Core Viewpoint - The Japanese bond market is experiencing a significant sell-off, with the 10-year government bond yield reaching its highest level since the 2008 financial crisis, driven by expectations of a large fiscal stimulus package from the new government led by Prime Minister Kishi [1][6]. Group 1: Bond Market Dynamics - The yield on Japan's 10-year government bonds rose by 2 basis points to 1.765%, marking the highest level since June 2008 [1]. - The 40-year government bond yield hit a record high of 3.695%, indicating increased selling pressure in the long-end of the bond market [1]. - The results of the 20-year bond auction showed weak investor demand, with the bid-to-cover ratio dropping from 3.56 to 3.28, reflecting a decline in investor interest [5]. Group 2: Fiscal Stimulus Expectations - Initial expectations for the supplementary budget were around 14 trillion yen, but indications suggest it could expand to 17 trillion yen, with proposals even reaching 25 trillion yen [6]. - The market is concerned that such a large spending plan will necessitate the issuance of more government bonds, leading to additional supply pressure [6]. - Analysts note that the government's dovish stance may require the issuance of longer-term bonds to finance the spending plan, raising concerns about fiscal sustainability [6]. Group 3: Market Sentiment and Global Impact - The widening "tail" in the auction results, from 0.13 to 0.31, is seen as a signal of weak demand, with the 20-year bond yield nearing its highest level since 1999 at 2.795% [5]. - The rapid rise in Japanese government bond yields could have spillover effects on global markets, as Japan's long-standing ultra-loose monetary policy has positioned its bonds as a benchmark in the global debt market [6]. - Concerns are growing that the risks associated with long-term bonds may spread to other markets, reminiscent of the bond market sell-off in May [7].

进一步提升审批效率，有助于缩短外资入市流程和时间。 近日，证监会公布了《关于核准华福国际资产管理有限公司合格境外投资者资格的批复》（下称《批复》）。《批 复》核准华福国际资产管理有限公司（Huafu International Asset Management Limited）合格境外投资者资格。证监会 11月4日接收该公司申请材料，当日受理，11月7日下达批复，全程用时仅3天。 券商中国记者注意到，今年以来，证监会一共批复了55家合格境外投资者资格，平均用时约15天。 10月27日，证监会印发《合格境外投资者制度优化工作方案》，提出优化投资前准入流程。落实"高效办成一件 事"，通过优化简化材料、并联整合流程，推动实现资格审批、许可证颁发、外汇登记、基本户开立、证券期货账户 开立等合格境外投资者资格审批与开户事项高效办理。 据悉，"一件事"的办理流程分三步：首先是申请资格许可与办理许可证。中国证监会在完成审批后即时生成电子批 文和许可证号。其次是申领特殊机构赋码、办理外汇登记、开立银行账户。再次是开立证券期货账户。合格境外投 资者资格许可法定时限为10个工作日，承诺办理时限5个工作日。特殊机构赋码办理时限1个 ...

Core Viewpoint - The asset management industry is undergoing a transformation driven by AI, which is seen as essential for navigating the challenges of a low-interest-rate environment and increased volatility [1] Group 1: New Possibilities - AI is positioned as a "beacon" to help asset managers make informed investment decisions, moving from a state of uncertainty to having a "super compass" [1] - The integration of AI is particularly significant for long-term investments, providing unique advantages for patient capital [1] Group 2: New Paradigms - AI is expanding the boundaries of asset management, affecting client services, service content, investment targets, research and decision-making processes, and institutional ecosystems [1] - The entire process of asset management is being reshaped by AI, indicating a comprehensive transformation within the industry [1] Group 3: New Challenges - Despite the promising outlook, the introduction of AI in asset management comes with challenges, including concerns over data security, ethical issues, and regulatory compliance [1] - The practices of Shanghai Asset Management Association, Zhongbao Investment Company, and international asset management institutions in AI application were also discussed [1]

Core Viewpoint - Investors are on high alert regarding the unexpectedly weak demand for Japan's 20-year and 40-year government bond auctions, particularly ahead of the new government's economic stimulus plan under Prime Minister Kishi Sanae [1][2] Group 1: Bond Market Dynamics - The yield on Japan's 20-year government bonds rose to 2.815%, marking the highest level since 1999, driven by concerns over increased fiscal spending plans that may significantly boost inflation and exacerbate Japan's already heavy debt burden [1] - The 40-year bond yield surged by 8 basis points to its highest level since its public market debut in 2007, indicating heightened market volatility [1] - The bid-to-cover ratio for the previous 20-year bond auction was 3.56, compared to a 12-month average of 3.30, suggesting potential weakness in upcoming auctions [4] Group 2: Economic and Fiscal Concerns - A faction within the ruling Liberal Democratic Party is urging the government to prepare a substantial budget of approximately 25 trillion yen (about 161 billion USD) to support the forthcoming stimulus plan [4] - Recent data showed a contraction in Japan's GDP for the last quarter, providing justification for the government's push for significant fiscal expansion [4] - Analysts from Goldman Sachs noted that as investors grow increasingly wary of the potential scale of stimulus exceeding market expectations, Japan's fiscal risk premium is returning, which could exert significant selling pressure on long-term sovereign bonds and the yen [4] Group 3: Global Market Implications - Amundi's recent report indicated that due to concerns over increased borrowing by the new Prime Minister, yields on long-term Japanese government bonds may reach new historical highs in the coming months [5] - The potential for a "Japanese bond sell-off storm" could re-emerge, reminiscent of past market disruptions, if long-term bond yields rise sharply [5] - The "Sanae trade" reflects market expectations for a revival of "Abenomics," characterized by stronger fiscal stimulus, industry support, and a cautious stance on monetary tightening, leading to significant fluctuations in the stock, bond, and currency markets [6]

Core Insights - The article highlights the investment philosophy and core strategies of Baillie Gifford, emphasizing its long-term growth focus and successful investments in major companies like Amazon, Tesla, and Nvidia [1][18]. Group 1: Investment Philosophy - Baillie Gifford's investment philosophy is rooted in long-termism, focusing on growth and understanding changes in the market rather than short-term fluctuations [8][11]. - The firm believes that a company's competitive advantages take at least five years to manifest, and thus, long-term investment maximizes returns through compounding effects [11][12]. - Baillie Gifford operates without external shareholder pressure, allowing it to maintain a consistent long-term investment approach [11][12]. Group 2: Investment Strategy - The firm categorizes growth companies into three types: transformative growth companies, vibrant growth companies, and sustainable growth companies, each with distinct characteristics and investment potential [13][14]. - Baillie Gifford emphasizes qualitative assessments over quantitative evaluations, focusing on the pathways to increased value rather than precise calculations of intrinsic value [15]. - The firm has a global investment perspective, leveraging opportunities across various regions, including emerging markets like China and Southeast Asia [16][18]. Group 3: Historical Context and Achievements - Founded in 1908, Baillie Gifford has navigated significant historical events and has established itself as a leading investment firm in the new economy era [1]. - The firm's long-term global growth strategy has outperformed notable competitors, including Berkshire Hathaway, over the past two decades [18].

贵金属日报 | 2025-11-19 特朗普称选定美联储主席人选 ADP周度就业数据弱势 市场分析 美联储方面，特朗普表示自己已经选定了下一任美联储主席的人选；贝森特表示，他已将候选范围缩小至以下人 选：现任美联储理事沃勒和鲍曼，前美联储理事沃什，白宫国家经济委员会主任哈塞特，以及贝莱德公司高管里 德。"小非农"ADP周度就业数据显示，截至11月1日的四周，美国私营部门就业人数平均每周减少2500人。另外， 美国劳工部数据显示，截至10月18日当周，美国初请失业金人数23.2万人，续请失业金人数小幅上升至195.7万人。 期货行情与成交量： 2025-11-18，沪金主力合约开于932.26元/克，收于918.52元/克，较前一交易日收盘变动-1.18%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力合约开于922.54元/克，收于929.84元/克，较昨日午后收盘上涨1.23%。 2025-11-18，沪银主力合约开于11975.00元/千克，收于11699.00元/千克，较前一交易日收盘变动-1.96%。当日成交 量为1157926手，持仓量为322401手。昨日夜盘沪银主力合约开于 ...

Group 1 - The core viewpoint is that the US stock market is significantly overvalued, while many stocks in the Chinese stock market remain undervalued, leading to expectations of continued upward movement in major indices [1][3]. - The economic growth of China has gone through three stages: post-1978 reform and opening up, attracting foreign investment in the 1990s, and the housing system reform in 1998 [4]. - The housing system reform had a substantial impact by transferring wealth from the state to individuals, which initiated a housing boom [4]. Group 2 - The real estate sector has become increasingly important in China's economy, accounting for approximately 30% of the economy during its peak, which was around 130 trillion yuan [4]. - The management of macro funds includes trading in various assets such as stocks, commodities, and currencies, with a positive outlook on the Nikkei average stock index futures [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has streamlined the approval process for Qualified Foreign Institutional Investor (QFII) qualifications, significantly reducing the time required for foreign investors to enter the Chinese market [1][4]. Group 1: Approval Process Efficiency - The CSRC approved Huafu International Asset Management Limited's QFII qualification in just three days, from application submission to approval [1]. - The new service guidelines aim for a legal approval timeframe of 10 working days, with a commitment to complete the process in 5 working days [4][5]. - The CSRC has approved a total of 55 QFII qualifications this year, with an average processing time of approximately 15 days [4]. Group 2: Service Guidelines and Implementation - The CSRC's service guidelines focus on reducing steps, materials, time limits, and the need for physical presence, thereby optimizing the QFII qualification and account opening process [4][5]. - The process consists of three main steps: applying for qualification and license, obtaining special institutional codes and completing foreign exchange registration, and finally opening bank and securities accounts [5]. - Specific timeframes for each step include: 1 working day for special institutional code, 2 working days for foreign exchange registration, 2 working days for bank account opening, and 2 trading days for securities account opening [5]. Group 3: Current QFII Landscape - As of the end of September this year, there are a total of 913 approved QFII entities, which include various types of foreign institutional investors recognized by the CSRC [7].

（原标题：新规首例！仅用3天，证监会高效批复外资资格！） 近日，证监会公布了《关于核准华福国际资产管理有限公司合格境外投资者资格的批复》（下称《批 复》）。《批复》核准华福国际资产管理有限公司（Huafu International Asset Management Limited）合 格境外投资者资格。证监会11月4日接收该公司申请材料，当日受理，11月7日下达批复，全程用时仅3 天。 据悉，今年中国证监会、中国人民银行、国家外汇管理局共同推动实施合格境外投资者资格审批与开 户"高效办成一件事"，中国证监会于2025年10月27日发布合格境外投资者资格审批与开户"一件事"《服 务指南》。其中明确指出，合格境外投资者资格许可法定时限为10个工作日，承诺办理时限5个工作 日。华福国际资产管理有限公司是新的《服务指南》实施后，首家递交材料后获批的合格境外投资者。 证监会表示，《服务指南》以"高效办成一件事"为目标，以"减环节、减材料、减时限、减跑动"为原 则，进一步优化、简化、整合合格境外投资者资格审批与开户环节各事项办理程序和材料要求，将有助 于缩短外资入市流程和时间，降低外资运营成本，提升合格境外投资者制度投 ...

进一步提升审批效率，有助于缩短外资入市流程和时间。 近日，证监会公布了《关于核准华福国际资产管理有限公司合格境外投资者资格的批复》（下称《批复》）。《批复》核准华福国际资产管理有限公司（Huafu International Asset Management Limited）合格境外投资者资格。证监会11月4日接收该公司申请材料，当日受理，11月7日下达批复，全程用时仅3天。 据悉，今年中国证监会、中国人民银行、国家外汇管理局共同推动实施合格境外投资者资格审批与开户"高效办成一件事"，中国证监会于2025年10月27日发布合格 境外投资者资格审批与开户"一件事"《服务指南》。其中明确指出，合格境外投资者资格许可法定时限为10个工作日，承诺办理时限5个工作日。华福国际资产管理 有限公司是新的《服务指南》实施后，首家递交材料后获批的合格境外投资者。 证监会表示，《服务指南》以"高效办成一件事"为目标，以"减环节、减材料、减时限、减跑动"为原则，进一步优化、简化、整合合格境外投资者资格审批与开户 环节各事项办理程序和材料要求，将有助于缩短外资入市流程和时间，降低外资运营成本，提升合格境外投资者制度投资运作便利度。 ...