Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The Party's 20th Fourth Plenary Session emphasized economic construction and high - quality development, aiming for a balance between qualitative improvement and quantitative growth in the economy [1][2]. - Science and technology are of greater importance in the 15th Five - Year Plan, and the goal of increasing per capita GDP to the level of moderately developed countries by 2035 is maintained [3]. - The government is determined to achieve the annual economic and social development goals, with macro - policies set to continue and increase efforts when necessary [4]. - The manufacturing industry will maintain a reasonable proportion, and the modern industrial system will be centered around advanced manufacturing [5][6]. - There are opportunities in new - quality productivity and technological innovation, and investment opportunities in related capital market themes are promising [7]. - Consumption's contribution to economic growth will increase during the 15th Five - Year Plan, and there is potential for its growth [8]. - In the capital market, the upward cycle is far from over, with the technology and cyclical sectors driving up the main indices. For the bond market, the current influence of the conference is neutral [9]. 3. Summary by Directory Work Tone - The report reiterates "taking economic construction as the center" and "taking high - quality development as the theme", aiming for a balance between the quality and quantity of economic development [2]. Main Goals - The 15th Five - Year Plan emphasizes science and technology and reform. The goal of increasing per capita GDP to the level of moderately developed countries by 2035 implies an average annual nominal GDP growth of about 4.7% in the next decade, and around 5% in the early stage of the 15th Five - Year Plan [3]. Current Situation and Tasks - The government is committed to achieving the annual economic and social development goals, with macro - policies set to continue and increase efforts. Fiscal and quasi - fiscal policies have been introduced to drive investment and improve domestic demand [4]. Industrial Structure Transformation - The modern industrial system will be built with advanced manufacturing as the backbone, and the manufacturing industry will maintain a reasonable proportion [5][6]. Technological Competition Leadership - There are opportunities in new - quality productivity and technological innovation. The 15th Five - Year Plan should focus on domestic substitution technology and related capital market themes [7]. Domestic Demand Consumption - Consumption's contribution to economic growth will increase during the 15th Five - Year Plan. The relationship between supply and demand will be more balanced, and there is potential for consumption growth [8]. Market Outlook - **Stock Index Futures**: The upward cycle of the capital market is far from over. It is recommended to lay out blue - chip indices for the end - of - year and spring market in the medium - to - long term, and expect short - term fluctuations [9]. - **Treasury Bond Futures**: The current influence of the conference on the bond market is neutral, and short - term trading is affected by factors such as Sino - US trade negotiations and fund redemption fee regulations [9].