【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 【大河财立方消息】9月5日，中国人民银行以固定利率、数量招标方式开展了1883亿元逆回购操作，操 作利率1.40％，与此前持平。因今日有7829亿元7天期逆回购到期，当日实现净回笼5946亿元。 实习编辑:金怡杉 | 审核:李震 | 监审:古筝 ...

在探讨港元与美元之间资金利率差异的背景下，一个引人关注的现象是港元资金利率长期低于美元资金利率。尽管 理论上，在联系汇率制度下，两者应趋于一致，但实际市场表现却并非如此。 港元资金利率偏低的现象，首要归因于长期资金净流入导致的港元流动性过剩。自2000年以来，港元货币基础规模 大幅增长，这主要得益于香港作为自由贸易港和连接中国与世界的门户地位。大量国际资本流入香港市场，尤其是 在证券市场，逐步取代了地产市场成为主要渠道。这种长期资金净流入现象在即期市场中也有所反映，表现为美元 兑港元（USDHKD）汇率中枢下移，大部分时间接近7.75的强方保证水平。 在资金持续净流入的背景下，香港银行为了管理流动资金，对短期外汇基金票据产生了庞大需求。香港金融管理局 （金管局）因此增加了高质量外汇基金票据的供应，导致大量过剩的港元资金悬浮在外汇基金票据上。由于港汇大 部分时间接近7.75，金管局更多时间是向市场注入港币流动性，这些因素共同压低了港元资金利率。 另一方面，掉期市场在港元资金拆借中扮演着重要角色。港元掉期市场交易活跃，流动性优于即期市场。实际掉期 点长期低于理论掉期点，反映出掉期市场上对港元资金的需求旺盛。大量机 ...

东方金诚首席宏观分析师王青分析称，9月5日将有10000亿元3个月期买断式逆回购到期，由此央行9月5日开展10000亿元买断式逆回购操作，相当于本月3 个月期买断式逆回购等量续作。 本月还有3000亿元6个月期买断式逆回购到期。市场普遍预计，不排除管理层还将综合运用货币政策工具持续向市场注入流动性，稳定市场预期，保持流 动性充裕，持续释放货币政策延续支持性立场的信号。 9月4日，中国人民银行发布公告称，为保持银行体系流动性充裕，2025年9月5日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展10000 亿元买断式逆回购操作，期限为3个月(91天)。 | 中国人民银行 | | | 货币政策司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | THE PEOPLE'S BANK OF CHINA | | | Monetary Policy Department | | | | | | | | 法律法规 宏观审慎 新闻发布 信息公开 | | 货币政策 | | 信贷政策 | 金融市场 | 金融稳定 | ...

香港"亚洲电视新闻"网称，此举显示日本正持续摆脱长期以来的和平主义立场，寻求强化"反击"能力， 并加快军备扩张。防卫大臣中谷在8月底的防卫省高层会议上表示："我国的安全保障环境面对着战后最 严峻、最复杂的局面。为了在关键时刻守护国民生命，必须快速切实地推进，进一步强化防卫能力和威 慑力。" 每年夏季，日本各省厅会就下一财年预算计划提出初始申请，日本财务省将对这些申请进行审核，在今 年年底前确定2026 财年政府预算草案，随后提交国会审议。此外，由于部分预算项目未明确金额，且 部分媒体称，日本首相石破茂计划要求内阁制定由补充预算资助的经济刺激方案，最终预算规模可能进 一步扩大。 路透社称，投资者普遍关注，石破茂脆弱的政治地位可能影响日本政府对财政支出的掌控力。市场对政 府支出扩张的担忧，叠加全球长期债券收益率攀升，推动日本30年期国债收益率本周创下历史新高。报 道另外指出，日本目前的债务规模达其经济总量的两倍，在世界发达经济体中位居前列。 责任编辑：梁斌 SF055 来源：环球 【环球时报驻日本特约记者 潘小多】日本财务省9月3日宣布，受物价上涨因素的影响，以及国防支出 扩张和债务融资成本上升的双重推动，日本各 ...

今年，上海市女科技工作者协会将在中国科学院上海分院试点开展科妍回归计划。这项计划的申报 条件包括：中国科学院上海分院系统在沪单位的在职在岗女性科研人员，年龄40周岁以下，生育结束后 2年内；有博士学位和副高级专业技术职务，承担或参与面向世界科技前沿、面向经济主战场、面向国 家重大需求、面向人民生命健康的科技攻关任务，有突出表现和较好研究成果。 记者 俞陶然 如何助力刚生好宝宝的"科研妈妈"回归事业，继续攀登科技高峰？日前，上海市科妍回归计划（试 点）启动会在上海科学会堂举行，将遴选有发展潜力的优秀女性科技人才，给予她们个人生育补贴和科 研经费支持；后续还将持续跟踪关心，通过加大宣传、举荐评优、培训研讨等方式予以进一步支持。 启动会上，中国建设银行上海市分行、上海自然堂集团有限公司向科妍回归计划首批捐赠资金100 万元。 2025年度上海市科妍回归计划（试点）将支持20位女性科研人员，一次性给予每人5万元资助，其 中2万元用于个人补贴、3万元用于支持科研。 "科妍回归计划是彰显国家战略的上海担当。"上海市科技工作党委副书记王宇表示，作为改革开放 排头兵、创新发展先行者，上海有责任也有条件在优化女性科技人才发展生 ...

20250905申万期货品种策略日报-贵金属 美国司法部已对美联储理事库克展开刑事调查，并发出传票。随着美国总统特朗普试图对美联 储施加影响并推动降息，投资者对美联储独立性的担忧日益加剧。摩根大通团队表示，投资者 正在为潜在的通胀上升做准备。高盛分析师认为，对美联储信誉的"日益担忧"正在引发"重 大尾部风险"。 白宫表示，美国总统特朗普签署行政命令，正式实施美日贸易协定。据悉，该行政令将明确关 税调整措施，确保此前已征收较高关税的日本进口产品不会被双重征税，而此前税率低于15%的 商品将调整至新税率。此外，白宫表示，日本正致力于加快落实将美国大米采购量增加75%的计 划。 美国7月贸易逆差环比飙升32.5%至783亿美元，高于市场预期的757亿美元，创四个月新高。7月 进口总额激增5.9%至3588亿美元，出口总额小幅增长0.3%至2805亿美元。 黄金收敛突破后，获利回吐价格回落。市场聚焦周五非农就业数据。美国职位空缺数量减少 17.6万个，降至718.1万个，低于预期的737.8万。上周特朗普试图解雇美联储理事，挑战美联 储独立性的行为令市场感到不安。美国地质勘探局提议将白银等六种矿产纳入2025年关键矿 ...

记者 周程祎 深入贯彻中央八项规定精神学习教育启动以来，上海坚持以严的要求、实的作风，不折不扣贯彻落 实学习教育各项任务要求，以"钉钉子精神"抓阶段性突破，并将好经验、好做法以长效机制固化重构， 不断把制度成果转化为治理效能，推动上海高质量发展再上新台阶。 上海市委书记陈吉宁多次主持召开市委常委会、市委党的建设工作领导小组会议、理论学习中心组 学习会、专题学习研讨会及警示教育会等重要会议，提出"四个着力"、"四要四防止"、"三个求实效"等 要求，并于"七一"前夕带头到所在支部讲专题党课，带动全市党员领导干部、党支部书记讲专题党课 11.2万余场次；市委常委会带头领学促学、深学细悟、一体领会，形成个人自学、中心组学习会等12项 具体工作安排，带动全市各党委（党组）普遍制定学习研讨计划、党支部制定学习计划，开展集中学习 2.9万余场次、专题研讨2.2万余场次。 在上海市委示范引领下，全市各级党组织将学习教育与学习贯彻习近平总书记考察上海重要讲话精 神紧密结合起来，通过原原本本学、联系实际学、持续深入学、贯穿始终学，推动学习教育到底到边、 见行见效、可感可及。 上海市经信工作党委、市经济信息化委把"学思想"作为学习 ...

Group 1 - The A-share market opened with mixed performance among major indices, with the Shanghai Composite Index down by 0.11% at 3761.88 points, while the Shenzhen Component Index rose by 0.18% to 12140.76 points, and the ChiNext Index increased by 0.49% to 2789.91 points [2][3] - The sports industry, AI mobile phones, and CPO concepts showed significant gains, while precious metals, wind power equipment, and cultivated diamonds experienced declines [2][3] - The sports industry sector specifically rose by 2.09%, indicating strong investor interest in this area [3] Group 2 - The Hong Kong stock market opened positively, with the Hang Seng Index up by 0.31% and the Hang Seng Tech Index increasing by 0.42%, reflecting a recovery in the pharmaceutical sector [4] - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 188.3 billion yuan, maintaining the operation rate at 1.40% [5] - The Chinese yuan depreciated against the US dollar by 12 basis points, with the central parity rate reported at 7.1064 [6]

Group 1 - Japan's nominal wages grew by 4.1% year-on-year in July, marking the fastest increase in seven months and surpassing economists' expectations of 3% [1] - Real cash income also saw its first year-on-year increase this year, rising by 0.5%, contrary to market expectations of a decline [1] - Basic wages increased by 2.5%, while a more stable indicator showed a 2.4% rise in formal employee wages [1] Group 2 - The data supports the notion that Japan's economy is on a positive trajectory, bolstering confidence in domestic demand despite potential external shocks [3] - Market expectations for a Bank of Japan interest rate hike have intensified, with economists predicting a possible increase of 25 basis points as early as October [3][4] - The anticipated rate hike could lead to significant selling pressure in the Japanese government bond market, potentially causing long-term bond yields to rise [3] Group 3 - The recent wage statistics were bolstered by strong summer bonuses, which increased by 7.9% compared to June [5] - However, the sustainability of these bonuses is uncertain, particularly for major automotive manufacturers facing tariff pressures [5] - Toyota has warned that tariffs could significantly impact its profits, raising concerns about future wage increases if profit margins remain under pressure [5] Group 4 - Private consumption in Japan has contributed positively to economic growth for five consecutive quarters [6] - The government's ability to implement stimulus measures is in question, especially with political pressures mounting on Prime Minister Kishida [6] - Japan's export data has been declining for three consecutive months, with July's drop being the largest in four years, indicating challenges for exporters [6]

Group 1 - The core viewpoint is that overseas long-term bond yields are experiencing significant increases, with Japan, the UK, and the US seeing record highs in their long-term bond yields [1][2][3] - In the US, the expectation of Federal Reserve rate cuts is primarily affecting short-term rates, while long-term rates are rising due to concerns about persistent inflation and potential second-round inflation risks [1][2] - The 30-year Japanese government bond yield reached 3.28%, the highest on record, while the UK’s 30-year bond yield climbed to 5.75%, the highest since 1998 [1][2] Group 2 - Concerns about fiscal sustainability are rising in other economies, particularly in Japan and the UK, where persistent inflation and large fiscal deficits are leading to expectations of increased taxation or spending cuts [2][3] - Japan's central bank is now expected to raise interest rates earlier than previously anticipated, with market expectations shifting from April to January or March [2] - The UK’s inflation rate reached 3.8% in July, raising doubts about the Bank of England's ability to cut rates this year [2] Group 3 - Seasonal factors are contributing to poor performance in long-term bonds, with historical data showing that September is typically a weak month for long-term bonds [3] - The current environment is characterized by a peak in corporate bond issuance, which is exacerbating supply-demand mismatches in the bond market [3] - Investment-grade dollar bond premiums are at near-low levels, prompting increased corporate bond issuance, with over $90 billion issued recently [3] Group 4 - The rising yields on overseas long-term bonds may enhance their attractiveness relative to equities, potentially leading to increased allocations from institutional investors [4] - Concerns about the independence of the Federal Reserve and the "stagflation" environment in developed economies are creating downward pressure on both bonds and currencies, while gold may benefit in this context [4] - The US 30-year bond yield remains relatively stable, but yields in Japan and the UK continue to rise, indicating potential for further increases [4]