Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the construction of a modern industrial system with advanced manufacturing as its backbone, aiming to strengthen the foundation of the real economy [1][4]. Group 1: Strategic Focus - The session prioritizes the development of the real economy, advocating for a focus on advanced manufacturing, intelligent, green, and integrated development [3][4]. - The strategy aims to enhance traditional industries while fostering emerging and future industries, promoting high-quality development in the service sector, and establishing a modern infrastructure system [6][8]. Group 2: Economic Impact - The manufacturing value added in China is projected to grow from 26.6 trillion yuan to 33.6 trillion yuan from 2020 to 2024, contributing over 30% to global manufacturing growth [3]. - An estimated market space of around 10 trillion yuan is expected to be added in the next five years through the quality upgrade of key industries such as chemicals, machinery, and shipbuilding [2][6]. Group 3: Industry Development - The focus on advanced manufacturing is seen as crucial for enhancing China's position in the global industrial and value chains, transitioning from "Made in China" to "Intelligent Manufacturing in China" [5]. - The development of advanced manufacturing clusters is expected to create significant economies of scale and competitive advantages, facilitating collaborative innovation and resource efficiency [5][6]. Group 4: Infrastructure and Services - The session highlights the need for optimizing traditional industries and expanding the service sector, which has substantial room for growth and quality improvement [7][8]. - A modern infrastructure system is essential for supporting the efficient operation of various industries, ensuring a robust environment for high-quality development [7][8].

Core Viewpoint - The Chinese government emphasizes the construction of a modern industrial system, focusing on strengthening the real economy as a foundation for future growth [1][2]. Group 1: Modern Industrial System - The strategy includes four key tasks: optimizing traditional industries, nurturing new industries, expanding and improving service sectors, and enhancing foundational efficiency [1]. - Traditional industries contribute approximately 80% of the manufacturing value added, and there is an estimated market space of around 10 trillion yuan to be released over the next five years [1]. Group 2: Nurturing New Industries - The "three new" economy is projected to account for over 18% of GDP in 2024, with a focus on developing strategic emerging industries such as new energy, new materials, and aerospace [2]. - The government aims to create several trillion-yuan market clusters in emerging industries, with a long-term vision of generating new economic growth points from advanced technologies [2]. Group 3: Service Sector Development - There is significant potential for the service sector to expand and improve, with actions proposed to enhance the integration of modern services with advanced manufacturing and agriculture [3]. - Economic policies are suggested to stimulate service consumption through income security and quality improvement, including a shift from product subsidies to service consumption subsidies [3]. Group 4: Infrastructure Development - The government plans to strengthen the modern infrastructure system, which already includes the world's largest networks of high-speed rail, highways, and ports [4]. - Proposals include coordinated planning for infrastructure and the construction of new types of infrastructure to enhance connectivity and efficiency [4].

10月24日上午，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 中央政策研究室主任江金权；中央财办分管日常工作的副主任、中央农办主任韩文秀；国家发 展改革委党组书记、主任郑栅洁；科技部党组书记、部长阴和俊；商务部党组书记、部长王文 涛；国家卫生健康委党组书记、主任雷海潮等出席新闻发布会。 江金权在会上介绍，全会最重要的成果，是审议通过了《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》（以下简称《建议》）。 《建议》共15个部分、61条，分为三大板块： 第一板块是总论，包括第一部分、第二部分，主要阐述"十四五"时期我国发展取得的重大 成就、抓好"十五五"时期经济社会发展的重大意义和总体要求。 第二板块从第三部分到第十四部分为分论，分领域部署了"十五五"时期的战略任务和重大 举措。 第三板块由第十五部分和结束语组成，主要部署坚持和加强党中央集中统一领导，推进社 会主义民主法治建设等任务。 全会提出，建设现代化产业体系，巩固壮大实体经济根基。坚持把发展经济的着力点放在实体 经济上，坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、交通 强国、网络强国，保持制造业合理比 ...

二十届四中全会审议通过了《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》（下称 《建议》），明确了未来五年中国经济社会发展的蓝图。 10月24日，中共中央举行新闻发布会，介绍和解读四中全会精神。 根据全会公报，建设现代化产业体系排在"十五五"各项经济社会发展任务的首位。 国家发改委主任郑栅洁在发布会上表示，中国经济靠实体经济起家，也要靠实体经济走向未来。《建 议》明确把"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的第一条，部署了4方面重点 任务，可以从"固本升级、创新育新、扩容提质、强基增效"这4个方面来把握。 固本升级，就是要优化提升传统产业。传统产业是当前我国产业体系的"基本盘"，增加值在制造业中占 比80%左右。 《建议》提出推动重点产业提质升级，巩固提升化工、机械、造船等行业在全球产业分工中的地位和竞 争力，发展先进制造业集群等举措。郑栅洁表示，这将加快推动传统产业质的有效提升和量的合理增 长，初步估计未来5年会新增10万亿元左右的市场空间，释放出巨大的发展动能和民生红利。 创新育新，就是要培育壮大新兴产业和未来产业。2024年，我国"三新"经济增加值占GDP比重已经超过 18 ...

21世纪经济报道记者 周潇枭 北京报道 10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京召开，全会审议通过了《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》（下文简称《建议》）。 全会提出，建设现代化产业体系，巩固壮大实体经济根基。坚持把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方向，加快建设制造强 国、质量强国、航天强国、交通强国、网络强国，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。要优化提升传统产业，培育壮大新兴 产业和未来产业，促进服务业优质高效发展，构建现代化基础设施体系。 国家发展改革委主任郑栅洁在发布会上表示，中国经济靠实体经济起家，也要靠实体经济走向未来。《建议》明确把"建设现代化产业体系，巩固壮大实体 经济根基"摆在战略任务的第一条，部署了4方面重点任务，可以从"固本升级、创新育新、扩容提质、强基增效"这4个方面来把握。 固本升级，就是要优化提升传统产业。传统产业是当前我国产业体系的"基本盘"，增加值在制造业中占比80%左右。《建议》提出推动重点产业提 ...

10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 要 点 速 览 我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变 培育壮大新兴产业和未来产业 加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展 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 全链条推动集成电路、工业母机、高端仪器等重点领域关键核心技术攻关取得决定性突破 全方位扩大国内需求，推动我国经济持续向上向好 培育壮大科技领军企业，支持高新技术企业和科技型中小企业发展 以服务业为重点，扩大市场准入和开放领域 优化生育支持政策和激励政策 "十五五"时期是 夯实基础、全面发力的关键时期 中央政策研究室主任江金权表示，党的二十大确定，到2035年基本实现社会主义现代化，"十五五"时期 是夯实基础、全面发力的关键时期。制定"十五五"规划建议，系统谋划"十五五"时期经济社会发展，是 实现党的二十大描绘的宏伟蓝图、分阶段有步骤推进中国式现代化的需要，是有效应对复杂严峻的外部 环境新变化、在激烈国际竞争中赢得战略主动的需要，是适应我国发展阶段性要求、深入推 ...

2025.10. 24 固本升级，就是要优化提升传统产业。传统产业是当前我国产业体系的"基本盘"，增加值在制造业 中占比80%左右。 《建议》提出推动重点产业提质升级，巩固提升化工、机械、造船等行业在全球产业分工中的地位和 竞争力，发展先进制造业集群等举措。 郑栅洁表示，这将加快推动传统产业质的有效提升和量的合 理增长，初步估计未来5年会新增10万亿元左右的市场空间，释放出巨大的发展动能和民生红利。 创新育新，就是要培育壮大新兴产业和未来产业。2024年，我国"三新"经济增加值占GDP比重已经 超过18%。 郑栅洁表示，《建议》提出打造新兴支柱产业，加快新能源、新材料、航空航天、低空经济等战略性 新兴产业集群发展，这将催生出数个万亿级甚至更大规模的市场。《建议》还提出前瞻布局未来产 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年新增规模相当于再造一个中国高技术产业，为我国经济 大盘、高质量发展注入源源不断的新动能。 本文字数：1723，阅读时长大约3分钟 作者 | 第一财经 祝嫣然 二十届四中全会审议通过了《中共中央关于制定国 ...

根据全会公报，建设现代化产业体系排在"十五五"各项经济社会发展任务的首位。 国家发改委主任郑栅洁在发布会上表示，中国经济靠实体经济起家，也要靠实体经济走向未来。《建议》明确 把"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的第一条，部署了4方面重点任务，可以从"固本 升级、创新育新、扩容提质、强基增效"这4个方面来把握。 固本升级，就是要优化提升传统产业。传统产业是当前我国产业体系的"基本盘"，增加值在制造业中占比80%左 右。 《建议》提出推动重点产业提质升级，巩固提升化工、机械、造船等行业在全球产业分工中的地位和竞争力，发 展先进制造业集群等举措。郑栅洁表示，这将加快推动传统产业质的有效提升和量的合理增长，初步估计未来5年 会新增10万亿元左右的市场空间，释放出巨大的发展动能和民生红利。 "固本升级、创新育新、扩容提质、强基增效" 扩容提质，就是要促进服务业优质高效发展。我国服务业仍有巨大的扩容和提质空间。《建议》提出实施服务业 扩能提质行动，提高现代服务业与先进制造业、现代农业融合发展水平等举措。"这将加快促进经济生态重塑优 化、更好满足人民美好生活需要，打开经济增长新空间，这又是一个巨大的新 ...

Investment Rating - The mechanical industry is rated as "Buy" (Maintain) [1] Core Views - The report highlights a continued cooling trend in U.S. exports, while machine tools and engineering machinery exports show marginally positive performance [1] - Exports of electric tools, hand tools, and lawn mowers to North America are under pressure due to tariff impacts, with significant declines noted in 2025 [2][7] - Emerging markets, particularly in Africa and Latin America, are driving growth in forklift and industrial sewing machine exports [5][8] Summary by Sections Consumer Goods - Electric tools, hand tools, and lawn mowers primarily target high-end markets in Europe and the U.S. [2] - From January to September 2025, the export growth rates for electric tools, hand tools, and lawn mowers were 1%, -4%, and 43% respectively, with significant declines in exports to North America [2] - Lawn mower exports to Europe accounted for 71% of total exports in the first nine months of 2025, with a year-on-year growth of 22% [3] Capital Goods - Industrial sewing machines are mainly exported to Asia, with a 67% share in the first nine months of 2025 [4] - Forklifts and machine tools also show strong export performance, particularly in Asia, Europe, and Latin America, with respective shares of 34%, 29%, and 16% for forklifts [4] - Engineering machinery exports grew by 16% year-on-year in the first nine months of 2025, with Africa showing the fastest growth at 59% [4][5] Engineering Machinery - Exports of major engineering machinery categories, including excavators and tractors, maintained double-digit growth rates in 2025 [6][8] - Excavators and tractors saw year-on-year growth rates of 27% and 32% respectively in the first nine months of 2025 [8] - The report suggests a positive outlook for global mining capital expenditure, recommending attention to specific companies in this sector [8]

Group 1 - The report emphasizes a shift towards focusing on economic construction during the 14th Five-Year Plan, indicating a heightened urgency for economic growth compared to the previous plan [10][13][19] - Key areas of focus include the development of advanced manufacturing, technological self-reliance, and expanding domestic demand, which are seen as strategic priorities for the 15th Five-Year Plan [2][13][20] - The report anticipates that policies aimed at achieving economic growth targets will likely lead to increased fiscal and monetary support in the fourth quarter [10][18] Group 2 - The report suggests that the A-share market is likely to maintain a slow bull trend, with improving profit expectations driven by policies focused on economic construction and advanced manufacturing [3][15][18] - Short-term market dynamics may also benefit from increased liquidity and a positive outlook on economic growth, which could enhance market risk appetite [3][18][19] - The report identifies specific sectors that may benefit from these trends, including TMT (Technology, Media, and Telecommunications), machinery, and military industries, which are aligned with the modernization of the industrial system [4][19][20] Group 3 - Industries related to new productive forces, such as TMT, machinery, and military sectors, are expected to benefit from policies promoting technological innovation and infrastructure development [4][19][20] - The advanced manufacturing sector, including non-ferrous metals, chemicals, and pharmaceuticals, is highlighted as a key area for growth, driven by national security and environmental sustainability initiatives [20][21][22] - Consumer sectors, particularly those related to social services and retail, are also positioned to gain from policies aimed at boosting domestic demand and improving living standards [22][23]