新华财经北京10月27日电据外媒报道，美国财长贝森特周一在空军一号上表示，美联储主席候选名单已 缩小至5人，分别是：克里斯托弗·沃勒（Christopher Waller）、凯文·沃什（Kevin Warsh）、凯文·哈塞 特（Kevin Hassett）、米歇尔·鲍曼（Michelle Bowman）和里克·里德（Rick Rieder）。 贝森特称，他正计划进行第二轮面试，并希望在感恩节假期后向特朗普总统提交一份"合格名单"。 特朗普表示，他预计将在年底前就接替现任美联储主席鲍威尔的提名人选做出决定。特朗普称："我们 目前有一位不太聪明的人（在担任美联储主席）。" （文章来源：新华财经） ...

Core Points - The Tokyo stock market experienced significant gains on October 27, with the Nikkei 225 index rising by 2.46% to surpass the 50,000 points mark for the first time [1][2] - Positive reports regarding progress in US-China trade negotiations alleviated investor concerns about the global trade environment, boosting market sentiment [1] - The Dow Jones index's rise, supported by lower-than-expected consumer price index data from the US, contributed to the upward momentum in the Tokyo market, particularly benefiting semiconductor-related stocks [1] Market Performance - The Nikkei index closed up by 1,212.67 points at 50,512.32 points, while the Tokyo Stock Exchange index rose by 55.60 points to 3,325.05 points [2] - All 33 industry sectors on the Tokyo Stock Exchange saw gains, with three sectors—non-ferrous metals, precision machinery, and securities and commodity futures trading—surging over 3% [2]

Market Overview - A-shares' three major indices collectively rose, with the Shanghai Composite Index approaching the 4000-point mark, reaching a new 10-year high at 3996.94 points, up 1.18% with a trading volume of 1.0434 trillion yuan [1] - The Shenzhen Component Index rose 1.51% to 13489.40 points, with a trading volume of 1.2967 trillion yuan, while the ChiNext Index increased by 1.98% to 3234.45 points, with a trading volume of 615.4 billion yuan [1] - The total trading volume of the Shanghai and Shenzhen markets was 2.34 trillion yuan, an increase of 365.9 billion yuan compared to the previous trading day [1] Sector Performance - The storage chip sector saw significant gains, with companies like Jiangbolong, Tuojing Technology, and Zhaoyi Innovation reaching historical highs [2] - The small metals sector also performed well, with Xiamen Tungsten and Dongfang Tantalum both hitting the daily limit [2] - The computing hardware sector remained active, with companies such as Xinyisheng and Shengyi Technology reaching new highs [2] - Conversely, the gaming sector experienced declines, with stocks like Youzu Network and Giant Network falling [2] - The wind power equipment sector also lagged, with companies like Haili Wind Power and Pangu Intelligent seeing significant drops [2] Institutional Insights - Jifeng Investment noted that the market is in a strong rebound phase, driven by both expectations and fundamentals, with the possibility of breaking through the 4000-point mark increasing [3] - The firm highlighted the importance of focusing on sectors with expected earnings growth, particularly in semiconductors, consumer electronics, artificial intelligence, and low-altitude economy [3] - Rongzhi Investment pointed out that despite the market reaching new highs, caution remains prevalent among investors, as indicated by low sentiment indicators [3] - The firm emphasized the need for quality stock selection and allocation in light of upcoming important meetings and policy directions [3] Future Outlook - Huafu Fund anticipates that strategic emerging industries such as new energy, new materials, and aerospace will see significant market growth, potentially creating trillion-level markets [4] - The fund highlighted that sectors like quantum technology and hydrogen energy could become new economic growth points over the next decade [4] - Overall, the technology sector is expected to be a focal point for investment, with defensive asset combinations being beneficial [4] Regulatory News - Relevant authorities are reportedly preparing to standardize the naming of "semi-solid batteries" to "solid-liquid batteries" to avoid market confusion [5] Economic Data - According to the National Bureau of Statistics, profits of large-scale industrial enterprises in China grew by 3.2% year-on-year in the first nine months of 2025, totaling 53,732 billion yuan [6] - State-owned enterprises saw a slight decline in profits, while private enterprises experienced a growth of 5.1% [7]

（文章来源：新华财经） 南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2025年10月1-25日马来西亚棕榈油单产环比上月同 期增加1.63%，出油率环比上月同期增加0.22%，产量环比上月同期增加2.78%。 ...

马来西亚独立检验机构Amspec表示，马来西亚10月1-25日的棕榈油出口量为1182216吨，较上月同期环 比减少0.27%。 （文章来源：新华财经） ...

船运调查机构SGS公布数据显示，预计马来西亚10月1-25日棕榈油出口量为985301吨，较上月同期增加 23.8%。 （文章来源：新华财经） ...

Core Insights - The balance of loans to the private economy in Guizhou Province reached 908.27 billion yuan as of the end of September, with a year-on-year growth of 5.30%, surpassing the growth rate of total loans by 1.32 percentage points [1] - The average interest rate for newly issued corporate loans from January to September was 3.60%, a decrease of 0.42 percentage points compared to the previous year [1] Group 1 - The People's Bank of China Guizhou Branch has established a long-term mechanism to enhance financial support for the private economy, focusing on creating an environment that encourages lending [1] - The bank has organized 20 financial institutions in Guizhou to participate in a national credit information sharing platform, enabling continuous and dynamic analysis of enterprises' operational and financial conditions [1] - As of the end of September, over 3,500 loans amounting to more than 10 billion yuan were issued through the platform, with nearly 90% of these being inclusive small and micro loans [1] Group 2 - The promotion of a unified registration and public announcement system for movable property financing and accounts receivable financing service platforms has been ongoing, with a focus on key and characteristic industries [2] - Since 2021, the unified registration system has recorded 107,300 new registrations and 476,400 queries, while the accounts receivable financing platform has facilitated 12,900 financing transactions totaling 510.76 billion yuan, with 85.70% of the financing going to small and micro enterprises [2] - The People's Bank has increased support for private enterprises through agricultural and small business re-loans and rediscounting, with a total balance of 82.71 billion yuan in re-loans and rediscounts by the end of September [2]

Central Bank Dynamics - The People's Bank of China emphasizes the need to expand its macro-prudential and financial stability functions to maintain stability in stock, bond, and foreign exchange markets [1] - The Federal Reserve plans to ease capital requirements for large banks, with the new proposal expected to increase overall capital by 3%-7%, lower than the previous 9% proposal [2] - The Bank of Japan indicates that the economy and inflation are in line with expectations, with potential for interest rate hikes later this year, although no clear basis for immediate hikes exists [2] - The Swiss National Bank has published its interest rate decision meeting minutes for the first time, indicating that current monetary policy is appropriate under various circumstances [2] - The Bank of Korea maintains its benchmark interest rate at 2.5% for the third consecutive time due to concerns over rising real estate prices and mortgage loan growth [3] - The Central Bank of Turkey has lowered its benchmark interest rate by 100 basis points to 39.5%, marking the third rate cut since July [3] - The Bank of Indonesia has unexpectedly kept its benchmark interest rate unchanged at 4.75%, aligning with inflation expectations [3] - Argentina's central bank has signed a $20 billion currency swap agreement with the U.S. Treasury [4] Market Observations - Citic Securities reports that the U.S. September CPI was below expectations, with overall inflation remaining stable, which may reinforce expectations for further rate cuts by the Federal Reserve [5] - Moody's economists suggest that the Bank of Japan is likely to maintain its interest rate this week due to weak trade performance and domestic demand [5] - Australian inflation data is set to be released, with expectations that the Reserve Bank of Australia may not cut rates again this year due to rising prices [6] Upcoming Events - The 2025 Financial Street Forum will take place from October 27 to 30 [8] - The Bank of Canada will announce its interest rate decision and monetary policy report on Wednesday [8] - The Federal Reserve will announce its interest rate decision and hold a press conference on Thursday [8] - The European Central Bank will also announce its interest rate decision and hold a press conference on Thursday [8]

巴克莱首席经济学家克里Christian Keller指出："尽管就业市场强劲，消费者信心仍显疲软。GDP数据将 揭示欧洲央行预期的私人消费复苏是否仍未能实现。在内需疲软、外部逆风及制造业产能利用率低迷的 背景下，我们或许还将看到投资活动可能仅会缓慢复苏的风险。" 周四将公布欧元区第三季度GDP初值，这将是本周的主要事件。数据发布后仅数小时，欧洲央行就会揭 晓其为期两天的货币政策会议结果。分析师预计该地区将维持截至6月的三个月内实现的0.1%的最低增 长水平。该地区部分主要经济体国家的报告将提供更多细节。 （文章来源：新华财经） 新华财经北京10月27日电 欧洲本周将接受一次严格的经济健康检查，在政策制定者开会制定利率之 际，这有助于评估美国关税对经济增长和通胀的影响。 几乎同样重要的是，次日将公布10月通胀数据，预计通胀率将从上月的2.2%回落至2.1%。最新数据将 显示，企业和家庭如何应对欧盟与美国7月达成的协议。 ...

Core Viewpoint - The development of China's public REITs market is a product of deep integration between financial supply-side reform and national strategy, transitioning from an exploratory phase to a quality improvement phase since its pilot launch in 2020 [1] Group 1: Market Development and Challenges - The public REITs market in China has evolved through a process of identifying problems, conducting scientific research, innovating practices, summarizing experiences, and continuously addressing new challenges [2] - The market's growth requires balancing economic growth, high-quality development, and risk management, involving coordination among local government actions, financial policies, and real estate policies [1][2] - The current REITs market, valued in the hundreds of billions, is just a starting point compared to the trillion-level stock of real estate assets, indicating significant room for growth [3] Group 2: Policy and Regulatory Framework - The pilot phase adopted a "public fund + ABS" product structure, which aligns with existing regulatory frameworks but raises concerns about governance complexity and unclear responsibilities [2] - Future institutional transitions must clarify the legal and market positioning of REITs while establishing a supportive policy ecosystem across various sectors, including industry, finance, and taxation [2] Group 3: Strategic Alignment and Market Potential - China's REITs are closely aligned with national strategies, such as the "dual carbon" goals and housing policies, demonstrating their role in addressing financing challenges in key sectors [3] - The REITs market has expanded to cover over ten asset classes, including energy, transportation, and affordable housing, showcasing its versatility and potential for further development [3] Group 4: Pricing Mechanism and Valuation - The pricing mechanism of REITs has been a focal point, with past issues of excessive price volatility and liquidity challenges needing resolution through improved institutional design and technological innovation [4] - The introduction of ESG evaluation frameworks is expected to provide new dimensions for value discovery, addressing the limitations of traditional valuation models [4] Group 5: Internationalization and Global Competitiveness - The domestic REITs market has the potential for international development, with plans to establish an independent international REITs trading platform in Hong Kong and attract foreign capital [4] - The goal is to create a globally competitive REITs market centered in China, enhancing its influence in the global financial system [4]