光大期货金融期货日报 光大期货金融期货日报（2025 年 10 月 31 日） 一、研究观点 | 品种 | 点评 市场全天震荡调整，沪指失守 4000 点，深成指、创业板指均跌超 1%。《中国 | 观点 | | --- | --- | --- | | | 共产党第二十届中央委员会第四次全体会议公报》聚焦几大主线：（1）"抓 住新一轮科技革命和产业变革历史机遇"并形成现代化产业体系；（2）继续 | | | | 扩大内需，"促进消费和投资、供给和需求良性互动"；（3）继续深化改革和 扩大开放。《公报》内容符合市场预期，提振市场信心，预计未来结构化行情 | | | 股指 | | 偏强 | | | 仍将延续。但当前科创指数估值处于历史极值位置，盘面上谨慎追高。此外， | | | | 中美近日在马来西亚举行经贸磋商，会谈进程富有建设性，可能促成双方元 | | | | 首更加密切的交流。短期来看，本周进入三季报密集发布期，重要会议后市 | | | | 场关注点可能重新回到基本面上来，建议关注三季报指数营收同比等重要数 | | | | 据。 | | | 2 | 周四国债期货收盘，30 年期主力合约涨 0.19%，10 年期 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 10 月 28 日） 一、研究观点 | 品种 | 点评 昨日，A 股市场高开高走，科计板块领涨，上游钢铁、有色、建材等也有不 | 观点 | | --- | --- | --- | | | 错的表现。Wind 全 A 收涨 1.19%，成交额 2.36 万亿元，中证 1000 指数上涨 1.03%，中证 500 指数上涨 1.67%，沪深 300 指数上涨 1.19%，上证 50 指数上 | | | | 涨 0.78%。《中国共产党第二十届中央委员会第四次全体会议公报》聚焦几大 | | | | 主线：（1）"抓住新一轮科技革命和产业变革历史机遇"并形成现代化产业 | | | 股指 | 体系；（2）继续扩大内需，"促进消费和投资、供给和需求良性互动"；（3） | 偏强 | | | 继续深化改革和扩大开放。《公报》内容符合市场预期，提振市场信心，预计 | | | | 未来结构化行情仍将延续。但当前科创指数估值处于历史极值位置，盘面上 | | | | 谨慎追高。此外，中美近日在马来西亚举行经贸磋商，会谈进程富有建设性， | | | | 可能促成双方元首更加密切 ...

Core Viewpoint - The article discusses the key points and timelines related to the "14th Five-Year Plan" (十四五规划) and the upcoming "15th Five-Year Plan" (十五五规划), emphasizing the importance of high-quality development, technological self-reliance, and various strategic initiatives for economic and social progress in China [1][2][3]. Summary by Sections Planning Timeline - The timeline for the "15th Five-Year Plan" includes several key meetings and publications, starting with the Politburo meeting in July, followed by the Fourth Plenary Session in October, and concluding with the National People's Congress in March 2026, which will review and publish the plan's outline [1][8]. Development Goals - The main goals for the "15th Five-Year Plan" include achieving significant results in high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and ensuring national security [2][10][11]. Modern Industrial System - The plan emphasizes maintaining a reasonable proportion of manufacturing, establishing an advanced manufacturing backbone, and fostering new and future industries while optimizing traditional sectors [3][12]. Technological Innovation - The focus is on seizing opportunities from the new technological revolution, enhancing original innovation, and addressing key core technology challenges to establish a leading position in global technological innovation [4][14]. Expanding Domestic Demand - The strategy aims to lead new supply with new demand and create new demand through supply, promoting a healthy interaction between consumption and investment [6][15]. Deepening Reforms and Expanding Opening-Up - The plan outlines over 300 reform measures to be implemented by 2029, focusing on economic system reforms and maintaining a multilateral trade system amid external challenges [5][16][17]. Regional Strategy - The emphasis is on leveraging key regional growth drivers and enhancing marine economic development, indicating a strategic focus on specific areas to boost overall economic growth [6][19]. Agriculture and Livelihood - The plan aims to modernize rural living conditions and promote high-quality real estate development, indicating a shift in policy focus towards improving living standards and housing quality [6][20]. Green Development and National Security - The plan includes accelerating the establishment of a new energy system and enhancing national security capabilities in critical areas such as food and energy security [7][22][23]. Work Deployment for the Current Year - The emphasis is on achieving economic and social development goals for the year, stabilizing employment, businesses, and market expectations, and ensuring effective implementation of existing policies [7][25].