近期，上市公司及公募基金三季报披露了多位知名基金经理的调仓路径。三季度，结构化行情充分演 绎，多位基金经理积极出手捕获牛股。如傅鹏博管理的睿远成长价值、谢治宇管理的兴全合润集体加仓 PCB龙头东山精密，朱少醒管理的富国天惠大举增持华新水泥。展望四季度，部分基金经理表示，中国 权益市场长期稳健向好的态势日渐明朗，美元流动性有望迎来拐点，这将对中国股票市场的流动性带来 更大提升。不过，四季度宏观事件的影响将会增多，成长板块仍将表现出较大的波动性。（中国证券 报） ...

Core Insights - Federal Reserve Chairman Jerome Powell's speech on October 15, 2025, introduced significant variables for both the global macroeconomic landscape and the cryptocurrency market, highlighting rising employment downside risks and the potential end of balance sheet reduction in the coming months [1][5] Employment Market Signals - Powell's comments on slowing non-farm employment growth and rising employment downside risks alleviated market concerns regarding high interest rates suppressing risk assets, leading to a 21% increase in Bitcoin spot trading buy orders and an 18% rise in Ethereum contract trading activity within an hour post-speech [3][5] - The XBIT platform's tools allowed investors to overlay employment data expectations with cryptocurrency price trends, enabling users to capture short-term arbitrage opportunities through features like "market alerts + smart follow-up" [3][5] Inflation Dynamics - Powell emphasized that the August core PCE inflation rate of 2.9% was influenced by tariffs rather than widespread inflationary pressures, resulting in a 34% increase in fund inflows for RWA (Real World Asset) related tokens on the XBIT platform [3][5] - The platform's unique "cross-chain asset flow tracking" module monitored significant fund movements across 18 main chains, helping users identify institutional investments in tokenized government bonds and commercial real estate [3][5] Liquidity Expectations - The signal regarding the potential end of balance sheet reduction sparked market expectations for liquidity easing, with XBIT's "liquidity inflection point monitoring" feature triggering alerts based on AI-generated models predicting a 15% to 20% potential price increase for major cryptocurrencies over the next 30 days [5][7] - The number of users engaging in cross-chain asset allocation increased by 42% within three hours post-speech, with institutional users frequently utilizing the "compliance sandbox 2.0" module for stress testing [5][7] Risk Management and Tools - XBIT's platform updated its macroeconomic data alert module to include delayed official employment data and upcoming Beige Book content, providing users with strategies for adjusting trades in response to policy changes [5][7] - The "fully automated arbitrage engine" on the platform monitored price discrepancies across multiple chains, triggering cross-chain arbitrage when Bitcoin's price exceeded a 3% premium, yielding an average arbitrage return of 0.8% for users on that day [5][7] Overall Market Strategy - For ordinary investors, XBIT's tools facilitate a more precise understanding of the interplay between policy and market dynamics, enabling stable asset allocation amid complex liquidity changes [7] - As the Federal Reserve's policies remain in a state of dynamic adjustment, the cryptocurrency market's sensitivity to policy-related volatility is expected to persist, with XBIT providing comprehensive support from information capture to risk management [7]