2025金融街论坛年会今日（10月27日）开幕，中国人民银行行长潘功胜、金融监管总局局长李云 泽、中国证监会主席吴清将出席2025金融街论坛年会并作主题演讲。 潘功胜：探索在特定情景下向非银机构提供流动性的机制安排 潘功胜在2025金融街论坛年会上表示，针对金融市场，人民银行正在考虑的一个问题是，综合平衡维护金 融市场稳定运行和防范金融市场道德风险，探索在特定情景下向非银机构提供流动性的机制安排。 潘功胜：继续坚持支持性的货币政策立场，实施好适度宽松的货币政策 潘功胜在2025金融街论坛年会上表示，人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货 币政策，综合运用多种货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。 同时，继续完善货币政策框架，强化货币政策执行和传导。 潘功胜：将研究实施支持个人修复信用的政策措施 潘功胜在2025金融街论坛年会上表示，人民银行将研究实施支持个人修复信用的政策措施。过去几年，受 新冠疫情等不可抗力影响，一些个人发生了债务逾期，虽然事后全额偿还，但相关信用记录仍持续影响其 经济生活。为帮助个人加快修复信用记录，同时发挥违约信用记录的约束效力，人民 ...

【导读】中国人民银行行长潘功胜在 2025 金融街论坛年会上发表讲话 谈到虚拟货币话题时，潘功胜表示，近年来，市场机构发行的虚拟货币特别是稳定币不断涌 现，但整体还处在发展早期。国际金融组织和中央银行等金融管理部门对稳定币的发展普遍 持审慎态度。 2017 年以来，人民银行会同相关部门先后发布了多项防范和处置境内虚拟货 币交易炒作风险的政策文件，目前这些政策文件仍然有效。 下一步，人民银行将会同执法部门继续打击境内虚拟货币的经营和炒作，维护经济金融秩 序，同时密切跟踪、动态评估境外稳定币的发展。 要点 3 ：继续完善货币政策框架 强化货币政策执行和传导 在货币政策方面，潘功胜表示，一年多来，面对复杂严峻的国内外形势，人民银行按照中央 决策部署，坚持支持性的货币政策立场，综合运用数量、价格、结构等多种货币政策工具， 中国基金报记者 李树超 王思文 10 月 27 日， 2025 金融街论坛年会在北京开幕。中国人民银行行长潘功胜在会上发言。 以下为中国人民银行行长潘功胜重要讲话内容： 要点 1 ：人民银行将恢复公开市场国债买卖操作 潘功胜在演讲中表示，去年，人民银行落实中央金融工作会议部署，在二级市场开展国债买 ...

潘功胜：目前债市整体运行良好人民银行将恢复公开市场国债买卖操作 潘功胜表示，去年，人民银行落实中央金融工作会议部署，在二级市场开始国债买卖操作。这是丰富货 币政策工具箱、增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政策与财政政策相互 协同的重要举措，也有利于我国债券市场改革发展和金融机构提升做市定价能力。实践中，人民银行根 据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展国债买卖双向操作， 保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡压力较大、市场风险 有所累积，人民银行暂停了国债买卖。目前，债市整体运行良好，人民银行将恢复公开市场国债买卖操 作。 图片来源：每经记者张建摄 潘功胜：继续完善货币政策框架强化货币政策执行和传导 潘功胜表示，一年多来，面对复杂严峻的国内外形势，人民银行按照中央决策部署，坚持支持性的货币 政策立场，综合运用数量、价格、结构等多种货币政策工具，保持流动性充裕。反映金融运行的主要宏 观金融指标也体现了适度宽松的货币政策状态，为我国经济的回升向好和金融市场稳定运行创造了良好 的货币金融环境。人民银行将继续坚持支持性的货币政 ...

目前，债市整体运行良好，人民银行将恢复公开市场国债买卖操作。 10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜重磅发声，释放一揽子政策信号，包括 恢复国债买卖、研究优化数字人民币在货币层次之中的定位、稳定币、货币政策取向等。 党的十九大提出，健全货币政策和宏观审慎政策双支柱调控框架。近年来，人民银行有序推进，取得重 要进展。在去年6月的陆家嘴论坛上，潘功胜对中国未来货币政策框架的演进作了比较系统的介绍。此 次金融街论坛，潘功胜演讲的主题是《中国宏观审慎管理体系的建设实践与未来演进》。 第一财经记者梳理重点如下： 1、人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种货币政策 工具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币政策框 架，强化货币政策执行和传导。 2、去年，人民银行落实中央金融工作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工 具箱、增强国债金融功能、发挥国债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重 要举措，也有利于我国债券市场改革发展和金融机构提升做市定价能力。实践中，人民银行根据基础货 币 ...

Report Overview - Report Title: Stock Index Futures Daily Report [1] - Report Date: October 27, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - Weekend Sino-US trade negotiations showed new progress, and the Fourth Plenary Session's policy orientation continued to influence. Today, stock indices opened higher and fluctuated, with trading volume in the two markets exceeding 2 trillion yuan, and the Shanghai 50 Index hitting a new high for the year. This week, the full - version of the "15th Five - Year Plan Proposal" and Sino - US negotiation results may be announced. It is expected that the stock indices will continue to be strong in the short term, but the upward trend driven by sentiment may not be sustainable. Today, the basis of stock index futures declined, and the short - selling willingness increased, reflecting market doubts about the upward trend. In terms of index style, small - and medium - cap stocks were dominant, but their advantage was not obvious, and the sustainability of small - cap stocks' dominance is limited [4] Market Review - Today, stock indices opened higher and fluctuated, with small - cap stocks performing strongly. The CSI 300 Index closed up 1.19%. The trading volume in the two markets increased by 365.922 billion yuan, and stock index futures rose with increased volume [3] Important Information - Sino - US economic and trade consultations in Kuala Lumpur: Reached a basic consensus on arrangements to address each other's concerns, and agreed to further determine specific details and complete domestic approval procedures [4] - US core CPI in September increased by 0.2% month - on - month, the slowest in three months, increasing the expectation of another Fed rate cut this year [4] - The People's Bank of China conducted 900 billion yuan of Medium - term Lending Facility (MLF) operations in October, with a net investment of 200 billion yuan. After hedging the matured reverse repurchase, the net investment of medium - term liquidity in October reached 60 billion yuan, maintaining a high level, showing a moderately loose monetary policy [4] - From January to September 2025, the profits of industrial enterprises above the designated size in China increased by 3.2% [4] Strategy Recommendation - Hold and wait and see [5] Market Observation Futures Market | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | 1.24 | 11.3332 | - 0.2849 | 26.2244 | 0.6831 | | IH | 0.74 | 5.6298 | - 0.2681 | 9.8162 | 0.2833 | | IC | 1.76 | 13.6694 | - 0.1034 | 25.2585 | 0.8981 | | IM | 0.75 | 21.4742 | - 0.9711 | 35.8844 | 0.9755 | [6] Spot Market | Index | Value | | --- | --- | | Shanghai Composite Index Change (%) | 1.18 | | Shenzhen Component Index Change (%) | 1.51 | | Ratio of Rising to Falling Stocks | 1.32 | | Trading Volume in Two Markets (billion yuan) | 2340.132 | | Trading Volume MoM (billion yuan) | 365.922 | [6]

记者｜杜川 编辑｜瑜见 10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜表示，去年，人民银行落实中央金融 工作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工具箱、增强国债金融功能、发挥国 债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重要举措，也有利于我国债券市场改 革发展和金融机构提升做市定价能力。 实践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展 国债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。 今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，人民银行暂停了国债买卖。目前， 债市整体运行良好，人民银行将恢复公开市场国债买卖操作。 ...

今日下午，2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，一年多来，面对复杂严峻的 国内外形势，人民银行按照中央决策部署，坚持支持性的货币政策立场，综合运用数量、价格、结构等 多种货币政策工具，保持流动性充裕。反映金融运行的主要宏观金融指标也体现了适度宽松的货币政策 状态，为我国经济的回升向好和金融市场稳定运行创造了良好的货币金融环境。 人民银行将继续坚持支持性的货币政策立场，实施好适度宽松的货币政策，综合运用多种货币政策工 具，提供短期、中期、长期流动性安排，保持社会融资条件相对宽松。同时，继续完善货币政策框架， 强化货币政策执行和传导。 ...

10月27日，在2025金融街论坛年会上，中国人民银行行长潘功胜表示，去年，人民银行落实中央金融工 作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工具箱、增强国债金融功能、发挥国债 收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重要举措，也有利于我国债券市场改革 发展和金融机构提升做市定价能力。实践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收 益率曲线形态变化等情况，灵活开展国债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。 今年初，考虑到债券市场供求不平衡压力较大、市场风险有所累积，人民银行暂停了国债买卖。目前， 债市整体运行良好，人民银行将恢复公开市场国债买卖操作。（第一财经） ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper market shows a situation of both supply and demand being weak, with industrial inventory accumulating. The option market sentiment is bullish, and the implied volatility has slightly increased. It is recommended to conduct light - position trading with a slightly bullish trend, while paying attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 88,370 yuan/ton, up 650 yuan; the price of LME 3 - month copper is 11,036 dollars/ton, up 73.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 30 yuan. The position of the main contract of Shanghai copper is 293,381 lots, up 17,709 lots. The net position of the top 20 futures holders of Shanghai copper is - 23,535 lots, up 1,433 lots. The LME copper inventory is 136,350 tons, down 575 tons; the SHFE cathode copper inventory is 104,792 tons, down 5,448 tons; the SHFE cathode copper warrant is 35,392 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 88,215 yuan/ton, up 1,795 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 88,275 yuan/ton, up 1,835 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, down 4.5 dollars. The basis of the CU main contract is - 155 yuan/ton, up 1,145 yuan; the LME copper premium (0 - 3) is - 25.97 dollars/ton, down 14.42 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrates in Jiangxi is 78,540 yuan/metal ton, up 1,830 yuan; the price in Yunnan is 79,240 yuan/metal ton, up 1,830 yuan. The south processing fee of blister copper is 900 yuan/ton, down 100 yuan; the north processing fee is 700 yuan/ton, unchanged. The output of refined copper is 126.6 million tons, down 3.5 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of scrap copper (1 bright copper wire) in Shanghai is 59,240 yuan/ton, up 700 yuan; the price of scrap copper (2 copper, 94 - 96%) in Shanghai is 72,850 yuan/ton, up 700 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper is 650 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 223.2 million tons, up 1 million tons. The cumulative completed investment in power grid infrastructure is 4,378 billion yuan, up 582.24 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 22.59%, up 0.01%; the 40 - day historical volatility is 17.46%, up 0.04%. The implied volatility of the current - month at - the - money option is 21.18%, up 0.0387%. The put - call ratio of at - the - money options is 1.18, down 0.0923 [2] 3.7 Industry News - China and the US held economic and trade consultations in Kuala Lumpur, reaching a basic consensus on important economic and trade issues. The 18th meeting of the 14th National People's Congress Standing Committee heard a report on financial work, proposing to implement a moderately loose monetary policy. The US CPI in September increased by 3% year - on - year, lower than expected. The "15th Five - Year Plan" emphasizes solving "three rural" issues and is expected to bring new market space [2]

Core Viewpoint - The People's Bank of China (PBOC) has conducted a 900 billion yuan MLF operation to maintain ample liquidity in the banking system, indicating a continued accommodative monetary policy stance [1][2] Group 1: MLF Operation Details - On October 27, the PBOC carried out a 900 billion yuan MLF operation with a one-year term using a fixed quantity, interest rate bidding, and multiple price bidding methods [1] - With 700 billion yuan of MLF maturing in October, the net MLF injection reached 200 billion yuan, marking the eighth consecutive month of increased operations [1] Group 2: Liquidity and Monetary Policy - The total net liquidity injection for October, including a 400 billion yuan reverse repo, reached 600 billion yuan, maintaining a high level of net injection similar to the previous month [1] - Factors contributing to the PBOC's broad liquidity provision include the upcoming tax period, coordination with government bond issuance, support for credit expansion, and stabilization of market expectations [1] Group 3: Market Impact and Expectations - Recent market conditions, influenced by factors such as anti-"involution" sentiment, a strong stock market, and new public fund redemption regulations, have led to a rise in medium to long-term market interest rates [1] - The PBOC's increased funding injection through MLF and other tools is aimed at stabilizing market expectations and maintaining relative stability in medium to long-term market interest rates [1][2]