Core Viewpoint - The article discusses the integration of business education with urban development, emphasizing the collaboration between Fudan University's School of Management and Ruian Group to create an innovative ecosystem that transcends traditional boundaries [1][4][10]. Group 1: Innovation and Collaboration - The concept of "三区联动、多元共创" (three-zone linkage and multi-dimensional co-creation) is central to the vision of Fudan University's management, aiming to break down barriers between academia and industry [4]. - Ruian Group's KC2.0 strategy focuses on embedding innovative spaces within existing projects, encouraging young people to engage in learning and development rather than merely leisure consumption [11]. - The collaboration has transformed the area around Fudan University into a vibrant hub for entrepreneurship, blending coffee culture with startup dreams [8]. Group 2: Educational Empowerment - The management philosophy of Fudan University emphasizes the importance of helping scientists and entrepreneurs navigate the challenges of commercialization and strategic development [10]. - The dialogue between the leaders highlights the need for educational institutions to play a pivotal role in enhancing the success rates of entrepreneurs through management training and practical applications [11]. - The commitment to nurturing responsible entrepreneurs who balance profit-making with social responsibility is a key focus for both Fudan University and Ruian Group [12]. Group 3: Navigating Uncertainty - The article addresses the challenges posed by global geopolitical uncertainties, stressing the importance of resilience and innovative thinking in business strategy [14]. - Both leaders express a belief that opportunities can arise from crises, advocating for a proactive approach to identifying and seizing these opportunities [14].

Group 1 - The core viewpoint indicates that gold prices are closely linked to geopolitical and economic conditions, with upward trends often driven by geopolitical turmoil and weak U.S. economic performance [2] - Current downward risks for gold prices include improvements in the U.S. economy, a hawkish shift in Federal Reserve policy, strengthened fiscal discipline in the U.S., easing geopolitical tensions, and global central banks selling gold, but these risks are not currently significant [2] - Long-term, gold is expected to benefit from increased global liquidity and market preference amid a trend of de-globalization [2][3] Group 2 - The current gold market is in a state of fluctuation, with the $4000 level acting as a strong resistance barrier, making significant breakthroughs unlikely in the short term [4] - Technical analysis shows a bearish pattern in the 1-hour moving averages, adding downward pressure to gold prices, and a downward breakout has occurred after a period of consolidation [4] - The $3990-$4000 range remains a critical resistance area, and investors are advised to consider short positions if prices rebound and remain below $4000 [4]

国际能源市场最近出现了剧烈波动。美国政府宣布对俄罗斯的两家石油巨头实施制裁，这一决定就像是 在平静的湖面上投入了一颗石子，迅速激起了连锁反应。作为俄罗斯石油最大的买家，印度在这一局势 中面临着艰难的抉择：是继续购买价格优惠的俄罗斯石油，还是为了避免遭遇美国的次级制裁而放弃这 一来源？ 数据显示，印度从俄罗斯的石油进口量可能会从每日160万桶急剧下降，甚至接近为零。这场由地缘政 治引发的能源局势变化，不仅牵动着各国的能源安全，还反映出当今世界复杂的国际关系。 那么，这场制裁到底会如何影响全球能源贸易的格局？各国又将如何应对这场突如其来的挑战？ 美国的制裁措施 美国财政部在10月下旬宣布，将对俄罗斯的两大石油公司——俄罗斯石油公司和卢克石油公司实施全面 制裁。这两家公司在俄罗斯经济中举足轻重，数据显示，它们合起来贡献了俄罗斯近一半的原油出口 量，日均约310万桶。 其中，俄罗斯石油公司是由国家控股的企业，产量占俄罗斯全国石油产量的40%。而卢克石油则是俄罗 斯最大的私营能源企业，约贡献了15%的全国产量。此次制裁的范围十分广泛，不仅针对这两家母公 司，还包括它们的34家子公司。举例来说，卢克石油在西伯利亚的子公司 ...

Group 1 - The article highlights the U.S. strategy to impose pressure on China through chip and tariff policies, with President Trump explicitly stating that advanced chips from Nvidia will not be allowed to reach China [1] - The competition in the tech sector is framed as a matter of national security, with the U.S. willing to adopt unilateral and protectionist measures to maintain its technological edge [2] - The U.S. has expressed concerns over China's rare earth policies and hinted at the possibility of imposing new tariffs, reflecting a pattern of inconsistency in trade negotiations that has strained U.S.-China relations [2] Group 2 - In contrast to U.S. actions, China has responded with calm and restraint, focusing on its technological advancement and economic restructuring, showcasing strategic maturity in international relations [2][8] - Russia is adjusting its foreign policy by strengthening ties with China, particularly in the context of U.S. sanctions, indicating a shift in global alliances [4] - The evolving relationship between China and Russia is becoming a significant force in the international landscape, with potential implications for global cooperation in energy, security, and technology [6]

《爱尔兰观察者报》10月29日报道，根据Venture Pulse 2025年三季度报告，爱尔兰三季度共完成了 14笔风险投资 (VC) 交易，总价值1.501亿美元（1.286 亿欧元）。毕马威交易咨询合伙人加文·希恩表 示，"由于地缘政治紧张局势加剧，2025年二季度和三季度对于爱尔兰风险投资的募资而言更具挑战 性。尽管如此，金融科技、医疗科技和人工智能软件企业仍然持续吸引投资，并且鉴于全球经济前景趋 于乐观，投资者情绪在年底和2026年伊始保持谨慎乐观"。 欧洲2025年三季度风险投资额从152亿美元（130亿欧元）增至174亿美元（149.2亿欧元），但整体 交易量依然疲软，下降至1625笔，创下十年来的新低。全球风险投资从2025年二季度的8860笔交易、总 额1124亿美元增加到2025年三季度的7579笔交易、总额1207亿美元。 （原标题：爱尔兰三季度完成了总额达 1.28 亿欧元的风险投资交易） ...

再说地缘政治，全球哪里有火星四溅，资本就知道往黄金跑，回头看看2022年俄乌冲突初期，金价短时间蹿了大约10%，那不是没来由的恐慌性买 盘；下周任何一个地区的紧张升级都会让金价来个即刻反映，反过来要是局势突然和缓，金价也会应声下行，都是资金的短期避险和撤退。 实物需求方面，别只看纸上的数字，印度过节和我们过年那几拨实物买盘是真金白银在动，需求季节性增长对价格有实在推力；矿产供应增量有 限，长期看供给端扛不住明显放松就是金价向上有天然支撑，短期内哪怕一条供应链消息也能挑起波澜。 | 国内现货 | 国际现货 | 国内期货 | 医 | | --- | --- | --- | --- | | 黄金9999 | 伦敦金现 | 沪金主连 | 细丝 | | 918.00 | 4001.930 | 921.84 | ৰ | | -3.50 -0.38% | -34.590 -0.86% | 3.54 +0.39% | -2.5 | | 4 T+0 | 极速购买黄金9999 | | | | 目 同花顺产业地图 | | | | 技术面也是实打实的看点，国内918元这个区间过去几回都有支撑，国际上4001.93美元附近也是历史压力 ...

交易咨询业务资格：证监许可【2012】1091号 沪铜周报（10.27~10.31） 大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 上周回顾 沪铜周评: 上周沪铜冲高回落，沪铜主力合约下跌0.71%，收报于87010元/吨。宏观面看，地缘政治扰动铜价,美 国关税再起波澜，全球不稳定因素仍存，印尼铜矿出险不可抗力和贵金属大涨，刺激铜价大涨。国内 方面，消费旺季，目前来看下游消费意愿一般。产业端，国内现货交易一般，整体还是刚需交易为主。 库存方面，铜库存LME库存134625吨，上周小幅减少，上期所铜库存较上周增11348吨至116140吨。 期货主力 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 数据来源：博易大师 基本面 1、PMI 2、供需平衡表 3、库存 数据来源：Wind 供需平衡 2024供需紧平衡，2025过剩 PMI ...

而沙特呢？也不是吃素的。面对美国的"能源外交"，它早就学会了玩平衡术。上次美国喊着要增产压 价，沙特硬生生顶着压力拖着不动。现在好不容易自己主动放一点油出来，还特意声明"只是微调"，并 提前宣布2026年1月至3月将暂停增产。意思很明白：我不是被谁逼的，我是自己在掌控节奏。这种姿 态，既回应市场，又给美国一个"别瞎指挥"的警告。 文︱陆弃 真是让人猝不及防。刚以为全球油价能喘口气，结果俄罗斯和沙特又联手掀了桌。11月2日，以这两位 能源大佬为首的"欧佩克+"八国在视频会议上一拍即合，决定从12月起增加每日13.7万桶石油供应。要 知道，这可不是随口一句"略微增产"，而是向全球油市扔下的一颗定时炸弹。消息一出，市场的情绪立 刻跟着过山车，有人欢呼"油价有救"，也有人咬牙"这下麻烦大了"。 俄沙这次带头的动作，有点像是在能源牌桌上又摔出一副新底牌。要是放在几年前，这种增产新闻大概 率会引发油价狂跌，毕竟供应多了嘛，逻辑简单。但现在的全球市场早就不是当年的套路：地缘冲突没 完没了，美国的制裁东一榔头西一棒子，委内瑞拉那边也天天在上演油气政治剧。就在这种一地鸡毛的 背景下，俄沙选择"集体加油门"，不光是经济信号，更是 ...

Core Viewpoint - The article discusses Hungary's Prime Minister Viktor Orbán's strategic maneuvering between the EU's unified stance against Russian energy and Hungary's heavy reliance on Russian oil and gas, highlighting the geopolitical tensions and internal divisions within Europe [1][19][25]. Group 1: Hungary's Energy Dependency - Hungary lacks access to ports and relies heavily on pipeline imports for energy, making it vulnerable to disruptions in Russian oil and gas supplies [3][5]. - Approximately 90% of Hungary's crude oil is imported, with over 60% coming from Russia, and 80% of its natural gas imports also sourced from Russia [5][7]. - The country's energy infrastructure is tailored to Russian supplies, complicating any transition to alternative sources and requiring significant investment and time for modifications [7][9]. Group 2: Orbán's Political Strategy - Orbán's approach involves leveraging his relationship with former President Trump to seek exemptions from EU sanctions, reflecting a pragmatic survival strategy for Hungary [11][23]. - The relationship between Orbán and Trump has strengthened over the years, with Orbán openly supporting Trump during the 2024 election campaign [11][13]. - Orbán's strategy includes obstructing new EU sanctions while simultaneously securing energy contracts with Russia, indicating a dual approach to navigate the geopolitical landscape [15][19]. Group 3: EU's Internal Divisions - The article highlights the disparity in energy dependency among EU member states, with Eastern European countries like Hungary being more reliant on Russian energy compared to Western nations [19][21]. - Orbán's actions expose the myth of EU unity regarding Russian energy policy, as countries prioritize their national interests over collective agreements [19][21]. - The EU's push for energy independence by 2028 contrasts with Hungary's continued reliance on Russian energy, leading to political isolation for Orbán within the EU [17][19]. Group 4: Future Implications - The potential for increased sanctions from the U.S. against countries cooperating with Russia poses a risk for Hungary, which may face repercussions for its energy dealings [15][17]. - Orbán's gamble on Trump's continued influence in U.S. politics could backfire if political dynamics shift, leaving Hungary vulnerable [17][23]. - The article concludes that Hungary's situation illustrates the challenges small nations face in balancing their energy needs against larger geopolitical pressures [25].

原油：宏观和地缘反复，国际油价先抑后扬 正信期货原油月报 20251103 研究员：付馨苇 投资咨询编号：Z0022192 Email: fuxw@zxqh.net Tel：027-68851659 研究员：赵婷 投资咨询编号：Z0016344 Email: zhaot@zxqh.net Tel：027-68851659 内容要点 Ø 宏观方面：10月预防式降息25个基点，鲍威尔发言偏鹰。CME"美联储观察" ：12月降息25个基点的概率为74.7%，利率不变 的概率为25.3%。到明年1月累计降息25个基点的概率为57.7%，利率不变的概率为16.6%，累计降息50个基点的概率为25.6%。 Ø 供应端：地缘上，10月俄乌战场两极反转，上半月美国总统特朗普声称将在布达佩斯和俄罗斯进行会谈，地缘溢价大幅回落 ，但月底却又宣布取消美俄峰会，并加大对俄罗斯的制裁，同时欧盟也落地了对俄罗斯的第十九轮制裁，地缘在月内出现了极 限反转。最新消息印度石油公司高管称绝不会完全停止购买俄罗斯原油。美国方面，10月24日当周原油产量增加1.5万桶至 1364.4万桶/日。欧佩克方面，欧佩克+八个国家决定在12月份将石油产量配额 ...