牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 美国政府债务突遭警告。 在最新的采访中，桥水基金创始人瑞·达利欧警告称，美国政府债务的过快增长，叠加日益激化的内外冲 突，正在催生一种与二战前夕"非常类似"的氛围，对现有秩序构成严峻挑战。 根据美国财政部的数据，截至2025年10月，美国国债规模已超过37.86万亿美元。美媒报道称，在此之 前，摩根大通CEO杰米·戴蒙、美联储主席杰罗姆·鲍威尔都认为"美债危机迫在眉睫"。达利欧预测，在 特朗普政府的领导下，"债务引起的心脏病发作"最多在两三年内就将爆发。 达利欧突发警告 亿万富翁投资者、桥水基金创始人瑞·达利欧警告称，美国政府债务增长过快，正在形成一个"与二战前极 为相似"的局面。 达利欧在接受采访时表示，当债务相对于收入的比重不断上升时，就像动脉中的斑块一样，最终会挤压出 可用的支出空间。这种债务堆积的趋势正威胁着美国经济活力。 达利欧长期以来一直警示美国债务失控的风险。今年9月，他指出，不断膨胀的债务已对"全球货币体系构 成威胁"。他将问题归咎于美国两党政治极化，认为解决债务炸弹必须通过"增加税 ...

源：金融时报 据报道，过去一个月，流入"剔除美股"全球股票基金与ETF的资金超过1750亿美元，而包含美国股票的 全球基金仅吸引约1000亿美元。尽管自4月低点反弹以来美股保持吸引力，但资金流动模式显示投资者 正在积极寻求投资组合的区域平衡。 摩根士丹利投资管理公司投资组合解决方案部首席投资官Jim Caron称："这种再平衡确实正在发生，未 来的投资组合将更加全球化与多元化。"他补充道，摩根士丹利在2025年初首次加码欧洲市场，这一决 策与当时美国政府换届带来的避险情绪直接相关。受相关政策措施影响，美股避险情绪在4月达到顶 点，推动欧洲与新兴市场明显跑赢华尔街。 尽管美股随后出现强劲反弹，但全球投资者"边际上"的转变仍在持续。欧洲成为主要受益者，贝莱德数 据显示，截至9月底，流入欧洲股票ETF的资金达到创纪录的710亿美元，远超去年同期的160亿美元。 高盛资产配置研究主管Christian Mueller-Glissmann表示："多数投资者心中仍然有多元化的意愿，资金 流与市场表现都在体现这一主题。" 来源：环球网 【环球网财经综合报道】据金融时报等外媒报道，法国兴业银行基于EPFR基金追踪数据的分析显 ...

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, warns that the rapid growth of U.S. government debt, combined with escalating internal and external conflicts, is creating an atmosphere reminiscent of the pre-World War II era, posing a serious challenge to the existing order [1][2][3] Debt Growth and Economic Impact - As of October 2025, U.S. national debt is projected to exceed $37.86 trillion, with the Congressional Budget Office estimating that public debt will reach 99% of GDP in 2024 and 116% by 2034, the highest in U.S. history [2][7] - Dalio emphasizes that rising debt relative to income is squeezing available spending space, threatening the vitality of the U.S. economy [2][3] - The ongoing accumulation of debt is intertwined with increasing social division and geopolitical risks, creating a concerning environment [2][3] Political and Fiscal Challenges - Dalio attributes the debt crisis to political polarization in the U.S., advocating for a combination of increased tax revenue and spending cuts to address the "debt bomb" [2][3] - The Federal Budget Committee criticizes the current government shutdown as wasteful and meaningless, highlighting a projected federal deficit of $1.8 trillion for the fiscal year 2025 [7][8] - The CBO reports that rising costs in healthcare, social programs, and defense, coupled with tax policies that limit revenue growth, present ongoing fiscal challenges for the U.S. government [7][8] Recommendations and Future Outlook - Dalio suggests that the debt-induced crisis could manifest within two to three years under the current administration, potentially undermining the international status of the U.S. dollar and causing ripple effects in global markets [6][7] - The CRFB calls for urgent reforms to address long-term welfare program funding issues, particularly Medicare and Social Security, which are projected to face insolvency within seven years if not reformed [8]

Group 1 - The Ministry of Industry and Information Technology and six other departments issued a plan to enhance the role of service-oriented manufacturing in high-quality development by 2028, aiming to establish 20 standards, create 50 leading brands, and build 100 innovation development hubs [2] - Shanghai government announced a future industry fund of approximately 15 billion yuan to focus on key areas such as controllable nuclear fusion and brain-computer interfaces, promoting innovation resource aggregation [3] - The Ministry of Housing and Urban-Rural Development emphasized the importance of "good housing" and urban renewal as future construction priorities, with plans to accelerate the establishment of a new real estate development model [4] Group 2 - Guangdong Province appointed Meng Fanli as the acting governor, following the resignation of Wang Weizhong [5] - Three gold jewelry companies in Shenzhen's Shui Bei area were investigated for suspected illegal gambling activities, leading to criminal measures against their executives [6] - The National Olympic Sports Center's former director is under disciplinary review and investigation for serious violations of discipline and law [6] Group 3 - The U.S. government shutdown entered its 11th day, with President Trump ordering the Defense Secretary to ensure military personnel are paid during the shutdown [8] - A significant explosion at a military explosives factory in Tennessee has resulted in at least 18 missing persons, with no survivors found so far [8] Group 4 - Tianan Insurance announced it would be unable to repay a 5.3 billion yuan bond due to insufficient solvency, raising concerns about its financial stability [12] - Shenzhou Digital's controlling shareholder was recently divorced, with potential implications for the company's ownership structure due to previously frozen shares valued at approximately 3.39 billion yuan [13] Group 5 - Dongfeng Motor Group appointed Feng Changjun as the new general manager, which may impact the company's strategic direction and governance structure [10][11] - Ansteel Group appointed Guo Bin as the new general manager, indicating potential changes in the company's operational strategy [14] - Xiang Dang was officially appointed as the chairman of Great Wall Asset Management, which has over 570 billion yuan in total assets, suggesting a focus on stability and strategic development [15] Group 6 - Country Garden is undergoing a debt restructuring process for nine domestic bonds, with eight bonds' restructuring plans approved, totaling approximately 13.42 billion yuan [16]

Core Viewpoint - The rapid growth of U.S. government debt is creating a situation reminiscent of the pre-World War II era, posing a serious challenge to the existing order, as warned by Ray Dalio, founder of Bridgewater Associates [2][3]. Debt Growth and Economic Impact - As of October 2025, U.S. national debt is projected to exceed $37.86 trillion, with public debt expected to reach 99% of GDP in 2024 and 116% by 2034, the highest in U.S. history [3][11]. - Dalio emphasizes that rising debt relative to income is squeezing available spending space, threatening the vitality of the U.S. economy [3]. Political and Social Context - The issue of debt is intertwined with increasing social division and geopolitical risks, creating an environment of significant concern [3][4]. - Dalio attributes the debt crisis to political polarization and suggests that a combination of increased tax revenue and spending cuts is necessary to address the debt bomb [3]. Predictions and Warnings - Dalio predicts a "debt-induced heart attack" could occur within two to three years under the current administration, which would weaken the international standing of the U.S. dollar and have ripple effects on global markets [10][11]. - The Committee for a Responsible Federal Budget (CRFB) criticizes the current state of government spending and warns of unsustainable borrowing practices, with projected annual borrowing nearing $2 trillion over the next decade [11][12]. Investment Recommendations - Despite the rising gold prices, Dalio advises investors to allocate up to 15% of their assets in gold, while others, like Jeffrey Gundlach, suggest increasing this allocation to 25% due to inflationary pressures and a weakening dollar [7][8].

责任编辑：刘万里 SF014 10月11日，国家金融监督管理总局行政处罚信息公示列表显示，中再资产管理股份有限公司及相关责任 人员因未按照规定运用保险公司资金行为，被国家金融监督管理总局开出罚单。 国家金融监督管理总局对中再资产罚款300万元，对相关责任人员刘凡、周金荣、刘峰、陆杰警告并罚 款共计23万元。 ...

北京商报讯（记者 李秀梅）10月11日，国家金融监督管理总局发布行政处罚信息显示，中再资产管理 股份有限公司及相关责任人员存在未按照规定运用保险公司资金的行为，国家金融监督管理总局对中再 资产管理股份有限公司罚款300万元，对刘凡、周金荣、刘峰、陆杰警告并罚款共计23万元。 ...

Core Insights - The recent list of candidates for the Federal Reserve Chair reveals complex implications for global monetary policy, with potential shifts in liquidity management and market dynamics [2][7]. Group 1: Federal Reserve Candidates - Current Vice Chair Bowman represents policy continuity, while Waller is a traditional monetary policy expert, and Reed from BlackRock carries Wall Street influence [2]. - The nomination of economic advisor Hassett indicates unprecedented political influence over the Federal Reserve [2][7]. - Historical transitions in Federal Reserve leadership have consistently led to significant changes in monetary policy, highlighting the importance of candidate perspectives on quantitative easing [7]. Group 2: Market Dynamics - The current market rally is primarily liquidity-driven, with a significant disparity between index performance and individual stock movements, leading to a phenomenon termed "double slap" market [2][3]. - Over 40% of stocks have underperformed the index despite the Shanghai Composite Index rising by over 700 points since April 2025, indicating a disconnect between broader market trends and individual stock performance [2][3]. - Institutional investment patterns reveal that while some stocks show strong rebounds, the absence of institutional support can lead to a lack of sustained momentum [5]. Group 3: Investment Strategies - Investors are advised to focus on data-driven analysis rather than traditional technical indicators, as the market operates on complex liquidity dynamics [7][8]. - Establishing a robust data radar to track capital flows is essential for navigating market noise and identifying genuine trends [7]. - Acknowledging the critical role of liquidity in both U.S. and domestic markets is vital for investment decision-making, as liquidity ultimately dictates market movements [7][8].

每经记者|张寿林 每经编辑|陈旭 长城资产成立于2016 年12月11日，注册资本512.3亿元，由财政部、全国社会保障基金理事会和中国人 寿保险（集团）公司共同发起设立。 业务方面，长城资产紧紧围绕金融不良资产主业。当前，长城资产经营聚焦于中小金融机构改革化险、 实体经济纾困重组、资本市场风险化解、房地产风险化解四大领域。 截至2024年底，财政部作为公司第一大股东，持有长城资产股份比例 73.53%，为公司实际控制人。不 过，2025年7月信息显示，公司控股股东已由财政部变更为中央汇金投资有限责任公司。 责任编辑：秦艺 目前，长城资产旗下拥有长城华西银行、长城国瑞证券、长生人寿保险、长城新盛信托、长城金融租 赁、长城投资基金、长城国际控股、长城国富置业等8家控股公司。 自成立以来，长城资产先后收购、管理和处置了农业银行、工商银行等金融机构及非金融机构不良资产 2万多亿元。 10月11日，《每日经济新闻》记者从业内获悉，向党正式出任长城资产董事长。 截至2024年末，长城资产集团资产总额5712.76亿元，较上年增加173.49 亿元。 根据长城资产官网，向党2022年9月以来任长城资产党委副书记、执行董事 ...

隔夜，现货黄金走势企稳，在3985美元附近徘徊，多头难以将涨幅扩大至4000美元这一心理关口之上。 周三金价曾试探4059美元的历史高点，次日大幅回落。金价在短短几周内连续刷新历史纪录，今年迄今 已累计上涨52%。 "黑天鹅"突袭！ 隔夜，美股三大指数直线暴跌，截至收盘，道指跌约500点，纳指跌近2%，标普500指数跌超1%。 本周，标普500指数跌2.43%，创下自6月以来最大单周跌幅；纳斯达克指数跌2.53%，创4月以来最大单 周跌幅。 美国白宫管理和预算办公室主任罗素·沃特在社交平台X上表示，随着政府"停摆"进入第10天，联邦政府 雇员裁减程序已正式启动。 美国教育部发言人10日证实，该部门已被纳入新一轮裁员范围，预计将进一步裁减人员，但具体细节尚 未公布。 目前，越来越多的交易员认为，美国政府关门状态将持续到10月底或更长时间。根据Polymarket平台概 率，目前美国政府停摆持续30天以上的可能性为37%，高于10月1日停摆开始时的15%。另一预测平台 Kalshi显示，政府停摆持续30天以上的可能性为39%，该平台交易员平均预期这次政府关门将持续24.7 天。 消息面上，特朗普在社交平台发布一篇 ...