Core Insights - The "15th Five-Year Plan" serves as a critical transition point towards the 2035 long-term goals, directly impacting the employment choices, income changes, and quality of life for 1.4 billion people [1][3] - The plan emphasizes high-quality economic growth, with a projected per capita GDP of $14,000 by the end of 2025, requiring an average annual GDP growth rate of over 4.4% in the next decade [3][5] - The restructuring of the consumption market aims to significantly increase the household consumption rate, which currently stands at 37.2%, well below the international average of 53.8% [5][10] Economic Growth and Consumption - The "15th Five-Year Plan" continues the qualitative approach of the "14th Five-Year Plan," focusing on consumption and innovation as key drivers of growth [3][5] - The plan identifies a clear goal to raise the household consumption rate, addressing the core issue of low property income, which is only 3.2% of GDP compared to the international average [5][10] - The automotive market is shifting focus towards the aftermarket, with policies aimed at expanding service areas such as maintenance and financing [7] Social Welfare and Employment - Upgrades in social welfare are aimed at creating a more robust safety net, with a focus on increasing income distribution equity and raising minimum wage standards across provinces [10][12] - The plan includes measures to enhance educational and healthcare services, such as expanding free education and improving community health services [12][14] - The employment landscape is evolving with the rise of new industries, including new energy and low-altitude economy, which are expected to create numerous job opportunities [16][19] Policy and Institutional Reforms - Institutional reforms are crucial for supporting these changes, with a focus on creating a unified market and adjusting the fiscal system to reduce local government burdens [16] - The plan emphasizes the importance of digitalization in social security services, enhancing convenience for the elderly and other vulnerable groups [14] - The collaboration between industry and employment is highlighted, with significant growth expected in sectors like robotics and 5G technology, necessitating workforce adaptation and skills training [19]

【博时市场点评6月10日】沪深两市调整，创业板跌超1% 简评：《意见》旨在通过一系列有针对性的措施，解决群众在教育、医疗、住房、养老、育儿等方面的 急难愁盼问题。这些措施不仅关注短期纾困，也注重长效机制的建立，以提升公共服务质量和覆盖面。 《意见》的出台标志着在人口结构变化与消费升级的双重背景下，政策红利将加速释放，为教育、医 疗、养老、社区服务等产业打开增长空间。长期而言，民生保障升级将通过"收入提升-消费扩容-产业 升级"的传导链，为经济注入新动能。 每日观点 今日沪深两市调整，创业板跌幅超1%，两市成交较昨日继续放量至1.45万亿。昨日公布5月价格和出口 数据，5月CPI同比-0.1%，PPI同比-3.3%。CPI同比连续4个月为负，从结构上看，其中能源和食品项是 主要拖累；而PPI则受到原材料价格下行和国内建筑业开工偏弱的影响，同比降幅扩大。出口方面，5月 出口增速较前值下降3.3个百分点至4.8%，整体上看，出口小幅放缓但仍有韧性。结构上主要受到对美 出口放缓的拖累，5月对美出口降幅进一步扩大，中美关税下调在5月中旬生效，反映到数据尚需时间， 但由于总体关税水平仍高，关税和贸易环境仍对外需产生较大影 ...

重磅利好来了， 中国民生保障体系从"兜底型"向"发展型"跃迁。 6 月 9 日，据新华社等权威媒体披露，中共中央办公厅、国务院办公厅联合印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意 见》（以下简称《意见》）。 机构认为，《意见》的出台标志着在人口结构变化与消费升级的双重背景下， 政策红利将加速释放，为教育、医疗、养老、社区服务等产 业打开万亿级增长空间。 // 4大维度重塑民生保障体 系 // 1、社会保障公平性显著增强 《意见》明确提出" 全面取消在就业地参加社会保险的户籍限制"，打破城乡二元壁垒，推动劳动力要素自由流动。 据新华社报道，政策还将支持有条件地区将生育保险生育津贴直接发放至参保人账户，并合理提高最低工资标准。 中证网分析称， 这一举措将直接降低企业用工成本中的隐性负担，同时增强劳动者消费能力，预计每年释放约 2000 亿元潜在消费力。 2、公共服务均衡化加速推进 文件要求"以县域为基本单元，推进公共服务城乡一体化"，并推动人口流入地城市"一城一策"制定常住地服务标准。医疗、教育等资源将 向中西部及县域倾斜，例如 新建改扩建 1000 所以上优质普通高中，新增高等教育资源向中西部人口 ...

Investment Opportunities - The report suggests focusing on investment opportunities in TMT, new energy, home appliances, automotive, and consumer sectors during the Two Sessions [2][24] - High-growth sectors identified include TMT, new energy, and pharmaceuticals, while policy-driven sectors include TMT under technology innovation and home appliances, automotive, and consumer electronics under domestic demand expansion [2][24] Market Trends - Historical analysis indicates that market performance tends to be weaker after the Two Sessions compared to before, with small-cap stocks showing higher winning probabilities in the short term [7][10] - The average performance of major indices post-Two Sessions shows declines, with the Shanghai Composite Index averaging a decline of -1.34% in the first five trading days [7][10] Policy Directions - The report anticipates a GDP growth target of around 5% for 2025, with a focus on stability in economic growth expectations across various provinces [16][19] - Key policy themes identified include new quality productivity, deepening digital economy, expanding domestic demand, and upgrading social welfare [21][22] Industry Focus - The report emphasizes the importance of sectors related to new quality productivity, such as artificial intelligence, industrial internet, and data elements, as well as future industries like satellite internet and humanoid robots [2][24] - Specific industries to watch include TMT, new energy, and pharmaceuticals, driven by technological advancements and policy support [25][26] Consumer Sector - The consumer sector is expected to see improved performance post-Two Sessions, with significant growth in real estate, construction, retail, food and beverage, and transportation sectors [10][14] - Policies aimed at boosting consumption include issuing digital RMB vouchers and enhancing urban-rural coordination to stimulate consumer spending [22][23]