Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20 to 23, 2025, in Beijing, focusing on the main goals for economic and social development during the "14th Five-Year Plan" period [2] - The session emphasizes significant achievements in high-quality development, increased self-reliance in technology, and breakthroughs in comprehensive deepening of reforms [3] Group 1 - The main goals for the "14th Five-Year Plan" period include notable improvements in high-quality development and a substantial increase in the level of technological self-reliance [3] - The session aims to enhance the construction of a modern industrial system and a strong domestic market, while accelerating high-level technological self-reliance [5] - The focus will also be on consolidating and expanding the foundation of the real economy and accelerating the establishment of a new development pattern [5] Group 2 - The session will promote the modernization of agriculture and rural areas, and advance the socialist market economy system to create a win-win cooperation scenario [5] - There will be an emphasis on optimizing regional economic layout and promoting coordinated regional development [6] - The session aims to enhance cultural innovation and creativity, and to improve the living standards of all citizens, ensuring common prosperity [6]

Market Overview - The Hong Kong stock market opened lower but closed higher, with the Hang Seng Index reaching 25,968 points, up 0.7%. The National Enterprises Index rose 0.8% to 9,301 points. Total trading volume increased to HKD 245.3 billion from HKD 227.5 billion the previous day [1] - In sector performance, Energy, Consumer Discretionary, and Telecommunications sectors rose by 1.6%, 1.0%, and 0.8% respectively, while Industrials, Consumer Staples, and Healthcare sectors declined by 0.1%, 0.2%, and 1.2% respectively [1] Company Performance - Li Ning (2331 HK) and China Hongqiao (1378 HK) were the top gainers, increasing by 6.6% and 4.5% respectively. Conversely, Pop Mart (9992 HK) and CSPC Pharmaceutical Group (1093 HK) were the biggest losers, falling by 9.4% and 3.0% respectively [1] - In the beverage sector, the price war in the mainland's ready-to-drink tea market intensified, leading to a decline in leading companies such as Mixue Ice City (2097 HK) by 4.5% and Gu Ming (1364 HK) by 6.9% [5] - In the gaming sector, Sands China (1928 HK) reported a 7.5% year-on-year increase in total revenue for Q3, with net profit up 1.5% and adjusted property EBITDA up 2.7%. This positive performance led to a more than 4% increase in Sands China's stock price [5] Industry Dynamics - The energy sector saw a rise in crude oil prices, with WTI rebounding to USD 61.5 per barrel amid concerns over tight supply due to sanctions on Russian oil companies [2] - The electricity consumption in China for September was reported at 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, which is lower than the 5.0% growth in August. This indicates a potential slowdown in the energy sector [6]

Market Performance - On October 23, 2025, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 3922.41 points, up 0.22%, and the Shenzhen Component Index at 13025.45 points, also up 0.22%. The ChiNext Index rose 0.09% to 3062.16 points. Over 2900 stocks increased in value, with a total trading volume of 1.64 trillion yuan, down 239 billion yuan from the previous trading day [1] - The Hong Kong stock market rebounded, with the Hang Seng Index rising 0.72% to 25967.98 points, and a total trading volume of 245.256 billion HKD. The Hang Seng China Enterprises Index increased by 0.83% to 9300.74 points, while the Hang Seng Tech Index rose 0.48% to 5951.45 points [1] - In the U.S. stock market, driven by strong technology stocks, all three major indices closed higher. The Dow Jones Industrial Average rose 0.31% to 46,734.61 points, the S&P 500 increased by 0.58% to 6,738.44 points, and the Nasdaq Composite gained 0.89% to 22,941.80 points. The S&P 500 fully recovered the previous day's decline of approximately 0.5% [1] New Stock Listings - A new stock, Chao Ying Electronics (stock code 603175), was listed with an issuance price of 17.08 yuan per share and a price-to-earnings ratio of 28.64. The company specializes in automotive electronic PCBs and is one of the few in China capable of mass production of multi-layer HDI and arbitrary layer interconnected HDI automotive electronic boards. Its products are widely used in automotive electronics, displays, storage, consumer electronics, and communications [3] - Another new stock, Da Ming Electronics (stock code 603376), is set for subscription with an issuance price of 12.55 yuan per share and a price-to-earnings ratio of 17.97. The company focuses on automotive electronic components and provides comprehensive solutions for the design, development, production, and sales of automotive body electronic control systems. Its main products include driver assistance systems, cockpit central control systems, smart optoelectronic systems, window control systems, and seat adjustment systems [4] Policy and Economic Goals - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the need to boost consumption and expand effective investment, aiming to eliminate obstacles to the construction of a unified national market. The focus is on enhancing domestic circulation and promoting a positive interaction between supply and demand [5] - The session also outlined the main goals for the 14th Five-Year Plan period, including significant achievements in high-quality development, substantial improvements in self-reliance in technology, breakthroughs in deepening reforms, and enhanced social civilization. By 2035, the aim is to significantly elevate China's economic, technological, defense, and comprehensive national strength, with a target for per capita GDP to reach the level of moderately developed countries [5]

Core Viewpoint - The article emphasizes the main goals for economic and social development during the "14th Five-Year Plan" period, focusing on high-quality development and significant improvements in various sectors by 2035 [1] Group 1: Economic Development Goals - High-quality development will achieve significant results, with a marked increase in self-reliance and strength in technology [1] - Comprehensive deepening of reforms will make new breakthroughs [1] - By 2035, the aim is for China's economic strength, technological strength, national defense strength, comprehensive national power, and international influence to significantly rise [1] Group 2: Social and Environmental Goals - The level of social civilization will be noticeably enhanced, and the quality of life for the people will continuously improve [1] - Major progress will be made in building a beautiful China [1] - The national security barrier will be further consolidated [1] Group 3: Future Aspirations - By 2035, the goal is to reach the GDP per capita level of moderately developed countries, leading to a happier and better life for the people [1] - The basic realization of socialist modernization is targeted [1]