截至9月7日，COMEX黄金报3639.8美元/盎司，年内涨幅高达37.91%。在国际金价屡创新高、"金九银 十"传统消费旺季到来的双重背景下，黄金市场呈现出怎样的景象？记者实地走访一探究竟。 9月7日，记者走进北京丽泽商圈，黄金门店热闹非凡。周大福门店，前来询价的顾客络绎不绝，一位柜 员向记者介绍："现在有优惠活动，不同款式每克能优惠40元到60元不等。今天金饰挂牌价1060元/克， 算下来首饰黄金大约1000元/克。" 记者随机采访了一位顾客，他说："我手上有一笔暂时不用的资金，银行存款利率太低，不如换成黄金 放着。金价越涨越高，早点下手才安心，在当前环境下，我看好未来黄金价格。" 博时黄金ETF基金经理王祥对《证券日报》记者表示，过往一周黄金价格稳步积聚动能，最终强势爆 发，升至4个月来的最高水平。连续不断的疲软经济数据强化了市场对美联储9月份降息的乐观预期，为 金价上涨提供了助力。 卓创资讯（301299）研究员黄加奇表示，上半年美国关税扰动对商品市场的冲击滋生避险需求，推升国 内黄金占据历史高点；随后关税冷静期下投机需求回升，除了机会成本施压金价的"小插曲"以外，黄金 的价格中枢整体都呈现缓慢抬升的 ...

Group 1 - September is a traditional peak sales season for the automotive market, with various regions optimizing national subsidies to further unleash consumer potential and boost market confidence [1] - The National Development and Reform Commission, in collaboration with the Ministry of Finance, has allocated an additional 690 billion yuan in special bonds to support the consumption of old-for-new policies, with plans for another 690 billion yuan in October [1] - The adjustment of subsidy policies in various regions has led to a significant increase in consumer inquiries and purchases, particularly in the new energy vehicle sector, driven by traditional sales season effects and attractive promotional activities from automakers [1] Group 2 - The Chongqing Municipal Commission of Commerce announced an additional budget of 135 million yuan for old-for-new subsidies for automobiles and electric bicycles, implementing a "first come, first served" principle [2] - The "total control" approach to budget allocation is expected to smooth demand fluctuations and prevent significant market volatility, while the "use until exhausted" rule encourages consumers to act quickly [2] - Some regions have adopted a "coupon grabbing" model for subsidy applications and issued "consumption vouchers" to stimulate local consumption, such as the 2 million yuan automotive consumption voucher initiative in Guangdong Province [2] Group 3 - Automotive consumption holds a significant share in total retail sales, driving the collaborative development of numerous upstream and downstream industries, making it a key area for expanding domestic demand and stabilizing economic growth [3] - The "first come, first served" mechanism for distributing subsidies and vouchers is believed to enhance the efficiency of subsidy funds, stimulating consumer potential in the automotive market and promoting sustainable development of the automotive industry [3]

能造血的稻米，会"检测大脑"的系统，首台获NMPA注册证的近红外脑功能热成像系统……9月4日至9 月6日，这些生物领域尖端科技在第十七届中国生物产业大会(以下简称"生物产业大会")集中亮相。本 届大会以"生物科技赋能未来.生物制造重塑世界"为主题展开。 "生物产业大会是我国生物产业发展的重要助推器。"北京科方得科技发展有限公司研究负责人张新原在 接受《证券日报》记者采访时表示，本届大会全面呈现生物产业创新趋势，通过搭建产学研深度对接桥 梁，加速技术成果转化与产业链资源整合，有利于巩固我国生物产业全球领先优势，助力产业突破核心 技术。 "首创""首款" 集中亮相 在本次大会的展示区，多项"首创""首款"创新技术与产品亮相，受到关注。 在上海联影医疗科技股份有限公司展区，一台体型庞大且设计精密的设备格外引人注目。公司产品经理 周子达向《证券日报》记者介绍，这款uMRJupiter5T是公司自主研发的世界首款5.0T人体全身磁共振系 统，其核心优势在于显微镜级高清成像，赋能全身精准诊断，并能够无缝联动基础研究、临床科研以及 医学转化。 "这款产品目前已在国内上市，并在全国多个医院得到应用。"周子达说。 武汉禾元生物 ...

本报记者 彭衍菘 孙珩进一步表示，这一现象更反映出公募行业的转型——从过往单纯追求规模扩张，转向重视投资者回报的精细化运营模 式，长远来看有助于提升行业口碑与投资者信任度。 对于普通投资者而言，面对高波动的绩优基金，如何理性参与？对此，深圳市前海排排网基金销售有限责任公司公募产品 运营曾方芳对《证券日报》记者表示，第一，采取定期定额的投资方式，例如每月投入固定金额，这样可以在市场下跌时买入 更多份额，从而摊薄成本、平滑波动。同时，在市场上涨时，定投也能发挥显著优势。当市场处于上升趋势时定投，随着时间 的推移，投资者能够持续积累基金份额，分享市场上涨带来的收益。第二，设置合理的目标收益率，一旦达成及时止盈；也可 设定最大回撤阈值，触及即止损。此外，可参考指数估值分位水平，在市场高估时择机退出。第三，通过"核心—卫星策略"进 行组合配置，分散投资以降低整体组合的波动风险。 事实上，上述基金此前已多次提示风险。其2025年中期报告明确提出，产品聚焦新质生产力相关行业，高成长性伴随高波 动，投资者需先厘清三大问题：是否已经通过底层资产了解清楚产品的特性、能否承受历史最大回撤、是否匹配投资期限与收 益预期，越是市场热度 ...

■闫立良 据国际数据公司(IDC)预计，到2028年中国人工智能总投资规模可突破1000亿美元。 从本周开始，8月份经济、金融运行数据将陆续披露，其中备受关注的一项指标是从4月份就一路下行的 固定资产投资。 4.2%、4.0%、3.7%、2.8%、1.6%，从今年1月份至3月份固定资产投资(不含农户)同比增速达到4.2%的 阶段高点之后，这一指标已连续4个月走低。当前，"扩大有效投资"已经成为下一步的工作重点之一。 从各个层面释放的信息看，后续投资增速触底回升还是有底气的。 首先，扩内需需要强化投资对消费的支撑作用。 最近发布的《国务院关于深入实施"人工智能+"行动的意见》提出了一批加快实施的重点行动，包括"人 工智能+"产业发展和"人工智能+"消费提质，其中，前者就指明了产业投资方向。 10年前"互联网+"行动启动实施，带动了相关产业投资，促进了产业升级和消费变革。现在，随着"人工 智能+"行动的开展，投资规模将实现大幅提升，对产业变革和消费提质的促进也将更加深远而持久。 投资对消费发挥支撑作用，消费引领投资行为，这在"人工智能+"领域会体现得更为真切。如果从投资 的角度审视今年3月份发布的《提振消费专项行 ...

Core Viewpoint - Insurance capital private equity funds are increasingly favoring "Chinese-character" stocks, particularly in sectors like banking, public utilities, and transportation, reflecting a preference for high-dividend, low-valuation stocks that offer stable returns and manageable risks [1][2][3]. Group 1: Investment Trends - As of June 30, insurance capital private equity funds held seven A-share stocks, with a notable preference for "Chinese-character" stocks [1][2]. - The three private equity funds managed by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. have maintained their positions in key stocks such as Yili Industrial, Shaanxi Coal and China Telecom [2]. - The investment strategy emphasizes stocks with high dividend yields and stable development, with specific stocks like Shaanxi Coal, China Shenhua, and China Petroleum showing dividend yields of 6.6%, 5.9%, and 5.28% respectively [3][4]. Group 2: Fund Performance and Strategy - The first phase of the Honghu Zhiyuan fund has completed its investment and achieved good returns, while the second phase is nearing completion [3]. - The third phase of the fund focuses on large A+H shares that meet specific criteria, including good governance and stable dividends, with the investment team showing significant improvement in stock selection capabilities [4]. - Insurance companies are increasingly prioritizing equity asset allocation, particularly in high-dividend stocks, to counterbalance the declining safety of fixed-income assets [6]. Group 3: Market Position and Holdings - As of June 30, insurance companies appeared in the top ten shareholders of 735 listed companies, holding a total of 927.4 billion shares, with a market value of approximately 1.57 trillion yuan [5]. - The top five holdings by insurance companies include Minsheng Bank, Shanghai Pudong Development Bank, China Unicom, Beijing-Shanghai High-Speed Railway, and Zheshang Bank [5]. - Insurance companies are optimistic about the A-share market in the second half of the year, focusing on sectors like technology innovation and advanced manufacturing for investment opportunities [6].

Group 1 - The increase in cancellation-based repurchases in the A-share market reflects a heightened importance placed by listed companies, driven by policy support, shareholder returns, and signals of cash flow abundance [1][2] - Policies such as the "National Nine Articles" and the CSRC's guidelines encourage listed companies to repurchase and cancel shares, which helps boost investor confidence [1] - Cancellation-based repurchases reduce the number of circulating shares, thereby increasing net assets and earnings per share, which enhances shareholder returns and improves stock value perception [1] Group 2 - The establishment of the "stock repurchase and increase loan" tool has provided additional funding sources for companies, lowering repurchase costs and promoting governance capabilities [2] - Since the introduction of this tool, 673 companies have announced stock repurchase and increase loans, with a total loan ceiling of 145.339 billion [2] - The tool has been well-received in the market, indicating a significant positive impact on the stock repurchase activities of listed companies [2] Group 3 - While cancellation-based repurchases can positively influence market confidence, investors should analyze these actions in conjunction with the company's fundamentals and future performance expectations [3] - Companies should implement cancellation-based repurchases thoughtfully, aligning them with their operational and financial conditions to avoid potential pitfalls [3] - Cancellation-based repurchases serve as a strategic choice for companies to enhance their investment value and optimize capital structure, contributing to the high-quality development of the capital market [3]

Core Viewpoint - The Chinese sports industry is experiencing a growing consumer interest, yet many sports enterprises face challenges in venue upgrades and event IP cultivation due to a lack of funding, which hinders the development of the sports sector [1] Group 1: Sports Industry Asset Securitization - The State Council's recent opinion supports asset securitization for qualifying sports enterprises, providing a pathway to convert "traffic" into funding [1] - Sports industry asset securitization involves transforming predictable cash flow assets, such as broadcasting rights and ticket revenues, into tradable securities, alleviating short-term cash flow pressures and injecting capital for long-term growth [1] - The exploration of asset securitization in China's sports industry began in 2018 with the issuance of the "Vanke Songhua Lake Trust Beneficiary Rights Asset Support Special Plan," focusing on ski resort operations [1] Group 2: Current State and Challenges - Despite the potential, sports industry asset securitization remains limited, contrasting sharply with the booming asset securitization market, which saw a 17.94% increase in issuance quantity and a 15.65% increase in scale this year [2] - Key challenges include a scarcity of quality underlying assets, a need for improved risk management systems, and a lack of clear policies regarding the ownership and transfer of intangible sports assets [2] Group 3: Recommendations for Development - Sports enterprises should focus on creating and optimizing assets, such as consolidating regional events into league IPs to stabilize cash flow and enhance asset appeal [3] - A dual protection system combining professional rating and dynamic management should be established to improve risk assessment and alleviate investor concerns [3] - Policies should be accelerated to clarify ownership and transfer rules for intangible sports assets, introduce tax incentives, and reduce transaction costs for sports asset securitization products [3] Group 4: Future Outlook - With coordinated efforts in asset creation, risk control, and supportive policies, asset securitization can become a crucial bridge connecting the "traffic" and "funding" of the sports industry, promoting a transition from "traffic heat" to "industry strength" [4]

Core Viewpoint - The Chinese Securities Association has introduced a new evaluation method to enhance the performance of securities firms in contributing to the financial "Five Major Articles," aiming for high-quality industry development [1][2]. Group 1: Evaluation Framework - The evaluation method consists of 14 representative indicators to create a multi-dimensional assessment system for securities firms [1][4]. - The evaluation focuses on key areas, ensuring scientific and operational feasibility, and aims to reduce the reporting burden on companies [3][4]. - The evaluation will be based primarily on quantitative indicators (90 points), with qualitative indicators (10 points) and additional items (5 points) [4][5]. Group 2: Key Areas of Focus - The evaluation emphasizes technology finance, which holds the highest weight of 50 points, while green finance, inclusive finance, pension finance, and digital finance each hold 10 points [4][5]. - Specific indicators for technology finance include amounts and numbers related to technology innovation bond underwriting, equity financing for tech companies, and direct investments in non-listed tech firms [5][6]. Group 3: Scoring Methodology - The scoring system is designed to highlight key areas, with a focus on resource investment in technology finance, allowing for a broader range of additional points [6]. - The scoring also considers both monetary amounts and quantities, ensuring a balanced evaluation that encourages diverse development among firms [6].

在今年7月份美联储货币政策会议后，美国就业市场数据开始快速走弱，美联储主席鲍威尔和多位官员 均开始转向释放"鸽派"信号，为9月份美联储降息铺垫。可以看出，美联储此次降息绝非"预防式"降 息，其驱动力是美国快速"降温"的就业市场。9月5日出炉的最新非农就业数据显示，8月份美国非农就 业人数仅增加2.2万人，大幅低于预期（增加7.5万人），8月份失业率升至4.3%。就业市场数据的明显 恶化以及随之而来的美国经济下行压力，都激发了黄金的避险属性。 同时，近期美联储独立性受到挑战，美元信用也受到质疑，叠加美国财政赤字高企，"大而美"税收与支 出法案的赤字扩张更令人担忧美国公共债务规模不断膨胀的可持续性，黄金的"避险+抗通胀"属性预计 被持续强化，整体看将对金价起到提振作用。 9月7日，中国人民银行（以下简称"央行"）公布最新的官方储备资产情况，数据显示，8月末，央行黄 金储备为7402万盎司，较上月末增加6万盎司，为连续第10个月增持。 此外，美联储将在9月16日至9月17日召开联邦公开市场委员会（FOMC）会议，大概率将重启已暂停了 一年的降息。事实上，自8月末市场对美联储降息的预期逐步走强以来，国际金价也有所上涨 ...