Core Viewpoint - The Chinese government aims to "recreate a high-tech industry" over the next decade, which will significantly enhance the scale, value-added, and GDP contribution of the high-tech sector, injecting new momentum into the economy and high-quality development [1][2][3][4] Group 1: Emerging and Future Industries - The strategy involves nurturing emerging industries that already have a foundation and are rapidly expanding, including sectors like new energy, new materials, aerospace, and low-altitude economy, which are expected to create several trillion-level markets [1][2] - Long-term strategies focus on future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication, which will become new economic growth points [1][2] Group 2: Economic Growth and Modernization - The recreation of the high-tech industry is essential for achieving the goal of modernizing socialism and reaching a per capita GDP level of a moderately developed country by 2035, requiring sustained economic growth primarily driven by high-tech industries [2][3] - Traditional industries currently account for about 80% of the value added in manufacturing, and upgrading these industries is expected to create an additional market space of approximately 10 trillion yuan over the next five years [2] Group 3: Technological Innovation and Global Competitiveness - The initiative to recreate the high-tech industry is a response to the new round of technological revolution and industrial transformation, aiming to seize the high ground in technological development and continuously generate new productive forces [3][4] - The integration of technological innovation and industrial innovation is crucial for establishing a virtuous cycle between technology, industry, and market, ensuring that innovations are supported by market and industrial foundations [3][4] Group 4: Strategic Goals and Confidence - The strategic goal of recreating the high-tech industry is not only about scaling up but also about achieving a qualitative leap in the industry, providing strong momentum for high-quality economic development and laying a solid foundation for socialist modernization [4] - During the "14th Five-Year Plan" period, there is a need to focus on building a modern industrial system centered around advanced manufacturing and enhancing technological self-reliance to maintain strategic determination and confidence [4]

Group 1: Future Industry Related Convertible Bonds - The report identifies convertible bonds related to future industries such as quantum technology, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communication [9][10][12][14]. - Aorite's convertible bond is linked to quantum technology through its investment in Huayi Boao (Beijing) Quantum Technology Co., which focuses on ion trap quantum computing [9]. - Meijin Energy's convertible bond is associated with hydrogen energy, emphasizing its comprehensive layout in the hydrogen fuel cell industry chain, including hydrogen production and refueling stations [10]. - Guoli Electronics' convertible bond is related to nuclear fusion, with its high-power tuning tubes being essential components in particle accelerators and nuclear fusion research [11]. - Zhenhua's convertible bond is also linked to nuclear fusion, as the company specializes in chromium chemicals, which are crucial for high-temperature and radiation-resistant materials used in nuclear reactors [13]. - Lepu Medical's convertible bond is focused on brain-computer interfaces, with developments in both non-invasive and invasive technologies for medical applications [14]. - Bowei Alloy's convertible bond is associated with sixth-generation mobile communication, highlighting collaborations in various high-tech fields [12]. Group 2: Weekly Convertible Bond Strategy - The report notes that the market liquidity remains ample, and investor risk appetite is expected to recover, with a focus on three main areas: accelerated AI industrialization, "anti-involution" trends benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds [15][16]. - The report suggests that if the stock market experiences a V-shaped rebound, there is potential for upward adjustment in convertible bond valuations [16]. - Recommended convertible bonds include those in the semiconductor sector, high-end manufacturing, and industries benefiting from supply-demand optimization due to "anti-involution" trends [16].

Core Insights - The National Development and Reform Commission emphasizes the development of emerging pillar industries, including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G technology as new economic growth points [1] Quantum Technology - Hefei, Beijing, and Shanghai form the "first tier" in quantum technology, leading in enterprise and patent applications [2] - Hefei ranks first in China's quantum industry and second globally, with significant achievements in quantum computing [2] - Beijing focuses on foundational technology breakthroughs, while Shanghai specializes in neutral atom quantum computing [3] Biomanufacturing - Shanghai, Beijing, Shenzhen, and Tianjin are the top four cities in biomanufacturing competitiveness [4] - Shanghai's biomanufacturing industry is projected to exceed 1 trillion yuan by 2025, focusing on synthetic biology and cell therapy [5] - Shenzhen has established a national biomanufacturing innovation center, attracting a significant number of new enterprises [6] Hydrogen and Nuclear Fusion Energy - Beijing and Shanghai lead in hydrogen and nuclear fusion energy development, with various cities forming differentiated layouts [7] - Beijing plans to establish a comprehensive hydrogen energy infrastructure and has made breakthroughs in hydrogen fuel cell catalysts [8] - Shanghai aims to develop a leading hydrogen energy industry by 2035, with significant advancements in fuel cell vehicles [8] Brain-Computer Interfaces - Shanghai, Beijing, and Shenzhen are the leaders in the brain-computer interface market, which is expected to grow significantly by 2027 [9] - Shanghai has initiated a comprehensive layout for brain-computer interface technology, while Beijing focuses on non-invasive applications [10] Embodied Intelligence - Beijing, Shenzhen, Shanghai, and Hangzhou are leading in the embodied intelligence sector, particularly in humanoid robotics [12] - Beijing has established a humanoid robot innovation center, while Shenzhen is a manufacturing hub with a significant number of related enterprises [12][13] 6G Technology - Beijing, Shenzhen, Nanjing, and Shanghai are collaborating to establish a future network through 6G technology [14] - Beijing is a core hub for 6G standard formulation, while Shenzhen has a complete communication industry chain [15] - Nanjing has made breakthroughs in 6G terahertz frequency, aiming to become a 6G city with significant industrial output [16]

Group 1: Economic Development Strategy - The core outcome of the 20th Central Committee's Fourth Plenary Session is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [1] - The "15th Five-Year" period is crucial for achieving socialist modernization, with a focus on solidifying foundations and breaking through bottlenecks [1][2] - The emphasis is on relying on the real economy for future growth, with a significant contribution from the "three new" economies, which accounted for over 18% of GDP in 2024 [2] Group 2: Industrial and Agricultural Modernization - The plan outlines 12 strategic tasks, with the first being the construction of a modern industrial system to strengthen the real economy [2][3] - Traditional industries, which account for about 80% of manufacturing value, will undergo quality upgrades, with an estimated market space increase of around 10 trillion yuan over the next five years [3] - Agricultural modernization is prioritized, with specific measures to enhance agricultural productivity and ensure rural revitalization [4][5] Group 3: Technological Innovation - Technological innovation is highlighted as a key driver for economic and social development, with R&D investment expected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020 [7][8] - The focus will be on integrating technology with industry to enhance productivity and foster new economic growth points, particularly in artificial intelligence and high-tech sectors [8] Group 4: Open Economy and Global Integration - The strategy aims to shift from a "follower" to a "leader" in global trade, with initiatives to expand autonomous openness and enhance trade innovation [10][11] - China aims to leverage its large market potential, with over 800 million people expected to join the middle-income group in the next decade, to boost consumption and attract foreign investment [11]

Core Insights - The upcoming "15th Five-Year Plan" emphasizes the construction of a modern industrial system and the strengthening of the real economy as a strategic priority, focusing on the cultivation of emerging and future industries [1][3] - The plan aims to develop strategic emerging industry clusters in areas such as new energy, new materials, aerospace, and low-altitude economy, potentially creating several trillion-yuan markets [1][4] - The integration of technological and industrial innovation is crucial for cities to seize future development opportunities [1][2] Emerging Industries - Quantum Technology: Hefei is establishing a complete ecosystem for quantum technology, with nearly one-third of national quantum enterprises located there. The city is also creating a quantum technology future industry pilot zone with significant funding [4][5] - Biomanufacturing: The biomanufacturing industry in China is nearing a total scale of 1 trillion yuan, with cities like Shenzhen leading in synthetic biology and Guangzhou leveraging academic resources for innovation [7][8] - Hydrogen and Nuclear Fusion Energy: Over 20 provinces have outlined long-term plans for hydrogen energy, while Hefei and Chengdu are leading in nuclear fusion research, with significant experimental breakthroughs [10][11] - Brain-Computer Interfaces: Major cities like Beijing, Shanghai, and Shenzhen are actively developing policies to support the brain-computer interface industry, aiming to cultivate globally influential enterprises by 2030 [12][13] - Embodied Intelligence: The market for embodied intelligence is projected to grow significantly, with cities like Beijing and Shenzhen leading the charge in developing a robust industrial cluster [14][15] - Sixth-Generation Mobile Communication: Nanjing is emerging as a key player in 6G technology, with significant advancements in experimental networks and applications, while traditional strongholds like Beijing and Shanghai maintain their advantages [17][18]

Core Viewpoint - The article discusses the key objectives and strategies outlined in the "15th Five-Year Plan" (2021-2025) as approved by the Chinese Communist Party, emphasizing the importance of high-quality development, technological self-reliance, and expanding domestic demand to achieve modernization by 2035 [1][2]. Economic Growth and Development Goals - The main goals for the "15th Five-Year Plan" include achieving significant results in high-quality development, maintaining economic growth within a reasonable range, and significantly improving the resident consumption rate [4]. - The plan aims for a substantial increase in the level of technological self-reliance, with rapid breakthroughs in key core technologies and deep integration of technological and industrial innovation [4]. - It emphasizes the need for comprehensive reforms to enhance the socialist market economy and improve the high-level opening-up system [4]. Domestic Demand and Consumption - The strategy focuses on expanding domestic demand as a key foundation for modernization, with a projected retail sales total of 48.3 trillion yuan in 2024, expected to exceed 50 trillion yuan in 2025 [7]. - The plan includes initiatives to boost consumption, such as implementing special actions to stimulate consumption and enhancing the quality of public services to improve living standards [10][8]. - The government aims to optimize investment structures and increase the proportion of government investment in public welfare [8]. Modern Industrial System - The plan prioritizes building a modern industrial system, with a focus on optimizing traditional industries and fostering emerging sectors such as new energy and advanced manufacturing [12]. - It anticipates a market space of approximately 10 trillion yuan over the next five years, driven by the development of strategic emerging industries [12]. - The plan also includes forward-looking initiatives in future industries like quantum technology and artificial intelligence, which are expected to contribute significantly to economic growth [12][13]. Technological Innovation - The "15th Five-Year Plan" emphasizes the importance of technological modernization, aiming to enhance the national innovation system and boost self-innovation capabilities [13]. - Specific measures include supporting enterprises in leading innovation efforts and increasing R&D investment, particularly in artificial intelligence and other digital technologies [14]. - The government plans to strengthen the ecosystem for artificial intelligence development, focusing on foundational research and governance [14]. High-Level Opening-Up - The plan outlines strategies for expanding high-level opening-up, including promoting trade innovation and enhancing bilateral investment cooperation [17]. - It aims to leverage China's large market to attract foreign investment and create a favorable business environment [18]. - The emphasis is on balancing GDP growth with national income (GNI) considerations, reflecting a shift towards recognizing the importance of income generated from overseas investments [19][20].

Core Insights - The upcoming "15th Five-Year Plan" emphasizes the construction of a modern industrial system and the strengthening of the real economy as a strategic priority, focusing on the development of emerging and future industries [1][2] Emerging Industries - The plan aims to cultivate new pillar industries, accelerating the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy, potentially creating several trillion-yuan markets [2] - Future industries like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communication are highlighted as new economic growth points [2][4] City-Level Developments - Cities like Beijing, Shanghai, and Shenzhen continue to lead in emerging industries, while newer cities like Hangzhou and Hefei are also making significant strides [3] - Hefei is recognized as a hub for quantum technology, housing nearly one-third of the country's quantum enterprises and establishing a complete ecosystem from research to industrialization [7] Quantum Technology - Hefei's quantum technology sector is experiencing a financing boom, with companies like Benyuan Quantum and Guo'an Quantum preparing for IPOs, indicating strong market interest [7] - The city is implementing a "technology innovation + scenario application" initiative, allocating at least 30 million yuan to develop urban and industrial scenarios [7] Biomanufacturing - The biomanufacturing industry in China is nearing a total scale of 1 trillion yuan, with competitive clusters emerging in cities like Shanghai, Beijing, and Shenzhen [9][10] - Shenzhen is becoming a highland for synthetic biology, with 40% of new synthetic biology enterprises established there in the past three years [10] Hydrogen and Nuclear Fusion - Hydrogen energy and nuclear fusion are identified as key future industries, with over 20 provinces outlining long-term plans for hydrogen energy development [14] - Chengdu and Hefei are leading in nuclear fusion research, with significant advancements in experimental conditions for fusion energy [15] Brain-Computer Interfaces - The brain-computer interface market is projected to reach approximately $2.62 billion by 2024, with cities like Beijing, Shanghai, Shenzhen, and Hangzhou taking the lead in developing this technology [16][20] - Policies are being implemented to foster a competitive ecosystem in brain-computer interfaces, aiming to cultivate globally influential enterprises by 2030 [19] Embodied Intelligence - The embodied intelligence market in China reached 418.6 billion yuan in 2023, with expectations for growth driven by advancements in AI technology [21][22] - Cities are competing to establish themselves as leaders in this sector, with Beijing and Shenzhen targeting the development of a trillion-yuan industry cluster by 2027 [22][23] Sixth-Generation Mobile Communication - Nanjing is emerging as a key player in the 6G sector, having established a comprehensive experimental platform and hosting significant industry events [26][27] - Traditional communication strongholds like Beijing and Shanghai continue to maintain their advantages while developing supportive policies for 6G applications [26][27]

Core Points - The key outcome of the 20th Central Committee's Fourth Plenary Session is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [3][4] - The "15th Five-Year Plan" is crucial for advancing China's modernization and addressing complex external challenges [3][5] Summary by Sections General Overview - The "Suggestions" document consists of 15 parts and 61 articles, divided into three main sections: general overview, specific strategies, and tasks for strengthening centralized leadership [4] - The document is considered a significant programmatic document in the party's history, with clear development goals and practical measures [4] Economic and Social Development Goals - The main goals for the "15th Five-Year Plan" include achieving high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and ensuring national security [7][8] - Emphasis is placed on addressing agricultural modernization as a priority for achieving overall modernization [7] Modern Industrial System - The plan prioritizes building a modern industrial system and strengthening the foundation of the real economy, with a focus on upgrading traditional industries and fostering emerging sectors [8] - It is estimated that the market space will increase by approximately 10 trillion yuan over the next five years [8] Technological Innovation - The plan outlines strategies for enhancing technological self-reliance, including original innovation, integration of technology and industry, and fostering a talent development system [10][11] - It aims to leverage new technologies such as artificial intelligence and quantum technology to drive economic growth [10] Open Economy - The plan emphasizes expanding foreign trade and investment, enhancing cooperation in the Belt and Road Initiative, and creating a favorable environment for foreign investment [12][13] - It aims to make the Chinese market a global innovation application platform [13] Health and Population Development - The plan includes strategies for improving public health, enhancing healthcare services, and promoting a supportive environment for childbirth and aging populations [14] - It aims to ensure equitable access to healthcare and improve the overall health of the population [14] Political Leadership - The plan stresses the importance of centralized leadership and a clean political environment to ensure the successful implementation of modernization efforts [15][16] - It calls for a robust mechanism for decision-making and accountability within the party [15]

Core Viewpoint - The article discusses the key signals and goals outlined in the "15th Five-Year Plan" (2021-2025) of China, emphasizing the importance of high-quality development, technological self-reliance, and the expansion of domestic demand as part of China's modernization strategy. Economic Growth and Quality - Economic growth is expected to remain within a reasonable range, with a noticeable increase in the resident consumption rate [3] - The focus is on achieving significant results in high-quality development, with an emphasis on optimizing economic structure, technological advancement, and efficiency improvement [4] Industry Development - The plan aims to create a modern industrial system, prioritizing the enhancement of traditional industries and the cultivation of emerging industries [5][6] - The traditional industries, which account for approximately 80% of manufacturing value-added, will be optimized, while new strategic industries like renewable energy and aerospace will be developed [5][6] Domestic Demand Expansion - The strategy emphasizes the importance of expanding domestic demand, with a goal to double the middle-income group over the next decade [7][8] - The retail sales of consumer goods are projected to exceed 50 trillion yuan by 2025, indicating a robust consumer market [7] Technological Innovation - The plan highlights the need for significant breakthroughs in key technologies, particularly in artificial intelligence and semiconductor industries [9][10] - A comprehensive approach to enhance the national innovation system and support high-tech enterprises is outlined [9] High-Level Opening Up - The strategy includes expanding high-level opening up, focusing on trade innovation and enhancing the investment environment [11][12] - The emphasis is on balancing GDP and GNI, recognizing the importance of national income in assessing economic health [13] Population and Health Development - The plan advocates for policies to support population quality development, including improved maternity support and healthcare services [14][15] - The goal is to increase the average life expectancy from 79 to around 80 years by 2024 through enhanced health services [15] Macroeconomic Governance - The strategy aims to improve macroeconomic governance efficiency, addressing issues like low-price competition and overdue payments to businesses [16][17] - A focus on coordinated economic policies and effective communication with market participants is emphasized [17] Green Transition - The plan aims for a comprehensive green transition, with expectations for the green low-carbon industry to potentially double in size over the next five years [18][19][20] - Specific measures include the establishment of carbon emission control systems and the promotion of clean energy sources [19][20]

Group 1 - The core viewpoint of the article emphasizes the importance of fostering new and emerging industries as part of China's economic strategy, with a target for the "three new" economy's contribution to GDP exceeding 18% by 2024 [1] - The article outlines the strategic focus on developing new pillar industries, including new energy, new materials, aerospace, and low-altitude economy, which are expected to create several trillion-yuan markets [1] - It highlights the forward-looking layout of future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication, which are anticipated to become new economic growth points over the next decade [1]