Group 1 - The article emphasizes the importance of building a modern industrial system to strengthen the foundation of the real economy [2] - It highlights the need to optimize and enhance traditional industries while fostering the growth of emerging and future industries [3][4] - The development of high-quality and efficient services is also a key focus [5] Group 2 - A modern infrastructure system is essential, along with accelerating high-level technological self-reliance and innovation [7] - The article stresses the importance of original innovation and key core technologies [9] - It advocates for deep integration of technological and industrial innovation [11] Group 3 - The construction of a strong domestic market is crucial, with efforts to boost consumption and expand effective investment [16][17][19] - The article calls for breaking down barriers to create a unified national market and enhancing the quality of economic development [21][23] Group 4 - The modernization of agriculture and rural areas is highlighted, focusing on improving agricultural production capacity and quality [25] - It discusses the importance of regional economic layout optimization and promoting coordinated regional development [25][26] Group 5 - The article emphasizes the need for cultural innovation and the development of the cultural industry to enhance the influence of Chinese civilization [26][28] - It also addresses the importance of improving public services and promoting common prosperity [28][29] Group 6 - The article outlines the goal of promoting high-quality development in real estate and advancing the construction of a healthy China [29] - It discusses the importance of achieving carbon peak and forming a green production and lifestyle [30] Group 7 - The modernization of national security systems and capabilities is crucial for building a safer China [30] - The article emphasizes the need for a comprehensive social governance system to achieve national defense modernization [31]

《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》28日公布。其中，"建设现代 化产业体系，巩固壮大实体经济根基"被摆在战略任务的第一条，彰显实体经济对我国发展至关重要的 作用，要在接续推进中国式现代化进程中牢牢把握。 实体经济是国家发展的本钱，构筑发展战略优势的重要支撑。"十四五"以来，我国工业增加值从 31.3万亿元增至40.5万亿元。我国经济经受住世纪疫情严重冲击，有效应对一系列重大风险挑战，实体 经济功不可没。 大国之大，必有大国之重。没有坚实的物质技术基础，就不可能全面建成社会主义现代化强国。特 别是在"十五五"这个"夯实基础、全面发力"的关键时期，我国发展环境面临深刻复杂变化，经济增长需 要保持适当速度，维护国家安全需要厚植发展韧性，科技创新需要抓住时间窗口乘势而上……这些都要 求我们坚持把发展经济的着力点放在实体经济上，以建设现代化产业体系笃"实"夯基、向新而进。 新华社北京10月28日电 题：巩固壮大实体经济根基 新华社记者张辛欣、周圆 "建设现代化产业体系，巩固壮大实体经济根基"是一个系统工程。《建议》提出"坚持智能化、绿 色化、融合化方向""推动重点产业提质升级"等一系列举措，不 ...

Core Viewpoint - The market showed strength in the afternoon, with sectors such as photovoltaic equipment, solid-state batteries, and energy storage leading the gains, indicating a positive trend in new energy themes [1] Group 1: Market Performance - Major indices collectively rose, with the ChiNext Index up by 2.4%, the STAR Market 50 Index up by 0.8%, and the CSI A500 Index up by 1.1% as of 14:05 [1] - The A500 ETF (159361) saw a net subscription exceeding 180 million units during the session [1] Group 2: Policy and Economic Outlook - China Galaxy Securities highlighted that the "14th Five-Year Plan" focuses on building a modern industrial system, enhancing technological self-reliance, and improving domestic market strength, which will guide resources towards key sectors and support a long-term bullish trend in A-shares [1] - The short-term outlook suggests an increase in market risk appetite, potentially leading to a sustained upward trend in A-shares [1] Group 3: Index Composition - The CSI A500 Index consists of 500 stocks with large market capitalization and good liquidity, featuring a balanced industry distribution with a high weight in emerging sectors like information technology and healthcare [1] - The ChiNext Index includes 100 stocks from the ChiNext board with large market capitalization and high liquidity, heavily weighted towards strategic emerging industries like new energy [1] - The STAR Market 50 Index comprises 50 stocks from the STAR Market, with over 65% representation from the semiconductor industry [1] Group 4: Investment Products - The A500 ETF (159361), ChiNext ETF (159915), and STAR Market 50 ETF (588080) all have a low management fee rate of 0.15% per year, facilitating low-cost investment portfolio construction for investors [2]

Core Viewpoint - The importance of building a modern industrial system and consolidating the foundation of the real economy is emphasized as a strategic task for China's development, highlighting the critical role of the real economy in the country's progress towards modernization [1][2]. Group 1: Economic Growth and Real Economy - Since the beginning of the 14th Five-Year Plan, China's industrial added value has increased from 31.3 trillion yuan to 40.5 trillion yuan, demonstrating the resilience of the real economy in withstanding significant challenges such as the pandemic [1]. - The real economy is identified as the foundation for national development and a crucial support for strategic advantages, underscoring the need to focus on it during the 15th Five-Year Plan period [1]. Group 2: Modern Industrial System - The construction of a modern industrial system is described as a systematic project that includes initiatives such as promoting intelligent, green, and integrated directions, and upgrading key industries to enhance competitiveness and foster a good innovation ecosystem [2]. - Advanced manufacturing is positioned as the backbone of the modern industrial system, with a focus on developing new pillar industries and implementing industrial innovation projects to create new economic growth points [2]. Group 3: Implementation and Policy Support - The successful realization of the modern industrial system requires concrete actions and effective implementation of the central government's directives, with an emphasis on policy guidance, resource allocation, and ensuring the necessary factors for supporting the real economy [2]. - There is a call for strong measures to create a social atmosphere that values industry and encourages innovation, thereby enhancing the sense of gain from deepening industrial efforts [2].

Group 1: Policy Insights - The "15th Five-Year Plan" emphasizes risk response, highlighting the need to gain strategic initiative amid intense international competition[1] - The structure of the "15th Five-Year Plan" largely follows the previous "14th Five-Year Plan," indicating policy stability and continuity[1] - The term "safety" is a key theme, covering various sectors including economic governance and social stability, with a focus on "safety + all industries"[2] Group 2: Efficiency and Focus - The "15th Five-Year Plan" places greater emphasis on efficiency, with the term "efficiency" appearing 9 times and "high efficiency" 15 times, compared to 3 and 7 times in the "14th Five-Year Plan" respectively[2] - The word "focus" appears 24 times in the "15th Five-Year Plan," indicating a shift towards prioritizing key areas, up from 12 mentions in the previous plan[2] - Specific policies aimed at enhancing consumer welfare and stabilizing the economy are highlighted, such as transferring state capital to social security funds and removing unreasonable consumption restrictions[3] Group 3: Societal and Market Dynamics - The plan addresses "anti-involution" by proposing measures to eliminate barriers to a unified national market, reflecting a commitment to long-term reform[3] - The report warns of potential risks, including policy implementation falling short of expectations and geopolitical disturbances impacting domestic policies[3]

Core Insights - The report highlights the acceleration of demand and continuous improvement in profitability for the companies analyzed, particularly in the semiconductor and copper industries, with significant year-on-year growth in revenue and net profit [12][13][14]. Company Summaries Unigroup Guowei (002049.SZ) - The company reported a revenue of 4.904 billion yuan for Q1-Q3 2025, representing a 15.1% year-on-year increase, and a net profit of 1.263 billion yuan, up 25.0% year-on-year [12]. - In Q3 2025 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, with net profit soaring by 109.6% to 571 million yuan [12]. - The growth is attributed to the recovery in special business demand, stable development in traditional consumer markets, and accelerated expansion in eSIM and automotive safety chips [14]. Luoyang Copper (603993) - The company achieved a revenue of 145.49 billion yuan for Q1-Q3 2025, a decrease of 6.0% year-on-year, but net profit surged by 72.6% to 14.28 billion yuan, driven by rising copper prices and increased production and sales [13][14]. - Q3 2025 revenue was 50.71 billion yuan, down 2.4% year-on-year but up 4.0% quarter-on-quarter, with net profit increasing by 96.4% year-on-year to 5.61 billion yuan [14]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, and has acquired Lumina Gold Company to diversify its mineral portfolio [14]. Other Companies - The report also covers various companies such as Nanjing Bank, which reported a revenue of 419 billion yuan for 9M25, up 8.8% year-on-year, and a net profit of 180 billion yuan, up 8.1% year-on-year, indicating a stable performance [20]. - New Australia Co. is highlighted for benefiting from the rising prices of Australian wool, with expectations of significant performance elasticity due to favorable supply and demand dynamics [19]. Industry Insights - The semiconductor industry is experiencing a new cycle of prosperity, driven by increased demand for special integrated circuits and advancements in high-end AI visual perception and automotive electronics [14]. - The copper industry is seeing a rebound in prices and production, with companies like Luoyang Copper capitalizing on this trend to enhance profitability and expand operations [14]. - The report emphasizes the importance of technological modernization and structural optimization in traditional industries as key components of future growth strategies [11].

Group 1: Report Title and Core View - The report is titled "Rebar: Macro Sentiment Drives Up, Steel Prices Show Strong and Volatile Trends; Hot-Rolled Coil: Macro Sentiment Drives Up, Steel Prices Show Strong and Volatile Trends" [1] - The core view is that macro sentiment drives up the prices of rebar and hot-rolled coil, and their prices show strong and volatile trends [1] Group 2: Fundamental Data Futures Data - Rebar futures contract RB2601 closed at 3,091 yuan/ton yesterday, up 15 yuan/ton or 0.49%. The trading volume was 1,333,406 lots, the open interest was 1,930,357 lots, and the open interest decreased by 22,644 lots [1] - Hot-rolled coil futures contract HC2601 closed at 3,305 yuan/ton yesterday, up 28 yuan/ton or 0.85%. The trading volume was 504,315 lots, the open interest was 1,473,797 lots, and the open interest decreased by 8,933 lots [1] Spot Price Data - Rebar spot prices in Shanghai, Hangzhou, Beijing, and Guangzhou were 3,220 yuan/ton, 3,290 yuan/ton, 3,140 yuan/ton, and 3,310 yuan/ton respectively yesterday, with daily increases of 10 yuan/ton, 10 yuan/ton, 20 yuan/ton, and 0 yuan/ton [1] - Hot-rolled coil spot prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3,340 yuan/ton, 3,370 yuan/ton, 3,240 yuan/ton, and 3,310 yuan/ton respectively yesterday, with daily increases of 10 yuan/ton, 10 yuan/ton, 20 yuan/ton, and 10 yuan/ton [1] - The price of Tangshan steel billet was 2,980 yuan/ton yesterday, up 20 yuan/ton [1] Basis and Spread Data - The basis of RB2601 was 129 yuan/ton yesterday, up 19 yuan/ton; the basis of HC2601 was 35 yuan/ton yesterday, up 4 yuan/ton [1] - The spread of RB2601 - RB2605 was -63 yuan/ton yesterday, down 4 yuan/ton; the spread of HC2601 - HC2605 was 11 yuan/ton yesterday, down 2 yuan/ton [1] - The spread of HC2601 - RB2601 was 214 yuan/ton yesterday, up 15 yuan/ton; the spread of HC2605 - RB2605 was 162 yuan/ton yesterday, up 9 yuan/ton [1] - The spot spread between hot-rolled coil and rebar was 23 yuan/ton yesterday, unchanged [1] Group 3: Macro and Industry News - On October 28, the "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development" was released, which mentioned promoting the high-quality development of the steel industry, including promoting the quality improvement and upgrading of key industries and enhancing the independent controllability of the industrial chain [2][4] - According to the weekly data from SteelHome on October 23, in terms of production, rebar production increased by 5.91 million tons, hot-rolled coil production increased by 0.62 million tons, and the total production of the five major varieties increased by 8.37 million tons; in terms of total inventory, rebar inventory decreased by 18.94 million tons, hot-rolled coil inventory decreased by 4.27 million tons, and the total inventory of the five major varieties decreased by 27.41 million tons; in terms of apparent demand, rebar demand was 6.26 million tons, hot-rolled coil demand increased by 11.18 million tons, and the total demand increased by 17.32 million tons [4] - In September 2025, China produced 73.49 million tons of crude steel, a year-on-year decrease of 4.6%, with a daily output of 2.4497 million tons/day, a month-on-month decrease of 1.8%; produced 66.05 million tons of pig iron, a year-on-year decrease of 2.4%, with a daily output of 2.2017 million tons/day, a month-on-month decrease of 2.2%; produced 124.21 million tons of steel, a year-on-year increase of 5.1%, with a daily output of 4.1403 million tons/day, a month-on-month increase of 4.5%. From January to September, China cumulatively produced 746 million tons of crude steel, a year-on-year decrease of 2.9%, with a cumulative daily output of 2.7335 million tons; produced 646 million tons of pig iron, a year-on-year decrease of 1.1%, with a cumulative daily output of 2.3658 million tons; produced 1.104 billion tons of steel, a year-on-year increase of 5.4%, with a cumulative daily output of 4.0434 million tons [4] - In early October 2025, the steel inventory of key steel enterprises was 15.88 million tons, a 1.21 - million - ton increase or 8.2% increase from the previous ten - day period; a 3.51 - million - ton increase or 28.4% increase from the beginning of the year; a 60,000 - ton increase or 0.6% increase from the same ten - day period of last month; a 1.15 - million - ton increase or 7.8% increase from the same ten - day period of last year; and a 480,000 - ton decrease or 2.9% decrease from the same ten - day period of the year before last [4] Group 4: Trend Intensity - The trend intensity of rebar is 0, and the trend intensity of hot-rolled coil is 0. The trend intensity ranges from -2 (most bearish) to 2 (most bullish), with 0 indicating neutral [4][5]

Core Insights - The construction of a modern industrial system is a strategic task emphasized in the 20th National Congress, highlighting the importance of advanced manufacturing as the core component [2][3] Group 1: Modern Industrial System - The modern industrial system includes advanced manufacturing, modern agriculture, modern services, and infrastructure, with advanced manufacturing being the most critical [2] - Industrialization is the foundation of modernization, and advanced manufacturing is essential for driving high-quality development and new productive forces [3] Group 2: Role of Different Industries - Traditional industries account for approximately 80% of manufacturing and serve as the foundation for modern industries [4] - Emerging industries are crucial for high-quality development and represent the forefront of technological revolution and industrial transformation [4] - Future industries, driven by cutting-edge technologies, are in their infancy and possess strategic, leading, disruptive, and uncertain characteristics [4] Group 3: Shanghai's Industrial Strategy - Shanghai aims to enhance traditional industries through smart, green, and integrated transformations while expanding emerging industries and seizing opportunities in future industries [5][8] - The city is positioned as a key player in national strategies, responsible for implementing strategic deployments [5] Group 4: Importance of Integration - Integration is a global trend in innovation, moving from differentiation in traditional industries to fusion in the knowledge or digital economy [6] - The smartphone exemplifies fusion innovation, combining multiple functionalities into a single product [6] Group 5: Technology Innovation - High-level technological self-reliance is essential for developing new productive forces, with a focus on the deep integration of technological and industrial innovation [7] - Companies are now seen as the main entities for technological innovation, necessitating a high-level socialist market economy to facilitate this integration [7] Group 6: Development of Industrial Clusters - Shanghai's successful experience includes establishing leading industrial projects that create industrial bases, extend supply chains, and foster industrial ecosystems [8] - The city is developing high-end industrial clusters along the eastern coastal areas, with a focus on advanced manufacturing and emerging industries such as AI, integrated circuits, and biomedicine [8]

新华社记者 10月28日，《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》全文发布。 党的二十届四中全会上，习近平总书记就《建议》起草的有关情况向全会作说明时指出，"十五 五"时期是夯实基础、全面发力的关键时期，制定和实施好"十五五"规划，就能为2035年基本实现社会 主义现代化奠定更加坚实的基础。 全会通过的"十五五"规划建议，准确把握"十五五"时期在基本实现社会主义现代化进程中的重要地 位，对"十五五"时期我国经济社会发展作出系统谋划和战略部署，为乘势而上、接续推进中国式现代化 建设擘画宏伟蓝图、指明前进方向。 明确"十五五"时期经济社会发展主要目标 翻开《建议》，通篇15部分开列61条，分为三大板块，坚持目标导向和问题导向、坚持系统思维、 坚持进一步全面深化改革、坚持扩大对外开放，全面部署"十五五"时期我国经济社会发展和党的建设各 方面工作。 科学设定发展目标，对制定和实施好五年规划至关重要。 《建议》从七方面明确"十五五"时期经济社会发展的主要目标：高质量发展取得显著成效，科技自 立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不断提 高，美丽中国建设取 ...

（原标题：产业放在首位、金融强国升维，这些"十五五"增量信息值得关注） 10月28日，新华社受权发布二十届四中全会审议通过的《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》和习近平主席《关于<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>的说明》。 另一方面，"金融强国"的建设可以实现"定价权"与"财富效应"的双重突破，既要掌握核心资产的定价自 主权，防止定价权旁落；也要让股市成为居民财产性收入的重要来源，可以进一步切实增强民众的消费 底气。 新兴产业要成为支柱，未来产业重在"前瞻布局"。前者是新旧动能转换的重点，在新能源、新材料、航 空航天、低空经济等方面形成产业集群；后者重在抢得先机、占据主动，重点布局量子科技、生物制 造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等。 华创证券研究所副所长、首席宏观分析师张瑜表示，从产业来看，得益于"十四五"时期对现代化产业体 系、实体经济以及制造业的重视，未来五年中国权益资产投资将具备非常丰富的可选择投资赛道与品种 及增长空间。 张瑜认为，通过建设现代化产业体系以巩固壮大实体经济根基主要具备三大优势：第一，承接以房地产 为代表的旧经 ...