当地时间9月14日，美国总统特朗普向美国上诉法院提出最后请求，要求允许其解雇美联储理事库克， 理由是她涉嫌房贷欺诈。 文｜财华社 "懂王"又要按捺不住了。 特朗普政府称，库克要求继续留在美联储理事会的请求毫无根据，对于库克是否在财务问题上有所误导 的担忧，引发了人们对于"在管理美国货币供应方面，能否信任库克做到坦诚、审慎且公正行事"的疑 虑。 01 美联储降息临近？ 值得注意的是，美联储将于本周（9月16日至17日）召开议息会议，届时将决定是否降息，这也是近期 全球资本市场关注的焦点。 此前，华盛顿特区美国地方法院法官贾·科布作出初步裁定，暂时阻止特朗普罢免美联储理事库克。只 要联邦法官的裁决有效，库克就能参加本次议息会议，这可能会对降息计划构成潜在阻碍，这显然不是 特朗普愿意看到的。 有分析认为，特朗普本次敦促上诉法院批准解雇库克，希望通过此举将库克踢出美联储阵营，以免影响 其"降息梦"的落地。 尽管美国通胀仍然居高不下，但面对放缓的劳动力市场，市场普遍预计美联储本周将降息。 按照"美联储观察"工具显示，本周FOMC有93.4%的概率将祭出25个基点的降息，还有极其微弱的可能 性会降息50个基点。按照惯例， ...

Core Insights - The online seminar "Gold Price Fluctuations: Market Volatility and Outlook for the Second Half of the Year" was successfully held, featuring discussions from various experts on the current state and future trends of the financial market [1] Group 1: Gold and Silver Market Analysis - Gold has seen a rapid increase since the beginning of 2024, with silver showing a similar upward trend, indicating potential for further gains [2] - Central banks, particularly in China and India, are increasing their gold reserves to hedge against currency risks, reflecting a shift in global liquidity dynamics [2] - Despite a significant rise in gold prices over the past two years, the overall trend remains upward, with expectations of increased volatility in the future [2] Group 2: Market Volatility and Asset Allocation - The current global market is characterized by high uncertainty and volatility, driven by factors such as U.S. Federal Reserve policy uncertainty, geopolitical risks, and doubts about global economic growth [3] - Investors are advised to maintain diversified portfolios, focusing on high-quality assets while being cautious of risks in U.S. equities and exploring opportunities in A-shares and Hong Kong stocks [3] - The bond market is expected to remain uncertain until monetary policy becomes clearer [3] Group 3: Structural Economic Challenges - The global economy is entering a phase of "high volatility, low growth," with structural challenges such as aging populations and high national debts limiting growth potential [4] - There is a notable "K-shaped" divergence in asset performance, with U.S. stock indices being driven by a few tech stocks while many others lag behind [4] - Long-term investment in gold is recommended for its hedging properties, alongside opportunities in bonds and sectors like technology and pharmaceuticals [4] Group 4: Global Economic Dynamics and Financial Innovation - The restructuring of international order is enhancing the strategic value of gold, as central banks increase their gold purchases to mitigate dollar risks [5] - The advent of artificial intelligence is expected to revolutionize traditional economic analysis, necessitating new growth theories [5] - Developments in Web3 and Real World Assets (RWA) are anticipated to reshape financial infrastructure, with potential implications for gold and digital currencies [5] Group 5: U.S. Policy Impacts and Market Reactions - The economic impact of the Trump administration's policies has led to structural changes in the market, with concerns about long-term social inequality and growth potential [6] - The simultaneous decline of U.S. stocks, bonds, and the dollar reflects investor apprehension regarding U.S. policy uncertainties [6] - Investors are advised to monitor central bank asset diversification trends to prepare for potential risks associated with escalating trade tensions [6]

本文来自彭博终端，终端用户可运行NSN T1MH67GPL3WR阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究 (Bloomberg Intelligence) 就各公司、行业和市场提供全球投研分析以及交互式 数据。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 扫描二维码 立即订阅 彭博ESG双周报 本期主题：投资者预计ESG和气候相关AUM将增长 （ 彭 博 行 业 研 究 ） —— 在 彭 博 行 业 研 究 的 ESG 投 资 者 调 查 中 ， 2 5 2 名 受 访 者 中 有 近 8 5% 表 示，预计未来两年环境、社会和治理(ESG)领域的资产管理规模(AUM)将会增长。投资者亦 表露出对气候和能源转型的持续关注，并认为这些因素有助于提升企业的竞争力和收入。AI 和网络安全被认为是ESG的新兴主题。 ESG和气候资产管理规模预计将增长 尽管ESG原则持续面临反对声音，但调查参与者预计相关投资在未来两年将会增长，并继续 认为这一方法具有长期效益。近8 5%的受访者表示，他们预计未来两年分配给ESG的资产管 理 规 模 有 望 ...

【要闻速递】 今日周一（9月15日）亚盘时段，黄金期货目前交投于834.22附近，截至发稿，黄金期货暂报832.10元/ 克，涨幅0.16%，最高触及835.34元/克，最低下探828.42元/克。目前来看，黄金期货短线偏向震荡走 势。 打开APP，查看更多高清行情>> 当前，国内金价已步入高位震荡区间。展望本周行情，分阶段来看：周一至周二，预计仍维持多头主导 下的高位震荡格局，下方关键支撑位保持不变——沪金依托830支撑可博弈反弹机会，融通金则以820为 支撑寻求做多契机。但需特别注意，持仓务必在这两日内择机短线止盈离场。 周三将迎来重磅事件——美联储利率决议。若降息幅度符合市场预期，届时沪金与融通金或将面临下行 压力，甚至不排除出现趋势逆转式的大幅下跌。这一关键转折点能否兑现，将成为本周行情的核心看 点。 【最新黄金期货行情解析】 据美国政府匿名官员消息，贝莱德集团高管里克·里德在美联储主席继任人选竞争中势头渐盛。上周 五，美国财长贝森特在纽约与他进行了两小时深度会谈，聚焦货币政策、组织架构及监管等议题。目前 遴选持续推进，贝森特已面谈11位公开候选人中的4位，后续或增1-2人。 里德作为贝莱德资深高管， ...

与此同时，美元在经历了自1973年以来最大的上半年跌幅后，反弹乏力，部分原因正是市场对美联储将 深度降息的预期。 本周FOMC利率决议，市场确信美联储至少降息25个基点，但这已经无法满足激进预期，投资者已经为 延续至2026年的一系列降息进行了定价。 目前金融市场普遍倾向于认为，就业形势的担忧将在本周利率决议中占据主导地位，美联储将传达鸽派 基调。市场已消化了美联储为避免经济衰退而将在2026年前持续降息的预期，这种乐观情绪推动美债收 益率跌至数月低位，美股屡创新高。 在债券市场，基准10年期美债收益率接近4月以来最低水平，标普500指数逼近历史高位，纳斯达克100 指数刚刚录得一年多来最长连涨纪录。 然而，由于通胀水平仍高于目标，关税对价格的影响仍在发酵，分析认为，美联储主席鲍威尔及其他官 员可能发出信号，暗示投资者过于激进，从而引发资产价格的重新定价。鲍威尔讲话和美联储官员利率 预测"点阵图"是本次决议的关注重点。 25基点几成定局，50基点存在小概率可能 市场对本周三美联储降息25基点的预期已接近100%确定性。Brandywine Global Investment Management 债券投资组合 ...

Core Viewpoint - The announcement details the convening of a shareholder meeting for the Haitong Anyu Medium and Short Bond Collective Asset Management Plan to discuss the change of management to Guotai Haitong Securities Asset Management Co., Ltd. and related matters [1][2][34]. Meeting Details - The meeting will be held via communication methods, with voting from September 17, 2025, to October 14, 2025, at 17:00 [2][3]. - The meeting aims to protect the interests of the shareholders and is in accordance with relevant laws and regulations [2][34]. Management and Custodian Information - The management company is Shanghai Haitong Securities Asset Management Co., Ltd., and the custodian is Shanghai Bank Co., Ltd. [2][33]. - The plan is set to expire on December 31, 2025, following the management contract's effective date [2][33]. Voting Procedures - Shareholders can vote through various methods, including paper ballots, online voting, SMS voting, and recorded phone voting, specifically for individual investors [4][5][7][11]. - The voting rights are based on the number of shares held, with each share granting one vote [14]. Agenda Items - The main agenda item is the proposal to change the management of the Haitong Anyu Medium and Short Bond Collective Asset Management Plan to Guotai Haitong Medium and Short Bond Securities Investment Fund [5][34]. - The proposal requires a two-thirds majority approval from the participating shareholders to be valid [20][34]. Legal and Regulatory Compliance - The meeting and proposed changes comply with the Securities Investment Fund Law and related regulations [34][48]. - The management company is authorized to handle the necessary adjustments and modifications to the legal documents following the approval of the proposal [47][48]. Changes to the Fund Structure - The management will change from Shanghai Haitong Securities Asset Management Co., Ltd. to Guotai Haitong Securities Asset Management Co., Ltd. [35]. - The product name will change from Haitong Anyu Medium and Short Bond Collective Asset Management Plan to Guotai Haitong Medium and Short Bond Securities Investment Fund [36]. - The investment strategy and fee structure will also be adjusted, including a reduction in sales service fees [41][42][43].

Core Insights - The forum highlighted the challenges faced by the special asset industry, including rising total volume and structural transformation, pricing imbalances, and shrinking profitability, necessitating a shift from disposal thinking to operational thinking [1][4] - The establishment of a special asset expert mechanism in 2020 has yielded significant results, with the recent forum recognizing new experts in the field [2] - Discussions at the forum focused on the protection of financial creditors during corporate bankruptcy restructuring and the revitalization of distressed real estate [3][4] Group 1 - The special asset management department of Ping An Bank emphasized the need for collaborative efforts to create impactful benchmark projects [1] - The forum featured expert presentations on the new developments and trends in China's restructuring system, highlighting the value of restructuring from multiple perspectives [2] - The challenges in the special asset market during low growth, low inflation, and low interest rate periods were discussed, with a focus on cooperation and innovation as pathways to success [3] Group 2 - The forum included discussions on the balance between creditor protection and corporate rescue in bankruptcy law revisions [3] - Practical case studies on bankruptcy and real estate revitalization were analyzed, providing valuable insights for future project handling [3] - The overall theme of the forum revolved around innovation and collaboration to address new challenges and opportunities in the special asset industry [4]

Core Viewpoint - BlackRock indicates that the rise in global government bond yields reflects expectations of sustained high interest rates rather than concerns over an impending fiscal crisis [1] Group 1: Market Dynamics - Long-term sovereign bond yields have surged significantly this year across major economies, leading to the steepest yield curves in years [1] - The widening gap between 5-year and 30-year bond yields suggests a shift in market dynamics [3] - The current neutral interest rate is believed to be above historical levels, influenced by loose fiscal policies and high investment spending, particularly in the AI sector [3] Group 2: Investor Sentiment - Despite concerns over fiscal situations, investor demand remains strong, as evidenced by new bond issues receiving billions in subscriptions [3] - France's recent bond auction demonstrated robust demand, even amid political challenges, with its 10-year bond yield premium over German bonds decreasing from a recent high [3][4] - Market movements indicate that investors expect France to eventually resolve its budgetary issues [4] Group 3: Long-term Bond Outlook - The re-pricing of long-term bonds is occurring across major government bond markets, with the pressure on long-term bonds likely to persist [4] - The company expresses limited willingness to allocate to long-term bonds in regions including the UK [4]

Core Insights - Wei Zhenghao, founder and president of the Daofu Chamber of Commerce, established the organization on February 10, 2022, to address the challenges faced by Chinese enterprises in the digital globalization era [1][7]. Group 1: Background and Experience - Wei Zhenghao was born in Shanghai's Songjiang District in 1985, growing up in a family of early private entrepreneurs, which instilled in him the values of integrity and innovation [3]. - He demonstrated a keen business acumen from a young age, organizing various initiatives such as a stationery sharing plan and a charity market during his school years [4]. - Wei graduated from Shanghai Jiao Tong University with a dual degree in International Economics and Trade and Computer Science, and later earned a full scholarship for an MBA at the Wharton School, focusing on global strategy and digital economy [5]. Group 2: Establishment of Daofu Chamber of Commerce - The Daofu Chamber of Commerce was founded in response to the urgent need for a professional platform to convert policy benefits into actionable solutions for Chinese enterprises looking to go global [7][9]. - The organization aims to address three key backgrounds: supportive government policies for digital economy international cooperation, the pressing need for Chinese companies to enhance their digital localization capabilities, and the challenges posed by globalization [9][10]. Group 3: Achievements and Services - Within just over a year, the Daofu Chamber of Commerce has become a benchmark platform for Chinese enterprises in the digital globalization sector, offering a comprehensive service system that includes digital compliance, cross-border digital marketing, international capital connection, and cross-cultural digital training [12]. - The chamber has served over 300 member enterprises, providing tailored solutions for startups, growth-stage companies, and large enterprises, helping them expand their international presence [14][15]. Group 4: Development Philosophy and Future Plans - The core development philosophy of the Daofu Chamber of Commerce is centered around "digital empowerment, global collaboration, and value co-creation," with a strategic plan to become a leading platform for Chinese enterprises' digital globalization in the next five years [16][17]. - Specific initiatives include establishing six overseas offices in key economic regions, creating a digital talent pool, and launching industry-specific outbound plans for sectors like renewable energy and cross-border e-commerce [19].

Core Viewpoint - The 25th China International Investment Trade Fair highlighted the importance of investing in China as a pathway to future opportunities, emphasizing the role of the event in promoting international investment and cooperation [1]. Group 1: International Business - The fair serves as a global public investment platform, facilitating domestic and international dual circulation and high-level opening-up amid changing international environments and domestic industrial upgrades [3]. - Bosera Asset Management has established a comprehensive international business network across Asia, North America, Europe, and Africa, with asset management scale exceeding 100 billion HKD [3][4]. - The company has launched innovative products, including the first long-duration U.S. Treasury ETF in Hong Kong and a virtual asset spot ETF, positioning itself as a leader in industry transformation [4]. Group 2: Index Investment - Index products are becoming essential tools for global investors to access Chinese opportunities, with Bosera leading the development of index business [5]. - The company has developed a diverse range of index products, including broad-based, cross-border, and thematic ETFs, enhancing its product toolbox [5]. - Bosera aims to meet the diverse investment needs of clients through its "Bosera Smart Investment" brand, providing comprehensive investment solutions [5]. Group 3: Financial Strategy and ESG - Bosera integrates national financial strategies into its operations, focusing on technology finance and innovation to support high-quality development [8]. - The company has committed to ESG principles, launching green financial products and participating in initiatives to promote sustainable investment [9]. - Bosera has developed a comprehensive pension finance model, enhancing investor education and services to improve the overall investor experience [9]. Group 4: Digital Transformation - The company is at the forefront of digital finance, incorporating AI into its investment research processes to enhance efficiency and decision-making [10]. Group 5: Overall Impact - With over 1.6 trillion CNY in assets under management and a commitment to high-quality development, Bosera's practices contribute significantly to the globalization of Chinese asset management [11]. - The company aims to be a guide for global capital while translating the value of Chinese assets, ensuring that both China and the world can share in the opportunities presented [12].