美国学者：中国依托自身模式取得非凡成就，美国不得不正视现实丨世界观 近期，美国知名学者彼得·沃克(Peter Walker)访问中国人民大学重阳金融研究院(人大重阳)，在人大重阳 区域国别论坛之"美国系列"第十八场活动中发表题为"关于中美关系的见解"的公开演讲，以东西方文化 与思维的本质差异为切入点，深入探讨了当前中美两国各自发展模式的未来方向。以下为讲座观点精 编： 我想强调一个基本观点：中国模式极其稳定，且这种稳定性已持续极长周期。然而，美国对此理解甚 少。 当中国通过大规模脱贫、建设世界级基础设施、形成倍数级领先的制造业能力，特别是在前沿领域取得 突破性成就时，美国不得不正视一个现实：中国确实取得了非凡成就。 关键问题在于：如何确保体制质量？ "中国模式"强于美国的三大优势 首先，中国执行的是一套选贤任能的机制——通过长期系统评估干部政绩与潜力，择优晋升。 "五年规划"则体现强大执行力：中央设定目标后，各省市、行业制定落实方案，经目标值校准达成共 识，最终形成全民共同践行的路线图。 0:00 视频：美国知名学者：希望美国认清"遏制中国"不切实际丨世界观 来源：中国新闻网 中国的终极战略优势在于"产业政策 ...

第三，人民动力。1亿人脱贫、4亿中等收入群体、全球最大社保体系。国家大图景与百姓小目标同频共振，人民的创造力才是最硬核的生产力。 第四，制度优势。政府有为、市场有效，双轮驱动释放出持续活力。叠加14亿人口的超大市场，新兴产业迭代加速，中国经济的舞台广阔无边。 所以，140万亿不是顶点，而是新起点。真正的逻辑是：方向明、理论新、调控准、人民强、市场大。未来，更精彩。 （唐加文，笔名金观平；本文成稿后，经AI审阅校对） 《140万亿！中国经济的"大逻辑"》 1978年，中国GDP还不到4000亿元，如今预计将突破140万亿元，相当于平均每秒创造4.4万元财富。这一路狂飙，不是运气，而是逻辑。 第一，战略定力。中国的发展不是"谁上台就换路"，而是一张蓝图绘到底。五年规划、中长期战略、逆周期调控，让经济像高铁一样稳中加速。 第二，理论创新。从"发展才是硬道理"到"新发展理念""新质生产力"，理论升级不是书本口号，而是产业车间里的机器人、新能源工厂里的电池、乡村里的 数字农业。 ——当世界惊叹于奇迹，我们更清楚背后的必然 ...

Core Viewpoint - The upcoming 14th National Congress will discuss the "14th Five-Year Plan" and its major projects, which will reflect the strategic intentions and medium-to-long-term goals of the country, guiding future policies and resource allocations [4][5][6]. Summary by Sections Major Project Positioning and Classification - Major projects in the Five-Year Plans are essential for reflecting national strategic intentions and medium-to-long-term goals, serving as the core direction for policy resources and funding [6][8]. - There is no unified standard for defining major projects, but they generally need to align with high-quality development and national industrial policies [6][7]. - Major projects are categorized into infrastructure, industrial, livelihood, and ecological projects, with local adaptations based on regional development plans [6][7]. Historical Review of Major Projects - Since the first Five-Year Plan in 1953, major projects have evolved from focusing on heavy industry to encompassing infrastructure, technology, and ecological initiatives [11][12]. - The "14th Five-Year Plan" emphasizes high-quality development, green low-carbon initiatives, and technological innovation, reflecting a shift in national strategic focus [12][15]. Implementation Mechanisms - The implementation of major projects is supported by a series of policies to ensure smooth execution, including streamlined approval processes and enhanced funding mechanisms [8][9][10]. - The "13th Five-Year Plan" introduced a systematic approach to major projects, emphasizing a "list-style" method for effective implementation [15]. Upcoming "15th Five-Year Plan" Major Projects - The "15th Five-Year Plan" is expected to continue the focus on livelihood, technology, infrastructure, ecological construction, and security projects, building on the previous plan's objectives [20][21]. - Local governments are actively planning major projects that align with national strategies while addressing regional needs, particularly in infrastructure and technology innovation [21][23]. Specific Project Examples - Significant projects under the "14th Five-Year Plan" include major water conservancy projects, transportation infrastructure, and initiatives in artificial intelligence and green energy [16][19][22]. - Local plans for the "15th Five-Year Plan" include substantial investments in waterway construction and technology-driven projects, with some regions planning over 500 major projects with total investments exceeding 180 billion [22][24].

Asia Quantitative Strategy China Next Winners: Repeating the Alpha Playbook Rupal Agarwal +65 6326 7641 rupal.agarwal@bernsteinsg.com Cheng Zhang, CFA, CQF +852 2123 2636 cheng.zhang@bernsteinsg.com This report is part of a series on China Next Winners in which we identify the next generation of industries and corporate winners in China. We present an alpha playbook deriving systematic insights from the past for the future. Five-year plan, a useful guide: In the run-up to the 15th five-year plan to be annou ...

Core Points - The year marks the conclusion of the "14th Five-Year Plan" and the planning for the "15th Five-Year Plan," emphasizing the importance of scientific planning in governance and modernization of the governance system [1][2] - The "15th Five-Year Plan" is crucial for implementing the strategic deployments of the 20th National Congress of the Communist Party and advancing Chinese-style modernization [1][2] - Historical evidence shows that long-term planning has significantly contributed to China's economic development and social stability, transitioning from basic needs to overall well-being [2] Group 1 - The importance of scientific decision-making, democratic decision-making, and legal decision-making in the planning process is highlighted, ensuring that top-level design and public consultation are integrated [3][4] - The "14th Five-Year Plan" involved extensive public engagement, with over 311.3 million suggestions collected online, setting a precedent for public participation in planning [3][4] - The need for a systematic approach in planning is emphasized, focusing on the interconnections between micro and macro, local and overall, and current and long-term relationships [6] Group 2 - The establishment of effective channels for public consultation is necessary to gather genuine public opinion and enhance understanding of strategies and plans [4] - Utilizing digital technology can improve data collection and analysis, allowing for better understanding of public needs and governance challenges [5][6] - A systematic view is essential for integrating top-level design with public input, ensuring that societal concerns are embedded in the overall planning framework [6]

Market Performance - Global indices showed mixed performance, with the Hang Seng Tech Index leading with a gain of 5.09% [1] - The A-share market experienced a downward trend, particularly in the banking and non-bank financial sectors, which saw declines of 4.21% and 3.66% respectively [2][3] - The overall equity market in China faced volatility, with the Shanghai Composite Index dropping by 1.30% [2] Industry Performance - The coal industry led the weekly gains with a rise of 3.5%, followed closely by electric power equipment at 3.1% and electronics at 3.0% [3] - Conversely, the banking sector faced significant losses, declining by 4.2%, while non-bank financials and non-ferrous metals also saw declines of 3.7% and 4.0% respectively [3] - Year-to-date performance highlights include the electronics sector up 44.3% and electric power equipment up 32.0% [3] Investment Strategies - The upcoming "14th Five-Year Plan" is expected to create investment opportunities, with significant trading activity anticipated around key announcements [5][6] - Historical data suggests that the market tends to react positively during the trading periods surrounding the release of the "Five-Year Plan" documents, with an average increase of 7.02% [6] Sector Highlights - The robotics sector is gaining traction, driven by expectations of recovering T-chain orders and recent positive developments from key industry players [4] - The banking sector has been under pressure due to a shift in market sentiment and capital flow towards higher-risk sectors, leading to a notable decline in stock prices [4]

为什么说五年规划的本质根本不是求稳，而是一场又一场国运级别的豪赌？看懂今天这个视频，你就看 明白了这个赌局的真相，以及我们普通人的财富和命运是如何被这场豪赌给彻底改变的。 ...

Core Viewpoint - The "anti-involution" policy has led to an upward turning point in the PPI year-on-year growth rate, indicating that the worst phase of the industry supply-demand structure has passed, which is expected to improve corporate profitability and market risk appetite [1][3]. Group 1: Economic Indicators - In August, the PPI turned from a month-on-month decline of 0.2% to flat, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points compared to the previous month [3]. - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of expansion [3]. Group 2: Equity Market Insights - CITIC Securities noted that under the trend of "anti-involution," the attractiveness of RMB assets continues to rise, with the manufacturing sector expected to convert its share advantage into pricing power and subsequently into long-term profit recovery [5]. - Morgan Stanley indicated that A-shares are likely to continue outperforming offshore markets due to improved liquidity and a shift of funds from the bond market and savings into equities, alongside expectations of policy easing [6]. - Guohai Securities highlighted that small-cap and growth styles are likely to benefit more from the upcoming "14th Five-Year Plan," with small-cap indices averaging an 8.6% increase and growth styles averaging a 7.0% increase in the month following the release of the plan [7]. Group 3: Industry Research - Kaiyuan Securities suggested that the gaming industry is transitioning from short-term "one-hit" products to long-cycle projects, with significant long-term growth potential as consumer trends shift towards emotional consumption [12]. - Penghua Fund expressed optimism about AI and robotics, predicting that leading companies in these sectors will emerge as the market seeks new growth drivers, with a potential trillion-dollar market opportunity [13]. - Western Li De Fund emphasized three investment opportunities: AI hardware and applications, sectors benefiting from the "anti-involution" policy such as new energy and aquaculture, and consumer sectors expected to recover due to domestic stimulus policies [14].

#报告 高盛：中国五年规划回顾与展望 https://t.co/N8gWYKIz8LNone (@None):None ...

Core Points - The article discusses the impact of China's Five-Year Plans on the lives of 1.4 billion people, highlighting improvements in food availability, transportation convenience, and access to cross-province medical services [2] Group 1 - The implementation of Five-Year Plans has led to significant changes in food supply, making more food available on dining tables [2] - Transportation has become faster and more convenient due to the initiatives outlined in the Five-Year Plans [2] - Access to medical services across provinces has improved, reducing difficulties for patients seeking care [2]