面对复杂多变的投资环境，金管局会继续坚守保本先行、长期增值的原则，谨慎而灵活地管理外汇基 金。我们会作出适当的防御性部署，并维持高流动性，亦会持续多元化投资，致力提高外汇基金的长期 投资回报，确保外汇基金能继续有效维持香港的货币及金融稳定。 2025年九月底外汇基金的总资产为41,522亿港元，较2024年底增加712亿港元，而其累计盈余为9,163亿 港元。 金管局总裁余伟文表示：踏入第三季，央行货币政策、地缘政治局势及人工智能热潮等因素共同利好投 资环境。全球主要资产类别表现大致向好，其中主要股票市场指数于季内再创新高。港股受惠于资金流 入，于第三季上升约12%。债市方面，虽然美联储在九月再次减息，但美元债券收益率依然处于较高水 平，外汇基金持有的债券组合继续获得不错的利息收入。不过，美元兑其他主要货币在第三季转强，为 外汇基金带来一些资产外汇估值下调。总体而言，外汇基金在2025年首九个月录得不俗的投资收入，各 主要资产类别均实现正回报。 他续说：展望2025年余下时间，投资环境仍然高度不明朗。虽然预期美联储继续减息或会利好投资气 氛，但市场对美国经济前景的关注仍会持续。此外，美国政府的经贸政策、贸易摩 ...

Core Insights - The Xinjiang Listed Companies Association organized a learning exchange activity in Shanghai for 27 listed companies and related institutions, focusing on "benchmarking advanced practices and empowering enhancement" [1][2] - The event included training on regulatory policies from the Shanghai Stock Exchange, emphasizing compliance in daily operations, information disclosure, and capital operations [1] - Participants visited four benchmark companies in Shanghai to learn about their advanced experiences in technology innovation, industry operations, corporate governance, and ESG practices [2] Group 1 - The activity aimed to build an efficient learning and cooperation bridge for Xinjiang listed companies [1] - The training provided insights into compliance management and risk prevention, highlighting common issues in information disclosure and regulatory processes [1] - The event facilitated a platform for collaboration between Xinjiang enterprises and Shanghai resources, enhancing awareness of collaborative benchmarking [2] Group 2 - The association plans to continue organizing various learning exchange activities to meet enterprise development needs and promote healthy development in the Xinjiang capital market [2] - The initiative aims to deepen understanding of industrial upgrades, technological innovation, and capital operations [2] - The event strengthened the foundation for high-quality development of Xinjiang listed companies through enhanced capabilities and resource integration [2]

Core Viewpoint - The article discusses the tendency of retail investors in the A-share market to engage in short-term trading despite evidence suggesting that long-term holding of quality stocks yields higher returns. It highlights the psychological factors driving this behavior and the resulting financial consequences. Group 1: Retail Investor Behavior - Retail investors in the A-share market have an average holding period of only 32 days, with an annual turnover rate exceeding 600% [1] - Investors who hold quality stocks for over five years have a threefold higher probability of making a profit compared to short-term traders [1] - The allure of immediate financial gratification leads many investors to prefer short-term trading over long-term strategies [2] Group 2: Psychological Factors - The human tendency for instant feedback drives retail investors to engage in short-term trading, as they can see daily price fluctuations and realize profits quickly [2] - Retail investors often perceive themselves as "prophets," relying on market rumors and trends rather than fundamental analysis, which leads to poor investment decisions [4][5] - Behavioral finance concepts such as greed and fear significantly impact retail investors, causing them to make irrational decisions during market fluctuations [6][8] Group 3: Market Dynamics - The A-share market is characterized by a high proportion of retail trading, with nearly 80% of transactions coming from retail investors, leading to a high turnover rate and a tendency for "bulls to be short-lived" [8] - The prevalence of short-term trading creates a market environment where retail investors frequently chase trends, often resulting in losses when market conditions change rapidly [4][10] - Stories of short-term trading success are often amplified, overshadowing the more common experience of long-term investors who quietly accumulate wealth [10]

Core Insights - The essence of gold trading is not merely price speculation but a deeper contest of global confidence, where gold serves as a safe haven during economic uncertainty and may face selling pressure when confidence in the economy and the Federal Reserve's interest rate policies is high [1] Group 1: Trading Philosophy - Successful trading requires maintaining rationality during market panic and exercising restraint during periods of greed, rather than merely predicting price movements [1] - A shift in trading mindset from seeking to predict every market movement to focusing on risk management and emotional control is crucial for achieving profitability [3][5] Group 2: Market Dynamics - The true barriers to entry in gold trading lie in the ability to exercise patience rather than in complex technical analysis [4] - The relationship between the U.S. dollar and gold is characterized by a negative correlation, where a strong dollar typically pressures gold prices, while a weak dollar supports them [6] - Real interest rates significantly impact gold prices; lower real rates reduce the opportunity cost of holding gold, leading to price increases, while higher real rates exert downward pressure [6] Group 3: Trading Strategies - Adhering to strict trading rules, such as limiting risk exposure to 2% of account funds and pausing trading after consecutive losses, can help avoid emotional trading pitfalls [5] - Observing market trends without rushing into trades can lead to better decision-making and reduced errors, emphasizing that long-term profitability is achieved by minimizing mistakes rather than maximizing opportunities [7] Group 4: Company Overview - Hong Kong First Gold, regulated by the Hong Kong Gold and Silver Exchange Society, provides a transparent and secure trading environment for global investors, offering professional training and stable trading systems to support both novice and experienced traders [7]

Core Points - The London Stock Exchange's FTSE 100 index closed at 9899.60 points on November 11, marking an increase of 112.45 points, or 1.15% from the previous trading day [1] - All major European stock indices experienced gains on the same day [1] Top Gainers - Vodafone Group saw a stock price increase of 8.32% [1] - Advertising giant WPP's stock rose by 5.61% [1] - Residential developer Berkeley Group's stock increased by 3.42% [1] - Consumer health company Haleon experienced a 3.17% rise in stock price [1] - Landsec's stock price went up by 3.09% [1] Top Losers - Marks & Spencer's stock fell by 4.56% [1] - Supermarket chain Tesco's stock decreased by 2.88% [1] - Automotive dealer group also saw a decline of 2.88% in stock price [1] - Financial investment company 3i Group's stock dropped by 2.12% [1] - Sainsbury's stock fell by 1.99% [1] Other European Indices - The CAC40 index in Paris closed at 8156.23 points, up by 100.72 points, or 1.25% [1] - The DAX index in Frankfurt closed at 24088.06 points, with an increase of 128.07 points, or 0.53% [1]

Core Insights - The gold consumption market is undergoing a structural transformation, with investment demand for gold bars and coins surpassing jewelry consumption for the first time in 30 years [2][3][5] - The significant rise in gold prices, with London gold reaching over $4100 per ounce, has driven this shift in consumer behavior [2][4] - The overall gold consumption in China decreased by 7.95% year-on-year in the first three quarters, with jewelry consumption dropping by 32.5% while investment gold consumption increased by 24.55% [3][5] Market Dynamics - Jewelry consumption, traditionally the mainstay of the gold market, has seen a drastic decline, with sales dropping by 50% for some retailers since April [3][4] - High gold prices have led consumers to be more cautious, as the investment attributes of jewelry are perceived as weak, leading to a reluctance to purchase at elevated prices [4][5] - The demand for investment gold is being fueled by heightened economic uncertainty and the desire for wealth preservation, with many investors looking to capitalize on rising gold prices [5][6] Future Outlook - Short-term gold price fluctuations are expected due to macroeconomic factors and uncertainties surrounding U.S. monetary policy, but long-term prospects remain positive [6][7] - Central banks continue to increase their gold reserves, with China's reserves reaching 74.09 million ounces, indicating sustained demand for gold as a hedge against inflation and economic instability [7]

Core Viewpoint - SoftBank unexpectedly announced the liquidation of its Nvidia shares, cashing out $5.83 billion (approximately 41.5 billion RMB) in October, which has led to a decline in Nvidia's stock price [1][5]. Financial Performance - SoftBank's latest financial report revealed a revenue of 3.74 trillion yen and a net profit of 2.92 trillion yen for the first half of the year. The second quarter revenue was 1.92 trillion yen, exceeding market expectations of 1.89 trillion yen, while net profit reached 2.50 trillion yen, significantly surpassing the forecast of 418.23 billion yen [3]. Stock Split Announcement - SoftBank announced a 1-for-4 stock split effective January 1 of the following year [4]. Investment Decisions - In addition to the financial report, SoftBank disclosed several major investment decisions, including the sale of Nvidia and T-Mobile shares, and an additional investment of $22.5 billion in OpenAI. This investment aims to enhance collaboration in AI technology development and infrastructure [5][6]. - The total investment in OpenAI will amount to $30 billion, following a previous investment of $7.5 billion [5]. Impact of AI Investments - SoftBank's investments in AI-related companies, including Nvidia and OpenAI, have significantly boosted its profitability. The report indicated that investments related to OpenAI contributed 2.156 billion yen in investment income, accounting for 54.9% of total investment income, and drove a 469.5% year-on-year increase in Vision Fund earnings [5][6]. Stock Performance - SoftBank's stock has surged by 148% this year, but concerns over an AI bubble have led to a recent decline, with a 19% drop in stock price over the past week [6].

Group 1 - Huajin Capital announced the resignation of Vice Chairman and President Xie Hao, who will no longer serve as President or hold any positions in the company's subsidiaries, but will remain as a non-independent director and Vice Chairman [1] - The board approved the appointment of Deng Huajin as the new President of Huajin Capital [1] - For the first half of 2025, Huajin Capital's revenue composition is as follows: 41.99% from electronic device manufacturing, 33.88% from investment and management, 18.11% from public facility services, 4.14% from technology parks, and 1.88% from other non-core businesses [1] Group 2 - As of the latest report, Huajin Capital has a market capitalization of 5.1 billion yuan [2]

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1][27][29] - The Yancheng Economic and Technological Development Zone's industrial investment mother fund has a scale of 1 billion yuan and focuses on key industries such as automotive, new energy, and digital economy [4][5] - The advanced technology industry fund in Yancheng has a scale of 250 million yuan, targeting investments in digital economy, modern services, and intelligent manufacturing [6] Group 2 - The "Dongguan-Hong Kong Artificial Intelligence Hardware Innovation Center" project has been officially launched, aiming to enhance cooperation between Dongguan and Hong Kong in AI technology [10] - The collaboration between Shaanxi Zhiyuan Lithium New Energy Technology Co., Ltd. and Shaanxi Changfeng Power Co., Ltd. aims to address industry pain points in battery capacity detection [12][13] - Jiangsu Huanghai Jin控 Group has established an academic workstation with Academician Wang Huajun to focus on climate risk assessment and prevention [16][17] Group 3 - Guanzhou Development Zone Fund Group invested in autonomous driving company WeRide, which recently listed on the Hong Kong Stock Exchange with a market value of approximately 24 billion HKD [25] - The National New Fund led a financing round for Wuxi Tailin Energy Technology Co., Ltd., a leading manufacturer of multi-axis centrifugal industrial gas compressors [26] - Zhongtong Cloud Warehouse Technology Co., Ltd. completed nearly 200 million yuan in financing to expand its logistics supply chain services [22]

Core Insights - The recent surge in domestic gold prices in China is attributed to a new tax policy affecting gold transactions, which has led to a significant price increase in the market [1][2] - The new policy, announced by the Ministry of Finance and the State Taxation Administration, reduces taxes on gold transactions conducted through the Shanghai Gold Exchange and the Shanghai Futures Exchange [1][2] - The change in tax policy has resulted in a shift from a 13% VAT deduction to a 6% deduction for ordinary invoices, increasing the tax burden on gold businesses and leading to higher consumer prices [2][3] Tax Policy Changes - The new tax policy exempts VAT on gold sold through designated exchanges, provided there is no physical delivery [1][2] - For physical delivery, the tax treatment varies based on the purpose of the gold, with investment gold benefiting from immediate tax refunds, while consumer gold transactions are subject to ordinary invoices [2] Market Reactions - Following the announcement of the new tax policy, gold prices in major markets, such as Shenzhen, saw a sharp increase, with prices rising from 930 CNY per gram to 991 CNY per gram [1] - Major jewelry brands have also adjusted their prices significantly, with increases ranging from 61 CNY to 63 CNY per gram for various gold products [2] Investment Recommendations - For investors looking to hedge against inflation or preserve wealth, it is advisable to utilize exchange channels like gold futures, which do not incur VAT if physical delivery is avoided [3] - Financial products such as gold ETFs are recommended for their low transaction costs and high liquidity, allowing investors to avoid the complications of physical gold ownership [3] Market Transparency and Regulation - The new regulations aim to clarify the distinction between the financial and commodity aspects of gold, enhancing market transparency and reducing tax arbitrage opportunities [3]