文/《清华金融评论》 王茅 我国央行 恢复公开市场国债买卖操作，这凸显央行灵活调控思路，既回 应政策协同要求，亦为市场注入信心，有助于改善债市环境， 配合 财政 发力，同时 补充银行长期流动性。 近日，我国 央行行长潘功胜 在2025金融街论坛年会上 宣布，将恢复公开市场国债买卖操作，此前该操作因债市风险累积于 2025 年 1 月暂停。央行重启 国债买卖操作的原因是债市运行企稳、收益率回归合理区间，需协同财政政策发力并补充银行流动性，直接影响体现在稳定市场预期、平滑资金面波动， 并可能替代降准功能。 预计 央行将于今 年四季度买入规模为 0.7 万亿至 1 万亿元 的国债 ，主要 用于 对冲 2024 年累计买入的 1 万亿 元 到期国债（截至 2025 年 9 月已到期 6600 亿元）。可能通过 大型银行 间接买入短期国债，避免直接冲击市场；期限或从 1 年内扩展至 3 — 5 年，以稳定收益率曲线。 重启 国债买卖 操作原因 债市环境改善 。 年初暂停操作是 因为 国债收益率单边下行（ 10 年期一度跌至 1.6% ），市场供需失衡、风险累积。当前收益率已回升至 1.8% 以上，期 限利差走阔（如 1 ...

习近平：让中美关系这艘大船平稳前行 当地时间10月30日上午，国家主席习近平在釜山同美国总统特朗普举行会晤。 习近平指出，特朗普总统热心推动地区热点问题解决，中方也一直在以自己的方式就当前各种热点问题劝和促谈。当今世界还有很多难题， 中国和美国可以共同展现大国担当，携手多办一些有利于两国和世界的大事、实事、好事。 （新华社韩国釜山10月30日电） 来源丨新华社 编辑丨兰银帆 审核丨许晨辉 当地时间10月30日上午，国家主席习近平在釜山同美国总统特朗普举行会晤。 习近平指出，特朗普总统当选以来，我们3次通话，多次互致信函，保持密切联系，共同引领中美关系保持总体稳定。前几天，两国经贸团队 在吉隆坡举行了新一轮磋商，就解决各自当前的主要关切达成基本共识，也为我们今天的会晤提供了必要条件。中美两国国情不同，难免有 一些分歧，作为世界前两大经济体，时而也会有摩擦，这很正常。面对风浪和挑战，我和特朗普总统作为掌舵人，应当把握好方向、驾驭住 大局，让中美关系这艘大船平稳前行。 习近平：中美两国可以相互成就、共同繁荣 当地时间10月30日上午，国家主席习近平在釜山同美国总统特朗普举行会晤。 习近平强调，中国的发展振兴同特朗普 ...

"十五五"时期经济社会发展的指导方针（学习贯彻党的二十届四中全会精神） 李强 党的二十届四中全会通过的《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》（以下简称《建议》），明确提出了"十五五"时期 经济社会发展指导方针，为做好未来五年经济社会发展工作指明了前进方向、提供了科学指引。我们要准确领会把握、全面贯彻落实，制定和实施 好"十五五"规划，奋力开创中国式现代化建设新局面。 准确把握"十五五"时期我国发展所处的历史方位 《建议》指出，"十五五"时期在基本实现社会主义现代化进程中具有承前启后的重要地位，是基本实现社会主义现代化夯实基础、全面发力的关键 时期。我们要以宽广的视野和战略的眼光，统筹国内国际两个大局，准确把握"十五五"时期我国发展所处的历史方位。 要把"十五五"发展放在中国式现代化的历史进程中来把握。实现社会主义现代化是一个阶梯式递进、不断发展进步的历史过程。新中国成立以来， 围绕现代化建设战略部署，我国接续制定和实施了一个个五年规划（计划），有力引导和推动了经济社会发展。特别是党的十八大以来，以习近平 同志为核心的党中央团结带领全党全国各族人民，完成全面建成小康社会历史任务，实现了第一 ...

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 3.75% to 4.00%, marking the second rate cut in 2025, following a previous cut in September. This decision reflects internal divisions within the Fed regarding future monetary policy direction [3][4]. Group 1: Monetary Policy Decisions - The Federal Reserve's decision to lower the interest rate was widely anticipated by the market, despite internal disagreements among officials regarding the extent of the cut [3]. - Two officials opposed the 25 basis point cut, with one advocating for a 50 basis point reduction to expedite policy easing [3]. - The Fed's internal divisions between hawkish and dovish perspectives are becoming more pronounced, indicating uncertainty in future rate cuts [3][4]. Group 2: Economic Indicators - Economic activity is expanding at a moderate pace, with employment growth slowing and a slight increase in the unemployment rate. Recent indicators align with these trends [4]. - The latest data shows that the Consumer Price Index (CPI) in September increased by 3% year-on-year and 0.3% month-on-month, while the core CPI rose by 3% year-on-year and 0.2% month-on-month [4]. Group 3: Future Rate Cut Expectations - The Fed's October policy statement did not provide guidance on the December monetary policy path, leaving uncertainty regarding future rate cuts [4]. - The Fed's dot plot suggests the possibility of three rate cuts within the year, with December potentially being the last opportunity for a cut [4]. - Following Fed Chair Powell's hawkish remarks, market expectations for a December rate cut diminished significantly [5].

文/ 中国人民大学深圳研究院专职研究员 邢洋 当前国际经济形势严峻复杂，保护主义和单边主义问题比较突 出。建设全国统一大市场，成为促进新发展格局形成的关键战略选择。建 设全国统一大市场需要从以下几个方面着手：塑造健康金融环境，助力全 国统一大市场建设不断完善；提升金融软硬件供给能力，牢筑成为统一大 市场稳定源、推进器；稳步推进金融内涵式发展，深入推进全国统一大市 场建设。 当前国际经济形势严峻复杂，保护主义和单边主义问题更加突出。全球冲突源和风险点增加，国际利益格局与国际政治秩序面临深度调整和转型。建设全 国统一大市场成为促进新发展格局形成的关键战略选择。《中共中央、国务院关于加快建设全国统一大市场的意见》（以下简称《意见》）是全面贯彻以 习近平新时代中国特色社会主义思想为核心，着眼全局，从战略层面做出的重大决策。 金融服务业扮演着参与者和推动者双重角色，在构建全国统一大市场进程中承担着关键支撑作用，兼具市场实践主体与制度创新引擎双重职能。如何科学 运用现代金融工具，着力推进金融体系深化改革与创新支持体系建设，是突破市场整合体制机制障碍的核心路径。其中，加强金融基础设施的系统化布局 与跨领域协同监管，对实现资 ...

以下文章来源于道口不动产观察 ，作者道口不动产观察 道口不动产观察 . 清华大学五道口金融学院不动产金融研究中心专注于推进深度理论研究、推动政策改革完善、探索行业最佳实践。清华五道口全球不动产金融论坛，由研 究中心主办，旨在建立政策、学术、产业、金融各方面常态化交流机制，以及政策建言、理论与实践成果发布的平台。 续发展的关键。配套政策与生态构建方面，报告建议从土地制度优化、资金支持机制完善及政府职责明晰等方向协同发力，构建分类别、全周期、可持续 的金融创新良好生态，共同推动城市治理实现多方共赢的高质量发展。 清华大学五道口金融学院不动产金融研究中心于10月2 5日在京 举办《城中村改造的金融创新》课题结题研讨会暨课题评审会，聚焦新时 代的城中村改造如何激发政府和市场的参与动力，建立符合可持续、高质 量发展要求的新机制。 会议总结：据二十届四中全会精神，"十 五五"时期经济社会发展要坚持有效市场和有为政府相结合的原则，扎实 推动高质量发展。城中村改造要探索政府、市场、原住民等多主体共治新 路径，增强原住民自主更新意愿，破解政策性和市场化资金参与难题，通 过 " 有 效 市 场 " 与 " 有 为 政 府 " 的 ...

Group 1 - The core viewpoint of the article is that the Federal Reserve is likely to cut interest rates by 25 basis points at the end of October, which is seen as a preventive measure to improve liquidity in the tech sector, although caution is advised regarding potential profit-taking due to "buy the expectation, sell the fact" behavior [1][2]. - The expected interest rate cut will bring the rate range down to 3.75% - 4.00%, with a total reduction of 75 basis points anticipated for the year [2]. - Four main reasons for the Fed's decision to cut rates include: a relatively weak job market with increased layoffs, easing inflation pressures as core CPI continues to decline, weakening economic momentum with a predicted -1.8% growth rate for Q3, and a temporary easing of geopolitical tensions, particularly in US-China relations [3]. Group 2 - The impact of the Fed's rate cut on the US capital markets includes short-term volatility in the stock market, but mid-term support for tech stocks due to improved liquidity, while value stocks in financial and industrial sectors are expected to show resilience [5]. - The 10-year US Treasury yield is projected to fall below 4.0%, with short-term rates being more certain, while long-term rates face limited downward space due to European fiscal expansion and expectations of Japanese rate hikes [6]. - In the foreign exchange market, the US dollar is under pressure, benefiting non-US currencies, with the dollar index potentially dropping below 98, and the Chinese yuan expected to appreciate [7]. Group 3 - The Chinese market is expected to benefit from the Fed's rate cut, particularly in sectors like AI computing and semiconductors, with foreign capital inflows and liquidity easing [9]. - The yuan's exchange rate is likely to stabilize and rise due to a weaker dollar and narrowing US-China interest rate differentials, increasing foreign investment interest in yuan-denominated assets [9]. - Market participants are advised to closely monitor the Fed's rate decision and Powell's statements regarding December's policy for potential trading insights [9].

Core Viewpoint - China is committed to deepening capital market reforms and expanding high-level financial openness to support modernization, welcoming foreign financial institutions and long-term capital investments [3]. Group 1 - He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, emphasized the implementation of the spirit of the Fourth Plenary Session of the 20th CPC Central Committee [3]. - The International Advisory Committee of the China Securities Regulatory Commission (CSRC) expressed appreciation for the achievements in China's capital market reforms and openness in recent years [3]. - The committee members are optimistic about the future of China's economy and capital market, indicating a willingness to deepen investment cooperation in China [3].

Core Viewpoint - The report emphasizes the importance of financial work in supporting economic stability and high-quality development, guided by the principles set forth by Xi Jinping and the central government [3][4]. Financial Work Progress and Achievements - Since November 2024, the financial system has focused on stabilizing and improving support for the real economy, enhancing financial regulation, and deepening financial reform and opening up, achieving significant results [5]. - Monetary policy measures have been implemented, including a series of adjustments in interest rates and reserve requirements, leading to a year-on-year increase of 8.7% in social financing scale and 8.4% in broad money supply by September [5]. Financial Industry Operation and Regulation - As of September 2025, total assets of financial institutions exceeded 520 trillion yuan, with commercial banks' capital adequacy ratio at 15.36% and non-performing loan ratio at 1.52% [6]. - The Shanghai Composite Index rose by 18.4% from November 2024 to September 2025, with average daily trading volume significantly increasing [6]. Financial Support for the Real Economy - From November 2024 to September 2025, A-share IPOs raised 91.8 billion yuan, with 86% from private enterprises and 92% from strategic emerging industries [7]. - Loans for technology, green, inclusive, elderly, and digital economy sectors grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all exceeding the overall loan growth rate [7]. Financial Reform and Opening Up - The report highlights the deepening of financial institution reforms, including a 520 billion yuan capital increase for state-owned banks and the expansion of the bond market [8]. - The RMB has become the largest currency for cross-border payments in China, with significant progress in internationalization and cross-border payment systems [8]. Risk Prevention and Mitigation - Measures have been taken to address risks in small and medium-sized financial institutions, with a 71% decrease in the number of financing platforms and a 62% reduction in operating financial debt by September 2025 [9]. - The report outlines efforts to support the real estate market and combat illegal financial activities, with a focus on maintaining financial stability [9]. Centralized Leadership in Financial Work - The report stresses the importance of adhering to the centralized leadership of the Party in financial work, enhancing the supervision and regulation of financial activities [10]. Future Work Considerations - The focus will be on implementing a moderately loose monetary policy, enhancing financial regulation, and providing high-quality financial services to support key sectors [11][12]. - Continued efforts will be made to deepen financial supply-side structural reforms and promote high-level financial openness while safeguarding national financial security [13].

Core Viewpoint - The speech emphasizes the importance of enhancing the multi-tiered capital market to support the innovation and development of small and medium-sized enterprises (SMEs) in China, particularly through the Beijing Stock Exchange (BSE) and the New Third Board (NTB) [3][4]. Group 1: Capital Market Development - The BSE and NTB should continuously study the characteristics and development patterns of innovative SMEs to improve the adaptability of institutional mechanisms and product services [3]. - The BSE aims to optimize the listing mechanism for unprofitable companies, enhancing disclosure requirements for innovation attributes to support technological innovation and traditional industry upgrades [3]. - The NTB is positioned as a "nursery" for SMEs, focusing on optimizing access systems and enhancing market vitality to improve the quality of listed companies [3]. Group 2: Market Coordination and Integration - There is a need to deepen coordination among multi-tiered markets, strengthening institutional connections to promote a development pattern where the BSE and NTB support each other [3]. - The integration of the NTB with regional equity markets is essential to provide seamless capital market services for innovative SMEs characterized by specialization and innovation [3]. Group 3: Investment Value and Long-term Capital - Emphasis is placed on cultivating patient capital and enhancing the investment value of listed companies, with a focus on normalizing the issuance and listing processes at the BSE [4]. - The need to optimize the new stock issuance system and expand the market maker team is highlighted to provide more participation opportunities and investment convenience [4]. - Encouraging various types of long-term funds to enter the market and promoting the establishment of special funds at the local level is crucial for building a robust professional investor base [4].