Core Viewpoint - The recent fluctuations in international spot gold prices indicate a strong bullish sentiment, with gold reaching a new historical high of $4,216 per ounce, reflecting ongoing high-risk aversion in the market [1][2]. Market Influences - The primary factors supporting the rise in gold prices include the dovish signals from Federal Reserve Chairman Jerome Powell, suggesting potential support for interest rate cuts, which has led to a shift from short positions to long positions among investors [2][3]. - The failure of the U.S. Senate to pass a vote to avoid a government shutdown has heightened tensions between political parties, further contributing to a favorable environment for gold [2][3]. Institutional Sentiment - The significant increase in gold holdings by the world's largest gold ETF indicates that major institutions remain optimistic about the gold market, reinforcing confidence in future price movements [3]. - Notable financial leaders from JPMorgan and Bridgewater Associates have recently emphasized the importance of gold reserves in asset allocation, marking a shift in their previous stance against gold investments [3]. Technical Analysis - The technical structure of gold prices remains bullish, with no clear signals of a trend reversal. The focus for investors should be on identifying buying opportunities during price dips, with key support levels identified at $4,090 and $4,060 per ounce [4][6]. - The market sentiment remains high, but caution is advised as gold may face pressure at elevated levels, potentially leading to a bearish trend if certain price thresholds are breached [6].

Market Review - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and CSI 300 gaining 0.37%, -0.19%, and -0.51% respectively, while the ChiNext Index, STAR 50, and Shenzhen Component Index fell by -3.86%, -2.85%, and -1.26% respectively [5][13] - The non-ferrous metals, coal, and steel sectors performed well, with returns of 4.35%, 4.30%, and 3.67% respectively, while media, consumer services, and electronics lagged with returns of -3.58%, -2.81%, and -2.52% respectively [18][20] - The central bank's reverse repo operations resulted in a net withdrawal of 16,423 billion yuan, with a total of 26,633 billion yuan maturing and a net market injection of 10,210 billion yuan [21][23] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -1.58%, -0.61%, and -0.31% respectively [31] - Year-to-date, active equity funds have shown the best performance with a median return of 31.00%, while flexible allocation and balanced mixed funds had median returns of 23.56% and 14.74% respectively [31][34] - The median excess return for index-enhanced funds was 0.27%, while quantitative hedge funds had a median return of 0.10% last week [35] Fund Issuance - Four new funds were established last week, with a total issuance scale of 1.13 billion yuan, a decrease from the previous week [41][43] - Among the new funds, the majority were passive index funds (2 funds) and medium to long-term pure bond funds (1 fund), with issuance scales of 852 million yuan and 261 million yuan respectively [41][43] - This week, 51 funds are set to enter the issuance phase, including 23 passive index funds and 10 equity mixed funds [48] ETF Market - As of October 10, 2025, there are seven ETF products with scales exceeding 100 billion yuan, led by Huatai-PB CSI 300 ETF at 426.11 billion yuan [8][9] - The strong performance of leading broad-based ETFs indicates significant investor recognition of their allocation value [8] Gold Reserves - As of September 2025, China's official gold reserves increased to 7.406 million ounces, marking an addition of 40,000 ounces compared to the end of August, with the central bank having increased its gold reserves for 11 consecutive months [10]

Group 1: Economic Indicators - The Federal Reserve's officials support further interest rate cuts, indicating a potential slowdown in the labor market [9] - The U.S. Consumer Price Index (CPI) report is expected to be released during the government shutdown [12] - The U.S. dollar index rose for the fourth consecutive trading day, closing at 99.39, a 0.56% increase [2][6] Group 2: Commodity Market - Spot gold prices fell by 1.62%, closing at $3976.19 per ounce, dropping over $100 from historical highs [2][6] - WTI crude oil prices decreased by 1.29%, closing at $61.17 per barrel, while Brent crude oil fell by 1.2%, closing at $65.01 per barrel [2][6] Group 3: Stock Market Performance - U.S. stock indices collectively declined, with the Dow Jones down 0.52%, S&P 500 down 0.28%, and Nasdaq down 0.08% [3] - The Hong Kong Hang Seng Index closed down 0.29%, while the A-share market saw significant gains, with the Shanghai Composite Index up 1.32% [4][5]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking an increase of $16.5 billion from the end of August, the highest level since December 2015 [1][3] - The increase in reserves is attributed to macroeconomic data, monetary policy changes, and asset price fluctuations, with a stable economic environment supporting the reserves [3][5] Foreign Exchange Reserves - The foreign exchange reserves rose by 0.5% in September 2025, continuing to stay above the $3.3 trillion mark for two consecutive months [1][3] - The dollar index remained stable at 97.8, with the market having already priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [3][4] - Global asset prices generally increased, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [3][4] Gold Reserves - As of September 2025, China's official gold reserves amounted to 74.06 million ounces (approximately 2,303.523 tons), with an increase of 40,000 ounces from the previous month [4][5] - The People's Bank of China has increased its gold holdings for 11 consecutive months, although the increase in September was lower than the previous months' average of 60,000 to 70,000 ounces [4][5] - The rise in gold prices exceeded 10% in September, the largest monthly increase in 14 years, indicating a strong demand for gold amid geopolitical uncertainties [4][5] Economic Outlook - The ongoing trade negotiations and the stabilization of the international trade environment are expected to support China's foreign exchange reserves [5] - The diversification of trade partners and the optimization of export structures are anticipated to enhance the stability of cross-border capital flows [5] - The strategy of increasing gold reserves as part of a diversified international reserve approach is expected to continue, driven by the need for risk management and asset volatility hedging [5]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, marking a 0.5% rise [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and expectations from major economies, alongside a general rise in global financial asset prices [1][2] - The current foreign exchange reserve level is the highest since December 2015, indicating improved capacity to mitigate various shocks [2] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves are expected to remain stable, with a current level slightly above $3 trillion deemed adequate [2] - The stability of reserves is supported by a steady economic performance and high-quality development outcomes [2] - Adequate foreign exchange reserves will help maintain the RMB exchange rate at a reasonable equilibrium and act as a buffer against potential external shocks [2] Group 2: Gold Reserves - As of September, China's gold reserves stood at 7.406 million ounces, with an increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation by the central bank [3] - The pace of gold accumulation has slightly decreased compared to previous months, indicating a balance between optimizing reserve structure and controlling acquisition costs [3] - International gold prices have been on the rise, with a significant increase of over 10% in September, the largest monthly gain in 14 years [3]

东方金诚首席宏观分析师王青表示，按不同标准测算，当前我国略高于3万亿美元的外储规模处于适度 充裕水平。综合考虑各方面因素，我国外汇储备规模有望保持基本稳定。在外部环境波动幅度加大的背 景下，适度充裕的外汇储备规模将为保持人民币汇率处于合理均衡水平提供重要支撑，也能成为抵御各 类潜在外部冲击的压舱石。 国际金价持续上行 ● 本报记者 彭扬 国家外汇管理局10月7日发布的数据显示，截至2025年9月末，我国外汇储备规模为33387亿美元，较8月 末上升165亿美元，升幅为0.5%。 国家外汇管理局表示，2025年9月，受主要经济体宏观经济数据、货币政策及预期等因素影响，美元指 数小幅震荡，全球金融资产价格总体上涨。在汇率折算和资产价格变化等因素综合作用下，当月外汇储 备规模上升。 外储规模料保持基本稳定 "截至9月末，我国外汇储备余额创2015年12月以来新高。这表明，我国防范化解各种冲击的能力继续提 升。"中银证券全球首席经济学家管涛说。 从资产价格变化角度看，国家金融与发展实验室特聘高级研究员庞溟分析，9月全球金融市场资产价格 总体保持涨势，资产价格重估提升了我国外汇储备规模。（下转A02版） （上接A01版 ...

Core Insights - China's foreign exchange reserves reached $333.87 billion by the end of September, marking an increase of $16.5 billion or 0.5% from the end of August, indicating stable economic performance and high-quality development [1] - The People's Bank of China reported a gold reserve of 7.406 million ounces, with an increase of 40,000 ounces, marking the 11th consecutive month of gold accumulation [1] Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to positive valuation effects from rising global asset prices, with the U.S. dollar-denominated global bond index rising by 0.7% and the S&P 500 index increasing by 3.5% in September [2] - As of September 30, China's foreign exchange reserves reached their highest level since December 2015, with a significant year-to-date increase of $136.3 billion [2] - Experts suggest that the current foreign exchange reserve level is adequate and provides essential support for maintaining the RMB exchange rate and mitigating external shocks [3][4] Group 2: Gold Reserves - The People's Bank of China increased its gold reserves by 40,000 ounces in September, coinciding with a strong performance in gold prices, which rose by 11.6% during the month, the highest monthly increase since December 2009 [5] - The increase in gold reserves reflects a strategic move to optimize the structure of international reserves amid rising geopolitical risks and fluctuating global economic conditions [6] - The ongoing accumulation of gold by the central bank signals a clear intention to diversify international reserve assets, especially in light of the complex external environment [6]

Group 1 - As of the end of September, China's foreign exchange reserves reached $333.87 billion, an increase of $16.5 billion from the end of August, marking a 0.5% rise. This is the 22nd consecutive month that reserves have remained above $3.2 trillion [1] - The increase in foreign exchange reserves in September was influenced by macroeconomic data and monetary policy expectations from major economies, leading to a slight fluctuation in the US dollar index and an overall rise in global financial asset prices [1] - The People's Bank of China has continued to increase its gold reserves, with the official gold reserves reaching 74.06 million ounces by the end of September, an increase of 40,000 ounces from the previous month. This marks the 11th consecutive month of gold accumulation [2] Group 2 - The stability of China's foreign exchange reserves is supported by the overall steady performance of the economy, with improvements in high-quality development and a diversified international trade environment [2] - The central bank's strategy of diversifying international reserves and dynamically adjusting gold reserves is expected to continue, with ongoing support for gold prices from both investment and hedging demand [3]

Core Insights - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking a $16.5 billion increase from August, the highest level since December 2015 [1] - The increase in reserves is attributed to macroeconomic data, monetary policy, and asset price changes, with a stable economic environment supporting this growth [1][3] - The People's Bank of China has been increasing its gold reserves for 11 consecutive months, with a total of 7.406 million ounces (approximately 2303.523 tons) as of September, reflecting a strategic balance in reserve optimization [2][3] Foreign Exchange Reserves - The foreign exchange reserves rose by $16.5 billion in September, driven by a combination of asset price changes and currency fluctuations [1] - The dollar index remained stable at 97.8, with the market having priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [1][2] Asset Prices - Global asset prices saw an overall increase, with the S&P 500 index rising by 3.5% in September, supported by the Federal Reserve's liquidity release [2] - The Japanese Nikkei index increased by 5.4%, and the European Stoxx index rose by 1.2%, indicating strong performance in major economies [2] Gold Reserves - The People's Bank of China increased its gold reserves by 40,000 ounces in September, although the increase was lower than previous months [2] - The gold price saw a cumulative increase of over 10% in September, the largest monthly gain in 14 years, indicating strong demand for gold as a safe-haven asset [2][3] Economic Outlook - The ongoing uncertainties in global trade and geopolitical factors are expected to drive continued demand for gold from central banks and investors [3] - China's economic stability and high-quality development are anticipated to support the maintenance of foreign exchange reserves [3]

Core Viewpoint - As of September 2025, China's foreign exchange reserves reached $333.87 billion, marking an increase of $16.5 billion from the end of August, representing a 0.5% rise. This is the highest level since December 2015, with a significant annual increase of $136.3 billion [1][2]. Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the rise in global financial asset prices and the depreciation of the dollar, despite the dollar index remaining relatively stable [2][3]. - The foreign exchange reserves have now exceeded $3.3 trillion for two consecutive months, reflecting a stable economic environment in China [2][4]. Group 2: Gold Reserves - As of September 2025, China's gold reserves stood at 74.06 million ounces, with an increase for 11 consecutive months, although the increase has been modest in recent months [1][4]. - The central bank's continued accumulation of gold is driven by the changing global political and economic landscape, with expectations that international gold prices may remain high for an extended period [5][4]. Group 3: Economic Context - The overall economic stability and progress in high-quality development in China are favorable for maintaining a stable level of foreign exchange reserves [2][4]. - The U.S. Federal Reserve's recent interest rate cuts and the ongoing geopolitical risks have contributed to fluctuations in international gold prices, influencing China's gold reserve strategy [5][4].