Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to profit-taking, easing global trade tensions, and a stronger US dollar, which has made precious metals more expensive for buyers [1][3][5]. Price Movements - On October 16, gold prices surged nearly 3% to over $4300 per ounce, while silver rose over 2% to above $54 per ounce, both reaching historical highs [3]. - On October 21, gold prices fell over 5%, dropping below $4130 per ounce, and silver prices fell nearly 8%, dropping below $49 per ounce [1][3]. Market Analysis - Analysts suggest that the recent price drop is a result of profit-taking and a reduction in safe-haven demand due to easing trade tensions and potential resolution of the US government shutdown [3][4]. - Despite the recent declines, analysts believe that gold prices will continue to rise in the long term due to ongoing geopolitical uncertainties and economic factors [5][6]. Future Outlook - HSBC forecasts that gold's upward momentum may continue until 2026, driven by strong central bank purchases and ongoing fiscal concerns in the US, with a target price of $5000 per ounce [6]. - Analysts from UBS and other institutions predict that gold could reach $4700 per ounce, supported by political and trade uncertainties, declining real interest rates, and rising government debt [5][6][7].

Core Viewpoint - The recent surge in large-scale actively managed equity funds in China is attributed to a combination of favorable market conditions and the involvement of well-known fund managers, leading to significant capital inflows into these funds [2][5][7]. Group 1: Fundraising Trends - The newly established China Europe Value Navigation Mixed Fund raised nearly 2 billion yuan in just one day, highlighting a trend of large-scale fundraising in the actively managed equity fund sector [1][3]. - As of October 21, 2023, nearly 40 actively managed equity funds with a fundraising scale exceeding 1 billion yuan have been established this year, indicating a robust market for fund issuance [4][5]. - Notable funds established recently include the E Fund Hong Kong Stock Connect Technology Mixed Fund and the Penghua Manufacturing Upgrade Mixed Fund, both of which also approached 2 billion yuan in fundraising [3][4]. Group 2: Performance and Market Conditions - The average return of actively managed equity funds has exceeded 25% this year, with seven funds achieving returns over 100%, driven by a recovering market and strong performance in sectors like technology and new energy [7][8]. - The market has shown resilience, recovering quickly from fluctuations and demonstrating a strong upward trend, particularly in sectors such as artificial intelligence and semiconductors [8]. Group 3: Influence of Fund Managers - The involvement of renowned fund managers has played a significant role in attracting investments to these funds, with managers like Lan Xiaokang and Yan Siqian leading some of the largest recent fund launches [5][6]. - The marketing strategies of fund companies have become more rational, with larger funds typically capped around 2 billion yuan, reflecting both market demand and supply-side adjustments [7].

单列时速 453 公里 相对交会时速 896 公里 这是CR450动车组样车 自去年底样车下线后，CR450动车组已经过多轮测试，成功达到时速450公里且各项指标合格。目前 正在开展的运用考核，俗称"刷里程"， CR450 动车组需按要求跑够 60 万公里 ，以考察动车组整车及各 系统的稳定性、可靠性。 在试验期间跑出的最新纪录 记者从国铁集团了解到 目前，CR450动车组已完成 不同速度级别、不同运用场景中的 多项型式试验 正在沪渝蓉高铁开展运用考核 据悉，CR450动车组投入商业运营前，需经历一套严谨而系统的试验验证流程，包括静态试验、低速 与高速动态试验、运用考核等。 试验中，CR450动车组的一组数据令人惊叹。 从 0 到时速 350 公里， CR450 动车组仅需 4 分 40 秒 ，比CR400动车组快了100秒！ 有何秘诀？ 中国铁道科学研究院首席研究员赵红卫将其归纳为：动力更强、阻力更小。 动力更强 ——CR450采用的永磁牵引系统比CR400效率提升了4%。 阻力更小 ——CR450动车组与既有动车组的最大区别在于对转向架区域进行了全包覆，裙板变得更低 了，露出来的轮子也更少了。同时动车组的 ...

Core Viewpoint - The Shanghai government has released an action plan to promote high-quality development in the construction industry, focusing on enterprise integration, international expansion, and digital transformation [1][3][7]. Group 1: Enterprise Integration and Upgrading - The action plan encourages construction companies to integrate similar businesses, achieve differentiated competition, and complement each other in the supply chain [1][3]. - It aims to establish construction groups with full industry chain capabilities, targeting the consolidation of at least three groups comparable to the ENR Top 250 global contractors [3]. Group 2: Real Estate and Infrastructure Development - The plan emphasizes stabilizing real estate investment and promoting the construction of high-quality housing, including the development of high-performance components [3][4]. - It outlines the need to accelerate major engineering projects, focusing on those that can drive growth, investment, and improve living standards [3][4]. Group 3: Digital Transformation and Industrialization - The action plan promotes the digitalization and smart transformation of the construction industry, advocating for the extensive use of BIM technology throughout the project lifecycle [4]. - It encourages the industrialization of construction methods, particularly through prefabricated buildings and smart construction, with financial support for qualifying projects [4]. Group 4: Urban Renewal and Innovation - The plan accelerates urban renewal initiatives, enhancing the sustainability of urban development and optimizing project generation mechanisms [6]. - It supports innovative revenue models for construction companies, promoting collaborative platforms and shared risk models in urban renewal projects [6]. Group 5: International Expansion - The action plan aims to optimize services for foreign engineering contracts, providing comprehensive support for companies looking to expand internationally [7]. - It encourages state-owned enterprises to lead international market expansion in collaboration with small and private construction firms [7]. Group 6: Market Outlook - Analysts predict that the construction industry will see marginal improvements due to the commencement of key national projects and the implementation of debt policies [1][7]. - Investment opportunities are expected to arise in urban renewal, high-quality construction, and new infrastructure, particularly in western regions of China [7].

来源：商务部网站 责编：汪云鹏 校 对： 刘榕枝 百万用户都在看 利好来了！A股公司，密集公告！ 多个市场，突然跳水！发生了什么？ 突发！美国、印度，重大变局！ 刚刚，涨爆了！股市，集体拉升！ 暴涨1600点！日本股市，突然引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 10月20日，商务部副部长兼国际贸易谈判副代表凌激在京主持召开政策解读专场外资企业圆桌会，170余家外资企业及在华外国商协会代表参会。工业和信息化 部、财政部、商务部有关司局负责人进行政策解读并回应外资企业反映的问题诉求。 凌激表示，今天，党的二十届四中全会隆重开幕，将为未来五年中国发展擘画蓝图。"十四五"前四年，中国GDP增速平均为5.5%，在复杂严峻的外部环境下，中国 经济展现出强大韧性和巨大潜力，并充满活力，为外资企业带来广阔机遇和良好预期。今年9月，中方有关部门广泛征求企业和公众意见，并借鉴国际经验，经审 慎研究，出台了《关于在政府采购中实施本国产品标准及相关政策的通知》，规定各类经营主体平等享受相关支持政策，有力保障外资企业参与政府采购的合法权 益。在后续出台具体产品标准时，我们将做到依法 ...

Core Viewpoint - The public fund industry is actively deepening its pension financial services, with a focus on enhancing the quality and scale of personal pension products as the system approaches its three-year milestone [2][3]. Summary by Sections Expansion of Personal Pension Products - The personal pension system, launched in November 2022, has seen significant growth, with the number of personal pension fund products exceeding 300 for the first time, reaching 302 by September 2023 [3]. - The total scale of personal pension funds surpassed 12 billion yuan, marking a 35.72% increase from the end of the previous year, with 29 products exceeding 100 million yuan in scale [3]. Performance and Market Recognition - As of mid-October 2023, the average return of personal pension funds was 15.13%, with only one product showing negative performance for the year [4]. - Eight products achieved returns exceeding 40%, indicating strong market recognition and performance of public funds in the pension sector [4]. Role of Public Funds in Pension System - Public funds are integral to the pension investment management landscape, with a significant presence in managing social security and enterprise annuities [6]. - Among the 21 institutions qualified to manage basic pension insurance funds, 14 are public fund institutions, highlighting their dominance in the sector [6]. Challenges and Opportunities - The aging population presents challenges for the pension system, including a lack of integration between different pension pillars and insufficient product innovation [6]. - There is a pressing need for collaboration among the three pillars of the pension system to create a cohesive and effective pension environment [6]. Strategic Development and Innovation - Public funds are focusing on enhancing their service capabilities for long-term pension investments, developing stable and clear strategy pension target funds [5][7]. - Companies are leveraging technology, such as AI and big data, to improve product innovation and service quality in the pension financial sector [9][10]. Investor Education and Awareness - There is a recognized gap in investor education regarding personal pension products, which needs to be addressed through improved product design and educational services [12][13]. - Various fund companies are implementing diverse educational practices to raise awareness and understanding of long-term pension planning among investors [14].

周国治先生毕生献身于冶金材料物理化学领域的科学研究与教育教学事业,主要学术 贡献包括多元熔体和合金的物理化学性质计算、氧离子迁移理论和应用、材料在微小颗粒 下的物理化学行为研究,科研成果被国内外专家学者以"周模型"和"周方法"广泛应用 于合金、熔盐、炉渣、半导体材料等多种体系,先后发表学术论文 900 余篇,授权 70 余 项国内外专利,获国家自然科学奖三等奖1项、国家教育委员会科学技术进步奖一等奖1 项、冶金工业部科学技术进步奖一等奖1项、国家教育委员会科学技术进步奖二等奖2项、 上海市技术发明奖一等奖1项,获国家级教学成果奖二等奖1项、北京市教育教学成果奖 一等奖 1 项,培养了一批活跃在冶金基础理论研究和高校教育领域的杰出人才,为高等教 育事业和冶金学科建设发展做出了卓越贡献。2017年获魏寿昆冶金奖(金奖),同年被日 本铁钢协会授予名誉会员。 10月21日下午，北京科技大学发布讣告：沉痛悼念周国治院士。 著名冶金材料物理化学家、教育家，中国科学院院士，北京科技大学教授周国治先生，因病医治无 效，于北京时间2025年10月20日13时逝世，享年88岁。 t 2017 11: er in the and ...

Core Viewpoint - The consumer sector is expected to transition from a "cold bench" status to a core substitute in the eyes of fund managers, as institutional investors anticipate a shift in risk appetite and recognize the importance of domestic demand in stabilizing growth [1] Group 1: Consumer Fund Performance - Fund managers have shown a lack of interest in consumer stocks this year, with poor performance from consumer-themed funds, but there are signs of a turning point as fundraising for consumer funds accelerated in Q4 [3][4] - The recent launch of the Huaan Guozheng Hong Kong Stock Connect Consumer ETF, which raised 639 million yuan, marks a significant increase from previous consumer ETFs that struggled to attract over 300 million yuan [3][4] - Some consumer ETFs have recently experienced unusual premium phenomena in the secondary market, indicating a shift in investor sentiment towards consumer themes [4] Group 2: Defensive Nature of Consumer Funds - Consumer funds have demonstrated strong resilience against market downturns, contrasting with the significant losses faced by funds heavily invested in high-volatility sectors [5][6] - A notable example includes a fund managed by a prominent manager that saw its net value increase by 2.4% during a market decline, highlighting the defensive capabilities of consumer-focused investments [6] Group 3: Future Market Outlook - Multiple fund managers predict that domestic demand may emerge as a key investment theme in the latter part of the year, with potential for significant returns as economic recovery continues [8][9] - The market is expected to experience a low-slope upward trend, with an influx of incremental capital and a rebound in earnings growth across various industries anticipated in the upcoming quarterly reports [9]

日本奈良地方法院今天（10月21日）公布了对2022年日本前首相安倍晋三遭枪击身亡案被告人山上彻也的公判 前整理手续结果，称被告人山上彻也"有意向承认杀人罪指控"。 该案预计将于10月28日首次开庭，12月28日结审。应控辩双方要求，庭审期间预计将有12名证人出庭作证。该 案将于明年1月21日宣判。 来源：@CCTV国际时讯 责编：汪云鹏 校 对： 刘榕枝 看券商中国 知天下财经 用 券中社 12 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 百万用户都在看 利好来了！A股公司，密集公告！ 多个市场，突然跳水！发生了什么？ 突发！美国、印度，重大变局！ 刚刚，涨爆了！股市，集体拉升！ 暴涨1600点！日本股市，突然引爆！ 违法和不良信 ...

Core Viewpoint - Foreign investors are optimistic about the asset allocation value of Chinese stocks, indicating a trend towards increasing investment in this market due to its current low allocation levels among global investors [2][4]. Group 1: Market Performance - On October 21, A-shares and Hong Kong stocks experienced a strong rally, with the Shanghai Composite Index rising by 1.36% to surpass 3900 points, and the ChiNext Index increasing by over 3% [2][8]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 136.3 billion yuan compared to the previous trading day, with over 4600 stocks rising [8]. Group 2: Investment Strategies - Morgan Stanley recommends long-term investment in high-tech sectors in China, including artificial intelligence, automation, robotics, biotechnology, and high-end manufacturing, while also suggesting the allocation of high-quality dividend stocks to mitigate short-term market volatility [4]. - According to Guangfa Securities, increasing allocation to currently underweighted A-shares and H-shares is a key strategy for outperforming benchmarks like the MSCI Emerging Markets Index [5][6]. Group 3: Economic Outlook - The Federal Reserve's potential interest rate cuts are expected to improve liquidity in the Chinese stock market, historically leading to upward trends in A-shares and H-shares [5]. - Analysts predict that the narrowing of interest rate differentials between China and the U.S. and expectations of RMB appreciation will boost foreign capital inflows, supporting demand for A-shares and H-shares [6]. Group 4: Sector Analysis - The technology sector, particularly driven by AI trends, is expected to remain a market focus, with the TMT (Technology, Media, and Telecommunications) sector showing an upward trend in orders and inventory replenishment [9]. - Hong Kong's tech sector is anticipated to benefit from the current industrial trends, with foreign capital likely to return, further enhancing the market's performance [9].