Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation on November 24, with a fixed rate and quantity tendering, amounting to 338.7 billion yuan at an interest rate of 1.40%, with the same amount being the winning bid [1] - On the same day, 283 billion yuan of reverse repos matured, resulting in a net injection of 55.7 billion yuan [1] Group 2: Funding Conditions - The interbank market in China showed a relaxed funding environment, with overnight repurchase rates slightly decreasing to around 1.32% [3] - The overnight quotes in the anonymous X-repo system remained around 1.3%, with a supply scale of about 100 billion yuan [3] - Non-bank institutions were borrowing overnight funds against pledged credit bonds at rates between 1.47% and 1.48% [3] - The latest overnight financing rate in the U.S. was reported at 3.91% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit from major banks was around 1.64%, showing a slight increase from the previous day [7] Group 4: Major Interest Rate Bond Yields - The yields for various government bonds were reported, with the 1-year government bond yield at 1.4025%, and the 10-year bond yield at 1.6900% [9] Group 5: Recent MLF Operations - The central bank plans to conduct a 1 trillion yuan MLF operation on November 25, with a net injection of 100 billion yuan for November, as 900 billion yuan of MLF is set to mature [13] - The total medium-term liquidity released through MLF and reverse repos in November is 600 billion yuan, maintaining a relatively high level for four consecutive months [13] Group 6: Bond Market Developments - The central bank successfully issued 45 billion yuan in central bank bills in Hong Kong on November 24, with a 3-month issuance of 30 billion yuan at an interest rate of 1.60% [13] - The issuance of local government bonds in Inner Mongolia is scheduled for December 1, amounting to 10.4 billion yuan [17]

Core Viewpoint - The ongoing sell-off in Japanese government bonds signals significant concerns regarding the country's fiscal health, exacerbated by a proposed large-scale economic stimulus plan exceeding 20 trillion yen, which could further strain Japan's finances [1][2]. Group 1: Market Reactions - Japanese government bond yields have surged, with the 10-year yield reaching 1.8%, the highest since 2008, and the 40-year yield hitting a historical peak of 3.695% [2]. - The Nikkei 225 index has experienced substantial declines, erasing most gains since the new Prime Minister's election, indicating investor anxiety [2]. - The Japanese yen has weakened against the dollar, falling below 157 yen per dollar, reflecting market instability [2]. Group 2: Government Actions and Plans - The government is preparing a supplementary budget of at least 25 trillion yen to support economic recovery and protect households from rising prices, which is expected to lead to increased issuance of long-term bonds [2][4]. - Recent discussions between government officials and the Bank of Japan focused on maintaining communication regarding market conditions, although no specific currency discussions were held [3]. Group 3: Investor Sentiment and Concerns - Investors are increasingly worried about the fiscal risks associated with the proposed stimulus, fearing that it may necessitate further bond issuance [4]. - The recent cancellation of the annual "primary balance" target and proposed changes to corporate governance have heightened investor concerns, contributing to market volatility [4]. - Analysts warn that if the government's credibility is undermined, a broader sell-off of Japanese assets could ensue, reflecting a growing perception of economic chaos [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Global Mastermind Holdings Limited 環球大通集團有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：8063） 有關復牌狀況之季度更新資料 本公告乃Global Mastermind Holdings Limited環球大通集團有限公司*（「本公司」，連同 其附屬公司，「本集團」）根據香港聯合交易所有限公司（「聯交所」）GEM證券上市規則 （「 GEM上市規則」）第17.10條及第17.26A條以及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文（定義見GEM上市規則）刊發。 茲提述本公司日期為二零二四年十月七日、二零二四年十月八日、二零二四年十月十七 日、二零二五年二月七日、二零二五年二月十日、二零二五年二月十八日、二零二五年 二月十九日、二零二五年二月二十八日、二零二五年四月一日、二零二五年五月十六 日、二零二五年八月十二日、二零二五年八月二十 ...

Core Insights - Emerging market trades, particularly long positions in Brazilian real and AI-related stocks, are raising concerns due to overcrowding risks [1][3] - Asset management firms are warning that valuations of Latin American currencies have deviated from fundamentals, indicating potential risks [1][6] - The MSCI Emerging Markets Index has seen a nearly 30% increase this year, marking its best performance since 2017, but past trends suggest a possible significant downturn could follow [3][4] Group 1: Emerging Market Concerns - Many emerging market sectors are showing signs of overheating, driven by factors such as Fed rate cuts and a softening dollar [3] - A recent HSBC survey indicated that 61% of investors are overweight in emerging market local currency bonds, a significant shift from a net underweight in June [3] - The potential for profit-taking as the year ends may lead to increased volatility in the foreign exchange market [3][4] Group 2: Specific Market Risks - Asian stock investors experienced risks associated with high valuations and crowded trades, particularly in AI stocks [4] - The Korean Composite Stock Price Index (Kospi) saw a significant drop despite a previous surge, highlighting the risks of concentrated positions in AI-related trades [4] - Lazard Asset Management's portfolio manager expressed caution after the tech stock sell-off, noting that low-quality companies have been outperforming high-quality ones, which historically does not last [5] Group 3: Currency and Bond Market Dynamics - Brazilian real has been a standout asset for carry trades, but recent indicators suggest a shift towards bearish sentiment [6] - Other Latin American currencies, such as Chilean, Mexican, and Colombian pesos, are also showing signs of overvaluation [6] - Frontier market bonds have benefited from a trend of investors moving away from U.S. assets, but concerns about liquidity in markets like Egypt and Ghana are emerging [7]

Core Insights - Hong Kong's IPO financing has regained the top position globally in the first three quarters of the year, but it faces significant challenges from global financial technology advancements, particularly from the US, India, and Singapore [2] - The future development of Hong Kong's financial sector hinges on three strategic opportunities: the internationalization of the Renminbi, financial technology innovation, and the integration of the Guangdong-Hong Kong-Macao Greater Bay Area [2][17] - The current financial landscape necessitates immediate action, as delays could result in missed opportunities for Hong Kong to maintain its status as an international financial center [2][17] Financial Market Foundations - Hong Kong's financial market success is built on three pillars: the rule of law, high professional standards, and capital freedom [3][4] - The total assets of Hong Kong's banking sector are approximately ten times its GDP, with a GDP of around $400 billion and banking assets reaching $4 trillion [4] - Hong Kong is the largest offshore Renminbi center, handling about 80% of global offshore Renminbi transactions, and has a stable currency system with the Hong Kong dollar pegged to the US dollar [4] Capital Inflows and Economic Structure - Current capital inflows into Hong Kong are primarily concentrated in the stock market, with limited impact on the real estate sector [5] - The service sector constitutes over 93% of Hong Kong's GDP, indicating that capital should ideally flow into this area to benefit the real economy [5][6] - Hong Kong's GDP growth is close to 4% this year, reflecting positive trends in consumption and services, although some sectors like dining still face challenges [6] Commodity Market Development - Hong Kong has the potential to develop a commodities market, particularly in gold, due to changing dynamics in mainland Chinese enterprises and their need for an offshore trading hub [7][8] - The establishment of a gold trading infrastructure, including expanded storage facilities, positions Hong Kong as a key player in the region [7] Renminbi Internationalization - The internationalization of the Renminbi requires integration into payment systems and trade financing, with projects like mBridge facilitating cross-border payments using digital currencies [10][11] - mBridge has demonstrated economic benefits by reducing costs and increasing efficiency in commodity trading, highlighting the need for further development in trade financing systems [11] Asset Tokenization - Asset tokenization aims to streamline financial transactions by merging trading, clearing, and settlement processes into a single system, enhancing efficiency [12][13] - The successful implementation of asset tokenization in Hong Kong could position it as a leader in financial innovation, especially with the support of central bank digital currencies [12][14] Regulatory Framework and Innovation - Hong Kong's regulatory approach is characterized by a "sandbox" model, allowing for controlled experimentation with new financial technologies [15][16] - The need for a flexible regulatory framework is emphasized to balance innovation and risk management, ensuring that Hong Kong remains competitive in the fintech space [15][16] Future Opportunities and Challenges - The primary opportunity for Hong Kong lies in building a new digital capital market infrastructure through asset tokenization and central bank digital currencies [22] - Major challenges include geopolitical risks, talent competition, and the urgency to innovate in response to global advancements in financial technology [22]

智通财经APP获悉，根据华尔街分析师们对于英国股债市场的最新看法，英国最新一轮政治闹剧对该国资产走势相 当不利，随着一份充满争议的预算案临近，英国金融市场不确定性正在累积，市场波动正在加剧——暴跌与暴涨可 能随时切换。 英国资产承压 市场对有传言称英国卫生大臣韦斯·斯特里廷(Wes Streeting)正计划挑战首相基尔·斯塔默(Keir Starmer)的领导地位最 初反应不大，但华尔街策略师们警告称，从长期来看，这类传闻并无助益，甚至有可能重创英国资产。斯特里廷随 后迅速否认了相关指控，称其"并不属实"。 "政治不确定性对英镑和英国国债(也被称作金边债)都不是好事。"来自荷兰合作银行的外汇策略主管Jane Foley表 示。这些传言使得英镑周三在G-10外汇(十国集团货币)表现排行榜中接近垫底位置，"在一份很可能相当黯淡的英国 预算案出台之前，更加恶化了整体情绪，"她补充表示。 截至发稿，英镑下跌0.4%，报1英镑兑1.3105美元。10年期英国国债收益率上升3个基点，收复了前一日部分跌幅。 这一事件发生在政府计划于11月26日公布预算案的数周之前。外界普遍预测英国财政大臣雷切尔·里夫斯(Rachel R ...

Core Viewpoint - The Federal Reserve's decision to lower interest rates by 25 basis points has created uncertainty regarding future policy directions, with Chairman Powell indicating that a December rate cut is "far from a done deal" [3][4][5]. Group 1: Federal Reserve's Decision and Internal Disagreements - The Federal Reserve's policy-making committee voted 10-2 to lower the benchmark interest rate to a range of 3.75%-4.00%, marking the first instance of "dual opposition" since 2019 [5]. - There are significant internal divisions within the Federal Reserve, with some officials expressing caution about further rate cuts due to persistent inflation concerns [6][7]. - Dallas Fed President Logan stated that unless there is clear evidence of a faster-than-expected decline in inflation or a cooling labor market, another rate cut in December is unlikely [7]. Group 2: Economic Outlook and Market Reactions - Financial markets have reduced their expectations for a December rate cut to 60%, down from over 95% earlier in the week, reflecting uncertainty in the economic outlook [10]. - Economists from Deutsche Bank, Montreal Bank, and Goldman Sachs maintain their view that the Fed will cut rates again in December, while Wilmington Trust's chief economist believes employment data will support a rate cut [11]. - Oxford Economics' senior economist noted that the likelihood of a recession in the next 12 months remains low, suggesting that inflation risks will weigh more heavily in the Fed's policy considerations moving forward [12].

Core Views - The Federal Reserve's decision to lower the benchmark interest rate by 25 basis points has led to internal divisions among its members, with some advocating for maintaining the current rate and others pushing for a more aggressive reduction [2][3][4]. Summary by Sections Interest Rate Decision - The Federal Reserve voted 10-2 to lower the benchmark interest rate to a range of 3.75%-4.00%, marking the first instance of "dual dissent" since 2019 [2]. - Kansas City Fed President Jeff Schmid argued for maintaining the current rate, citing a balanced labor market and potential long-term negative impacts on inflation if the Fed's commitment to the 2% target is questioned [2]. Internal Divisions - Several regional Fed presidents expressed skepticism about the need for further rate cuts, emphasizing the ongoing inflation risks and the need for clear evidence of economic downturns before making such decisions [3][4]. - Dallas Fed President Lorie Logan stated that unless there is clear evidence of faster-than-expected inflation decline or a cooling labor market, the likelihood of another rate cut in December is low [3]. Market Expectations - Market expectations for a rate cut in December have dropped significantly from over 95% to around 60%, reflecting uncertainty due to government shutdowns and missing economic data [6]. - Economists from Deutsche Bank, Montreal Bank, and Goldman Sachs still believe a rate cut will occur in December, while others argue that the current economic indicators do not support such a move [6][7]. Future Considerations - The upcoming public speeches from Fed officials will be crucial in setting the tone for the December meeting, as their views may influence the market's assessment of future rate cuts [5]. - Analysts suggest that the threshold for further rate cuts may be higher than previously anticipated, requiring more substantial evidence to justify such actions [7].

Group 1 - US Treasury prices continue to rise, with mid-term yields dropping to their lowest point in a year due to concerns over regional bank failures and ongoing trade tensions, prompting investors to seek safe-haven assets [1][2] - The 5-year US Treasury yield decreased by 4 basis points to 3.51%, the lowest level since early October 2024, while the 2-year yield fell to levels not seen since 2022, and the benchmark 10-year yield dropped below 4% [1][2] - Spot gold prices reached a historical high of $4,380, reflecting heightened demand for gold as a safe-haven asset during periods of political and economic turmoil [1] Group 2 - Concerns over problematic loans disclosed by two regional US banks have intensified fears of a broader crisis, leading to a surge in demand for US Treasuries as part of a global risk-off trend [2] - The US fiscal deficit and trade tensions have further weakened risk sentiment, with the 10-year Australian Treasury yield falling to 4.09%, the lowest since early April, and Japanese Treasury yields also declining [2] - Recent comments from Federal Reserve officials have supported the bond market, reinforcing expectations for more accommodative policies, with indications of potential rate cuts of 25 basis points [2]

Market Overview - Global financial markets experienced increased volatility, with US and European stocks declining while gold, US Treasuries, and the US dollar index rose[2] - On October 10, the S&P 500 index fell nearly 3% due to Trump's tariff threats, resulting in a weekly decline of 2.4%[2] - The Stoxx 600 index in Europe dropped 1.25% on the same day, with a weekly decline of 1.1%[2] Economic Policies - In the US, President Trump indicated plans to cut federal projects favored by Democrats amid a government shutdown stalemate, with permanent layoffs of federal employees confirmed[3] - The Federal Reserve's September meeting minutes showed a willingness for further rate cuts, with a 98.3% probability of a 25 basis point cut in October[3][7] - The Michigan consumer confidence index for October slightly decreased to 55, a five-month low, but still above market expectations[3][5] Asset Performance - US Treasury yields fell across all maturities, with the 10-year yield down 8 basis points to 4.05%[14] - Brent and WTI crude oil prices fell by 2.8% and 3.3%, respectively, closing at $62.7 and $58.9 per barrel[17] - Gold prices rose by 2.3% to $3974.5 per ounce, while silver increased by 6.6% to $50.8 per ounce[17] Currency Movements - The US dollar index rose by 1.13% to 98.82, while the euro and yen fell by 1.01% and 2.42%, respectively[19] - The Chinese yuan depreciated slightly against the dollar, closing at 7.1232[19]