5 、 国家能源局最新数据显示，前三季度，全国全社会用电量达到 7.77 万亿千瓦时，创历史新高，同比增长 4.6% 。 其中，一、二、三季度全社会用电 量同比分别增长 2.5% 、 4.9% 和 6.1% ，呈逐季回升态势。 1 、 周四 A 股早盘弱势下探，尾盘发力拉升，三大指数集体收涨，深圳国资概念掀涨停潮，冰雪旅游、锂矿、煤炭涨幅居前，量子科技概念异动拉升， 培育钻石、 CPO 、深地经济概念领跌。 截至收盘，上证指数涨 0.22% 报 3922.41 点，深证成指涨 0.22% ，创业板指涨 0.09% 。 A 股全天成交 1.66 万亿 元。 3 、 安世中国发布《致客户信》，驳斥荷兰安世现任管理层不实言论。安世中国承诺，所有在华生产并交付的产品均符合与客户合同的各项约定。 安世 中国针对荷兰总部单方面免去张秋明全球销售与市场副总裁职务一事，明确指出该决定在中国境内无法律效力。另据日本汽车工业协会发布声明称，荷兰 安世已通知零部件制造商可能无法保证交货，此问题将对协会会员公司的全球生产造成严重影响。 1 、 欧盟宣布在第 19 轮对俄制裁中列单中国企业，并首次制裁中国大型炼油厂和石油贸易商。 商务 ...

1. 公开市场操作 央行公告称， 10 月 23 日以固定利率、数量招标方式开展了 2125 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2125 亿元，中标量 2125 亿元。 Wind 数据显示，当日 2360 亿元逆回购到期，据此计算，单日净回笼 235 亿元。 财政部 、 央行 10 月 23 日以利率招标方式进行了 2025 年中央国库现金管理商业银行定期存款（十期）招投标，中标总量 1200 亿元，中标利率 1.76% ，起息日 10 月 23 日，到期日 11 月 20 日。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面仍维持平稳，存款类机构隔夜回购利率已在 1.31% 附近徘徊数日；匿名点击（ X-repo ）系统上，隔夜报价还报在 1.30% 。非银机构以 存单及信用债等抵押融入隔夜，报价亦连续多日维持在 1.40%-1.45% 区间。交易员指出，在央行呵护之下，市场流动性预期延续稳定乐观。短期内缴税影 响渐近，并与跨月叠加，资金难免有短暂收敛过程，但整体平衡偏松大局仍难改。 海外方面，最新美国隔夜融资担保利率为 4.23% 。 // 债市综述 / ...

中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。 出席这次全会的有，中央委员 168 人，候补中央委员 147 人。中央纪律检查委员会常务委员会委员和有关方面负责同志列席会议。党的二十大代表中部分 基层同志和专家学者也列席了会议。 全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。习近平就 《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二十大和二十届历次全会精神，坚持稳中求进工作总基 调，完整准确全面贯彻新发展理念，统筹推进"五位一体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统筹发展和安全，进一步全 面深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好民生保障和生态环境保护，维护国家安全和社会稳 定，开展深入贯彻中央八项规定精神学习教育、纵深推进全面从严治党，加强国防和军队现代化建设，做好港 ...

答：经中美双方商定，中共中央政治局委员、国务院副总理何立峰将于 10月24日至27日率团赴马来西亚与美方举行经贸磋商。 双方将按照今年以来两国 元首历次通话重要共识，就中美经贸关系中的重要问题进行磋商。 Wind用户在金融终端输入 IBR（投行业务排行榜） 纵观股票、债券一级承销风云 过去十年投行承销排名一应俱全 分行业、分地域多维度呈现市场融资规模 点" 阅读原文 "，申请Wind金融终端 据商务部消息， 商务部新闻发言人就中美经贸磋商有关问题答记者问。 有记者问：近日，何立峰副总理与美国财政部长贝森特和贸易代表格里尔进行视频通话，双方同意尽快举行新一轮中美经贸磋商，请问商务部是否 有进一步消息？ ...

Core Viewpoint - Tesla's Q3 2025 results show record revenue but pressured profits, emphasizing AI-driven future growth [3] Financial Performance - Q3 revenue reached $28.1 billion, a 12% year-over-year increase, while net profit was $1.4 billion, down 37% year-over-year [5] - Free cash flow stood at $3.98 billion, with cash and investment reserves totaling $41.2 billion at the end of the quarter [5] - Vehicle deliveries hit a record 497,000 units, and energy business revenue was $3.42 billion, up 44% year-over-year [5] - Capital expenditure guidance for FY 2025 is set at $9-10 billion, with a significant increase expected in 2026 [5] Business Highlights and Strategic Directions - Technological advancements include FSD's real-world mileage surpassing 6 billion miles and a 12% user penetration rate; next-gen Dojo AI training chip performance is expected to improve by approximately 40 times [7] - Record vehicle deliveries were driven by a surge in demand before the reduction of federal EV tax credits; energy storage deployment reached a historical high [7] - The Optimus humanoid robot aims to showcase a near-production prototype by Q1 2026, targeting an annual production capacity of 1 million units [7] - Robotaxi expansion is underway, with over 250,000 miles of unsupervised testing completed in Austin, aiming to remove safety drivers by year-end [7] - Tariff impacts on automotive and energy businesses exceeded $400 million, but global diversification and strong cash flow provide a buffer [7] Management Statements - Elon Musk emphasized the importance of removing safety drivers in Austin for the Robotaxi network and highlighted the immense long-term value of Optimus despite the need for significant investment [9] - CFO Vaibhav Taneja noted the record free cash flow and substantial cash reserves as a solid financial foundation for ambitious AI and robotics strategies [9] Investor Q&A Summary - FSD user penetration is driven by widespread updates and feature enhancements, with future growth expected through subscription incentives and Robotaxi service rollout [10] - The 37% profit decline is attributed to lower average vehicle prices and a 25% increase in R&D spending, but cash reserves remain strong, ensuring AI project priorities are maintained [10] - The goal for Robotaxi by year-end is on track, with ongoing communication with local regulators; any delays would push the target to early 2026 [10] - The ambitious target of 1 million units for Optimus is deemed feasible based on existing factory space and modular design [10] - Tariff impacts for 2026 are expected to be manageable through accelerated local production and cost optimization strategies [10]

Group 1 - U.S. President Trump expressed hope for a favorable trade agreement with Chinese leaders during the upcoming APEC meeting, but mentioned the possibility of cancellation [2] - The Chinese Fund Industry Association is set to release a draft for public fund performance benchmark rules, with major fund companies submitting various indices for consideration [2] Group 2 - China's Minister of Commerce Wang Wentao met with Airbus CEO, emphasizing the importance of strengthening cooperation and addressing operational concerns in China [3] - The National Bureau of Statistics reported unemployment rates for different age groups, with the youth unemployment rate at 17.7% for ages 16-24 [3] - Guangdong Province released a plan to enhance high-quality development in manufacturing through AI, proposing 16 policy measures [3] - Shanghai's GDP for the first three quarters reached 4.07 trillion yuan, with a year-on-year growth of 5.5% [3] Group 3 - Beijing's GDP for the first three quarters was 3.84 trillion yuan, growing 5.6% year-on-year [4] - Jiangsu Province's import and export value reached 4.38 trillion yuan, a historical high, with a year-on-year growth of 6.4% [4] Group 4 - A-shares experienced a slight decline with a trading volume of 1.69 trillion yuan, while sectors like real estate and banking saw gains [5] - The Hong Kong Hang Seng Index closed down 0.94%, with significant net buying from southbound funds [5] Group 5 - Shenzhen introduced a plan to promote high-quality mergers and acquisitions, aiming for over 200 projects and a total transaction value exceeding 100 billion yuan by 2027 [6] - The Hong Kong Stock Exchange is collaborating with mainland exchanges on various initiatives, including the inclusion of REITs [6] Group 6 - The latest report from Goldman Sachs indicates a fundamental shift in China's stock market investment logic, predicting a potential 30% increase in key indices by the end of 2027 [6] - Notable fund managers have actively adjusted their portfolios in response to market conditions, indicating a long-term positive outlook for China's equity market [6] Group 7 - The "Energy Saving and New Energy Vehicle Technology Roadmap 3.0" was officially released, targeting an 85% penetration rate for new energy passenger vehicles by 2040 [9] - Several regional banks have begun lowering deposit rates, with reductions of up to 80 basis points [9] Group 8 - The Civil Aviation Administration reported significant growth in the aviation sector, with passenger transport increasing by 5.2% year-on-year [10] - Nanjing introduced policies to support families with multiple children in terms of housing fund loans [10] Group 9 - The Federal Reserve held a Fintech conference discussing the integration of traditional finance and digital assets, indicating a shift in regulatory attitudes towards DeFi [11] - The Hong Kong Stock Exchange is resisting listings from cryptocurrency platforms posing as shell companies [11] Group 10 - Huawei launched the HarmonyOS 6, enhancing user experience and compatibility with Apple devices [12] - Mercedes-Benz is undergoing a significant layoff plan, with around 4,000 employees already leaving [12] Group 11 - The U.S. federal debt surpassed $38 trillion for the first time, reflecting rapid growth in government borrowing [14] - The U.S. government shutdown has reached 22 days, becoming the second-longest in history [15] Group 12 - Oil prices rose significantly, with U.S. crude oil futures up 3.74% due to supply-demand dynamics and geopolitical tensions [21] - Global gold ETF inflows reached a record high in September, with total assets under management hitting $472 billion [22]

1. 公开市场操作 央行公告称， 10 月 22 日以固定利率、数量招标方式开展了 1382 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1382 亿元，中标量 1382 亿元。 Wind 数据显示，当日 435 亿元逆回购到期，据此计算，单日净投放 947 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行 公开市场逆回购连续两日净投放，不过力度有限，随着税期及月末临近，银行间市场周三资金面稍显敛意但未脱稳势，存款类机构隔夜回购利率继 续在 1.31% 位置徘徊；匿名点击（ X-repo ）系统上，隔夜报价小升至 1.32% ，供给仍较为有限。非银机构以存单及信用债等抵押融入隔夜，报价在 1.4% 左右，暂变化不大。交易员指出， 央行 呵护下，流动性并无大碍，料在国库现金及 MLF （ 中期借贷便利 ）等续做下，资金整体压力可控。 海外方面，最新美国隔夜融资担保利率为 4.16% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 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。 ...

周三亚市盘，贵金属继续跳水，现货黄金快速下探跌幅超2%，一度逼近4000美元。黄金从历史高位快速回调，地缘因素趋缓、美元走强、印度季节性购 金高峰结束及投资者集中获利了结等因素影响黄金走势。与此同时，白银一度跌幅也超2%。 快速下探后，金、银有所反弹，但未能收复失地。华尔街分析师警告贵金属回调风险。 | < W | 伦敦金现 | | | Q | | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | 4055 890 TH | | | 4124.770 总量 | O | | -68.880 -- - 1.67% 升益 | | | 4124.468 现手 | 0 | | 最高价 4132.760 持 仓 | | | 0 外 雷 | 0 | | 最低价 4002.890 增 仓 | | | 0 内 ឌ | 0 | | 分时 五日 | 目K | | 更多 周K | | | 鹽加 | | | 均价:0.000 | | | 4246.650 | | | 2.95% 卖一 4056.170 | | | | | | 头一 4055.890 8:20 4055 ...

Group 1 - The US President Trump plans to visit China early next year, emphasizing the importance of high-level diplomatic communication in US-China relations [2] - The Chinese Ministry of Commerce held a video conference with EU officials to discuss key trade issues, including export controls and the EU's anti-subsidy measures against Chinese electric vehicles [2] - The Chinese government is enhancing its export control system in response to international obligations, while urging the Netherlands to resolve semiconductor-related issues to maintain global supply chain stability [2] Group 2 - The precious metals market experienced a significant decline, with spot gold dropping as much as 6.3% to approximately $4080 per ounce, marking the largest single-day drop in over 12 years [3] - Spot silver fell by 8.7% to $47.89 per ounce, the worst single-day performance since February 2021, driven by reduced safe-haven demand and a stronger dollar [3] - COMEX gold and silver futures also saw substantial declines, with gold futures down 5.07% to $4138.5 per ounce and silver futures down 6.27% to $48.16 per ounce [3] Group 3 - The Ministry of Commerce held a roundtable meeting with over 170 foreign enterprises, emphasizing China's commitment to maintaining global supply chain stability through responsible export control measures [4] - Domestic tourism in China saw significant growth, with 4.998 billion trips taken in the first three quarters, an increase of 18% year-on-year, and total spending reaching 4.85 trillion yuan, up 11.5% [4] - The People's Bank of China plans to accelerate legislation in key and emerging areas to enhance the financial legal system and support high-quality financial development [4] Group 4 - The A-share market saw a strong upward trend, with the Shanghai Composite Index rising 1.36% to 3916.33 points, driven by interest in technology stocks and consumer themes [5] - The Hong Kong Hang Seng Index closed up 0.65% at 26027.55 points, with significant gains in major financial stocks [5] - A total of 843 A-share companies announced mid-term dividend plans, with a total dividend amount of 662.03 billion yuan, indicating a trend of high amounts and frequency of dividends [6] Group 5 - A report predicts that Wuliangye's third-quarter revenue may decline by 30% year-on-year, with net profit expected to drop by 45% [7] - Changxin Storage, a leading Chinese memory chip manufacturer, plans to launch an IPO on the Shanghai Stock Exchange, targeting a valuation of 300 billion yuan [7] - Pop Mart anticipates a 245%-250% year-on-year increase in overall revenue for the third quarter, with significant growth in both domestic and overseas markets [7] Group 6 - China Telecom reported a third-quarter net profit of 7.756 billion yuan, a year-on-year increase of 3.6% [9] - Wens Foodstuff Group's third-quarter net profit fell by 65.02%, with a proposed dividend of 3 yuan per share [9] - China Giant Glass reported a 54.06% year-on-year increase in net profit for the third quarter [9] Group 7 - The National Medical Products Administration plans to enhance the legal standards for medical devices and accelerate the approval process for innovative products [10] - The total asset management scale of the trust industry in China is expected to reach 32.43 trillion yuan by June 2025, marking a 20.11% year-on-year growth [10] - Guangzhou has announced plans to develop six core future industries, including intelligent systems and quantum technology [10] Group 8 - The US stock market showed mixed results, with the Dow Jones rising 0.47% while the Nasdaq fell 0.16% [17] - Japan's Nikkei 225 index closed above 49000 points for the first time, reflecting investor optimism regarding the new prime minister's fiscal policies [17] - European stock indices experienced slight gains, supported by strong performances in the technology and luxury goods sectors [17]

Core Insights - The investment conference "Golden Autumn Investment Enjoyment" organized by Wind Fund successfully concluded, focusing on current market conditions and investment strategies [1][3] Group 1: Market Environment and Investment Strategies - The current market is at a critical juncture, with emphasis on technological innovation as a key driver for China's economic development [5] - The Chinese capital market is undergoing profound structural changes, leading to accelerated differentiation and integration among industry players [7] - Investment strategies discussed include a focus on core assets, long-termism, and adapting to industry trends [7] Group 2: AI and Technological Impact - AI technology is reshaping the financial research and investment ecosystem, transitioning from traditional specialized models to a more generalized system [9] - The evaluation system for funds is evolving from relying solely on historical performance to a comprehensive model that integrates unique data and strategy adaptability [9] - AI is viewed as a "productivity lever," unlocking previously inaccessible data in various sectors, including pharmaceuticals and robotics [11] Group 3: Investment Outlook - The stock market is expected to enter a bullish phase, driven by technology stocks, with key themes including AI, resources, and military industry [13] - The convertible bond market may face increased challenges, with returns primarily dependent on underlying stock performance [13] - The bond market may see short-term recovery opportunities, but long-term returns are likely to remain low [13] Group 4: Future Collaboration and Development - The conference provided valuable investment insights and fostered closer connections between investment institutions and investors [15] - Wind Fund aims to continue promoting an open, cooperative, and win-win philosophy to enhance the prosperity and quality development of the wealth management industry in China [15]