Core Viewpoint - The A-share market is experiencing increased trading activity, with a significant rise in the number of active users on securities apps, driven by new account openings and a favorable market environment [1][3][4]. User Activity and Market Trends - In September 2025, the monthly active user count for securities apps reached 175 million, marking a 0.74% increase month-on-month and a 9.73% increase year-on-year, setting a new record for the year [1][4]. - The A-share market showed strong performance, with the Shanghai Composite Index rising by 0.64% and the Shenzhen Component Index increasing by 6.54% in September [3]. - New account openings in September totaled 2.9372 million, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, bringing the total for the first three quarters of 2025 to approximately 20.149 million [3][4]. Securities App Performance - The top three securities apps, Tonghuashun, Dongfang Caifu, and Dazhihui, dominate the market with over 10 million active users each, while the overall growth rate of active users is slowing down [6][10]. - The monthly active user numbers for the top apps in September were as follows: Tonghuashun at 37.21 million, Dongfang Caifu at 18.23 million, and Dazhihui at 12.71 million, with respective month-on-month growth rates of 1.31%, 1.81%, and 1.01% [7][10]. Financing and Margin Accounts - In September, new margin trading accounts reached 205,400, a month-on-month increase of 12.24% and a year-on-year increase of 288%, indicating growing investor participation [4]. - The total number of margin accounts exceeded 15.29 million by the end of September, with individual investors accounting for approximately 7.70 million [4]. AI Integration in Securities Apps - The integration of artificial intelligence (AI) is becoming a core focus for securities firms, enhancing operational models and service quality [12][13]. - Several firms are launching AI-driven apps to improve customer service and engagement, with a focus on personalized and efficient user experiences [13][14]. Market Outlook - The future growth of active users on securities apps may be influenced by external market factors, policy expectations, and the ongoing influx of new investors [11][12].

Core Viewpoint - The article highlights the recent significant drop in gold prices, which has not dampened consumer enthusiasm for gold jewelry, leading to increased sales and price adjustments by major brands like Lao Pu and Chow Tai Fook [1][5][9]. Price Movement and Consumer Behavior - On October 21, spot gold prices fell over 6%, reaching $4093.127 per ounce, marking the largest drop in four years [1] - Despite the price drop, gold jewelry stores, such as Lao Pu in Guangzhou, experienced long queues, with wait times around 1.5 hours, indicating strong consumer demand [3] - Lao Pu announced a price adjustment set for October 26, marking the third price change in 2023, following adjustments in February and August [5] Brand Responses and Market Dynamics - Chow Tai Fook plans to increase retail prices of gold products by 12% to 18% by the end of October, reflecting a mechanism to monitor gold price fluctuations [5] - As of October 21, gold prices for Chow Tai Fook's products were quoted at 1292 RMB per gram, an increase of 30 RMB per gram [6] - The demand for gold jewelry is driven by both investment and aesthetic values, with consumers viewing gold as a dual-purpose asset [5][9] Sales Performance and Market Trends - Chow Tai Fook reported a 4.1% year-on-year increase in retail value for the three months ending September 30, 2025, with a 3% increase in mainland China and an 11.4% increase in Hong Kong and Macau [9] - Lao Pu's revenue for the first half of 2025 reached approximately 12.354 billion RMB, a 251% increase compared to the same period in 2024 [9] - The World Gold Council reported a 28% decline in gold jewelry demand in China for the first half of 2025, yet total consumer spending on gold jewelry remained stable at 137 billion RMB [10] Consumer Preferences and Brand Strategies - Consumers are increasingly focused on the "cost-performance ratio" of gold jewelry, with brands like Lao Pu being favored for their competitive pricing [8] - The rise in gold prices has led to a surge in demand for certain gold styles, with some popular designs frequently sold out [8] - Brands are adapting by innovating product designs and enhancing marketing strategies to meet diverse consumer needs [10]

记者丨郭聪聪 编辑丨肖嘉 进入10月下旬，消费金融行业的不良资产转让市场再次热闹起来。 21世纪经济报道记者注意到 ， 杭银消金、蚂蚁消金两家行业头部机构接连挂出累计超31亿元 的个贷不良资产包 ，这显示出消费金融机构优化资产结构的迫切需求。 与此同时， 地方资产管理公司（AMC）作为消金不良的处置主力 ，尽管面临资金与管理的双 重考验，仍在强化内功，积极布局。 消金机构年末密集出清不良 10月21日，杭银消费金融在银登网发布了2025年第8期个人消费金融不良贷款转让公告，公告 数据显示， 该资产包未偿本息合计19.74亿元 ，其中本金10.3亿元、利息9.44亿元，涉及8.8万 名借款人。 从定价来看， 其起拍价仅7000万元，折算后折扣低至0.3折 ，成为近期挂牌资产包中折扣力度 最大的一笔。如此低的定价，与其资产包内资产质量直接相关。公告明确，该资产包加权平均 逾期天数约为46个月（折合近4年），长期逾期意味着借款人还款意愿和还款能力均处于较低 水平，回收难度显著增加。 就在杭银消金挂牌前一日，蚂蚁消金也推出了本年度第8期个人消费金融不良贷款转让项目， 涉及42万名借款人。该资产包未偿本息11.79亿元 ...

记者丨 易佳颖 "卖家要求退货必须要扇孩子巴掌的行为，不仅有悖公序良俗，更是涉嫌违法，应当坚决予以 制止。"北京市京师律师事务所律师孟博在接受21世纪经济报道记者采访时表示，根据《民法 典》第十九条的规定，八周岁以上的未成年人为限制民事行为能力人，实施民事法律行为由其 法定代理人代理或者经其法定代理人同意、追认。 他进一步指出，这也就意味着，如果限制民事行为能力人从事网购的花费超出行为能力，且未 得到其监护人的追认，则该网购行为无效。在此情形下，卖家应当及时予以办理退货退款。 而对此， 千岛则表示，注意到讨论中存在一些误解和不实信息。本次交易纠纷因个人闲置交 易引发，未使用千岛闪购服务。文章中出现的聊天截图为买卖双方的私聊截图，并非买家和平 台客服的沟通内容。 据悉，千岛平台上涵盖了潮玩、卡牌、模型等多品类的交易，其中"闪购"频道主打"官方查 验、正品保障、统一仓储发货"。据媒体报道，2025年千岛整体成交额预计超百亿元，且已连 续6年成交额翻倍增长，其中潮玩交易贡献七成份额。 此外，千岛方面特别解释道，买家向平台客服介绍情况时，自述相关交易系孩子使用外婆手机 购买，更是直言，"众所周知，未成年群体在个人闲置 ...

记者丨胡慧茵 视频丨柳润瑛 日本首位女首相诞生。 当地时间10月21日，日本自民党总裁高市早苗在临时国会众议院和参议院首相指名选举中均胜 出，当选日本第104任首相。 编辑丨李莹亮 虽然在大选前夕，高市早苗已基本锁定胜局，但她的拜相之路颇为曲折。10月4日当选自民党 总裁后，高市早苗相继遭遇执政联盟破裂、被在野党联合狙击等困局。直至本月20日，自民党 与日本维新会签署了两党联合执政的协议文件，高市早苗获得维新会支持，才得以在首相指名 选举中险中取胜。 由于高市早苗向来主张实施扩张性的财政政策，日本首相指名选举的消息还触发了日元弱、日 股强的"高市交易"。 21日，日股继续狂飙，日经225指数盘中一度接近5万点，连续两日收盘 创历史新高。与此同时，日元兑美元继续呈现出缓慢下跌的态势。 在首相选举"涉险过关"后，接下来，高市早苗将不得不面临一系列严峻考验，包括如何应对自 民党内根基脆弱、国会席位不足、日本经济复苏仍缺乏动力等问题以及美国关税挑战等。自民 党总裁竞选期间，高市喊出"日本回来了"的口号。外界都在关注，她想带回一个怎样的日本， 还将带领日本走向何方。 图源：新华社 上海市日本学会会长、上海对外经贸大学日 ...

Core Viewpoint - The article discusses the recent significant decline in precious metal prices, particularly gold and silver, and highlights Ray Dalio's perspective on gold as a strategic asset allocation rather than a tactical bet [1][3][6]. Price Movements - On October 21, gold prices fell below $4250 per ounce, marking a 2.36% decline, while COMEX gold futures dropped by 1.92% [1]. - Silver prices fell below $50 per ounce for the first time since October 10, with an intraday drop exceeding 6%, ultimately down 4.5% [3]. Ray Dalio's Insights on Gold - Ray Dalio emphasizes that gold should be part of a strategic asset allocation, recommending a 15% allocation for most investors [6][10]. - He argues that gold has historically shown a negative correlation with other assets, particularly during periods of poor returns in stocks and bonds, making it an effective diversification tool [10][11]. - Dalio notes that while gold's long-term expected return is low, it serves as a hedge against economic downturns and inflation [11][14]. Gold as a Unique Asset - Dalio asserts that gold is the most mature form of currency and a stable core investment, contrasting it with fiat currencies, which are essentially debt [12][13]. - He highlights that gold's purchasing power remains intact, unlike cash, which can be devalued through excessive printing [14][21]. Comparison with Other Assets - Dalio explains that while other metals like silver and platinum have industrial uses, they do not possess the same historical and cultural significance as gold, making them less reliable for wealth preservation [18]. - He also critiques inflation-protected bonds, stating they are still debt instruments and may not provide the same level of risk diversification as gold during financial crises [18][19]. Gold vs. U.S. Treasuries - Dalio posits that gold is beginning to replace U.S. Treasuries as a risk-free asset in many investment portfolios, particularly among central banks and large institutions [20]. - He emphasizes that gold has a lower risk profile compared to government-issued debt, which is subject to default and devaluation risks [21].

从主要经济指标来看，三季度的工业、服务业、社会消费品零售总额、投资等增速较上半年 均有所回落，出口增速与上半年持平。三季度经济增速较二季度回落0.4个百分点，主要在 于内需偏弱，受多重因素影响投资和消费增速走低，外需依然维持相当韧性。 从月度数据来看，9月以人民币计价的出口同比增长8.4%，增速较上月明显回升，进而带动 9月规模以上工业增加值增速出现好转、服务业生产指数增速与上月持平。但是，9月当月 投资、消费增速仍在持续回落。 9月底以来，我国推出"两个5000亿"的稳增长政策，分别是5000亿元新型政策性金融工具和 5000亿元地方债结存限额，致力于扩大有效投资、加大地方化债力度、缓解地方财政收支 矛盾等，有助于推动投资增速的回升和有效需求的扩大。 前三季度经济增长5.2%，为全年5%左右的增长目标奠定良好基础。市场对四季度稳增长政 策进一步加码依然存在期待，包括进一步降准降息、推动房地产市场止跌回稳等。 高技术产业供需两旺 前三季度全国规模以上工业增加值同比增长6.2%，较上半年增速回落0.2个百分点，工业生 产总体保持稳定。从月度趋势来看，9月规模以上工业增加值同比增长6.5%，较7、8月份有 所回升 ...

Core Viewpoint - The article discusses the upcoming IPO of Guangdong Jintian Animation Co., Ltd., which is positioned as a leading player in the children's snack market, integrating popular IPs into its products, similar to the model of Pop Mart [1][10]. Group 1: Company Overview - Guangdong Jintian Animation Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with joint sponsors being China Merchants Securities International and China Galaxy International [1]. - The company specializes in "IP fun food," which incorporates anime elements into traditional snacks, offering products like juice gummies featuring Ultraman and toys associated with popular IPs [5][6]. Group 2: Financial Performance - The revenue from the top five licensed IPs (Ultraman, My Little Pony, Crayon Shin-chan, Pleasant Goat and Big Big Wolf, and Peppa Pig) is projected to be RMB 5.36 billion, RMB 5.88 billion, and RMB 7.54 billion for the years 2022, 2023, and 2024 respectively, accounting for 90.0%, 88.7%, and 85.9% of total revenue [7]. - The company has shown consistent revenue growth, with figures of RMB 5.96 billion, RMB 6.64 billion, RMB 8.77 billion, and RMB 4.44 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, alongside increasing gross margins [10][11]. Group 3: Market Position and Strategy - The IP food market in China is expected to grow from RMB 354 billion in 2024 to RMB 849 billion by 2029, with a compound annual growth rate of 18.5% [10]. - Jintian Animation is positioned as the largest IP fun food company in China with a market share of 7.6% and the fourth largest IP food company with a market share of 2.5% [10]. - The company plans to enhance its IP portfolio and develop proprietary IPs to mitigate risks associated with reliance on external IP licenses [7][12]. Group 4: Sales Channels - The company has established strong sales channels, particularly in third- and fourth-tier cities, collaborating with various retail outlets including supermarkets and specialty snack stores [8].

Core Viewpoint - The article discusses the recent actions taken by Weibo to enhance the online business environment and protect the rights of enterprises and entrepreneurs, particularly focusing on combating malicious activities that harm companies' reputations [1][2][4]. Group 1: Actions Taken by Weibo - Weibo has implemented a special action in accordance with the Central Cyberspace Administration of China's requirements to optimize the online business environment [1][2]. - The platform has publicly exposed typical cases of violations, particularly targeting malicious defamation, dissemination of false information, and incitement of user attacks against companies [1][2][4]. - Several automotive industry KOLs (Key Opinion Leaders) have been penalized with a 90-day ban on speaking and a 180-day ban on advertising revenue due to their involvement in these violations [1][2]. Group 2: Examples of Violations - Case 1: @小马甲不小 fabricated false information to tarnish the reputation of a company and its employees [3]. - Case 2: @天虎 spread unverified information regarding a serious accident involving a rental company, leading to misinformation [3]. - Case 3: @科技Finder engaged in selective quoting to undermine a company's marketing strategies [3]. - Case 4: @地球上的Alex attacked and defamed a company, encouraging users to resist it [3]. - Case 5: @happynerd insulted a specific brand's user group [3]. - Case 6: @DSP-Charles spread rumors about a company's manipulation of public opinion and orchestrated attacks against another company [3]. Group 3: Weibo's Stance and Future Direction - Weibo emphasizes that the internet is not a lawless space, and statements related to enterprises must adhere to objective truths and legal boundaries [4]. - The platform encourages users to express reasonable doubts and criticisms while discouraging malicious rumors that could harm not only individual companies but also the broader industry and private economy [4]. - Weibo calls for content creators to focus on objective product reviews, in-depth industry analysis, and engaging company stories, rather than resorting to defamation for traffic [4].

Core Viewpoint - The stock price of Xiangnong Xinchuan (300475.SZ) has risen significantly despite a major shareholder's plan to reduce holdings, indicating strong market confidence and a favorable outlook for the semiconductor distribution sector [1][3]. Company Overview - Xiangnong Xinchuan, established in 1998 and formerly known as Anhui Julong Machinery Co., Ltd., transitioned to the semiconductor industry in 2021 and has become a leading distributor in the domestic semiconductor market [4]. - The company has secured agency rights with major global suppliers such as SK Hynix and MTK, as well as distribution qualifications with AMD, enhancing its market position [4]. Recent Performance - On October 21, the stock price reached a new high of 109.57 CNY per share, closing at 104.90 CNY, marking a 9.03% increase and a market capitalization exceeding 48 billion CNY [1][2]. - Year-to-date, the stock has achieved 13 historical highs and a cumulative increase of 268.89% [1]. Shareholder Activity - A shareholder holding 5.13% of the company, Wuxi New Momentum Fund, plans to reduce its holdings by up to 4.6377 million shares, representing 1% of the total share capital, primarily due to funding needs [3]. - The expected cash from this reduction could reach approximately 446 million CNY based on the closing price prior to the announcement [3]. Market Dynamics - The stock's resilience against the backdrop of shareholder sell-off is attributed to the overall positive trend in the technology sector, particularly in the storage segment, which has seen rising prices for storage chips [3]. - Recent reports indicate that enterprise SSD prices are expected to rise by over 10% in Q4, with DDR5 RDIMM prices projected to increase by 10% to 15% [3]. Financial Performance - For the first half of 2025, the company reported revenue of 17.123 billion CNY, a year-on-year increase of 119.35%, but the net profit attributable to shareholders was only 158 million CNY, reflecting a modest increase of 0.95% [4]. - The company is currently facing a "revenue growth without profit growth" challenge, with low gross margins due to pre-agreed customer order prices amidst rising market prices [4]. Future Outlook - The company is optimistic about its future performance, particularly with its own storage brand "Haipu Storage" beginning to gain traction in the market [4]. - Xiangnong Xinchuan has developed a dual strategy of "distribution + products," positioning itself well in the high-end storage market and expanding its capabilities in data storage components [4].