11月3日，财政部网站"机构设置"栏目更新信息显示，"债务管理司"已列为"部机关"列表。 财政部官网显示，财政部债务管理司司长为李大伟，副司长为曲富国、赵则永。财政部债务管理司设六个处：综合处、中央债务处、地方债务一处、地方债务二 处、发行兑付处、监测管理处。 | 中华人民共和国财政部 | 债务管理同 Ministry of Finance of the People's Republic of China | | --- | --- | | 2025年11月03日 星期一 | 请输入关键字 债务管理司 捜索 返回丰站 | | 主要职能 | 当前位置：首页>关于我们>主要职能 | | 领导简介 | 债务管理司主要职责 | | 机构设置 | 拟订并执行政府国内债务管理制度和政策。拟订中央和地方政府债务管理制度和办法。编制国债和地方 | | | 政府债余额限额计划。承担政府内债发行、兑付等有关管理工作。承担政府外债管理工作,拟订基本管理制 度。加强政府债务监测监管,防范化解隐性债务风险。 | 加快健全政府债务管理机制 据财政部官网介绍，财政部债务管理司主要职责包括：拟订并执行政府国内债务管理制度和政策。拟订中央和 ...

Core Viewpoint - The recent announcement by Industrial and Commercial Bank of China (ICBC) to suspend certain gold accumulation business has drawn market attention, following new tax regulations on gold transactions issued by the Ministry of Finance and the State Administration of Taxation [1][3]. Group 1: Business Adjustments - ICBC announced the suspension of its "Ruyi Gold Accumulation" business effective November 3, 2025, which includes the cessation of new account openings, active accumulation, new regular accumulation plans, and physical gold withdrawal applications, while existing customers' plans remain unaffected [3]. - China Construction Bank (CCB) also announced similar suspensions for its "Easy Storage Gold" business, effective from the same date, impacting real-time purchases, new investment plans, and physical gold exchanges, but not affecting existing customers [1][3]. Group 2: Regulatory Changes - The new tax policy, effective from November 1, 2025, to December 31, 2027, introduces specific tax rules for gold transactions, including VAT exemptions for certain trading activities and differentiating between investment and non-investment uses of gold [3][4]. - The policy aims to manage the VAT treatment of gold transactions, particularly focusing on the physical delivery aspect and the tax implications for different types of gold usage [3][4]. Group 3: Market Implications - Analysts suggest that the suspension of gold accumulation services by banks is a response to macroeconomic policy changes and increased market risks due to international economic conditions, which may help investors manage their positions more prudently [4]. - The new regulations may slow down the previously booming gold trading market, with some gold service providers temporarily halting buying and selling activities until further clarity on the policy is provided [6][7]. - The changes may pose structural challenges for small gold merchants, including cost pressures and compliance requirements, while potentially shifting consumer preferences towards standardized products that benefit from tax exemptions [6][7].

Core Viewpoint - The People's Bank of China and the Bank of Korea have renewed their bilateral currency swap agreement, which is set at a scale of 400 billion RMB / 70 trillion KRW, valid for five years and extendable by mutual consent. This agreement aims to deepen monetary and financial cooperation between the two countries, facilitate bilateral trade, and maintain financial market stability [1]. Summary by Relevant Sections - The renewed currency swap agreement is approved by the State Council and is significant for enhancing cooperation in monetary and financial matters between China and South Korea [1]. - The agreement's scale is substantial, amounting to 400 billion RMB, which translates to approximately 70 trillion KRW, indicating a strong commitment to bilateral financial relations [1]. - The five-year validity of the agreement, with the possibility of extension, reflects a long-term strategic partnership aimed at promoting trade and stabilizing financial markets [1].

台积电大消息 11月3日，据中国台湾《经济日报》援引产业人士消息，受生产成本攀升及产能持续供不应求影响，台积电已 启动与客户的年度议价沟通，预计2026年先进制程涨幅将达3%至10%。 据消息人士透露，台积电已通知客户，自9月起，针对5纳米以下先进制程启动连续4年涨价计划，涨幅将依个 别客户采购等级与合作情况而异。其中，最抢手的3纳米制程报价预计至少上涨个位数百分比。 芯片涨价潮来势汹汹。 据最新消息，台积电2026年将进一步提升先进制程（7nm以下）报价，先进制程涨幅预计将达3%至10%，这将 是这家全球最大晶圆代工厂连续第四年上调价格。 种种迹象表明，全球芯片涨价潮正愈演愈烈。据供应链消息，三星电子已率先暂停10月DDR5DRAM合约报 价，引发SK海力士和美光等其他存储原厂跟进，恢复报价时间预计或将延后至11月中旬。 市场层面，今日（11月3日）SK海力士、三星电子股价持续拉升，截至韩国股市收盘，SK海力士暴涨近11%； 三星电子大涨超3%，再度创出历史新高。A股存储芯片概念股亦集体走强，太极实业直线涨停，香农芯创大 涨超8%续创历史新高，普冉股份大涨超14%，江波龙、商络电子、兆易创新、北京君正等跟涨 ...

Core Viewpoint - The net income from fees and commissions of listed banks is gradually recovering this year due to factors such as economic improvement, consumer spending, and a rebound in capital markets [1][2]. Group 1: Revenue Growth - In the first three quarters, the net income from fees and commissions of A-share listed banks totaled 578.2 billion yuan, representing a year-on-year growth of 4.60%, an increase of 1.5 percentage points from the 3.1% growth in the first half of the year [3]. - The number of listed banks with positive year-on-year growth in net income from fees and commissions has expanded to 27, up from 20 in the first quarter and 25 in the second quarter [3]. - In contrast to previous years where many banks experienced negative growth, the trend has shifted this year, with only 22 banks expected to show negative growth in the first quarter of 2025, compared to over 30 in 2023 and 2024 [3]. Group 2: Contribution to Revenue - The improvement in net income from fees and commissions has positively supported overall revenue, effectively offsetting pressures from other revenue sources [7]. - A-share listed banks saw a year-on-year revenue growth of 0.7%, with net income from fees and commissions being a key contributor alongside scale and interest margin [7]. Group 3: Breakdown by Bank Type - Among different types of banks, the growth rates for net income from fees and commissions in the first three quarters were 5.9% for state-owned banks, 1.3% for joint-stock banks, 8.8% for city commercial banks, and 3.9% for rural commercial banks, with city and rural banks showing more significant improvements [6]. Group 4: Wealth Management Performance - The recovery in net income from fees and commissions is largely driven by the rebound in capital markets, which has boosted wealth management income [11]. - For instance, Shanghai Bank reported a 7.78% quarter-on-quarter growth in wealth management income, with significant increases in insurance and fund sales [12]. - The focus on expanding retail wealth management has been emphasized by banks, with some reporting substantial growth in their agency business and overall asset management [12][13].

Core Viewpoint - The sudden passing of Wang Guobin, the general manager of Quanguo Fund Management Co., Ltd., has led to the appointment of Ren Li as the acting general manager, effective November 3, 2025, highlighting a significant leadership change within the company [1][2]. Group 1: Management Changes - Wang Guobin passed away on November 3, 2025, leading to his departure from the role of general manager [2][4]. - Ren Li, currently the chairman of Quanguo Fund, has been appointed as the acting general manager [2][3]. - Ren Li has extensive experience in the financial industry, having held various senior positions at Dongfang Securities, including deputy general manager of the asset management division [2][3]. Group 2: Wang Guobin's Legacy - Wang Guobin had 31 years of experience in the securities industry and was one of the earliest investment veterans in China [4][6]. - He was a pioneer of the "value investing" philosophy in China, influencing many well-known fund managers with his investment framework [4][6]. - Wang Guobin's contributions to the industry were recognized when he was awarded the title of one of the "25 People in China's Fund Industry" for his outstanding contributions [11]. Group 3: Quanguo Fund Overview - Quanguo Fund was established in 2022 and is a nationwide public fund management company approved by the China Securities Regulatory Commission, with a registered capital of 100 million RMB [9]. - The fund currently manages approximately 23.787 billion RMB, with mixed funds accounting for the majority of the management scale [10]. - The company has six fund products, with key fund managers including Zhao Yi, Gang Dengfeng, and Qian Sijia [10].

Group 1 - The Chinese government maintains a commitment to peaceful development and a no-first-use nuclear policy, emphasizing its adherence to the Comprehensive Nuclear-Test-Ban Treaty and calling for the U.S. to uphold its obligations as well [2] - China expresses the need for both countries to implement the important consensus reached during the recent summit between their leaders, advocating for dialogue and cooperation over threats and pressure in trade relations [3] - The Chinese government has decided to resume group tours for its citizens to Canada, aiming to enhance people-to-people exchanges and mutual understanding between the two nations [4][5]

Group 1: Oil Sector Performance - The oil sector experienced a significant rally, with companies like China National Offshore Oil Corporation (CNOOC) and China Petroleum gaining over 5% and 4% respectively [1][4] - The performance of the "Big Three" oil companies (China National Petroleum, China Petroleum & Chemical, and CNOOC) showed resilience compared to international peers, indicating a strong long-term investment value [1][4] - Despite a decline in net profit growth for the "Big Three" in the first three quarters, their performance during the downturn in oil prices demonstrated a certain cyclical resilience [4][5] Group 2: Coal Sector Dynamics - The coal sector mirrored the oil sector's upward movement, with companies like Antai Group and Jinkong Coal Industry seeing significant gains, including a near 8% rise for Jinkong [7][9] - Recent increases in coal prices are attributed to supply constraints and rising demand due to seasonal factors, particularly heating needs in northern regions [9][10] - Analysts suggest that the current coal prices are at historical lows, providing room for potential rebounds, especially as the market enters a new cycle of upward momentum [9][10]

据券商中国记者 11月3日 获悉，泉果基金创始人王国斌突然离世，公司稍晚一些将发布相关公告。 资料显示，王国斌，北京大学硕士，中欧国际工商学院EMBA，拥有27年证券从业经验。他是东方红资产管理 创始人，打造了国内首家券商系资产管理公司，并带领公司获得业内首张券商资管公募牌照。2007年被评 为"上海十大杰出青年"。2022年出版个人首部著作《投资中国》。 泉果基金成立于2022年2月，是经中国证监会批准的全国性公募基金管理公司，注册地位于上海，注册资本为1 亿元人民币。作为著名的"个人系"公募，公司由王国斌、任莉、姜荷泽、李云亮、韦海菁等从业人士共同创 立。 责编： 罗晓霞 校 对： 盘达 用 券中社 12 公开信息显示，3月20日，泉果基金召开2025年春季策略会上，泉果基金创始人王国斌、泉果旭源基金经理赵 诣等分享了最新观点。 券商中国 × 券 中 社 王国斌认为，中国资产近期的强劲表现主要得益于人工智能等领域的创新优势，在多个高端制造和前沿领域， 中国已经取得了全球性的竞争优势。尽管长期面临人口老龄化压力，但未来10年，中国仍将受益于工程师红利 与完整的产业链优势，人工智能等新技术的发展不仅不会导致就 ...

Core Viewpoint - The article highlights the latest holdings of securities firms in the A-share market as of the end of Q3 2025, indicating significant investment activity and sector preferences among these firms [1][5]. Holdings Overview - As of the end of Q3 2025, 44 securities firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1]. - The most concentrated sectors for securities firm investments are hardware equipment and chemical industries, with 41 and 33 stocks respectively, followed by pharmaceuticals and machinery with 26 and 20 stocks [1]. Major Holdings - The top holdings by securities firms include: - CITIC Securities holds 1.3743 million shares of Muyuan Foods valued at 1.984 billion yuan [4]. - Shenwan Hongyuan has a holding of 1.2148 million shares of Guangqi Technology valued at 1.079 billion yuan [4]. - Other notable holdings include Cangge Mining and Jilin Aodong, with holdings valued at 928 million yuan and 865 million yuan respectively [2][4]. New Investments - In Q3, securities firms entered the top ten shareholders of 206 new stocks, primarily in the non-ferrous metals, pharmaceuticals, hardware equipment, and chemical sectors [5]. - Noteworthy new investments include: - Guotai Junan's entry into Postal Savings Bank with a holding valued at 727 million yuan [5]. - CITIC Securities' new position in Huayuan Ecology valued at 344 million yuan [5]. Increased Holdings - A total of 63 stocks saw increased holdings from securities firms in Q3, with significant increases in positions such as: - Dongfang Securities increased its holding in Inner Mongolia Huadian by 21.94 million shares, adding over 8.8 million yuan in value [5]. - CITIC Securities increased its position in Muyuan Foods by 507,500 shares, adding approximately 433 million yuan [5]. Decreased Holdings - Some securities firms reduced their holdings in certain stocks, such as CITIC Securities reducing its position in Xin Nuo Wei, while others like Shenwan Hongyuan reduced holdings in Guangqi Technology and Cangge Mining but saw their holding values increase due to stock price appreciation [6]. Self-operated Business Performance - The performance of securities firms' self-operated businesses is closely linked to their stock holdings, with total self-operated income reaching 186.857 billion yuan in the first three quarters of the year, accounting for over 44% of total revenue [7]. - CITIC Securities led with a self-operated income of 31.603 billion yuan, a year-on-year increase of approximately 46% [8]. Self-operated Business Breakdown - The self-operated income of major securities firms for the first three quarters includes: - CITIC Securities: 31.603 billion yuan, 45.88% year-on-year growth [8]. - Guotai Junan: 20.37 billion yuan, 90.11% year-on-year growth [8]. - Other firms like China Galaxy and Shenwan Hongyuan also reported significant self-operated income exceeding 10 billion yuan [8].