编者按： 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保险资 管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。证券时报社联合中国保险资产 管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。 本篇为专栏第三篇。 高水平科技自立自强是发展新质生产力的必由之路。作为保险资管机构，该如何助力高水平科技金融体系建 设？ 人保资产表示，坚决履行金融央企政治责任，深刻认识和坚定践行金融工作的政治性、人民性，立足耐心资本 功能作用的发挥，积极做好科技金融大文章，努力为高水平科技自立自强贡献人保力量。 与此同时，保险资金进行科技创新投资还存在着一些挑战。人保资产分析，挑战主要表现在三个方面： 一是风险错配。保险资金运用强调安全性、稳健性，注重资产负债匹配。由于科技创新的价值创造路径 具有显著的非线性特征，其投入产出回报具有滞后性，且失败率、波动性较高，难以与保险资金投资逻 辑相匹配。 二是能力缺口。科技创新偏向股性融资，保险资管投资人员多来自于传统金融机构，欠缺对于不同科技 赛道深入的产业研究和深刻的产业理解，面对高度专业化的科技领域，存在信息不对称。 三 ...

据"北京新闻"微信公众号消息， 享誉世界的物理学家、诺贝尔物理学奖获得者，中国科学院 院士，清华大学教授、清华大学高等研究院名誉院长杨振宁先生，因病于2025年10月18日在 北京逝世，享年103岁。 为沉痛悼念深切缅怀杨振宁先生，2025年10月24日（星期五）上午9时，在北京八宝山殡仪 馆大礼堂举行遗体告别仪式。 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 。 来源：北京新闻 责编： 王璐璐 校 对：祝甜婷 百万用户都在看 突遭"断供"！美联储，大消息！ 暴涨40%！一份财报，意外引爆！ 刚刚，利好来了！深圳 ...

近日， 教育 部印发通知，出台《进一步加强中小学生心理健康工作十条措施》。通知如下： 六、建立监测预警和干预机制。 推进建设全国学生心理健康监测预警系统，每年组织开展1次心理健康抽样监 测。国家义务教育质量监测每年监测学生心理健康状况和工作开展情况。督促指导地方建设监测预警系统，完 善心理健康问题及时发现、预警、干预处置机制，推进分级响应模式。统筹规范学生心理健康测评，每名学生 每学年接受心理测评一般不超过1次。 进一步加强中小学生心理健康工作十条措施 为落实健康第一教育理念，进一步提高中小学生心理健康工作水平，针对中小学生心理健康阶段性特点和突出 问题，制定以下工作措施。 一、有效缓解 学生考试 升学焦虑。 减轻学生过重作业负担，严控书面作业总量，严禁布置机械重复、惩罚性 作业，鼓励每周设置一天"无作业日"。规范考试管理，减少日常测试频次，合理设置考试难度，不得以考试成 绩对学生进行排名。巩固校外培训治理成果，继续严控义务教育阶段学科类培训，规范非学科类培训，加强学 科类隐形变异培训防范治理。有序推进中考改革，加快扩大优质高中招生指标到校，开展均衡派位招生试点， 缓解学生和家长升学焦虑。全面落实生命安全与健 ...

Core Viewpoint - The article discusses the investment strategies and opportunities in the context of recent market fluctuations, particularly after the Shanghai Composite Index reached a ten-year high, emphasizing the importance of a balanced investment approach in the face of volatility [1][2]. Group 1: Investment Opportunities in Key Sectors - The article highlights three major sectors: AI, non-ferrous metals, and innovative pharmaceuticals, asserting that their long-term investment logic remains solid despite recent adjustments [3][5]. - AI investments are focused on computing power and applications, with a notable emphasis on the demand from major clients like NVIDIA and Google, as well as the energy constraints affecting computing investments [3][4]. - The non-ferrous metals sector is characterized as "cyclical growth," driven by energy transition, defense spending, and AI, indicating a shift from traditional industries to growth-oriented sectors [4]. Group 2: Insights from Emerging Fund Managers - Emerging fund managers emphasize the importance of new technologies and consumption trends, identifying structural opportunities in the new economy [6][7]. - The renewable energy sector is expected to experience a "profit inflection point" and technological breakthroughs, particularly in energy storage and solid-state battery technology [6]. - The AI sector is seen as a catalyst for a "productivity revolution," with significant advancements in efficiency across various industries, including gaming and customer service [7]. Group 3: Balanced Investment Strategies - The article advocates for a balanced investment strategy to navigate market volatility, focusing on growth and valuation equilibrium, investment duration balance, and diverse sources of investment opportunities [9][10]. - Key areas for investment include energy storage and power equipment, driven by the increasing demand for renewable energy and grid upgrades [10][11]. - The article also notes the importance of technological advancements, such as improvements in photovoltaic technology, which are expected to enhance profitability in the solar industry [11]. Group 4: Specific Investment Recommendations - The article suggests a "barbell strategy" for portfolio allocation, combining defensive and growth assets, particularly in sectors like finance and power equipment [14]. - It highlights structural opportunities in consumer sectors, particularly those catering to younger demographics and emerging consumer trends [14][15]. - The military industry is identified as a growth area, with increasing demand for military exports and the importance of data capabilities in modern warfare [15][16]. Group 5: Overall Market Outlook - The article concludes that despite the challenges posed by U.S.-China trade tensions and structural shifts in the economy, the overarching themes of global easing and domestic new momentum remain intact [16]. - Investors are encouraged to adopt a long-term perspective, focusing on sectors with strong fundamentals and avoiding short-term speculative behaviors [16].

近日，但斌执掌的东方港湾海外基金向美国证监会（SEC）提供了三季度的13F文件，其美股的最新调仓路 径随之揭晓。 首次买入阿里，减持亚马逊、奈飞 三季度，但斌进行了一轮调仓操作。首先，新买入五股，分别是阿里巴巴、博通、Astera Labs、BitMine Immersion Technologies（加密货币）以及2倍做多GOOGL ETF。 其中，最大的动作是首次买入阿里巴巴，共买入22.1万股，期末持股市值为3950万美元，占组合比重为 3.06%，位列其第十大重仓股。 截至三季度末，东方港湾海外基金的持仓标的从二季度的13只增加至17只，期末管理规模为12.92亿美元（约 92亿元人民币），较二季度末的11.26亿美元有所增长。 但斌在三季度新买入5股，其中大举买入阿里巴巴，英伟达、谷歌依然位列前两大重仓股，并强化AI产业链布 局，新进了两家半导体公司——博通、Astera Labs，同时大幅减持亚马逊和奈飞，清仓了2倍做多英伟达 ETF。 早在9月初，但斌就在社交媒体表示，这几年国内互联网巨头距离全球巨头的差距是越来越大，需要奋力直 追，而且能创历史新高，非常有意义。 但斌以阿里巴巴为例，其市值曾与 ...

Group 1 - The article reports the appointment of Duan Yijun as the Vice Minister of the United Front Work Department and the Director of the National Religious Affairs Administration [1] - Duan Yijun, born in July 1967 in Leshan, Sichuan, holds a doctoral degree in law and has been working since July 1990 [1] - His previous positions include Director of the Sichuan Provincial Emergency Management Department and Secretary of the Liangshan Prefectural Committee, and he was appointed as the Deputy Governor of Sichuan Province in January 2023 [1]

英特尔最新财报释放重大利好信号。 受业绩超预期刺激，北京时间今日（10月24日）凌晨，美国芯片巨头英特尔股价在美股盘后交易中直线拉升，一度暴涨超9%。英特尔发布 的财报显示，公司三季度营收同比增长3%，为一年半来首次同比正增长，2023年末以来首次净利润实现盈利，毛利率创一年半新高。 英特尔的首席财务官Dave Zinsner表示，第三季度，英特尔的芯片需求强劲，导致公司的供应紧张，预计这一趋势将持续到明年，部分源于 数据中心运营商的升级CPU需求。 英特尔直线拉升 北京时间10月24日凌晨，英特尔公布了2025年第三季度财务数据和第四季度业绩指引，财报显示，公司第三季度实现营收137亿美元，同比 增长3%，高于分析师预期的132亿美元；调整后每股收益为0.23美元，上年同期每股亏损0.46美元，高于分析师预期的0.01美元；非GAAP口 径下，三季度录得净利润10亿美元，自2023年底以来首次实现盈利。 受此影响，英特尔股价在美股周四盘后交易中直线拉升，一度暴涨超9%，截至06:30，涨幅达7.13%。隔夜美股收盘，英特尔股价大涨超 3%。 财报显示，英特尔三季度调整后毛利率为40.0%，大幅高于分析师预期 ...

Core Viewpoint - The recent sanctions imposed by the U.S. Treasury on Russian oil companies Rosneft and Lukoil, along with the EU's 19th round of sanctions against Russia, have heightened concerns over potential disruptions in Russian oil supply, leading to significant increases in international oil prices [1][2][4]. Group 1: Sanctions and Market Reactions - The U.S. sanctions now encompass all four major Russian oil companies, with Rosneft and Lukoil being the latest targets, which could impact nearly half of Russia's oil exports, approximately 2.2 million barrels per day in the first half of this year [1][4]. - Following the announcement, international oil prices surged, with Shanghai crude futures closing up over 4% and NYMEX crude futures rising more than 5.8% [2][4]. - The sanctions are expected to reduce India's purchases of Russian oil, as India currently sources over 36% of its crude imports from Russia [4]. Group 2: Supply and Demand Dynamics - The global oil market is currently characterized by an oversupply situation, with OPEC+ gradually increasing production and major oil-exporting countries maintaining high export levels [5][6]. - The International Energy Agency (IEA) has consistently downgraded global oil demand growth forecasts due to expectations of a slowing global economy [5]. - Recent market indicators, such as the WTI crude futures structure showing a shift to a contango state, suggest increasing concerns over supply excess [5]. Group 3: Price Forecasts and Market Outlook - Despite the recent sanctions potentially causing short-term volatility in oil prices, the overall oversupply situation is expected to limit sustained price increases, with Brent crude projected to remain in the $60 to $70 per barrel range [5][6]. - Goldman Sachs anticipates further declines in Brent crude prices, potentially reaching $52 per barrel by the fourth quarter of next year [5]. - The long-term outlook suggests that geopolitical risks may diminish, allowing market fundamentals to regain dominance, with OPEC+ shifting towards a strategy of increasing production to maintain market share [6].

Core Viewpoint - The earnings season for US stocks is fraught with risks, as several major companies have experienced significant stock price declines following their earnings reports [2][3]. Group 1: Earnings Reports and Market Reactions - After the earnings disclosures, several major US companies saw their stock prices plummet, with STMicroelectronics experiencing a drop of over 12% and Tesla's stock falling nearly 6% at one point [2][3]. - STMicroelectronics provided disappointing guidance in its latest earnings report, indicating that the recovery in semiconductor demand for automotive and industrial applications will take longer than expected. The company projected Q4 revenue of $3.28 billion, below the analyst consensus of $3.35 billion [3]. - Tesla's third-quarter adjusted earnings per share fell 30% year-over-year to $0.50, missing analyst expectations of $0.54, leading to a downgrade by Wells Fargo analysts [4][5]. Group 2: Company-Specific Developments - IBM's stock also faced a decline, with a drop of over 8% despite reporting a 9.1% year-over-year revenue increase to $16.3 billion. However, the slowdown in its key cloud software division raised concerns about future growth [5][6]. - AMD's stock fell over 5% after reporting preliminary net sales of $5 billion for its first fiscal quarter, which was below market expectations of $6.49 billion [4]. Group 3: Quantum Computing Sector - The quantum computing sector saw a significant surge, with companies like D-Wave Quantum and Rigetti Computing experiencing stock increases of over 19% and 12%, respectively. This surge is attributed to discussions with the US Department of Commerce regarding federal funding support [8][9]. - The plan involves these quantum computing companies negotiating for at least $10 million in funding from the government, indicating a potential shift in federal support for key economic sectors [8][9].

华夏银行三季度营收降幅超15% 今年7月至9月，华夏银行营业收入同比降幅明显，单季营收193.59亿元，较上年同比减少15.02%，受此拖累， 今年前三季度该行营收同比下降8.79%。 不过，该行净利润却在营收减少的情况下实现净利润增长。其中该行第三季度归属于上市公司股东的净利润为 65.12亿元，较上年同期增长4.61亿元，增幅7.62%。拉长时间来看，今年前三季度该行净利润仍同比减少5.29 亿元，降幅2.86%。 拆解华夏银行各项财务数据，今年该行前三季度营收较上年变化较大的指标因素主要来源于"公允价值变动收 益"，今年前三季度该项数据为-45.05亿元，较上年的33.26亿元下降78.31亿元。另外，收入构成方面，该行利 息净收入为462.94亿元，同比减少7.64亿元，降幅1.62%；手续费及佣金净收入为46.94亿元，同比增长8.33%。 资产负债端来看，截至9月末，华夏银行贷款余额为24355.94亿元，比上年末增加692.77亿元，增长2.93%；存 款总额23389.60 亿元，比上年末增加1875.90亿元，增长8.72%。 资产总额方面，该行9月末总规模达4.59万亿元，尽管资产于年内扩 ...