1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" is expected to be gradually implemented in three steps: the core content will be announced on October 23, 2025; the full text of the Party's "15th Five - Year Plan Outline Suggestions" will be released in the following days; the full text of the "15th Five - Year Plan Outline" will be officially released after being approved by the Fourth Session of the 14th National People's Congress in March 2026. The plan will inherit and innovate on previous goals, especially in key areas such as economic growth, technological innovation, and institutional reform [1]. - Five - year plans have a profound impact on the macro - underlying logic, economic context, and capital markets. They often lead to significant stock market rallies and clearly define core investment tracks. They also affect the supply and demand of commodities, thereby influencing prices [2]. 3. Summary According to the Table of Contents 3.1 "15th Five - Year Plan" Later Implementation Process and Main Nodes - The implementation process will follow three steps: on October 23, 2025, the "Fourth Plenary Session" will release a communiqué with the core content of the "15th Five - Year Plan"; in the following days, the Party's "15th Five - Year Plan Suggestions" will be released, along with an explanation by the General Secretary; the State Council will compile the final version of the plan based on the Party's suggestions and submit it to the National People's Congress for approval in March 2026 [1][6]. 3.2 Five - Year Plan Document Framework Content Overview - The "Five - Year Plan Outline" includes a general introduction (covering economic situation judgment, guiding ideology, principles, and goals), specific area discussions (detailing key tasks in various fields), and a conclusion (emphasizing Party leadership, implementation, and guarantee mechanisms). Quantitative indicators in previous plans mainly cover five areas: economic development, people's well - being, ecological environment, innovation drive, and security [10]. 3.3 "15th Five - Year Plan" Key Content Outlook 3.3.1 Economic Growth Target Setting - Long - term growth targets require China to reach the level of a high - income country by the end of the "14th Five - Year Plan" and double its economic aggregate or per - capita income by 2035. As of 2024, China's per - capita GDP was $13,300. To reach the minimum threshold of a moderately developed country ($24,000) by 2035, the average nominal growth rate from 2026 - 2035 should be no less than 5.6% (assuming a 4.5% nominal growth rate in 2025). The actual GDP growth rate from 2026 - 2035 should be around 4%. Market expectations suggest setting a target of around 5% in 2026 and gradually reducing it to 4.8% [17][18][23]. 3.3.2 Key Work Task Deployment - The "15th Five - Year Plan" will continue to focus on economic, institutional, industrial, innovation, people's well - being, and ecological fields. Key areas include institutional reform, technological innovation, domestic demand expansion, green development, and industrial chain security. New quality productivity development is expected to accelerate, and the plan will also address issues such as effective demand shortage and international competition [24][29][30]. 3.4 Five - Year Plan's Market Impact 3.4.1 Five - Year Plans as Investment Mainlines - Five - year plans reshape the economic underlying logic, clarify development priorities, and provide clear investment tracks for the capital market. Different periods have seen different industries thrive, such as traditional cyclical industries during the "11th Five - Year Plan" and technology industries during the "12th" and "13th Five - Year Plans" [33]. 3.4.2 Stock Market Impact - Historically, stock markets have often rallied around the release of five - year plans. Currently, the technology - growth sector has outperformed the market, with some sub - themes like optical modules and AI computing power showing significant excess returns. If the "15th Five - Year Plan" has unexpected content, it will create short - term trading opportunities and support medium - term technology and reform - related investments [35][37]. 3.4.3 Commodity Market Impact - Five - year plans affect commodity supply and demand through national economic logic, industrial policies, and resource security strategies. They have led to a shift in demand from traditional commodities like steel and cement to manufacturing and new - energy - related metals. Supply - side reforms and national policies also influence commodity prices [40].

Core Viewpoint - Guangzhou is accelerating the development of future industries through the implementation of a comprehensive plan that focuses on six key sectors and aims to establish a robust innovation ecosystem by 2035 [1][2][3]. Group 1: Future Industry Development Goals - By 2029, Guangzhou plans to establish over 5 future industry pilot zones, 10 high-energy innovation platforms, 50 concept verification centers, and 100 application scenarios, while nurturing 1,000 leading future industry enterprises [2]. - By 2035, the city aims to have a complete innovation chain for future industries, producing benchmark products and services, and creating several internationally influential industry clusters [2]. Group 2: Key Actions and Initiatives - The implementation plan outlines eight main tasks, including actions for technology sourcing, infrastructure support, accelerated results transformation, enterprise cultivation, innovation scene traction, technology finance empowerment, talent gathering, and collaborative actions [3]. - Specific initiatives include the promotion of the "Human Protein Atlas" international scientific program, the establishment of a national data trading platform, and the development of a "Guangzhou model" for results transformation [3][4]. Group 3: Financial Support and Investment Strategies - Guangzhou will establish a technology innovation fund with a scale of 10 billion, focusing on early-stage, small, long-term, and hard technology investments [4]. - The city will explore a "mother fund + equity + direct investment" mechanism and enhance the operational efficiency of risk compensation funds to support future industry investments [4].

Core Insights - Shanghai has established a future industry fund with a total scale of approximately 150 billion yuan to accelerate the development of cutting-edge technologies such as quantum computing and other emerging industries [1][2] Group 1: Future Industry Development - The "future industry" refers to emerging industries that are in the early stages of development and have significant disruptive and forward-looking potential [1] - The goal is to cultivate around 20 leading enterprises in future industry ecosystems by 2027 and to establish Shanghai as a globally influential hub for future industries by 2030 [2] Group 2: Specific Measures - The measures focus on six key areas: future manufacturing, future information, future materials, future energy, future space, and future health, with a structured and phased approach to development [3] - Key support will be provided for high-risk, high-value scientific issues, with collaborative efforts to tackle core technologies and support the construction of innovation incubation platforms [3][4] Group 3: Innovation and Cluster Development - The initiative aims to stimulate corporate innovation throughout the entire lifecycle of enterprises, providing targeted support at different stages [4] - Several future industry clusters have been initiated in areas such as Pudong, Minhang, Yangpu, and Lingang, with plans for a national-level pilot zone for future industries [4] Group 4: Resource Optimization and Dynamic System - The focus is on optimizing core elements such as products, scenarios, finance, talent, and collaboration to provide comprehensive support for future industries [4] - A dynamic cultivation system will be established to adapt to the fast-changing nature of future industries, including mechanisms for ongoing assessment and strategic adjustments [4]

Core Viewpoint - The Shanghai municipal government has introduced measures to accelerate the innovation of cutting-edge technologies and the cultivation of future industries, aiming to establish a significant presence in strategic emerging industries by 2030 [1]. Group 1: Key Measures - The measures aim to achieve breakthroughs in disruptive technologies and establish future industry clusters by 2027, with a target of nurturing around 20 leading enterprises in future industry ecosystems [1]. - The Shanghai government has launched various future industry cultivation plans in fields such as brain-computer interfaces, quantum computing, and 6G, alongside the establishment of a future industry fund with a total scale of approximately 150 billion yuan [2][3]. Group 2: Specific Initiatives - The measures focus on six key development areas: future manufacturing, future information, future materials, future energy, future space, and future health, with an emphasis on supporting cost reduction and accessibility in sectors like cell and gene therapy and brain-computer interfaces [3]. - A three-pronged approach is proposed to support critical technological advancements, including addressing major scientific challenges, creating task lists for key areas, and facilitating the commercialization of research outcomes [3]. Group 3: Industry Cluster Development - The initiative emphasizes the creation of industry clusters in locations such as Pudong and Minhang, with plans for a national-level future industry pilot zone and specific policies to support this development [4]. - The measures include optimizing core elements such as products, scenarios, finance, talent, and collaboration to provide comprehensive support for innovation and application [4]. Group 4: Dynamic Support Mechanism - A "four-in-one" mechanism has been established to enhance project management, task prioritization, fund empowerment, and cluster support, fostering a collaborative innovation ecosystem [5]. - The future industry fund will utilize a dual investment model to create an incubation ecosystem for disruptive technology innovation, aligning with project management teams to optimize resource allocation [5][6]. Group 5: Future Development Goals - The Shanghai government aims to strengthen inter-departmental collaboration and ensure the effective implementation of these measures, with a focus on high-quality development and the cultivation of new productive forces [6].

Group 1 - The Ministry of Industry and Information Technology and six other departments issued a notice to strengthen the construction of new information infrastructure, emphasizing the integration and large-scale application of "5G + industrial internet" [1] - The plan aims to enhance the supply of industrial data elements, promote the resourceization, assetization, and elementization of data, and build a number of high-quality industry data sets [1] Group 2 - Shanghai aims to cultivate around 20 leading enterprises in future industry ecosystems by 2027, focusing on breakthrough disruptive technologies and systematic development of future industry clusters [2] - By 2030, Shanghai plans to foster a number of strategic emerging industries, establishing itself as a globally influential leader in future industries [2] Group 3 - During the "14th Five-Year Plan" period, the cumulative sales area of newly built commercial residential properties nationwide reached approximately 5 billion square meters [3]

Core Viewpoint - The Shanghai Municipal Government has issued measures to accelerate the innovation of cutting-edge technologies and the cultivation of future industries, focusing on key development areas such as future manufacturing, information, materials, energy, space, and health [1] Group 1: Key Development Areas - The measures emphasize the development of fields like cell and gene therapy, brain-machine interfaces, biological manufacturing, and embodied intelligence, with a focus on reducing costs, improving accessibility, and building industrial ecosystems [1] - There is a strong emphasis on accelerating the cultivation of fourth-generation semiconductors, silicon-based optoelectronics, sixth-generation mobile communications, and brain-like intelligence, supporting product design optimization, application scenario expansion, and market value verification [1] - The initiative also aims to advance quantum technology, controllable nuclear fusion, and regenerative medicine, focusing on tackling technical challenges, converging technical routes, and conducting product research or feasibility verification of technical solutions [1] Group 2: Coordination and Regulation - The measures propose enhanced coordination among various departments, including the Shanghai Science and Technology Commission, Development and Reform Commission, Economic and Information Commission, and others, to collectively promote the cultivation of future industries [1] - There is an exploration of establishing a sandbox regulatory system to accelerate the reform and innovation of a flexible and inclusive regulatory framework for future industries [1] - The initiative aims to establish a robust mechanism for the development of future industries and the relay cultivation of strategic emerging industries [1]

Group 1 - The "Pingyuan New City Venture Capital" series of activities was launched in Beijing on September 16, 2025, with a focus on promoting key enterprises and projects in Changping District [1] - A total of 74 quality projects were promoted during the event, with a total investment of 51.35 billion yuan and a financing demand of 7.08 billion yuan [1] - The projects cover key sectors such as healthcare, advanced manufacturing, advanced energy, and future industries, indicating a strategic focus on innovation and development in these areas [1] Group 2 - In the healthcare sector, there are 25 projects with a total investment of 19.43 billion yuan and a financing demand of 3.26 billion yuan [1] - The advanced manufacturing sector includes 13 projects with a total investment of 11.17 billion yuan and a financing demand of 0.99 billion yuan [1] - The advanced energy sector features 19 projects with a total investment of 8.55 billion yuan and a financing demand of 1.32 billion yuan [1] - The future industries sector consists of 17 projects with a total investment of 12.20 billion yuan and a financing demand of 1.51 billion yuan [1]

Group 1 - The local government of Yancheng City is focusing on high-quality development by promoting the integration of technology and innovation, optimizing the business environment, and strengthening the foundation for scientific innovation [1] - Emphasis is placed on cultivating high-tech enterprises, technology investment, and creating benchmarks, with a comprehensive nurturing system established for various types of enterprises [1] - Successful hosting of technology competitions to attract investment and projects, with a focus on revitalizing traditional industries and expanding emerging industries [1] Group 2 - The establishment of high-level experimental platforms is aimed at enhancing research and development capabilities in strategic emerging industries, including the creation of national-level testing platforms [2] - Support for local enterprises to establish key laboratories and encourage leading companies to develop advanced research strategies, with a target of exceeding 60% recognition rate for R&D institutions among large-scale enterprises [2] Group 3 - Collaboration between industry, academia, and research institutions is being deepened to create a new ecological pattern, including regular interactions and technology demand matching [3] - Financial services are being improved to support high-tech enterprises, including the exploration of specialized financial products and the establishment of a whitelist system for technology companies [3]

Core Viewpoint - New quality productivity is an inevitable path for switching economic growth momentum, characterized by high technology, high efficiency, and high quality, driven by technological breakthroughs and innovative allocation of production factors [4][10]. Group 1: Overview of New Quality Productivity - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological revolutions and deep industrial transformations [4]. - The development of new quality productivity is supported by various government policies aimed at enhancing emerging industries and future industries [5][24]. Group 2: Key Industry Core Sorting - The overall development of new quality productivity in Chinese provinces shows a trend of improvement and uneven development, with 20 provinces reaching a medium to high level since 2021 [9][10]. - High-level provinces such as Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu are expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [9][10]. Group 3: Development Potential in Related Fields - The new quality productivity industry chain can be broken down into six core segments: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries [11][25]. - Each segment is expected to experience long-term favorable conditions driven by policies, with high-end equipment and energy transition showing significant growth potential [12][11]. Group 4: Investment Outlook - The focus on optimizing supply chains and actively cultivating emerging and future industries is crucial for enhancing new quality productivity [11][25]. - The government is expected to implement policies to address overcapacity in certain industries, promoting industrial restructuring and enhancing domestic demand [24][25].

Core Insights - New quality productivity is the core engine driving high-quality economic development in China, characterized by high technology, high efficiency, and high quality, resulting from technological revolutions, innovative resource allocation, and deep industrial transformation [4][8] - The development of new quality productivity signifies a transition from old to new driving forces, marked by a significant increase in total factor productivity (TFP), emphasizing technological innovation and the restructuring of industrial value chains [4][20] - The investment opportunities in new quality productivity are categorized into six core industrial tracks: digital economy, high-end equipment, biotechnology, smart electric vehicles, energy transition, and future industries like quantum information [4][20][38] New Quality Productivity Overview - New quality productivity is defined as advanced productivity that achieves significant leaps in labor, materials, and objects through technological breakthroughs and innovative configurations [8][19] - The overall development of new quality productivity across provinces shows a gradient improvement, with high-level provinces like Beijing, Shanghai, Zhejiang, Guangdong, and Jiangsu expected to benefit first due to their advantages in higher education resources, innovation talent distribution, and infrastructure [19][18] Key Industry Core Analysis - The six core tracks of new quality productivity include: 1. Digital economy, driven by data collection and processing, cloud computing, and AI technologies [39] 2. High-end equipment, which encompasses key materials, core components, and integrated applications [46] 3. Biotechnology, focusing on medical devices and innovative drugs [49] 4. Smart electric vehicles, emphasizing intelligent connectivity [38] 5. Energy transition, which aims for carbon neutrality through the development of non-fossil energy sources [52] 6. Future industries, including quantum technology and low-altitude economy [61][68] Investment Outlook - The investment landscape is shaped by the need to optimize resource allocation efficiency and enhance total factor productivity, with a focus on avoiding overcapacity and low-level repetitive construction [23][31] - The government is expected to implement policies to promote domestic demand and facilitate the transition towards new quality productivity, which includes large-scale equipment updates and consumer goods replacement initiatives [31][32]