Summary of Key Points from Conference Call Records Industry Overview - The records discuss the Chinese economy and its strategic responses to global geopolitical challenges, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2][3]. Core Insights and Arguments - **Economic Growth Projections**: China's economic growth is expected to maintain a range of 4.6% to 4.8% during the "15th Five-Year Plan" period, with a focus on energy supply security through strategic partnerships, particularly with Russia [1][3]. - **Foreign Trade Expansion**: By 2024, China's foreign trade is projected to reach $6.16 trillion, marking a 32.4% increase compared to the previous five-year period, maintaining its position as the world's largest trading nation [1][4]. - **Trade Structure Optimization**: The importance of ASEAN and the EU as trading partners is increasing, while the significance of the U.S. is declining. High-tech, green, and electromechanical products are identified as core drivers of exports [4]. - **Financial Policy Focus**: The financial policies during the "14th Five-Year Plan" emphasized service to the real economy, financial security, and supply-side structural reforms, with a new goal of building a financial powerhouse [5]. Important but Overlooked Content - **Challenges for Private and Tech Enterprises**: Private and tech enterprises face high loan interest rates, reliance on collateral for financing, and a low proportion of direct financing (31.6%) compared to developed countries (60%-80%) [6]. - **Strategic Directions for Financial Institutions**: Financial institutions are expected to adjust their strategies to focus on technology finance, green finance, and pension finance, with an emphasis on supporting innovation and sustainable development [7][9][10]. - **Internationalization of the Renminbi**: There is a push for the gradual internationalization of the Renminbi, with current foreign holdings of domestic bonds and stocks at only 3%-4%, indicating significant room for growth [8]. Sector-Specific Developments - **Banking Sector**: The banking industry will prioritize resources towards strategic areas such as technology innovation and green finance, utilizing differentiated products like intellectual property pledge loans [9]. - **Insurance Sector**: The insurance industry aims to enhance health insurance and long-term care systems to address aging population needs while increasing equity asset allocation in tech and green sectors [9]. - **Fund Management**: The fund industry is transitioning from a focus on scale to one on returns, emphasizing investments in pension-targeted funds and ESG products [10]. - **Securities Sector**: The securities industry is expected to evolve towards a more integrated, professional, and digital approach, focusing on investment banking and wealth management [10].

管涛 | 立方大家谈专栏作者 日前，国际货币基金组织（IMF）披露了最新全球外汇储备币种构成（COFER）数据。截至二季度末，在全球披露币种构成的外汇储备中，美元占比由上季 末的57.79%降至56.32%，回落1.47个百分点，其储备份额连续11个季度低于60%，进一步创30年来新低。尽管这与当季美元指数贬值7.1%的负估值效应有 关，但难掩国际储备货币体系加速多极化的发展趋势。 美元储备份额下降不仅是汇率估值损失 披露COFER数据当日，或许是为预防市场炒作，IMF配发了一篇文章，题为"经汇率调整后，美元储备份额在第二季度保持稳定"，副标题是"汇率因素几乎 贡献了美元储备份额的所有降幅"。 文中指出，今年上半年美元指数下跌超过10%，创下1973年以来的最大跌幅。如果保持汇率不变，第二季度，美元储备份额仅略有下降至57.67%，回落0.13 个百分点。文中还特别指明第二季度的最大赢家欧元有点"胜之不武"。原始数据显示，当季，欧元储备份额从3个月前的20%升至21.13%，上升了1.13个百 分点，但欧元当季对美元升值9%，汇率的正估值效应贡献了1.17个百分点。如果汇率保持稳定，欧元储备份额将下降0.04 ...

一、组合策略收益跟踪 本周模拟组合收益悉数回升，且多数信用风格组合收益高于利率风格。利率风格组合中，二级超长型、城投超长型策 略周度收益位居前列，读数分别为 0.34%、0.28%；信用风格组合中，二级超长型、城投超长型策略收益领先，读数 分别达到 0.65%、0.41%。 分重仓券种看，收益修复从利率、中长端二永重仓策略轮动至超长债重仓策略。信用风格存单重仓组合周度收益均值 上行 3.6bp 至 0.12%，为 8 月以来最高点；城投重仓组合周度平均收益升至 0.22%，环比上涨约 12.1bp，其中，久 期、哑铃型策略收益均达到 0.25%以上，不过近三周回暖行情仍难以弥补 9 月下旬的跌幅，哑铃型组合近四周累计收 益尚未回正；二级资本债重仓组合收益均值回升近 20bp，二级债久期、混合哑铃型策略单周收益与普信债超长型策 略几乎持平，而二级债子弹型策略修复节奏较快，三季度以来累计负收益已收敛至-0.36%；超长债重仓策略收益升高 33.6bp 至 0.47%，其中，二级超长型策略大幅反弹，单周收益读数高达 0.65%。 收益来源方面，各类策略组合票息有所下滑，而资本利得的收益贡献升高。主流策略中，二级债子 ...

[Table_Reportdate] 2025年10月19日 [关注经济数据和重要会议 Table_NewTitle] 指引，寻找资 产配置方向 ——资产配置周报（2025/10/13-2025/10/17） [table_main] 投资要点 策 略 研 究 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾。10月17日当周，全球股市表现分化，法国政府在两项不信任动议投票 中过关，法国CAC指数周内领涨，美股依靠周五交易时间内中美新一轮贸易摩擦可能 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603202 证券简称：天有为 公告编号：2025-035 黑龙江天有为电子股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、募集资金进行现金管理的基本情况： 二、 公司前次使用部分闲置募集资金进行现金管理赎回的情况 2025年7月16日，公司使用部分闲置募集资金在中国农业银行股份有限公司绥化北林支行（以下简称"农 业银行"）购买了10,000万元单位定期存款。 2025年7月17日，公司使用部分闲置募集资金在中信证券股份有限公司（以下简称"中信证券"）购买了 20,000万元的天天利财质押式报价回购（以下简称"天天利财"）。 截至本公告披露日，公司对上述定期存款、质押式报价回购进行赎回，收回本金人民币30,000万元，取 得收益人民币102.31万元，募集资金本金及利息均已归还至募集资金账户。具体情况如下： 单位：万元 ■ 注：收益金额与实际金额如有差异系四舍五入所致。以上产品赎回后，本金及收益均 ...

固定收益周报 存款搬家结束了吗？ 2、全样本债基久期中位数小幅回升；超长债换手率回升， 30Y-10Y国债利 差快速走窄；银行间杠杆率上升至107.6%、交易所杠杆率下降至122.4%；10 年国开债隐含税率小幅走窄。 3、下周国债发行规模增加、10月20日将续发10Y国债250016.IB，下周地方 政府债发行规模增加.本周同业存单平均发行利率上升至1.63%。 经济数据：9月进出口增速明显回升，价格整体修复；非银存款同比回落， M1增速上行；10月以来，运价指数同比降幅放缓，工业生产边际改善。 海外债市：美国关键通胀数据因政府"停摆"推迟发布; 美联储10月份降息 预期再升温，就业市场疲软是主要原因。美债上涨，新兴市场涨多跌少。 大类资产表现：沪金>中资美元债>中债>美元>可转债>沪铜>螺纹钢>沪深 300>生猪>中证1000>原油。 风险提示：政策落地效果不及预期，监管政策超预期，风险偏好变化。 核心结论 9 月非银存款增速高位回落，存款搬家放缓。7 月、8 月存款搬家呈现加速 迹象，7-8 月居民和企业存款合计减少 2.16 万亿，较去年同期多减 1.11 万 亿，期间居民存款增速持续下降，非银存款增 ...

经国务院批准， 2025可持续全球领导者大会（以下简称"可持续大会"）于10月16日至18日在黄浦区世博园区召开。大会以"携手应对挑 战：全球行动、创新与可持续增长"为核心主题，汇聚全球智慧力量，共探可持续发展新路径，为全球可持续治理注入澎湃的"中国动 能"。 可持续大会 由世界绿色设计组织（ WGDO）、新浪集团联合主办，国际财务报告准则基金 会（IFRS Foundation）北京办公室协办，新 浪财经和世界绿色设计组织北京代表处承办。贵州茅台为全球首席战略合作伙伴，中国建设银行、申能集团 及东方证券为全球战略合作伙 伴，豫园股份为荣誉合作伙伴。 10月18日， 2025可持续全球领导者大会 圆满收官。大会上，联合国第八任秘书长、博鳌亚洲论坛理事长潘基文、世界工程组织联合会 主席陈成川、全国社会保障基金理事会原副理事长陈文辉、生态环境部对外合作与交流中心纪委书记丁辉发表演讲。 联合国前副秘书长金垣洙、联合国开发计划署助理秘书长兼政策和方案支助局局长马科斯 ·内托、联合国难民署驻华代表穆索菲、联合国 环境规划署金融倡议负责人埃里克·亚瑟等多位国际政要和组织代表出席。 国际合作共促全球繁荣 第八任联合国秘书长 ...

在创下历史新高后遭遇戏剧性重挫，叠加"老债王"格罗斯的警告，以及技术指标、市场情绪和仓位配置 等亮起红灯，都指向一个日益紧迫的问题：这轮由避险需求和投机狂热共同推动的黄金牛市，是否已经 走到了关键的转折点。 周五（10月17日），现货黄金亚洲交易时段一度逼近4380美元，刷新历史纪录，但随后在欧洲交易时 段，转为下跌，并在美股早盘加速下挫，最终日内跌幅超过2%，创下2024年感恩节以来最大单日跌 幅，此前10天中有9天上涨。然而，即使周五暴跌，金价本周仍上涨近5%，为连续第10周上涨，也是自 5月以来的最佳单周涨幅，并在测试4200美元后反弹走高。 金价周五罕见的盘中逆转行情，恰逢华尔街传奇投资者、"老债王"比尔·格罗斯发出警告。据见闻此前 文章写道，格罗斯在社交平台X上直言，黄金已成为一种"动量/迷因（Meme）资产"，并建议潜在买 家"再等一等"。 值得注意的是，在黄金盘中遭遇戏剧性重挫之后，zerohedge撰文指出，尽管黄金的长期投资逻辑依然 稳固，但技术指标、市场情绪和仓位配置正齐声发出警告——这一全球投资者追捧的避险资产已陷入过 度拥挤状态。分析显示，黄金可能仍是"正确"的资产，只是价格已不再"合 ...

Core Viewpoint - The article discusses the dynamics of supply and demand in financial markets, emphasizing that price fluctuations serve as tests for both demand and supply [1]. Group 1: Market Conditions - The funding environment is described as balanced and slightly loose, with a notable decline in long-term bond yields [3]. - The central bank conducted a 7-day reverse repurchase operation of 164.8 billion yuan, with 409 billion yuan maturing, resulting in a net withdrawal of 244.2 billion yuan [3]. - The overnight funding rates are stable, with DR001 around 1.32% and DR007 at approximately 1.41% [3]. Group 2: Credit Market Concerns - Concerns in the U.S. credit market have suppressed risk appetite, leading to a significant drop in the stock market, with rates declining noticeably [5]. - Issues related to U.S. bank loans have raised market fears, causing risk assets to decline while gold prices surged [5]. - The 10-year government bond yield opened at 1.75% and dipped to 1.743% during trading, reflecting a downward trend in interest rates [5]. Group 3: Market Performance - The stock market experienced dramatic fluctuations, with investors who sold at 3800 points facing those who bought at 3930 points, highlighting the volatility [5]. - The gold price approached 4400 USD, while the domestic stock market fell below 3900 points, indicating a shift in investment preferences [5]. - The article notes that the performance of the A-share market is being compared to gold, suggesting a potential trend reversal [5].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced adjustments to the margin ratios and price fluctuation limits for gold and silver futures contracts due to increased volatility in the precious metals market [2]. Group 1: Margin and Price Fluctuation Adjustments - Starting from the close of trading on October 21, 2025, the price fluctuation limit for gold and silver futures contracts will be adjusted to 14% [2]. - The margin ratio for holding positions will be set at 15% for hedging and 16% for general positions [2]. Group 2: Risk Warnings from Banks - Several banks, including Industrial and Commercial Bank of China, China Construction Bank, and CITIC Bank, have issued risk warnings regarding fluctuations in precious metal prices [4]. - ICBC has advised investors to be aware of market changes and to diversify their investments to mitigate risks [4]. - China Bank has increased the minimum purchase amount for gold accumulation products from 850 yuan to 950 yuan, effective October 15 [4]. Group 3: Gold Price Volatility - Recent fluctuations in gold prices have been significant, with spot gold prices reported at $4,333.91 per ounce on October 17 [6]. - The main gold futures contract on the SHFE reached a historical high, surpassing the 1,000-point mark [7]. - Domestic gold jewelry prices have also risen, with some brands adjusting their prices to 1,270 yuan per gram [8]. Group 4: Future Price Trends - According to a report from招商证券, gold prices are expected to continue rising due to factors such as central banks' ongoing purchases of gold and a shift in gold ETFs from net sellers to net buyers [8]. - The report highlights that both monetary and financial attributes will drive gold prices in the future [8].