指数创出十年新高，祝贺所有在这个市场中坚持下来的战友们。 正好之前有朋友问投资收益，虽然也清楚自己的大概水平，但因为采用不同的投资策略，资 金分散在多个账户中，投资品种包括基金、股票、转债，有A股、B股，尤其是早些年通过不 同的渠道买了几十个基金，严格的收益统计还真没有做。 于是各种翻箱倒柜，将之前的证券、基金各种数据拉出来，各种计算、估算。发现有些之前 收益统计错了，有些账户密码都忘记了需要重置，有些数据已经查不到了只能估算，有些发 现竟然还有钱。发现数据保留最差的中欧基金，数据都被清零了。支付宝最远只能查到21年 的数据，广发证券14到19年的只能看到一个年度的数据，13年的完成看不到了。实际上我是 12年开始投资基金，13年6月开通广发证券账户。 记得当年最早买的基金是华夏复兴和嘉实服务增值，第一次买的时候怕被骗，没敢在基金管 网上买，是通过银行渠道买的，买完再跑到基金官网查询，发现没问题才敢在基金网站上 买。后面又买了易方达、中欧、富国、兴全、景顺、汇添富等很多基金。之前那些当红老将 的基金大部分我都买过，如富国天惠、天成红利，嘉实优质、服务增值，易方达中小盘、景 顺鼎益、兴全趋势等。这些基金也为我赚 ...

2025.08. 25 本文字数：3621，阅读时长大约6分钟 作者 | 第一财经 王方然 在深圳从事外贸业务的陈林（化名），今年6月通过某香港保险中介了解到一款"七年翻番"的"新存 款"方案。他以12万港元自有资金，加上银行提供的48万港元贷款，共计60万港元，投保了一份香港 储蓄险。同时搭配一款年化6.75%的派息基金，收益用于偿还每季度的贷款利息。中介宣称，7年后 退保可返还约120万港元，每年单利超10%。 然而，仅过去2个多月，随着港元利率波动，陈林的贷款成本较之前上涨超过10%，而基金派息却未 能达到预期水平。更令他担忧的是，原本承诺的"稳健收益"完全依赖于非保证分红，保险公司最新披 露的分红实现率并不高，最终收益可能大幅低于预期。 陈林的经历是当前香港保费融资市场高热现象的一个缩影。在市场利率下行的背景下，这类被包装 成"新存款"或"高阶理财"的香港保险融资方案正通过社交平台迅速推广，以年化超10%的收益为卖点 吸引投资者。据记者调查了解，其本质是通过银行贷款购买保单，再利用保单承诺收益与贷款利率之 间的"息差"获利。 神秘"新存款" 在市场利率下行的背景下，一种号称年化收益率超过10%的"新存 ...

聚烯烃周报： 旺季陆续启动，逢低试多 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 Z0021323 李 倩 F03134406 时间：2025/8/24 中辉期货有限公司交易咨询业务资格 证监许可[2015]75号 PE：社会库存转为去库，震荡偏强 【下周展望】 近期基本面改善，社会库存去化。供给端变动不大，暂无新增扩能压力，7月进口量为111万吨，累 计同比+2.5%，进口压力缓解。需求端，农膜陆续转为旺季，开工率连续5周上涨。目前产业链整体 库存压力不大，企业库存位于同期高位，社会库存及下游原料库存均处于同期中性偏低水平。 策略： 风险提示：1）上行风险：原油大幅上涨，宏观利好政策超预期；2）下行风险：原油大幅下跌，需 求不及预期。 2 1）单边：回调做多。L2601关注区间【7350-7550】。 2）套利：塑料近期检修力度更高，多LP01套利继续持有。 3）套保：基差同期低位，产业客户可择机卖保。 PP：供给持续攀升，跟随板块区间反弹 【本周回顾】 本周回顾：本周L2601合约在7243至7413宽幅震荡，振幅170点，周线2连阳。上周五夜盘开盘价为 7352，随后一路 ...

#Crypto囤 BTC 跑赢所有是部分真相，熬鹰的这个版本也是真相。推荐阅读。相对来说，我更同意熬鹰的版本。因为他离我的入场时间轴更近，时间点决定不同的真相。下面是 21 年进场、DeFi + 套利党（包括我自己）的版本真相：1. 在 21 年如果你 fomo 进场，梭哈全部身家买入 btc，4 万 - 12 万。你的身家翻了 3 倍，恭喜你。2. 上半年算了下，整体仓位大约 4 年 100 倍。单个策略角度统计无回撤；没有被 rug 过；赌博仓位和次数都很少，可以忽略；3. 利润不止套利直接相关，小部分还来自：前期的产品设计外包、技术外包，后来也有策略落地、代练等一些外快收入。4. 我的收益水平，在我平时交流的群体里，说实话是 中游。风险控制水平，上游。综合能力，中上游。行业里大部分技术方向，我都懂一点。5. 如果我能早一年入圈，我有完全的把握，收益再 x3～x10。因为我错过了 Luna，当时还在打工，太菜太嫩了。所有套利党都知道 Luna 意味着什么，那是 10 年难遇 —— 改变命运的机会。大部分我认识的套利人，都从 Luna 赚到了 10M 人民币以上。6. 我们这一批 20、21 年 DeFi ...

有一说一，OKX 现在这个交易账户的 USDT 余额以及未实现盈亏都可以拿来理财的功能实在是太方便了这样再也不用怕 1x 杠杆合约当现货开浪费资金费了不过资金费套利业务现在 CEX 都开始下场做的话，圈内其他做 delta neutral 的项目和套利策略的利润空间应该会进一步下降吧Star (@star_okx):OKX Auto Earn 提供了更方便、灵活、及时的收益功能。开通Auto Earn 以后， 交易账户的USDT 余额以及USDT未实现盈亏都可以收到对应的APY. ETH和SOL的Auto Staking 也很快会上线，交易和staking 两不误。 ...

#投资表面上看，我的投资舒适区是 “买在无人问津处，卖在人声鼎沸时。”是这么做的，结果也很好。但这只是表面上。实际上我的投资舒适区，是“不在意”……因为我的主业是套利，那么主动交易我有的是耐心，和不在意。我可以一年做一笔，也可以三年做一笔，甚至可以十年做一笔。所以套利党做主动交易胜率很高，是理所当然的，同样也毫无意义。有很多 2020 年之后，BTC 还在越来越多的 holder。他们的主业有持续不断买入的现金流。这里难的是持续的、不依赖 BTC 的现金流，而不是买入。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The bond market rebounded after a significant adjustment due to short - term redemption pressure on bond funds and rising sentiment in the equity market. The recent slowdown in the stock market's upward trend and a decline in market risk appetite have contributed to the bond market's recovery [1][2]. - In the short term, the bond market remains in a balance between expectations of loose policies and weak economic recovery, with limited downward space for yields. In the medium term, attention should be paid to fluctuations caused by increased supply and economic data repair [3]. 3. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's monthly CPI had a month - on - month change of - 0.10% and a year - on - year change of 0.10%; monthly PPI had a month - on - month change of - 0.40% and a year - on - year change of - 3.60% [8]. - **Monthly Economic Indicators**: Social financing scale was 430.22 trillion yuan, with a month - on - month increase of 4.06 trillion yuan (+0.95%); M2 year - on - year was 8.30%, up 0.40% (+5.06%); manufacturing PMI was 49.70%, up 0.20% (+0.40%) [8]. - **Daily Economic Indicators**: The US dollar index was 98.64, up 0.97 (+0.99%); the offshore US dollar - to - RMB exchange rate was 7.1671, up 0.005 (+0.07%); SHIBOR 7 - day was 1.60, down 0.02 (-1.48%); DR007 was 1.58, down 0.07 (-4.34%); R007 was 1.68, up 0.04 (+2.35%); the yield of 3 - month AAA - rated inter - bank certificates of deposit was 1.57, down 0.02 (-1.24%); the 1 - year AA - AAA credit spread was 0.08, down 0.01 (-1.24%) [8]. II. Overview of the Treasury Bond and Treasury Bond Futures Market No specific content provided other than the source of data and some figures about the market, including the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each variety of treasury bond futures, etc. [9][11] III. Overview of the Money Market Funding Situation - On July 28, 2025, the central bank conducted a 7 - day reverse repurchase operation of 495.8 billion yuan at a fixed interest rate of 1.4%. The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.467%, 1.596%, 1.635%, and 1.549% respectively, and the repurchase rates have recently rebounded [1][2]. IV. Spread Overview No specific numerical or detailed analysis content provided other than the introduction of relevant figures, such as the inter - period spread trend of each variety of treasury bond futures and the term spread between spot bonds and cross - variety spreads of futures [37][39]. V. Two - Year Treasury Bond Futures No specific analysis content provided other than the introduction of relevant figures, such as the implied interest rate of the TS main contract and the yield of treasury bonds, the IRR of the TS main contract and the funding rate, etc. [45][48] VI. Five - Year Treasury Bond Futures No specific analysis content provided other than the introduction of relevant figures, such as the implied interest rate of the TF main contract and the yield of treasury bonds, the IRR of the TF main contract and the funding rate, the basis trend of the TF main contract in the past three years, etc. [55][58] VII. Ten - Year Treasury Bond Futures No specific analysis content provided other than the introduction of relevant figures, such as the implied interest rate of the T main contract and the yield of treasury bonds, the IRR of the T main contract and the funding rate, the basis trend of the T main contract in the past three years, etc. [63][66] VIII. Thirty - Year Treasury Bond Futures No specific analysis content provided other than the introduction of relevant figures, such as the implied interest rate of the TL main contract and the yield of treasury bonds, the IRR of the TL main contract and the funding rate, the basis trend of the TL main contract in the past three years, etc. [70][73] 4. Strategies - **Unilateral**: As the repurchase rate rebounds and the price of treasury bond futures fluctuates, the 2509 contract is neutral [3]. - **Arbitrage**: Pay attention to the widening of the basis [3]. - **Hedging**: There is medium - term adjustment pressure, and short - sellers can moderately hedge with far - month contracts [3].

新能源及有色金属日报 | 2025-07-25 氧化铝现货价格：2025-07-24 SMM氧化铝山西价格录得3240元/吨，山东价格录得3220元/吨，广西价格录得 3300元/吨，澳洲氧化铝FOB价格录得380美元/吨。 氧化铝期货方面：2025-07-24氧化铝主力合约开于3361元/吨，收于3427元/吨，较上一交易日收盘价上涨8元/ 吨，涨幅0.23%，最高价达到3488元/吨，最低价为3324元/吨。全天交易日成交786570手，较上一交易日减少 152741手，全天交易日持仓189037手，较上一交易日减少4907手。 铝合金价格方面：2025-07-23保太民用生铝采购价格15300元/吨，机械生铝采购价格15500元/吨，价格环比昨 日下跌100元/吨。ADC12保太报价19700元/吨，价格环比昨日下滑-100元/吨，华东地区ADC12-A00价差-820 元/吨。 铝合金库存：铝合金社会库存4.32万吨，周度环比增加0.6万吨，厂内库存6.36万吨，周度环比减少-0.03万吨，总 库存10.68，周度环比增加0.57万吨。 氧化铝价格博弈因素依旧较多 重要数据 铝现货方面：SMM数据，昨 ...

Group 1 - Silver has recently experienced a significant price increase, with a cumulative rise of nearly 19% in London silver spot prices since June and approximately 35% in silver futures year-to-date, surpassing gold's increase of about 27% [3][4] - The price surge of silver is attributed to a combination of geopolitical risks and its industrial properties, with industrial demand accounting for 60% of total silver demand [5][7] - The historical relationship between gold and silver prices is closely linked, with the gold-silver ratio averaging around 58 since 1968, but this ratio has increased significantly due to gold's rapid price rise [4][5] Group 2 - The industrial demand for silver, particularly in sectors like photovoltaic energy and electronics, is driving its price up, as silver is essential in manufacturing solar panels and electronic components [9][10] - The increasing gap between gold and silver prices has created arbitrage opportunities, prompting investors to buy silver in anticipation of its price catching up to gold [9][12] - The recognition of silver's substantial utility value, both as a precious metal and an industrial raw material, is contributing to its rising demand, especially as global economic recovery continues [12]

Group 1 - The core viewpoint is that gold is experiencing a resurgence as a safe-haven asset amid global economic uncertainty, with current international gold prices surpassing $3,370 per ounce, marking the largest single-day increase of the year [1] - The domestic gold price in China has reached 774.42 yuan per gram, reflecting a daily increase of over 5 yuan, which translates to a 0.67% rise [1] - There is a slight discrepancy between domestic and international gold prices, with a difference of 0.24 yuan per gram, influenced by factors such as exchange rate fluctuations and import costs [1] Group 2 - Various banks have set different prices for gold bars, with Industrial and Commercial Bank of China offering the highest at 794.76 yuan per gram, while other banks range from 787 to 789 yuan per gram [2] - Gold jewelry prices in retail stores are significantly higher, with brands like Chow Sang Sang and Chow Tai Fook priced at 1,012 yuan and 1,008 yuan per gram respectively, indicating a premium due to craftsmanship and brand value [2] - The recent rise in gold prices is attributed to increased global risk aversion and fluctuations in the US dollar, leading to higher demand for gold as a store of value [4] Group 3 - Investors are advised to consider gradual purchases of gold to mitigate risk, rather than investing all funds at once, and to wait for price corrections to average out investment costs [4] - The optimal time to sell gold is when domestic and international prices rise simultaneously, particularly when there is a daily increase of 5-10 yuan per gram, to avoid losses [6] - The potential recovery price for gold at retail stores may be lower than the market price, emphasizing the importance of timing in selling gold assets [6]