"参考当前市场情况，我行将于2025年10月15日起调整积存金产品的购买条件。"10月14日，中国银行发布了《关于调整积存金产品按金额购买起点的公 告》，将该行积存金产品的最小购买金额由850元调整为950元。 今年10月以来，国内外贵金属价格波动加剧，市场风险提升。《金融时报》记者注意到，近期，工商银行、中国银行、建设银行等多家金融机构密集发布 相关公告，对贵金属业务进行动态调整，调整方向包括提高投资门槛、调整涨跌停板规则及交易保证金比例等多方面。 10月11日，工商银行也发布了相关公告，提高了该行积存金业务的投资门槛。公告显示，自10月13日起，该行将如意金积存业务最低投资额（即积存起点 金额）由850元上调至1000元；按克数积存的积存起点仍为1克。 "调整前已设置成功的定期积存计划将继续执行，不受影响。"工行表示，将持续关注贵金属市场波动情况，适时对如意金积存业务最低投资额进行调整。 自9月以来，宁波银行先后对积存金起购金额进行了两次调整。自9月4日起，该行积存金起购金额从800元提升至900元。10月9日，宁波银行再次发布调整 贵金属积存金业务（含积存计划）起购金额的公告。自10月11日起，该行积存 ...

Core Viewpoint - Gold prices have reached new highs, peaking at $4,210 per ounce, indicating strong investor interest and potential overvaluation in the market [1][3]. Group 1: Gold Price Trends - As of October 15, gold prices have surged, with a peak of $4,218.13 per ounce and a daily increase of 1.44% [2]. - The average net asset value growth rate for gold-themed ETFs this year is 66%, with some ETFs seeing increases over 100% [7][8]. Group 2: Investor Sentiment - According to a recent Bank of America survey, 43% of investors view "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven major U.S. stocks" [3][8]. - Despite the high interest in gold, the average allocation to gold among global investors is only 2.4%, indicating a discrepancy between sentiment and actual investment [8]. Group 3: Fund Management Actions - Due to the influx of capital into gold ETFs, several fund companies, including Huatai-PineBridge and Guotai Asset Management, have implemented large purchase limits on their gold-related funds [5][6]. - Huatai-PineBridge announced a limit of 20,000 RMB for single or cumulative purchases starting October 16, 2025, down from a previous limit of 50,000 RMB [5]. Group 4: Market Adjustments - Major banks have raised minimum investment amounts for gold accumulation products, with adjustments made by institutions like Industrial and Commercial Bank of China and Bank of China [10][11]. - The Shanghai Gold Exchange has also adjusted trading limits and margin requirements for gold and silver contracts, reflecting increased market volatility [12].

Group 1 - The core viewpoint of the article highlights the significant rise in gold prices, reaching a peak of $4,210 per ounce, and the growing interest in gold as a safe-haven asset among global investors [1][2] - According to the latest Bank of America global fund manager survey, 43% of respondents consider "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven major U.S. stocks" [2][6] - The total scale of gold ETFs has exceeded 200 billion yuan this year, with rapid inflows leading some fund companies to impose large purchase limits on related funds [2][4] Group 2 - Fund companies like Huatai-PineBridge and Guotai Asset Management have announced restrictions on large purchases of their gold and silver funds to protect the interests of fund shareholders [4][6] - As of October 14, five gold-themed ETFs have surpassed 10 billion yuan in scale, with the Huaan Gold ETF leading with an inflow of 25.516 billion yuan this year, marking a nearly 160% increase from the end of last year [6] - The average net asset value growth rate for gold-themed ETFs this year is positive, with some funds exceeding 100% growth [6] Group 3 - Recent fluctuations in gold prices have prompted several banks, including ICBC and CCB, to issue market risk alerts regarding precious metals, advising clients to enhance risk awareness and manage positions carefully [8][9] - Adjustments have been made to the minimum purchase amounts for gold accumulation products by various banks, reflecting the increased volatility in the gold market [8][9] - Changes in trading margin ratios and price fluctuation limits for gold contracts have been implemented by banks like Agricultural Bank of China and Bank of China to adapt to market conditions [9]

Group 1 - Gold prices reached a new high of $4,200 per ounce on October 15, with 43% of surveyed investors considering "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven major US stocks" [1][3] - The significant inflow into gold ETFs has led to their total scale exceeding 200 billion yuan this year, prompting some fund companies to impose large purchase limits [1][3] - The average net asset value growth rate for gold-themed ETFs this year is 66%, with some funds seeing increases over 100% [3] Group 2 - Fund companies like Huatai-PineBridge and Guotai Junan have announced restrictions on large purchases of gold and silver funds to protect investors, with limits set at 20,000 yuan for certain funds [2] - The weighted average allocation to gold among global investors is only 2.4%, indicating a low actual investment despite high interest in gold as a safe haven [4] Group 3 - Major banks have raised margin requirements for gold trading due to increased volatility in gold prices, advising clients to manage their positions carefully [5][8] - Adjustments to minimum purchase amounts for gold accumulation products have been made by several banks, reflecting the changing market conditions [7][8]

2 t B 2025 SHANGHAI GLOBAL ASSET MANAGEMENT FORUM 每年10月举办的这一场高规格的资管论坛，一直都是上海资产管理协会主办的"全球资产管理中心· 上海国际活动周"的首发活动，并始终致力于将论坛打造成 一系列重磅的行业报告、指南和服务方 案等重要成果的发布平台 。相较于往届，今年的发布环节呈现出项目更多元、信息更丰富、覆盖更 广泛的特点，包含一系列在 研究、实务、人才领域的成果， 并充分体现 跨行业合作、以及科技和 数智含量。 论坛之后，将正式开启国际活动周期间的多场重磅活动，议题覆 盖资管科技、指数与 量化投资、绿色与可持续投资、科创投资、资管业促进资本市场发展等。 本届论坛中，嘉宾专业性与国际化程度创历届新高，将 首次举办"全球交易所-资产管理人" 闭门对 话会 ，在上海交易所国际交流合作中心、上海资产管理协会的积极组织下，来自全球多家交易所和 国内外资管机构的代表将深入探讨如何穿越周期，在全球核心市场波动背景下的配置策略、投资机 会和风险剖析。同时，每年论坛议程 中备受关注和期待的国际化专场，今年由 国泰海通证券协办 ，主题为 携手推动中欧资管高水平双向开放 ...

Core Insights - The A-share private placement market is experiencing a strong recovery in 2025, with total fundraising reaching 775.1 billion yuan in the first three quarters, a year-on-year increase of 548.7% [1][2][10] - Key sectors attracting investment include non-bank financials, defense and military, semiconductors, and hardware equipment [1][3] Fundraising Overview - In the first three quarters of 2025, 119 companies conducted private placements, raising a total of 775.1 billion yuan, marking a 15.53% increase in the number of placements compared to the previous year [2] - The total fundraising amount significantly exceeds the annual totals from the previous three years, which were 721.9 billion yuan in 2022, 578.9 billion yuan in 2023, and 173.1 billion yuan in 2024 [2] Sector Analysis - The banking sector accounted for nearly 70% of the total fundraising, primarily due to major banks like China Bank and Postal Savings Bank raising a combined 520 billion yuan [2][3] - Non-bank financials and public utilities ranked second and third in fundraising, with amounts of 50.7 billion yuan and 29.3 billion yuan, respectively [3] - The semiconductor and defense sectors also saw significant fundraising, with amounts of 25.9 billion yuan and 24.3 billion yuan, respectively [3] Average Fundraising Amount - The average fundraising amount per project has increased, with the average for 115 companies (excluding four state-owned banks) being 22.2 million yuan, compared to 11.9 million yuan in the same period last year [3] - Eleven companies raised over 5 billion yuan each, compared to only four in the previous year [3] Notable Projects - Major projects include Guolian Minsheng's 29.5 billion yuan for asset acquisition, AVIC Chengfei's 17.4 billion yuan for asset acquisition, and China Nuclear Power's 14 billion yuan for project financing [4][6] - Other significant projects include Fulede's 6.19 billion yuan for acquiring 100% of Fulehua and ChipLink's 5.31 billion yuan for acquiring 72.33% of ChipLink Yuezhou [4][6] Regional Distribution - Beijing leads in fundraising with 42.9 billion yuan from 11 projects, accounting for 55.34% of the total [7] - Shanghai and Jiangsu follow with 15.0 billion yuan and 4.3 billion yuan, respectively [7] - Shaanxi has seen a notable increase in fundraising, reaching 19.2 billion yuan, largely due to AVIC Chengfei's successful issuance [8] Market Trends - The recovery in the private placement market is attributed to policy guidance, active mergers and acquisitions, and improved market profitability [12] - The technology sector, particularly in high-end manufacturing and AI, is seeing increased investment, with several companies planning significant fundraising for related projects [12]

Core Viewpoint - The state-owned large banks sector experienced a rise of 0.57% on October 15, with Agricultural Bank leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3912.21, up 1.22% [1] - The Shenzhen Component Index closed at 13118.75, up 1.73% [1] Group 2: Individual Bank Performance - Agricultural Bank (601288) closed at 7.27, up 1.96% with a trading volume of 5.24 million shares and a transaction value of 37.80 billion [1] - Construction Bank (601398) closed at 8.95, up 0.67% with a trading volume of 1.29 million shares and a transaction value of 11.53 billion [1] - Bank of Communications (601328) closed at 6.88, up 0.29% with a trading volume of 2.37 million shares and a transaction value of 16.28 billion [1] - Bank of China (601988) closed at 5.28, unchanged with a trading volume of 2.92 million shares and a transaction value of 15.41 billion [1] - Postal Savings Bank (601658) closed at 5.69, down 0.18% with a trading volume of 1.69 million shares and a transaction value of 9.55 billion [1] - Industrial and Commercial Bank (601398) closed at 7.46, down 0.53% with a trading volume of 4.08 million shares and a transaction value of 30.46 billion [1] Group 3: Fund Flow Analysis - The state-owned large banks sector saw a net inflow of 335 million in main funds, while retail investors experienced a net outflow of 3.13 billion [1] - Agricultural Bank had a main fund net inflow of 371 million, while retail investors had a net outflow of 2.51 billion [2] - Industrial and Commercial Bank had a main fund net inflow of 87.45 million, with retail investors experiencing a net outflow of 502.40 million [2] - Postal Savings Bank had a main fund net inflow of 39.33 million, while retail investors had a net outflow of 553.18 million [2] - Construction Bank had a main fund net outflow of 12.19 million, with retail investors experiencing a net inflow of 868.26 million [2] - Bank of China had a main fund net outflow of 38.04 million, with retail investors experiencing a net inflow of 2.96 million [2] - Bank of Communications had a main fund net outflow of 1.12 billion, while retail investors had a net inflow of 509.60 million [2]

2025年以来，黄金价格涨势之猛，远超市场预期。 记者丨 林汉垚 见习记者冯紫彤 编辑丨杨希 国际国内金价再创新高。 10月15日，现货黄金日内涨超1%，盘中多次突破4200美元/盎司。多家黄金珠宝品牌公布的境内足金饰品价格也水涨船高，其中较高的已突破 1235元/克关口，单克均较10月1日上涨超100元。 面对持续"狂飙"的金价，银行"积存金"的起存门槛正以罕见频率密集上调。 10月14日，中国银行发布公告表示将调整积存金产品的购买条件，将最小购买金额由850元上调至950元。值得一提的是，这是该行年内第四次 调整，起存门槛已较年初足足提高了300元。 截至10月10日伦敦金涨势 以上海黄金交易所Au9999为例，其价格从年初每克614元一路跃升，接连突破多个整数关口：3月站上700元每克，4月冲过800元每克，9月突 破900元每克，至10月15日盘中更触及每克960元的历史新高，年内累计涨幅已超过55%。 金饰市场表现则更为强劲。以周大福为例，其饰品金价早已突破千元，令不少消费者直呼"买不起"。 金价因何持续攀升？未来是否还有上涨空间？普通投资者又该如何理性参与？ "积存金"持续火热 多家银行紧急调高门 ...

金秋十月，珠江潮涌。在第十五届全运会筹备的奋进序曲中，广州这座融千年商都底蕴与湾区澎湃活力 于一体的国际都会，正以开放姿态，揽聚全球目光。 10月15日，承载中国外贸韧性与创新动能的第138届中国进出口商品交易会（广交会）于琶洲展馆盛大 启幕。本届盛会锚定先进制造、品质家居、美好生活三大核心主题，展览规模扩容至155万平方米，布 设超7.4万个展位，吸引超3.2万家企业参展，多项指标再攀新高。千年商都的秋日长卷中，万商辐辏、 百业交响，全球客商跨越山海、汇聚琶洲，共赴这场被誉为"中国第一展"的开放之约。 六十九载风雨相伴，初心如磐。作为唯一一家与广交会携手走过近七十载的金融机构，中国银行始终与 这一"中国开放的窗口"同频共振、共生共长，以金融力量护航中国式现代化的开放征程。从深耕合作到 战略共赢，中国银行已九届蝉联"广交会全球战略合作伙伴"，凭借覆盖64个国家与地区的全球化网络布 局、涵盖多领域的综合化服务矩阵、聚焦贸易场景的专业化金融能力，构建起"展会现场赋能、海外招 商引客、境内引资撮合、专属金融定制"的全维度服务生态。针对参展客商的多元需求，中行量身打 造"跨境、跨业、跨界"综合金融解决方案，精准匹配全 ...

2.按克重购买积存金产品或创建积存定投计划时，最小购买克重维持为1克不变，追加克重维持为1克整 数倍不变。 请您知悉上述事项，并注意防范相关风险。如有疑问，请拨打客户服务热线咨询或联系网点工作人员。 2025年10月14日，中国银行（601988）发布公告称，根据人民银行《黄金积存业务管理暂行办法》（银 办发[2018]222号）规定，参考当前市场情况，中国银行将于2025年10月15日起调整积存金产品的购买 条件，具体调整情况如下： 1.按金额购买积存金产品或创建积存定投计划时，最小购买金额由850元调整为950元，追加购买金额维 持200元整数倍不变。已在执行中的定投计划不受影响。 ...