此外，该园区还积极打造了"线上+线下"银企对接双通道。线上建立政策速递微信群，实时推送最新金 融政策；线下则根据企业需求，组织"一对一"精准洽谈。此前，河南中戈电气有限公司因扩大产能急需 200万元资金，该园区迅速联动银行上门服务，10个工作日内即完成审批放款，高效缓解了企业的燃眉 之急。 今年以来，高新区沙河产业园区已累计组织银企对接活动8场，成功帮助4家企业获融资2340余万元。该 园区相关负责人表示，下一步，将继续优化融资服务机制，助力企业轻装上阵、专注发展。（蔡长伟 张晨星） 为全面掌握企业实际需求，该园区组建了党员助企服务专班，深入企业开展"敲门式"走访，详细了解经 营状况与资金需求，同步建立融资需求动态台账。截至目前，已完成对园区16家企业的全面摸排，精准 识别出6家有融资需求的企业。 针对部分企业对金融产品不了解、申请流程复杂等情况，该园区主动联合建设银行、农商行等机构，常 态化开展"融资政策进企业"等活动，精准推介"专精特新贷""设备更新贷"等适配产品，并邀请财务专家 讲解融资知识，帮助企业优化融资方案。目前，已助力4家企业平均降低融资成本近15%。 "以前跑贷款，得一家家银行问，材料反复交， ...

过去几十年，美国各种资本集团在全球化红利下相安无事，形成了犹太资本主导金融、法律、传媒，盎 格鲁撒克逊资本掌控军工、能源和传统制造业的格局。 但如今这套玩法不灵了，至于原因，张维为教授曾一语点破：美国收割不了中国了。 两边一边管着钱袋子，一边握着枪杆子，靠着美元在国际上的霸权地位，周期性地从世界各地收割财 富，坐地分赃。 没了共同的"肥肉"，之前藏着的矛盾就全暴露出来了。 二战的时候，犹太和盎撒合作就体现得特别明显，犹太资本旗下的华尔街机构给美国军工企业砸了大量 资金，像洛克希德·马丁、波音这些军工巨头，背后都有犹太股东的支持，让美国的武器产能一下子爆 发出来。 同时，犹太资本还通过贷款给盟国、推动《租借法案》落实，帮着美元一步步取代英镑，成为全球主要 货币。 而盎撒精英则牢牢掌控着军队和外交大权，艾森豪威尔、麦克阿瑟这些军方高层都是盎撒背景，他们主 导着战争进程，还设计了战后的国际秩序。 当时这两家配合得相当默契，犹太资本负责赚钱和塑造舆论，盎撒集团负责用武力维护霸权，一起把美 国推上了世界霸主的位置。 二战结束后，这种合作模式又延续了几十年，核心就是一起收割全球财富。 美国收割别的国家有一套成熟的套路，要 ...

Group 1 - The European Central Bank (ECB) is warned about the potential systemic importance of stablecoins linked to the US dollar, which have surged in size, exceeding $300 billion, with a 48% increase this year [1] - Olaf Sleijpen, a member of the ECB's governing council, expressed concerns that a panic sell-off of underlying assets of unstable stablecoins could threaten financial stability and impact the broader economy and inflation [1] - The ECB may need to reconsider its monetary policy in response to the risks posed by stablecoins, although the direction of any policy adjustment remains uncertain [1] Group 2 - Despite the warnings regarding future risks, Sleijpen maintains a relatively optimistic view on current monetary policy, noting improvements in the Eurozone since June, with reduced trade uncertainty and better-than-expected economic growth [2] - He believes there is "no reason" to adjust interest rates based on current information, and views inflation risks as "balanced," contrasting with a more hawkish perspective from other ECB officials [2] - Investor expectations indicate only a 25% chance of a 25 basis point rate cut by the end of next year, reflecting a cautious outlook on future monetary policy adjustments [2]

特朗普签署临时拨款法案，美政府结束"停摆"。当地时间11月12日，美国总统特朗普在白宫签署了国会 两院通过的一项联邦政府临时拨款法案，从而结束了已持续43天的史上最长联邦政府"停摆"。两党结束 关门协议包括至2026年1月31日的短期拨款法案、撤回关门期间的联邦雇员裁员、承诺对医疗补助进行 投票。另外，BLS、BEA等公布数据发布计划，9月非农将于11月20日公布，三季度GDP与10月实际个 人收支将于11月26日公布，但10月CPI与非农发布时间仍不确定。 截至上周五(11月14日)，伦敦现货黄金报收4082.16美元/盎司，自11月7日以来累计上涨81.87美元/盎 司，涨幅2.05%。上周伦敦现货黄金价格冲高回落，金价最高上行至4245.22美元/盎司，最低触及 3997.20美元/盎司。 回顾上周以来海外主要市场动态：上周四起，多名美联储官员表态对通胀的担忧，鹰派言论打压降息预 期；美国政府停摆结束，降低黄金短期避险吸引力。 短期内金价或延续震荡；中长期"美联储开启降息周期+海外宏观政策不确定性加剧+全球去美元化趋 势"对于金价构成一定支撑，或可考虑逢低分批布局黄金基金ETF(518800)。关注本周 ...

Price Trends - Domestic gold jewelry prices have experienced a three-day decline starting from the 14th, with Lao Miao gold jewelry priced at 1289 yuan/gram, down 36 yuan/gram from the 13th; Lao Feng Xiang gold jewelry at 1293 yuan/gram, down 32 yuan/gram; and Chow Tai Fook and Chow Sang Sang both at 1305 yuan/gram, down 28 yuan and 23 yuan respectively from their high points on the 14th [2][3] Bank Adjustments - Several banks, including China CITIC Bank and China Construction Bank, have raised the minimum investment amount for gold accumulation products, with CITIC Bank increasing the minimum from 1000 yuan to 1500 yuan effective November 15, 2025 [3][4] - Some banks have shifted their gold accumulation model from fixed amounts to variable amounts based on gold price fluctuations [5] Market Analysis - International gold prices have shown significant pullbacks after reaching recent highs, attributed to the temporary easing of U.S. government shutdown risks and a decrease in safe-haven demand [5] - Analysts suggest that macroeconomic and geopolitical factors affecting gold prices remain complex, with ongoing U.S. fiscal deficits and high geopolitical risks in regions like the Middle East [5] - Despite short-term volatility, many institutions maintain a long-term bullish outlook on gold, with UBS strategists predicting gold could reach 5000 USD/ounce between 2026 and 2027 [5] Future Scenarios - Citigroup has outlined multiple scenarios for gold prices, including a bullish scenario where gold could reach 6000 USD/ounce by the end of 2027 if there is a significant reallocation of global wealth [6] - Citigroup's base case anticipates a price drop to 3650 USD/ounce in 2026 due to an improving U.S. economic environment, while a bearish scenario could see prices fall to around 3000 USD/ounce if geopolitical tensions and fiscal concerns ease significantly [6]

1823年，日昇昌票号诞生，其名寄寓"旭日初昇，繁荣昌盛"。旧时商人远行贸易，需携带现银，仰赖镖局押运，险象环生。日昇昌以带防伪标 记的纸质汇票破局，革除了长途携银之弊，被誉为中国现代银行业的开山鼻祖。 明清时期，晋商纵横欧亚九千里、称雄商界五百年。日昇昌票号创立后的一个世纪里，平遥县诞生了22家票号，占到当时中国票号总数的近一 半，铸就了一代贯通古今的商业传奇。 "平遥"二字的含义是平定遥远的地方，包含着对国家安定的美好祝愿。古城始建于西周宣王时期，有20处国家级文保单位。1997年，平遥古城 被列入《世界遗产名录》，开创了中国以整座古城列入世界文化遗产的先河。 平遥承岁月之厚重，更在时光中焕新生长。依托平遥古城厚重的历史文化，文旅产业在挖潜扩面中进一步升温，2024年游客人数达1012万人 次。千年平遥承古启新，焕发新的时代光彩。 城郭凝骨，文脉塑魂。文化遗产是辉煌灿烂中华文明的有力见证，牵动情感共鸣。这份与历史的精神羁绊，让平遥人以使命感为翼，在古城保 护与传承之路上笃行不怠，不负岁月馈赠。 策划：黄豁、樊华 在平遥，城墙会说话。当夕阳掠过垛口，青砖斑驳的纹路，便化作历史深处的耳语。自两千多年前肇建，至 ...

Group 1: U.S. Economic Policy - The U.S. government shutdown lasted 43 days, resulting in an estimated loss of $1.5 trillion, with the overall impact to be assessed over weeks or months[4] - The IMF predicts that the U.S. GDP growth for Q4 will be below the previous forecast of 1.9% due to the shutdown[4] - U.S. October PPI increased by 2.4% year-on-year and 0.2% month-on-month, while core PPI rose by 3.1% year-on-year, exceeding expectations[4][5] Group 2: Monetary Policy and Interest Rates - Fed officials are divided on interest rate decisions, with some advocating for a 50 basis point cut, while others prefer to maintain current rates[4] - The probability of at least a 25 basis point cut in December decreased from 66.9% to 44.4%[5] - The weighted average expected policy rate for the end of 2026 increased from 2.90% to 2.96%[5] Group 3: Global Market Trends - U.S. stocks saw modest gains, with the S&P 500 and Dow Jones up by 0.1% and 0.3%, respectively, while the Nasdaq fell by 0.5%[11] - European stocks rose, with the STOXX 600 index increasing by 1.8% driven by healthcare valuations[11] - The dollar index weakened by 0.26%, while the euro and pound strengthened against the dollar[20] Group 4: Commodity Prices - Brent and WTI crude oil prices rose by 1.2% and 0.6%, respectively, closing at $64.4 and $60.1 per barrel[18] - Gold prices increased by 1.9%, reaching $4,071.1 per ounce, while silver surged by 6.8% to $52.0 per ounce[18]

素有"华尔街一哥"之称的摩根大通CEO杰米•戴蒙（Jamie Dimon）近日警告称，信贷市场可能正在酝酿麻 烦。当时他形象地指出，"如果你看到一只蟑螂，往往意味着还有更多蟑螂存在。" 他当时是在评论次级汽车贷款机构Tricolour和汽车零部件供应商First Brands破产一事。而据罗森博格研究公 司（Rosenberg Research）称，有迹象表明，戴蒙所暗示的问题已经更为普遍。 该公司在最新报告中指出，"杰米•戴蒙看起来越来越正确——当信贷压力在家庭和企业部门积聚的迹象出现 时，总是有不止一只'蟑螂'。" 以下是"信贷蟑螂"可能潜伏的三大警告信号： 1.新增逾期贷款数量正在上升。 越来越多的贷款进入逾期还款状态。根据纽约联邦储备银行的数据，第三季度新增逾期贷款（即借款人逾期 还款至少30天的贷款）余额上升5.3%。这是自2014年以来的最高新增逾期率。 以下是第三季度贷款类型的分类： 汽车贷款：早期违约率为7.7% 信用卡贷款：早期违约率为8.8% 学生贷款：早期违约率为14.4% 抵押贷款：早期违约率为3.6% 2.更多的贷款严重逾期 更多的消费者也陷入了所谓的"严重"拖欠，即贷款还款逾期90 ...

今日，央行开展8000亿元买断式逆回购操作，智通财经记者梳理，今年11月，6个月期买断式逆回购到 期量为3000亿元，今日操作落地后，6个月期限买断式逆回购实现加量续做5000亿元。在此之前，央行 已于11月5日开展7000亿元3个月期买断式逆回购，由于当月有同样规模3个月期买断式逆回购到期，因 此月内为等量续做。 值得注意的是，这是央行连续6个月通过买断式逆回购向市场注入中期流动性。背后原因在于，一方面 11月政府债券净融资规模会明显上升，另一方面10月5000亿元新型政策性金融工具投放完毕，在带动当 月委托贷款走高后，接下来还会带动配套中长期贷款较快投放。此外，11月银行同业存单到期量也有明 显增加。 "以上因素都会在一定程度上收紧银行体系流动性，需要央行给予流动性支持。着眼于应对潜在的流动 性收紧态势，央行通过买断式逆回购向银行体系注入中期流动性，有助于保持资金面处于较为稳定的充 裕状态。"东方金诚宏观分析师王青指出，近期宏观经济出现下行波动，当前央行更大规模加量续作买 断式逆回购，释放了数量型政策工具持续加力的信号。 "今年以来，央行综合运用多种货币政策工具，既保持流动性'适度宽松'又维持'不满不溢' ...

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 2.62% at $4084.4 per ounce (weekly gain of 1.86%) and COMEX silver futures down 5.21% at $50.4 per ounce (weekly gain of 4.69%) [5] - U.S. oil and Brent crude oil futures rose, with the U.S. oil main contract up 2.15% at $59.95 per barrel (weekly gain of 0.18%) and the Brent crude oil main contract up 1.97% at $64.25 per barrel (weekly gain of 0.97%) [6] - London base metals fell across the board, with LME aluminum down 1.31%, zinc down 1.33%, tin down 1.00%, copper down 1.00%, nickel down 0.67%, and lead down 0.58% [6] - Domestic futures contracts mostly declined, with methanol and glass down over 1%, and caustic soda and rapeseed oil down nearly 1%. Coke, styrene (EB), and low-sulfur fuel oil (LU) rose [7] 2. Important News Macroeconomic News - The State Council executive meeting emphasized promoting the "Two Major" construction, optimizing project review, and leveraging various funds [10] - The People's Bank of China will conduct an 800 billion yuan six - month (182 - day) outright reverse repurchase operation [10] - In October, 313 out of 623 industrial products had year - on - year output growth, including increases in ten non - ferrous metals, ethylene, and new energy vehicles [11] - In October, industrial coal production was high, and oil and gas production increased steadily [11] - The overall national economy in October was stable, but faced challenges from the external environment and structural adjustments [12] - In October, industrial power generation increased by 7.9% year - on - year, with an accelerated growth rate [13] - The Ministry of Finance aims to expand effective investment and promote the construction of a unified market [13] Energy and Chemical Futures - The production and capacity utilization of corrugated paper and boxboard paper decreased due to equipment maintenance [15] - The total port inventory of xylene decreased, with a decline in East China ports [15] - The capacity utilization rate of China's refinery reforming units increased slightly [17] - The average weekly capacity utilization rate of domestic silicone DMC monomer plants increased [17] - Iran seized an oil tanker in the Persian Gulf [17] Metal Futures - Platinum and palladium futures will be listed on November 27, 2025 [19] - The inventory of lithium ore at ports and warehouses decreased [19] - The inventory of imported copper concentrate at 16 ports in China increased [19] - The weekly operating rate of recycled lead in four provinces decreased [19] Black - Series Futures - The national blast furnace operating rate changed little, while the electric furnace operating rate increased [23] - The purchase price of coke by Hebei steel mills increased [23] - The starting price of coking coal auction by Mongolia's ETT company decreased [24] - The inventory of imported iron ore at ports increased, and the daily port clearance volume also rose [24] - The inventory of imported iron ore of steel mills increased, and the daily consumption increased [26] - The third - round fifth - batch of central environmental protection inspections will start [26] - The total urban steel inventory decreased [26] Agricultural Product Futures - It is expected that the price of Malaysian palm oil futures will rise to 4300 - 4400 ringgit per metric ton in Q1 2026 [28] - The actual soybean crushing volume of oil mills in the 46th week was lower than expected, and the operating rate is expected to rise in the 47th week [28] - The planned shipment of Brazilian soybeans to China increased, and the shipped volume also rose [28] - The U.S. Department of Agriculture's November report showed a decrease in soybean yield, production, and ending inventory expectations [29] - The U.S. adjusted the scope of "reciprocal tariffs" for agricultural products [29] 3. Financial Markets Finance - At the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, with an increase in stock investment. Bank stocks were favored, and other industries were also adjusted [31] - Since November, nearly 770 companies have received institutional research, with a focus on the electronics and machinery sectors [31] - Last week, southbound funds had a net inflow of HK$247.73 billion, with Xiaomi Group - W receiving the highest net purchase [31] - The IPO review of technology companies has accelerated, and the overall IPO market has also seen a faster pace [33] - The A - share market is expected to have faster sector rotation and a more balanced style [33] - The domestic ETF market has developed rapidly in 2025, with the number and scale of new ETFs breaking records [33] Industry - AI will enable robots to "understand the world" in the next decade [34] - The substitution effect of second - hand housing for new housing is increasing [34] - The supply and demand of lithium carbonate in 2026 are expected to be basically balanced, but prices may rise if demand grows rapidly [35] - From January to October, railway passenger volume reached a record high [35] - The global clothing market size is expected to reach $1.84 trillion in 2025 [36] Overseas - The U.S. Treasury Secretary said that Trump's tariff subsidy plan needs congressional approval [37] - The U.S. Trade Representative will visit Europe for trade negotiations [37] - Trump bought at least $820 million in corporate and municipal bonds [37] - Samsung, Hyundai, and LG will invest a total of about $464 billion in South Korea in the next five years [37] - Japan's economic stimulus plan will exceed 17 trillion yen [38] International Stock Markets - Wall Street hedge funds reduced their holdings of U.S. "Magnificent Seven" stocks in Q3 and increased investment in other sectors [40] - Chinese institutions increased their holdings of U.S. stocks such as Alibaba, Pinduoduo, and Google in Q3 [40] - The Bill & Melinda Gates Foundation Trust sold 17 million shares of Microsoft in Q3 [40] - Saudi Arabia's PIF cleared its positions in more than a dozen U.S. stocks [41] Commodities - Russia's Novorossiysk port resumed oil loading operations on November 16 [42] Bonds - Bank of China issued dim - sum bonds for technology companies in Hong Kong, with high subscription rates [44] - Bond ETFs have continued to grow significantly this year, with a record - high scale [44] 4. Upcoming Economic Data and Events Economic Data - Japan's Q3 GDP preliminary value, UK's November Rightmove average house asking price index, and other data will be released [46] Events - There are central bank operations, speeches by central bank officials, and important international meetings scheduled [48]