Macro Economy - The Chairman of the China Securities Regulatory Commission, Wu Qing, stated that during the "14th Five-Year Plan" period, the securities industry will undertake four major missions, including serving the real economy and supporting the construction of a financial power [2] - As of the end of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $3 billion from the end of October, marking a continuous four-month stay above the $3.3 trillion mark [2] - The People's Bank of China reported that as of the end of November, gold reserves were 74.12 million ounces, an increase of 30,000 ounces from the previous month [3] Industry Trends - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued the 2025 drug directory, which includes 114 new drugs, 50 of which are Class 1 innovative drugs [5] - The real estate market is transitioning from a focus on construction to filling properties with people and industries, with current housing prices under pressure due to insufficient usage value [4] - The storage chip market has seen a significant surge in spot prices, with DDR4x chip prices increasing over four times this year, while manufacturers face low inventory levels [6] Company Dynamics - Wuliangye plans to adjust the price of its 52-degree eighth-generation product to 900 yuan per bottle, with potential costs for distributors dropping to around 800 yuan after discounts and rebates [7] - Apple is experiencing significant executive turnover, with key positions related to AI and design seeing resignations, raising concerns about leadership stability [7] - China Life Insurance announced that its vice president is under investigation for serious violations of discipline and law [10]

Market Review - The A-share market showed a mixed performance among major indices, with the ChiNext Index, CSI 300, and Shenzhen Component Index yielding returns of 1.86%, 1.28%, and 1.26% respectively, while the STAR 50, CSI 1000, and Shanghai Composite Index had lower returns of -0.08%, 0.11%, and 0.37% respectively [5][15] - The trading volume of major indices decreased last week, with the average daily trading volume for the past month also showing a decline [18][19] - The People's Bank of China (PBOC) conducted a net withdrawal of 848 billion yuan through reverse repos, with a total of 15,118 billion yuan maturing [24] Fund Performance - A total of 39 new funds were established last week, with a combined issuance scale of 36.589 billion yuan, an increase from the previous week [3] - The median returns for active equity, flexible allocation, and balanced mixed funds were 0.97%, 0.71%, and 0.69% respectively last week [33] - Alternative funds have shown the best performance this year, with a median return of 49.94%, while active equity, flexible allocation, and balanced mixed funds had median returns of 27.65%, 20.98%, and 14.90% respectively [35] Fund Issuance - Last week, 59 funds were reported for issuance, a decrease from the previous week, including products like the Industrial Bank of China CSI All Share Power Utility ETF and the Guotai Junan Shanghai Stock Exchange STAR Market Semiconductor Materials Equipment Theme ETF [4][5] - The total number of open-end public funds includes 269 ordinary FOF funds, 117 target date funds, and 152 target risk funds [38] Industry Insights - The non-ferrous metals, communication, and defense industries performed well last week, with returns of 5.07%, 3.69%, and 3.47% respectively, while media, real estate, and food and beverage sectors lagged with returns of -3.59%, -2.13%, and -1.88% [21][23] - Year-to-date, the non-ferrous metals, communication, and electronics sectors have shown high cumulative returns of 83.05%, 73.04%, and 39.48% respectively, while food and beverage and transportation sectors have the lowest returns [21][23] Fund Manager Changes - Last week, 40 fund companies experienced changes in fund managers across 114 fund products, with Huian Fund (11 funds), China Asset Management (9 funds), and E Fund (7 funds) being the most affected [42]

国家外汇管理局12月7日发布数据显示，截至2025年11月末，中国外汇储备规模为33464亿美元，较10月 末上升30亿美元，升幅为0.09%。11月末，中国黄金储备为7412万盎司，环比增加3万盎司，为中国央 行连续第13个月增持黄金。 国家外汇管理局表示，2025年11月，受主要经济体宏观经济数据、货币政策预期等因素影响，美元指数 下跌，全球金融资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上 升。 数据显示，中国外汇储备规模创2015年12月以来新高，较上年末增加1440亿美元，连续4个月保持在3.3 万亿美元之上。 "11月外汇储备规模延续此前3个月升势，反映了主要经济体货币政策及预期、宏观经济数据等因素影响 下，汇率折算和资产价格变化带来的正估值效应。"中银证券全球首席经济学家管涛说。 国家外汇管理局表示，中国经济保持总体平稳、稳中有进发展态势，为外汇储备规模保持基本稳定提供 支撑。 民生银行首席经济学家温彬分析，中国经济基础稳、优势多、韧性强、潜能大，是外汇储备规模保持基 本稳定的根本支撑。另外，在投资领域，中国稳步推进资本市场自主开放，近日中国证监会印发《合格 境外投资 ...

□ 截至11月末，我国外汇储备规模为33464亿美元，较10月末上升30亿美元，升幅为0.09%。至此，我国 外储规模已连续四个月保持在3.3万亿美元之上 □ 受量价推动影响，截至11月末，中国持有黄金储备余额增至3106亿美元，占同期外汇储备余额的比重 环比上升0.39个百分点至9.28%，继续创出历史新高 同日，中国人民银行公布的数据显示，截至11月末，我国黄金储备为7412万盎司，环比增加3万盎司， 已连续第13个月增持黄金。这意味着，在外部不确定性增加的背景下，我国国际储备资产多元化进程继 续稳步推进。 我国外储规模稳中有升 对于11月外汇储备规模的小幅上升，受访专家认为，这主要受汇率折算和资产价格变化等因素的综合影 响。 中银证券全球首席经济学家管涛对上海证券报记者表示，最新变动"反映了在主要经济体货币政策及预 期、宏观经济数据等因素影响下，汇率折算和资产价格变化带来的正估值效应"。 回顾11月全球金融市场，货币方面，美元指数环比下跌0.3%至99。非美货币涨跌不一，日元汇率下跌 1.38%，欧元、英镑兑美元分别上涨0.56%、0.63%。资产价格方面，美元标价的已对冲全球债券指数上 涨0.2%。对 ...

来源：证券时报 证券时报记者 贺觉渊 国家外汇管理局12月7日发布的最新统计数据显示，截至2025年11月末，我国外汇储备规模为33464亿美 元，较10月末上升30亿美元，升幅为0.09%，继上月后再度创自2015年12月以来的规模新高。 展望未来，国家外汇局指出，我国经济保持总体平稳、稳中有进发展态势，为外汇储备规模保持基本稳 定提供支撑。 当天更新的官方储备资产数据还显示，截至11月末中国官方黄金储备为7412万盎司，较上月末增加3万 盎司。今年3月以来，中国央行每月小幅增持黄金储备，量级均低于10万盎司。 过去一个月，国际金价震荡上行至4200美元/盎司水平。市场机构普遍认为是当月美元贬值助推金价上 涨。 由于黄金具备避险、抗通胀、长期保值增值等优点，现已成为各国国际储备多元化构成的重要组成部 分。世界黄金协会研报指出，尽管当前金价已大致反映了主流宏观经济预期，表明其或将呈现区间波动 局面，但全球经济增长放缓、主要央行货币政策宽松以及持续的地缘政治风险等因素，更有可能支撑而 非削弱金价。 对于当月外汇储备规模变动，国家外汇局指出，11月受主要经济体宏观经济数据、货币政策预期等因素 影响，美元指数下跌， ...

Core Viewpoint - The latest foreign exchange reserve data indicates a slight increase in China's foreign reserves, with a notable rise in gold reserves, reflecting ongoing economic stability and strategic asset management by the People's Bank of China [1][3][5]. Foreign Exchange Reserves - As of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from October, representing a growth rate of 0.09% [1][3]. - The rise in reserves is attributed to various factors, including macroeconomic data from major economies and expectations regarding monetary policy, leading to a decline in the US dollar index [3][4]. - The reserves have remained above $3.3 trillion for four consecutive months, with a significant year-to-date increase of $144 billion, primarily driven by the depreciation of the US dollar and lower US Treasury yields [4]. Gold Reserves - China's official gold reserves increased to 7,412 million ounces (approximately 2305.39 tons) by the end of November, marking the 13th consecutive month of growth, although the increase was modest [1][5]. - The People's Bank of China has been gradually increasing its gold reserves, with the latest increment being the lowest since the resumption of purchases in November 2024, reflecting a strategic response to global economic conditions [5][6]. - Analysts suggest that the ongoing geopolitical risks and the anticipated easing of US monetary policy are driving the need for continued gold accumulation to optimize the international reserve structure [6][7].

国家外汇管理局表示，2025年11月份，受主要经济体宏观经济数据、货币政策预期等因素影响，美元指数下跌，全球金融 资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国经济保持总体平稳、稳中有进发 展态势，为外汇储备规模保持基本稳定提供支撑。 中银证券全球首席经济学家管涛在接受《证券日报》记者采访时表示，11月份，外汇储备余额增加30亿美元至33464亿美 元，延续了此前3个月升势。这主要反映了主要经济体货币政策及预期、宏观经济数据等因素影响下，汇率折算和资产价格变 化带来的正估值效应。 同日更新的黄金储备数据显示，11月末中国黄金储备为7412万盎司，环比增加3万盎司，为中国人民银行连续第13个月增 持黄金。 本报记者 刘琪 12月7日，国家外汇管理局公布2025年11月末外汇储备规模数据。数据显示，截至2025年11月末，我国外汇储备规模为 33464亿美元，较10月末上升30亿美元，升幅为0.09%。 ...

Group 1: Foreign Exchange Reserves - As of the end of November, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, marking a rise of 0.09% and the highest level since December 2015 [1][2] - The increase in foreign exchange reserves is attributed to the combined effects of exchange rate fluctuations and asset price changes, with the dollar index experiencing a slight decline of 0.29% in November [2][3] - The reserves have remained above $3.3 trillion for four consecutive months, with a significant increase of $144 billion compared to the end of the previous year, driven by the depreciation of the dollar and a decline in U.S. Treasury yields [2][3] Group 2: Gold Reserves - China's official gold reserves increased to 7.412 million ounces by the end of November, marking the 13th consecutive month of increases, although the increment has been at a low level for the past nine months [1][4] - The price of gold rose from $4,000 per ounce at the end of October to $4,200 per ounce in November, influenced by expectations of U.S. interest rate cuts and ongoing geopolitical risks [4][5] - The central bank's continued small-scale purchases of gold signal an intention to optimize international reserves, with a recommendation to reduce U.S. Treasury holdings while increasing gold reserves [5][6] Group 3: Economic Outlook - The stability of foreign exchange reserves is expected to continue, supported by a solid economic foundation and favorable conditions in China's economy, including a recent reduction in tariffs on exports to the U.S. [3] - The ongoing adjustments in capital market access for foreign investors are anticipated to enhance the attractiveness of China's market [3] - The long-term fundamentals supporting gold prices remain unchanged, with expectations of continued upward pressure on gold due to geopolitical tensions and the depreciation of the dollar [4][5]

Key Points - The article summarizes significant events over the weekend and the latest assessments from major securities firms regarding the Chinese market and economy [2] Group 1: Economic and Policy Developments - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss practical cooperation and resolving economic concerns [3] - The People's Bank of China has increased its gold reserves for the 13th consecutive month, now holding 7.412 million ounces, reflecting a strategic move to bolster financial stability [4] - The China Securities Regulatory Commission (CSRC) is focusing on differentiated regulation for quality institutions while tightening oversight on problematic firms, aiming to enhance capital efficiency [5] Group 2: Market Insights and Predictions - Insurance companies are expected to benefit from lowered risk factors for long-term holdings in indices like CSI 300 and STAR Market, potentially leading to significant equity allocations [6][7] - A new performance assessment guideline for fund managers has been proposed, which may result in salary reductions exceeding 30% for underperforming managers, aiming to enhance accountability in the fund management industry [8] - The 2025 National Medical Insurance Drug List will include 114 new drugs, with 50 classified as innovative, indicating a focus on advancing healthcare and pharmaceutical sectors [9] Group 3: Securities Firms' Analysis - CITIC Securities suggests that the current market volatility is a normal phase before potential positive changes in fundamentals, with a focus on resource and traditional manufacturing sectors [12] - Shenwan Hongyuan highlights that the lowered risk factors for insurance companies could lead to significant equity investments, particularly in the context of the upcoming spring market [13] - China International Capital Corporation (CICC) believes that the recent bond market fluctuations will have limited impact on equity markets, supported by a strong RMB and favorable economic conditions [14] - Guotai Junan emphasizes the importance of upcoming policy meetings and their potential impact on market sentiment and structural opportunities [18] - GF Securities notes that while the market may experience short-term fluctuations, there remains significant upside potential, particularly in dividend-paying and consumer sectors [22]

Group 1 - As of the end of November, China's foreign exchange reserves reached $33,464 billion, an increase of $30 billion from the end of October, marking a rise of 0.09% [1] - The increase in foreign exchange reserves for the fourth consecutive month is attributed to the combined effects of asset price changes and exchange rate fluctuations, with the US dollar index falling by 0.3% to 99 in November [2] - China's gold reserves increased by 30,000 ounces to 74.12 million ounces by the end of November, marking the 13th consecutive month of gold accumulation by the People's Bank of China [2] Group 2 - The expectation of a Federal Reserve interest rate cut has risen to over 80%, influenced by weak economic data and dovish comments from Fed officials, leading to mixed performance in global asset prices [2] - The ongoing geopolitical risks and the depreciation of the US dollar have prompted central banks and ETF funds to reduce their holdings in US Treasuries while increasing their investments in gold [3] - The People's Bank of China's strategy to increase gold reserves aligns with the goals of optimizing international reserve structures and promoting the internationalization of the Renminbi [3]