真是太离谱了，美国政府竟然能把关门这事一直拖下去，最新一次的拨款法案又没通过，这已经是第14 次了！ 现在的停摆时间已经超过了2018年特朗普创下的35天纪录，难道有人真想连这个纪录都超越吗？ 不过咱们不能光看热闹。停摆几天可能影响不大，可现在已经持续一个多月了，这必然会波及全球市 场，所以我们的钱包也不能掉以轻心。 甚至有人说，美国政府的停摆效果相当于美联储进行了多轮加息，这可能引发一场流动性危机。你觉得 这个说法有道理吗？可以在评论区分享你的看法。 其实，这并不是危言耸听。 先来看看这次停摆的具体情况：起因是美国两党在医保补贴问题上争得不可开交。一方想延长补贴，一 方想削减开支、裁员，结果双方谁也没让步，但政府的钱已经用光了，只能从10月1号开始关门。 而且特朗普趁机搞裁员，两党也在比谁先认输。虽然今年7月债务上限已经提高，短时间停摆不会导致 债务违约，但两边依然你来我往，拨款法案在参议院被连续否决十几次。 自由的美利坚真是让人目瞪口呆。两党在纸上争斗，为中期选举铺路，你说东我必往西，就是为了显得 自己强硬，其实根本不顾百姓受不受影响，只要自己没事就行。 新闻显示，这场停摆搞得一团乱麻：约75万联邦雇员被 ...

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, continues to sell off Apple shares while investing $4.3 billion in Alphabet, reflecting a strategic shift in its investment approach [1][4][7]. Group 1: Stock Transactions - In Q3, Berkshire Hathaway reduced its Apple holdings from 280 million shares to 238.2 million shares, selling nearly three-quarters of its original 905 million shares [5][6]. - The total market value of Berkshire's stock portfolio increased to $267 billion, up 3.4% from the previous quarter [4]. - Berkshire also sold shares in American Bank, Verizon, and DaVita, while increasing its stake in Chubb by 429,000 shares [4][6]. Group 2: Investment in Alphabet - Berkshire established a new position in Alphabet by purchasing 17.84 million shares, making it the company's tenth-largest holding [7]. - Alphabet's stock has surged 46% this year, driven by strong growth in its cloud business amid the AI boom [7]. - Alphabet reported Q3 revenue of $102.35 billion, a 16% year-over-year increase, exceeding Wall Street expectations [7]. Group 3: Leadership Transition - Warren Buffett will hand over the CEO position to Greg Abel by the end of the year, expressing confidence in Abel's leadership [2][10]. - Buffett acknowledged his regret for not investing in Google earlier, despite recognizing its advertising potential [9]. Group 4: Market Outlook - Buffett has expressed concerns about the high valuations in the stock market, noting that the total market capitalization of publicly traded stocks relative to the GNP has reached historical highs [5]. - Berkshire holds a record cash reserve of $381.6 billion, indicating a cautious approach to current market conditions [11].

最近的市场，简直像场打破常规的魔幻剧：A 股在涨，美股在涨，连向来和股市 "对着干" 的中债（尤 其是高股息股、银行债）也在涨。 不少人看得一头雾水：这仨不是天生的 "冤家" 吗？A 股涨时美股常跌，股市热时债市冷，怎么突然凑 成了 "同欢场"？ 其实啊，这热闹背后藏着一层窗户纸 ——有的涨是 "破晓"，带着新生的劲；有的涨是 "最后的盛宴"， 透着落幕的慌。此刻的同框，不过是新旧交替时的短暂重叠。 A 股的涨：是破晓的光，藏着蓄势已久的劲 现在的 A 股，像凌晨五点的天空 —— 东边刚泛起鱼肚白，看着柔和，却憋着一股往上冲的力道。从底 部慢慢抬升的指数，悄悄放大的成交量，连散户都能感觉到：市场里的 "活钱" 多起来了，不再是死气 沉沉的躺平。 这不是瞎炒的反弹。你去扒数据：估值还在历史低位，政策端 "激活市场" 的信号一次比一次明确，资 金正从角落里慢慢挪出来，往有业绩、有成长的赛道里钻。就像初春的嫩芽，看着不起眼，可根系已经 在土里扎稳了 —— 这种涨，是积蓄的能量在释放，是 "新故事" 的开头。 美股的涨：是强撑的繁华，赴一场最后的盛宴 美股这波涨，像深夜霓虹下的派对 —— 灯光越亮，越藏不住散场的疲惫 ...

（www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2024- 099）。现将进展公告如下： 一、购买理财产品的情况 2025年11月12日，公司与中信银行股份有限公司珠海分行签订了《中信银行结构性存款产品说明书》等 与理财相关的文件，用部分闲置募集资金共计人民币1亿元购买"共赢智信汇率挂钩人民币结构性存款 A16836期"，具体情况如下： 9、关联关系说明：公司与中信银行股份有限公司无关联关系 二、本理财产品的风险提示 本理财产品为中信银行股份有限公司的保本浮动收益、封闭式产品，银行保证理财资金本金，并按理财 产品协议约定的收益率计付理财收益，理财收益存在以下风险：收益风险、利率风险、流动性风险、政 策风险、信息传递风险、不可抗力风险等。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 纳思达股份有限公司（以下简称"公司"）于2024年12月3日召开第七届董事会第二十次会议和第七届监 事会第十九次会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案 ...

Core Insights - The large-scale sale of properties by banks signals a deeper market crisis rather than a recovery, indicating a significant downturn in the real estate market [1][4][8] Group 1: Market Conditions - The number of properties being sold by banks is staggering, with Sichuan Agricultural Credit selling 24,800 properties, Guangdong Agricultural Credit 12,300, and Liaoning Agricultural Credit 11,300, alongside large banks holding significant amounts of foreclosed properties [2] - In the first half of 2025, the national volume of foreclosed residential transactions reached 51,000 units, with average transaction prices dropping by 7.83% year-on-year, leading to a trend of "price for volume" in many cities [2] Group 2: Impact on Property Prices - The aggressive selling by banks creates a panic in the market, as properties in the same neighborhood are listed at significantly lower prices, leading to a downward spiral in property values [4] - In a specific case, a property that was originally valued at 1.8 million is now being auctioned starting at 1.2 million, reflecting a drastic decline in perceived value [8] Group 3: Historical Context - Historical parallels are drawn with Japan's real estate market collapse in the 1990s, where a similar pattern of rapid price increases followed by a crash led to significant financial distress for homeowners [6][8] - The lesson from Japan's experience highlights the potential for a similar fate in China, especially in cities experiencing population decline and economic stagnation [8]

轮到美国焦虑！美经济学者预言万亿美元变人民币，升值或成定局，这话听着像新闻也像闲聊，意思简 单得很，就是美国汗流浃背，中国有钱回流，人民币可能往上走，下面我把这事儿按时间线和来龙去脉 说清楚，并且把那些关键节点摆上来，让人读完知道发生了啥，而不是云里雾里。 先说缘由，长年高利率把钱吸过去了，美国靠吸钱养科技和基建，不过这招也让债务越滚越大，到2025 年国债已到38万亿美元，约占GDP一大截，数字吓人但要记着这是背景； 史蒂芬·詹——本文引用的美方经济学者，早在2024年8月就提醒过，降息会让美元走弱，持美资产的中 国公司可能把钱往回撤，他估算回流规模有望到1万亿甚至1.3万亿美元，从而推动人民币升值约10%； 先把时间点捋清楚，2003年美债约7.9万亿，到2025年38万亿，这中间尤其是2022到2025三年里，债务 从30万亿飙到38万亿，年增速一路冲到20%以上； 2015-2016年中国资本外流高峰那回净流出大约1万亿美元，那次美元走强，而现在美元指数比高点下跌 了8%，这给回流创造了更大空间； 再说回流路线和节奏，中国企业疫情后在海外积累了超2万亿美元美元资产，投在债券和股权上，2021 到202 ...

2025年10月22日，美国联邦债务总额正式突破了38万亿美元大关。 这是什么概念？ 从37万亿到38万亿，只用了短短两个月，创下了疫情以来最快的"烧钱"速度。 算下来，相当于美国政府平均每天要烧掉220亿美元，每秒钟就是7万美元的赤字在增加。 这个数字，已经超过了美国GDP的128%，远远甩开了国际货币基金组织设定的100%安全警戒线。 债务本身并不可怕，可怕的是它滚雪球式的利息。 根据最新预测，美国在2025年光是支付国债利息，就可能高达1.4万亿美元。 这笔钱，不仅超过了其庞大的军费开支，更是吞噬了整个财政收入的四分之一。 这意味着，山姆大叔每挣4块钱，就有1块钱要拿去还利息。 这种日子，别说一个国家，就是一个家庭也撑不了多久。 面对这颗随时可能引爆的炸弹，最坐不住的，自然是手握利率大权的美联储。 就在北京时间10月30日凌晨，美联储主席鲍威尔顶着巨大的压力，宣布了年内的第二次降息，将联邦基金利率下调25个基点。 他同时宣布，将于12月1日正式停止已经持续了两年多的量化紧缩计划。 这绝对是一个180度的大转弯。 要知道，就在不久前，美联储还在为高企的通胀头疼不已。 9月份的通胀率攀升至年内高点，牛肉等生 ...

Group 1: Market Overview - The funding market experienced significant upward pressure on interest rates, with R001 and R007 averaging 1.47% and 1.50% respectively, increasing by 10 and 4 basis points week-on-week[1] - The average daily lending volume in the banking system dropped to below 4 trillion yuan, at 3.84 trillion yuan, down from 4.69 trillion yuan the previous week[1] - The pressure on local government bond payments increased, with weekly payment amounts exceeding 500 billion yuan[1] Group 2: Future Outlook - The tax period from November 17-19 is expected to have limited impact, with an average tax collection of approximately 1.1 trillion yuan over the past three years[2] - Government bond net payments for the upcoming week are projected at 3629 billion yuan, still above the average level for the year[2] - The People's Bank of China (PBOC) is expected to conduct a net injection of 500 billion yuan during the tax period, mitigating overall payment pressure[2] Group 3: Open Market Operations - The PBOC will face a total of 12,420 billion yuan in maturities from November 17-21, with reverse repos accounting for 11,220 billion yuan[3] - The PBOC has announced an excess rollover of 8000 billion yuan in 6-month reverse repos on the first day of the tax period[3] Group 4: Interbank Certificate of Deposit Market - The weighted issuance rate for interbank certificates of deposit rose to 1.63%, an increase of 0.4 basis points from the previous week[6] - The upcoming week will see 9209 billion yuan in certificates of deposit maturing, up from 7265 billion yuan the previous week[6] Group 5: Government Bonds - Net payments for government bonds from November 17-21 are expected to be 3629 billion yuan, down from 5075 billion yuan the previous week[5] - The issuance scale for government bonds is projected to be lower, with planned issuance of 3717 billion yuan compared to 5944 billion yuan the previous week[5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Interest rates are recovering, credit bond yields are generally stable, and credit spreads of high - grade bonds over 3Y are widening. The yields of credit bonds are generally stable, while the yields of government - developed bonds of 3Y, 5Y, 7Y, and 10Y are declining. Credit spreads of high - grade bonds over 3Y are mostly widening [2][5]. - Most urban investment bond spreads have slightly increased. The credit spreads of external rating AAA and AA+ platforms have generally increased by 2BP and 1BP respectively compared to last week, while the AA platform has generally remained flat [2][9]. - The spreads of industrial bonds have increased overall, and the increase in the spreads of mixed - ownership real - estate bonds is significant. The spreads of central and state - owned enterprise real - estate bonds, mixed - ownership real - estate bonds, and private real - estate bonds have all increased, with the mixed - ownership real - estate bonds having the largest increase [2][20]. - The yields of Tier 2 and perpetual bonds have slightly declined, and high - grade varieties are relatively advantageous. The yields of Tier 2 and perpetual bonds of all maturities have slightly decreased, with 3Y perpetual bonds performing strongly and high - grade varieties being more favorable [2][27]. - The excess spreads of 3Y industrial perpetual bonds have declined, and the excess spreads of urban investment perpetual bonds continue to diverge. The excess spreads of industrial AAA 3Y perpetual bonds have decreased, while the excess spreads of urban investment AAA 3Y and 5Y perpetual bonds show different trends [2][31]. Summary by Relevant Catalogs 1. Interest rates are recovering, credit bond yields are generally stable, and credit spreads of high - grade bonds over 3Y are widening - Yield changes: 1Y government - developed bond yields are flat compared to last week, while 3Y, 5Y, 7Y, and 10Y yields have decreased by 3BP, 2BP, 2BP, and 1BP respectively. For credit bonds, 1Y yields are flat, 3Y AAA - grade yields increase by 1BP, others decrease by 1BP; 5Y AAA - grade yields are flat, AA+ decreases by 1BP, AA decreases by 3BP, AA - decreases by 8BP; 7Y AAA - grade yields increase by 1BP, others decrease by 1BP; 10Y AAA - grade yields increase by 2BP, others are flat [2][5]. - Credit spread changes: 1Y credit spreads are flat; 3Y AAA - grade credit spreads increase by 4BP, others increase by 2BP; 5Y AA+ and above grade spreads increase by 1 - 2BP, AA grade decreases by 1BP, AA - grade decreases by 6BP; 7 - 10Y credit spreads increase by 1 - 3BP [2][5]. - Rating spread changes: 1Y spreads are flat; 3Y AAA/AA+ spreads decrease by 2BP, others are flat; 5Y AA/AA - grade spreads decrease by 5BP, others decrease by 1 - 2BP; 7Y and 10Y AAA/AA+ rating spreads decrease by 2BP, others are flat [5]. - Maturity spread changes: For AAA grade, 5Y/3Y decreases by 1BP, others increase by 1BP; for AA+ grade, 3Y/1Y decreases by 1BP, 10Y/7Y increases by 1BP, others are flat; for AA grade, 5Y/3Y and 3Y/1Y decrease by 1 - 2BP, others increase by 1 - 2BP [5]. 2. Most urban investment bond spreads have slightly increased - By external rating: The credit spreads of external rating AAA and AA+ platforms have generally increased by 2BP and 1BP respectively compared to last week, while the AA platform has generally remained flat. Among them, most AAA - grade platform spreads increase by 1 - 2BP, with Henan and Yunnan remaining flat; most AA+ - grade platforms are flat or increase by 1BP, with Guizhou, Yunnan, and Tianjin decreasing by 1 - 3BP, Gansu and Inner Mongolia increasing by 2BP; most AA - grade platforms are flat or increase by 1BP, with Shaanxi, Tianjin, Jilin, and Shandong decreasing by 1 - 3BP, Guizhou increasing by 4BP [2][9]. - By administrative level: The credit spreads of provincial and municipal platforms have generally increased by 2BP and 1BP respectively compared to last week, while the county - level platform spreads have remained flat. Most provincial platform spreads increase by 1 - 2BP, with Xinjiang, Anhui, and Zhejiang increasing by 3 - 4BP, Jiangsu increasing by 7BP, Yunnan and Shaanxi remaining flat; most municipal platforms increase by 1BP, with Yunnan decreasing by 1BP, Qinghai remaining flat, Zhejiang increasing by 2BP; most county - level platforms are flat or increase by 1BP, with Shaanxi, Jilin, and Jiangxi decreasing by 1 - 2BP, Guizhou increasing by 3BP [2][17]. 3. The spreads of industrial bonds have increased overall, and the increase in the spreads of mixed - ownership real - estate bonds is significant - Real - estate bonds: The spreads of central and state - owned enterprise real - estate bonds have increased by 1BP, the spreads of mixed - ownership real - estate bonds have increased by 123BP, and the spreads of private real - estate bonds have increased by 14BP. The spreads of Longfor have increased by 20BP, CIFI by 40BP, Midea Real Estate remained flat, and Vanke by 438BP [2][20]. - Other industrial bonds: The spreads of coal bonds of all grades have increased by 0 - 2BP; the spreads of AAA - grade steel bonds have increased by 1BP, AA+ by 5BP; the spreads of AAA - grade chemical bonds have increased by 2BP, AA+ remained flat. The spreads of Shaanxi Coal Industry have increased by 1BP, while the spreads of HBIS and Jinkong Coal Industry have decreased by 1BP [2][20]. 4. The yields of Tier 2 and perpetual bonds have slightly declined, and high - grade varieties are relatively advantageous - 1Y: The yields of all grades of Tier 2 and perpetual bonds have decreased by 0 - 1BP, and the spreads have compressed similarly [2][27]. - 3Y: The yields of all grades of Tier 2 capital bonds have decreased by 2 - 3BP, and the spreads have increased by 0 - 1BP; the yields of all grades of perpetual bonds have decreased by 3 - 4BP, and the spreads have compressed by 0 - 1BP [2][27]. - 5Y: The yield of AAA - grade Tier 2 capital bonds has decreased by 3BP, and the spread is flat; the yields of other grades of Tier 2 and perpetual bonds have decreased by 2BP, and the spreads have increased by 1BP [2][27]. 5. The excess spreads of 3Y industrial perpetual bonds have declined, and the excess spreads of urban investment perpetual bonds continue to diverge - Industrial perpetual bonds: The excess spreads of industrial AAA 3Y perpetual bonds have decreased by 1.38BP to 14.79BP compared to last week, at the 38.88% percentile since 2015; the excess spreads of industrial 5Y perpetual bonds are flat at 12.39BP compared to last week, at the 27.07% percentile since 2015 [2][31]. - Urban investment perpetual bonds: The excess spreads of urban investment AAA 3Y perpetual bonds have decreased by 2.04BP to 5.35BP, at the 5.14% percentile; the excess spreads of urban investment AAA 5Y perpetual bonds have increased by 1.83BP to 10.97BP, at the 17.02% percentile [2][31]. 6. Credit Spread Database Compilation Instructions - Calculation basis: The overall market credit spreads, commercial bank Tier 2 and perpetual bond spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds data, with historical percentiles since the beginning of 2015; the urban investment and industrial bond - related credit spreads are compiled and统计 by the R & D Center of Cinda Securities, with historical percentiles since the beginning of 2015 [36]. - Calculation methods: Industrial and urban investment individual bond credit spreads = individual bond ChinaBond valuation (exercise) - same - maturity government - developed bond yield to maturity (calculated by linear interpolation method), and then the credit spreads of industries or regional urban investments are obtained by arithmetic averaging; bank Tier 2 capital bond/perpetual bond excess spreads = bank Tier 2 capital bond/perpetual bond credit spreads - same - grade and same - maturity bank ordinary bond credit spreads; industrial/urban investment - type perpetual bond excess spreads = industrial/urban investment - type perpetual bond credit spreads - same - grade and same - maturity medium - term note credit spreads [38]. - Sample selection: Both industrial and urban investment bonds select medium - term notes and public corporate bonds as samples, and exclude guaranteed bonds and perpetual bonds. If the remaining maturity of an individual bond is less than 0.5 years or more than 5 years, it is excluded from the statistical sample. Industrial and urban investment bonds use external entity ratings, while commercial banks use ChinaBond implicit debt ratings [38].

Core Insights - On November 13, 2025, global financial markets focused on precious metals, with international spot gold prices experiencing notable fluctuations, reaching $4,129.2 per ounce [1] - The domestic gold market also showed complex dynamics, with real-time prices providing investors with immediate market references [2] Domestic Precious Metals Market - The domestic gold price was reported at 946.3 RMB per gram, while silver, platinum, and palladium prices were 11.6 RMB, 365.7 RMB, and 332.6 RMB per gram respectively [2] - Various jewelry brands offered different retail prices for gold, with notable examples including Chow Tai Fook at 1,313 RMB per gram for gold jewelry and 642 RMB for platinum [5] Gold Price Trends - The Shanghai Gold Exchange reported a gold price of 942.19 RMB per gram, down 4.31 RMB from the previous trading day, reflecting a decline of 0.455% [6] - The price fluctuated during the day, reaching a high of 949.22 RMB and a low of 938.16 RMB [6] Financial Institutions' Gold Bar Pricing - Different financial institutions offered varying prices for their gold bars, with prices ranging from 936.1 RMB to 976 RMB per gram [7] - For instance, the Agricultural Bank's gold bar was priced at 945.2 RMB per gram, while the higher-priced option from Qianjiaxin was 1,072 RMB per gram [7] Investment Logic Behind Gold Price Movements - Recent adjustments in international gold prices followed a significant prior increase, with London spot gold prices dipping below $4,000 per ounce [8] - Factors influencing this trend included a strengthening dollar, high interest rates, and a shift in global investor risk appetite [8][9] Dollar and Interest Rate Impact - A strong dollar typically pressures gold prices, while a weak dollar supports them; recent Federal Reserve actions have contributed to a stronger dollar [9] - High yields on 10-year U.S. Treasury bonds, currently above 4.1%, have led investors to reassess the opportunity cost of holding gold [9] Evolving Investor Sentiment - The allure of gold as a safe-haven asset has diminished as geopolitical and financial risks have eased, prompting a shift of funds towards equities, bonds, and cryptocurrencies [10] - The adjustment in gold prices reflects a rebalancing of market investment logic rather than panic selling or a decline in gold's intrinsic value [10]