图 一周摘要 图 市场概况： 上周 （10月13日至10月17日）A股成长风格大幅调整而价值风格相对抗跌，整体呈现结构 性弱势。成长风格方面，前期关注度较高的双创及中小盘成长板块集体承压，创业板指、创业板50、 科创50及万得双创均出现较大幅度下跌，而价值风格则表现稳健，中证红利逆势上涨，成为当周 A 股市场的 "防御性亮点"。这一现象反映出在市场情绪趋谨慎的背景下，资金更倾向于流向高股息、低 估值的价值品种，以寻求业绩确定性和风险对冲。全周上证指数下跌1.47%，深证指数下跌4.99%， 创业板指下跌5.71%。 行业板块： 上周Wind一级平均跌幅2.34%，Wind百大概念指数上涨比例35%。板块方面，13%板块获得 正收益，银行、煤炭、食品饮料相对表现良好，分别上涨4.89%、4.17%、0.86%，纺织服饰、商贸零售、 公用事业等板块亦小幅下跌，而汽车、传媒、电子则走弱明显，分别下跌5.99%、6.27%、7.14%。 基金发行： 上周合计发行10只，其中股票型基金发行4只，混合型基金发行4只，QDII型基金发行1只， FOF型基金发行1只，总发行份额95.48亿份。 基金表现 ： 上周万得全基指数 ...

Group 1 - China's M2 growth in September reached 8.4% year-on-year, with M1 growth at 7.2%, resulting in a record low "scissor difference" for the year [2] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, and the total social financing scale increased by 30.09 trillion yuan, which is 4.42 trillion yuan more than the previous year [2] - The recent inflow of over 20 billion yuan into metal-related ETFs indicates a strong bullish sentiment in the sector, with leading stocks like Zijin Mining and Luoyang Molybdenum hitting new highs [2] Group 2 - The National Healthcare Security Administration announced a comprehensive push for the reform of medical insurance fund instant settlement, aiming for nationwide implementation by the end of 2025 [3] - The first batch of fund reports for Q3 shows that AI-themed funds continue to perform well, with the Huafu CSI AI Industry ETF yielding 69.31% year-to-date, significantly outperforming other indices [3][4] - 41 equity funds have achieved positive returns for five consecutive years, with Huashang Fund leading in the number of such funds [4] Group 3 - International gold prices have surpassed 4,300 USD per ounce for the first time, marking a historical high, while the World Gold Council notes that overall gold holdings remain low [7] - The Nobel Foundation's investment strategy aims for an average annual return of at least 3% after inflation adjustments, emphasizing balanced financial risk management [7] Group 4 - Recent global stock market performance has been mixed, with the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [8] - In the bond market, the yield on 1-year Chinese government bonds rose by 7.43 basis points, while the 10-year U.S. Treasury yield fell by 3 basis points [10] Group 5 - In the recent week, gold prices continued to rise, with COMEX gold up 6.69% and silver up 7.15%, while international oil prices fell by 2.22% [14] - The bank wealth management market is dominated by fixed-income and pure debt funds, reflecting investors' preference for stable returns [15][16]

Group 1 - The video call between Chinese and U.S. trade leaders focused on implementing important consensus from previous communications, agreeing to hold new trade consultations soon [3] - The People's Bank of China (PBOC) Governor highlighted the increased uncertainty in tariff policies, urging the IMF to assess risks objectively and propose targeted policy recommendations [4] - The Ministry of Finance expressed the hope that the World Bank would help create a more open and stable economic environment, particularly for developing countries [4] Group 2 - The Ministry of Science and Technology emphasized the need for comprehensive implementation of the strategy for building a strong technological nation, focusing on integrating technology and industry [5] - The National Development and Reform Commission reported that local government debt risks are gradually easing through various supportive measures [5] - Analysts expect the Loan Prime Rate (LPR) to remain stable in October, with a potential for future adjustments based on credit and social financing data [5] Group 3 - The meeting in Haikou discussed the implementation of cross-border asset management pilot policies and emphasized the importance of risk prevention and management [6] - China's foreign trade has shown resilience despite global trade disputes, with an average settlement rate of 53.7% in the first eight months of the year, a slight increase from last year [6] Group 4 - The Shanghai Stock Exchange aims to enhance the quality of listed companies and attract long-term capital by aligning with national strategies and promoting high-quality development [7] - The number of new margin trading accounts opened in September reached 205,400, the highest this year, indicating strong demand for margin trading [7] - UBS raised its global stock rating to "attractive," citing stronger-than-expected economic growth and easing tariff pressures, with a particular focus on Chinese technology stocks [7] Group 5 - China's rare earth exports in September reached 10,538 tons, a year-on-year increase of 7.6%, with cumulative exports for the year at 95,875 tons, up 3.1% [9] - The Ministry of Industry and Information Technology is developing a plan for the smart connected vehicle industry, focusing on standards and market order [9] - Significant breakthroughs in China's energy sector include the successful cold test of the first modular small reactor and the launch of a national deep-water oil and gas emergency rescue base [9][10] Group 6 - The UK central bank plans to introduce stablecoin regulations by the end of 2026, reflecting a global trend towards the institutional acceptance of privately issued stablecoins [11] - Huawei's internal investigation into cloud business misconduct led to disciplinary actions against management, highlighting the company's focus on compliance [12] - Apple CEO Tim Cook emphasized the importance of AI for competitiveness and growth, noting China's vibrant AI development [12] Group 7 - Former CICC CEO pointed out that AI's impact on investment markets is significant, with AI-related stocks in the S&P 500 now accounting for 43% of market capitalization [14] - The PBOC reported that since the launch of the technology bond market, 670 billion yuan in technology innovation bonds have been issued, supporting various high-tech sectors [15] - Guangdong Province successfully issued 7.5 billion yuan in offshore RMB local government bonds in Hong Kong, continuing its efforts to tap international markets [15] Group 8 - Deutsche Bank's research indicates that gold's share in global foreign exchange reserves has risen to 30%, while the dollar's share has decreased to 40% [16]

据央视新闻，美国总统特朗普当地时间10月17日签署行政令，自11月1日起对进口中型和重型卡车 及零部件征收25%的新关税。特朗普称，还将对进口客车征收10%的关税。 Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 为用户提供智能化的工作新体验 点" 阅读原文 "，申请Wind金融终端 ...

Monetary Policy and Economic Measures - The People's Bank of China will continue to implement a moderately loose monetary policy, using various tools to ensure ample liquidity and support consumption and effective investment, while maintaining the stability of the RMB exchange rate [2] - The Ministry of Finance reported that national fiscal revenue for the first three quarters reached 16.39 trillion yuan, a year-on-year increase of 0.5%, with a notable growth of 2.5% in the third quarter [3] - The Ministry of Finance announced measures to consolidate and expand the economic recovery, including allocating 500 billion yuan from local government debt limits to support local governments, an increase of 100 billion yuan from the previous year [3] Trade and Regulatory Developments - The Ministry of Commerce and other departments have adjusted the duty-free shopping policy for Hainan, increasing the number of duty-free product categories from 45 to 47, effective November 1 [4] - The Ministry of Commerce, along with five other departments, issued guidelines to improve the overseas comprehensive service system for enterprises, providing support for international cooperation and competition [4] - The State Administration for Market Regulation and the Ministry of Industry and Information Technology are drafting regulations to strengthen supervision of smart connected and new energy vehicle recalls [10] Corporate Performance and Market Trends - The China Securities Regulatory Commission revised the Corporate Governance Code for listed companies, effective January 1, 2026, to enhance the regulation of directors and senior management [5] - A-share market saw a significant decline, with the Shanghai Composite Index dropping 1.95% to 3839.76 points, and the Shenzhen Component Index falling 3.04% [5] - Zijin Mining reported third-quarter revenue of 86.489 billion yuan, a year-on-year increase of 8.14%, and a net profit of 17.056 billion yuan, up 52.25% [6] Investment and Financing Activities - The number of new margin trading accounts opened in September reached 205,400, a year-to-date high, with a month-on-month increase of 12.24% [6] - The fund managed by Zhao Yi increased holdings in companies such as Enjie and Kuaishou while reducing positions in CATL and Tencent [7] - Coca-Cola is considering an IPO for its bottling business in India, potentially raising $1 billion and valuing the business at approximately $10 billion [23]

周四，区域性银行股因信贷损失披露而大幅下跌，引发整个市场连锁反应。Zions Bancorp与Western Alliance在48小时内先后披露不良贷款，引发投资者担 忧行业信贷质量恶化。两家公司股价当日分别暴跌13%与11%，带动SPDR S&P区域银行ETF（KRE）单日下挫逾6%，创下四周连跌纪录。 然而，周五市场出现显著修复，KRE上涨1.6%，虽全周仍下跌1.9%，但恐慌情绪明显缓解。分析机构Vital Knowledge指出，目前的信贷问题集中于个别案 例，如破产的汽车零贷企业First Brands与Tricolor，并非系统性风险。 Zions Bancorp在Baird上调评级后反弹近6%，Baird认为该行市值跌幅与潜在贷款损失并不匹配。投资银行Jefferies同样收复部分跌势，股价上涨6%，此前 一天因First Brands破产拖累下挫11%。Oppenheimer将Jefferies评级上调至"跑赢大市"，助推买盘回流。与此同时，Fifth Third Bancorp公布的财报好于预 期，尽管其信贷损失有所增加，但利润依然实现增长，股价上涨1.3%，进一步提振银行板块信心。 周五 ...

1. 公开市场操作 央行 公告称， 10 月 16 日以固定利率、数量招标方式开展了 2360 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2360 亿元，中标量 2360 亿元。 Wind 数据显示，当日 6120 亿元 逆回购到期 ，据此计算，单日净回笼 3760 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 资金面方面，尽管 央行 公开市场周四转为净回笼，银行间市场资金面充盈依旧，存款类机构隔夜回购利率仍在 1.31% 附近徘徊。匿名点击（ X-repo ）系 统上，隔夜报价在 1.3% 维持巨量供给；非银机构质押存单及信用债融入隔夜的报价还在 1.4% 上下。交易员指出， 10 月上半月 央行 已完成两次买断式 逆回购操作，该工具净投放规模也高于上月，预防性呵护态度较为明确，在此基调下流动性料仍无忧。 海外方面，最新美国隔夜融资担保利率为 4.19% （IMM） // 债市综述 // 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在 1.67% 附近，较上日小幅上行。 （*数据来源：Wind-同业 ...

根据CME FedWatch工具，市场目前预计美联储10月降息25个基点的概率高达98%，而12月再度降息的预期已完全被计价。这意味着，美联储可能在年内 重启双降息节奏，从而进一步压低实际利率水平。 在利率下行的环境中，黄金这一"无收益资产"的机会成本显著下降。再加上美元指数在本周下滑，避险资金自然流入金市。City Index与FOREX.com的市 场分析师Fawad Razaqzada指出："黄金的涨势非常猛烈，看起来完全不打算停下来……随着贸易紧张局势再度升温，投资者有更多理由通过黄金来对冲股 市的多头风险。" 国际金价再度改写历史，现货黄金突破每盎司4300美元关口，年内累计涨幅超过60%，自2024年初以来的涨幅翻倍。美股三大指数齐跌，美元指数跌 0.3%，芝加哥期权交易所波动率指数VIX收于25.31，创4月24日以来最高收盘水平。 现货黄金收涨2.85%，盘中最高触及4330美元/盎司；12月交割的COMEX黄金期货收涨3.4%，报4344.3美元/盎司。黄金的带动下，白银走强，值得 注意的是，金油比、金铜比失衡，原油走弱，伦铜微跌。 黄金这一走势不仅点燃了全球市场的避险情绪，也再次让黄金的投 ...

Group 1 - The core viewpoint of the article emphasizes the safety challenges associated with machine driving compared to human driving, as highlighted by Miao Wei, a former Minister of Industry and Information Technology [2] - The 2025 World Intelligent Connected Vehicle Conference will focus on various aspects of the intelligent connected vehicle industry, including policies, technology, safety, artificial intelligence, applications, and data [2] - Miao Wei pointed out three main safety challenges for machine driving: insufficient capability to handle "long-tail scenarios," inherent limitations in perception and cognition, and the uncontrollable risks posed by the "black box effect" in decision-making processes [2] Group 2 - Morgan Stanley's recent research indicates that the true innovation opportunities in the automotive industry lie in breakthroughs within the AI ecosystem, introducing the "3A" opportunities: Autonomous Driving, AI Embodiment, and AI Data Centers [3] - If traditional vehicle sales companies can achieve substantial breakthroughs in the "3A" areas, they could potentially unlock an additional market value space of $2-3 trillion [3] - CITIC Securities previously projected that Level 3 (L3) autonomous driving will become the main upgrade direction for intelligent driving from Q4 2025 to 2026 [3] Group 3 - A table outlines various automotive brands and their representative models along with their levels of intelligent assisted driving, indicating that Tesla and BYD have models classified as Level 4 (L4), while several others, including Geely and Changan, have models classified as Level 3 (L3) [4] - The SAE classification system for autonomous driving technology ranges from Level 0 (no automation) to Level 5 (full automation), detailing the responsibilities of human drivers at each level [4]

1 、 商务部召开例行新闻发布会，回应多个热点问题。就中美近期是否举行新一轮经贸会谈，中方对于相互尊重基础上的平等磋商持开放态度。 对于中 国的稀土出口管制措施，中方将在实施过程中不断优化许可流程，有效促进合规贸易。 就荷兰当局干预 闻 泰科技子公司安世半导体运营，中方将采取 必 要措施，坚决维护中国企业合法权益。另外，商务部将适时推出新的稳外贸政策。 2 、 美国财长表示，如果中国停止实施严格的稀土出口管制计划，美国或许将延长对华加征关税的三个月豁免期限，并表示美国总统特朗普准备在不久的 将来与中国领导人会晤。 外交部发言人林剑对此回应称，我们已多次阐明在稀土出口管制和中美经贸问题上的立场。 3 、 国际金价涨势延续，现货黄金首次冲破 4300 美元 / 盎司，续创历史新高。面对金价的持续大幅波动，上海黄金交易所、上海期货交易所，以及工商 银行、建设银行等多家银行近日接连发布风险提示。 不过，世界黄金协会最新认为，从战略层面看，黄金的总体持仓依然处于低位。期货市场的投机性 持仓、净多头头寸尚未达到历史峰值，表明市场尚未饱和。 1 、商务部部长王文涛会见美国苹果公司首席执行官库克。双方就中美经贸关系、苹果公司 ...