（原标题：黄金单日暴跌300美元/盎司 牛市终结还是黄金坑？） 尽管短期剧烈回调，多位专家强调，黄金的长期牛市逻辑并未动摇。全球货币信用体系重构、去美元化 趋势加速、全球主要国家央行持续购金、以及黄金供需结构性失衡等因素，仍构成金价长期上行的核心 支撑。 这场暴跌并非偶然。本次黄金暴跌是基本面、资金面和技术面三重压力共同作用的结果。从直接诱因 看，国信证券研报指出，俄乌谈判进展、中美贸易缓和等市场传言的集中发酵，显著削弱了黄金的避险 吸引力，成为引发抛售的导火索。 更为关键的是市场结构的变化。分析显示，9月以来的本轮上涨与年初行情存在本质区别。国信证券研 报认为，本轮金价上涨主要以投资和投机者为主，全球主要央行并未显著介入，这种由短期资金主导的 交易结构更为脆弱。当市场情绪转向时，极易引发多杀多的踩踏行情。 技术面同样发出明确警示。黄金价格在连续上涨后，已触及三倍标准差上限，这一极端位置在历史上往 往预示着技术性回调的压力。历史数据也支持这一判断：据国信证券统计，黄金在连涨9周后，除1970 年外，最大跌幅普遍在17%—42%之间，调整持续时间可达23—148个交易日。 东方金诚研究发展部副总监瞿瑞指出，当前 ...

智通财经记者 | 冯丽君 在金价不断攀升、黄金热度接连走高的2025年，保险公司获批入市黄金，部分积极投资黄金的险企如今 大概率已赚得"盆满钵满"。 今年以来，COMEX黄金期货今年累计上涨约50%；上海黄金交易所SGE黄金9999今年累计上涨约 54%，但近期黄金市场剧烈波动。 10月21日晚间，现货黄金跌破每盎司4200美元关口，创下近四年来最大跌幅，10月22日盘中一度逼近 4000美元关口。而就在两天前，COMEX黄金期货创下近4400美元/盎司的历史高价，达到4398美元/盎 司。 面对黄金巨震，险资作为中长期资金有什么态度？ 试点险企积极投资黄金 今年2月7日，国家金融监管总局发布《关于开展保险资金投资黄金业务试点的通知》（下称《通 知》），规定自发布之日起，10家试点保险公司可以中长期资产配置为目的，开展投资黄金业务试点。 在短期快速下调之后，3月25日至今，COMEX黄金期货涨幅仍超过30%。而2024年，五大上市险企（中 国人寿、中国平安、中国太保、中国人保、新华保险）总投资收益率均不足6%。 在2025年半年报中，中国平安提到上半年积极增加优质另类资产布局，并试点黄金投资业务，多元化拓 展 ...

Group 1 - The core viewpoint presented by the Hong Kong Stock Exchange's Chief China Economist, Ba Shusong, is that the traditional economic growth model is no longer sustainable, leading to a shift in asset allocation logic [1] - Ba Shusong anticipates a slowdown in global economic growth and a continuous decline in traditional asset returns, making it increasingly difficult for investors to achieve their return objectives solely through beta returns [1] - There is a rising trend in the proportion of actively managed funds globally, indicating that investors are increasingly pursuing alpha returns in the new market environment, particularly evident in the alternative asset sector [1]

Core Insights - The jewelry sector has experienced significant growth during the 11.11 shopping event, with various categories such as gold, silver, platinum, gemstones, and jade seeing remarkable increases in sales [1][3]. Group 1: Sales Performance - Gold and silver jewelry sales have surged, with gold pendants and bracelets seeing a year-on-year sales increase of over 100% [3]. - The sales of gold pieces and ornaments have skyrocketed, with a year-on-year increase of over 80 times, while investment gold sales have more than doubled [3]. - Other precious metals, including silver and platinum, also performed well, with sales of silver bracelets and platinum jewelry doubling [3]. Group 2: Consumer Trends - The demand for children's jewelry has emerged as a new consumer trend, with sales of baby gold locks and silver ornaments doubling, reflecting parents' good wishes for their children [3]. - The wedding season has driven a surge in diamond sales, with diamond necklace and pendant sales increasing over five times year-on-year, and diamond rings growing threefold [3]. Group 3: Brand Performance - Several jewelry brands have reported substantial growth, with the traditional gold jewelry brand Lao Pu experiencing over 70 times growth, and Chow Tai Fook's "Heritage" series growing over ten times [4]. - Other brands such as China Gold, Lao Miao, and various others have also seen their sales double, indicating a strong overall performance in the jewelry market [4].

有分析师认为，获利了结是近期金价下跌的主要原因之一。本周初市场风险偏好回升也对金银期货价格 产生了负面影响。 现货黄金创4年来最大跌幅 当地时间10月21日，伦敦黄金现货价格暴跌逾6%，至4080.87美元/盎司，创2021年6月以来最大单日跌 幅。截至收盘，伦敦黄金现货价格下跌5.31%，至4124.36美元/盎司；COMEX黄金期货价格下跌 5.39%，至4138.5美元/盎司。 10月22日，国际金价延续跌势。截至发稿，伦敦黄金现货价格下跌1.15%，至4077.13美元/盎司； COMEX黄金期货价格下跌1.03%，至4066.9美元/盎司。 桥水基金创始人雷·达里奥在一篇题为"我对黄金问题的解答"的社交媒体帖子中表示，黄金已开始取代 美国国债，成为许多投资组合中的无风险资产，尤其是在央行和大型机构的投资组合中。 国家外汇管理局10月7日公布的数据显示，截至2025年9月末，中国外汇储备达到3338.7亿美元，黄金储 备达到7406万盎司，环比增加4万盎司。这标志着中国人民银行连续第11个月上调金价。 中央财经大学中国经济与管理研究院副教授赵俊竹近日撰文指出，在全球货币超发和持续通胀压力的背 景下，货 ...

Core Viewpoint - Hisense Electric has announced a significant investment in trust financial products, reflecting a broader trend among listed companies in China to utilize idle funds for wealth management and investment purposes [1][4]. Group 1: Hisense Electric's Investment - Hisense Electric has entered into a trust financial agreement to invest RMB 1.739 billion in trust products from May 27 to October 13, 2025 [1]. - The company has made 13 announcements regarding financial product subscriptions this year, totaling RMB 27.207 billion, with trust products accounting for 61.5% of this amount [1][4]. Group 2: Industry Trends in Trust Investments - A total of 41 listed companies have participated in trust financial product subscriptions in the past year, with a combined investment exceeding RMB 18 billion [2]. - Manufacturing companies are significant contributors to trust investments, with notable examples including Shagang Group and Fangda Special Steel, which have made substantial investments in trust products [2]. Group 3: Strategies of Different Sectors - Companies in the technology sector, such as Tianyi Co., have adopted a strategy of small, diversified investments, focusing on short-term products to maintain liquidity [3]. - Retail companies like Baida Group have invested RMB 645 million in trust products, achieving a notable return that constitutes 33.49% of their net profit over the past year [3]. Group 4: Reasons for Trust Investment - The flexibility, stable returns, and manageable risks associated with trust financial products are key reasons for their popularity among listed companies [4]. - Companies often cite the availability of surplus cash flow as a reason for investing in trust products, aiming to enhance the value of idle funds and improve returns for shareholders [4][5].

Core Insights - The article discusses the popularity and financial performance of Yu'ebao, a leading money market fund in China, highlighting its user base and average deposits [1][10] - It reveals the impressive daily earnings of the top user, referred to as "榜一" (the top user), and explains the underlying reasons for such high returns [3][4] - The article emphasizes the differences in investment limits between individual and institutional investors, as well as the overall investment landscape in China [4][5] User Statistics - As of Q2 2025, Yu'ebao has over 850 million users and total assets of 1.23 trillion yuan, averaging about 1,447 yuan per user [1] - The top user reportedly earns 12,400 yuan daily, which raises questions about the amount of capital they have invested [3][4] Earnings Calculation - The average annualized yield of the Tianhong Yu'ebao fund is approximately 2.35%, which translates to about 644 yuan daily for a 1 million yuan investment [3] - To achieve a daily income of 12,400 yuan, the top user would need approximately 193.75 million yuan invested, indicating that this user is likely an institutional investor rather than an individual [4] Investment Limits - Individual users have a maximum daily purchase limit of 1 million yuan and a cumulative holding limit of 1 million yuan in Yu'ebao [5] - Institutional investors, however, can have higher limits based on their risk management capabilities, as per the revised regulations by the China Securities Regulatory Commission [4] Comparison with Other Investment Options - The article notes that while Yu'ebao offers high liquidity and ease of use, its returns are generally lower than those of other investment products like stocks and fixed-income securities [6][9] - According to a survey, the average yield of money market funds was 2.32% in the first three quarters of 2025, down from 2.65% in the same period in 2020, indicating a trend of declining yields [9] Financial Education and Strategy - The article stresses the importance of financial literacy and personalized investment strategies, suggesting that individuals should diversify their portfolios and not rely solely on low-yield products like Yu'ebao [10][18] - It highlights that a well-structured investment approach can lead to better financial outcomes, even with lower-yielding options [10][18]

Core Insights - The overall return of Hong Kong's Mandatory Provident Fund (MPF) dropped by 1.4% as of October 17, resulting in an average loss of HKD 4,449 per person [1] - Year-to-date, the MPF composite index has increased by 14.2%, with an average gain of HKD 38,932 per person [1] Fund Performance - Among the three major indices, the stock fund index fell by 2.5%, the mixed asset fund index decreased by 0.7%, while the fixed income fund index rose by 0.1% [1] - In October, the Hong Kong stock fund experienced a significant decline of 6.5%, although it still recorded a year-to-date increase of 28% [1] - The Greater China stock fund also saw a decline of 5% in October, but it maintained a strong year-to-date return of 31.1%, leading the annual performance [1] Market Analysis - GUM indicated that the stock funds were under pressure in October, which was the primary factor dragging down overall performance [1] - Despite the market adjustment in October, the MPF has still achieved positive returns year-to-date [1] - Members are encouraged to review their asset allocation strategies based on their risk tolerance, balancing short-term volatility with long-term growth potential [1]

Core Viewpoint - The Federal Reserve's decision to lower interest rates in 2025 has triggered a global market response, prompting high-net-worth individuals to reassess their asset allocation strategies, particularly in the residential real estate market [1][3]. Summary by Sections Federal Reserve Actions - In 2025, the Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%–4.25%, following three rate cuts in 2024 [1]. Global Market Impact - The rate cut has activated a "hot start" for global markets, significantly affecting capital flows and asset values, with 44% of family offices planning to increase investments in the residential market [1]. Demand for Core Assets - High-net-worth individuals are showing strong interest in "core assets," defined as luxury properties in prime locations of first-tier cities, which are perceived to have robust risk resistance [1][3]. Performance of Luxury Real Estate - The luxury real estate market in China, particularly in first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen, is demonstrating strong resilience, with notable sales figures in high-end residential projects [3][4]. Characteristics of Tian Tan Fu - Tian Tan Fu, located in Beijing's inner city, exemplifies a core asset with its unique cultural and historical significance, comprehensive amenities, and high-end living environment [1][4][5]. Market Statistics - From January to May 2025, Shanghai saw 25 "sunshine plates," primarily high-end residential projects priced above 100,000 yuan per square meter. In Beijing, the proportion of properties priced over 10 million yuan increased by 8.7% [3]. Unique Selling Proposition - Tian Tan Fu's location offers access to significant cultural heritage sites and major commercial areas, enhancing its appeal as a luxury residence [4][5]. Supply Constraints - The supply of residential land within Beijing's second ring road has been extremely limited, with only one plot available from 2020 to 2024, further enhancing the value of properties like Tian Tan Fu [5]. Sales Performance - Since its launch in 2021, Tian Tan Fu has dominated Beijing's residential sales, achieving over 34 billion yuan in sales and maintaining a leading position in the market [7][9]. Architectural Design - The project features low-density buildings designed by renowned architects, blending traditional cultural elements with modern living standards, which enhances its market appeal [8][9]. Comprehensive Development - Tian Tan Fu is a large-scale development that integrates residential, commercial, and educational facilities, covering approximately 1 million square meters, which positions it as a model for urban living in Beijing [11][14]. Current Offerings - The project currently has a limited number of high-end units available, catering to high-net-worth individuals seeking stable and quality assets during uncertain economic times [14].

Core Insights - Gold prices have entered a "surge mode," with international gold prices nearing $4,500 per ounce, and domestic jewelry gold prices increasing daily by 30 to 50 yuan per gram, leading to predictions from U.S. investment leaders that prices could reach $5,000 to $10,000 per ounce in the next two to three years [1] Group 1 - Gold should be part of asset allocation but should not constitute the entirety of one's investments; it is recommended to limit gold investments to 5% to 10% of total assets and to focus on physical gold while avoiding speculation and leveraged trading [3][7] - The current high gold prices suggest that entering the market with a speculative mindset could lead to significant losses due to market volatility; gold's primary value lies in its role as a hedge and a store of value rather than a short-term profit vehicle [3][7] Group 2 - The choice between gold jewelry and gold bars depends on individual needs; gold jewelry is suitable for those who appreciate its decorative value and are willing to incur additional costs for craftsmanship, while gold bars are better for pure investment purposes due to lower costs and ease of resale [5] - For investment purposes, purchasing gold bars from reputable banks is advisable to minimize transaction risks, and it is crucial to avoid exceeding a 10% allocation of total assets to gold to mitigate exposure to market fluctuations [7]