踔厉奋发向前进 笃行实干绘蓝图——习近平总书记在省部级主要领导干部专题研讨班开班式上的重要 讲话激励广大干部群众奋进"十五五"开局之年 省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班20日至23日在中央党校（国家行政学 院）举行。习近平总书记在开班式上发表重要讲话，就全面深刻准确领会和把握党的二十届四中全会战 略部署等重大问题进行深入阐述，提出明确要求。 连日来，广大干部群众认真学习习近平总书记重要讲话精神。大家表示，要以习近平总书记重要讲话为 指引，保持战略定力，增强必胜信心，努力实现"十五五"良好开局，奋力开创中国式现代化建设新局 面。 坚定信心 不断增强我国发展的确定性和可持续性 习近平总书记以"四个有利于"深刻总结了制定和实施五年规划体现的政治优势，以"五个坚持"概括了在 长期实践中创造积累的丰富经验。 "总书记的重要讲话深刻阐明了制定和实施五年规划的重要内涵，我们党不断结合新的实际把这一优势 发扬光大，为推进中国式现代化提供坚强制度保证。"中央党校（国家行政学院）经济学教研部主任赵 振华说，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，要坚定制度自信， 牢牢抓住历史 ...

Fixed Income - The bank wealth management market's existing scale reached 30.67 trillion yuan as of H1 2025, an increase of 0.72 trillion yuan compared to the end of 2024, surpassing the average change of -0.13 trillion yuan from H1 2021 to H1 2024 [2][7][8] - The average annualized yield of wealth management products weakened in H1 2025, with an average yield of 2.12%, down 0.53 percentage points from the entire year of 2024 [9][10] - The market is expected to stabilize above 30 trillion yuan in H2 2025, with a focus on long-term municipal investment bonds and capital bonds [10] New Consumption - Maternal and Infant Industry - The implementation of the childcare subsidy policy is expected to stimulate the maternal and infant industry, with the market size projected to reach 76,299 billion yuan in 2024 and 89,149 billion yuan by 2027 [12][13] - The birth population in China is expected to increase to 9.54 million in 2024, marking a rise of 520,000 from 2023, the first increase since 2017 [13] - The policy aims to alleviate family burdens and enhance birth rates, benefiting sectors such as dairy products, education and training, and infant care [13] New Consumption - Investment Opportunities - The high-end beauty sector is expected to grow faster than the mass market, with projected CAGR of 9.6% for skincare and 10.8% for makeup from 2023 to 2028 [14][15] - The ancient gold market shows strong growth potential, with a CAGR of 21.8% expected from 2023 to 2028 [15][16] - The current beverage market is seeing a rise in ready-to-drink products, with the market size for ready-to-drink beverages reaching 5,175 billion yuan in 2023, accounting for 36.3% of the beverage market [16][17] Medical Devices - Kaili Medical - Kaili Medical is positioned as a leader in ultrasound and endoscopy equipment, with new product launches expected to enhance market penetration [19][20] - The company has expanded its workforce significantly, preparing for a recovery in the medical device sector, with procurement activities showing signs of normalization [20][21] - Revenue forecasts for Kaili Medical indicate a growth trajectory, with expected revenues of 2.388 billion yuan in 2025, growing to 3.224 billion yuan by 2027 [21] Transportation - YTO Express - YTO Express reported a revenue of 5.53 billion yuan in June 2025, reflecting a year-on-year increase of 11.35%, with a business volume growth of 19.34% [23][24] - The express delivery market is experiencing structural growth, with YTO's business volume growth outpacing overall market growth [24][25] - The "anti-involution" policy is expected to improve profitability in the express delivery sector, with YTO's net profit per ticket projected to increase significantly [25][26]