格隆汇10月27日｜A股市场6G概念股普涨，其中，信维通信、意华股份涨超6%，硕贝德、天银机电涨 超5%，赛微电子涨超4%，普利特涨超3%。 消息面上，10月24日举行的中共中央新闻发布会上提到， 《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》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，将催生数个万亿元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年将再造一个中国高技术产 业。 ...

Core Viewpoint - The article emphasizes the importance of building a modern industrial system and strengthening the foundation of the real economy as a primary task in China's 14th Five-Year Plan, with a focus on high-quality development and innovation-driven growth [2][3]. Group 1: Modern Industrial System - The construction of a modern industrial system is prioritized in the 14th Five-Year Plan, with a focus on solidifying and expanding the real economy [2][3]. - Key tasks include upgrading traditional industries, fostering new and future industries, and enhancing the quality and efficiency of the manufacturing sector [3][5]. - The manufacturing sector is projected to contribute significantly to global manufacturing growth, with an expected increase in value added from 26.6 trillion yuan to 33.6 trillion yuan during the 14th Five-Year Plan [4]. Group 2: Traditional Industries - Traditional industries account for approximately 80% of the manufacturing sector's value added, serving as the foundation of China's industrial system [5]. - The government aims to enhance the competitiveness of key traditional industries such as chemicals, machinery, and shipbuilding, with an estimated market space increase of around 10 trillion yuan over the next five years [5]. Group 3: Emerging Industries - The plan includes the development of strategic emerging industries such as new energy, new materials, and aerospace, which are expected to create several trillion-yuan markets [7]. - The focus on innovation and reform is crucial for the growth of emerging industries, which currently represent only about 13.4% of GDP compared to traditional industries [8]. Group 4: State-Owned Enterprises - Central enterprises have invested approximately 8.6 trillion yuan in strategic emerging industries since the beginning of the 14th Five-Year Plan, with a projected revenue of over 11 trillion yuan in 2024 [9]. - The government encourages state-owned enterprises to concentrate capital in emerging industries to enhance competitiveness and ensure strategic security in critical areas [10][11].

A 股估值扩张，通信行业领涨 策略周报 本周 A 股总体估值扩张，通信行业领涨。本周受中美谈判预期及重磅会议落 地影响，市场情绪修复，以通信设备为代表的科技板块走强。"十五五"规 划提出，加强建设网络强国，同时指出要前瞻布局未来产业，推动包括第六 代移动通信的一系列产业成为新的经济增长点，科技行业发展前景良好。当 前通信设备行业全动态 PE 处于历史 97.3%分位数，高估值考验业绩兑现能 力。 A 股 TTM&全动态估值全景扫描（20251025） 核心结论 综合比较赔率（PB 历史分位数）与胜率（ROE 历史分位数）：当前石油石 化、农林牧渔、通信、公用事业等行业同时具有低估值高盈利能力的特征。 综合比较赔率（全动态 PE）与胜率（25-26 一致预期净利润复合增速）：当 前，建筑材料、电力设备、基础化工、传媒兼具低估值与高业绩增速。 本周股市相对债市性价比下降：A 股非金融 ERP 从上周的 0.92%降至本周 的 0.83%；股债收益差从上周的-0.06%降至本周的-0.16%A 股非金融重点公 司全动态 ERP 从上周的 2.96%降至本周的 2.79% 创业板 PE（TTM）扩张幅度高于主板低于科 ...

Core Insights - The recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining the guiding principles and main objectives for China's economic and social development over the next five years [1][3] - The "15th Five-Year Plan" is positioned as a critical period for achieving basic socialist modernization, linking the achievements of the "14th Five-Year Plan" with the long-term goals set for 2035 [3][4] - The plan emphasizes high-quality development as the primary goal, with a focus on building a modern industrial system and strengthening the foundation of the real economy [4][6] Economic Growth and Development - China's economy is projected to reach approximately 140 trillion RMB by 2025, with an expected increase of over 35 trillion RMB, contributing around 30% to global economic growth [1] - The upcoming five years are expected to create an additional market space of about 10 trillion RMB through the optimization and upgrading of traditional industries, while new and emerging industries are anticipated to generate a scale equivalent to recreating China's high-tech industry over the next decade [6] International Cooperation and Openness - The "15th Five-Year Plan" includes a dedicated section on expanding high-level openness, emphasizing the creation of a win-win cooperation landscape and promoting trade innovation and bilateral investment [6] - China's approach to openness is shifting from "catching up" to "leading," aiming to provide more stable development expectations for the world [6][7] Strategic Vision - The plan reflects a long-term vision with consistent goals, indicating that China will continue to focus on its development despite external uncertainties [7] - The international community is increasingly interested in understanding the "secrets" behind China's governance and its potential as a pillar of global growth and stability [3][4]

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining the guiding principles and main objectives for China's economic and social development in the upcoming five years [1][3] - The "15th Five-Year Plan" is positioned as a critical period for achieving basic socialist modernization, linking the achievements of the "14th Five-Year Plan" with the long-term goals set for 2035 [3][4] - The plan emphasizes high-quality development as the primary goal, with a focus on building a modern industrial system and strengthening the foundation of the real economy [5][7] Economic Growth and Development - China's economy is projected to reach approximately 140 trillion RMB by 2025, with an expected increase of over 35 trillion RMB, contributing around 30% to global economic growth [1] - The upcoming five years are expected to create an additional market space of about 10 trillion RMB through the optimization and upgrading of traditional industries, while emerging industries are anticipated to generate a scale equivalent to recreating China's high-tech industry over the next decade [7] International Cooperation and Openness - The "15th Five-Year Plan" includes a dedicated section on expanding high-level openness, aiming to create a new landscape of win-win cooperation, enhance trade innovation, and expand bilateral investment cooperation [7] - China's approach to openness is shifting from "catching up" to "leading," with multinational companies increasingly viewing investment in China as a necessity rather than an option [7][8] Strategic Vision - The plan reflects a long-term vision with consistent goals, emphasizing that China will continue to pursue its modernization agenda despite external uncertainties [8] - The commitment to high-quality development and international cooperation positions China as a stabilizing force in the global economy, with expectations for significant contributions to world economic growth [6][8]

新华社记者 齐中熙 魏玉坤 10月20日至23日，党的二十届四中全会在北京召开。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》。 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。 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》 中央政策研究室主任江金权介绍说，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》。《建议》的起草是在党中央领导下进行的。习近平总书记亲自担 任文件起草组组长，亲自擘画、全程指导、把脉定向，发挥了决定性作用。 江金权说，"十四五"时期是开启全面建设社会主义现代化国家新征程的第一个五年，发展历程极不寻 常、极不平凡。以习近平同志为核心的党中央团结带领全党全国各族人民，迎难而上、砥砺前行，经受 住世纪疫情严重冲击，有效应对一系列重大风险挑战，推动党和国家事业取得新的重大成就。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 ...

郑栅洁： 推动量子科技、生物制造等成为新经济增长点 阴和俊： 支持高新技术企业和科技型中小企业 发展 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。 多位有关部门负责人在会上表示，党的二十届四中全会审议通过的《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》准确把握我国发展的历史方位，深入分析国际国内形势，明确了"十五 五"时期经济社会发展的指导方针和主要目标，擘画了未来五年发展的宏伟蓝图，为深入推进中国式现 代化指明了前进方向。 任务举措求真务实 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。 江金权介绍，《建议》即将发布。《建议》共有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 ...

（上接1版） 《建议》明确了"十五五"时期经济社会发展的指导方针和主要目标 中央财办分管日常工作的副主任、中央农办主任韩文秀介绍说，《建议》准确把握我国发展历史方位， 深入分析国际国内形势，明确了"十五五"时期经济社会发展的指导方针和主要目标。 关于"十五五"时期我国发展环境的总体判断，韩文秀表示，《建议》指出，我国发展处于战略机遇和风 险挑战并存、不确定难预料因素增多的时期。"十五五"时期，既要乘势而上，又要迎难而上，充分发挥 中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人才资源优势，把各方面优 势转化为高质量发展实际效能。 关于"十五五"时期经济社会发展的指导方针，韩文秀介绍说，《建议》强调，要全面贯彻习近平新时代 中国特色社会主义思想，围绕全面建成社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代 化全面推进中华民族伟大复兴，统筹推进"五位一体"总体布局，协调推进"四个全面"战略布局，统筹国 内国际两个大局，完整准确全面贯彻新发展理念，加快构建新发展格局。 他说，《建议》提出坚持以经济建设为中心，以推动高质量发展为主题，以改革创新为根本动力，以满 足人民日益增长的美好生活需要 ...

今天（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。 发布会介绍，党的二十届四中全会最重要的成果，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》。 "十五五"时期，中国怎么干？这场发布会释放重要信息。 △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、主任雷海潮出席新闻 发布会。 《建议》分为三大板块 《建议》共15个部分、61条，分为三大板块。 第一板块是总论，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。 第二板块为分论，分领域部署"十五五"时期的战略任务和重大举措。 第三板块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。 全会召开期间，与会同志对《建议》讨论热烈，给予高度评价。普遍认为，《建议》是我们党历史上又一个重要纲领性文 献，指导方针科学精准，发展目标清晰明确，任务举措求真务实，是乘势而上、接续推进中国式现代化的又一次总动员、 ...

Core Viewpoint - The article discusses the strategic initiatives outlined in the 14th Five-Year Plan, emphasizing the importance of fostering new industries and enhancing the existing industrial framework to drive economic growth in China [1][3][4]. Industry Summary - The focus is on building a modern industrial system, with a strong emphasis on solidifying and expanding the foundation of the real economy. The four key tasks identified are: optimizing traditional industries, nurturing new and future industries, enhancing service sector quality, and constructing a modern infrastructure system [3][4][5]. - The "Three New" economy's contribution to GDP is projected to exceed 18% by 2024, highlighting the growth potential of emerging industries such as renewable energy, new materials, and aerospace [4]. - The plan aims to create several trillion-yuan markets through the development of strategic emerging industry clusters, which will significantly contribute to high-quality economic growth over the next decade [4]. Market Summary - The strategy emphasizes the importance of a robust domestic market as a cornerstone of China's modernization. Key tasks include expanding domestic demand, improving investment efficiency, and ensuring smooth market circulation [5][6]. - The government aims to enhance consumer spending and investment in both goods and services, with a focus on significant infrastructure projects and improving the investment structure to better serve public needs [6]. - Efforts to streamline market access and eliminate barriers to competition are also highlighted, with a reduction in market entry restrictions from 328 to 106 items [6]. Regional Development Summary - The plan outlines initiatives for promoting coordinated regional development, focusing on optimizing regional layouts and enhancing urbanization efforts [7][8]. - Emphasis is placed on the development of the marine economy, with a target to exceed 10 trillion yuan, alongside measures to protect marine environments and resources [8]. - The government will work on drafting a high-quality planning outline that aligns with the strategic goals set forth in the 14th Five-Year Plan [8].