Core Insights - The communication index has shown a strong increase of 2.42%, with significant gains in constituent stocks such as Shijia Photon up 12.79% and Wentai Technology up 8.56% [1][4] - The communication ETF (159695) has risen by 2.55%, with a notable 11.55% increase over the past week, ranking first among comparable funds [1][4] - The "14th Five-Year Plan" emphasizes high-quality economic development and increased focus on technology, suggesting a shift in policy towards seizing technological development opportunities [4] Market Performance - The communication ETF recorded a turnover rate of 11.88% and a trading volume of 30.89 million yuan, indicating active market participation [4] - Over the past week, the ETF's scale increased by 10.33 million yuan, leading among comparable funds [4] - The ETF's net value has risen by 113.73% over the past two years, ranking 38th out of 2366 index equity funds, placing it in the top 1.61% [4] Return Metrics - The highest monthly return since the ETF's inception was 33.97%, with the longest consecutive monthly gain being 5 months and a maximum cumulative increase of 76.35% [4] - The average return during the months of increase is 7.57% [4] Industry Outlook - The demand for computing power is expected to continue growing, with the industry shifting from "competing for orders" to "ensuring delivery" by 2026, making delivery capability a key competitive indicator [4] - Leading companies are anticipated to excel due to their supply chain management capabilities [4] Major Holdings - As of September 30, 2025, the top ten weighted stocks in the communication index account for 66.02% of the total index, including major players like Zhongji Xuchuang and ZTE [5][7] - The detailed performance of these stocks shows varied increases, with Zhongji Xuchuang at 1.12% and New Yi Sheng at 7.12% [7] Investment Opportunities - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [7]

Group 1 - The core message of the 20th Central Committee's Fourth Plenary Session emphasizes the importance of prioritizing economic development, which is seen as a fundamental national policy since the reform and opening up, crucial for China's significant achievements over the past 40 years [1][4] - China's per capita GDP has increased over 70 times since the beginning of the reform and opening up, but it still only matches the global average, indicating challenges ahead to reach the level of developed countries by 2035 [4] - The U.S. attempts to suppress China's economic development through trade wars and other means, highlighting the importance of the central government's reaffirmation of economic construction as a guiding principle [4] Group 2 - The 20th Central Committee's Plenary Session calls for seizing the high ground in technological development, recognizing the intensifying competition in technology, especially under geopolitical tensions [5][7] - In the next five years, breakthroughs in core frontier areas of technology are expected, with artificial intelligence being a major focus, where China has made significant advancements and may have surpassed the U.S. in certain applications [7][9] - China is also leading in quantum computing and has made substantial progress in energy technologies, including nuclear fusion and advanced nuclear power, indicating a potential for explosive growth in these sectors during the 14th Five-Year Plan [11] Group 3 - China's approach to foreign trade and investment is evolving into a new phase, characterized by a "China + N" model, where global enterprises will produce in China while diversifying their production locations [13][15] - The new openness strategy includes welcoming high-quality foreign enterprises and supporting Chinese companies in expanding globally, aiming to create a synergistic industrial chain [17] - The focus remains on economic construction, technological advancement, new industrial chains, domestic markets, consumption, and improving people's livelihoods as key battlegrounds during the 14th Five-Year Plan [17]

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of economic construction as a central focus for China's development during the 14th Five-Year Plan period [2] - The session highlights the need for China to accelerate high-level technological self-reliance and innovation, particularly in key frontier areas such as artificial intelligence, quantum computing, and life sciences [3][5] - The integration of domestic demand expansion and investment in human capital is identified as crucial for enhancing consumer capacity and fostering a skilled workforce [7] - The establishment of a unified national market is deemed a significant task for the 14th Five-Year Plan, aimed at improving resource allocation efficiency and boosting domestic demand [9] - The new phase of high-level opening up is characterized by a shift towards a "China + N" model, where global enterprises engage in production and research in China while diversifying their operations internationally [10] Economic Construction - The focus on economic construction is rooted in the historical context of China's reform and opening up, which has led to significant GDP growth [2] - The need for continued economic growth is underscored by the public's desire for improved living standards and the challenges posed by international pressures, particularly from the U.S. [2] Technological Development - The session calls for breakthroughs in several core technological fields, with artificial intelligence being a primary focus, where China has made rapid advancements [3][5] - Other areas of emphasis include quantum computing, life sciences, and energy technologies, with expectations for explosive growth in these sectors during the 14th Five-Year Plan [5][6] Human Capital Investment - Investment in human capital is highlighted as essential for expanding domestic demand, with policies aimed at increasing income share and enhancing public welfare [7] - The importance of cultivating a well-educated workforce is reiterated, as it has been a key driver of China's rapid economic development [7] Unified National Market - The creation of a unified national market is seen as vital for effective resource allocation and resilience against external uncertainties [9] - Key components of this initiative include standardizing rules, systems, and government actions to enhance market efficiency [9] High-Level Opening Up - The new opening-up strategy emphasizes welcoming high-quality foreign enterprises while supporting Chinese companies in global expansion [10] - This approach aims to create synergies between domestic and foreign enterprises, enhancing China's position in global supply chains [10]