Core Viewpoint - The 2025 Sustainable Global Leaders Conference, held from October 16 to 18 in Shanghai, focuses on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth," aiming to explore new paths for sustainable development and inject "Chinese momentum" into global governance [2]. Group 1: Conference Overview - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the International Financial Reporting Standards Foundation (IFRS Foundation) [3]. - Keynote speakers include prominent figures from various sectors, including finance, academia, and business, discussing sustainable development [2]. Group 2: Sustainable Development Goals - WGDO's mission is to establish green design systems and promote global green transformation to achieve sustainable development [5]. - The conference highlights China's role as a leader in sustainable development, emphasizing the importance of innovation and collaboration [7]. Group 3: Financial Institutions' Role - Financial institutions like China Bank and Bank of Communications are actively participating in carbon market construction and promoting green finance [20][22]. - Shanghai's ESG development is characterized by a high rate of ESG report publication among listed companies, with state-owned enterprises leading the way [24]. Group 4: ESG and Sustainable Finance - The conference emphasizes the integration of ESG principles into corporate governance and financial practices, with various banks and financial institutions committing to enhance their ESG strategies [42][44]. - The need for innovative financial tools to support carbon reduction and sustainable development is highlighted, with a focus on leveraging technology [30][36]. Group 5: Industry Perspectives - Various industry leaders express their commitment to sustainable practices, emphasizing the importance of integrating environmental responsibility into business strategies [65][67]. - The conference showcases how companies across different sectors are adopting sustainable practices as a core part of their operations, reflecting a broader trend towards sustainability in the business landscape [70][72].

登录新浪财经APP 搜索【信披】查看更多考评等级 博道基金管理有限公司已于2025年9月30日在《上海证券报》、博道基金管理有限公司网站 （www.bdfund.cn）及中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）发布了《博道基金管理 有限公司关于以通讯方式召开博道远航混合型证券投资基金基金份额持有人大会的公告》，并于2025年 10月9日发布了《博道基金管理有限公司关于以通讯方式召开博道远航混合型证券投资基金基金份额持 有人大会的第一次提示性公告》。为了使本次基金份额持有人大会顺利召开，根据《博道远航混合型证 券投资基金基金合同》（以下简称"《基金合同》"）的相关约定，现发布本次基金份额持有人大会的第 二次提示性公告。 一、召开会议基本情况 根据《中华人民共和国证券投资基金法》（以下简称"《基金法》"）、《公开募集证券投资基金运作管 理办法》（以下简称"《运作办法》"）和《基金合同》的有关规定，博道远航混合型证券投资基金（以 下简称"本基金"）的基金管理人博道基金管理有限公司（以下简称"基金管理人"）经与基金托管人招商 银行股份有限公司协商一致，决定以通讯方式召开本基 ...

Group 1: Economic Growth and Forecasts - China's GDP growth in the first half of the year was 5.3%, exceeding expectations, with third-quarter GDP growth forecasted at 4.8% [1] - The International Monetary Fund (IMF) maintained its 4.8% growth forecast for China, despite global economic challenges [2] - Economic indicators suggest a potential decline in GDP growth to 4.9% in the third quarter due to slowing investment and consumption [2] Group 2: Industrial Production and Demand - Industrial production showed resilience in September, with the manufacturing PMI at 49.8%, indicating slight improvement [3] - Predictions for September's industrial value-added growth are around 5.1%, slightly lower than the previous month [3] - Net exports are expected to support economic growth, while domestic demand continues to slow [2][3] Group 3: Consumer Spending Trends - The forecast for September's retail sales growth is 3.1%, down from 3.4% in the previous month, influenced by subsidy policy changes [4] - Significant growth in consumer electronics sales was noted, with home appliance sales up 48.3% year-on-year [5] - The automotive sector remains a major contributor to retail sales, with production and sales figures showing strong growth [5] Group 4: Investment Trends - Fixed asset investment growth is predicted to be flat at 0% for September, reflecting ongoing economic challenges [6] - Investment growth across major categories is expected to decline, with infrastructure investment remaining under pressure [6] - The real estate sector continues to show weakness, with significant declines in land transaction values [6] Group 5: Policy Measures and Economic Support - The necessity for timely policy adjustments has increased, with expectations for enhanced fiscal measures in the fourth quarter [7] - New policy tools totaling 500 billion yuan are aimed at supporting manufacturing and infrastructure investment [8] - The government is focusing on targeted monetary policies to stimulate consumption and support key sectors [8]

昨日，人民银行公布前三季度金融数据， 持续一段时间的"存款搬家"讨论，其背后原因终于浮出水面。 从数据来看，前三季度人民币存款增加22.71万亿元。其中非银行业金融机构存款增加4.81万亿元。相比7、8月份同比多增超万亿相比，9 月份的非银存款数据出现了明显回落。而在居民存款端，7月末较6月末大幅回落的情况也得到了根本缓解——至9月末住户存款增长12.73 万亿，较8月末9.77万亿的数据大增近3万亿。 有受访银行业内人士告诉记者，相比居民存款利率的持续下行，尽管同业存款的款利率也在下调但依然相对较高。过去也曾发生过部分存款 绕道基金、理财存入同业的情况，且相关媒体也有报道过。这是因为，当居民存款不再高速增长时，银行需要包括非银同业存单、同业存单 等其他方式来扩充负债。 "今年七八月份是政府债、专项债等各种债券发行的高峰期。而商业银行是政府债的购买主力，这导致一些银行尤其是地方银行，在居民存 款增长一般的情况下，有扩充负债规模的需要。"有业内人士这样表示，理论上，这也会导致月度的整体非银数据增长，与上述权威人士所 指的"近年来持有同业存单多增"现象相印证。 近期，有江浙沪地区的银行人士即告诉财联社记者， 据其 ...

Core Insights - The significant decrease in non-bank deposits in September is attributed to a high base from the previous year and a weak stock market performance in 2025, which contrasts with the strong equity market in 2024 [2][4] Financial Data Summary - Non-bank deposits saw a substantial decline, with a year-on-year decrease of 19,700 million yuan, while resident deposits increased by 7,600 million yuan [4] - The total social financing (社融) in September was 35,338 million yuan, a year-on-year decrease of 2,297 million yuan, primarily due to a high base from government financing [3] - New RMB loans in September amounted to 12,900 million yuan, reflecting a year-on-year decrease of 3,000 million yuan, with short-term loans for residents decreasing by 1,279 million yuan [3] - M1 growth rate increased to 7.2%, while M2 growth rate remained stable at 8.4%, indicating a trend towards more liquid deposits among residents [3]

今天咱们就掰开揉碎了说，全按普通人能懂的话来，时间线也捋得明明白白。 01. 要说今年楼市最重磅的事，莫过于京沪这两个"顶流城市"松了限购——要知道之前不管其他城市怎么 调，京沪的限购一直像"铁幕"似的，如今这道防线也破了。 最近咱们身边不少经济现象都透着"反常"——京沪楼市限购松绑、结婚人数突然涨了、银行存款还少 了，这三件事凑到一起，到底藏着啥信号？ 时间线得从8月说起：8月9日，北京先出新政，符合条件的家庭在五环外买商品房，不限套数；紧接着8 月25日，上海跟上，外环外购房不限套数，而且成年单身人士也按居民家庭算限购，相当于给单身群体 松了口。 这政策看着是"释放需求"，但咱们普通人得看清本质：松绑的都是郊区，核心区还守得死死的，说白了 就是把买房的人往郊区引。 更坑的是，卖房还得交5.6%的增值税，现在基本都是房东自己承担。 为啥这么做？说白了就是地方靠卖地的收入撑不住了，楼市也冷得不行，只能靠这招"自救"。 过去只要限购松绑，总会有一波"套现潮"，房东急着卖房，挂牌量和降价房源肯定会变多，这俩城市接 下来大概率也逃不开。 而且这不是"救市"，更像"转移风险"，把楼市的压力转到最后一波想买房的人身上。 ...

Group 1: Report Industry Investment Rating - The report is bullish on the bond market in October, with the bond market offensive preferably choosing 10Y China Development Bank bonds, 30Y Treasury bonds, and 5Y capital bonds [2] Group 2: Core Viewpoints of the Report - In September 2025, new loans increased month - on - month but significantly decreased year - on - year. Credit demand may continue to be weak, and there may be pressure for negative loan growth in October. M1 growth may have reached a peak, and M2 growth decreased slightly. Social financing growth continued to decline, and it is expected that the annual new loans (social financing caliber) will decrease year - on - year, while government bond net financing will expand significantly, with social financing growth likely to rise first and then fall, reaching about 8.0% at the end of the year [1][2] Group 3: Summary by Related Catalogs New Loans - In September 2025, new loans were 1.29 trillion yuan, with individual loans increasing by 389 billion yuan, corporate loans increasing by 1.22 trillion yuan, and non - bank inter - bank loans decreasing by 234.8 billion yuan. Credit demand may be affected by factors such as fiscal policy, local debt control, and industry over - capacity, and there may be negative growth pressure in October [2] M1 and M2 - In late September 2025, the new - caliber M1 growth rate was 7.2%, up 1.2 percentage points month - on - month, which may be related to the large - scale deposit - boosting by wealth management products and the active stock market. M1 growth may decline in the fourth quarter. The M2 growth rate was 8.4%, down slightly month - on - month [2] Social Financing - In September 2025, the social financing increment was 3.53 trillion yuan, a year - on - year decrease mainly due to loans and government bond net financing. The social financing growth rate decreased by 0.1 percentage points to 8.7% month - on - month. It is expected that the annual social financing will increase year - on - year, with the growth rate rising first and then falling, reaching about 8.0% at the end of the year [2] Bond Market Outlook - The report is bullish on the bond market in October, based on factors such as potential economic downward pressure, banks' increased bond allocation due to weak credit demand and lower liability costs, and the possibility of a policy interest rate cut in Q4. It is predicted that the 10Y Treasury bond yield will return to around 1.65%, the 30Y Treasury bond yield will reach 1.9%, and the 5Y large - bank secondary capital bond yield will reach 1.9% [2]

固定收益 | 固定收益点评 固收点评 证券研究报告 存款活化进行时 9 月社融增速继续温和回落，政府债券支撑效应减弱，企业中长贷、居民 短贷仍承压，但亦出现结构性改善，票据冲量减弱，居民中长贷同比表现 转好，资金活化程度提升。 于债市而言，结构性修复的数据尚未形成明显压制，但支撑幅度也相对有 限。行情的演绎或更多取决于机构行为和流动性的边际变化，需要关注存 款活期化、非银化等对银行负债端微观结构的影响，或放大负债端的不稳 定性和资金面的阶段性摩擦，仍需保留一份谨慎。 1、社融增速继续微降、企业债券表现亮眼 社融存量增速继续微降，政府债券的贡献为负。去年 8 月起政府债开始放 量，单月净融资近 2 万亿元，基数效应下，对社融的拉动作用有限。四季 度若无化债额度的靠前使用，不排除年内社融增速有继续下行趋势。 季末信贷冲量、同比延续少增，票据利率月内缓慢抬升，但传统信贷大月 的冲量力度或相对有限，今年上半年时点效应突出，表现为季末月份同比 为正、非季末月份为负，三季度这一特征有所弱化。 企业债券同比表现亮眼，尽管 9 月企业债到期收益率整体走高，但或受益 于政策对于科创债、民企债的支持，提振企业融资意愿。 2、居民 ...

金融期货早评 宏观：核心物价指数持续回升 【市场资讯】1）中国 9 月新增社融 3.53 万亿元，新增人民币贷款 1.29 万亿元，M2-M1 剪 刀差刷新年内低值；中国 9 月 CPI 同比降幅收窄至 0.3%，核心 CPI 近 19 个月首次回到 1%， PPI 同比降幅收窄至 2.3%。2）李强主持国务院第十六次专题学习：强化人工智能等数字技 术赋能，系统推进标准制定修订。3）美国法院暂时禁止特朗普在政府关门期间大规模裁员， 稍早白宫"管家"称关门期间政府裁员或超 1 万人。4）特朗普"钦点"美联储理事米兰：贸易 不确定性使降息更为迫切。5）美联储褐皮书：9 月初上次报告以来美国经济活动变化不大， 关税推高物价，消费者感受到冲击。 【核心逻辑】今年国庆假期人员流动表现亮眼，但消费端矛盾凸显，有效需求仍是当前核 心症结。后续经济修复需重点聚焦居民需求端，当前供需两端政策正有序推进，未来或有 增量政策出台以推动物价平稳回升。9 月出口增速录得 8.3%，增速较上月加快 3.9 个百分 点，但两年年均增速有所回落。总体来看，国内低基数以及新兴经济体需求支撑本月出口 增速，出口韧性相对较强。与此同时，反内卷政策 ...

"政府债券对社会融资规模保持较高增速起到了主要的支撑作用。"有业内人士表示，今年以来，政 府债券发行提速，直接融资对社会融资规模的拉动作用明显。特别是国债和特殊再融资债券发行进度较 快，用于支持"两重""两新"、置换地方政府隐性债务等，对扩内需、保民生、防风险、促发展发挥了积 极作用。 与此同时，企业发债和股权融资渠道也更加畅通。有专家表示，受益于政策端对科创债、民企债的 支持力度加大，叠加发债利率处于低位，企业发债融资增多，社会融资规模快速增长也有较强支撑。 "9月末，社会融资规模保持较高增速，体现了适度宽松的货币政策取向，为经济持续回升向好提供 了有力支撑。"业内专家认为，近年来，随着直接融资加快发展，单一的贷款指标越来越难以完整反映 金融支持实体经济的成效。今年前三季度，超过一半的新增社融由其他更为丰富、多元化的融资渠道提 供，银行不仅在信贷投放中发挥主力军作用，同时也是债券投资的主要参与方，总体来看，债券在银行 资产中占比25%左右，全市场约七成政府债券和两成公司信用类债券由银行持有，通过积极买入债券， 有力地支持了财政政策实施和企业生存发展。再考虑到更多参与股权市场的券商、基金等各类非银机 构，金融 ...