Core Viewpoint - The competition for gold pricing power is crucial for national financial security and directly impacts the international influence of the Renminbi [1] Group 1: Market Development and Product Innovation - To enhance Renminbi gold pricing power, product innovation and market improvement are essential [2] - The development of "gold+" investment products is necessary to meet diverse investor needs, expanding the variety of products available [2] - Optimizing market services, including creating a complete investment cycle for gold, is critical for enhancing pricing power [2] Group 2: Institutional Participation and Market Vitality - Increased institutional participation, such as insurance funds entering the gold market, can diversify the participant structure and enhance market stability [3] - The growing demand for gold in a complex international context positively influences the Renminbi's voice and global impact [3] Group 3: International Integration and Regulatory Coordination - Accelerating market openness and international integration is vital for enhancing Renminbi gold pricing power [4] - Institutions should consider including gold ETFs in their investment portfolios to provide more options for investors [4] - Regulatory coordination and market cultivation are essential to attract more qualified investors and enhance the market system [5] Group 4: Long-term Investment and Asset Allocation - Long-term investment and asset allocation are crucial for supporting the enhancement of Renminbi gold pricing power [6] - Gold ETFs play a significant role in asset allocation, with recommendations for a gold allocation of 5% to 15% [6] - Continuous improvement in research and service levels is necessary to promote gold market development and reduce the gap with overseas markets [6]

点击上图 ▲立即报名 三部门延续失业保险稳岗惠民措施 4月22日消息，人力资源社会保障部、财政部、税务总局三部门联合印发《关于延续实施失业保险稳岗惠民政策措施的通知》，支持企业稳定岗 位，助力提升职业技能，兜牢失业保障底线。其中提到，对不裁员少裁员的参保企业继续实施稳岗返还政策至2025年底。 ｜点评｜ 受关税政策影响，今年广交会的境外采购商出现了明显变化。采购商的构成更加多元，直观反映出中国出口商品对美国的依赖度正不 断下降。去年底钱凯港投入运营，南美洲与亚洲的货物运输时间大幅缩短，货运上减少了对巴拿马运河航线的依赖。加上部分南美洲国家的去 美元化进程加快，进一步带来了对外经济往来的空间。关税壁垒下，南美市场在我国出口的占比有望提升，南美洲采购商的参展数也显著增 加。 不过，南美市场带来的出口增长有限，开拓市场同样需要时间。面对充满不确定性的关税政策，出口转内销成为当下不少外贸企业积极求生的 方式。从长期来看，凭借供应链优势，我国在国际贸易体系中的地位较难被撼动。只是对于企业来说，渡过眼下难关更为迫切。在这一特殊时 期，也需要政策发力扶持，以内需托举起外贸企业。 自贸区提升战略意见发布 4月22日消息，近日 ...

继中央汇金公司明确表示发挥类"平准基金"作用之后，"国家队"择机、适时出手，极大缓解了市场的恐 慌情绪，并且提供了更为充足的流动性。受此影响，A股三大指数持续走稳，上证综指更是近11个交易 日中10个交易日实现上涨，从实际结果来看，类"平准基金"已成A股定海神针。 近段时间以来，A股市场表现平稳。任凭外围市场暴风骤雨，A股市场走势一直是稳中有升。特立独行 走势的背后，国家队代表的类"平准基金"功不可没。 每逢指数盘中重挫，总有大资金坚定入场护盘；上证50、沪深300等主流ETF在多个交易日尾盘成交额 均出现放量上涨。种种迹象表明，中央汇金公司兑现了"该出手时将果断出手"的承诺，有效平抑了市场 异常波动，极大提振了市场信心。 从策略端来看，类"平准基金"的交易策略有较为明显的"优先级"。一方面重点配置沪深300、上证50等 核心指数权重，直接稳定蓝筹股板块，让重要指数先稳定下来。另一方面，也兼顾中证500、中证1000 等中小盘指数，均衡增持结构，体现出多元化的投资布局，进一步贴合市场需求。 资本市场有其固然的运行规律，过多干预可能形成负反馈，发力过轻则可能起不到维稳的效果，类"平 准基金"的发力尺度考验着监管 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View - Central Huijin has been an important strategic force in maintaining the stability of the capital market since 2008. Its capital volume, increase direction, and rhythm have important reference value for market trends. The report details Huijin's holding characteristics and the positive impact on the market after its increase [2][18]. - The continuous increase of the "stabilization fund" has led to the large - scale development of domestic ETFs since 2024, and the scale of ETFs linked to the CSI 300 has exceeded one trillion [3][19]. - The increase in A - shares by Huijin has strengthened investors' confidence, brought follow - up funds, and substantially rebounded the overall market return. Historically, Huijin's announcements of entering the market have had a significant "bottom - voice" expected management effect, supporting the subsequent strength of the market [5][46]. 3. Summary by Relevant Catalogs 3.1 Central Huijin's Increase Amount - **From the Trillion - scale CSI 300ETF**: Since 2024, significantly increasing ETFs has become the main form of the "stabilization fund" represented by Central Huijin entering the market. As of April 18, 2025, the scale of ETFs linked to the CSI 300 reached 1032.964 billion yuan, making it the first broad - based ETF variety with a scale exceeding one trillion. Since 2024, the scale of ETFs linked to the CSI 300, CSI A500, and CSI 1000 has increased by more than 100 billion [19]. - **Total Market Value of Holdings as of the End of 2024**: As of December 31, 2024, the total market value of ETFs held by Central Huijin (including Huijin Investment, Huijin Asset Management, and customized funds) reached 1.05 trillion yuan, a year - on - year increase of 7.44 times compared with 2023 [22]. - **Holding Structure and Increase Focus**: Huijin's increase has obvious structural characteristics, mainly covering broad - based index ETFs, and spreading to industry - themed and style - based ETFs in the second half of 2024. For example, the holding scale of CSI 300ETF was 690.5 billion yuan, accounting for 65.6%; the holding scale of CSI 1000ETF increased from 5.32 billion yuan in mid - 2024 to 9.03 billion yuan, an increase of about 70% [24][25]. - **Increase Dynamics of Central Huijin in 2024**: In the second half of 2024, Huijin achieved a rapid increase through scale growth and policy support. The holding shares increased by 81.9 billion shares, corresponding to a market value increase of 462.5 billion yuan. The central bank provided a re - loan tool with an initial quota of 300 billion yuan at an annual interest rate of 1.75% [28][30]. - **Recent Increase Dynamics of Huijin**: In early April 2025, Huijin further increased its holdings. On April 7 and 8, the net inflow of stock ETFs in the whole market reached 171.595 billion yuan, of which CSI 300ETF contributed 94.079 billion yuan. The central bank clearly supported Huijin's increase [31][33]. - **Fund Source of Central Huijin**: Part of Huijin's funds for maintaining the stability of the capital market comes from its own funds, and it has also clearly obtained support from the central bank's re - loans [34]. 3.2 Subsequent Increase Trend and Possible Rhythm - **Possible Direction of Subsequent Increase**: Central Huijin emphasizes "firmly increasing ETFs of various market styles, increasing the intensity of increase, and balancing the increase structure", which helps the balanced development of the stock market of different scales and styles. Taking April 7 - 9, 2025 as a reference, broad - based and Hong Kong - related ETFs had the largest net inflows, and non - stock ETFs such as bonds and commodities also had considerable net inflows [35][37]. - **Core Goal of Central Huijin's Increase**: Huijin's increase has a dual role of stabilizing the market and long - term layout. The "stabilization fund"'s heavy - position floating - stock market value accounted for about 4.53% of the total market value of all A - shares at the end of 2024, which is within a reasonable range [44]. - **Increase Rhythm**: The intervention time of the "stabilization fund" does not follow a quantitative rule but has certain event - driven characteristics. Generally, when there are major domestic and foreign event shocks or capital flow fluctuations, the necessity and effect of the intervention are better. Overall, it has the characteristics of entering at the bottom and holding for a long time [45]. 3.3 Effect of the "Stabilization Fund" on Boosting the Market - **"Boosting Market Effect" and "Signal Effect" of the "Stabilization Fund"**: The increase in A - shares by Huijin has strengthened investors' confidence, brought follow - up funds, and substantially rebounded the overall market return. Historically, Huijin's announcements of entering the market have had a significant effect on supporting the subsequent strength of the market [46][48]. 3.4 Market Observation: Institutional Holdings, Industries, Styles, and Themes - **Institutional Profit - making Effect**: Fund heavy - holdings underperformed north - bound heavy - holdings, and Shanghai Stock Connect heavy - holdings were relatively superior [6][53]. - **Market Movement Speed**: The style rotation speed continued to fluctuate at a high level [6][61]. - **Industry Sector**: The real estate sector led the rise, and real estate leaders significantly outperformed the industry benchmark [6][64]. - **Style Tracking**: High - volatility stocks led the rise, and low - valuation and super - large - cap stocks were superior [6][67]. - **Theme Hotspots**: The Yangtze River Rural Revitalization Index had a relatively high increase [6][71].

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 命运在此刻发生改变，在沈国军的精心经营下，银泰百货大获成功。 2007年，银泰百货成功登 陆港股。此后，在他的带领下，银泰集团的商业版图持续扩张，业务广泛覆盖商业零售、商业地 产运营与开发、股权投资等核心领域。 在沈国军的创业生涯中，挚友马云多次参与其中。他们 曾 携手组建菜鸟网络，阿里更是通过多 次增持将银泰百货纳入麾下。但商场风云变幻，马云 斥巨资拿下的银泰百货让阿里损失惨重。 去年 12月，阿里不惜亏损93亿 元 出售银泰百货股权。 值得注意的是，近年来，沈国军在资产处置方面动作频繁：银泰系陆续减持京投发展、南都物 业、汤姆猫的股份，并且清仓了银泰黄金股份。沈国军接连出售资产的举动，让外界对这位商界 大佬后续的商业规划充满好奇。 作者： 孟帅 来源： 雷达Finance （lD： leidaplus） 执掌着银泰商业帝国的沈国军，财富一年缩水 225亿元。 据胡润研究院最新公布的《 2025胡润全球富豪榜》显示，沈国军家族的财富从去年的620亿元 骤降至今年的395亿元，位列中国财富下降TOP5的第四名。 回顾 ...

中央汇金公司首次明确类"平准基金"定位 4月8日，中央汇金公司以答记者问形式，介绍了其在维护资本市场稳定中的定位和作用，并首次提出 类"平准基金"定位。这一概念的提出，标志着其在维护资本市场稳定中的角色更加清晰。通过答记者问 的形式，汇金公司详细阐述了其在市场波动中所承担的职责和作用。与此同时，央行也宣布将通过再贷 款的方式为汇金公司提供充足的资金支持，从而构建起一个从"政策工具—资金渠道—市场操作"的完整 闭环机制，确保汇金公司能够高效地开展相关工作。 尽管类"平准基金"这一概念是首次被明确提出，但中央汇金公司其实早已在多次市场波动中发挥了重要 的稳市作用。回顾其过去的维护市场举措，可以发现一些显著的变化趋势。 首先，从操作手段来看，汇金公司从最初的单一操作逐渐转变为多种手段组合发力，这种"组合拳"的方 式能够更有效地应对复杂的市场情况。 其次，从稳市的时效性来看，汇金公司的角色从单纯的短期维护市场剧烈波动转向了长期布局，更加注 重市场的长期稳定发展。 再次，从资金来源来看，汇金公司从依赖单一资金来源逐渐转变为多元化资金协同，这种多样化的资金 结构能够更好地满足不同阶段的维护市场需求。 最后，从目标来看，汇 ...

Core Viewpoint - The central bank and Central Huijin Investment Co., Ltd. are committed to supporting the stock market by increasing investments in index funds and providing sufficient re-lending support when necessary [1][2]. Group 1: Central Huijin's Role and Strategy - Central Huijin is recognized as a key stabilizing force in the capital market, acting as a "national team" and "China's version of a stabilizing fund" [2][3]. - The company has a strong asset base, stable cash flow, and efficient financing channels, which provide it with the confidence to support the market [2]. - Central Huijin has a history of intervening in the market to maintain stability, having participated in such efforts multiple times since 2008 [2]. Group 2: Market Impact and Future Outlook - The recent actions by Central Huijin have helped alleviate pessimistic market expectations and triggered a rebound in the A-share market around the 2024 Spring Festival [3]. - Analysts believe that Central Huijin's commitment to maintaining market stability will encourage investors to focus on long-term value rather than short-term fluctuations [3]. - There is an expectation of further policy support to stabilize the capital market, which will provide liquidity and enhance risk appetite among investors [3].

Group 1: Market Stability Measures - The central bank supports the Central Huijin Investment Ltd. to increase holdings in stock market index funds and will provide sufficient refinancing support if necessary[4] - The National Financial Regulatory Administration has raised the upper limit for insurance funds' equity asset allocation ratio[4] - The State-owned Assets Supervision and Administration Commission will support central enterprises and their listed companies to increase share buybacks[4] Group 2: Strategic Role of Central Huijin - Central Huijin is positioned as a "stabilizing force" in the capital market, akin to a sovereign wealth fund, marking a new phase in strategic reserve and stabilization mechanism construction[4] - Central Huijin has been actively increasing stock holdings during market volatility, similar to the U.S. 2008 Troubled Asset Relief Program which was aimed at stabilizing the market[4] - The central bank's refinancing support indicates an indirect involvement in maintaining market stability, as outlined in the draft of the Financial Stability Law[4] Group 3: Market Outlook and Risks - The statement from Central Huijin emphasizes confidence in the capital market's development, driven by a positive outlook on China's economic future[4] - The ongoing U.S.-China tensions may lead to increased market volatility, impacting investor sentiment[4] - Risks associated with tariff changes and global supply chain restructuring could affect corporate earnings and overall market growth[4]

文 | 银行螺丝钉 （转载请注明出处） 不过随后A股比较争气，大盘逐渐反弹，到收盘，大盘变成上涨。 A股也回到5.3星。 大中小盘股都上涨，大盘股微涨，中证500中证1000等上涨比较多。 小盘股上涨超过2%。 昨天低迷的科创、创业板等成长风格，今天上涨也较多。 昨天美股出现比较大的波动。 开盘纳斯达克一度上涨4%，到收盘的时候变成下跌2%。 受此影响，今天全球股票市场普遍下跌。 日股下跌3.9%。 A股开盘后，中证全指一度下跌3.5%。 港股一度下跌4%。 到收盘也变成了上涨，港股科技指数上涨超2%。 跌幅收窄也跟有大量资金流入指数基金有关。 1. 这周全球市场出现较大波动。 A股很多投资者也大笔买入。 其中最受关注的，自然是以中央汇金为代表的国家队。 4月8日，也出现了一个非常重要的利好消息： 央行发声，支持中央汇金加大力度增持股票指数基金，必要的时候，会向中央汇金提供充足的再贷款支持。 这条消息看起来不起眼，但确是今年来对市场影响最大的一条利好。 这里面有几个关键词：指数基金、中央汇金、央行、再贷款。 2. 为啥是指数基金呢？ 之前螺丝钉翻译了一本书，叫 《万亿指数》（点击查看） 。 从全球角度，指数基 ...

4月8日，多部委联合发布政策稳定资本市场，"中国版平准基金"发声。中央汇金投资有限责任公司有关负 责人表示，将继续发挥好资本市场"稳定器"作用，有效平抑市场异常波动，该出手时将果断出手。下一步 将坚定增持各类市场风格的ETF，加大增持力度，均衡增持结构。汇金公司具有充分信心、足够能力，坚 决维护资本市场平稳运行。 汇金公司相关负责人指出，坚定看好资本市场发展前景，根本在于看好中国经济的光明未来。当前，我国 高质量发展扎实推进，新质生产力蓬勃发展，经济持续回升向好的基础更加稳固，资本市场平稳健康发展 具有坚强的基本面支撑。特别是2024年9月26日中央政治局会议出台一揽子增量政策以来，资本市场呈现 出积极而深刻的变化。作为长期机构投资者，汇金公司将继续秉持长期投资、价值投资理念，积极支持资 本市场健康发展。 汇金公司已经连续两日公开发声。4月7日，汇金公司盘中发声，充分认可当前A股配置价值，已再次增持 交易型开放式指数基金（ETF），未来将继续增持，坚决维护资本市场平稳运行。 光大证券首席经济学家高瑞东认为，汇金公司连续两日表态，坚决维护资本市场平稳运行，就是"中国版 平准基金"。在当前市场面临外部风险因素冲击 ...