编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 "新世纪终于来了！新世纪一定是中国的世纪！"2000年，千禧年跨年之时，40岁的吴晓求在家里站在窗前开心地大喊。 0:00 彼时，他是中国人民大学（下称"人大"）财政金融学院的副院长。吴晓求是中国最早开始研究资本市场领域的学者之一。他是资本市场的理论研究者，也是 制度改革的积极推动者。从资本市场陷入"是否应该存在下去"的怀疑期开始，他就四处为资本市场呐喊疾呼。 21世纪初，吴晓求说："中国要成为一个伟大的国家，金融必须强大，金融强大是市场的强大，即资本市场要成为国际金融中心。" 2025年初，66岁的吴晓求在数百人参加的资本市场论坛上笑着说："我这一生，大概只为中国资本市场而来。" 寻"药方" 1990年12月，上海证券交易所、深圳证券交易所建立，标志着中国资本市场的正式诞生。 在过去的三十多年中，吴晓求用钢笔一笔一画写出了上千万字的论文、演讲稿、著作等文稿。新的想法持续在他脑海中涌现，他会与学院的教授在深夜进行 讨论，然后独自思考、写作至凌晨。有时候，写作到 ...

【导读】韩国"国家队"救市了 中国基金报记者 泰勒 新加坡马来亚银行（Maybank）外汇策略师Shaun Lim表示："这条消息肯定会震慑做空韩元 的人。市场常说'不要和央行作对'。现在韩国传递的信息是：不要和央行、国民年金以及财政 部作对。" 作为韩国最大的机构投资者，NPS过去常通过对冲与外汇操作来缓解韩元压力，例如今年1月 至5月期间曾卖出美元、买入韩元。 同时，负责监管NPS的韩国保健福祉部在另一份声明中称，委员会还决定将与韩国央行 （BOK）的外汇互换协议期限再延长一年，至2026年底。 韩国央行在单独声明中表示，该互换额度已从2022年的100亿美元逐步上调至650亿美元。 韩国"国家队"，救市了。 12月15日，韩国国民年金公团（NPS）宣布，将以更"灵活"的方式推进战略性外汇对冲，以 支撑该国疲弱的本币汇率。 该基金管理委员会周一在声明中表示，已决定制定灵活的执行措施，使战略性对冲能够根据 市场状况进行适应性操作。 这只管理约1361万亿韩元（约合9240亿美元）资产规模的基金，目前将其海外投资组合的战 略性对冲比例上限设定为10%。 在持续的股市资金外流以及居民加大海外投资的影响下，韩元在 ...

Core Viewpoint - The article discusses the evolution of ETFs (Exchange-Traded Funds) and their role in stabilizing the market during turbulent times, highlighting their increasing popularity and adaptability in various market conditions [2] Group 1: ETF Market Dynamics - ETFs have seen significant growth, with assets under management reaching approximately $10 trillion, reflecting a year-on-year increase of 20% [2] - The article emphasizes the diversification benefits of ETFs, allowing investors to gain exposure to a wide range of assets with lower costs compared to traditional mutual funds [2] Group 2: Market Impact and Future Trends - The use of ETFs has been pivotal in providing liquidity during market downturns, acting as a buffer against volatility [2] - The article predicts that the trend of increasing ETF adoption will continue, driven by technological advancements and changing investor preferences towards passive investment strategies [2]

Group 1 - The Argentine stock market surged by 6% following U.S. Treasury Secretary Scott Bansen's supportive signals amid recent market sell-offs in Argentina [1][3] - Bansen committed to providing "all stabilization options" to Argentine President Javier Milei, including currency swap lines, direct repurchases of local currency, and utilizing the U.S. Treasury's Exchange Stabilization Fund (ESF) [1][6] - Following the announcement, the Argentine stock market experienced a peak increase of 7% during trading [3] Group 2 - U.S. support will complement a $20 billion program agreed upon with the International Monetary Fund (IMF), which was finalized by Milei in April [6] - The Argentine central bank sold $1.1 billion in three days to support the peso, while sovereign bonds faced significant pressure, marking the worst performance in emerging markets [6] - The Milei administration temporarily suspended export taxes on agricultural products to attract more U.S. dollars, indicating a strategy to reduce the depletion of international reserves [6] Group 3 - The upcoming midterm elections on October 26 represent a significant test for Milei, with rising disapproval ratings and a halved lead over the Peronist opposition party [6] - Concerns about Milei's governance have intensified due to bribery allegations, a recent electoral defeat, and challenges to his budget cuts in popular spending areas like education and healthcare [6][8] - Economic recovery under Milei has shown signs of weakness, with a slight contraction in Q2 and expectations of further decline in Q3, alongside high unemployment rates [8]

Core Viewpoint - The article highlights the significant support from the U.S. government to stabilize the Argentine stock market amid recent turmoil, leading to a notable surge in stock prices and the exchange rate [2][3][6]. Group 1: U.S. Support and Market Reaction - On September 22, the Argentine stock market rose by 6% following U.S. Treasury Secretary Scott Bencet's commitment to provide "all stabilization options" to Argentine President Javier Milei [3]. - Following the announcement, the Argentine stock market experienced a peak increase of 7% during trading [4]. - The U.S. support is expected to complement a $20 billion program agreed upon with the International Monetary Fund (IMF) [7]. Group 2: Economic Measures and Challenges - The Milei government announced a temporary halt on export tariffs for agricultural products to attract more U.S. dollars, which analysts believe will reduce the depletion of international reserves [8]. - The upcoming midterm elections on October 26 pose a significant challenge for Milei, with rising disapproval ratings and a diminished lead over the Peronist opposition party [9]. - Economic recovery under Milei's administration has shown signs of weakness, with a slight contraction in output during the second quarter and expectations of further decline in the third quarter [9].

Core Viewpoint - The article discusses various strategies proposed by economist Ma Guangyuan to rescue the real estate market in China, emphasizing that there are many potential solutions available. Group 1: Proposed Solutions - The first suggestion is to lower the down payment for home purchases to 10%. Concerns about increased risk to banks are noted, but Ma argues that the creditworthiness of Chinese citizens is relatively high, despite data showing a significant number of overdue credit card accounts and a rising risk of mortgage defaults among families [3][4]. - The second suggestion involves continuing to lower interest rates on mortgages. Ma believes that current mortgage rates are too high and suggests that they could be reduced to around 2%, which would still be relatively high given the current deflationary environment [4][6]. - The third proposal is to ensure that real estate developers do not face a liquidity crisis. Ma emphasizes the need for a public commitment to prevent project delays and to address regulatory failures that have led to issues like unfinished buildings [6][8]. Group 2: Additional Measures - Another idea presented is to offer a price guarantee for homebuyers. If the price of a purchased home decreases within six months, the developer would compensate the buyer for the difference, potentially through a financial product or insurance [8]. - The article critiques Ma's suggestions as lacking originality and practicality, suggesting that if these measures were effective, the current state of the real estate market would not be so dire [10].

Group 1 - The China Securities Regulatory Commission (CSRC) has announced a market closure from May 1 to May 5, with trading resuming on May 6, which may impact investor sentiment negatively [1] - A meeting was held to discuss measures to support listed companies in enhancing their market value, which is beneficial for the A-share market, particularly for the 1,503 state-owned enterprises [1] Group 2 - The Nasdaq index rebounded by 10% over the week, but future movements may be uncertain due to inflation and tariff issues [3] - The Federal Reserve is considering a potential interest rate cut in June, which could influence market dynamics [3] Group 3 - Current market conditions indicate upward movement, but lack of trading volume poses significant pressure [5] - In an optimistic scenario, if trading volume exceeds 150 billion yuan, the Shanghai Composite Index could test 3,320 points [5] - In a neutral scenario, the market may maintain a trading volume of 1.1 to 1.2 trillion yuan, with the index fluctuating between 3,280 and 3,330 points [5] - In a pessimistic scenario, if trading volume falls below 1 trillion yuan, the index may retreat to 3,250 points, increasing risks for gold and consumer stocks [5] Group 4 - The Shanghai Composite Index closed down 0.07% at 3,295.06, while the Shenzhen Component Index and the ChiNext Index rose by 0.39% and 0.59%, respectively [7] - The market is currently in a consolidation phase around the 3,300-point mark, which is a critical level that requires further digestion [7] - A successful breakthrough above 3,300 points could lead to a more favorable upward trend in the market [7]

先给昨天的热点做个更新，油罐车煤粮油混运一事继续发酵，目前已经引起中央政府的重视，现在百度热搜第一就是国务院要求彻查食用油运输 乱象，意味着这件事已经捅破天，接下来必须得给出一个官方说法，也就是调查报告，不再会不了了之。 事发之后多家粮油相关的上市公司回应，每一家都把自己撇的干净，都说自己的运输渠道管控严格，不会出现新闻报道里的情况。 本来，没有证据，它们就算胡说八道我们也没法反驳，但这一次有人较真了。我在b站看了一个叫做《高见》的节目，里面的up主非常细心，虽然 新京报的视频里给两辆涉事车辆车牌号打了码，但百密一疏，油罐车过收费站的时候，显示牌没有打码，上面能看到车牌号。 有了车牌号，就可以联网查询该辆油罐车最近半年的行车轨迹，然后就查到它为多个客户运送过粮油。 武汉市东湖区 益海嘉里（武汉）粮油工业 湖南省临湘市 东祥油脂化工 驻马店遂平县 河南正康粮油 廊坊文安县 四青畜牧养殖 邢台御宠 宠物食品 汉中勉县 新力油脂 咸阳咸兴路 金龙鱼 山西晋龙养殖股份有限公司饲料公司 陕西中衡农资科技有限公司 陕西西瑞集团粮油食品仓储物流加工基地 很多人一眼就会注意到咸阳咸兴路的金龙鱼工厂，其实最上面的益海嘉里粮油工 ...

今天a股成交6400亿，继续缩量，但是涨跌幅表现很好，中位数+2.55%，近4600只股票上涨。到了收盘的时候，证券媒体各种醒目标题，大奇迹日，超级 逆转，绝地大反击，看起来是久违的狂欢。 但我心里面其实是有些怀疑这些搞标题的编辑，自己本人到底有没有在炒股......涨完了也才2972点，这奇迹个der啊。成交量低迷成这个样子，除了少数还 在坚持做短线的，那些一路扛下来的股民对于今天回的这点血只有呵呵。 说来也奇怪，前两天官军日均百亿奋力护盘也止不住下跌，今天没咋买，反而就涨起来了。之前绵绵不绝的抛盘今天突然消失了，所以你们看就那么点买 盘也能把大盘抬起来。 …… 今天财经热搜头条是北京楼市进一步松绑，简单总结就是首套首付降到20%，利率降到3.5%，家里孩子多胎的二套算首套。另外二套、郊区的房子也顺势 跟进宽松，就不展开细表了。 这次政策没有惠及存量房贷，所以只是鼓励观望的需求下场，像我们这些被锁牢30年的老韭菜直接无视。至于优惠的力度只能说还行吧，无论是首付还是 利率，都和我2016年买房时的条件相当，我当时的房贷利率85折，后来跟着LPR下浮，现在就是3.5%左右。 限购还是没有取消，首都的架子还端着， ...