B[Galaxy Securities Interpretation of the "Opinions on the Development of New Productivity": Institutional Reshaping of the A-Share Market] On October 11, Galaxy Securities Strategy Research interpreted the "Opinions on the Development of New Productivity" and stated that the impact of this top-level document on the A-share market has both the short-term risk appetite repair effect and the value of medium- and long-term valuation system reconstruction. In the long run, this top-level document will institutionally reshape the A-share market from the perspectives of industry main line positioning, investment and financing mechanism improvement, and valuation logic reshaping: First, it will consolidate the status of new productive forces as the long-term main line of the capital market, guide funds to tilt towards innovative industries, and establish the long-term positioning of technology hard assets. The second is to reconstruct the valuation system, strengthen the innovation premium, and guide the market valuation system to focus on innovation leaders with core technical barriers, sustained R&D investment, and real industrialization capabilities; the third is to expand patient capital, increase the supply of high-quality scientific and technological innovation assets, and optimize the investment and financing ecology of the capital market. At the sector level, focus on configuration clues such as “stuck” hard technologies, AI scenario applications, green and low-carbon energy, and optimization and upgrading of traditional industries. (Securities Times) B[CITIC Securities: Use prosperity and supply clearing to respond to high interest rates and closely track the inflection point of the AI investment cycle] On October 11, CITIC Securities Research Report stated that the stabilization of oil prices, lower-than-expected non-agricultural data, and downward revision of the Federal Reserve’s interest rate hike expectations have not changed global long-term bond interest rates. The reason behind this is the continued strong demand for investment and financing from the private sector. Driven by trillions of dollars of investment, North America has taken the lead in getting out of the "abnormal state" of low growth and low interest rates after the financial crisis. The global high interest rate environment is the normal state that we must deal with before the turning point of the AI investment cycle. The only demand that is not sensitive to high overseas interest rates is North American AI and areas related to China's central fiscal expansion. However, overseas and resource sectors, which have had excellent shareholding experience in the past few years, are under pressure. In a weak demand environment, the scarcity of supply-clearing varieties is highlighted, and the anti-involution process still deserves attention next year. In terms of allocation strategy, in the short term, only boom varieties and supply-clearing varieties can be used to cope with the high interest rate environment. It is recommended to closely track the turning point of the AI investment cycle. B[China and France Hold Strategic Dialogue] On October 10, according to the website of the Ministry of Foreign Affairs, on October 10, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Foreign Affairs Office of the CPC Central Committee, held the 28th China-France Strategic Dialogue with French Presidential Foreign Affairs Advisor Bonn in Datong. They had long-term and in-depth communication on deepening China-France strategic cooperation and reached broad consensus. Both sides also affirmed the positive results achieved by the China-EU trade and investment consultation mechanism.
Wang Yi said that the China-France Strategic Dialogue is the first high-level strategic consultation mechanism established between China and Western powers. It has played an important role as China-France relations have grown. In particular, it has served the heads of state diplomacy, consolidated political mutual trust, and demonstrated the due responsibilities of a major country. At present, the international situation is becoming more volatile and chaotic. China is willing to work with France to implement the consensus reached by the two heads of state, maintain strategic communication, enhance strategic mutual trust, make new efforts for the stability and long-term development of China-France and China-EU relations, and make new efforts to promote world peace, stability and development.
Wang Yi said that China is willing to maintain high-level exchanges with France, continue to expand and strengthen cooperation in traditional fields such as aerospace and nuclear energy, expand cooperation in emerging fields such as advanced manufacturing, green and low-carbon, and artificial intelligence, and deepen exchanges in education, culture, youth, sports, and local areas. It is hoped that France will provide policy support and a good environment for Chinese companies to invest and start business in France. China and France are both major countries that adhere to independence and multilateralism. They should continue to strengthen communication and coordination within the framework of the United Nations, jointly promote the implementation of the four major global initiatives proposed by President Xi Jinping, and work together to build a more fair and reasonable global governance system. The Taiwan issue is related to China's sovereignty and territorial integrity. We hope that France will abide by its one-China policy commitment and safeguard the political foundation of China-France relations.
Bonnet said that the friendship between France and China is profound. In 1973, the first French president to visit China visited Datong, leaving a good story in the relations between the two countries. France is willing to inherit its historical friendship with China and continue to build a comprehensive strategic partnership featuring mutual respect, friendship and mutual trust that is solid and dynamic. France adheres to the one-China policy and there will be no change in this. It is expected that the two sides will intensify high-level exchanges, strengthen people-to-people and cultural exchanges, and deepen mutually beneficial cooperation in various fields such as agriculture, nuclear energy, outer space, the Internet, artificial intelligence, and new technologies, so as to better benefit the two peoples. France will continue to provide a predictable business environment for Chinese companies to invest in France. France positively evaluates China's initiative and is willing to strengthen multilateral cooperation with China and play a more constructive role in the international community's cooperation in responding to global crises and achieving common development.
Wang Yi said that the positive progress achieved at the second regular meeting of the China-EU Trade and Investment Consultation Mechanism shows that the two sides, as comprehensive strategic partners, can properly handle economic and trade differences through dialogue, defend the concept of multilateralism, maintain the free trade system, and promote China-EU relations to return to a stable and healthy development momentum. It is expected that France, as a core member of the EU, will continue to play a constructive role in China-EU mutually beneficial cooperation.
Wang Yi emphasized that trust is the background and foundation of China-EU relations, and economic and trade differences are only a phased phenomenon. Both sides should adhere to the positioning of partners and the tone of cooperation, put trade issues at an appropriate position in China-EU relations, promote "win-win", avoid "lose-lose", and achieve "upward balance" rather than "downward balance". Bona said that this EU-China trade and investment consultation is an important step in a positive direction. Europe needs China for its development. The EU does not want to fight a trade war with China or seek "decoupling" from China. It is willing to be a credible and reliable partner of China, define EU-China relations with balance and cooperation, and achieve common development with the spirit of trust and contract.
The two sides also had an in-depth exchange of views on the Ukraine crisis, the situation in the Middle East and other issues. Both sides agreed to continue to give full play to the role of the strategic dialogue mechanism and maintain dialogue, communication and coordination of international affairs. B[Public solicitation of opinions on the revised draft of the Food Safety Law, involving AI supervision, campus food safety, etc.] On October 10, the State Administration for Market Regulation studied and drafted the "Food Safety Law of the People's Republic of China (Revised Draft for Comments)" and publicly solicited opinions from the public. The main contents of the revision include five aspects: First, strengthen smart supervision. Promote the application of "Internet + artificial intelligence" supervision and clarify that food production and operation enterprises should install monitoring equipment in key risk links of food production and operation. The second is to consolidate the main responsibilities. It is stipulated that food production and operation enterprises and online food trading platform operators should be equipped with food safety directors and food safety officers in accordance with regulations, clarify job responsibilities, strengthen training and assessment, etc. The third is to strengthen supervision in key areas. Add a special section on "school food safety", establish a principal (director) responsibility system, and establish a centralized dining companion system for primary and secondary schools and kindergartens. The fourth is to optimize the food safety management system. Expand the scope of food safety risk monitoring to food additives, food-related products, etc. The fifth is to improve the legal liability system. Set differentiated punishment ranges according to the types of violations; strictly implement "punishment to the individual", and impose penalties on responsible personnel who intentionally violate the law, are of a bad nature, and whose illegal behavior causes serious consequences. A[National Development and Reform Commission: Promote the early start of construction of clear major projects such as the "15th Five-Year Plan" and the "Six Networks" Construction Implementation Plan to stimulate the release of domestic demand potential] Zheng Shanjie, director of the National Development and Reform Commission, chaired a private enterprise symposium on the 10th to focus on accurately grasping the three quarters In order to monitor the economic situation and actively respond to changes in international supply and demand, we have in-depth exchanges with leaders of Shenghong Holdings, Dongming Petrochemical, ENN Group, Jifeng Sannong, Jingtai Technology and other fields from petrochemical, natural gas supply, agricultural machinery, artificial intelligence applications and other fields to listen to opinions and suggestions. Zheng Shanjie said that the fourth quarter is the final season of the year and is also a critical window period to consolidate the economic recovery. The National Development and Reform Commission will conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, increase countercyclical adjustments, strengthen the consistency assessment of macro policy orientations, strengthen the coordinated development of existing policies and incremental policies; promote the "15th Five-Year Plan" and the "Six Networks" construction implementation plan to clarify Start construction of major engineering projects as early as possible to stimulate and release the potential of domestic demand; promote the deep integration of technological innovation and industrial innovation, further enhance the resilience of industrial and supply chains, improve energy and resource security, and consolidate the foundation of national food security; timely plan more stimulating policy tools and work starting points to promote the continuous development of the economy in a new and better direction, and strive to complete the annual goals and tasks. B[During his investigation in Jilin, Zhang Guoqing stressed that he will continue to expand and strengthen the advanced manufacturing industry and improve the level of independent control of the industrial chain] October 10th, Zhang Guoqing, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, visited Jilin Province from the 8th to the 10th to investigate the development of advanced manufacturing and independent innovation of high-end scientific research instruments. He emphasized that it is necessary to thoroughly implement the spirit of General Secretary Xi Jinping’s important instructions and instructions, implement the decisions and arrangements of the Party Central Committee and the State Council, adhere to the direction of intelligence, greenness, and integration, continue to expand and strengthen advanced manufacturing, continuously improve the level of independent control of the industrial chain, and accelerate the construction of a modern industrial system with advanced manufacturing as the backbone.
In Changchun City and Jilin City, Zhang Guoqing visited FAW Group, Jilin Petrochemical, Jilin Chemical Fiber and other enterprises to learn more about production operations, R&D innovation, industry development, etc. He emphasized that greater efforts should be made to promote the deep integration of technological innovation and industrial innovation and vigorously develop advanced manufacturing. It is necessary to strengthen the main position of enterprises in innovation, encourage enterprises, especially large enterprises, to strengthen basic research, strengthen collaborative research between industry, academia and research, implement high-quality development actions for key manufacturing industrial chains, accelerate breakthroughs in a number of key core technologies and key common technologies, and consolidate the technological base. We must focus on developing a new generation of intelligent manufacturing, use artificial intelligence to empower the entire process of manufacturing R&D, production, and management, accelerate the creation of high-quality data sets, actively cultivate industry vertical models and agents, and cultivate large-scale industrial application scenarios. We should pay attention to making good use of technological transformation, process upgrading and other starting points, give full play to the guiding role of policies such as equipment updating, accelerate the widespread application of digital intelligence technology and green technology, and promote the renewal and upgrading of traditional industries.
It is necessary to guide state-owned enterprises to focus on their main responsibilities and main businesses to strengthen their layout in the advanced manufacturing field, promote integration innovation, application integration and factor aggregation, drive upstream and downstream collaboration and linkage, and continue to enhance the resilience and competitiveness of the industrial chain and supply chain.
Zhang Guoqing also visited high-end scientific research instrument research institutions for research. He emphasized that it is necessary to strengthen basic theoretical research on scientific research instruments, give full play to the role of national strategic scientific and technological forces such as national laboratories, national scientific research institutions, high-level research universities, and leading scientific and technological enterprises, deepen scientific principles, accumulate technological foundation, and promote source and underlying breakthroughs through systematic research. It is necessary to adhere to the coordinated advancement of hardware, software, standards and patent layout, and integrate the research and development of scientific research instruments, key components, special software, reagents and other standard patents to improve product consistency and performance stability. It is necessary to accelerate the improvement of common support capabilities such as scientific research instrument system integration, standard measurement, pilot verification, inspection and testing, promote the promotion and application of independently developed technology products, and form a virtuous cycle of promoting research through use and iterative upgrades. (Xinhua News Agency) B[Ministry of Education: Teacher Development Center is newly launched and full coverage training of teachers’ AI literacy is launched] On October 10th, the Ministry of Education held an on-site meeting on artificial intelligence empowered teacher development in Beijing today. The Teacher Development Center of the National Smart Education Platform was newly upgraded and launched online. At the same time, full-coverage training on teachers’ artificial intelligence literacy was launched. The newly launched teacher development center has opened an AI literacy area, integrating artificial intelligence learning resources, intelligent tools and training communities to provide support for teachers' independent learning and full coverage training. As the first course of the full-coverage training, the Ministry of Education invited front-line teachers, principals and education directors to conduct on-site immersive and scenario-based demonstration training to demonstrate how to use AI to empower efficient lesson preparation, classroom teaching, academic evaluation, teaching and research reflection and school governance in the entire chain before, during and after class. It helps teachers master the method path from "learning AI" to "using AI" to "creating AI", using artificial intelligence to empower educational teaching and teacher development, and better assist in teaching students in accordance with their aptitude. (CCTV News) B[Beijing: Deepen the promotion of "artificial intelligence + consumption" and increase the effective supply of new generation intelligent terminal products such as artificial intelligence mobile phones and computers, smart wearables, and smart robots] On October 10, the Beijing Municipal People's Government issued the "Beijing Plan for Deepening the Construction of an International Consumption Center City during the "15th Five-Year Plan" Period", which mentioned that "artificial intelligence + consumption" will be further promoted. Expand the consumption of digital products and increase the effective supply of new generation smart terminal products such as artificial intelligence mobile phones and computers, smart wearables, and smart robots. Innovate digital content consumption, encourage the use of artificial intelligence technology to assist in the creation of drama, music, dance, art, immersive experiences, etc., launch more high-quality digital cultural products, and increase the supply of radio, television and online audio-visual ultra-high-definition content. Create new scenarios for digital consumption, accelerate the integration of digital technology and consumption scenarios, promote the integration and application of artificial intelligence, virtual reality, ultra-high definition and other technologies with business, education, medical care, culture, tourism, sports and other fields, and create smart business districts and smart stores. Expand digital consumption channels, support digital marketing of physical commercial enterprises, and guide the standardized and healthy development of instant retail, live broadcast e-commerce, etc. A[The head of the European Department of the Ministry of Commerce interprets the results of the second regular meeting of the China-EU Trade and Investment Consultation Mechanism] October 10th. From October 8th to 9th, Chinese Minister of Commerce Wang Wentao and European Commission Commissioner for Trade and Economic Security Maroš Sefcovic co-chaired the second regular meeting of the China-EU Trade and Investment Consultation Mechanism (hereinafter referred to as the mechanism) in Beijing. The two sides conducted reciprocal, professional and constructive talks on trade and investment balance, export control, intellectual property rights, WTO reform and other issues, comprehensively took stock of the consultations and progress since the first meeting of the mechanism, and formed a consensus on the results. The person in charge of the European Department of the Ministry of Commerce explained the relevant results.
1. About China-EU Economic and Trade Relations
First of all, the two sides reaffirmed the stable and balanced positioning of China and Europe as key trading partners, and confirmed that they will handle economic and trade differences and mutual concerns in a balanced manner within the framework of WTO rules, discuss deepening mutually beneficial cooperation, and promote China-EU trade to be more balanced and develop forward.
Second, both parties agreed that the mechanism operates smoothly and efficiently, and the successful convening of the second regular meeting is a new starting point, not the end. The consensus reached by both sides fully demonstrates that China and the EU have the will and wisdom to manage and properly handle differences through dialogue and consultation, effectively avoiding the escalation of friction.
Third, both sides believe that stable and healthy China-EU economic and trade relations not only benefit Chinese and European enterprises and people, but also serve the common interests of both sides. It also injects certainty and positive energy into global economic growth and the stability of production and supply chains.
2. Regarding trade and investment balance
Adhering to the principles of mutual respect, equality and mutual benefit, the two sides conducted intensive consultations, focusing on topics such as medical devices, cosmetics, pharmaceuticals, inverters, agricultural and food products, and conducted in-depth discussions on how to reciprocally resolve each other's concerns, expand two-way market access, and promote the dynamic balance of China-EU trade.
First, the two sides agreed to play the role of the trade monitoring mechanism, explore the possibility of reducing tariffs on some goods under the framework of WTO rules, and conduct technical dialogue on EU foreign subsidy regulations to create a fair, transparent and predictable environment for China-EU trade and investment cooperation. The two sides are willing to communicate on market access issues in fields such as medical devices and agricultural products on the basis of previous good cooperation, and continue to communicate on the EU's financing guidance documents for inverter projects, cosmetics and drug supervision and other issues.
Second, the two sides conducted in-depth discussions on the trade of electric vehicles and hybrid vehicles based on the basic principles of respecting facts, non-discrimination and compliance with WTO rules, avoiding the escalation of the situation and effectively safeguarding the actual export interests of Chinese companies and the stable development of China-EU hybrid vehicle trade.
At the same time, the two sides reviewed the previously agreed general guidance document on price commitments in electric vehicle countervailing cases, and the European side will actively promote the relevant procedures for enterprise price commitments and review of electric vehicle cases.
Third, both sides actively look forward to future cooperation and believe that China and Europe have great potential for cooperation in the fields of new energy, artificial intelligence, service trade, digital economy, green and low carbon, and can further explore new opportunities and expand new space. The two sides agreed to explore two-way investment cooperation. China, as always, welcomes EU companies to invest and operate in China and continuously improves the business environment. At the same time, it hopes that the EU will create a fair, transparent and predictable business environment for Chinese companies, effectively safeguard the legitimate rights and interests of Chinese companies, and enhance the confidence and expectations of Chinese companies in investing and operating in Europe.
3. About export control
Since the establishment of the China-EU export control dialogue mechanism, the two sides have maintained close communication at all levels. Both sides agreed to further leverage the export control dialogue mechanism, strengthen policy communication, and maintain the stability and smoothness of the global industrial and supply chains. The two sides reiterated their commitment to resolving each other's concerns in the field of export control, and the EU will continue to promote progress in resolving key licensing cases with China in the dual-use field. The two sides will explore the possibility of mutually introducing facilitation measures around the compliance trade of dual-use items between China and the EU. The EU will consider taking possible facilitation measures towards China. The two sides also agreed to strengthen communication on the issue of sanctions transfer orders in the field of export control, and support and substantively launch the mutual transfer orders process within their respective legal frameworks.
4. About intellectual property rights
China and the EU have maintained a long-term friendly cooperative relationship in intellectual property protection and have continued to make progress. Both sides are willing to continue to deepen exchanges and expand cooperation space. China hopes that the EU will pay attention to China's demands and actively promote resolution. Both sides believe that it is necessary to set phased goals and continue to play the role of the main channel of the China-EU Intellectual Property Working Group to deepen cooperation and monitor progress.
5. Regarding WTO reform
China and the EU are both firm supporters and active contributors to the multilateral trading system. Both sides emphasized the value of the rules-based multilateral trading system, supported WTO reform, and stressed the importance of abiding by WTO rules. Both sides agreed to further strengthen communication and cooperation in an open and constructive manner and conduct discussions on all issues related to WTO reform with a view to promoting substantial progress in the reform.
6. Regarding follow-up work
Looking forward to the next stage of work, both sides will continue to further intensify work on important economic and trade issues of common concern and jointly promote the implementation of the consensus reached at the second regular meeting. The two sides also agreed to hold the third regular meeting of the mechanism in March 2027. Prior to that, the two sides would maintain close communication at all levels, including holding a ministerial-level video conference in January. B[10.52 million new urban jobs were created in China from January to September this year] On October 10th, the State Council Information Office held a series of press conferences on the theme of "Getting Started with the 15th Five-Year Plan" this morning (October 10th). The relevant person in charge of the Ministry of Human Resources and Social Security introduced the situation of promoting high-quality development of employment and social security. From January to September this year, 10.52 million new urban jobs were created, completing 87.7% of the annual target. The average urban surveyed unemployment rate in the first eight months was 5.2%, and the employment situation is generally stable. Next, China will also implement the employment support plan for young college graduates and other young people, the plan to improve the employment quality of workers with flexible employment and new employment forms, and carry out the action to promote employment by adapting to the development of artificial intelligence, the "Skills Light Up the Future" training action, the employment promotion action for migrant workers, the action to provide high-quality employment public services, and the "Human Resources Service +" integrated development action. Implement the employment priority strategy and promote high-quality and full employment. B[Central Committee of the Communist Party of China and the State Council: Accelerate the transformation of scientific and technological achievements into real productivity] On October 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". It points out to accelerate the transformation of scientific and technological achievements into real productivity. Make good use of the advantages of ultra-large-scale markets to promote the efficient connection between technology and the market and promote the large-scale development of new productive forces. Implement large-scale application demonstration actions for new technologies, new products and new scenarios. Lay out the construction of concept verification and pilot verification platforms, and increase the construction and opening of application scenarios. Explore and establish a full-process evaluation mechanism for science and technology projects, integrate R&D and transformation tasks when establishing a project, assess application performance during acceptance, and solve the problem of disconnection between technology development and achievement transformation. Guide universities and scientific research institutes to license scientific and technological achievements to small, medium and micro enterprises on a use-first-pay-later basis. Promote large enterprises to open their supply chains to small, medium and micro enterprises, and support small, medium and micro enterprises to become an important force in the industrialization of results. Use artificial intelligence to lead the transformation of scientific research paradigms and help improve scientific research efficiency. A[Central Committee of the Communist Party of China and the State Council: Comprehensively implement the "artificial intelligence +" action to strengthen the efficient supply of computing power, algorithms, data, etc.] On October 9, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on the Development of New Productivity". The opinion proposes to fully implement the "artificial intelligence +" action. Promote the transformation of traditional industries by artificial intelligence, and accelerate the application of new generation intelligent terminal scenarios such as intelligent connected new energy vehicles, artificial intelligence mobile phones and computers, and humanoid robots. Accelerate the innovation of digital intelligence technologies such as artificial intelligence, break through basic theories and core technologies, and strengthen the efficient supply of computing power, algorithms, data, etc. According to local conditions and industry-specific policies, we will lay out national artificial intelligence industry application pilot bases and high-value application scenarios, and vigorously promote the application of artificial intelligence in various industries. Build a technical monitoring, risk warning, and emergency response system to ensure the safety, reliability, and controllability of artificial intelligence.
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