Searching for "National-Level" Trends: An Industry Insider's Guide to the 15th Five-Year Plan | 36Kr's Annual Perspective ⑧
The "Perspective" section specially planned the "36Kr Annual Perspective" series at the end of the year, using data to analyze the trends throughout 2025 and presenting the key points in this year's business world that cannot be missed through pictures.
This is the 8th installment of our content.
Author | Fan Liang
In the next five years, the underlying logic of China's capital market is undergoing a systematic shift. A fact that has been repeatedly verified is that the core goals of China's "Five - Year Plan" have a very high historical fulfillment rate. The plan is not just a vision but a blueprint for resource allocation with strong execution.
Chart by 36Kr
Chart by 36Kr
First of all, policy support is no longer evenly distributed but highly concentrated. Sixteen sectors such as semiconductors, new materials, and embodied intelligence have been clearly pushed to the forefront, becoming the directions with the most concentrated resources, capital, and patience in the new cycle. Correspondingly, the importance of traditional infrastructure and real estate continues to decline.
Chart by 36Kr
Chart by 36Kr
Secondly, when judging the industrial space, one cannot only look at whether it is "domesticated" but also at what stage the "domestic production rate" is in. In areas where the domestic production rate is close to saturation, competition tends to be sufficient. In links where the domestic production rate is still relatively low, such as photoresist, high - end machine tools, and key materials, it often means a longer - cycle and higher - threshold space for breakthroughs.
Finally, the moat of hard technology comes from continuous investment rather than short - term profits. In fields such as integrated circuits, it is normal for R & D and capital expenditures to be higher than the current returns in the long term, which is an inherent part of industrial evolution.
Chart by 36Kr
The future structural returns belong to those participants who can persist in long - cycle investments.