Core Viewpoint - The recent performance of gold ETFs reflects a significant increase in gold prices driven by geopolitical risks and changes in global liquidity expectations, with a notable rise in trading volume and net inflows into gold ETFs [4][5]. Group 1: Gold ETF Performance - As of October 20, 2025, the gold ETF (159937) has decreased by 2.36%, with a latest price of 9.33 yuan, while showing an 11.33% increase over the past week as of October 17 [3]. - The trading volume for the gold ETF reached 12.23 billion yuan, with a turnover rate of 3.14%, and an average daily trading volume of 31.28 billion yuan over the past week, ranking it among the top three comparable funds [4]. Group 2: Market Drivers - The recent surge in international gold prices is attributed to a combination of geopolitical risk, a weakening global credit system, and changing liquidity expectations, with multiple factors contributing to the current market dynamics [4][5]. - Key pressures on the gold market include a high concentration of long positions and the potential for speculative funds to take profits, which could lead to increased volatility and a possible price correction [4]. Group 3: Institutional Trends - There has been a consistent net inflow into the largest gold ETF, SPDR, and the People's Bank of China has increased its gold holdings for 11 consecutive months, although its reserves remain lower than the global average of 15%-20% [5]. - The trend of reducing U.S. Treasury holdings while increasing gold investments is observed across both institutional and individual investors [5]. Group 4: Future Outlook - The long-term outlook for gold remains positive due to factors such as a weakening U.S. dollar and ongoing geopolitical instability, which are expected to support continued central bank purchases of gold [5]. - The latest share count for the gold ETF reached 4.166 billion, marking a one-year high [5].

Core Viewpoint - The company, Sijiao Infrastructure Private Capital Open-Ended Fund, has submitted a listing application to the Hong Kong Stock Exchange, aiming to create a diversified investment portfolio across the Asia-Pacific region, with significant asset allocation planned for North America, Europe, and Asia-Pacific [1][4]. Group 1: Fund Structure and Objectives - The fund is established as a closed-end investment fund under Hong Kong law, designed to provide regular, sustainable, long-term returns and capital appreciation through investments in a diversified portfolio of priority and subordinated economic infrastructure debt [4]. - The fund offers better liquidity compared to non-listed private credit funds, allowing investors to buy and sell fund shares daily for more flexible portfolio management [4]. Group 2: Investment Focus and Market Opportunity - The fund focuses on providing private priority and subordinated loans to borrowers involved in the ownership, operation, financing, management, or provision of services related to infrastructure assets or projects, including renewable energy, utilities, data centers, and telecommunications [7]. - A report indicates that global infrastructure spending is expected to reach approximately $54.4 trillion from 2025 to 2040, with an estimated investment demand of $65.3 trillion, resulting in a significant investment shortfall of $10.9 trillion [7]. - The fund aims to capitalize on the imbalance between global infrastructure demand and supply, providing flexible and professional capital solutions tailored to the unique risk-return characteristics of infrastructure projects [7]. Group 3: Geographic Investment Allocation - The fund plans to allocate a significant portion of its assets to North America, with a maximum of 60% of total assets, focusing on urgent renovation projects in transportation and utilities [8]. - Additionally, the fund intends to invest up to 30% of its total assets in Europe (including the UK and Europe) and aims to include several developed economies in the Asia-Pacific region to leverage the growing economic vitality and infrastructure financing needs [8].

Core Viewpoint - Investors are facing challenges in asset allocation due to low returns in the bond market, high volatility in the stock market, and difficulties in timing investments in commodities like gold. In this context, a bond-based mixed-asset FOF (Fund of Funds) is gaining popularity for its better risk-return profile [1] Group 1: Product Launch - The FOF product, 富国智悦稳健90天持有期混合 (A类: 025509, C类: 025510), is officially launched to meet investor needs, managed by Zhang Ziyan, focusing on quality pure bond funds and diversified asset allocation to enhance returns while controlling risk [1][5] Group 2: Bond Investment Strategy - 富国智悦稳健 primarily invests in short to medium duration, medium to high credit quality bonds, aiming to secure bond coupon income while minimizing reliance on capital gains [2] - Zhang Ziyan employs a systematic methodology for selecting underlying bond funds, focusing on key indicators such as management team, product scale, fee structure, and liquidity, which directly impact long-term performance [2] - Emphasis is placed on controlling volatility and drawdown, as significant fluctuations in pure bond funds can be challenging to recover from in the short term [2] Group 3: Multi-Asset Strategy for Yield Enhancement - The fund captures diverse market opportunities through allocations in equities, commodities, and cross-border assets, adhering to a "core-satellite" strategy for fund selection [3] - In equity fund selection, a "high win rate" standard is applied, ensuring selected funds can generate stable excess returns while tracking equity indices [3] - The fund can allocate up to 10% in commodity funds and 20% in cross-border assets, with a focus on gold as a long-term investment due to potential economic conditions supporting its price [3] Group 4: Professional Management and Research Support - Zhang Ziyan has extensive experience in the FOF sector, with a proven track record of outperforming benchmarks, particularly during market downturns [4] - The macroeconomic environment is conducive to multi-asset allocation, with supportive fiscal and monetary policies fostering a relatively loose liquidity environment [4] - 富国基金, as a well-established public fund company, provides comprehensive research support across active equity, fixed income, and quantitative investment areas to enhance FOF operations [4]

Market Performance - A-shares experienced a decline with the ChiNext Index and the Sci-Tech Innovation 50 Index dropping by 5.71% and 6.16% respectively, while the banking and coal sectors saw gains [1] Economic Data - September exports (in USD) increased by 8.3% year-on-year, up 3.9 percentage points from August, with a month-on-month growth of 2.1% indicating resilience [2] - Imports also showed a strong growth of 7.4% year-on-year, driven by increases in iron ore, copper, and integrated circuits, suggesting potential investment improvements in Q4 [2] - The Consumer Price Index (CPI) fell by 0.3% year-on-year, while the core CPI rose by 1.0%, marking the first simultaneous increase in CPI and Producer Price Index (PPI) since April 2024 [3] - The PPI decreased by 2.3% year-on-year, but the rate of decline has narrowed for two consecutive months, indicating a potential recovery in certain sectors [3] - Social financing growth was recorded at 8.7% year-on-year, with M2 and M1 growth rates at 8.4% and 7.2% respectively, reflecting increased fiscal spending [4] International Relations - Signs of easing in US-China trade tensions were noted, with discussions on extending tariff truce and potential delays in China's rare earth export controls [5] - The balance of margin trading increased to 2.46 trillion yuan, indicating a sustained inflow of capital despite market adjustments [5] Market Outlook - Short-term market risks may persist, but the long-term bull market is not expected to end, suggesting that recent pullbacks could present strategic investment opportunities [6]

Group 1 - The benchmark government bond ETF (511100) has seen a slight decline of 0.16%, with the latest price at 107.98 yuan as of October 20, 2025 [1] - The average daily trading volume of the benchmark government bond ETF over the past week was 11.309 billion yuan, with a total inflow of 644 million yuan over the last 14 trading days [1] - The current size of the benchmark government bond ETF is 5.998 billion yuan, and it has achieved a net value increase of 3.01% over the past year, ranking 54th out of 438 in the index bond fund category, placing it in the top 12.33% [1] Group 2 - According to Guojin Securities, the fixed income market monitoring indicates that half of the 49 high-frequency indicators are favorable, suggesting an overall positive signal despite some negative signals from bill financing [3] - The benchmark government bond ETF is a distinctive product covering multiple key duration government bonds, primarily tracking the Shanghai benchmark market-making government bond index, with a total of 24 component bonds selected from various maturities [3] - The ETF is adjusted monthly and focuses on a comprehensive mid-term government bond index, reflecting market confidence in future economic conditions [3]

Core Insights - Precious metal prices, particularly silver, have seen significant increases, with silver prices recently surpassing historical highs [1][4] - The domestic investment market is experiencing a surge in activity, leading fund managers to implement purchase limits to maintain stable operations [1][2] Group 1: Market Dynamics - The international spot silver price has risen more than that of gold this year, with recent prices exceeding $50 per ounce [3][4] - The surge in silver prices is driven by multiple factors, including liquidity tightening in the London market, increased investor risk aversion, and rising industrial demand [4][11] Group 2: Supply and Demand Factors - London silver inventories have decreased by approximately one-third since mid-2021, with a significant portion held by exchange-traded funds (ETFs) [8] - The current freely available silver inventory is around 200 million ounces, down about 75% from the peak of approximately 850 million ounces in 2019 [8] Group 3: Investment Trends - Many traders who previously bet on falling silver prices are now forced to buy back at higher prices to cover their positions, contributing to increased buying pressure [10] - Analysts predict that industrial demand will become the largest source of silver demand this year, estimated at 430 million ounces, with the solar energy sector being a significant driver [13] Group 4: Future Outlook - The CEO of Sprott believes silver is in a "catch-up rally" with substantial upside potential [15] - Goldman Sachs indicates that while the current liquidity tightening is a key factor in silver's price surge, it is expected to be temporary as silver flows back to London from other regions [15]

- The report introduces the "SSE STAR Market Innovation Growth Strategy Select Index," which focuses on selecting 80 listed companies with strong technological innovation and growth capabilities from various industries on the STAR Market[13][14] - The index incorporates traditional factors such as market capitalization and fundamentals, as well as innovative factors like R&D capability and profitability, and integrates the SPDB's Sci-Tech Evaluation System, which scores companies based on "technological innovation, team innovation, and equity innovation"[14] - The index aims to highlight companies with both "innovation strength" and "growth quality," reflecting the overall performance of listed companies on the STAR Market that possess these characteristics[13][14]

受关税缓和影响，避险情绪降温，金价大幅回调，黄金基金ETF（518800）跌超2%。金价走强背景 下，黄金基金ETF（518800）持续吸金，近10日净流入额超40亿元，当前规模超268亿元。 每日经济新闻 黄金基金ETF（518800）紧密跟踪黄金价格走势，一手黄金基金ETF对应1克黄金，相当于实物黄金的 持有凭证，T+0交易，场内流动性较好，感兴趣的投资者可以关注相关布局机会。 风险提示：数据来源Wind，时间截止2025/10/17，基金规模变化波动，仅供参考，不预示未来表现，也 不构成投资建议或承诺，基金有风险，投资需谨慎。金价短期涨幅过快，请关注可能存在的回调风险， 投资需谨慎。黄金基金ETF主要投资对象为黄金现货合约，预期风险收益水平与黄金资产相似，不同于 股票基金、混合基金、债券基金和货币市场基金。如需购买相关基金产品，请关注投资者适当性管理相 关规定，提前做好风险测评，根据自身的风险承受能力购买与之匹配的基金产品。 华联期货表示，关税扰动反复，上周五夜盘黄金盘中跳水，盘中波动加大。市场避险情绪升温，美国财 政问题造成美国政府关门，都是利好黄金。美国如果提高关税，这进一步加大经济、就业下行压力， ...

与此同时，建信基金数量投资部基金经理张溢麟以"科创指数为先，共享转型动能"为主题展开了兼具深 度与温度的精彩分享。华商基金、长盛基金与国金基金的同行们也各展风采。他们分别就基金投资策 略、基金定投、金融职场必备技能等主题进行了精彩分享。从前沿科技在金融领域的应用，到实用的投 资策略，再到金融职场的关键技能，多维度地为同学们呈现了金融世界的丰富内涵，激发了同学们对金 融领域的浓厚兴趣和探索欲望，也为在场大学生们搭建起一座连接理论学习与投资实践的桥梁，展现出 公募基金行业的专业价值与责任担当。 此次活动还增加了互动问答环节，打破了传统讲座的单向输出模式，多位基金经理、研究员进行主题分 享后，在场大学生们积极就感兴趣的话题与其互动问答并就职业发展规划进行交流。现场的基金公司还 向在场大学生们赠送投教书籍等资料，让理性投资理念润物无声地融入青年认知。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 当前，我国公募基金行业正步入深化改革、提质增效的关键阶段。作为资本市场的重要参与者和居民财 富管理的主力军，公募基金在实现规模增长的同时，也面临着提升投资能力、优化客户体验、增强投资 者信任等重要课题。推动实 ...

在2005年成立之初，工银瑞信就设立了党支部。2016年4月，工银瑞信成立党委。2018年9月，工银瑞信 完成公司章程修订，落实了党组织在公司治理结构中的法定地位，确定了党组织在公司决策、执行、监 督各环节的权责和方式。近年来，工银瑞信始终牢牢抓住"四个坚持"，持续强化党建引领作用，形成党 建与文化建设深度融合、双轮驱动的长效机制。坚持以党建引领举旗定向。工银瑞信坚持用习近平新时 代中国特色社会主义思想武装头脑，坚持党对金融工作的全面领导，推动各级党组织和广大党员深刻领 悟"两个确立"的决定性意义，增强"四个意识"，坚定"四个自信"，做到"两个维护"。坚持夯实意识形态 主阵地。工银瑞信将意识形态工作作为党的建设重要内容，纳入党委重要议事日程、年度党建工作计 划，以及领导班子、领导干部目标管理，全面落实党委领导班子意识形态工作全面领导责任、党委书记 第一责任人责任和班子成员"一岗双责"。坚持以组织优势培育文化沃土。工银瑞信加强基层组织建设， 持续开展"基础年""提升年""巩固年"主题活动，激发组织队伍活力。在实践中，发挥基层党组织的战斗 堡垒作用，制定《党支部规范化建设指导意见》和《党支部学习教育指导意见》，印 ...