Core Insights - The report highlights that among 419 actively managed equity funds established since 2015, 29 funds remain in a loss position, accounting for nearly 7% of the total [1] - The largest fund among the loss-making group is the ICBC Internet Plus fund, which has a total return of -38.60% since inception [3][5] Fund Performance Overview - The top two underperforming funds are Taiping Flexible Allocation with a total return of -56.70% and Galaxy Transformation Growth A with -51.90% [1][2] - The ICBC Internet Plus fund has a total return of -38.60% and an annualized return of -4.58%, ranking 102nd out of 104 similar funds [3][6] Recent Fund Activity - As of Q3 2025, the ICBC Internet Plus fund's total scale reached 2.759 billion yuan, with a year-to-date return of 28.99% and a six-month return of 36.14% [3][5] - The fund's recent strategy included increasing its position in Luxshare Precision by 31.69% while reducing holdings in Shengyi Technology by 36.00% and other stocks [8][9] Investment Focus - The fund primarily invests in sectors such as new energy, electronics, and communications, with a focus on growth-oriented stocks [7][9] - The current fund manager emphasizes long-term strategies in industries with clear competitive landscapes, including artificial intelligence, smart hardware, and energy transition [9] Market Context - The existence of large-scale loss-making funds like ICBC Internet Plus reflects certain phenomena in the fund industry, such as the support from bank channels and passive holding behavior from investors [9] - Future performance will depend on market conditions and the fund manager's ability to implement an effective investment framework [9]

Core Viewpoint - The Central Committee of the Communist Party of China has proposed suggestions for the 15th Five-Year Plan, emphasizing the importance of this period in achieving socialist modernization and addressing both domestic and international challenges [2][3][4]. Group 1: Achievements and Context - The 14th Five-Year Plan has led to significant achievements in China's development, including economic stability, technological innovation, and improvements in people's livelihoods [3]. - The 15th Five-Year Plan is positioned as a critical phase for consolidating these achievements and addressing challenges to ensure the successful realization of socialist modernization [4]. Group 2: Development Environment - The development environment during the 15th Five-Year Plan is characterized by complex changes, including international power shifts, rising unilateralism, and domestic challenges such as unbalanced development and employment pressures [5][6]. Group 3: Guiding Principles and Goals - The guiding principles for the 15th Five-Year Plan include upholding the Party's leadership, prioritizing people-centered development, and focusing on high-quality growth [9][10]. - Key goals include achieving significant progress in high-quality development, enhancing technological self-reliance, and improving social governance and cultural confidence [11][12][13]. Group 4: Economic Structure and Innovation - The plan emphasizes the need to build a modern industrial system, focusing on optimizing traditional industries and fostering emerging sectors [14][15]. - It aims to enhance the integration of technology and industry, promoting innovation in key areas such as artificial intelligence and biotechnology [17][19]. Group 5: Domestic Market and Investment - Strengthening the domestic market is highlighted as a strategic priority, with initiatives to boost consumption and effective investment [22][23]. - The plan aims to eliminate barriers to a unified national market and enhance the efficiency of resource allocation [24][25]. Group 6: Open Economy and International Cooperation - The 15th Five-Year Plan advocates for expanding high-level openness and international cooperation, focusing on trade innovation and investment facilitation [27][28]. - It emphasizes the importance of the Belt and Road Initiative and enhancing global economic governance [29]. Group 7: Rural Development and Agriculture - The modernization of agriculture and rural areas is a key focus, with strategies to improve agricultural productivity and rural living conditions [30][31]. - The plan aims to ensure the sustainability of rural development and prevent poverty [32]. Group 8: Regional Development - Promoting coordinated regional development is essential, with strategies to enhance connectivity and optimize resource distribution across different regions [33][34]. Group 9: Cultural and Social Development - The plan emphasizes cultural innovation and the importance of improving the quality of life for all citizens, aiming for common prosperity [36][39]. - It includes initiatives to enhance education, social security, and public services [41][42].

Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving basic socialist modernization, building on the significant achievements of the "14th Five-Year Plan" period, and addressing complex domestic and international challenges to secure strategic advantages in global competition [2][3][4]. Group 1: Achievements and Challenges - The "14th Five-Year Plan" period saw major accomplishments in economic stability, high-quality development, technological innovation, and social governance, despite facing severe challenges such as the pandemic [2]. - The "15th Five-Year Plan" period is positioned as a key phase for consolidating these achievements and addressing bottlenecks to ensure a solid foundation for socialist modernization [3][4]. Group 2: Economic and Social Development Goals - The guiding principles for the "15th Five-Year Plan" include adhering to Marxism, promoting high-quality development, and ensuring that modernization benefits all citizens [6][7]. - Key goals include significant improvements in high-quality development, technological self-reliance, and social governance modernization [10][11]. Group 3: Modernization of Industry and Infrastructure - Emphasis on building a modern industrial system focused on the real economy, enhancing traditional industries, and fostering new and future industries [13][14][15]. - The plan includes constructing a modern infrastructure system that integrates new technologies and enhances resilience [15]. Group 4: Technological Innovation - The plan prioritizes technological self-reliance and innovation, focusing on key areas such as integrated circuits and advanced materials [16][17]. - It aims to deepen the integration of technological and industrial innovation, enhancing the overall effectiveness of the national innovation system [17][18]. Group 5: Domestic Market and Economic Structure - The strategy emphasizes the importance of a strong domestic market as a foundation for modernization, promoting consumption and investment [20][21]. - It includes measures to enhance the efficiency of investment and break down barriers to market integration [22]. Group 6: High-Level Opening Up - The plan advocates for expanding high-level openness and cooperation, enhancing trade and investment relationships, and promoting the Belt and Road Initiative [26][27][28]. Group 7: Agricultural Modernization - Focus on modernizing agriculture and rural areas, ensuring food security, and improving rural living conditions [29][30][31]. Group 8: Regional Economic Coordination - The plan aims to optimize regional economic layouts and promote coordinated development across different regions [33][34]. Group 9: Cultural and Social Development - Emphasis on cultural innovation and the promotion of socialist values, alongside improving social welfare and living standards for all citizens [37][40].

10月28日，中共中央关于制定国民经济和社会发展第十五个五年规划的建议全文发布。能源方面提出， 加快建设新型能源体系。持续提高新能源供给比重，推进化石能源安全可靠有序替代，着力构建新型电 力系统，建设能源强国。坚持风光水核等多能并举，统筹就地消纳和外送，促进清洁能源高质量发展。 加强化石能源清洁高效利用，推进煤电改造升级和散煤替代。全面提升电力系统互补互济和安全韧性水 平，科学布局抽水蓄能，大力发展新型储能，加快智能电网和微电网建设。提高终端用能电气化水平， 推动能源消费绿色化低碳化。加快健全适应新型能源体系的市场和价格机制。 原文如下： 中共中央关于制定国民经济和社会发展第十五个五年规划的建议 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 中国共产党第二十届中央委员会第四次全体会议深入分析国际国内形势，就制定国民经济和社会发 展"十五五"规划提出以下建议。 一、"十五五"时期是基本实现社会主义现代化的关键时期 （1）"十四五"时期我国发展取得重大成就。"十四五"时期我国发展历程极不寻常、极不平凡。面对错 综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，以习近平同志为核心的党中央 ...

Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving basic socialist modernization, building on the significant achievements of the "14th Five-Year Plan" period, and addressing complex domestic and international challenges [2][3][4] Group 1: Achievements and Challenges - The "14th Five-Year Plan" period saw major achievements in economic stability, high-quality development, technological innovation, and social governance despite facing severe challenges such as the pandemic [2] - The "15th Five-Year Plan" period will focus on consolidating advantages, overcoming bottlenecks, and enhancing weaknesses to secure strategic initiatives in international competition [3][4] Group 2: Economic and Social Development Guidelines - The guiding ideology for the "15th Five-Year Plan" emphasizes the importance of Marxism, Xi Jinping's thoughts, and the goal of building a modern socialist country [6] - Key principles include maintaining the Party's leadership, prioritizing people’s needs, promoting high-quality development, and deepening reforms [7][8] Group 3: Economic Goals - Significant progress in high-quality development is expected, with economic growth maintained within a reasonable range and improvements in productivity and consumption rates [10] - The aim is to enhance self-reliance in technology, improve the national innovation system, and achieve breakthroughs in key technologies [10] Group 4: Modern Industrial System - The focus will be on building a modern industrial system that emphasizes the real economy, with advancements in traditional industries and the cultivation of emerging industries [12][13] - The development of a robust infrastructure system is essential for supporting economic activities and enhancing resilience [14] Group 5: Technological Self-Reliance - The plan aims to strengthen original innovation and tackle key core technologies through a comprehensive approach [15][16] - Integration of technological innovation with industrial development is crucial for enhancing productivity and competitiveness [17] Group 6: Domestic Market Development - Strengthening the domestic market is a strategic priority, with initiatives to boost consumption and investment while ensuring a reliable supply chain [20][21] - Efforts will be made to eliminate barriers to market integration and enhance the efficiency of resource allocation [22] Group 7: High-Level Socialist Market Economy - The establishment of a high-level socialist market economy is vital for ensuring sustainable high-quality development [23][24] - Enhancing the vitality of various economic entities and improving the market-oriented allocation of resources are key objectives [25][26] Group 8: Open Cooperation - Expanding high-level openness and cooperation is essential for mutual benefit and shared development [27][28] - The focus will be on trade innovation, investment cooperation, and the Belt and Road Initiative to enhance global economic integration [29] Group 9: Agricultural Modernization - Agricultural modernization is a priority, with efforts to enhance production capacity and quality while promoting rural revitalization [30][31] - Policies will be implemented to improve the effectiveness of agricultural support and ensure sustainable rural development [32][33] Group 10: Regional Economic Coordination - Promoting regional economic coordination is necessary for balanced development across different areas [34][35] - The strategy includes enhancing infrastructure connectivity and fostering collaborative development among key urban clusters [36] Group 11: Cultural and Social Development - Cultural innovation and the promotion of socialist values are essential for national cohesion and identity [37][38] - Improving public services and social welfare systems is critical for enhancing the quality of life and achieving common prosperity [40][41]

Group 1 - The core point of the article is the significant easing of the US-China trade tensions, marked by the cancellation of the planned 100% tariffs on China by the US Treasury Secretary [1][3] - The global capital markets reacted positively to this policy shift, with stock markets rising and exchange rates stabilizing, indicating a sense of relief among investors [3] - The trade war, which has lasted nearly seven years, has shown signs of substantial de-escalation, with China emerging as a winner by maintaining its position in global supply chains [4][6] Group 2 - The US's decision to retreat from imposing higher tariffs is seen as a recognition of reality rather than a sign of weakness, as continued conflict could lead to faster economic deterioration for the US [7] - China's foreign investment data has improved significantly, with actual foreign investment exceeding 570 billion RMB in the first three quarters, and a year-on-year increase of over 11% in September [7][9] - Foreign investments are increasingly directed towards high-end manufacturing, new energy, and digital economy sectors, indicating a shift from low-end production to more advanced industries [7][9] Group 3 - Although the tariff issue has been postponed, other contentious topics such as technology and intellectual property rights remain unresolved, suggesting that future negotiations are likely [11] - China has evolved from a passive participant to a more assertive player in the global arena, actively addressing its technological shortcomings in areas like semiconductors and artificial intelligence [11][13] - The US's concessions are viewed as an indirect acknowledgment of China's strategic resilience, with the current situation reflecting a shift in power dynamics [13]

Core Insights - The 19th Shenzhen International Financial Expo will be held from November 19 to 21, focusing on global financial wisdom and resources for industrial development [1] - The 2025 Greater Bay Area Entrepreneurs Exchange will take place on November 19, emphasizing the theme of "Collaborative Financial Development and New Momentum for Enterprises Going Global" [1] - The event aims to create a high-end dialogue platform integrating policy interpretation, case sharing, and trend analysis, highlighting Shenzhen's core advantages as an innovation hub [1] Group 1: Event Overview - The Shenzhen International Financial Expo has become one of the largest and most comprehensive financial exhibitions in China since its inception, with the 2025 Greater Bay Area Entrepreneurs Exchange as a key component [5] - The event will feature keynote speeches from prominent figures, including former Deputy Director of the Central Financial Committee Office, Yin Yanlin, and President of the Unity Hong Kong Foundation, Li Zhengyi [1][5] - The expo will facilitate deep exchanges and cooperation among government, industry, academia, and research sectors to promote collaborative financial development in the Greater Bay Area [5] Group 2: Thematic Dialogues - The first thematic dialogue will focus on "Global Economic New Landscape, Resilience of Industrial and Supply Chains, and Financial Technology Empowerment," discussing the construction of resilient supply chains and financial stability mechanisms [2] - The second dialogue will explore "Shenzhen-Hong Kong Pivot and Institutional Opening of the Greater Bay Area," analyzing Hong Kong's pivotal role in the globalization of Chinese enterprises [3] - The third dialogue will address "Innovation Leading New Journeys: Exploring the Path for Chinese New Energy Enterprises Going Global," focusing on the challenges and policies in the internationalization of the new energy sector [4]

Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving basic socialist modernization, building on the significant achievements of the "14th Five-Year Plan" and addressing complex domestic and international challenges [1][2][3] Economic and Social Development Goals - The guiding ideology for the "15th Five-Year Plan" emphasizes Marxism, Xi Jinping's thoughts, and the goal of building a modern socialist country, focusing on high-quality development and comprehensive reforms [6][7] - Key principles include maintaining the Party's leadership, prioritizing people's needs, promoting high-quality development, and ensuring effective market and government collaboration [7][8] - Major goals include achieving significant high-quality development, enhancing self-reliance in technology, deepening reforms, improving social civilization, and increasing the quality of life for citizens [9][10][11] Modernization of the Industrial System - The plan emphasizes the importance of a modern industrial system as the material and technical foundation for Chinese-style modernization, focusing on optimizing traditional industries and fostering emerging sectors [12][13] - It aims to enhance the quality and efficiency of the service sector and build a modern infrastructure system to support economic growth [14] Technological Self-Reliance - The plan highlights the need for technological modernization, focusing on original innovation and breakthroughs in key technologies, while promoting the integration of technology and industry [15][16] - It calls for strengthening the role of enterprises in innovation and fostering a supportive environment for research and development [17] Domestic Market Development - The strategy emphasizes the importance of a strong domestic market as a strategic foundation for modernization, advocating for increased consumption and effective investment [20][21] - It aims to eliminate barriers to a unified national market and enhance the efficiency of resource allocation [22] High-Level Socialist Market Economy - The plan seeks to enhance the socialist market economy by stimulating the vitality of various economic entities and improving the market-oriented allocation of resources [22][23] - It emphasizes the need for effective macroeconomic governance and sustainable fiscal policies to support high-quality development [24] Opening Up and International Cooperation - The strategy promotes expanding high-level openness and cooperation, enhancing trade and investment, and fostering a fair international economic order [25][26] - It aims to strengthen the Belt and Road Initiative and enhance international collaboration in various sectors [27] Agricultural and Rural Modernization - The plan prioritizes agricultural modernization and rural revitalization, focusing on improving agricultural productivity and quality of life in rural areas [28][29] - It emphasizes the importance of integrating urban and rural development and ensuring sustainable agricultural practices [30] Regional Economic Coordination - The strategy aims to optimize regional economic layouts and promote coordinated development across different regions, enhancing infrastructure connectivity and regional collaboration [31][32] Cultural and Social Development - The plan emphasizes the importance of cultural innovation and social development, aiming to enhance the quality of life and promote common prosperity for all citizens [34][37] - It focuses on improving education, social security, and public services to meet the needs of the population [39][40]

Core Viewpoint - Jiangsu New Energy (603693.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 1.526 billion yuan, representing a year-on-year decrease of 2.07% [1] - The net profit attributable to shareholders was 390 million yuan, down 7.93% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 372 million yuan, a decrease of 2.93% year-on-year [1] - Basic earnings per share stood at 0.44 yuan [1]

截至发稿，浙江新能市值为182亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 每经AI快讯，浙江新能（SH 600032，收盘价：7.57元）10月28日晚间发布三季度业绩公告称，2025年 前三季度营收约38.55亿元，同比减少1.56%；归属于上市公司股东的净利润约6.13亿元，同比减少 4.74%。 ...