作为中国消费市场的重要风向标，双11购物节不仅是消费活力的集中展现，更是观察宏观经济政策与微 观市场行为互动的关键窗口。 2025年，在财政部、商务部等部门联合推出"消费提振年"专项行动，并明确"对绿色智能家电、新能源 汽车等大宗消费给予财政补贴"的政策背景下，双11被赋予了促进消费回暖、推动经济复苏的更深层意 义。 平安银行信用卡紧扣政策脉搏，以"省心、省时、又省钱"的"三省"理念为核心，通过"政策+品牌"双轮 驱动，在双11期间构建起覆盖消费全链路的服务新范式。 这种"政策+金融"的创新模式，不仅放大了国家促消费政策的效果，更体现了平安信用卡在政策落地中 的桥梁作用。通过将宏观政策转化为微观实惠，平安信用卡既助力了消费政策的精准触达，又通过分 期、立减等方式有效拉动了高客单消费，为实体商家注入金融活水。 品牌深化： 从场景深耕到心智占领的进阶之路 政策对接：国补分期创新， 实现"政策+金融"双向赋能 在"促消费、惠民生"政策导向下，平安信用卡的"三省"体系以精准的政策协同为突破口，实现了从政策 宣导到消费落地的有效转化。今年双11平安信用卡系列活动紧密呼应国家促消费导向： 首先，"省"在分期支付环节。平安 ...

多位美联储官员在不同场合发表讲话，罕见地形成一致基调：市场对12月再次降息的押注可能过于激 进。 Crossmark公司首席执行官兼首席投资官鲍勃·多尔（Bob Doll）在评论中提到，市场对降息寄予厚望， 但从美联储官员的最新表态来看，"更多是一种可能选项，而不是已经承诺的路径"，投资者需要为利率 在更高水平维持更长时间做好心理准备。 期货市场的定价也随之调整。根据芝商所FedWatch工具的数据，在官员密集发表偏谨慎言论后，交易 员对美联储在12月再次降息的押注，从此前逾六成回落至约五成附近，反映市场对 12 月降息的信心正 在降温。 官员集体降温12月降息预期 在印第安纳州埃文斯维尔大学的一场活动上，穆萨莱姆表示，经过今年两次降息后，"政策利率已更接 近中性，而非轻度紧缩"。在他看来，美国通胀目前仍在3%左右，高于2%的目标，"仍需要对抗偏高的 通胀，同时为劳动力市场提供一定支持"。他预计，美国经济在四季度会略显疲弱，但明年一季度有望 回到趋势增速甚至略高水平。 穆萨莱姆坦言，前期支持降息更多是出于对就业的担忧，而在通胀黏性仍存、经济表现相对有韧性的背 景下，接下来"需要更加谨慎"，以防政策过度宽松。 ...

Core Viewpoint - The Double 11 shopping festival serves as a significant indicator of China's consumer market vitality and reflects the interaction between macroeconomic policies and micro-market behaviors, especially under the "Consumption Boost Year" initiative launched by the Ministry of Finance and the Ministry of Commerce in 2025 [1][5]. Policy Alignment - The "Three Savings" system of Ping An Credit Card effectively translates national consumption promotion policies into consumer benefits, with initiatives like "Installment Discounts up to 400 Yuan" across major e-commerce platforms, reducing consumer burdens [5][6]. - The "National Subsidy Installment Red Packet" activity combines government subsidies with financial tools, enhancing the accessibility of policy benefits for consumers [5][6]. - A comprehensive value return system is established through various rewards, including cashback and point redemption, providing flexible financial arrangements for consumers [6][8]. Brand Development - Ping An Credit Card has evolved from a payment tool to a trusted consumption partner, creating a complete consumption ecosystem that includes installment discounts, cashback, and flexible repayment options [8][10]. - The brand theme "Naturally Choose Ping An" is consistently communicated across different consumption scenarios, reinforcing brand recognition and user loyalty [9][10]. - The strategy emphasizes both immediate discounts and long-term user relationships, enhancing user engagement and trust in the brand [10][11]. Market Trends - The ongoing recovery of the consumer market and the rationalization trend highlight the importance of understanding policy directions and user needs, positioning Ping An Credit Card as a sustainable reference for the financial industry in serving consumer needs [11].

机构预计短期市场以稳步震荡上行为主。 【财经日历】 国家统计局发布10月国民经济运行数据 国家统计局公布70城住宅销售价格月度报告 第二十七届高交会亚洲半导体与集成电路产业展（深圳，11/14-11/16） 华为举办操作系统大会&openEuler Summit 2025（北京，11/14-11/15） 英伟达中国开发者日活动（苏州） | (双) 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 现价 | | 涨跌 | 涨跌幅 | | 道琼斯工业平均 47457.22 -797.60 -1.65% | | | | | 纳斯达克指数 22870.36c -536.10 -2.29% | | | | | 标普500 6737.49 -113.43 -1.66% | | | | ►►国家发改委公布《石油天然气基础设施规划建设与运营管理办法》，自2026年1月1日起施行。 当地时间周四，美国股市大幅下跌，三大指数创一个多月以来最大单日跌幅。截至收盘，道指跌1.65%，标普500指数跌1.66%，纳指重挫2.29%。 大型科技股集体承压，"七巨头"中，微软下 ...

昨晚，全球市场启动"团灭式下跌"： 金价自日内高点一度跌100美元，美元跌至一个月低位，比特币跌破10万美元，美国股市则全线溃败 （纳斯达克指数跌幅超2%）。 第一，这次下跌没有安全的资产，就连黄金和美国国债也一同下跌，连"避险都不避险"。市场正在经历 一场巨大的"强制减仓"过程。 第二，昨天有两个事件点值得关注：北京时间15:00和21:30。两种不同"恐惧来源"，叠加在一起，引爆 了行情。 · 15:00，开始有了下跌苗头，特朗普签字，美国政府停摆结束。美股期货在消息落地后，转而跌了—— 政府重启，反而是"不确定性开始大爆发"。过去 43 天，没有数据，就没有坏消息。现在数据洪流回来 了，停摆43天堆积的数据，将在未来三周一次性砸出，这才是市场真正紧张的开始。 · 21:30，加速下跌，当时旧金山联储主席戴利说了一句"坚决反对提高美联储的通胀目标"，是市场厄运 的开始（言外之意，别指望美联储"认输式降息"，宁愿维持更久的高利率，也要把通胀压回2%）。市 场瞬间明白，美联储不打算"和市场妥协"。更糟糕的是，随后又来一连串柯林斯、穆萨莱姆、古尔斯 比、施密德全部在强调不支持12月降息——市场对12月降息的概率 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on November 13, with a fixed rate and a total amount of 190 billion yuan, at an interest rate of 1.40% [1] - On the same day, 92.8 billion yuan of reverse repos matured, resulting in a net injection of 97.2 billion yuan [1] Group 2: Liquidity Conditions - Following several days of net injections by the central bank, the interbank market's liquidity improved, with overnight repurchase rates for deposit-taking institutions dropping by approximately 10 basis points to around 1.32% [3] - The overnight quotes in the anonymous click (X-repo) system returned to 1.3%, while non-bank institutions' pledging of credit bonds for overnight funding also decreased to 1.40%-1.45% [3] - Traders noted that the rapid decline in funding prices indicates the central bank's flexible injections are stabilizing liquidity, with limited impact expected from the upcoming tax period in November [3] Group 3: Financial Indicators - As of the end of October, M2 balance was 335.13 trillion yuan, growing by 8.2% year-on-year, while M1 balance was 112 trillion yuan, increasing by 6.2% [14] - The M0 balance reached 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [14] - The net cash injection in the first ten months was 728.4 billion yuan, with the total social financing scale increasing by 3.83 trillion yuan compared to the same period last year [14] Group 4: Regulatory Developments - The Financial Regulatory Bureau plans to release a revised "Commercial Bank Merger Loan Management Measures" to support mergers and restructuring for various enterprises, including technology innovation companies [15] - The Hong Kong Securities and Futures Commission announced new optimization measures for the cross-border wealth management pilot program to enhance communication between licensed institutions and their clients [15] Group 5: Global Economic Context - The latest overnight financing rate in the U.S. was reported at 3.95% [5] - The U.S. government shutdown has officially ended following President Trump's signing of a bill [18] - Japan's Finance Minister indicated that domestic investors primarily hold Japanese government bonds, making debt default unlikely, while also hinting at potential tax cuts as a future fiscal policy option [18]

Core Insights - The rapid development of "hard technology" in the Guangdong-Hong Kong-Macao Greater Bay Area is also a frontier for exploring technology finance [1] - In October, the Ministry of Industry and Information Technology announced the addition of 675 new "little giant" enterprises in the Greater Bay Area, marking a historical high [2] Group 1: Financial Support for Technology Enterprises - Banks are shifting from traditional asset-based lending to a focus on technological strength and the professional background of actual controllers, alleviating financing difficulties for "light asset" technology companies [3][4] - The collaboration between banks and enterprises is deepening, with banks increasingly proactively connecting with high-quality small and medium-sized technology enterprises [3] - Banks are expanding their services beyond traditional corporate loans to include support for sales expansion, management improvement, digital transformation, and cost reduction [3][8] Group 2: Case Studies of Technology Companies - Shenzhen Zhihui Technology, founded in 2015, has faced challenges in financing due to long cash flow cycles, requiring banks to extend loan terms [4][5] - Jinzhai Times, established in 2009, received nearly 200 million yuan in investment in 2023 and is seeking to attract industrial investors, highlighting the need for banks to understand the unique characteristics of high R&D investment technology companies [7][8] - Beike Biotechnology, a leading company in the stem cell industry, has received the highest credit limit from Huaren Bank, which has supported its R&D and international expansion [9][10] Group 3: The Role of Banks in Supporting Innovation - Huaren Bank's "Run Chuang Port" brand offers a comprehensive financial service system tailored to the needs of technology enterprises, including products for financing, sales expansion, digital transformation, and management improvement [8] - The collaboration between private equity/venture capital and banks is crucial for technology companies, with banks providing essential support for scaling production and supply chain management [11][12] - The deep integration of banks and industries is activating the innovation potential of enterprises and creating a virtuous cycle of "technology-capital-ecosystem" [12]

国务院办公厅日前印发《关于进一步促进民间投资发展的若干措施》的通知，提出要用好支持小微企业 融资协调工作机制。其中，银行业金融机构应制定民营企业年度服务目标，全面准确落实普惠信贷尽职 免责和不良容忍制度，完善内部实施细则，满足民营企业合理信贷需求。 （文章来源：经济日报） 三要同题共答、协同发力，"几家抬"做好民营企业金融服务。其中，要用好支持小微企业融资协调工作 机制。2024年10月，国家金融监督管理总局、国家发展改革委联合建立支持小微企业融资协调工作机 制，核心是加强央地联动、搭建银企精准对接桥梁，在区县层面建立工作专班，一手牵企业，一手牵银 行，从供需两端发力，组织开展走访、需求摸排、融资推荐。接下来，对于符合条件的小微企业，金融 机构要进一步优化流程，加快办理速度，并通过节约信息收集成本、压减中间环节等方式，进一步降低 小微企业的综合融资成本，切实提升民营企业、小微企业的获得感。 如何解决上述问题？一要端正态度，树立正确的经营理念。作为我国金融体系中占比最大的间接融资的 典型代表，银行业金融机构要制定民营企业年度服务目标，坚持"不唯所有制、不唯大小、不唯行业、 只唯优劣"原则，准确、客观分析企业的产 ...

旧金山联储主席玛丽·戴利（Mary Daly）表示，现在判断美联储是否应在12月会议上降息还为时过早。 周四（11月13日），戴利在都柏林出席一场活动时说道："现在下结论说'一定不降息'，或'一定要降 息'，都太早了。"她补充称，目前政策走向看起来"相对中性"。 对此，戴利表示，若剔除关税影响，通胀已更接近美联储的2%目标，"但仍然顽固"。另一方面，就业 市场"已明显放缓"。 戴利还指出，9月和10月的两次降息"稳定了劳动力市场的风险"，但她补充说，"现在略有担忧的是，劳 动力需求可能会继续走弱。" 戴利还强调，对于央行而言，沟通"至关重要"——应向公众提供关于资产负债表运作的详细信息，并明 确说明其所承担的多重角色。 她指出，政策制定者应明确区分其在不同情境下的目标——例如在危机时期提供流动性与维护金融稳 定、在经济衰退中刺激增长，或在正常时期作为利率管理工具。 "离下次会议还有大约四个星期，这期间会有大量数据公布，所以我保持开放的心态。" 顽固的高通胀与持续疲弱的劳动力市场，使美联储官员之间在利率前景上分歧日益扩大。 在上月的降息25个基点决议中，有两位官员投出了反对票，一人认为应该维持利率不变，另一人则 ...

智通财经APP获悉，多位知情官员透露，欧洲金融稳定部门正就一种全新的美元流动性机制展开讨论， 即将非美国央行持有的美元储备集中起来，作为美联储美元互换和紧急贷款机制的替代方案。此举旨在 在特朗普政府政策不确定性升温的背景下，降低欧洲对美联储美元支持的依赖。 知情人士表示，这一讨论是对近期政策动荡的直接回应。特朗普政府的一系列举措曾动摇跨大西洋金融 合作，并引发外界对美联储独立性的担忧。今年4月，特朗普宣布"解放日"关税，震动全球金融体系， 也让欧洲监管者意识到一旦美元互换被"武器化"，欧洲银行流动性将面临真实威胁。 美联储的美元互换与紧急贷款机制是全球金融稳定的核心支柱，在市场剧烈动荡时向其他央行提供美元 流动性。2020年新冠疫情期间，该机制的使用规模一度飙升至4,490亿美元。尽管美联储主席鲍威尔在 今年7月向欧洲央行保证不会改变对官方机构的美元流动性支持方式，欧洲内部的担忧仍未消失。 白宫发言人则表示，特朗普"多次重申其致力于维持美元的力量与地位"。欧央行与美联储均拒绝对此置 评。 根据多位参与讨论的官员，所谓"美元池"机制目前仍停留在技术层级，而非欧央行决策层面，并涉及欧 元区及其以外部分央行。一些国 ...