新华财经上海1月6日电（记者杨溢仁）近期，市场关注已久的《公开募集证券投资基金销售费用管理规 定》正式稿揭开面纱，引业界热议。 分析人士指出，相较于此前发布的征求意见稿，正式稿在赎回费率设置、过渡期安排及费率档位划分等 核心环节做出显著优化，呈现出"精准松绑、缓释压力"的政策导向。 对于债券市场而言，新规以较为缓和的结果落地，将显著降低债基短期面临的被动赎回压力，即债市在 负债端将得到一定支撑。 新规松绑超预期债市开年现企稳信号 元旦节前，市场关注已久的《公开募集证券投资基金销售费用管理规定》正式稿出台。 可以看到，公募基金销售新规正式版文件相较于征求意见稿主要有三方面的核心变化。 其一，是征求意见稿将债券型基金的赎回费与股票基金、混合基金做相同设置，对持有期小于7天的， 赎回费不低于1.5%，持有期小于30天的，赎回费不低于1%，持有期小于3个月的，赎回费不低于0.5%； 而正式版文件则规定，对于持有期在7天及以上的个人投资者可另行约定，对持有期在30天以上的机构 投资者也可另行规定。 短期来看，政策松绑超预期，有助于债市情绪集中修复。兴业证券固收首席分析师左大勇表示，新规对 债基赎回费的调整构成超预期利好 ...

12月27日，国际金价回落至4508.4美元/盎司，国内金饰价格分化：周大福等1413元/克，菜百1358元/克，溢价源于工艺与运营成本；银行金条998.8-1014元/ 克，更贴近基础金价，黄金回收价971元/克（99.9%纯度），与品牌新金价差超400元，凸显"买新不如收旧"。 一、贵金属全线走强 从最新市场表现来看，国际贵金属板块维持强势运行，黄金价格稳居4500美元/盎司上方，最新报4507.24美元，单日上涨0.62%，盘中最高触及4530.98美 元；白银延续凌厉涨势，现报74.67美元/盎司，单日涨幅达到4%，再度逼近历史高位，铂金和钯金涨幅更为突出，铂金单日上涨超过8%，钯金涨幅亦超过 5%。 老庙的黄金报价为1413元/克，铂金价格为880元/克，金条和金块的价格为1368元/克，金至尊方面，黄金价格为1411元/克，铂金为925元/克，首饰类产品价 格与黄金一致，同样为1411元/克。 在菜百，黄金价格相对较低，为1358元/克，铂金价格为675元/克，基础银价为18.12元/克，中国黄金公布了不同的价格体系：基础金价为1008.6元/克，零售 价为1024.6元/克，回收价为1005.6 ...

Wolf Report is a senior analyst and private portfolio manager with over 10 years of generating value ideas in European and North American markets. He is a contributing author and analyst for the investing group iREIT®+HOYA Capital and Wide Moat Research LLC where in addition to the U.S. market, he covers the markets of Scandinavia, Germany, France, UK, Italy, Spain, Portugal and Eastern Europe in search of reasonably valued stock ideas. Learn moreAnalyst’s Disclosure:I/we have a beneficial long position in ...

Core Insights - The article discusses the expertise of a senior analyst and private portfolio manager with over 10 years of experience in generating value ideas in European and North American markets [1] Group 1: Analyst Background - The analyst is a contributing author and analyst for the investing group iREIT®+HOYA Capital and Wide Moat Research LLC, covering various European markets including Scandinavia, Germany, France, UK, Italy, Spain, Portugal, and Eastern Europe [1] Group 2: Investment Focus - The analyst focuses on identifying reasonably valued stock ideas within the mentioned markets, indicating a strategic approach to investment opportunities [1]

Market Analysis - The S&P 500 Index (SPX) is currently facing a potential pause or inflection point at the 6,760 level, which is approximately 10% above the previous all-time closing high in February 2025 [1][3] - Recent trading activity has shown a short-term overbought condition as the SPX approached the 6,760 level, leading to profit-taking among bullish investors [3] - A significant sell-off occurred following President Trump's announcement regarding potential tariffs on China, which has reignited tariff uncertainty in the market [4] Volatility and Speculation - The net short position among large speculators on CBOE Volatility Index (VIX) futures is at its highest since August 2022, which historically preceded a 10% decline in the SPX [7] - The VIX surged higher as the SPX sold off, indicating that large speculators were positioned for lower volatility, marking the largest bet on lower volatility in over three years [7][8] - An unwind of the short volatility trade poses a risk, especially with the SPX closing below its 30-day moving average, which could lead to further selling in the stock market [8] Sentiment and Market Dynamics - The VIX has shown two peaks around the late-May closing high, suggesting potential volatility selling opportunities that could temporarily halt the VIX's advance and the equity market's selloff [9] - A close above 22.30 on the VIX could signal further increases in volatility and declines in equity prices in the coming weeks [12] - If short-term traders interpret the recent selloff as a "risk-off" cue, it may lead to reduced exposure from fund managers and increased put buying relative to call buying, indicating potential market weakness [13] Technical Indicators - The SPX's close below its 30-day moving average raises concerns about correction risks, similar to previous instances in July 2024 and February 2025 [14][15] - The 50-day moving average, located only 22 points below the recent SPX close, may provide immediate support if the SPX continues to decline [15]

Group 1 - BP demonstrated stronger oil trading performance compared to competitors during market volatility in Q2 [1] - CEO Murray Auchincloss emphasized reliance on internal analysis to track global crude flows rather than macroeconomic news [1] - The company adopted a strategy of shorter trading cycles to manage price fluctuations, typically trading crude oil, diesel, and gasoline over three to nine months [1] Group 2 - BP's core replacement cost profit reached $2.35 billion in Q2, exceeding analyst expectations of $1.81 billion [2] - In contrast, BP's net profit for Q2 last year was $2.76 billion, and $1.38 billion in Q1 2025 [2] - Competitors Shell and Total expressed a more cautious trading approach due to price volatility, with Shell's CEO noting a conservative risk-averse strategy [2]