生态产品价值是生态系统为人类生产生活提供的最终产品与服务价值的总和，是人与自然和谐共生的核 心载体。习近平总书记强调"要加快建立生态产品价值实现机制，让保护修复生态环境获得合理回报"， 党的二十届三中全会将"健全生态产品价值实现机制"作为深化生态文明体制改革的关键任务，为新时代 生态产品价值转化指明了方向。烟台，作为首批国家级生态产品价值实现机制试点城市，具有丰富的生 态资源、发达的生态产业和活跃的金融生态，具备推动特定区域生态产品价值核算与金融创新深度融合 的良好基础。近年来，人民银行烟台市分行依托生态产品价值实现机制试点工作，将金融支持生态产品 价值实现作为推动区域经济绿色低碳转型的着力点，聚焦促进生态资源向生态资本转化，围绕体制机制 建设、产品服务模式创新、风险分担保障等方面进行了一系列探索与实践，探索出一条由蓝及绿、由点 及面、由单一贷款支持到财金协同发力的具有山海特色的金融支持生态产品价值实现的"烟台路径"。 长效机制构建： 筑牢制度根基： 生态产品价值实现的金融作用机理 （一）机制破壁，构建协同治理新框架。生态产品价值实现过程是一个涉及多领域、多主体的复杂系统 工程，具有典型的跨部门、跨领域特征。 ...

Core Viewpoint - The Trump administration is shifting its focus to controlling consumer prices as a core policy agenda in response to recent election signals regarding living costs, indicating a potential reversal of its hardline trade stance [1][2]. Group 1: Policy Changes - The White House is rapidly formulating plans aimed at reducing consumer prices, including direct subsidies of $2,000 or more, antitrust investigations into meatpacking companies, and a new initiative to lower tariffs on common consumer goods like coffee and fruits [1][2]. - A significant aspect of this strategy is the reduction of tariffs, with the government recently announcing lower tariffs on various agricultural products and foods, which is seen as a direct response to voter dissatisfaction with high living costs [1][2]. Group 2: Economic Implications - Analysts from Bank of America suggest that the political focus on affordability may signal the end of the trade war, predicting increased direct intervention in prices by the White House, which will be a key driver for asset allocation in the coming months [1][5]. - The administration's toolbox for addressing affordability includes agreements with pharmaceutical companies to lower prescription drug prices, new offshore drilling projects to stabilize energy costs, and proposals for healthcare and housing [2]. Group 3: Market Reactions - Investors are beginning to adjust to the new market logic stemming from Washington's policy shift, with predictions that the political battle over affordability will translate into specific market drivers [6]. - The anticipated increase in government intervention is expected to negatively impact profit margins in sectors related to inflation, while the potential end of the trade war and tariff reductions could become a central theme in the market [6].

策略研究 /[Table_Date] 2025.11.17 2025-11-17 每周海内外重要政策跟踪（25/11/14） 本报告导读： 覆盖国内宏观（中央及各部委政策及表态）、大类产业、地方政策、以及海外重要 政策和事件。 投资要点： [Table_Summary] 国内宏观：11 月 7 日，商务部、海关总署发布公告，决定暂停实施 多项出口管制措施；财政部发布 2025 年上半年中国财政政策执行 情况报告。11 月 9 日，第三次中瑞部级金融会议在瑞士伯尔尼举行。 11 月 10 日，国家金融监督管理总局对银行保险机构许可证实行分 级管理；同日，国新办举行国务院政策例行吹风会，介绍加快场景 培育和开放推动新场景大规模应用有关情况；市场监管总局发布"双 十一"网络集中促销合规提示。11 月 11 日，国家发展改革委举行专 题新闻发布会，介绍进一步促进民间投资发展有关情况。11 月 12 日，2025 年上海证券交易所国际投资者大会在上海开幕。11 月 13 日，市场监督管理总局表示将推动经营异常企业有序退出市场。 风险提示：政策和资本市场存在不确定性。 海 外 策 略 研 究 证 券 研 究 报 告 请务 ...

智通财经APP获悉，据当地时间上周六公开的文件显示，前美联储理事阿德里亚娜・库格勒违反了美联 储的道德规范，并在今年8月辞职时成为内部调查的对象。此前，她的突然离职使得时任总统特朗普得 以在美联储安插一名盟友。 违规交易详情 据悉，这并非库格勒首次触犯美联储的道德规定。她在去年的披露报告中承认，其配偶进行的几笔股票 交易违反了交易禁令。 据一位美联储官员透露，在库格勒离职前的最后几周，她试图解决其持有的金融资产存在的问题，但主 席鲍威尔拒绝了她在7月29日至30日美联储政策会议前提出的必要豁免请求。库格勒随后缺席了该会 议，并在次日宣布辞职。 美国政府道德办公室公布了库格勒最新的财务披露报告，其中显示她在2024年进行了多笔此前未公开的 个股交易——部分交易发生在美联储的静默期——这违反了该机构的道德规定。 披露文件显示，美联储道德官员已于今年早些时候将此事件提交给该机构的监察长办公室。他们同时拒 绝认证库格勒在辞职约一个月后提交的这份披露报告。一位监察长办公室发言人上周六表示，调查仍在 进行中。 库格勒的辞职，让特朗普得以提前填补美联储理事会的一个空缺席位。当时特朗普正大力施压，敦促政 策制定者大幅降息。这 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The current economic situation shows a weak recovery, with 10 - month economic data indicating mixed trends in various sectors. The bond market is expected to maintain a volatile recovery, and the stock market has different trends in insurance capital investment and institutional research preferences. For 2026, the economy is expected to have positive growth, and different investment strategies are recommended [32][33]. - The commodity market is affected by factors such as policy, supply - demand relationship, and geopolitical situation, resulting in price fluctuations and changes in market structure [4][5]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q3 2025 grew by 4.8% year - on - year, down from 5.2% in the previous quarter. The manufacturing PMI in October was 49%, lower than the previous and the same period last year. The non - manufacturing PMI was 50.1%, slightly up from the previous month. The social financing scale in October was 816.1 billion yuan, a significant decrease from the previous month [1]. - In October, CPI increased by 0.2% year - on - year, up from - 0.3% in the previous month, and PPI decreased by 2.1% year - on - year, a narrower decline than before. Fixed - asset investment (excluding rural households) decreased by 1.7% year - to - date, and the total retail sales of consumer goods increased by 4.28% year - to - date [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - In October, China's industrial added value of large - scale industries increased by 4.9% year - on - year, and the total retail sales of consumer goods reached 462.91 billion yuan, a 2.9% year - on - year increase. Platinum and palladium futures will be listed on November 27, 2025 [2]. - On November 14, 42 domestic commodity varieties had positive basis, and 27 had negative basis. Trump adjusted the scope of "reciprocal tariffs", excluding some agricultural products [3]. 3.2.2 Metals - London's basic metals all declined due to the Fed's policy uncertainty and weak economic data. The demand for lithium carbonate in 2025 is expected to reach 155 tons, with an oversupply of about 20 tons. In 2026, the demand is expected to increase by 30%, and the price may rise [4][5]. - The expansion project of Northern Zhongxin Antai Rare Earth Metals was put into production, increasing the production capacity and product variety. On November 13, zinc inventory reached a new high in over a month, while lead inventory decreased [5][6]. 3.2.3 Coal, Coke, Steel, and Minerals - As of early November, the prices of coking coal and coke increased. The production of crude steel, pig iron, and steel in October decreased both month - on - month and year - on - year. The shipping volume of iron ore to China increased, but port inventory reached an eight - month high [7][8][9]. - The Indonesian government set the benchmark prices for different grades of coal in the second half of November. The steel industry should seize development opportunities, improve product quality, and enhance the self - sufficiency rate of iron ore [8][9]. 3.2.4 Energy and Chemicals - The first gas storage group in Northwest China started winter gas supply, with a maximum daily supply of over 5 million cubic meters. The Russian port of Novorossiysk stopped oil exports due to a drone attack and then resumed operations on November 16 [10][11]. 3.2.5 Agricultural Products - Over 80% of winter wheat has been sown in China. The US soybean crushing volume in October reached a record high. India is considering resuming wheat product exports, and the US and Switzerland adjusted agricultural product tariffs [12]. - The export volume of Malaysian palm oil from November 1 - 15 decreased by 15.5% [13]. 3.3 Financial News 3.3.1 Open Market - On November 17, the central bank conducted 80 billion yuan of 6 - month outright reverse repurchase operations. This week, 112.2 billion yuan of reverse repurchases and 12 billion yuan of treasury cash deposits will mature. On November 14, the central bank conducted 21.28 billion yuan of 7 - day reverse repurchase operations, with a net investment of 7.11 billion yuan [15][16]. 3.3.2 Key News - An important article by Xi Jinping emphasizes the development of new - quality productivity. Han Wenxiu mentions cultivating emerging and future industries. China's economic data in October shows a stable operation, and the government promotes consumption and implements fiscal and monetary policies [17][18][19]. - The real estate market shows price declines, and the government promotes "two - major" construction. The financial market needs improvement, and the central bank and financial regulatory authorities take measures. The bond market has rating changes and redemption events [19][20][24]. 3.3.3 Bond Market Summary - The Chinese bond market fluctuated narrowly, with mixed changes in bond yields and futures. The money market funds were balanced, and the overnight repurchase rate increased. The exchange - traded bond market had different trends for different bonds, and the convertible bond index declined [26][27]. - The yields of European and US bonds increased, and the money market interest rates showed different trends. The central bank's bond issuance had specific winning bid yields and multiples [29][30]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1007, down 48 basis points. The US dollar index rose, and most non - US currencies fell [31]. 3.3.5 Research Report Highlights - Guosheng Fixed Income believes that the bond market will maintain a volatile recovery, and the 10 - year treasury bond rate may decline. Xingzheng Fixed Income believes that the bond market's allocation power is neutral [32][33]. - CITIC Construction Investment predicts that the GDP in 2026 will grow by about 5%, and recommends investment in three main lines. CITIC Securities believes that the wealth management industry is in a transformation period [33]. - Yangtze River Fixed Income believes that the probability of a comprehensive reserve requirement ratio cut is low, and the interest rate cut window may open. CICC Fixed Income believes that the bond market may have a configuration opportunity [34]. 3.4 Stock Market - At the end of Q3 2025, the insurance funds' stock investment balance increased significantly, with bank stocks being the main investment target. In November, nearly 770 companies were surveyed by institutions, with a focus on the electronics and machinery sectors [37]. - South - bound funds have been flowing in for 26 consecutive weeks, and Xiaomi Group - W received the highest net purchase in the past week [37][38].

【#上金所设立工行三亚黄金指定仓库#】11月17日，上海黄金交易所公告，根据上海黄金交易所黄金业 务开展的实际情况，现决定设立中国工商银行股份有限公司三亚分行指定仓库开展黄金仓储业务。（每 经） ...

村委会两委班子成员纷纷表示："上不了平台，限制销路，已成为当前产业发展的主要瓶颈。"在商讨过程中，他们初步探索出由西吉县益丰源农牧有限公司 （以下简称"益丰源"）作为商标持有方，负责该商标的推广及产品销售，同时与本村荞麦种植户、养蜂户签订定向采购协议定向收购，并委托本地蜂蜜、面 粉加工企业进行代加工，益丰源全程参与产品质量监督管理，并设定产品质量规格。 在"浦荞香"农产品商标申报启动会环节，浦发银行银川分行有关负责人表示，驻村工作队将"产业振兴"作为帮扶工作的出发点，积极探索"荞蜂互补"的生态 型产业链，并与村两委积极谋划申请"浦荞香"蜂蜜和荞麦面粉的农产品商标。该行在商标申报完成后，将积极通过自身资源进行产品推销，后期将在产品品 种及推广面上逐步扩大。 据悉，今年，该行一次性捐赠13.2万元用于洞子沟村道路照明路灯、垃圾投放点建设、困难户济困帮扶等3个项目。目前已安装太阳能路灯60盏、购买布放 垃圾箱5个，为该村4户村民每人捐赠3000元进行济困帮扶。 转自：宁夏日报 初冬的固原市西吉县新营乡洞子沟村委会院子格外热闹，近日，浦发银行银川分行在该村举办驻村帮扶成效总结、社会公益捐赠慰问等活动。村民荆国龙 说： ...

汇通财经APP讯——美国面临严峻就业市场和持续通胀。华盛顿国家美术馆在联邦政府重新开门后竖起 标牌欢迎游客。 美国经济在史上最长的政府停摆期间没有任何好转，但情况可能也没有变得更糟。这是华尔街经济学家 的主流观点，他们的依据是目前掌握的有限信息，最显著的是各州每周申领失业救济金人数统计。 在为期43天的政府停摆期间，首次申请失业救济人数始终保持在较低水平。经济学家估计，在10月1日 政府停摆前最后一周的首次申请失业救济人数总计为21.8万人，最近一周的统计数字仅略高于此前，为 22.8万人。 美国全国保险公司金融市场经济学家奥伦·克拉奇金称："令人鼓舞的是，我们认为自10月初政府停摆以 来，美国经济并未发生重大波动。" 当然，最终结论还需等待经济学家仔细梳理未来一个月陆续发布的就业、零售额、消费者支出等各项延 期报告。这次长期停摆在10月至11月中旬期间造成了某种程度的数据"黑洞"。政府停摆期间，经济学家 不得不借助大量民间报告来拼凑经济全貌。唯一来自官方的数据只有各州发布的失业救济申领报告。 虽然每周失业救济报告由联邦劳工统计局编制，但各州也会同步公布相关数据，这使得经济学家能够自 行进行测算。花旗银行经济 ...

Core Viewpoint - The Reserve Bank of Australia (RBA) adopts a flexible approach to its dual mandate of maintaining employment and controlling inflation, as articulated by committee member McKibbin in a recent article [1] Summary by Relevant Sections Monetary Policy Review - McKibbin, who joined the monetary policy committee in March, previously led an independent review of the RBA's operations for 2022-2023, which recommended comprehensive reforms including reducing the frequency of monetary policy meetings and establishing a governance committee [1] Misinterpretation of the Review - Recent comments have misrepresented the review's recommendations regarding the RBA's dual mandate, with critics incorrectly asserting that inflation and unemployment should be given equal weight [1] - The review explicitly states that both "price stability and full employment should be given equal consideration," clarifying that this does not imply equal weighting in all circumstances [1] Policy Framework - The distinction between "equal consideration" and "equal weighting" is emphasized, with the former requiring assessment of both goals in decision-making, while the latter suggests a mechanical balance in all situations [1]

反观美联储，仍深陷政府停摆后的"数据真空"困境。鲍威尔近期释放的鹰派信号，已显著降温市场对12 月降息25个基点的押注。与此同时，美元指数正运行于98-102的短期上行通道，叠加澳美利差收窄与美 元避险属性的双重作用，共同对澳元的反弹空间形成强力压制。 周一（11月17日）澳元兑美元交投于0.6525，日内震荡0.6508-0.6536，受澳央行维稳支撑与美元强势压 制，0.65关口多空胶着。 当前澳元兑美元的基本面逻辑，核心聚焦于澳、美两大央行的政策路径分化。澳大利亚央行在11月明确 暂停降息步伐，维持3.6%的现金利率不变，这一决策直接源于三季度通胀数据的超预期反弹——整体 通胀率攀升至3.2%。机构研判已随之调整，甚至预测其下次利率动向或为2027年初的加息，这种"降息 周期基本终结"的明确预期，为澳元提供了坚实支撑。 技术面呈弱势整理，核心区间0.6500-0.6550。0.6500（200日均线+心理关口）为支撑，破位下看 0.6460；0.6550（50日均线阻力）为反弹关键，突破上探0.6580-0.6600。 指标上，均线空头排列，MACD零轴下绿柱收窄但未金叉，KDJ超卖存反弹需求但动能有限 ...