Group 1 - The core CPI in Tokyo for October increased by 2.8% year-on-year, remaining above the Bank of Japan's inflation target of 2%, which sustains market expectations for a potential interest rate hike in the short term [1] - The Tokyo core CPI, excluding volatile fresh food prices, was higher than market expectations of 2.6%, with a previous value of 2.5% [1] - The Tokyo CPI year-on-year, which excludes both fresh food and energy prices, was reported at 2.8%, also exceeding the September figure of 2.5% [1] Group 2 - Despite consumer inflation being above the 2% target for over three years, the Governor of the Bank of Japan emphasized the need for caution in considering further interest rate hikes due to uncertainties surrounding the impact of U.S. tariff policies on the Japanese economy [1]

新华财经北京10月31日电（崔凯）欧洲央行、美联储、日本央行及加拿大央行于本周相继召开货币政策 会议，在通胀路径趋稳但外部不确定性高企的背景下，各自采取不同应对策略，凸显全球货币政策进入 高度数据依赖与风险权衡的新阶段。 欧洲央行维持利率不变强调"逐次会议评估" 10月30日，欧洲央行管理委员会决定将存款机制利率维持在2.00%不变，主要再融资利率和边际贷款利 率分别保持在2.15%和2.40%，连续第三次按兵不动。该行指出，当前通胀水平接近其中期2%的目标， 对通胀前景的评估基本未变。尽管全球环境充满挑战，欧元区经济仍保持增长，劳动力市场强劲、私人 部门资产负债表稳健及此前降息措施构成经济韧性的主要支撑。 欧洲央行重申，其政策立场将坚持"依赖数据、逐次会议评估"，不预设利率路径。资产购买计划 （APP）与疫情紧急购买计划（PEPP）正以有序、可预测的节奏缩减，因欧元体系已停止对到期证券 本金进行再投资。该行同时表示，传导保护工具（TPI）仍可随时启用，以应对威胁货币政策传导的无 序市场波动。 美联储连续第二次降息缩表将于12月终止 行长植田和男在新闻发布会上表示，日本经济"正温和复苏，但仍存在疲软迹象"，海 ...

Group 1: Currency and Financial Markets - The People's Bank of China is advancing the internationalization of the Renminbi and researching foreign exchange futures, aiming to develop a Renminbi foreign exchange derivatives market and promote Renminbi trading with more neighboring and Belt and Road countries [1] - The Hong Kong government is inviting the Shanghai Gold Exchange to participate in establishing a central clearing system for gold, with a goal to surpass 2000 tons in gold trading within three years [1] - The World Gold Council reported that global gold demand reached 1313 tons in Q3, marking a record high for a single quarter, with investment demand increasing by 47% year-on-year [1] Group 2: Commodity Prices and Economic Outlook - The World Bank's Commodity Market Outlook indicates that global commodity prices may decline for the fourth consecutive year, reaching a six-year low by 2026, with energy prices expected to drop by 12% in 2025 and further by 10% in 2026 [2] - Gold prices are projected to rise by 42% in 2025 and an additional 5% in 2026 [2] Group 3: Economic Performance - The Eurozone's Q3 GDP preliminary value showed a year-on-year increase of 1.3% and a quarter-on-quarter increase of 0.2%, both exceeding market expectations [5] - France's Q3 GDP grew by 0.5% quarter-on-quarter, marking the fastest growth rate in 2023 [6] - Germany's Q3 GDP remained flat quarter-on-quarter, continuing a trend of low performance for 14 consecutive quarters [7]

Core Viewpoint - The market's pricing of the Federal Reserve's monetary policy easing is considered overly optimistic despite Chairman Powell's indication that a rate cut in December is not guaranteed [1] Group 1: Economic Conditions - The recent two rate cuts were preemptive measures in anticipation of a deteriorating labor market, but further rate cuts may now be limited [1] - The economy is described as being in a relatively strong state, while inflation expectations remain sticky [1] Group 2: Federal Reserve's Strategy - The Federal Open Market Committee (FOMC) continues to monitor the labor market, but inflation has consistently exceeded target levels since March 2021 [1] - Decision-makers may aim to simultaneously manage inflation control while preventing economic downturns, indicating a challenging balance [1]

Kraemer表示，拉加德重申当前利率水平处于"舒适区间"，进一步强化了维持利率稳定的理由。尽管注 意到因贸易妥协和中东停火使经济风险有所下降，拉加德仍避免将整体经济风险描述为向上倾斜。 新华财经北京10月31日电德国商业银行经济学家Joerg Kraemer在研报中指出，欧洲央行行长拉加德在新 闻发布会上释放了未来数月不会下调关键利率的信号。 Kraemer称："我们继续预期欧洲央行将把存款利率维持在2%至少直至明年底。" （文章来源：新华财经） ...

新华财经北京10月31日电随着美联储降息靴子落地，国际金价在29日盘中冲高回落后，30日企稳回升。 整体看，金价短线调整势头虽有减缓迹象，但震荡反复行情仍然可能持续。 这一可以被视为"可能暂停降息"的信号放出之后，美联储12月再次降息的市场预期概率由91.6降至 67.8%，未来降息预期下降，美元指数盘中大幅上冲逼近100关口，从而令金价收复4000美元的努力受 阻，金价冲高回落。 （作者系北京黄金经济发展研究中心研究团队） （文章来源：新华财经） 整体来看，未来降息预期虽有所下降，但是，特朗普政府对降息的执着以及鲍威尔临近卸任，中期随着 新主席更替，货币政策或将会有所改变，降息政策的执行或仍将是明年的市场主线。 基本面上分析，美联储在本月会议上如期降息25个基点，将利率下调至3.75%～4.00%的目标区间，这 是今年第二次放松货币政策。但是，美联储主席鲍威尔仍将此次降息定性为风险管理式降息。同时，由 于政府停摆切断经济数据来源，私营数据暂时无法替代官方数据，鲍威尔表示，在12月会议上进一步降 低政策利率并非板上钉钉。 技术上看，8月下旬，金价自3311美元低点快速拉涨超1000美元并最高冲击4380美元后 ...

（文章来源：新华财经） 截至10月30日，全球最大白银ETF——iShares Silver Trust的白银持仓量为15189.82吨，较前一交易日减 少19.75吨。 ...

Core Insights - Rural e-commerce is a crucial pathway for farmers' wealth, addressing traditional income challenges and promoting sustainable income growth [1] - The development of rural e-commerce faces issues such as lack of unified quality standards, weak market connection capabilities of small farmers, and imbalanced profit distribution [1] - The central government's 2025 policy aims to accelerate the construction of modern circulation networks for agricultural products and support collaborative supply chain development [1] Group 1: Development Strategies - Pujin County has implemented measures such as standardizing agricultural production, establishing collective e-commerce service companies, and utilizing live streaming to enhance rural e-commerce development [1] - The county has developed over 600,000 acres of late-maturing citrus, kiwi, and tea, promoting organic farming practices and achieving a 30% premium on agricultural products [1] - By 2024, Pujin County has established a comprehensive cold chain system covering 27 provincial regions, creating a full-chain income mechanism from planting to logistics to sales [1] Group 2: Quality Improvement Initiatives - The village of Shizishu has focused on a collaborative model involving "village collective + e-commerce + agricultural social services + small farmers" to enhance product quality and market access [2] - A traceability system has been implemented, allowing consumers to access detailed agricultural records and testing reports, thereby increasing market trust and encouraging standardized production [2] - The village collective has formed an e-commerce service company to unify resources and enhance small farmers' market connection capabilities through a standardized service model [2] Group 3: Revenue Generation Models - Baiyun Village in Chaoyang Lake Town has adopted a model combining "party building + e-commerce live streaming + enterprises + agricultural social services + small farmers" to empower farmers and increase income [3] - The village has established a division of labor where the village secretary leads live sales, enhancing product credibility and consumer experience [3] - A diversified profit distribution model has been created, ensuring small farmers share in the added value of the e-commerce industry [3] Group 4: Systemic Mechanisms - The case study of Pujin County highlights the importance of a systemic mechanism for value creation, organizational collaboration, and profit sharing to empower small farmers [4] - Standardized production and product value enhancement are foundational for achieving brand premium in e-commerce [4] - Organizational empowerment is essential to overcome the challenges faced by small farmers, improving their market connection capabilities [4]

截至10月30日，全球最大黄金ETF--SPDR Gold Trust持仓较上日增加4.3吨，当前持仓量为1040.35吨。 （文章来源：新华财经） ...

在实践落地层面，海尔智慧康养已构建了康养社区综合体、社区服务触点和居家养老综合服务体系，截 至目前，累计服务超过1000万康养用户。近年来，海尔智慧康养还主动对接国家补贴政策，开展适老化 产品创新，进一步降低用户负担。在四川本地，海尔智慧康养落地400平米的康养旗舰店，并与青羊少 城街道、高新区肖家河街道等合作构建社区服务中心，与川投大健康、泰康蜀园、京东方康养等构建终 端销售网络，实现以成都为核心，辐射绵阳、乐山、宜宾、攀枝花、眉山等重点城市。 "期待与四川省政府部门携手，共同推动适老化改造和康复辅具升级，为银龄群体创造更美好的生 活。"曲炳银表示。 据悉，银发产业论坛由中国经济信息社主办，中国经济信息社四川经济研究中心承办，成都银发经济产 业联盟协办。未来，成都将持续打造"银发经济论坛"IP，为全国银发经济发展提供"成都方案""成都智 慧"。 （文章来源：新华财经） 新华财经成都10月31日电（米敬雯）10月29日，银发产业论坛在成都市温江区成功召开。作为2025银发 经济高质量发展论坛暨成都老年健康发展年会的重要组成部分，本次论坛汇聚多方专家，共话银发经济 未来。海尔智家康养产业政企事业部总经理曲炳银在 ...