10月以来，又一批中小银行加入了存款降息行列。苏商银行、上海华瑞银行、天津金城银行、福建华通 银行、平阳浦发村镇银行等机构纷纷宣布下调存款利率。 其中，华瑞银行将3年期整存整取定期存款利率从2.3%调降至2.15%，而苏商银行也预计近期存款利率 将下调10个基点，有的银行下调多达了80个基点。 近年来，大型银行凭借资金规模优势，不断下调存款利率，对中小银行形成了一定的竞争压力。如果我 们不及时调整，可能会面临存款流失的风险，但同时也不能过度下调，需要在留住客户和控制成本之间 找到平衡。10月是传统的存款淡季，此时调整利率对客户的影响相对较小，是比较合适的时间窗口。 存款利率下调的背后逻辑 在了解完这场来势汹汹的 "降息潮" 后，大家心里肯定充满了疑惑：银行们为什么要齐刷刷地降低存款 利率呢？这背后其实有着复杂而又紧密相连的经济逻辑。 从宏观经济刺激的角度来看，当前全球经济增长面临着一定的压力，我国经济也面临着一些挑战，如内 需不足、企业投资意愿有待提高等问题 。降低存款利率是国家宏观调控的重要手段之一。当存款利率 降低，居民把钱存在银行的收益减少，这就会促使他们更倾向于把钱拿出来消费或者进行其他投资 。 消费 ...

每经编辑｜吴永久 周三，上证指数小幅震荡，深地经济、培育钻石概念涨幅居前，特斯拉人形机器人产业链继续上涨。收盘沪指跌0.07%，收报3913.76点。沪深两市成交额 仅有16679亿元，较周二缩量2060亿元。 消息面上，人形机器人领域近期海内外利好不断。海外方面，特斯拉官网发布大量Optimus机器人制造工程师招聘信息，或预示着第三代机器人量产在 即。国内机器人企业也迎来重要进展，宇树科技IPO辅导机构已提交第一期辅导工作报告，上市工作稳步推进；乐聚机器人宣布完成近15亿元Pre-IPO轮 融资，将用于核心技术研发与产业链布局。 在每日经济新闻App举办的掘金大赛中，第76期比赛在周一开赛，多位选手跑步入场。大赛为模拟炒股，模拟资金50万元。报名时间为10月18日至10月31 日，比赛时间为10月20日至10月31日。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 对于大盘方面，有参赛高手认为，目前，上证指数处于正常的上升趋势中，处于横盘震荡状态，如果向上放量突破3950点，那么将打开新的上涨空间。 估计在10月底的APEC会议之后，市场的不确定因素会减少很多。 在板块机会方面，有参赛 ...

Market Overview - The Hong Kong stock market sentiment continues to improve, maintaining an upward trend from the previous day's rebound, with a net inflow of HKD 1.171 billion from southbound funds[9] - Major technology stocks saw a collective narrowing of gains in the afternoon, with Alibaba up 2% while Meituan turned negative and Xiaomi fell 1.44%[9] - The Hang Seng Index closed at 26,027.55, reflecting a weekly increase of 3.09% and a year-to-date increase of 29.87%[3] U.S. Market Performance - On October 21, the Dow Jones Industrial Average rose by 0.47%, reaching a new historical high, while the S&P 500 remained flat and the Nasdaq fell by 0.16%[9] - Notable performances included General Motors, which surged nearly 15%, marking its best single-day performance in five years, and Raytheon Technologies, which rose nearly 8%[9] - Beyond Meat experienced a dramatic increase of over 146%, with a cumulative rise of approximately 600% over three trading days[9] Sector Highlights - Semiconductor stocks, insurance stocks, and heavy machinery stocks maintained a generally upward trend despite narrowing gains in the afternoon[9] - Financial stocks, particularly Chinese securities firms and domestic insurance stocks, showed significant activity, with China Life rising over 6% and CICC up over 3%[9] - Gold and silver prices experienced a significant pullback, leading to declines in related stocks, with China Silver Group dropping over 6%[9] Key Index Performance - The Shanghai Composite Index closed at 3,916.33, up 1.36% for the day and 14.94% year-to-date[3] - The Hang Seng Tech Index closed at 6,007.94, reflecting a year-to-date increase of 33.49%[3] - The Nikkei 225 index rose by 0.27%, reaching a new closing historical high[9]

截至午间收盘，沪指跌0.44%报3899.05点，深证成指跌0.81%，创业板指跌0.89%，北证50指数涨 1.19%，沪深北三市合计成交11142亿元。 （原标题：午评：沪指跌0.44%，煤炭、有色等板块走低，人造肉概念逆市活跃） 22日早盘，三大股指盘中震荡下探，北证50指数逆市拉升，场内近2900股飘绿。 盘面上看，煤炭、有色、半导体、券商等板块走低，工程机械、地产、石油、医药等板块拉升，人造 肉、工业母机、生物疫苗概念等活跃。 东莞证券表示，目前指数已行至阶段高位，资金分歧有所加剧，需警惕获利盘了结带来的短期震荡。但 另一方面，随着关税扰动因素逐步消化，四季度经济在政策支撑下有望持续修复；叠加美联储降息预期 渐强，可能吸引外资继续流入，而国内无风险利率下行也进一步提升了A股的配置价值，或推动居民资 金继续向股市转移。综合来看，市场短期或面临震荡整固，但中期上行趋势预计仍将延续。操作上建议 保持灵活仓位，避免盲目追高，并围绕景气度与估值性价比积极调整持仓。 ...

Group 1 - Shanghai Gold ETF (159830) experienced a significant pullback, dropping over 5% with a transaction volume of 27.94 million yuan as of October 22, 2025 [3] - The latest share count for Shanghai Gold ETF reached 166 million, marking a one-month high as of October 21 [3] - The net inflow of funds into Shanghai Gold ETF was 11.84 million yuan, with a total of nearly 160 million yuan attracted over the last 10 trading days [3] Group 2 - The Shanghai Gold ETF closely tracks Shanghai Gold (SHAU.SGE) and has a management fee of 0.25% and a custody fee of 0.05%, both lower than the average for similar products [3] - The ETF supports T+0 trading, enhancing liquidity for investors [3] Group 3 - European leaders issued a joint statement on October 21 supporting negotiations for a ceasefire in the Russia-Ukraine conflict, emphasizing opposition to the use of force to change international borders [3] Group 4 - On October 22, spot gold prices experienced significant volatility, initially dropping nearly 3% to $4,003 per ounce before rebounding above $4,100 [4] - The fluctuations were attributed to technical adjustments and reduced safe-haven demand due to expectations of a ceasefire in geopolitical conflicts, while global central bank gold purchases and expectations of Federal Reserve easing supported the rebound [4] - Citibank forecasts that the end of the U.S. government shutdown and the announcement of a U.S.-China agreement may lead gold to enter a consolidation phase over the next 2-3 weeks [4] - The World Gold Council suggests that only a major liquidity crisis could disrupt both gold and stock markets, but currently, there are no signs of significant breakdowns in the credit and banking systems, indicating gold's resilience [4]

今日（10月22日）早盘，港股市场小幅低开。 截至发稿，恒生指数报25897点，下跌129.93点，跌幅0.50%。 个股方面，潼关黄金（00340.HK）跌超8%，中国黄金国际（02099.HK）、老铺黄金（06181.HK）、灵 宝黄金（03330.HK）跌超6%，招金矿业（01818.HK）、紫金矿业（02899.HK）、山东黄金 （01787.HK）、紫金黄金国际（02259.HK）跌超5%。 焦点公司方面，泡泡玛特（09992.HK）昨日大跌8%，并在盘后公布三季度业绩，今日早间，泡泡玛特 股价高开超7%。 打开百度APP畅享高清图片 恒生科技指数报5958点，下跌49.31点，跌幅0.82%。 焦点板块方面，受国际金价跳水影响，今日黄金股板块集体大跌。 消息面，国际金银大跌，现货黄金跌5.18%，报4130.41美元/盎司，盘中一度创自2013年4月以来的最大 单日跌幅。现货白银跌7.16%，报48.705美元/盎司，盘中一度创下自2021年以来的最大跌幅。COMEX 黄金期货当月连续合约结算价下跌250.30美元，跌幅5.74%，报4109.1美元/盎司。 据媒体报道，分析人士指出，资金获利回调 ...

Group 1: Brokerage Firms' Mid-term Dividends - A new round of mid-term dividends is being distributed by brokerage firms, with 29 firms planning to distribute over 18 billion yuan [1] - Among these, CITIC Securities leads with a proposed dividend of 4.298 billion yuan, followed by Guotai Junan with 2.627 billion yuan [1] - The concentrated distribution of dividends reflects the industry's profitability resilience and may enhance investor return expectations, potentially boosting brokerage valuations [1] Group 2: Jindong Co., Ltd. Block Trade - Jindong Co., Ltd. executed a block trade of 3.89 million shares on October 21, with a transaction value of 52.0093 million yuan, at a discount of 2.98% compared to the closing price [2] - The transaction involved an institutional buyer, indicating a divergence in valuation perceptions among investors [2] - The cumulative block trade volume over the past three months reached 442 million yuan, suggesting increased shareholder selling intentions, which may exert short-term pressure on the stock price [2] Group 3: Fund Risk Level Adjustments - Multiple financial institutions have recently adjusted the risk levels of their fund products, with a significant number of funds experiencing upward adjustments [3] - The adjustments are primarily driven by increased volatility, greater maximum drawdown deviations, and declining fund sizes, particularly affecting bond funds [3] - This trend indicates a tightening of risk management in the industry, which may lead to a reevaluation of asset allocations by investors [3] Group 4: Insurance Asset Management Products Performance - Over 92% of insurance asset management products have achieved positive returns this year, with equity products showing an average return rate of 28% [4] - The focus of insurance funds is shifting towards long-term investments and increased research on listed companies, particularly in the tech sector [4] - The diversification of income sources through alternative investments is becoming a key strategy for insurance funds to enhance yield and stabilize net value fluctuations [4][5]

Group 1 - A-shares continued to rebound, with the Shanghai Composite Index recovering above 3900 points, closing up 1.36% at 3916.33 points, and the ChiNext Index rising 3.02% [1] - The overall market showed a broad-based increase, with over 4600 stocks rising, accounting for more than 80% of the total [1] - Key sectors leading the market included telecommunications, electronic components, shipbuilding, and semiconductors, while coal and daily chemicals declined [1] Group 2 - The stability of the stock market is crucial for injecting capital into the real economy and enhancing consumer confidence through wealth, psychological, and expectation effects [2] - The Nasdaq Golden Dragon China Index rose by 2.39%, indicating increasing foreign investment interest in Chinese stocks [2] - Short-term market fluctuations are expected due to profit-taking and market sentiment, but favorable policies and potential interest rate cuts from the Federal Reserve and the People's Bank of China may support the market [2]

详解季报期的金融股投资机会 20251021 摘要 保险公司通过提升权益仓位和优化结构，特别是 7 月以来加速加仓成长 股，提高了投资收益率，使其整体权益结构与市场风格的匹配度更高。 利率上行环境下，部分 VFA 保单评估利率按市场利率核算，显著提升了 保险公司的承保服务业绩，中国人寿在此方面表现突出。即使未发布业 绩预增公告的公司，其增速也超市场预期。 当前环境下，推荐保险股的核心逻辑是投资端弹性。在利差收窄压力下， 关注投资端边际弹性更大的公司，首推新华保险和中国人寿，关注中国 平安和中国人保。 券商板块在 2025 年三季度表现超预期，同比增速达 60%。未来发展主 线包括居民资产配置重配带来的财富管理和资产管理业务增长，以及国 际化进程加快带来的新盈利增长点。 长期看好零售业务有竞争优势且国际化战略突出的券商，如中信证券和 华泰证券。同时，自营弹性较大的兴业证券和长江证券也值得关注。 银行板块整体业绩稳定，预计营收增速微正，利润增速约 1%。债券市 场波动影响有限，规模增长稳定，负债成本下降支撑净利息收入增速。 上市银行 OCI 浮盈可调节收入。 银行个股推荐方面，关注基本面和业绩积极变化的招商银行、 ...

每经编辑｜吴永久 周二，A股走出普涨行情， CPO、培育钻石、英伟达产业链等涨幅居前。截至收盘，沪指涨1.36%，收报3916.33点。沪深两市成交额达到18739亿元，较 周一放量1363亿元。 在每日经济新闻App举办的掘金大赛中，第76期比赛在周一开赛，多位选手报名入场。大赛为模拟炒股，模拟资金50万元。报名时间为10月18日至10月31 日，比赛时间为10月20日至10月31日。每期比赛结束，正收益就获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 为方便选手了解有价值的信息，与高手交流市场热点和投资技巧。报名掘金大赛后，就能申请加入掘金大赛交流群，加群方法是：点击微信主页右上 角"+"号，选择"添加朋友"，然后点击"企业微信联系人"，输入手机号13882019385，添加企业微信火山君。 对于大盘 ...