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 ...

会议以视频会议形式召开，各省辖市、济源示范区、航空港区设分会场。有关省领导出席。 刘宁强调，要全力以赴稳态势，强化政策落地、监测调度、企业帮扶、农业生产，稳住经济基本 盘。要千方百计挖潜力，坚持惠民生和促消费、投资于物和投资于人紧密结合，提振信心促消费，大抓 项目扩投资，开拓市场稳外贸。要多措并举增动能，纵深推进融入服务全国统一大市场建设，促进科技 创新和产业创新深度融合，加快建设现代化产业体系。要办好实事惠民生，加强稳岗促就业工作，巩固 拓展脱贫攻坚成果，加强对困难群众帮扶救助，强化重要民生商品保供稳价、能源电力安全保供，深化 污染防治攻坚，确保重点民生实事全面完成。要防化风险保稳定，坚决维护政治安全，防控经济运行中 各类风险，压紧压实安全生产责任，强化食品药品安全全链条监管，加强社会治安整体防控，统筹好发 展和安全。要持之以恒推进全面从严治党，营造良好政治生态，激励干部担当作为。 10月28日，奋战四季度坚决实现全年目标任务动员部署会在郑州召开，省委书记刘宁出席并讲话， 强调要深入学习贯彻党的二十届四中全会精神和习近平总书记在河南考察时重要讲话精神，推动全省上 下坚定信心、攻坚克难，开展并打好冬春季攻保战 ...

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of building a modern industrial system and strengthening the foundation of the real economy as a top priority for national development [1][2] Group 1: Industrial Development - The proposal aims to optimize and upgrade traditional industries, focusing on enhancing the global competitiveness of sectors such as chemicals, machinery, and shipbuilding, which account for approximately 80% of the manufacturing value added [2] - The National Development and Reform Commission (NDRC) estimates that there will be an additional market space of around 10 trillion yuan in the next five years [2] - The development of emerging pillar industries, including new energy, new materials, aerospace, and low-altitude economy, is expected to create several trillion-yuan market opportunities [2] Group 2: Market Strategy - The strategy emphasizes the importance of a strong domestic market as a key component of China's modernization, with a focus on expanding domestic demand [2] - Specific pathways include increasing market volume, enhancing efficiency, and ensuring smooth circulation of goods and services [2] Group 3: Investment and Efficiency - The annual scale of fixed asset investment in China has reached 50 trillion yuan, with a need to optimize government investment structures to better address public welfare and developmental needs [3] - The proposal includes measures to improve the proportion of government investment in public welfare, manage investments throughout their lifecycle, and enhance the overall effectiveness of investments [3] - The synergy between upgrading traditional industries and the growth of emerging industries is crucial for achieving stable and dynamic economic growth [3]

Core Points - The meeting focused on promoting the deep integration of technological innovation and industrial innovation in line with the spirit of the 20th Central Committee of the Communist Party of China [1][2] - The provincial government aims to leverage its strong industrial base and rich scientific resources to enhance innovation capabilities and drive economic transformation [1] Group 1 - The provincial political consultative conference organized a seminar to discuss the integration of technology and industry, emphasizing the importance of this integration for economic revitalization [1] - The meeting was chaired by the provincial political consultative conference chairman, Zhou Bo, who highlighted the need to implement the directives from the 20th Central Committee [1][2] - Zhou Bo pointed out that the province has a complete industrial system and abundant educational resources, which can be utilized to achieve breakthroughs in economic revitalization [1] Group 2 - The conference emphasized the importance of conducting interdisciplinary and cross-sectoral research to address key issues related to technological investment and innovation capabilities [2] - The provincial political consultative conference aims to contribute positively to the province's high-quality development by facilitating discussions and democratic supervision [2]

Economic Development - The focus shifts from quantity to quality in economic growth, emphasizing a reasonable growth rate while enhancing total factor productivity and increasing household consumption[1] - High-quality development aims for significant breakthroughs in new productive forces, modern economic systems, and a robust domestic demand-driven economy[1] Consumer Focus - Increased emphasis on consumer spending, addressing challenges such as employment and income growth pressures, and demographic changes impacting consumption[2] - Clear targets set for improving household consumption rates and enhancing public service spending to boost consumer capacity[2] Fiscal Policy - The plan highlights the importance of active fiscal policies and sustainability, with a 4% deficit rate and a 6 trillion yuan debt replacement approved last year[3] - Emphasis on improving local tax systems and adjusting central-local fiscal responsibilities to address local debt issues[3] Monetary and Financial Policy - The strategy aims to accelerate the construction of a financial powerhouse, with a focus on developing a comprehensive monetary policy and macro-prudential management system[4] - The plan promotes the internationalization of the renminbi and the establishment of a cross-border payment system, removing previous cautious language[5] Industry and Technology - The goal of significantly enhancing self-reliance in technology is prioritized, with a focus on optimizing traditional industries while fostering emerging sectors like renewable energy and quantum technology[6] - The plan emphasizes breakthroughs in key technologies across various fields, including integrated circuits and advanced materials[7] Real Estate Development - The focus on real estate shifts towards high-quality development, aligning with policies aimed at improving living standards and meeting diverse housing needs[9] Investment Strategy - The emphasis is on maintaining reasonable investment growth while improving returns, with specific projects mentioned for infrastructure and public safety[10] Population Policy - The approach to population issues transitions from merely addressing aging to promoting high-quality population development, including improved support for childbirth and elderly care[12] National Security - The concept of national security expands to include food, energy, and supply chain security, as well as emerging fields like artificial intelligence and biotechnology[13]

Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need to adhere to this theme during the "14th Five-Year Plan" period [1][2][5] - The focus on high-quality development has led to significant achievements, including a rise in China's economic growth rate, ranking among the top economies globally, and an increase in the country's comprehensive innovation capability from 14th in 2020 to 10th in 2024 [2][3] - The establishment of the world's largest carbon emissions trading market and a clean power supply system reflects the acceleration of green and low-carbon transformation [2][3] Group 2 - High-quality development is essential for advancing Chinese-style modernization and is a critical requirement for the overall socialist modernization process [3][4] - The construction of a modern industrial system is necessary to support high-quality development, focusing on strengthening the real economy and promoting intelligent, green, and integrated development [3][4] - The emphasis on technological self-reliance and innovation is crucial for achieving high-quality development, with a call for enhancing the national innovation system and fostering original innovation capabilities [4][5]

Group 1 - The Shanghai Composite Index broke the 4000-point mark for the first time in ten years, reaching a high of 4010.73 points on October 28, 2023, driven by positive signals from the 2025 Financial Street Forum and the "14th Five-Year Plan" emphasizing technological self-reliance [1] - The total trading volume for the day was 2.15 trillion yuan, with significant contributions from AI hardware and optical modules, as well as new materials and minor metals [1] - A total of 72 stocks hit the daily limit up, with notable gains in technology and regional attributes, particularly in Jiangsu province where companies in electronics, new materials, and high-end manufacturing saw substantial increases [1] Group 2 - Huatai Securities indicated that technology remains the main focus of the market in the short term, while multiple brokerages, including CITIC Securities, highlighted that the "14th Five-Year Plan" outlines a clear growth path for A-shares through technological breakthroughs and industrial upgrades [2] - Several executives from Jiangsu-listed companies expressed their commitment to focusing on the development and layout in areas such as digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology under the guidance of policy [2] - The capital market is expected to empower the technology sector, potentially leading to the emergence of a number of global leading enterprises within the A-share technology segment [2]