RT Tigris 会讲课教授是好老师 (@tig88411109)如果你第一时间看到这次黄金大跌，你的反应是“清仓”，那么我建议你还是清仓，因为你不适合投资黄金。为什么？今天黄金暴跌 -5.7%，这是一个 4.5个Sigma的事件，按统计学“正常”情况一般这种事二十四万天才会发生一次。现实呢？从1971年以来，已经发生了 34次。更大幅的暴跌（超过6%）也出现了 21次。黄金从来不是“稳”的投资标的，持有体验不好，经常收割恐慌和贪婪。如何不让投资黄金成投机而一次次收割。因为黄金不是像企业那样有内在现金流，它的价值来自“信仰”，来自“恐惧的共识”。如果你无法承受这种信仰的波动，你的投资行为会被情绪牵着走。那么，最重要一点是不要预测，黄金从来不是“低波动”资产。提前写下“当意外发生时我该怎么做”？，因为黄金是典型的事件驱动型的行情，战争/通胀/违约等等非常典型事件重复发生。有时最聪明的选择反而是，“什么也不做”；或者最理性的是“看着不动观察而已”，这要求你能控制情绪，不被极端恐惧或者贪婪趋势，而盲目被市场带情绪。恐惧让你在最低点卖出，贪婪让你在最高点追入。所以，与其和自己的心理较劲，不如承认你不适合玩这个游戏。 ...

Group 1 - The article emphasizes that traditional savings accounts with low interest rates are insufficient for building real wealth, especially in the context of rising inflation and living costs [1] - It suggests that budgeting alone is not enough to achieve financial freedom; instead, investing is necessary for wealth growth [2][3] Group 2 - Moving cash into investments is recommended as a way to build wealth, with a focus on maintaining some liquidity for regular expenses and emergencies [3] - Index funds and exchange-traded funds (ETFs) are highlighted as lower-risk investment options that typically outperform savings accounts over time [4] - Real estate investment trusts (REITs) are presented as an alternative investment avenue, allowing individuals to invest in commercial properties without being landlords, while also providing dividends [5] Group 3 - The article discusses the benefits of using tax-advantaged accounts to optimize savings and minimize tax burdens [6] - Employer-sponsored 401(k) plans are recommended, particularly those with matching contributions, as they provide a way to invest pre-tax income [7] - Individual retirement accounts (IRAs) are also mentioned, with traditional IRAs offering tax deductions on contributions and Roth IRAs allowing for tax-free growth and withdrawals in retirement [8]

Core Viewpoint - The international gold price experienced a significant drop of 6%, marking the largest decline in nearly twelve years, with prices falling from over $2400 per ounce to around $2250 in just one day [2][3]. Market Dynamics - The primary reason for the gold price drop is the recent statements from the Federal Reserve indicating that interest rate cuts are not imminent and that there may be further rate hikes, leading to a stronger dollar, which inversely affects gold prices [3][4]. - The reduction in market risk appetite has also contributed to the decline, as easing international tensions have led to decreased demand for gold as a safe-haven asset [3][4]. Investment Behavior - Investors previously flocked to gold due to poor performance in stock and bond markets, but as the stock market shows signs of recovery, some funds are shifting back to equities [4]. - Long-term investors are less concerned about the short-term price drop, viewing gold as a hedge against risk rather than a quick profit opportunity [4][5]. - The current lower gold prices present a buying opportunity for those looking to purchase gold jewelry, as prices have become more favorable [4]. Future Outlook - Predictions regarding the future of gold prices are uncertain, with some believing the recent drop is temporary while others anticipate further declines if the Federal Reserve continues to raise interest rates [5]. - Investors are advised to make decisions based on their individual financial situations and risk tolerance, rather than following market trends impulsively [5].

Economic Growth - Q3 GDP growth slowed to 4.8% YoY, down from 5.2% in Q2, impacted by a high base effect from last year[1] - Nominal GDP growth in Q3 was 3.7%, further declining from 3.9% in Q2, marking a new low for 2023[1] - Q3 GDP deflator decreased by 1%, a smaller decline compared to the 0.2 percentage points drop in Q2[1] Industrial Production - In September, industrial value-added increased by 6.5% YoY, significantly up from 5.2% in August[2] - Seasonally adjusted MoM growth in industrial production reached 0.64%, the highest since March[2] - Automotive manufacturing value-added surged by 16% YoY, improving by 7.6 percentage points from August[2] Retail and Consumption - Retail sales growth fell to 3% YoY in September, down from 3.4% in August[2] - Consumer confidence index rose to 89.2, continuing an upward trend since Q4 of last year[3] - Per capita disposable income grew by 4.5% YoY, while per capita consumption expenditure increased by 3.4%, both lower than Q2 growth rates[3] Investment Trends - Fixed asset investment declined by 7.1% YoY in September, consistent with August's decline[3] - Infrastructure investment dropped by 8%, while real estate development investment fell by 21.3%, widening the decline from the previous month[3] - Cumulative fixed asset investment for the first three quarters showed a 0.5% YoY decrease, indicating negative growth[3] Real Estate Market - In September, the sales area of commercial housing decreased by 10.5% YoY, close to August's decline[3] - New residential prices in 70 large and medium cities fell by 0.4% MoM, a larger drop than in August[3] - Overall, real estate demand remains weak, with sales revenue down by 11.8% YoY[3]

Economic Growth Overview - In the first three quarters of 2025, China's actual GDP grew by 5.2% year-on-year, laying a solid foundation for achieving the annual target[2] - In Q3, the actual GDP growth rate was 4.8%, a decrease of 0.4 percentage points from Q2[2] - Final consumption expenditure contributed 2.7 percentage points to GDP growth in Q3, while net exports contributed 1.2 percentage points, maintaining the same support as in Q2[2] Price and Income Trends - The GDP deflator index in Q3 showed a year-on-year decrease of 1.1%, an improvement of 0.2 percentage points from Q2, with nominal GDP growth at 3.73%[2] - Per capita disposable income and expenditure growth rates for the first three quarters were 5.1% and 4.6%, respectively, both slightly lower than the first half of the year[2] - Per capita wage income increased by 5.4%, while net property income grew by 1.7%[2] Industrial and Service Sector Performance - In September, industrial production value increased by 6.5% year-on-year, up 1.3 percentage points from the previous month[2] - The service sector production index also grew by 5.6% year-on-year in September, consistent with the previous month[2] - Exports showed recovery, with the export delivery value in September increasing by 3.8% year-on-year, up 4.2 percentage points from the previous month[2] Investment and Consumption Insights - Fixed asset investment from January to September decreased by 0.5% year-on-year, a decline of 1 percentage point from the previous month[2] - Equipment investment rose by 14.0% year-on-year, contributing 2.0 percentage points to overall investment growth[2] - Real estate investment fell by 13.9% year-on-year, significantly impacting overall investment growth[2] Future Outlook - The government is expected to enhance fiscal investment efforts, with 500 billion yuan in new policy tools being deployed starting from the end of September[2] - The increase in fiscal support is anticipated to aid in achieving the annual growth target more effectively[2]

Economic Overview - The macroeconomic environment in September 2025 is characterized by "strong production, slow demand, and low prices" with a GDP growth of 4.8% year-on-year in Q3, indicating a slowdown compared to Q2, but the cumulative growth for the first three quarters stands at 5.2%, suggesting that achieving the annual growth target of around 5% is feasible [1] Production Sector - Industrial production has shown strong performance, exceeding market expectations, with the industrial added value for large-scale enterprises growing by 6.5% year-on-year in September, an increase of 1.3 percentage points from the previous month. The cumulative growth from January to September is 6.2%, driven by the upgrade of the manufacturing sector, particularly in emerging products like 3D printing equipment, industrial robots, and new energy vehicles [1] Demand Sector - Consumer demand continues to slow down, with the retail sales of consumer goods in September reaching 41,971 billion yuan, a year-on-year growth of 3.0%, marking the lowest increase this year, primarily due to the diminishing effects of policy subsidies. Notably, the growth rates for home appliances and furniture, which were supported by policies, have seen significant declines compared to the previous month [2] Investment Sector - Investment growth has broadly declined, remaining at low levels. From January to September, manufacturing investment has increased by 4% year-on-year, indicating weakened growth momentum, although equipment purchases have shown resilience with a 14% year-on-year increase, outpacing overall investment growth by 14.5 percentage points. Infrastructure investment has seen a modest increase of 1.1% year-on-year, but the pace of major traditional infrastructure projects has slowed, partly due to reduced policy support and local government debt pressures affecting funding availability for certain projects [3] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, continuing to be the largest drag on fixed asset investment. In September, the decline in the sales area of commercial housing has widened, with sales revenue decreasing at a faster rate than the sales area, indicating that the real estate market is still engaging in "price for volume" strategies [4] Bond Market Overview - As of October 20, 2025, the active bond index for 5-10 year government bonds has decreased by 0.10%. The government bond ETF for this maturity range has seen a recent price of 117.12 yuan, with a cumulative increase of 3.37% over the past year [7] - The latest scale of the government bond ETF for 5-10 years has reached 1.54 billion yuan, with trading liquidity showing a turnover of 1.38% and a transaction volume of 21.24 million yuan on the same date [8][9] - The fund inflow and outflow for the government bond ETF have remained balanced, with a total of 31.61 million yuan raised over the last eight trading days. The net value has increased by 21.56% over the past five years, ranking 33rd out of 179 index bond funds, placing it in the top 18.44% [9] - The maximum drawdown for the government bond ETF over the past six months is 1.09%, with a management fee of 0.15% and a custody fee of 0.05% [10][11]

以下文章来源于见闻历 ，作者见闻君 见闻历 . 每天多看我一眼，投资赚的多一点。 A STEP TO WEALTH A 国历 HEM E =M 花城出版社 早鸟价 早鸟时间 : 10.15~10.24 原价139 立即抢购 1份日历 = 3重价值 实体日历 价值￥139 2026 见闻历 · 知识礼包详情及领取方式 请见实物日历内页说明 线上 专属日历助手 超值 这不是一本普通的日历 它是你的 7×24小时专属日历助手 -本日历 知识礼包 島价值超￥1000 12:18 你会获得实时更新: 数据财报大事件 · 帮你划出重点 大事趋势不错过 • 投资快人一步 • 这不是一本普通的日历 更是你的 送礼「硬通货」 te problement of 网红日历 一份放在对方桌上 365 天的心意 把股神的智慧 变成你的思维资产 更是值得 每天翻阅的 智慧集 12段传奇投资之路 365日智慧沉淀 每个案例,都是一次实战复盘 每句箴言, 都是一次投资顿悟 认知资产 站式搞定 每日启迪 365条投资箴言,每天一句 触发投资视角与决策灵感 市场提醒 财经日历+实时推送 不错过财经大事 FEBRUARY . 2月 资讯订阅 9/ ...

Core Viewpoint - The article promotes a unique calendar product that serves as a comprehensive investment assistant, providing real-time updates on financial events and investment insights, aimed at enhancing users' investment decision-making capabilities [10][14]. Group 1: Product Features - The calendar is described as a 7×24 hour dedicated assistant that offers real-time updates on significant financial events and trends, ensuring users do not miss important market movements [10]. - It includes 365 investment quotes, providing daily inspiration and insights to trigger investment perspectives and decision-making [15]. - The product is marketed as not just a calendar but a "hard currency" gift that conveys thoughtful intentions throughout the year [11][13]. Group 2: Customization Options - The calendar offers customization options for businesses, allowing them to design unique gifts with their logos and branding, with a minimum order quantity of 100 for light customization and 1000 for deep customization [22][33]. - Customization includes the ability to replace content in the calendar's inner pages with quotes or messages provided by the company [40]. Group 3: Pricing and Availability - The early bird price for the calendar is set at ¥139, available for a limited time from October 15 to October 24 [4][21]. - The product is available for pre-sale, with an expected shipping date in mid to late October 2025 [41].

Core Insights - The article discusses the use of embedding vectors for AI search in note-taking applications, emphasizing the importance of maintaining semantic proximity in high-dimensional vector spaces [1][38] - It highlights the application of the t-SNE algorithm for visualizing high-dimensional data in a lower-dimensional space while preserving local similarities [1][38] Group 1: Application Features - The application (cflow) allows users to visualize over 3000 notes as points in a 2D coordinate system based on their embedding vectors [2][4] - Users can interact with the visualization by clicking on points to view note content and see connections between notes through visual links [4][8] - The application supports advanced search functionalities, allowing users to highlight search results and quickly access related notes through tags [4][6] Group 2: User Experience - Users can explore the visualization to find interesting notes and their relationships, leading to the discovery of "orphan notes" that lack further connections [8][9] - The clustering of notes based on shared themes or experiences, such as restaurant reviews, demonstrates the effectiveness of the embedding algorithm [9][13] - The application allows users to input new text and see its position in relation to existing notes, providing a playful exploration of semantic relationships [24][25] Group 3: Insights on Note Clustering - The clustering of notes related to personal achievements shows how unrelated notes can be grouped based on semantic similarity [13][15] - The proximity of notes related to different tags, such as AI and CODING, indicates overlapping themes in the user's knowledge management [17][19] - The article notes the separation of investment-related notes into distinct clusters, suggesting potential mislabeling or thematic divergence [21][22] Group 4: Additional Features and Reflections - The application includes features for creating automated spaces for saving and organizing notes, enhancing user experience [36] - The author reflects on the revolutionary nature of embedding technology in machine learning, highlighting its ability to transform textual data into meaningful vector representations [38]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - China's economy showed stable growth in the first three quarters of 2025, with GDP growing by 5.2% year - on - year at constant prices. The service and industrial sectors played important roles, and consumption, investment, and net exports all contributed to economic growth [3]. - Industrial production was stable, and the service industry was on an upward trend, strongly supporting economic growth. Consumption potential continued to be released, and investment played a key role in promoting traditional industrial transformation and upgrading. Net exports maintained stable growth [3][4][5][6]. 3. Summary by Relevant Catalogs GDP - In the first three quarters of 2025, China's GDP was 1,015,036 billion yuan, growing by 5.2% year - on - year at constant prices. In Q3, GDP was 354,500 billion yuan, growing by 4.8% year - on - year and 1.1% quarter - on - quarter [3]. - The added values of the primary, secondary, and tertiary industries in the first three quarters were 58,061 billion yuan, 364,020 billion yuan, and 592,955 billion yuan respectively, with year - on - year growth rates of 3.8%, 4.9%, and 5.4%, and contributions to economic growth of 4.7%, 34.6%, and 60.7% [3]. Industry - In the first three quarters, industrial added value increased by 6.1% year - on - year, driving economic growth by 1.8 percentage points. Manufacturing added value grew by 6.5%, higher than the industrial growth rate. In Q3, industrial added value increased by 5.8% year - on - year, driving economic growth by 1.7 percentage points [3]. - The capacity utilization rate of large - scale industrial enterprises in Q3 2025 was 74.6%, up 0.6 percentage points from Q2 and down 0.5 percentage points from the same period last year [3]. Service - In the first three quarters, service industry added value was 592,955 billion yuan, growing by 5.4% year - on - year, accounting for 58.4% of GDP, up 0.8 percentage points from the same period last year, and contributing 60.7% to national economic growth, driving GDP growth by 3.1 percentage points [4]. - In Q3, service industry added value was 202,641 billion yuan, growing by 5.4% year - on - year, accounting for 57.2% of GDP, contributing 61.8% to national economic growth, and driving GDP growth by 3.0 percentage points [4]. Consumption - Consumption potential continued to be released. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was 53.5%, driving GDP growth by 2.8 percentage points. In Q3, it was 56.6%, driving GDP growth by 2.7 percentage points [4]. Investment - Investment played a key role. In the first three quarters, the contribution rate of capital formation to economic growth was 17.5%, driving GDP growth by 0.9 percentage points. In Q3, it was 18.9%, driving GDP growth by 0.9 percentage points [5]. - In the first three quarters, infrastructure investment increased by 1.1% year - on - year, driving total investment growth by 0.2 percentage points. Internet and related service investment grew by 20.6%, and water transportation investment grew by 12.8% [5]. - From January to September, real estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%. Residential investment was 520.46 billion yuan, a decrease of 12.9% [5]. Import and Export - Net exports maintained stable growth. In the first three quarters, the contribution rate of goods and services net exports to economic growth was 29.0%, driving GDP growth by 1.5 percentage points. In Q3, it was 24.5%, driving GDP growth by 1.2 percentage points [6]. Prices - In the first three quarters, consumer prices were generally stable, with CPI down 0.1% year - on - year. Core CPI increased by 0.6% year - on - year, with the growth rate expanding by 0.2 percentage points compared to the first half of the year [6]. - PPI was down 2.8% year - on - year in the first three quarters, with a decline of 2.9% in Q3, narrowing by 0.3 percentage points compared to Q2 [6].