2025年9月的深圳水贝市场，电子屏上"835元/克"的金价不断跳动，不远处深圳市粤宝鑫贵金属有限公 司的门店却贴着冰冷的封条。 这家经营一年多的黄金料商一夜人去楼空，留下超千万元欠款和遍布全国的受害者，连河南许昌胖东来 金店都未能幸免，委托提纯的1公斤黄金连同90万元货款石沉大海。 从2023年底中国黄金加盟店兑付危机，到2025年5月浙江永坤黄金40亿资金崩盘，再到2025年9月水贝料 商跑路，每次金价创历史新高时，总有一批商家应声倒下。 这背后藏着黄金市场的三重深坑，普通人稍不留意就可能血本无归。 01. 黄金暴雷的规律在近三年愈发明显，每次金价单边上涨，都会成为刺破行业泡沫的针，以下三起典型事 件勾勒出完整的风险轨迹： 2023年末，北京多家中国黄金加盟店突然关门失联，其中海淀区山东黄金贵友大厦店涉案金额达4亿 元。 吸引投资者的核心是"稳赚不赔"的承诺：要么按"保本理财"算，每年拿5个点收益；要么像炒股一样赚 金价差价。 但实际上，加盟店根本没有足额储备黄金，收来的资金被挪作他用。 当金价暴涨引发集中兑付，资金链瞬间断裂，不少投资者连本金都无法追回。 这家成立于2014年的企业，在全国开了50多家门 ...

高杠杆市场风险 加密资产市场的关注度不减。 10月5日，比特币价格突破历史新高，达到12.58万美元/枚，涨幅超2%。 10月6日上午11时，市场24小时成交额达到3.12亿美元，增幅67.99%。比特币价格回落至12.34万美元/ 枚，与今年8月中旬价格持平。比特币现货ETF单日总净流入8176.36枚比特币。 值得注意的是，市场24小时爆仓数据显示，最近24小时，全球共有10万人被爆仓（注：国内虚拟货币交 易属于非法金融活动）。 根据Coinglass数据，最大单笔爆仓单发生在Hyperliquid-BTC-USD价值737.46万美元。 多位分析人士告诉《中国经营报》记者，比特币爆仓的原因主要有市场价格剧烈波动、高杠杆交易的使 用以及市场流动性不足等，其高杠杆市场的不健康体现在放大投资风险、加剧市场波动。 监管链路持续完善 鉴于加密资产对金融体系稳定可能产生外溢风险，各国监管部门不断加大对加密资产的监管力度。截至 2024年年底，全球已经有51个国家与地区对加密出台禁止规定。 北京大成（上海）律师事务所律师、浙大城市学院法学院兼职研究员施子涵表示，当前国内对于虚拟货 币的监管链路正在快速完善。证据收集方 ...

Core Insights - The cryptocurrency market is experiencing significant volatility, with over $1.5 billion in long positions liquidated, leading to a severe market crash [1] - The rise of perpetual contracts, a type of derivative without an expiration date, is gaining traction in the regulated U.S. market, with major exchanges like Coinbase and Cboe planning to offer these products [3][9] - The appeal of perpetual contracts lies in their high leverage, allowing traders to amplify their positions significantly, but this also poses substantial risks [4] Industry Trends - Perpetual contracts now account for approximately 68% of Bitcoin trading volume, driven by a surge in speculative trading during the recent bull market [5] - Major trading platforms are rapidly integrating perpetual contracts into their offerings, with Coinbase and Robinhood leading the charge [6][8] - The profitability of these trading platforms is evident, as seen in Robinhood's Q2 report where cryptocurrency and options trading contributed nearly 80% of its trading revenue [8]

Group 1 - The financing balance of A-shares has reached a new high, with the Shanghai Stock Exchange financing balance at 1 trillion yuan and the Shenzhen Stock Exchange at 961.25 billion yuan, marking significant increases since mid-June [1][2] - The continuous rise in financing balance indicates a recovery in trading activity, with net inflows of 67.14 billion yuan in Shanghai and 64.91 billion yuan in Shenzhen over five weeks [1][2] - The increase in financing balance is accompanied by a rise in retail investor participation, particularly in industry ETFs, which have seen net inflows for four consecutive weeks [1] Group 2 - As of July 29, the total margin financing balance for both Shanghai and Shenzhen has reached 1.982641 trillion yuan, with a daily increase of 15.61 billion yuan [2] - Among 31 primary industries, 29 have experienced net financing inflows, with the pharmaceutical and biological sector leading at 9.55 billion yuan [2] - A total of 187 stocks have seen net financing inflows exceeding 200 million yuan since July, with the highest being Xinyi Technology at 3.76 billion yuan [2] Group 3 - Analysts suggest that the new high in financing balance reflects heightened market optimism, but also warns of increased volatility due to high leverage trading [3] - The current market environment is characterized by strong trading activity and a potential for continued upward movement, with a focus on sector rotation and increased volatility [3] - The market is entering a new phase of amplified volatility, indicating a transitional period as it seeks new leading sectors [3]

Core Viewpoint - The article highlights the strong performance of the Renminbi (RMB) against the US dollar, with significant movements in the offshore RMB market and implications for the Hong Kong stock market [1][2][4]. Currency Performance - On May 5, the offshore RMB surpassed the 7.20 mark against the US dollar for the first time since November of the previous year, gaining over 100 points in a single day [2]. - The US dollar index fell below the 100 mark, reaching a low of 99.673, reflecting a decline of 8.03% year-to-date [2][3]. Market Reactions - The FTSE China A50 index futures rose sharply, reporting an increase of 0.84% [2]. - The Hong Kong Hang Seng Index rebounded by 1.74% on May 2, closing at 22,504.68 points, driven by the strengthening of the offshore RMB [4]. Economic Policy Insights - According to Jianyin International's chief strategist, the Central Political Bureau's meeting set a positive tone for the market, emphasizing the need for proactive macroeconomic policies to stabilize market expectations [5]. - The strategist anticipates that relevant policies will be implemented by the end of June, with a focus on defensive dividend sectors in investment strategies [5].