党的二十届四中全会公报（下文称"《公报》"）的发布，让资本市场和公募行业备受鼓舞，其所传递的信 号也成为基金投资的核心依据。 两大产业抓手鼓舞公募 多个基金公司从经济增长、产业核心、投资路径等角度，深度剖析与梳理四中全会的核心内涵，挖掘资本市场 高质量发展中的关键抓手与驱动引擎，紧密抓住科技创新、绿色转型、扩大内需、健康养老等投资布局关键 词。 基金看好经济增长态势 在经济增长上，基金公司普遍认为"稳"是未来经济增长的内涵。 长城基金认为， 在五年规划中重提"以经济建设为中心"，预示着"十五五"期间可能设定更具象的预期性经济 增速目标，与当前潜在增长水平相匹配。与五年前不同，本次会议专门对经济形势作出研判，并强调"坚决实 现全年经济社会发展目标"。考虑到提振消费、地方化债等任务已在《公报》中明确，且实现全年"5%左右"增 长目标压力不大，预计四季度政策或以渐进式宽松和落实为主。 永盈基金分析 ， 本次会议明确坚持以经济建设为中心，延续强调"到2035年人均GDP达到中等发达国家水 平"，暂未提出具体的GDP量化目标，可能会在后续规划全文中明确。预计"十五五"期间年均GDP增速需要达 到、也有望达到4.8%左右 ...

Core Insights - The article discusses the evolution of the Chinese renewable energy company, Arctech Solar, from a photovoltaic product manufacturer to a leading provider of comprehensive clean energy solutions, emphasizing its transition from "product export" to "value export" [2][3]. Group 1: Industry Trends - The global energy transition is characterized by a strong consensus on carbon neutrality as a common goal among nations, despite varying energy policies [3]. - The integration of renewable energy sources like solar and wind is becoming essential, as their share in the energy mix has increased from 1%-2% to 5%-10%, necessitating the combination of intermittent power generation with energy storage systems for stable supply [3][4]. Group 2: Company Development Stages - Arctech Solar's globalization strategy is divided into three phases: 1. Phase 1 (1.0): Global coverage of products and services, achieving a sales network in nearly 100 countries by 2010. 2. Phase 2 (2.0): Global manufacturing, establishing factories in various countries including the U.S. for localized production. 3. Phase 3 (3.0): Deep integration of products and services, providing customized solutions for different applications [4]. Group 3: Technological Advancements - Arctech Solar has developed a comprehensive industrial chain for energy storage, with an annual production capacity of 20 GWh, and plans to deliver over 7 GWh of storage in 2024, with a backlog of 91 GWh [3][5]. - The company’s core storage products, including the SolBank and Kubank systems, have received international certifications, and new products like the 5MWh and 8MWh storage cabinets have been showcased [6]. Group 4: Future Outlook - The company anticipates that the share of solar power in the global energy structure will rise from 4%-5% to 10%-15%, with energy storage playing a crucial role in achieving this goal [6]. - Arctech Solar aims to drive the evolution of energy systems towards clean, stable, and efficient solutions through international expansion and product innovation [6].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session approved the guidelines for the 15th Five-Year Plan, emphasizing high-quality development, technological self-reliance, and significant improvements in social civilization and living standards, with a nominal GDP growth rate of approximately 5.4% over the next decade [1][2]. Economic Development Goals - The main objectives for the 15th Five-Year Plan include achieving significant results in high-quality development, enhancing technological independence, deepening reforms, improving social civilization, and advancing the construction of a beautiful China [1][2]. - By 2035, the goal is to elevate China's economic, technological, and national strength significantly, with per capita GDP reaching the level of moderately developed countries [1]. Capital Market Implications - The 15th Five-Year Plan signals positive developments for the capital market, reinforcing investor confidence in China's long-term economic growth and potentially extending the current bull market [2]. - The plan outlines a clear economic development path for the next five years, which is expected to attract more capital into the technology sector, further driving the ongoing technology bull market [2]. Focus on Innovation Industries - The plan highlights the importance of nurturing emerging industries, with a target for the "three new" economy's contribution to GDP exceeding 18% by 2024 [3]. - Key strategic emerging industries include new energy, new materials, aerospace, and low-altitude economy, with the potential to create several trillion-yuan markets [3]. - Future industries such as quantum technology, biomanufacturing, hydrogen energy, and 6G are identified as new growth points for the economy [3]. Market Dynamics and Investment Opportunities - The current market is experiencing significant differentiation, with technology innovation sectors seeing substantial gains while traditional sectors lag behind [4]. - The ongoing economic transition is expected to reduce opportunities in traditional industries, which may face overcapacity and operational difficulties [4]. - The rapid growth of household deposits, exceeding 160 trillion yuan, and declining interest rates on bank deposits are likely to drive investors towards the capital market in search of higher returns [5]. Conclusion - The 15th Five-Year Plan is set to inject new momentum into economic development, with a focus on innovation and technology, while traditional sectors may face challenges [4][5].

Domestic Policy Highlights - The recent press conference on the Fourth Plenary Session emphasized four key points: 1) Strengthening the ability to navigate international space; 2) Setting consumption targets, particularly focusing on the increase in the resident consumption rate; 3) Highlighting multiple cutting-edge technology industries; 4) Noting significant investment needs in infrastructure, particularly underground pipelines, with an expected demand exceeding 5 trillion yuan [4][8][10] - The focus on technological innovation is underscored as a major highlight, with emerging industries such as low-altitude economy, quantum technology, nuclear fusion energy, brain-computer interfaces, and embodied intelligence expected to drive future economic growth [4][10] - The government plans to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, indicating a substantial investment opportunity [10] Wind Power Tax Policy Adjustment - A new tax policy for wind power was announced, effective November 1, 2025, which will eliminate the 50% VAT refund for onshore wind power while maintaining the same for offshore wind power until December 31, 2027 [16][17] - The nuclear power sector will see a transitional arrangement where existing projects retain their tax benefits, but new projects will not enjoy the same [16][17] Electric Vehicle Charging Infrastructure - The "Three-Year Doubling" action plan aims to significantly enhance electric vehicle charging infrastructure, targeting a total of 28 million charging facilities by the end of 2027 to support over 80 million electric vehicles [18][20] - Specific initiatives include adding 1.6 million direct current charging guns in urban areas and establishing 40,000 high-speed charging stations on highways [19][20] International Relations and Economic Policy - Recent updates on U.S.-China relations indicate ongoing diplomatic engagements, with significant meetings scheduled between Chinese and U.S. officials [22][23] - The election of Fumio Kishida as Japan's Prime Minister is expected to continue the "Abenomics" approach, focusing on expansionary fiscal policies and crisis management investments [25]

Core Viewpoint - The "2025 Zero Carbon Mission International Climate Summit" emphasizes the importance of global cooperation in addressing climate change, marking significant anniversaries related to the Paris Agreement and China's dual carbon goals [1][11]. Group 1: Summit Overview - The summit was held on October 23-24, 2023, in Beijing, organized by Phoenix Television Group in collaboration with various international institutions, aiming to discuss innovative solutions for global climate justice and carbon reduction [1][3]. - The event featured high-level dialogues, forums, and case sharing, gathering experts from government, business, and environmental organizations [1][3]. Group 2: Key Speakers and Insights - Phoenix Television's Chairman Xu Wei highlighted the need for continued dialogue and action despite challenges in climate change efforts [4]. - RMI's Li Ting noted China's achievements in renewable energy, emphasizing the role of international cooperation in making renewable energy competitive with fossil fuels [5]. - WWF's Dean Cooper acknowledged China's leadership in renewable energy development and its commitment to deep decarbonization [7]. Group 3: Discussions on Climate Goals - Chinese Academy of Engineering's Du Xiangwan discussed the complexity of achieving dual carbon goals, advocating for a cautious and systematic approach to avoid ineffective investments [8]. - National Climate Strategy Center's Xu Huaqing emphasized the ambitious nature of China's carbon peak and neutrality targets, reflecting the country's determination to excel [10]. - The importance of multilateralism in climate action was reiterated by Brazil's Ambassador to China, Marcos Galvão, stressing the need for collective cooperation [11]. Group 4: Sustainable Investment Focus - The CFA Institute hosted a forum on sustainable investment, highlighting its role in driving high-quality development and green finance [18]. - Margaret Franklin, CFA's CEO, emphasized the need for collaboration among various stakeholders to build a resilient talent pipeline in sustainable finance [18]. - The forum included discussions on carbon market mechanisms and the relationship between ESG and corporate internationalization [23][24]. Group 5: Awards and Recognition - Phoenix Television initiated the "Carbon Neutrality Action Award" and the "Green Development Annual Tribute" to honor Chinese enterprises' efforts in energy transition [29][31]. - The awards focused on recognizing exemplary practices in ESG and sustainable development, showcasing leading companies in the field [31][32].

全会突出"新质生产力"概念，将科技自立自强提升到前所未有的战略层面。强调要加快高水平科技自立自强，引领发展新质生产 力。 二是"科技接地气"——推动科技创新和产业创新深度融合。坚持把发展经济的着力点放在实体经济上，在改造提升传统产业的基 础上，既要打造新兴支柱产业，加快新能源、新材料、航空航天、低空经济等新兴产业集群发展；还要前瞻布局未来产业，推动量子 科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点，这些产业蓄势发力，未来10年将 再造一个中国高技术产业。 三是"抱团发力"——一体推进教育、科技、人才发展，要把这三者拧成一股绳，将教育强国、科技强国、人才强国建设统筹起 来，强化协同发展，为科技发展提供更坚实的人才支撑和智力保障。 央视网消息：二十届四中全会公报在科技领域的新部署令人振奋。着眼创新发展、向新而行，还释放了哪些关键信号？又有哪些 新亮点值得关注？来看记者的观察报道。 第一是要"啃硬骨头"——加强原始创新和关键核心技术攻关。我国科技发展正从"跟跑追赶"转向"原创引领"，提出完善新型举国 体制，聚焦集成电路、工业母机、高端仪器等重点领域实现关键突破，并且加大基础 ...

达善天下，晨见未来 昨天，"乘风破浪·新质临杭"达晨企业家峰会暨产融大会（浙江）在杭州临安圆满举办。 峰会汇聚了来自人工智能、商业航天、低空经济、半导体、新材料、生物医药等领域的优秀企业家，及商业领袖、学者、政府代表、创投生态伙伴等超 700名各界嘉宾齐聚钱王故里，共绘长三角创新生态新图景。 回顾已经25岁的达晨，目前资产管理规模近660亿元，累计投资企业超800家，助推143家企业成功上市，240余家获评国家专精特新小巨人企业。 5年前的冬季，融中记者曾问刘昼"达晨的二十年，是一种怎样的胜利？"他回答："这是价值观的胜利。" 如今来看，这场"价值观"的胜利还在继续着。 2023年的长沙，达晨举办了一届企业家的盛会，而在时隔两年后，最新一届的达晨企业家峰会于昨日在杭州再次召开。这次的杭州峰会上包含人工智能、 机器人、半导体、新能源等热门科技领域企业参会，构建起了一个庞大的"达晨生态圈"。宾客皆至，思想火花碰撞，亦是场别开生面的达晨25岁生日 Party。 2000年，受电广传媒委派，刘昼南下深圳"拓荒"、创立了达晨。这位财务出身、格外谨慎的湖南人拿出"破釜沉舟"的气概，毅然放弃了上市公司总裁助理 的职位，全心 ...

天眼查App显示，近日，平顶山市永祥新能源有限公司成立，法定代表人为姚璐非，注册资本1000万人 民币，经营范围为一般项目：太阳能发电技术服务；集中式快速充电站；充电桩销售；机动车充电销 售；充电控制设备租赁；电动汽车充电基础设施运营；新能源汽车换电设施销售；智能输配电及控制设 备销售；新能源汽车电附件销售；新兴能源技术研发；技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；光伏设备及元器件销售；光伏发电设备租赁；新能源原动设备销售；电子产品销 售；电子元器件零售；电子元器件批发；电力电子元器件销售；储能技术服务；太阳能热发电装备销 售；风力发电技术服务；太阳能热发电产品销售；电子专用设备销售；汽车销售；汽车零配件零售；新 能源汽车整车销售；新能源汽车生产测试设备销售；电池销售；蓄电池租赁；汽车拖车、求援、清障服 务；信息咨询服务（不含许可类信息咨询服务）；销售代理；装卸搬运；电气设备修理；机动车修理和 维护；汽车零配件批发（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The core point of the article is that Hekang New Energy (SZ 300048) held its 24th meeting of the 6th board of directors on October 23, 2025, to discuss the fourth vesting period of the 2020 restricted stock incentive plan [1] - For the first half of 2025, Hekang New Energy's revenue composition was 90.75% from new energy, 6.25% from industrial automation, and 3.0% from other industries [1] - As of the report date, Hekang New Energy had a market capitalization of 7.3 billion yuan [1] Group 2 - A notable transaction involved a well-known brand spending 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Beijing Hekang New Energy Technology Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating a robust business performance [1]. Financial Performance - The company achieved total revenue of 6.182 billion yuan, representing a year-on-year increase of 98.61% [1]. - The net profit attributable to shareholders reached 73.9959 million yuan, showing a substantial year-on-year growth of 584.4% [1]. - In Q3 alone, the company generated revenue of 1.685 billion yuan, which is a 20.08% increase compared to the same quarter last year [1]. - The net profit for Q3 was 2.8122 million yuan, reflecting a year-on-year growth of 24.18% [1]. Business Developments - Hekang New Energy secured multiple orders for its high-voltage variable frequency business from nuclear power projects [1]. - The company participated in the world's first "dual-tower single machine" solar thermal storage power station project, which has received recognition for its products and technology [1]. - Hekang New Energy's subsidiary completed its first batch of green certificate applications and green electricity transactions, indicating a shift towards a stable and reliable renewable energy supply platform [1]. - The company has begun ramping up production of its first-generation overseas household energy storage products since June, with installations in Europe occurring in Q3 [1]. - New products, including the second-generation household energy storage integrated machine and separate machine series, are expected to be launched in Q4 [1].