01 中美经贸磋商举行 当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在马来西亚吉隆坡举 行中美经贸磋商。双方以今年以来两国元首历次通话重要共识为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和 执法合作、农产品贸易、出口管制等双方共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋商，就解决各自关切的安排达成基本共 识。双方同意进一步确定具体细节，并履行各自国内批准程序。 何立峰表示，中美经贸关系的本质是互利共赢，双方合则两利、斗则俱伤，维护中美经贸关系稳定发展，符合两国和两国人民的根本利益，也符合国 际社会的期待。对于在经贸合作中出现的分歧和摩擦，双方应本着相互尊重、和平共处、合作共赢的原则，通过平等对话协商，找到妥善解决彼此关 切的办法。中美经贸磋商成果来之不易，需要双方共同维护。希望美方与中方相向而行，共同落实好两国元首历次通话重要共识和今年以来历次经贸 磋商成果，进一步积累互信、管控分歧，拓展互利合作，推动双边经贸关系不断迈向更高水平。 美方表示，美中经贸关系是全球最具影响力的双边关系，美方愿同 ...

Core Viewpoint - The Louvre Museum robbery has raised concerns about security measures, with an estimated economic loss of €88 million reported by Paris prosecutors [1]. Group 1 - Two suspects involved in the Louvre robbery were arrested on October 25 [1]. - Following the robbery, some jewelry collections were transferred to the French Central Bank's vault for safekeeping [1]. - The robbery occurred on October 19, when four masked individuals infiltrated the museum and stole nine pieces of jewelry, including a crown belonging to Empress Eugénie, which has since been recovered [1]. Group 2 - The jewelry was stored in the main vault located 26 meters underground, which holds about 90% of France's gold reserves [1]. - Leonardo da Vinci's notebooks, valued at over €600 million, have also been stored in the same vault for years [1].

Core Viewpoint - The third quarter earnings reports of listed companies are becoming a focal point, with over 80% of companies showing positive earnings forecasts, indicating a strong performance outlook for the fourth quarter and into early next year [1][3]. Earnings Forecasts - As of October 24, over 150 A-share listed companies have disclosed their third-quarter earnings forecasts, with 124 companies (over 80%) showing positive expectations. Among these, 91 companies expect profit increases, 23 expect slight increases, and 10 companies anticipate turning losses into profits [2]. - A total of 136 companies are expected to be profitable in the third quarter, with 101 companies projected to have profits exceeding 100 million yuan, and 22 companies expected to exceed 1 billion yuan. China Life leads with a profit forecast of 156.785 billion yuan [2]. - 48 companies are expected to see a year-on-year net profit growth exceeding 100%, with three companies (Shuobeide, Xianda Co., Chujian New Materials) projecting growth rates over 2000% [2]. Sector Performance - The high earnings forecast rate and significant profit growth are concentrated in sectors such as electronics (semiconductors, components), non-ferrous metals (precious metals, new metal materials), brokerage and insurance, and chemicals (agricultural and chemical products) [3]. - Among the 1,088 companies that have disclosed their formal third-quarter reports, 874 companies achieved profitability, with 647 companies showing positive year-on-year net profit growth [3]. Market Sentiment and Strategy - The earnings reports are crucial for public funds as they influence market sentiment and trading behavior, leading to what is termed "earnings report trading." Fund managers will adjust their strategies based on the earnings signals from these reports [4][5]. - Fund managers are focusing on sectors with demand recovery, cost improvements, and optimized market structures, seeking growth opportunities with high certainty [5]. Technology Sector Insights - The technology sector is expected to shift from being driven by expectations to being driven by actual earnings, with strong performance in sub-sectors like semiconductor domestic substitution, overseas computing power chains, and AI-related companies [6][7]. - The storage industry is experiencing a demand explosion and significant recovery in profitability, with leading companies generally undervalued due to high demand certainty over the next two years [6]. Investment Focus - Fund managers are particularly interested in the technology and high-end manufacturing sectors, with a focus on artificial intelligence and its related supply chains, as well as the battery industry represented by lithium batteries [7].

当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特和贸易代表格里尔在马来西亚吉隆坡举行中美经贸磋商。双方以今年以来两国元首历次通话重要共识 为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和执法合作、农产品 贸易、出口管制等双方共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋商，就解决各 自关切的安排达成基本共识。双方同意进一步确定具体细节，并履行各自国内批准程序。 何立峰表示，中美经贸关系的本质是互利共赢，双方合则两利、斗则俱伤，维护中美经贸关系稳定发展， 符合两国和两国人民的根本利益，也符合国际社会的期待。对于在经贸合作中出现的分歧和摩擦，双方应 本着相互尊重、和平共处、合作共赢的原则，通过平等对话协商，找到妥善解决彼此关切的办法。中美经 贸磋商成果来之不易，需要双方共同维护。希望美方与中方相向而行，共同落实好两国元首历次通话重要 共识和今年以来历次经贸磋商成果，进一步积累互信、管控分歧，拓展互利合作，推动双边经贸关系不断 迈向更高水平。 美方表示，美中经贸关系是全球最具影响力的双边关系，美方愿同中方通过平等、尊重 ...

中国商务部国际贸易谈判代表兼副部长李成钢26日说，中美经贸团队就双方关注的经贸议题进行了深 入、坦诚的讨论和交流。 来源：新华社 责编 ：刘珺宇 校 对： 赵燕 百万用户都在看 A股，重磅来袭！ 重大突破！芯片，大消息！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁遗体告别仪式举行 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 。 ...

Group 1: Central Bank Focus - The upcoming week is termed "Super Central Bank Week," with major central banks including the Federal Reserve, European Central Bank, Bank of Japan, and Bank of Canada set to announce interest rate decisions [1][2] - The market widely anticipates a 25 basis point rate cut from the Federal Reserve, bringing the target range to 3.75%–4% [2][3] - The probability of a 25 basis point cut in October is estimated at 98.3%, while a cumulative cut of 50 basis points by December is projected at 93.4% [2] Group 2: Economic Indicators - Investors will focus on the U.S. core PCE price index for September, which previously showed a year-on-year growth rate of 2.9%, exceeding the Federal Reserve's 2% target [3] - The U.S. GDP data for Q3 will be released on October 30, with estimates suggesting that the ongoing government shutdown may reduce the GDP growth rate by 0.45 percentage points [4] Group 3: Earnings Season Highlights - The upcoming week is expected to be the busiest for earnings reports, with over 170 companies, including five of the "Tech Giants" (Microsoft, Apple, Alphabet, Amazon, Meta), set to report [5][6] - Apple is projected to report earnings of $1.76 per share and revenue of $101.71 billion, driven by strong pre-sales of the new iPhone 17 and recovery in the Chinese market [5] - Alphabet's expected revenue is $86 billion, with earnings per share at $2.17, while Amazon's revenue is anticipated at $179.2 billion, slightly above market expectations [5][6] Group 4: Market Expectations - Despite a slowdown in profit growth for the "Tech Giants," their profit growth is still expected to be significantly higher than the overall S&P 500 companies, with estimates of 16.6% versus 8.1% [6] - The "Tech Giants" are also key players in the AI sector, which has been a major driver of stock market growth in recent years [7]

Core Insights - The banking wealth management market has reached a historic high, with the total scale of existing wealth management products surpassing 32 trillion yuan as of September 2025, marking a significant growth in the sector [1][2]. Group 1: Market Growth - As of the end of Q3 2025, the total scale of wealth management products reached 32.13 trillion yuan, an increase of 2.18 trillion yuan since the beginning of the year and a net increase of 1.46 trillion yuan since the end of Q2 2025 [2]. - The number of wealth management companies with assets exceeding 2 trillion yuan has increased from 3 to 6 compared to the previous year, indicating a robust growth in the market [2]. - The number of investors holding wealth management products has reached 139 million, reflecting a year-on-year growth of 12.70% [2]. Group 2: Product Composition and Performance - Wealth management products have generated a total return of 568.9 billion yuan for investors in the first three quarters of the year, with 179.2 billion yuan generated in Q3 alone [3]. - Fixed income products dominate the wealth management market, accounting for 97.14% of the total scale, while mixed and equity products make up less than 3% [3]. - The mixed product category has seen a growth of nearly 1 trillion yuan since the beginning of the year, reversing a trend of decline in previous years [3]. Group 3: Regulatory Changes and Market Dynamics - As of September 2025, 32 wealth management companies have been approved to operate, indicating a potential expansion in the market after years of stagnation in new license approvals [5]. - Some small and medium-sized banks are transitioning from self-operated wealth management to agency sales due to limitations in talent and technology [6]. - A few small banks are still pursuing the establishment of their own wealth management companies, with applications for licenses being processed by regulatory authorities [5]. Group 4: Future Outlook - The market may see a reduction in the number of smaller banks by the end of 2026, as regulatory requirements push many to cease self-operated wealth management [6]. - The trend of agency sales is expected to grow, with 583 institutions involved in cross-bank sales of wealth management products as of September, an increase from the previous year [6].

这地注册会计师协会出手！ 近日，深圳市注册会计师协会（以下简称"深注协"）公告称，为进一步加强行业自律监督行动，面向深圳市注 册会计师行业开展治理低价无序竞争行为的专项行动。 此次专项行动包括业务成本调研评估；强化投标报价合规管控；将涉嫌严重低于成本报价的会计师事务所纳入 当年执业质量检查名单等。上述专项行动开展时间为2025年11月至2026年1月，为期三个月，后续将转入常态 化监管。 业内人士认为，低价竞争是审计行业高质量发展的"沉疴痼疾"，容易导致审计程序执行不到位、质量管控放 松，甚至可能引发审计失败；同时也影响注册会计师职业的吸引力。 扩大涉嫌低价竞争的检查范围 近日，深注协表示，业务合理收费是事务所稳定运营的核心支撑。"内卷式"低价竞争不仅严重侵蚀会计师事务 所的生存根基，更会制约行业高质量发展，难以保障专业服务的质量与价值。 记者注意到，深注协还设立多个投诉举报方式，将建立线索台账并逐一核查，对核查属实的线索将作为重点治 理依据，依法依规对相关事务所及责任人严肃处理。 多地注协采取行动 "低价竞争"是会计行业长期存在的突出问题。有业内人士曾表示，低价导致审计程序简化、人员配置不足，增 加重大错报 ...

10月26日，国务院关于2024年度国有资产管理情况的综合报告提请十四届全国人大常委会第十八次会议 审议，国有资产最新"家底"公布。 截至2024年末，全国国有企业（不含金融企业）资产总额401.7万亿元、国有资本权益109.4万亿元。国 有金融企业资产总额487.9万亿元、国有金融资本权益33.9万亿元。报告还公布了行政事业性国有资产和 国有自然资源资产的情况。 报告称，各地区各部门持续提升国有资产管理水平，坚决管好、用好全体人民的共同宝贵财富。 来源：新华社 责编： 刘珺宇 校 对： 许欣 百万用户都在看 A股，重磅来袭！ 重大突破！芯片，大消息！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁遗体告别仪式举行 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 , ...

据路透社10月25日报道，巴基斯坦国防部长阿西夫当天表示，如果巴基斯坦与阿富汗在伊斯坦布尔举行 会谈期间未能达成协议，将意味着开战。 来源：参考消息 百万用户都在看 A股，重磅来袭！ 重大突破！芯片，大消息！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁遗体告别仪式举行 券商中国 × 券 中 社 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 阿西夫说："如果我们无法达成协议，我们就与他们全面开战。但我也看到他们希望和平。" 在阿富汗和巴基斯坦最近的边境冲突造成人员伤亡后，双方代表目前正在土耳其伊斯坦布尔举行谈判。 责编： 刘珺宇 校 对： 许欣 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 ...