On October 9, the CPC Central Committee and the State Council issued the "Opinions on Developing New Quality Productive Forces," proposing 19 key measures focusing on five areas: technological innovation, industrial innovation, development mode innovation, institutional and mechanism innovation, and talent work mechanism innovation.

This is not an ordinary industrial policy, but a top-level action program for the "15th Five-Year Plan."

For the capital market, the most direct signal is: the leading role of hard technology, AI, and enterprise innovation is being further strengthened; But the policy clearly opposes rushing in, blind layout, and bubble expansion.

| Four Principles to "Put on the Brakes" for New Quality Productivity

The document sets forth four principles: innovation-led, reform as the priority, adapting measures to local conditions, and establishing before breaking.

The NDRC clearly pointed out that this is a correction to problems in practice such as blind investment out of touch with reality, rushing into emerging industries, neglecting the upgrading of traditional industries, and prioritizing development over reform.

Simply put, policies encourage innovation but do not encourage "whoever is hot, just dump it"; Encourage emerging industries, but do not simply eliminate traditional industries; Local development is encouraged, but projects are strictly prohibited under the guise of new quality productive forces.

This is important for investment: in the future, new quality productivity-related sectors will not "rally across the board"; the real beneficiaries will be companies with technological barriers, order fulfillment, and cash flow closed loops.

| Technological Innovation: Enterprises Shift from 'Supporting Roles' to 'Main Actors'

The document places "vigorously promoting technological innovation" as the top of five major tasks and proposes a key change: elevating enterprise R&D projects that meet national strategic needs to national projects according to procedures, supporting capable private enterprises to take the lead in undertaking major national technology research tasks.

This means enterprises are no longer just cooperating with research institutes, but can lead national tasks.

At the same time, the document also proposes establishing a system for enterprise R&D reserve funds, increasing the proportion of additional deductions for R&D expenses, and strengthening the main actor in achievement transformation.

For the technology sector in both A-shares and Hong Kong stocks, this will continue to benefit hard tech companies with original technologies, strong R&D investment capabilities, and the ability to undertake national tasks.

But be cautious: policy dividends do not equal short-term performance; what truly materializes are companies whose orders, patents, and cash flow can be verified.

| AI + Action: From "Storytelling" to "Seeing Reality"

The document clearly states the comprehensive implementation of the "AI+" initiative, emphasizing that artificial intelligence is a strategic technology leading a new round of technological revolution and industrial transformation. At the same time, the document also mentions establishing pilot bases for AI industry applications, opening up high-value application scenarios, and using artificial intelligence to lead the transformation of scientific research models.

Given the current market, the AI main theme has not been weakened, but pricing logic is changing:

Computing power, optical modules, PCBs, storage, semiconductor equipment, industrial software, robotics, and AI terminals still have medium- to long-term logic. But in the short term, pure thematic speculation is more likely to be interrupted by "policy correction" and capital rotation.

The document proposes increasing the supply of financial innovation: encouraging angel investment, venture capital, and private equity investment, strengthening patient capital, supporting high-quality technology enterprises in listing and financing, optimizing mergers and acquisitions and equity incentive systems, and enriching technology innovation bond products.

This is an institutional benefit for hard tech companies, especially for companies that have not yet turned a profit but have strong technical capabilities to receive long-term capital support.

However, these policies are more about medium- and long-term institutional dividends, not short-term index catalysts. The market will still be affected by overseas interest rates, liquidity conditions, earnings verification, and sentiment fluctuations.

Jingtai's Perspective | Three Main Threads, One Discipline

Considering the current market, I focus more on three main themes:

1. AI hardware and computing power chain: optical communications, PCB, storage, semiconductor equipment, liquid-cooled power supplies, etc., prioritizing order and gross margin improvement.

2. Leading hard technology enterprises led by enterprises: Companies capable of undertaking national tasks, with a high proportion of R&D, and strong patents and scenario implementation capabilities.

3. Digital and intelligent upgrading of traditional industries: Mining, metallurgy, chemical, machinery, shipbuilding, and other sectors that improve efficiency through digitalization and greening should not simply be regarded as "old economies."

Investment discipline is also very clear: don't chase highs, don't believe in slogans, watch financial reports, watch cash flow, watch the pace of policy implementation. New quality productivity is the long-term main theme, but in the fourth quarter, the market will continue to fluctuate between valuation recovery, rotation, and earnings validation.