美国评级突遭下调 欧洲信用评级机构范围评级公司日前发布报告，将美国主权信用评级从"AA"下调至"AA-"，原因是美国公 共财政状况持续恶化及政府治理标准下降。 宏观•要闻 中美在马来西亚吉隆坡举行经贸磋商 当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特和贸易代表格里尔在马来西亚吉隆坡举行中美经贸磋商。双方以今年以来两国元首历次通话重要共识 为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和执法合作、农产品 贸易、出口管制等双方共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流磋商，就解决各 自关切的安排达成基本共识。双方同意进一步确定具体细节，并履行各自国内批准程序。 国务院关于金融工作情况的报告：落实落细适度宽松的货币政策，推动社会综合融资成本下降 国务院关于金融工作情况的报告26日提请十四届全国人大常委会第十八次会议审议。报告提出，下一步金 融工作将突出金融服务实体经济重点方向，着力提供高质量金融服务。报告指出，要落实落细适度宽松的 货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境。执行好各项已出台货币政 ...

这是新消费智库第 2 6 9 9 期文章 1. 亨氏推出有机核桃油 2.水獭吨吨推出新品「东方抹茶轻乳茶」 3. YeeHoO 英氏推出「超韧绒」羽绒系列 4. 皇家美素佳儿 联名娇韵诗推出联名礼盒 5. 孩儿面推出儿童润肤组合 6. 九阳豆浆推出新品「黑咖生可 可自律豆浆粉」 7.徐福记官宣孙颖莎代言奇巧、趣满果 8.绝味推出超市型门店 9.「 麦当劳」 x 「奔驰」联动上新 10. 海底捞推出宴会店 11. 香飘飘全国首店将落地杭州 12. 德芙脆可可巧克力全新上市 13. 世喜官宣全球品牌代言人卢靖姗 ...... 新消费导读 4. 皇家美素佳儿 联名娇韵诗推出联名礼盒 图片来源：AI生成 一周新品 1. 亨氏推出有机核桃油 图片来源：AI生成 亨氏推出有机核桃油，宣称精选汾阳与新疆优质产区核桃低温物理榨取技术，无添加，保留核桃原香与营养，不饱和脂肪酸含量达 85% ，亚 油酸与 α- 亚麻酸 5 ： 1 的黄金比列，低酸价认证确保产品新鲜度。 （ EBH 母婴时代 ） 2. 水獭吨吨推出新品「东方抹茶轻乳茶」。 近日，水獭吨吨推出新品「东方抹茶轻乳茶」。 据品牌介绍，新品精选浙江一级抹茶，且每杯融入 ...

Report Industry Investment Rating - The report does not mention the industry investment rating information [23] Core Views - The bond market has experienced a structural market recently, but the structural repair market has become uncertain in the latter part of this week. It is necessary to discuss several main market concerns and issues [2][5] - The primary factor in the recent bond market repair is "chip trading." As time passes, the cost - effectiveness of re - trading for currency easing event trading and TACO trading is relatively low [2][6][8] - In the medium - term, the bond market trend has not changed. In the fourth quarter, various institutions' bond allocation will be affected by the outlook for the next year, and this year's market expectations are the most cautious in the past few years, which also impacts the bond allocation strength in the fourth quarter [2][17] - The bond market may face weak supply and weak demand. There is a "re - allocation" of low - risk and long - duration varieties due to the increase in residents' risk appetite. The supply of interest - rate bonds is less in the fourth quarter, and the strength of the "good start" is uncertain and may be relatively small [2][20] - The relationship between the technology sector and the bond market has changed this year. The marginal power of liquidity easing has weakened, and the re - balance of institutional behavior dominates the bond market. The correlation between the technology bull market and the bond bull market has become clearer [2][21][22] Summary by Directory 1. What is the primary factor in the recent bond market repair? - The reasons for the bond market repair include weakening high - frequency monthly growth indicators, the need for a "good start" in the fourth quarter, the "TACO" trading, the decline in the duration of public bond funds, and the high spread of some bonds [6] - It is essentially a "chip trading" at the weekly level after the rapid widening of various bond spreads. The overall profit - making effect in the market is not strong, and the certainty of time is greater than that of space. The cost - effectiveness of re - trading is low, and the bond fund chips are not yet in a tradable stage after clearing [6][8] 2. How to understand the current economic growth rate and economic structure? - In June this year, the two main logics for going long in the bond market were the weakening growth momentum and limited traditional incremental policies. A possible economic growth structure three years ago may represent a certain degree of "high - quality development" [11] - Traditional bond market research methods may not be applicable when the main source of risk - asset fluctuations shifts from the real - estate chain to the technology sector [11] 3. How does the pricing power of bond market institutions shift? - The bond market has experienced a structural decline in September and a structural repair after the holiday. The participation of public funds in the TACO trading has decreased significantly compared to April this year, and securities firms are more involved, mainly with neutral strategies [12][14] - In the short term, there are opportunities to narrow the spread, but the medium - term trend has not changed. The adjustment of redemption fees and the decline in the bond market's profit - making effect will affect the bond allocation of various institutions in the fourth quarter [17] 4. Bond market supply and demand - The bond market may face weak supply and weak demand. There is a "re - allocation" of low - risk and long - duration varieties due to the increase in residents' risk appetite [20] - The supply of interest - rate bonds is less in the fourth quarter, and the strength of the "good start" is uncertain and may be relatively small [20] 5. How to view the relationship between technology and bonds? - Historically, the correlation between the technology sector and the bond market was weak. But this year, the marginal power of liquidity easing has weakened, and the re - balance of institutional behavior has led to a "bear steep" situation in the bond market [21] - The technology sector's market value has exceeded that of the financial sector, and it has become a performance - driven sector. The impact of the real - estate chain on the A - share market has weakened significantly, and the correlation between the technology bull market and the bond bull market has become clearer [21][22]

美股三大指数皆创新高 科技巨头业绩影响走势 内地经济学家宋清辉分析，美股三大指数迭创新高，是宏观数据、货币政策预期，以及科技巨头盈利能力共同驱动的结果。上周 美股「七巨头」指数再录新高，凸显投资者对大型科技公司盈利能力和增长潜力充满信心。另一方面，美国核心通胀数据回落， 极大强化市场对美联储提前结束紧缩周期，并进一步降息的预期。他强调，温和的通胀走势显著削弱美联储内部「鹰派」对降息 的抵制，为避免因过度刺激引发通胀二次反弹，联储局料采取「谨慎渐进」的降息步伐，「本季美国大概率降息2次，每次降息 25个基点」。 通胀数据温和 降息预期持续升温 美国9月CPI表现温和，使得美联储今季2次降息预期持续升温。受此影响，隔夜美股三大指数皆创历史新高，标指、纳指、道指 分别收涨0.79%、1.15%和1.01%，全周升幅分别为1.92%、2.31%和2.2%。华尔街交易员认为，投资者在美国政府「停摆」引发的 「数据真空期」内，开始聚焦上市公司财报，企业盈利数据的重要性有所提升，「三季报表现so far so good（目前为止一切顺 利）」。分析称，美联储在「非衰退」环境中的降息利于美股，美国中高收入家庭消费支出的韧性， ...

Market Overview - The A-share market showed a strong upward trend from October 20 to October 24, with major indices rising across the board. The ChiNext Index led with a weekly increase of 8.05%, while the ChiNext 50 surged by 9.48% [3] - The Shanghai Composite Index closed at 3950.31 points, marking a 2.88% increase for the week, reaching a 10-year high. Other major indices like the CSI 300 and CSI 500 also saw gains of over 3.2% [3] - The market's trading volume increased significantly, reflecting a resurgence in trading enthusiasm, with a total weekly trading volume averaging approximately 1,779.28 billion yuan [12] Sector Performance - The Wind primary sector average rose by about 2.43%, with the information technology sector leading at a 7.72% increase. Other strong performers included industrials, communication services, and energy, while the consumer staples sector declined by 0.78% [15] - Growth sectors, particularly in technology, are expected to continue performing well, driven by the "14th Five-Year Plan" [15] Fund Issuance - A total of 22 funds were issued last week, including 15 equity funds, 2 mixed funds, 1 bond fund, and 4 FOF funds, with total issuance reaching 16.096 billion units [19] Fund Performance - The Wind All-Fund Index increased by 1.95% last week, with the ordinary equity fund index rising by 3.58% and the mixed equity fund index up by 3.82% [4] - The bond fund index saw a modest increase of 0.15%, indicating a stronger performance in equity funds compared to bonds [4] Global Market Trends - Global markets experienced a strong rebound, with major US indices rising: the Dow Jones up 2.20%, S&P 500 up 1.92%, and Nasdaq leading with a 2.31% increase. Technology stocks, particularly Apple, reached new highs [6] - In Europe, the FTSE 100 rose by 3.11%, and the DAX increased by 1.72%, while Asian markets also saw significant gains, with the Nikkei 225 and Hang Seng Index both up over 3.6% [6] Bond Market Insights - The US Treasury yields showed a mixed trend, with the 10-year yield fluctuating around 4.0%. Market expectations for a potential rate cut by the Federal Reserve are rising, although upward risks remain due to fiscal pressures and persistent inflation [6]

科技股分化走强，其中超威公司大涨7.63%，谷歌上涨2.7%，英伟达上涨2.25%，亚马逊上涨1.41%，英 特尔、微软、META等股均小幅收涨；特斯拉逆势大跌3.4%，奈飞下跌1.7%。 高开高走后全天维持在高位盘整，截至收盘三大指数集体收涨且均创历史新高，其中道指上涨1.01%， 纳指上涨1.15%，标指上涨0.79%。盘面上，银行、科技双双反转，黄金探底回升。 银行股强势反转，其中高盛大涨4.41%，联合银行上涨3.64%，阿莱恩斯西部银行上涨2.87%，摩根士丹 利上涨2.86%，齐昂银行上涨2.78%，花旗集团上涨2.16%，摩根大通上涨2%。 COMEX黄金探底回升，上演深V反转，截至收盘下跌0.45%报4126.9美元/盎司，盘中最低报4055.7美元/ 盎司，最高报4159美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 中概股小幅高开后维持在中轴上方弱势盘整，截至收盘中国金龙上涨0.27%。其中百度上涨1.89%，哔 哩哔哩上涨1.76%，阿里巴巴上涨1.63%，京东、蔚来、拼多多等股均小幅收涨；贝壳逆势大跌3.09%， 理想汽车下跌1.39%。 ...

Group 1 - China Poly Group Corporation issued a statement clarifying that it has no involvement in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] - The companies registered in Hong Kong, such as "Poly Digital Industry Group Co., Ltd." and "Poly Digital Asset Issuance Co., Ltd.", have no equity or affiliation with Poly Group and are not involved in any investment or business relationships with it [1] - Poly Group urges the public to be vigilant and cautious in investment collaborations and to report any illegal activities to the police [1] Group 2 - Poly Group is a large central enterprise approved by the State Council and directly managed by the State-owned Assets Supervision and Administration Commission, established 40 years ago [4] - The company has developed a diversified business system known as "5+1", covering various sectors including trade, real estate, culture, technology, engineering, and finance, with operations in over 100 cities in China and nearly 100 countries globally [4] - Poly Group ranks 173rd in the 2024 Fortune Global 500 and has received an A grade in performance assessment from the State-owned Assets Supervision and Administration Commission 13 times [4] - The company has 10 main subsidiaries, employs 90,000 staff, and has 5 publicly listed companies [4]

Core Insights - The People's Bank of China reported that by the end of Q3 2025, the total balance of RMB loans from financial institutions reached 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [1] - The report highlights a significant increase in medium to long-term loans for the industrial sector, with a balance of 26.59 trillion yuan, growing by 9.7% year-on-year, which is 3.2 percentage points higher than the overall loan growth rate [1] - The report indicates strong support for technology-driven small and medium-sized enterprises (SMEs), with 27.54 million SMEs receiving loans, achieving a loan acquisition rate of 50.3%, an increase of 2.8 percentage points from the previous year [1] Loan Categories Summary - Industrial medium to long-term loans showed robust growth, with heavy industry loans at 22.6 trillion yuan (up 9.3%) and light industry loans at 3.99 trillion yuan (up 12.3%) [1] - The balance of medium to long-term loans in the service sector reached 72.36 trillion yuan, growing by 6.8% year-on-year, with non-real estate service loans increasing by 7.5% [1] - The report noted a steady growth in loans to enterprises and institutions, rapid growth in inclusive micro and small loans, and a consistent increase in agricultural loans, while real estate loan growth remained stable [2]

亚太经合组织（APEC）第三十二次领导人非正式会议将于10月末至11月初在韩国庆尚北道庆州市举 行。作为一个涵盖21个经济体的区域性组织，APEC诞生30多年来，已逐步发展为亚太地区层级最高、 领域最广、影响力最大的经济合作机制，为提升区域经济一体化水平、引领经济全球化发挥了重要作 用。 当前，亚太地区经济活力如何？中国在APEC中发挥怎样的作用？即将举办的庆州APEC峰会有哪些值 得关注的热点话题？本报邀请中国社会科学院亚太与全球战略研究院研究员许利平、南开大学亚太经济 合作组织研究中心副研究员张靖佳，围绕相关话题进行解读。 亚太地区仍将是全球增长的主要引擎 【观察】 亚太地区占世界人口1/3，占世界经济总量逾六成、贸易总量近一半，是全球经济最具活力的增长带。 近日，国际货币基金组织（IMF）发布最新一期《世界经济展望报告》认为，亚太地区仍将是全球增长 的主要引擎，今明两年对全球增长的贡献率约为60%。IMF亚太部主任斯里尼瓦桑表示，在加强区域内 部一体化的情况下，在中期内，亚洲整体经济增长将加速提高，其中一些开放程度更高、与全球供应链 联系紧密的经济体将受益更多。 【解读】 许利平：亚太地区一直是全球增长 ...

Group 1 - The company's stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over two consecutive trading days (October 22 and 23, 2025) [1] - The company conducted a self-examination and confirmed that there are no corrections or supplements needed for previously disclosed information [1][2] - There are no undisclosed significant matters related to the company by the controlling shareholder or actual controller, nor are there any major matters in the planning stage [1] Group 2 - The company has not identified any recent media reports that could have significantly impacted its stock price [1] - The company's production and operational conditions remain normal, with no significant changes in the internal or external operating environment [1] - The controlling shareholder and actual controller did not buy or sell the company's stock during the period of abnormal fluctuation [1]