Core Insights - The article discusses the disparity between international gold prices and domestic gold jewelry prices, highlighting that while international gold prices have dropped, domestic prices have increased due to various cost factors [1][3]. Group 1: Understanding Gold Pricing - International gold prices refer to the raw material cost of pure gold, influenced by factors such as the US dollar exchange rate, geopolitical events, and Federal Reserve policies [3]. - Domestic gold jewelry prices include not only the raw material cost but also additional costs such as processing fees, brand premiums, and store operating costs [4]. Group 2: Factors Behind Price Increases - The increase in domestic gold jewelry prices is attributed to rising non-material costs, including processing fees, brand premiums, store costs, and taxes [5]. - Processing fees for gold jewelry have risen by 20%, with costs now ranging from 50 to 150 yuan per gram due to more complex manufacturing techniques [5]. - Brand premiums can account for 10-15% of the retail price, with well-known brands charging significantly more for similar purity items [5]. Group 3: Currency and Supply-Demand Dynamics - Domestic gold prices are also affected by currency exchange rates and supply-demand relationships, which contribute to the disconnect from international prices [6]. - The recent appreciation of the US dollar has led to a situation where even if international prices drop, the domestic price in yuan may not reflect that decrease [6]. - Seasonal demand, particularly during wedding seasons and holidays, has led to increased prices as supply struggles to meet consumer demand [6]. Group 4: Consumer Guidance - Consumers are advised to differentiate between "urgent needs" and "investment" when purchasing gold, focusing on raw material prices and processing fees for urgent needs [7]. - For investment purposes, it is recommended to avoid gold jewelry due to high processing fees and instead consider gold bars or coins that are closer to raw material prices [7]. - Consumers should be cautious about market timing and avoid purchasing during peak demand periods to secure better prices [7].

Group 1: Price Performance - London Gold latest price is $4070.00, down $99.60 [1] - London Silver latest price is $47.76, down $2.19 [1] - London Platinum latest price is $1562.00, down $64.00 [1] - London Palladium latest price is $1421.00, down $63.00 [1] - WTI Crude latest price is $58.50, up $1.26 [1] - LME Copper latest price is $10669.00, down $0.50 [1] Group 2: Trading Data - COMEX Silver inventory change not provided [2] - SHFE Silver latest inventory is 691.69, down 57.67 [2] - Gold ETF latest holding is 1052.37, down 6.29 [2] - Silver ETF latest holding is 15597.61, down 79.03 [2] - SGE Silver inventory change not provided [2] - SGE Gold deferred fee payment direction change is 0.00 [2] - SGE Silver deferred fee payment direction change is -1.00 [2] Group 3: Other Related Data - Dollar Index latest is 98.91, down 0.06 [11] - Euro - US Dollar latest is 1.16, no change [11] - British Pound - US Dollar latest is 1.34, no change [11] - US Dollar - Japanese Yen latest is 151.97, up 0.04 [11] - US 10 - year TIPS data incomplete [11]

Core Viewpoint - The recent appreciation of the Chinese yuan against the US dollar, with a midpoint exchange rate of 7.0968, is seen as beneficial for consumers, particularly for those engaging in overseas purchases and travel, while it poses challenges for export-oriented businesses [1][4]. Exchange Rate Dynamics - The yuan's appreciation is attributed to stable economic performance in China, strong export data, and increased foreign investment, alongside a weakening US dollar due to uncertain Federal Reserve policies and fluctuating US Treasury yields [1][4]. - The onshore and offshore exchange rates reflect different liquidity conditions, with the onshore rate at 7.1238 and the offshore rate at 7.1298, indicating slight discrepancies influenced by global market expectations [1]. Impact on Consumers - The appreciation of the yuan allows consumers to save money on international travel and purchases, with examples showing significant savings on expenses like flights and accommodations [2][4]. - For students studying abroad, the lower exchange rate reduces the financial burden on families sending remittances for tuition and living expenses [4]. Challenges for Exporters - Export businesses face difficulties as the stronger yuan means they receive less in local currency when converting foreign earnings, which may impact their competitiveness [4]. - Individuals holding US dollar savings may find it less advantageous to convert to yuan at this time, although the long-term outlook suggests the yuan's appreciation may enhance its value retention [4]. Practical Tips for Consumers - Consumers are encouraged to monitor exchange rates regularly and utilize various platforms for currency exchange to maximize savings [5]. - Strategies such as splitting currency exchanges and using international payment apps can help mitigate risks associated with fluctuating exchange rates [5]. Long-term Outlook - The medium-term forecast suggests the yuan will remain stable within the range of 7.0 to 7.2, contingent on global economic recovery and domestic policy stability, while potential US interest rate hikes could lead to a rebound in the dollar [7]. - The overall sentiment indicates a cautious optimism regarding the yuan's performance, with recommendations for consumers to balance their currency holdings to manage risks effectively [7].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The spot price of mainstream delivery product 3.9m 30+ radiata pine in Shandong remained flat compared to last week, while in Jiangsu it increased by 5 yuan/cubic meter. The European spruce and fir in the Jiangsu market are still in short supply. The market is in a weak supply - demand pattern, and the futures market shows a high - level correction this week [4][17] - The total inventory of the four major ports decreased by 3.09 million cubic meters compared to the previous week, with different trends in each port's inventory and daily shipment volume [6][11] Summary by Directory 1. Overview - For 3.9m 30+ radiata pine, Shandong's quote was 765 yuan/cubic meter (unchanged from last week), and Jiangsu's was 770 yuan/cubic meter (up 5 yuan/cubic meter). The 3.9m 40+ radiata pine in Shandong was priced at 850 yuan/cubic meter (unchanged), and the 5.9m 30+ radiata pine was 805 yuan/cubic meter (up 20 yuan/cubic meter). European spruce and fir in Jiangsu are in short supply [4] - As of October 5, there were 7 ships departing from New Zealand in October, 6 going to the Chinese mainland and 1 for unloading in Taiwan, China and South Korea. It is expected that 7 ships will arrive in October and 0 in November, with an expected arrival volume of 1.34 million cubic meters in October [5] - As of the week of September 26, the daily shipment volume of Lanshan Port was 1.72 million cubic meters (down 0.36 million cubic meters week - on - week), and that of Taicang Port was 1.44 million cubic meters (up 0.18 million cubic meters week - on - week). In terms of port inventory, Lanshan Port had about 1.1558 million cubic meters (up 1.50 million cubic meters week - on - week), Taicang Port had about 0.4394 million cubic meters (down 3.75 million cubic meters week - on - week), Xinminzhou had about 0.3050 million cubic meters (up 1.45 million cubic meters week - on - week), and Jiangdu Port had about 0.1235 million cubic meters (down 2.29 million cubic meters week - on - week). The total inventory of the four major ports was 2.0237 million cubic meters, a decrease of 3.09 million cubic meters from the previous week [6][11] - As of the week of October 12, the Baltic Dry Index (BDI) was 1936 points, up 35 points (+1.8%) from last week. The related Handysize Shipping Index BHSI was 873, up 0.6% from last week. The Shanghai Export Container Freight Index (SCFI) was 1160.42 points, up 4.1% from last week. The US dollar index fluctuated narrowly. The US dollar to RMB exchange rate was 7.129, up 0.13% week - on - week, and the US dollar to New Zealand dollar exchange rate rose 0.2% to 1.723 [6][56] 2. Supply - New Zealand log shipping schedule data shows 7 ships departing in October, with details of their departure time, load, current port, expected destination port, and expected arrival time [8] 3. Demand and Inventory - As of the week of September 26, the daily shipment volume and inventory of different ports showed different trends. The total inventory of the four major ports decreased by 3.09 million cubic meters compared to the previous week. The data also shows the inventory and changes of different tree species in each port [11][12] 4. Market Trends - As of October 10, the closing price of the main contract LG2511 was 821 yuan/cubic meter, up 0.6% from last week. The market showed a high - level correction this week, and the monthly spread changes were small [17] 5. Price and Spread - Spot price data of different tree species and specifications in Shandong and Jiangsu regions are provided, including 3.9m 30+ radiata pine, 3.9m 40+ radiata pine, etc., along with their price changes compared to last week and four weeks ago [21] - The regional price differences between Shandong and Jiangsu for different tree species and specifications are presented, such as 3.9m 30+ radiata pine, 3.9m 40+ radiata pine, etc. [23][28][32] - The price differences between different tree species and specifications are also shown, like the difference between 3.9m 30+ radiata pine and 3.9m 40+ radiata pine [40][42][44] 6. Other - Other price influencing factors include freight rates and exchange rates. The dry bulk BDI, Handysize BHSI, crude oil BDTI, and SCFI all had different changes compared to last week and four weeks ago. The US dollar to RMB and US dollar to New Zealand dollar exchange rates also changed [55][56]

Core Viewpoint - The article discusses the undervaluation of the RMB in terms of real purchasing power and highlights the dominance of the RMB in international physical trade, despite its limited role in global settlement [1][2]. Group 1: RMB and International Trade - The RMB has become the primary currency in international physical trade, but this trade only accounts for 5% of international settlements, indicating that financial transactions are more significant [2]. - The article suggests that the U.S. has faced challenges due to its financial practices, which have led to a decline in its industrial capabilities and a reliance on foreign manufacturing [3][4]. Group 2: U.S. Financial Practices - The U.S. has historically used financial strategies, such as aggressive interest rate hikes, to maintain its economic dominance, which has adversely affected its manufacturing sector [8]. - The article argues that the U.S. financial system is unsustainable, as it relies on continuous global financial crises to sustain high growth rates [12][14]. Group 3: RMB Internationalization - The offshore RMB market has remained stable, fluctuating between 1.5 to 2 trillion, while foreign reserves have consistently been around 3 trillion, raising questions about the management of RMB internationalization [19]. - The article posits that if desired, foreign reserves could exceed 6 trillion, and increasing the offshore RMB scale to around 10 trillion is a conservative estimate [20]. Group 4: Manufacturing Focus - The article emphasizes that the primary goal should be to dominate global manufacturing, suggesting that the current dollar dominance is beneficial for this strategy [24]. - It highlights that the approach is not about immediate victories but rather about strategically undermining foreign manufacturing at the right moment [23].

瑞达期货研究院 「2025.10.10」 国债期货周报 债市底部震荡，多头动能偏弱 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管：1、10月9日，商务部公布对境外相关稀土物项实施出口管制的决定指出，境外特定出口经营者在向中国以外的其他国家和 地区出口前，必须获得中国商务部颁发的两用物项出口许可证件；对向境外军事用户的出口申请以及向出口管制管控名单和关注名单所 列的进口商和最终用户的出口申请，原则上不予许可；2、国家发改委、市场监管总局发布《关于治理价格无序竞争 维护良好市场价格 秩序的公告》。针对部分产业出现的无序竞争现象，《公告》提出调研评估行业平均成本、加强价格监管、规范招标投标行为等多项措 施，释放维护公平竞争的明确信号。 基本面：1、国内:1）今年国庆中秋假期消费市场增势良好。国内出游总花费8090.06亿元，较2024年国庆节假日7天增加1081.89亿元。 全国消费相关行业日均销售收入同比增长4.5%。其中，商品消费和服务消费同比分别增长3.9%和7.6 ...

市场目光正聚焦于即将公布的澳洲关键经济数据。根据日程安排，澳洲联储9月政策会议纪要将于下周 二公布，而下周四还将发布9月份就业数据。这些重要信息的披露，预计将为研判澳洲联储未来政策路 径提供更多线索，也可能成为打破当前汇价僵局的重要催化剂。 技术面显示，澳元对美元汇率继续局限于0.6520/0.6630的窄幅区间内运行，场观望情绪浓厚。分析师指 出，0.6520和0.6415水平构成近期重要支撑位，而0.6630和0.6707则形成关键技术阻力。美元后续走势将 继续成为影响澳元方向的关键因素。 日线图技术分析显示，澳元兑美元正向上升通道方向反弹，暗示看涨动能正在复苏。然而14日相对强弱 指数（RSI）仍低于50中性线，表明当前仍存在看空压力。 周五（10月10日）亚洲时段，得益于澳洲联储主席米歇尔·布洛克发表的谨慎货币政策声明，澳元/美元 走强，收复了前一交易日的部分失地，最新澳元兑美元汇率报0.6562，涨幅0.15%。 布洛克主席周五指出，服务业通胀仍具粘性。她表示第二季度通胀数据略超预期，但整体正朝着正确方 向发展。鉴于月度CPI数据的波动性，她强调需保持政策审慎，并补充说明劳动力市场虽仍偏紧，但可 能 ...

每经AI快讯，10月10日，韩元兑美元汇率跌至5月13日以来最低水平。 ...

Core Viewpoint - The Sudanese pound has reached a historic low in the parallel market, with significant depreciation against the US dollar [1] Exchange Rates Summary - As of September 30, the buying price for the US dollar in the parallel market is 3,550 Sudanese pounds, while the selling price is 3,613 Sudanese pounds [1] - The buying price at Khartoum Bank is 2,400 Sudanese pounds, with a selling price of 2,418 Sudanese pounds [1] - The buying price at Entouman National Bank is 2,500 Sudanese pounds, with a selling price of 2,518.75 Sudanese pounds [1] - Faisal Bank has the same buying and selling prices as Entouman National Bank, at 2,500 and 2,518.75 Sudanese pounds respectively [1]

（文章来源：每日经济新闻） 每经AI快讯，10月9日，菲律宾比索兑美元汇率跌幅扩大至0.6%，最新报58.28。此前菲律宾央行意外降 息25个基点。 ...