - The country's GDP has reached approximately 140 trillion yuan, with per capita GDP surpassing $13,000 for the first time, reflecting a robust economic narrative [3][16] - China has transitioned from a "follower" to a "leader" in technology and innovation, with notable advancements in R&D and global innovation rankings [5][18] Economic Growth - China's economic total has consistently crossed multiple thresholds, reaching 140 trillion yuan, with an average growth rate of 5.5% over the past four years, outpacing global averages [3][16] - The contribution rate of China to global economic growth remains around 30%, positioning it as a crucial engine for global economic development [16][33] Technological Innovation - China has accelerated its technological transformation, moving from "catching up" to "leading" in global innovation, with its global innovation index ranking rising from 34th in 2012 to 10th by 2025 [5][18] - R&D intensity has surpassed the average levels of EU countries, with a significant increase in the number of high-level international journal publications and patents [18][19] Social Welfare and Quality of Life - Key indicators of social welfare, such as resident income and employment security, have shown significant improvement, enhancing the overall quality of life for citizens [7][36] - The focus on equitable distribution of development benefits aims to increase the sense of gain, happiness, and security among the populace [7][36] Infrastructure and Industry - China has built the world's largest high-speed rail network and continues to lead in renewable energy installations, including solar and wind power [21][31] - The manufacturing sector remains robust, with China maintaining its position as the largest industrial producer globally, particularly in automobiles and electronics [21][22] Future Outlook - Looking ahead, China aims to achieve further economic advancements and structural improvements, with a focus on becoming a technology powerhouse and enhancing the integration of innovation and industry [5][37] - The upcoming "15th Five-Year Plan" is expected to solidify the foundation for achieving socialist modernization by 2035 [37]

Core Achievements - Over the past five years, China has achieved significant milestones in various sectors, including space exploration, high-speed rail technology, and renewable energy, establishing itself as a global leader in these fields [1][2][3][4][7][10]. Economic Growth - China's GDP reached approximately 140 trillion yuan, with per capita GDP surpassing $13,000 for the first time, reflecting a robust economic performance and increased consumer spending [2][11]. - The average economic growth rate over the past four years was 5.5%, exceeding the global average, contributing around 30% to global economic growth [11]. Technological Innovation - China has transitioned from "catching up" to "leading" in technological innovation, with its global innovation index ranking rising from 34th in 2012 to 10th in 2025 [3][13]. - R&D investment intensity has surpassed the average level of EU countries, and the integration of technology and industry has accelerated, particularly in artificial intelligence [3][14]. Social Welfare - Key indicators of social welfare, such as resident income and employment security, have shown significant improvement, enhancing the overall quality of life for citizens [4][21]. - The goal of common prosperity is becoming more tangible, with expectations for better employment opportunities and public services in the future [4][21]. Infrastructure Development - China has built the world's largest high-speed rail network and renewable energy systems, solidifying its position as a leader in infrastructure [17][18]. - The country has also established the largest and most comprehensive manufacturing system globally, maintaining its status as the largest industrial robot market for 12 consecutive years [15][16]. Global Trade and Cooperation - China has maintained its position as the world's largest trading nation for eight consecutive years, with significant contributions to international cooperation through initiatives like the Belt and Road [19][20]. - The country is expected to achieve a record in the export of innovative pharmaceuticals, reflecting its growing influence in global markets [19].

Core Insights - Over the past five years, China has achieved significant milestones in various sectors, showcasing resilience and vitality amid global uncertainties [1][2][3][4] - The economic total reached approximately 140 trillion yuan, with per capita GDP surpassing 13,000 USD for the first time, indicating a stronger national comprehensive strength and improved living standards for citizens [2][4] Group 1: Economic Growth - China's GDP has consistently crossed multiple 10 trillion yuan thresholds, maintaining its position as the world's second-largest economy [1] - The economic growth narrative is reflected in increased consumer spending and a more diversified and high-end industrial structure [2] Group 2: Technological Innovation - China has transitioned from "catching up" to "keeping pace" and now to "leading" in technological innovation, with its global innovation index ranking rising from 34th in 2012 to 10th in 2025 [3] - R&D investment intensity has surpassed the average level of EU countries, indicating a strong commitment to innovation [3][4] Group 3: Social Welfare - Key indicators of social welfare, such as resident income and employment security, have exceeded expectations during the 14th Five-Year Plan, enhancing the overall quality of life for citizens [4] - The focus on common prosperity is expected to manifest in better employment opportunities, higher quality public services, and a more inclusive social system in the future [4]