北京商报讯(记者郝彦)10月9日，广东证监局发布公告表示，珠海横琴观致资产管理有限公司(以下简 称"横琴观致资管")存在以下违规情形：未对珠海横琴观致精选10号私募证券投资基金等4只私募基金产 品履行主动管理职责，将该4只产品开立的证券账户及密码交由他人管理，并由他人行使交易职责。未 自行或委托第三方机构对所管理的私募基金产品进行风险评级。未在内部制度中明确投资者与产品适当 性匹配的具体依据、方法、流程。综上，横琴观致资管被监管责令改正。 广东证监局指出，孟庆平作为横琴观致资管的执行董事、总经理，未能恪尽职守、严格遵守法律法规， 对公司上述违规行为负有主要责任，广东证监局决定对其采取出具警示函的行政监管措施。 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【10月9日美国贝莱德比特币ETF资管规模超80万枚比特币】10月9日，美国贝莱德的比特币ETF资产管 理规模（AUM）已超800,000枚比特币。其价值约达1,000亿美元。 ...

Core Insights - The 2025 Greenwich Economic Forum focused on private capital cycles, AI and finance integration, alternative asset opportunities, and global macroeconomic outlooks [1] - Ray Dalio discussed the interplay of five major forces shaping the current macroeconomic landscape, which include debt, political polarization, international power dynamics, natural shocks, and technological advancements [5][6] Group 1: Five Major Forces - The first force is the long cycle of "debt-money-credit," where credit expansion drives demand, but debt burdens can lead to supply-demand mismatches and slower growth [6] - The second force involves wealth and value divergence leading to political polarization, complicating traditional negotiation mechanisms [6] - The third force is structural friction between rising powers and existing hegemonies in the international landscape [6] - The fourth force consists of periodic natural shocks (e.g., droughts, diseases) that can be as damaging as wars [6] - The fifth force is the leap in human knowledge, particularly through technological revolutions, which fundamentally drives improvements in life expectancy and income [6] Group 2: Economic Policies and Asset Allocation - Dalio characterized the current U.S. fiscal and financial state as a "debt-for-debt" phase, with widening spending and income gaps, leading to increased reliance on government bonds [7] - He emphasized that gold is a significant asset, acting as a "second reserve currency," especially when fiat currency credibility is diluted by debt and deficits [7][8] - In terms of asset allocation, Dalio advocates for a "neutral portfolio" to maximize after-tax returns and diversification before making tactical adjustments [9] - Gold has seen a significant rise, surpassing $4000 per ounce, with a year-to-date increase of nearly $1400 per ounce, reflecting its role as a diversifying asset [9][10] Group 3: Market Dynamics and Regional Focus - Dalio expressed a cautious view on debt assets, preferring to be bullish on gold given the current credit conditions [10] - He noted the complexity of monetary policy, highlighting disparities between high-income groups and lower-income groups, making a one-size-fits-all approach ineffective [10] - Comparing the current situation to historical periods of fiscal and monetary resets, he warned of potential currency devaluation and political fragmentation [10] - Regarding regional asset allocation, Dalio suggested maintaining a higher weight in U.S. assets due to their size and liquidity while keeping exposure to Chinese assets, which require structural reforms [11]

据知情人士透露，贝莱德公司已要求从杰富瑞金融集团（Jefferies Financial Group Inc.）旗下一只基金中抽回部分投资，该基金对破产汽车零部件供应商第一 品牌集团（First Brands Group Inc.）的贸易债务存在大量敞口。贝莱德及其他投资者，包括德克萨斯州财政保管信托公司，一直在就部分赎回投资于杰富瑞 旗下利卡迪亚资产管理公司（Leucadia Asset Management）旗下单位——Point Bonita Capital的资金进行谈判。Point Bonita在第一品牌的应收账款上投资了 7.15亿美元，而第一品牌9月15日（几乎比该公司申请破产早两周）停止了付款。 公开资料显示，贝莱德成立于1988年，集团总部位于美国纽约，于1999年在纽约证券交易所上市，是全球规模较大的资产管理集团之一，主要业务有养老基 金、主权财富基金、保险等。 ...

Core Points - The Beijing Municipal Human Resources and Social Security Bureau has released the third batch of major labor security violation cases for 2025, involving five companies including Beijing Xinzuo Youcheng Construction Co., Ltd. and Beijing Pioneer Green Asset Management Co., Ltd. The cases include wage arrears and illegal use of child labor, with some companies being placed on a blacklist for failing to pay wages to migrant workers and being referred to law enforcement for criminal charges related to wage non-payment [1] Group 1: Beijing Xinzuo Youcheng Construction Co., Ltd. - The company was found to owe wages totaling 1,320,698.22 yuan to 49 migrant workers from December 2023 to December 2024 [2] - The company was issued a correction notice on July 18, 2025, but failed to pay by the deadline [2] - The company was fined 20,000 yuan and referred to the police for criminal charges related to wage non-payment [2] Group 2: Beijing Pioneer Green Asset Management Co., Ltd. - The company owed a total of 754,620.99 yuan in wages to 11 workers from September 2024 to February 2025 [3] - An administrative decision was made on May 20, 2025, requiring the company to pay the owed wages plus a compensation of 377,310.5 yuan [3] - The company did not comply with the administrative decision, leading to potential court enforcement actions [3] Group 3: Beijing Mujinghui Catering Service Management Co., Ltd. - The company was found to have illegally employed minors under the age of 16 [4] - The company was fined 35,000 yuan and had 2,800 yuan in illegal earnings confiscated [4] - The company complied with the administrative penalty [4] Group 4: Beijing Zhongwen Hongchang Property Management Co., Ltd. - The company owed wages totaling 210,436.74 yuan to 30 workers for the period from March to April 2025 [5][6] - An administrative decision was made requiring the company to pay the owed wages and an additional compensation of 105,218.44 yuan [6] - The company failed to comply with the administrative decision, leading to potential court enforcement actions [6] Group 5: Tang Yi Holdings (Shenzhen) Co., Ltd. Beijing Branch - The company owed a total of 368,708.78 yuan, including wages and economic compensation, to a worker for the period from July to December 2024 [7] - An administrative decision was issued requiring payment by May 31, 2025, but the company did not comply [7][8] - The company faces potential court enforcement actions for non-compliance with the administrative decision [8]

格隆汇10月9日｜法国互助信贷资产管理公司的分析师François Rimeu在一份报告中表示，新兴市场股票 和中国股票的估值看起来比美国股票估值更具吸引力。Rimeu认为美国股票估值已被拉高。他指 出："即使对的盈利预测非常乐观，我们认为其上涨潜力似乎也相当有限。"法国互助信贷资产管理公司 倾向于投资于股票，特别是新兴市场和中国股票。 ...

证券研究报告 | 金融工程 2025 年 10 月 09 日 定期报告 相关报告 1、《金融助力绿色转型征程 （一）：公募基金绿色投资五 年演进与展望》2025-09-29 任瞳 S1090519080004 rentong@cmschina.com.cn 麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 李奕熹 研究助理 liyixi@cmschina.com.cn 敬请阅读末页的重要说明 NDC 新目标锚定长期转型，荷兰养老金战略调整引关注 ——ESG 动态跟踪月报（2025 年 9 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 风险提示： ❑ 本报告基于公开资料整理，内容仅供参考，不构成任何投资建议。ESG 相关政 策仍在持续完善过程中，标准体系和市场反应具有不确定性，相关投资产品可 能面临估值波动、流动性不足、主题偏离等风险，投资者需保持审慎判断。 ❑ 2025 年 9 月，政策体系加速完善，绿色转型进入实操阶段。 中国发布新一轮 NDC，首次确立全经济范围温室气体总量控制目标；财政部与交 ...

今日周四(10月9日)欧盘时段，白银期货目前交投于11115一线上方，今日开盘于11200元/千克，截至发稿，白银期货暂 报11169元/千克，上涨2.22%，最高触及11309元/千克，最低下探11082元/千克，目前来看，白银期货盘内短线偏向震荡 走势。 同时据英国金融时报报道，几位知情人士透露，美国财政部长贝森特已于周二结束了对11位美联储主席人选的长名单面 试。特朗普正寻求接替现任主席鲍威尔。 据称，候选人在长达两个小时的面试中被贝森特、财政部官员Hunter McMaster和顾问Francis Browne亲自"拷问"。一些 接受面试的人表示，贝森特询问了他们对他最近在一篇文章中提出的观点的看法。该文章呼吁对美联储进行全面改革， 并批评其量化宽松计划是"功能获得性货币政策实验"。 据一位知情人士透露，贝莱德全球固定收益首席投资官Rick Rieder表现"非常好"。贝森特对整个过程一直守口如瓶，他 在最近接受福克斯商业频道采访时表示，他希望找到一位"思想开放"且"向前看"的人。 【最新白银期货行情解析】 沪银长期看多，仍具备持续震荡拉升态势，节后波动可能较大，建议控制仓位，持多为主，区间关注111 ...

Core Viewpoint - The A-share index has reached a new high of 3800 points, indicating a structural market characterized by significant divergence, with technology stocks led by AI continuing to rise while traditional sectors remain sluggish [1][4][9]. Group 1: Market Performance and Insights - The third quarter saw extreme structural differentiation in the market, aligning with the current economic fundamentals and interest rate environment [4][5]. - Despite the overall economic pressure, there are structural highlights driven by innovation, particularly in technology sectors [4][5]. - The market has transitioned from low volatility to increased fluctuations since September, suggesting a new critical phase [1][4]. Group 2: Future Market Outlook - The index's breakthrough of 3800 points reflects both internal and external factors, including China's strong global competitiveness in technology and abundant global liquidity [9][10]. - The sustainability of the market's upward trend depends on the transition from risk appetite to improvements in corporate earnings and further declines in interest rates [10][11]. - The potential for a market correction exists if lagging sectors do not begin to rise, indicating a need for careful monitoring of economic fundamentals [10][11]. Group 3: Investment Strategies and Style Shifts - The current extreme market differentiation may lead to a style shift, with potential beneficiaries being traditional cyclical sectors and those supported by stable growth policies [13][14]. - Historical patterns suggest that extreme differentiation often contains mean-reversion dynamics, increasing the likelihood of a style switch [13][14]. - Investment strategies should focus on identifying undervalued sectors and companies with recovery potential, while avoiding chasing high-flying stocks [13][14][15]. Group 4: Risks and Cautions - The current market environment presents heightened risks, particularly for sectors that have seen significant price increases, such as AI-related stocks [18][19]. - Investors should remain cautious, as rapid technological advancements in AI could lead to swift changes in market expectations and valuations [18][19]. - Maintaining a balanced approach and being prepared for potential corrections in overheated sectors is essential for managing investment risks [18][19][20]. Group 5: Advice for Investors - Investors who missed the recent market rally should focus on sectors that have not yet experienced significant gains, as these may present future opportunities [23][25]. - Emphasizing a long-term investment perspective and avoiding impulsive decisions based on short-term market movements is crucial [23][26]. - The importance of understanding one's investment capabilities and risk tolerance is highlighted, suggesting that professional management may be beneficial for those lacking confidence [26].

路华资产管理有限公司正在用一套不走寻常路的逻辑，重新定义资产管理在中国市场的深层意义。它不 是市场喧嚣中的跟风者，而是以"价值构建者"的姿态，在多元资产领域深耕细作，在服务维度不断扩 展，在底层逻辑上追求极致清晰与稳固，并以面向未来的愿景，构建起属于自身的金融能力护城河。在 这个金融高速变动、客户需求迭代迅速的时代，路华资产的系统化崛起，不只是机构能力的升级样本， 更是中国资产管理行业下一阶段发展的鲜明注脚。 路华资产从不相信单一策略可以适用于所有周期。它所构建的能力结构，是高度强调抗周期性、多资产 协同、风险对冲与价值均衡的配置矩阵。公司管理资产覆盖股票、债券、期货、黄金、商品、私募股 权、REITs、海外基金、结构化产品等多个类别，不仅打通了公募与私募的通道，还实现了境内与境外 资产池的协同与联动。每一个资产类别的接入，并非基于市场热点的短期冲动，而是基于对市场运行节 奏与风险分布的深入理解与再设计。在配置上，公司构建了一整套自适应再平衡系统，使得各类资产在 收益性、流动性与波动性之间实现动态调节，从而在复杂的金融周期中保有韧性与敏捷。 资产配置只是工具的外壳，真正体现机构认知能力的，是对配置背后的底层逻 ...