Core Viewpoint - Recent fluctuations in the gold market are seen as a natural correction following previous excessive gains, with the long-term macroeconomic support for gold remaining intact [2][3]. Market Analysis - The recent significant decline in international gold prices indicates a short-term adjustment phase, with spot gold hitting a low of $4,072.84 per ounce and COMEX gold futures at $4,090.20 per ounce as of October 27 [2]. - The volatility in the gold market was anticipated, as the trading crowding had reached historical highs, prompting a risk warning from the investment team on October 15 [3]. Long-term Support Factors - A profound shift in the global currency landscape is occurring, with the dollar's reserve status weakening and gold's share in global central bank reserves increasing from 10% in 2019 to 23% by Q2 2025, reflecting concerns over the uncertainty of the global monetary system [3][4]. - Central banks globally are continuing to purchase gold, driven primarily by emerging market central banks, with total gold reserves exceeding 36,000 tons as of Q2 2025, showing a net increase of 19 tons in August alone [3]. - Ongoing issues with U.S. credit, including a national debt surpassing $38 trillion, are enhancing gold's appeal as a hedge against inflation and credit risk, especially in light of declining purchasing power of fiat currencies [4]. Investment Strategy - Investors are advised to view gold as a long-term asset for macro hedging and value storage rather than a short-term speculative tool, emphasizing its low correlation with traditional assets during systemic risks [5]. - For those who believe in the long-term support for gold, the current market correction presents a potential buying opportunity, while risk-averse investors should exercise caution due to ongoing market volatility [5]. - A systematic investment approach, such as dollar-cost averaging, is recommended for smaller investors to mitigate the psychological impact of short-term fluctuations [5]. Strategic Considerations - A common mistake among investors is conflating long-term allocation with short-term trading, which can lead to losses from trying to time the market [6]. - The analysis of gold investment should now incorporate multiple variables beyond just Federal Reserve policies, including geopolitical risks and central bank purchasing trends, to provide a more comprehensive market outlook [6].

Core Viewpoint - The recent fluctuations in gold prices are characterized as a healthy correction driven by short-term factors, aimed at building momentum for medium to long-term upward trends, with the underlying bull market foundation remaining intact [2] Group 1: Short-term Driving Factors - The core reason for the recent gold price adjustment is identified as short-term factors rather than a fundamental reversal, including easing pressure in the silver market, a retreat in short-term safe-haven demand, and profit-taking from previous gains [3][4] - The easing of silver market pressures, which previously saw extreme conditions, has led to a corresponding adjustment in gold prices [3] - A decline in short-term safe-haven demand occurred as temporary issues like U.S. government shutdowns and trade uncertainties were resolved, prompting some investors to liquidate gold positions [3][4] Group 2: Technical Analysis and Market Behavior - The current adjustment, with gold prices dropping nearly 10% from approximately 4380 to 4000, is considered a normal occurrence within a bull market, as similar adjustments have been observed historically [4] - Key support levels, such as the 4000 mark, are highlighted as critical for maintaining bullish sentiment, with potential further declines to the 3800-3850 range anticipated for more thorough price correction [5] - The market's behavior indicates that the recent decline is primarily due to profit-taking rather than a significant increase in short positions, as evidenced by stable ETF holdings [5] Group 3: Future Outlook and Trading Strategies - December is projected as a crucial month for gold prices, with seasonal trends and potential signals from the Federal Reserve's monetary policy decisions expected to influence market movements [7] - Investors are advised to manage risks carefully, avoiding common pitfalls such as chasing prices or mixing short-term and long-term positions, emphasizing the importance of clear trading objectives and timelines [7]

本报（chinatimes.net.cn）记者吴敏 见习记者 林佳茹 北京报道 10月26日，老铺黄金官宣的年内第三次调价正式执行。与今年2月、8月5%-13%的涨幅相比，此次调价 力度创下年内新高，多款产品涨幅集中在18%-25%，部分商品涨幅甚至突破28%。 "再等等看吧，一下子涨这么多，实在有点接受不了。"有消费者向《华夏时报》记者表示，老铺黄金此 次涨价超出预期。调价首日，记者走访了北京多家老铺黄金门店发现，受涨价影响，消费者购金情绪明 显降温，门店客流较此前显著冷清。 对于老铺黄金此次调价，知名经济学者盘和林在接受《华夏时报》记者采访时分析，这一动作表明老铺 黄金在与消费者的价格博弈中占据优势地位，其核心目的不是筛选消费者，而是追求利润最大化。 值得一提的是，除老铺黄金外，近日周大福、周生生等知名黄金珠宝品牌也纷纷发布调价通知，引发市 场对后续行情的关注。 谈及这一背景下的黄金价格走势，盘和林认为，金价向上空间相对有限。"即便美元处于贬值状态，但 其购买力还没有弱到能够支撑金价出现数倍涨幅的程度。" 老铺涨价超出预期 10月26日上午，记者走访北京多家老铺黄金门店发现，与调价前顾客排队抢购的热闹场景 ...

Core Points - The 8th China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai, featuring participation from 155 countries, regions, and international organizations, with 4,108 foreign enterprises exhibiting, marking a record high in overall exhibition area exceeding 430,000 square meters [2] - The event will showcase 461 new products, technologies, and services, including innovations in low-altitude economy and humanoid robots, reflecting the commitment of the international community to China's economic prospects [2] - The Hongqiao International Economic Forum will host 33 sub-forums and closed-door meetings, with participation from eight Nobel laureates and over 400 prominent figures from politics, business, and academia discussing global governance and open cooperation [2] Industry Insights - China has maintained its position as the world's second-largest import market for 16 consecutive years, with imports of goods and services expected to exceed $15 trillion during the 14th Five-Year Plan period [3] - The potential of the vast market is underscored by the projected growth of the middle-income group, which is expected to exceed 800 million in the next decade [3] - The CIIE has facilitated over $500 billion in intended transactions over its first seven editions, demonstrating China's commitment to sharing market opportunities and providing certainty amid global market fluctuations [3]

Core Points - On October 26, Jinzhou Bank officially announced that its assets, liabilities, business, branches, and personnel would be acquired by Industrial and Commercial Bank of China (ICBC) [2][3] - The acquisition marks a new phase in risk management for Jinzhou Bank, which has been under reform since 2019 due to its classification as a high-risk financial institution [5][6] - The move is seen as a significant step in stabilizing regional financial systems and enhancing the efficiency of financial risk management [2][4][8] Group 1: Acquisition Details - ICBC will continue to provide banking services to Jinzhou Bank's customers, ensuring that the rights of depositors remain unaffected [3][4] - The business migration will involve transferring various services, including unit and personal customer business, credit card services, and payment services to ICBC's platforms [4] - Customers are advised to replace old savings cards and redeem funds held with Jinzhou Bank as part of the transition [2][4] Group 2: Background and Context - Jinzhou Bank was established in January 1997 and has faced significant challenges, including a decline in stock price and trading volume since its listing in 2015 [5][6] - The bank has been undergoing restructuring since 2019, which included disposing of risky assets and enhancing its capital base [5][6] - Since 2021, Jinzhou Bank has closed approximately 33 branches as part of its downsizing efforts [7] Group 3: Implications for the Industry - The acquisition by a large state-owned bank is viewed as an innovative approach to resolving risks in smaller financial institutions [4][8] - The involvement of large banks like ICBC is expected to provide substantial support to smaller banks, leveraging their financial strength and expertise in risk management [8] - This trend reflects a broader strategy in China to address the challenges faced by smaller financial institutions through market-oriented and legal frameworks [7][8]

Core Insights - The company reported a revenue of 1.358 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.59% [1] - Net profit reached 93.807 million yuan, up 12.75% year-on-year, while the net profit attributable to shareholders was 86.839 million yuan, growing by 5.20% [1] - The company’s non-recurring net profit attributable to shareholders increased by 12.53% year-on-year, indicating strong operational resilience [1] Financial Performance - The company’s operating cash flow has shown continuous improvement, with a net cash flow from operating activities of 68.68 million yuan in Q1, increasing to 79.94 million yuan in Q2 (a growth of over 16.4%), and reaching 99.11 million yuan in Q3 (a growth of 23.97%) [2] - The total net cash flow for the first three quarters amounted to 248 million yuan, providing a solid financial foundation for future development [2] Strategic Focus - The company is focused on building a comprehensive pre-diagnosis and treatment ecosystem, particularly in oncology, supported by AI integration [3] - The company is advancing its oncology ecosystem and differentiating its services while enhancing its competitive edge through continuous AI empowerment [3] - The overseas revenue grew by 35% year-on-year, driven by a targeted strategy for international markets [3] Industry Context - The private hospital sector is facing challenges such as slower recovery in treatment demand, stricter medical insurance controls, high operational costs, and increased public hospital bed capacity [1] - The company’s AI-driven approach positions it favorably within the healthcare industry, allowing it to maintain a steady growth trajectory despite industry challenges [3]

本报（chinatimes.net.cn）记者石飞月 北京报道 "双11"大促激战正酣，而这次的入局者已不止是寻常的消费品——人形机器人也悄然加入战局。继松延 动力推出万元内人形机器人之后，加速进化近日也在其2025生态大会上发布了一款限时售价仅2.99万元 的新品，尖端科技产品的消费门槛却被实实在在拉低。 然而，低价并非加速进化此次发布的核心意图，其真正的野心在于构建生态。除硬件外，该公司还系统 展示了以人形机器人Booster K1为核心的全链路教育赛事解决方案，覆盖从教学、实验到赛事、产业落 地的完整闭环，丝毫不掩其野心：成为AI时代的苹果。 价格下探背后 如果没有松延动力早一步的动作，加速进化这款Booster K1就是截至目前国内价格最低的高性能人形机 器人。近日，松延动力推出一款限时售价只要9998元的人形机器人Bumi小布米，一天后，加速进化限 时售价2.99万元的Booster K1正式发布。 "我们的定价是综合考量了公司的品牌定位、产品价值以及实际生产能力后确定的，我们认为这个价格 区间更具市场说服力。当然，行业内出现价格分层也是一种必然现象。"近日，加速进化CEO程昊在回 应包括《华夏时报 ...

本报（chinatimes.net.cn）记者刘佳 见习记者 林佳茹 北京报道 近日，老铺黄金发布公告宣布配售计划，拟以每股732.49港元的价格发行371万股新H股，较市价折让 4.5%，预计募资净额达27亿港元。这是该公司继今年5月后，年内启动的第二次募资。 据老铺黄金公告披露，此次募资将主要用于存货储备、门店扩张及优化，以及补充流动资金。而在今年 5月该公司已经募资27亿港元，其中80%投向内地门店的扩展与升级。对比年内两次募资用途可见，门 店扩张与黄金存货储备始终是老铺黄金的核心资金需求。 为何老铺黄金选择在当前节点推进配股？萨摩耶云科技集团首席经济学家郑磊在接受《华夏时报》记者 采访时分析，"当前品牌势能、估值双高，正是一次性拿足'便宜资金'的时机。" 郑磊补充道，港股市场给予老铺黄金2025年预估市盈率25-30倍，显著高于传统金饰股10-15倍的估值水 平；此次4%-5%折价配股，相当于"高价卖股票、低价拿现金"，资金成本远低于银行贷款或黄金租赁。 结合近期金价震荡的市场行情，《华夏时报》记者就配售及配售背后的战略考量致函老铺黄金公共邮 箱，截至发稿前未获得任何回复。 与募资快速消耗形成鲜明对比 ...

文/刘佳 10月27日下午，在2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，一年多来，面对复杂 严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币政策立场，综合运用数量、价格、 结构等多种货币政策工具，保持流动性充裕。反映金融运行的主要宏观金融指标也体现了适度宽松的货 币政策状态，为我国经济的回升向好和金融市场稳定运行创造了良好的货币金融环境。 潘功胜指出，人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种 货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币 政策框架，强化货币政策执行和传导。 编辑：冯樱子 对于健全货币政策和宏观审慎政策双支柱调控框架，潘功胜表示，近年来，人民银行有序推进，取得重 要进展。 "货币政策、宏观审慎管理、微观审慎监管在工具形式上有一些交叉，同时又各有侧重、相互补充。"潘 功胜强调，货币政策主要针对宏观经济和总需求管理；微观审慎监管主要关注单体金融机构的稳健运 行；宏观审慎管理则维护金融体系整体稳定，阻断或弱化金融体系的顺周期自我强化和风险跨机构、跨 市场传染。 谈及重点工作方向，潘功胜表示 ...

当前，白酒行业整体仍处于调整期，在高端白酒价格普遍下探的背景下，如何应对价格压力，在坚守茅 台高端品牌价值的同时，切实找到新的消费场景与客群，将是新任掌门人面临的首要挑战。 文/黄兴利 2023年及2024年以来，虽然维持双位数增长，但经历多年的高速增长后，茅台正面临着增长动能转换的 关键节点。特别是在当前宏观经济承压、消费分级加剧的背景下，过去依赖提价、放量的增长模式已难 以为继。 值得关注的是，早在2024年底举行的经销商联谊会上，贵州茅台就2025年市场攻坚明确了方向，核心即 坚持以消费者为中心，持续推进"三个转型"：客群上聚焦新商务人群；场景上拓展契合不同行业特点的 宴饮新场景，同时鼓励经销商创新餐饮消费场景；服务上则从满足消费者多元化需求出发，倡导"从卖 酒向卖生活方式转变"，以进一步优化消费体验。随着茅台再次换帅，这一转型战略将如何延续和发 展，成为业界关注的焦点。 在三季报发布前夕，茅台集团再度发生人事变动。 10月27日下午，贵州省人民政府发布人事任免通知，推荐陈华为中国贵州茅台酒厂（集团）有限责任公 司董事、董事长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂 ...