新华财经上海10月31日电（记者王鹤）中国汽车流通协会31日发布的最新一期调查报告显示，2025年10 月，中国汽车经销商库存预警指数为52.6%，同比上升2.1个百分点，环比下降1.9个百分点。库存预警 指数位于荣枯线之上，汽车流通行业景气度有所改善。 报告显示，10月汽车市场延续旺季态势。地方补贴政策、国庆车展及经销商年末促销共同发力，叠加国 家第四批以旧换新补贴落地与多款新车密集上市，推动10月上半月订单量同比大幅攀升。 从分指数情况看，10月库存、从业人员、经营状况分指数环比下降，市场需求、平均日销量分指数环比 上升。 从区域指数情况看，10月全国总指数为52.6%，北区指数为51.3%，东区指数为51.2%，西区指数为 48.3%，南区指数为56.0%。 从分品牌类型指数看，10月豪华及进口、合资品牌指数环比下降，自主品牌指数环比上升。 中国汽车类流通协会认为，进入11月，车企及经销商进入全年目标冲刺阶段，"双11"购车季、广州车展 新车上市潮及"两新"补贴延续等利好，终端需求释放动能持续增强，预计销量环比10月持平或微增。叠 加新能源购置税免征倒计时触发的限时优惠加码，将促使许多计划明年购车的消费 ...

Core Viewpoint - The article highlights the advancements in autonomous driving technology for heavy-duty trucks, particularly in the context of coal transportation in Ordos City, showcasing the collaboration between Karl Power and various industry partners to drive innovation and efficiency in logistics [1][2]. Group 1: Company Developments - Karl Power has developed autonomous driving technology for new energy heavy-duty trucks, with plans to relocate its R&D headquarters to Ordos City by June 2024 [1]. - The company has established R&D and operational centers in Ordos, collaborating with over 30 industry partners, including Huawei and Weichai Power, to form a freight alliance focused on autonomous driving [1][2]. - As of September 2023, Karl Power has deployed 343 intelligent connected heavy-duty trucks in Ordos City, achieving regular testing operations across three core transportation scenarios [2]. Group 2: Industry Impact - The shift towards intelligent and green upgrades in coal mines and factories is creating a significant opportunity for the large-scale application of autonomous heavy-duty trucks in energy transportation and mining logistics [1]. - Karl Power's mixed fleet autonomous driving solution, which combines L2 and L4 technologies, enhances safety by five times, reduces energy consumption by 10%, and can save up to 83% in labor costs [2]. - The cumulative operational mileage of Karl Power's autonomous driving fleet has surpassed 30 million kilometers, transporting over 1 billion ton-kilometers of goods [2]. Group 3: Future Plans - Karl Power aims to expand its cross-city operational network in regions such as Bayannur, Baotou, Wuhai, and Yulin, with plans to open at least two urban trunk logistics routes by the end of the year [2]. - The company intends to increase investment in intelligent connected vehicle-related businesses in Ordos City, contributing to the intelligent transformation of transportation in resource-based cities [2].

Core Points - The Federal Reserve plans to reduce its banking supervision department staff by 30% by the end of 2026, resulting in approximately 350 employees remaining, down from the previously approved 500 [1] - This layoff plan was announced by Michelle Bowman, the newly appointed Vice Chair for Supervision, during an internal meeting on October 30 [1] - The reduction aims to streamline operations through natural attrition, retirements, and voluntary departure incentives, with specific details to be released in the coming weeks [1] Group 1 - The banking supervision department is responsible for overseeing thousands of bank holding companies and state-chartered member banks, which is a core component of the Federal Reserve's financial stability function [1] - The layoff plan aligns with the overall direction set by Federal Reserve Chair Jerome Powell to reduce the agency's workforce by 10% by May 2025, but the cuts in the supervision area are significantly higher [1] Group 2 - Michelle Bowman, appointed by former President Trump in early 2025, is pushing for structural reforms, including streamlining management levels and renaming the operations department to "Business Enablement Group" [2] - The department has recently experienced high-level personnel changes, including the retirement of long-time supervisor Michael Gibson and the departure of his two deputies [2] - The timing of the layoff plan coincides with intensified criticism from senior officials in the Trump administration regarding the Federal Reserve's perceived overreach and bloated structure [2]

Market Overview - The bond market showed a mixed performance on October 31, with the long-end strengthening further while the mid-short end remained stable [1] - The main contracts for government bond futures had varied results, with the 30-year contract up by 0.42% and the 2-year contract down by 0.02% [2] - The overall funding environment is balanced and slightly loose, supporting a strong fluctuation in the interest rate bond market [1][6] Interest Rate Movements - The yield on the 30-year government bond decreased by 1.6 basis points to 2.147%, while the 50-year bond yield fell by 4.25 basis points to 2.205% [2] - In the interbank market, most interest rate bonds saw a decline in yield, particularly long and ultra-long bonds [2] International Bond Market - In the Eurozone, yields on 10-year bonds increased, with French bonds rising by 1.7 basis points to 3.416% and German bonds up by 2.2 basis points to 2.642% [3] - In North America, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 2.32 basis points to 4.097% [4] Funding Operations - The central bank conducted a reverse repurchase operation of 3,551 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 1,871 billion yuan for the day [6] - Shibor rates showed mixed performance, with the overnight rate rising by 0.4 basis points while the 7-day rate fell by 4.5 basis points [6] Institutional Insights - Guosheng Fixed Income noted that the trend of deposit liquidity is driven by various factors, primarily changes in interest rates, with expectations of continued decline in deposit costs [7] - Huatai Securities indicated that the cautious stance of the Federal Reserve marks a shift back to data reliance, which may lead to a tightening of monetary policy [8] - Dongfang Jincheng highlighted that early issuance of debt replacement quotas will help local governments free up more funds for infrastructure investment, stabilizing economic operations in Q4 [8]

Core Insights - The forum highlighted the unique advantages and development potential of the senior economy in Chengdu, particularly in Dujiangyan and Dayi County [1][2][3] Group 1: Dujiangyan City - Dujiangyan focuses on "high-end elderly care + travel care" with four core advantages: ecology, culture, location, and policy [1] - The city has developed a senior economy brand centered on "healthcare + travel care," with total investments exceeding 9.2 billion in four key projects: high-end elderly care, smart medical care, traditional Chinese medicine care, and special dietary foods [1] - In 2024, Dujiangyan is expected to attract over 2 million elderly tourists, leading to an 18% increase in tourism consumption and creating over 3,000 jobs [1] Group 2: Dayi County - Dayi County boasts rich health and tourism resources, with a unique geographical structure that includes a significant elevation difference of nearly 5,000 meters [2] - The county has a forest coverage rate of 56.31% and a park green space coverage rate of 82.45%, making it a top destination for tourism and sports [2] - Dayi aims to develop a silver industry scale of 5 billion by 2030, covering various sectors such as elderly services, health tourism, pharmaceuticals, medical devices, and senior tourism [2] Group 3: Strategic Planning - The clear top-level design from Chengdu is reflected in the "Three-Year Action Plan for Optimizing and Strengthening the Senior Economy Key Industrial Chain (2025-2027)," which aims to create a national-level senior economy industrial park [3] - The collaborative development of Dujiangyan and Dayi in the senior economy aligns with Chengdu's strategic deployment for the senior economy [3]

然而，许长泰特别指出，本次FOMC会议释放出更为鹰派的政策基调，这限制了未来宽松空间。基于当 前形势，他预计2026年上半年美联储或仅有一次降息机会。 （文章来源：新华财经） 新华财经北京10月31日电摩通资产管理策略师许长泰称，尽管美联储于10月30日如期将联邦基金利率下 调25个基点，目标区间降至3.75%至4.00%，符合市场普遍预期，但当前美国联邦政府持续停摆正对货 币政策制定构成实质性干扰。 许长泰强调，由于政府停摆，包括非农就业报告在内的多项关键经济数据无法正常发布，致使美联储在 缺乏完整信息的情况下作出利率决策。"这一情况值得高度关注，"他表示。 他进一步分析称，若政府停摆不再造成进一步干扰，美联储将有望恢复接收就业与通胀数据。在此前提 下，若就业市场明显改善或通胀出现显著反弹，联邦公开市场委员会（FOMC）可能选择维持利率不 变。尽管如此，12月仍存在降息的可能性。 ...

Core Viewpoint - The 2025 Silver Economy High-Quality Development Forum and Chengdu Elderly Health Development Annual Conference highlighted innovative paths for the development of the silver economy, focusing on smart elderly care solutions through technology integration [1][3]. Group 1: Smart Elderly Care Innovations - Tianyu Smart Elderly Care Company emphasizes "smart elderly care + home care," leveraging IoT, big data, and AI to enhance the quality of life for the elderly [1]. - The company has developed a smart supervision system that allows real-time monitoring of care services, ensuring service quality and providing data support for regulatory bodies [2]. Group 2: Safety and Emergency Response - Tianyu employs millimeter-wave radar technology to upgrade traditional emergency response systems, enabling proactive alerts for fall risks and accidents [2]. - The company has established a 24/7 elderly care service system with a strict emergency response mechanism, ensuring rapid assistance and emotional support for the elderly [2]. Group 3: Promotion of Age-Friendly Products - Tianyu has created mobile exhibition vehicles to showcase age-friendly renovation results, significantly increasing on-site sales through government subsidy policies [3]. - The company offers comprehensive services from purchase to after-sales maintenance, focusing on user-friendly designs to enhance customer engagement [3]. Group 4: Industry Infrastructure Development - Tianyu aims to build three foundational infrastructures for the elderly care industry: digital infrastructure, service infrastructure, and social infrastructure, promoting digital transformation and talent cultivation [3]. - The company has formed a diverse partnership matrix, collaborating with various stakeholders in the elderly care ecosystem, including service providers, insurance companies, and technology firms [3].

新华财经北京10月31日电美国财政部长贝森特于当地时间10月30日接受媒体采访时，对美联储最新货币 政策决定作出回应。他一方面认可美联储于10月30日宣布的25个基点降息举措，另一方面严厉批评其政 策声明中体现出的"固步自封的思维模式"，并呼吁对美联储体制机制进行彻底改革。 值得注意的是，特朗普政府对鲍威尔的批评由来已久。在10月29日于东京与商界领袖的会晤中，特朗普 再度公开指责鲍威尔"庸碌无能"。 根据贝森特10月28日披露的信息，目前已有5位候选人进入美联储主席继任最终名单，包括：白宫经济 顾问凯文·哈西特、前美联储理事凯文·沃什、现任美联储理事克里斯托弗·沃勒、美联储监管副主席米歇 尔·鲍曼，以及贝莱德高管里克·里德。 分析人士指出，若美联储主席人选更替进程加速，可能对2026年货币政策路径及全球金融市场预期产生 深远影响。然而，新任主席的最终任命仍需经过法定程序，具体时间表及人选尚待官方确认。 贝森特指出，美联储今年以来对通胀和国内生产总值（GDP）的预测"一直存在错误"，其分析模型"已 形同虚设"。他特别质疑美联储在降息决定后释放出"12月会议可能不再降息"的信号，称无法理解该立 场背后的逻辑。 ...

Market Overview - The A-share market experienced a collective pullback in October, with the Shanghai Composite Index closing at 3954.79 points, down 0.81%, and the Shenzhen Component Index at 13378.21 points, down 1.14% [1] - The total trading volume for the Shanghai and Shenzhen markets was 2.32 trillion yuan, a decrease of 103.9 billion yuan from the previous trading day [1] - The Shanghai Composite Index saw a cumulative increase of 1.85% for the month, briefly surpassing 4000 points, while the ChiNext Index fell by 1.56% [1] Sector Performance - The pharmaceutical sector saw significant gains, with stocks like Lianhuan Pharmaceutical and Sanofi China hitting the daily limit [2] - The white liquor concept stocks rallied in the afternoon, with Zhongrui Co. achieving two consecutive limit-ups [2] - The AI application sector also performed well, with stocks like Rongxin Culture and Fushike Holdings both hitting the daily limit [2] - Conversely, the computing hardware sector faced a collective decline, particularly among the top three optical module companies [2] Institutional Insights - Jifeng Investment Advisory noted that the market is in a short-term correction but maintains a positive long-term outlook, particularly in sectors like semiconductors, consumer electronics, and AI [4] - Hengsheng Qianhai Fund anticipates a continued oscillation around the 4000-point mark, emphasizing the need to monitor policy and external factors closely [4] - Anjue Asset predicts that A-shares will rise in November due to supportive policies and ample liquidity, despite potential profit-taking and sector differentiation [5] Policy Developments - Pan Gongsheng highlighted the need for a robust monetary policy framework to address macroeconomic and financial market fluctuations, suggesting the development of a comprehensive policy toolbox [6] - Wu Qing emphasized the importance of creating an attractive environment for long-term capital investment in A-shares, advocating for reforms in public funds and the promotion of equity funds [7][8] - Five government departments released a plan to accelerate the development of a data factor market, aiming to integrate data industries with sectors like low-altitude economy and autonomous driving [9]

Core Insights - 合合信息 reported a record high quarterly revenue of 460 million yuan in Q3, marking a year-on-year growth of 27.49% [2] - The company's net profit after deducting non-recurring items reached 98.13 million yuan, up 33.97% year-on-year [2] - Operating cash flow for the third quarter was 184 million yuan, reflecting a significant increase of 40.25% year-on-year, the highest growth rate to date [2] Financial Performance - For the first three quarters of the year, 合合信息 achieved a total revenue of 1.303 billion yuan, representing a year-on-year increase of 24.22% [2] - The net profit attributable to shareholders for the same period was 351 million yuan, which is a 14.55% increase compared to the previous year [2] Business Overview - 合合信息 is a leading artificial intelligence product company that provides AI products and services to both C-end users and diverse B-end clients globally [2] - The company has successfully launched several self-developed products for C-end users, including ScanMaster, CardMaster, and Qixinbao [2] - In the B-end sector, 合合信息 has transformed its accumulated technical expertise into standardized AI products that can be reused across industries, with key offerings including TextIn and Qixin Huayan [2] User Metrics - As of September 2025, the monthly active users of 合合信息's main C-end products reached 189 million, showing a year-on-year growth of 12.50% [2] - The total number of paying users has reached 9.2698 million, which is a year-on-year increase of 35.18% [2]