美东时间11月9日是本次美国政府自10月1日"停摆"以来的第40天。 （原标题：美参议院通过临时拨款法案 旨在结束政府"停摆"） 综合自央视新闻、Wind 当地时间11月9日，美国国会参议院通过一项旨在结束政府"停摆"的临时拨款法案。该法案将为政府提 供资金直至2026年1月30日。 美国会参议院通过临时拨款法案后，美股股指期货快速上涨，纳斯达克股指期货涨超1.2%，标普500股 指期货涨幅扩大至0.7%。 ...

业内认为，日前金价的持续上涨，由美元走弱、政府关门风险、地缘政治紧张局势等因素共同驱动。 其中，美国私营部门就业数据的疲软为黄金提供了支撑。Challenger报告显示，10月企业裁员超过15万 人，为20余年来同期最高水平。美国劳动力市场增速的放缓，使得市场提升了对美联储年内再降息的预 期。目前，投资者预期美联储12月降息25个基点的概率接近66%。 中金公司认为，展望明年，黄金有望延续涨势。一方面，逆全球化大势和战略安全诉求或继续为新兴国 家央行增持黄金储备提供中长期支撑。另一方面，美国经济增长压力或在明年上半年继续显现，美联储 已在今年9月重启降息，并可能在年末结束缩表，流动性宽松周期或将继续。 【导读】国际金价创11月以来新高 11月10日，金价再次直线上涨！ 截至发稿，黄金现货和期货报价均创下11月以来新高。其中，伦敦金现报4047.01美元/盎司，上涨 1.16%；COMEX黄金报4055.5美元/盎司，上涨1.14%。 A股市场上，黄金股集体大涨。截至发稿，黄金珠宝指数涨幅达1.85%。其中，萃华珠宝涨幅接近8%， 湖南黄金涨超5%，潮宏基、曼卡龙等涨超3%。 其中，黄金首饰消费量为270.03 ...

（原标题：央行出手 这类产品要火？） 【导读】央行重启国债买卖操作，长端利率债、"固收+"理财有望受益 年初曾暂停的公开市场国债买卖操作在10月已恢复。央行近日公布的各项工具流动性投放情况显示，10 月已投放200亿元。 市场专家普遍看重央行重启操作释放的信号意义，认为利好债市，长端利率债理财、"固收+"理财产品 等有望受益，建议投资者把握投资机会。 释放稳增长信号 业内人士表示，央行重启国债买卖操作，释放了稳增长信号，将提振债市信心。 兴银理财投资研究部相关人员表示，中国人民银行行长潘功胜在2025金融街论坛年会上明确表示"债市 整体运行良好"，传递出当前利率水平处于政策合意区间的信号，同时提及"向非银机构提供流动性支 持"，有助于稳定市场预期。对债市而言，今年四季度经济或延续弱修复，叠加央行重启国债买卖操作 带动宽松预期升温，市场整体偏顺风，有望开启一轮修复行情。 中国邮政储蓄银行研究员娄飞鹏认为，央行重启国债买卖操作释放出政策维稳信号，旨在引导市场预 期，配合财政政策并缓解中长期流动性缺口。200亿元的操作规模虽然不大，但其信号意义大于实际规 模，提振了债市信心，尤其是中长久期利率债需求显著上升。 "当 ...

中国邮政储蓄银行研究员娄飞鹏认为，央行重启国债买卖操作释放出政策维稳信号，旨在引导市场预 期，配合财政政策并缓解中长期流动性缺口。200亿元的操作规模虽然不大，但其信号意义大于实际规 模，提振了债市信心，尤其是中长久期利率债需求显著上升。 "当前重启国债买卖是基于债市运行状况改善、政策协同需求及流动性管理的综合考量。"国联民生 （601456）证券基金研究联席首席分析师张菁分析，国债买卖是货币政策工具箱之一，其功能定位是基 础货币投放的渠道和流动性管理工具。当前债市收益率曲线符合央行的合意水平，10年期国债收益率从 1月均值1.64%逐步上行至10月均值1.84%，债市风险有所缓解。 除了引导市场预期外，恢复国债买卖操作进一步释放稳增长信号，有助于稳定今年四季度和明年一季度 宏观经济运行。 【导读】央行重启国债买卖操作，长端利率债、"固收+"理财有望受益 年初曾暂停的公开市场国债买卖操作在10月已恢复。央行近日公布的各项工具流动性投放情况显示，10 月已投放200亿元。 市场专家普遍看重央行重启操作释放的信号意义，认为利好债市，长端利率债理财、"固收+"理财产品 等有望受益，建议投资者把握投资机会。 释放稳增 ...

Market Overview - On November 10, A-shares opened higher but experienced fluctuations, with the Shanghai Composite Index falling below 4000 points and the ChiNext Index down 1.68% [1] - The chemical, petroleum, coal, and food and beverage sectors showed strength, while the communication and electronics sectors struggled [1] Chemical Sector Performance - The chemical sector continued to strengthen, with significant activity in fluorine and phosphorus chemicals [3] - Key stocks such as LUXI Chemical, Chengxing Shares, and Hualu Hengsheng hit the daily limit, while Dongyue Silicon Material rose over 10% [3][4] - Lithium battery electrolyte stocks were particularly active, with Huasheng Lithium Battery reaching a 20% limit up [5] Lithium Battery Market Insights - From October 1 to November 7, the price of lithium hexafluorophosphate surged from 61,000 yuan/ton to 121,500 yuan/ton, marking a recent high [6] - CITIC Securities reported that the chemical sector is trading based on three main themes: increased demand for energy storage, ongoing industry self-discipline, and high growth potential in the chemical industry [7] Storage Chip Sector Activity - On November 10, storage chip stocks surged, with ShenGong Co. hitting a 20% limit up shortly after opening [8] - Other stocks like Yintang Zhikong also reached the daily limit, indicating strong market interest [10] NAND Flash Price Increase - Reports indicated that SanDisk raised NAND flash contract prices by 50% in November, causing a ripple effect throughout the storage supply chain [12] - This price increase highlights supply tightness in the storage market, with expectations of accelerated profit releases for domestic storage module companies by the second half of 2025 due to rising prices [12]

Group 1: Chemical Sector Performance - The chemical sector continues to strengthen, with significant activity in fluorine and phosphorus chemicals, as well as lithium battery electrolyte stocks [3][7] - Notable stocks include Dongyue Silicon Material, which rose by 13.18%, and several others like LUXI Chemical and Chengxing Shares, which reached their daily limit [4][3] - Lithium carbonate prices have surged, with the price of lithium hexafluorophosphate increasing from 61,000 yuan/ton to 121,500 yuan/ton between October 1 and November 7, marking a new high [6] Group 2: Semiconductor Sector Activity - Semiconductor storage stocks experienced a collective surge, with ShenGong Co. hitting a 20% limit up, trading at 61.19 yuan per share [8][10] - Other companies in the semiconductor space, such as Yingtang Zhikong and Dayi Co., also reached their daily limit [9][10] - Reports indicate that SanDisk has raised NAND flash contract prices by 50%, causing a ripple effect throughout the storage supply chain and highlighting supply tightness [10][11] Group 3: Market Trends and Projections - CITIC Securities reports that the chemical sector is trading based on three main themes: increased demand for energy storage, ongoing industry self-discipline, and high growth potential in the chemical products sector [7] - According to招商证券, the storage industry is entering an accelerated growth phase driven by surging demand in the AI era, with limited supply-side capacity leading to a widening supply-demand gap and rising prices [11]

（原标题：开幕式后，首金出炉！） 来源：人民日报客户端 11月10日 夺得冠军 这是十五运会开幕式后 产生的首枚金牌 祝贺！ 健儿们继续加油！ 第十五届全国运动会 赛艇项目决赛在广州举行 江苏队在男子四人双桨决赛中 ...

Core Insights - The "Fixed Income +" funds have become the main growth driver in the market, with a total scale of 2.7 trillion yuan as of the end of Q3 2023, reflecting a 26% quarter-on-quarter increase and surpassing previous highs from 2021 [1][9] - The market environment characterized by increased volatility and declining interest rates has led to a resurgence of "Fixed Income +" products as essential tools for asset allocation [1] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options [1] Fund Characteristics - "Fixed Income +" funds aim to balance returns and risks by constructing a stable base with fixed income assets while incorporating equity assets such as convertible bonds and stocks [2] - The fund manager, Zhang Lin, emphasizes the importance of clear product positioning and seeks optimal asset allocation and portfolio management solutions [2] - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, with 5%-20% in stocks and convertible bonds [3] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration interest rate bonds and high-grade corporate bonds to secure stable coupon income [3] - Convertible bonds will be selected based on high yield-to-maturity and low conversion premium, aiming to enhance returns while controlling drawdown risks [3] - The equity portion will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [3] Performance Metrics - The Changcheng Stable Yield Fund, managed by Zhang Lin, has shown a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [3] - The fund's Sharpe ratio of 2.31 indicates superior investment efficiency compared to the industry average of 1.34 [3] - The Changcheng Jiu Yue Fund has achieved a six-month return of 15.63% and a one-year return of 27.81%, far exceeding its benchmarks [3] Team and Support Structure - The Changcheng Fund's fixed income team operates with a systematic and integrated approach, enhancing trading efficiency through market behavior analysis and quantitative models [4][5] - The team has developed a diverse range of fixed income products, catering to different risk preferences and ensuring clear differentiation in product strategies [5][6] - The organization has established a matrix-style research team to facilitate efficient operations from individual security research to investment decision-making [6] Market Recognition - The Changcheng Fund's fixed income products have ranked in the top 20% of the market for one, two, and three-year returns as of September 30, 2025 [7] - The fund has received multiple five-star ratings for its management capabilities in fixed income investments [7]

Core Insights - The "Fixed Income +" funds have seen significant performance and scale growth this year, particularly the "Fixed Income + Growth" strategy, which has effectively captured opportunities in the technology growth sector [1][2]. Fund Performance - As of the end of Q3, the overall scale of "Fixed Income +" funds reached 2.5 trillion yuan, an increase of over 770 billion yuan from the end of last year, with the number of products rising to 1,775 [3]. - The average net value growth rate for 1,795 "Fixed Income +" products this year is 5.57%, with 244 funds increasing by over 10%. Funds with higher allocations to stocks and convertible bonds have shown significant performance advantages [4]. Investment Strategies - The "Fixed Income + Growth" strategy has outperformed, with the top-performing products heavily investing in technology growth assets. For instance, the Huaan Zhilian A fund, which focuses on the AI industry chain, achieved a net value growth rate of 48.26% this year [4][5]. - In Q3, "Fixed Income +" funds with higher equity allocations (≥25%) had a median return of 6.45%, compared to 3.13% and 0.78% for balanced and conservative strategies, respectively [6]. Market Trends - The technology sector is transitioning from "structural opportunities" to a "full upward cycle," with AI productivity rapidly evolving and entering a new phase of application innovation [5]. - High elasticity sectors are becoming crucial for "Fixed Income +" products to achieve excess returns, supported by macroeconomic conditions of low growth and low inflation [7]. Future Outlook - Industry experts recommend focusing on high elasticity sectors and "Fixed Income + Growth" strategies, as the narrative around AI continues to evolve. The emphasis on technological innovation in the "14th Five-Year Plan" further supports this trend [7][8]. - Fund managers suggest maintaining a balanced portfolio with a focus on technology growth, cyclical, manufacturing, and consumer sectors, while gradually increasing investments in midstream manufacturing industries as the economy recovers [8].

Core Insights - The U.S. government shutdown is significantly impacting air travel, with a warning from Transportation Secretary Sean Duffy that flight numbers will be drastically reduced ahead of the Thanksgiving holiday [1][2] - The Federal Aviation Administration (FAA) has mandated a reduction of daily flights by 4% at 40 major airports, which will increase to 10% by November 14 due to air traffic controller shortages [1][2] Group 1 - The government shutdown has lasted for 40 days, leading to a shortage of air traffic controllers as federal employees have not been paid for weeks [1][2] - Duffy indicated that the situation is expected to worsen, with many travelers unable to board flights as the number of available flights diminishes [1][2] - Major airlines, including American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines, have already begun canceling flights in response to FAA directives [2] Group 2 - Since the shutdown began on October 1, the FAA has reported a decrease of 1,000 to 2,000 air traffic controllers from full staffing levels, with an increase in retirements and absences [2] - On a recent Saturday, approximately 1,550 flights were canceled and 6,700 were delayed, with similar numbers expected for the following day [2] - The FAA has received over 500 safety reports from pilots citing fatigue-related errors among air traffic controllers since the shutdown began [2]