转折发生在今年三月。美联储突然降息，国内股市跟着剧烈震荡，我买的股票连续五个跌停。最初还抱 着侥幸心理补仓，直到账户余额跌破 20 万，妻子发现银行卡里的钱不翼而飞，家庭战争才彻底爆发。 "那是孩子的学费！是爸妈的救命钱！" 她把金项链摔在茶几上，链扣弹到墙角发出清脆的声响，"你以 为天上掉馅饼？那些说稳赚的人，赚的就是你的本金！" 那天晚上我在楼道里坐了半宿，烟蒂堆成了小山。隔壁张叔下楼倒垃圾，看见我这副模样叹了口 气："建军啊，你忘了前年楼下老李搞养殖赔光家底的事？现在这行情，瞎折腾不如求安稳。" 张叔的话点醒了我。他在国企做会计，每月雷打不动定投 3000 块基金，五年攒下 20 万，去年还给儿子 付了婚房首付。在他的指点下，我开始研究真正靠谱的理财方式，才发现 2025 年的市场早不是靠赌就 能赚钱的年代 —— 银行理财规模突破 30 万亿，公募基金站上 36 万亿新高，普通人都在把钱从活期转 到低风险产品里。 我先把剩下的 19 万做了拆分。张叔说这叫 "资金分层"，就像给家里的钱分了不同岗位。日常要用的 3 万放进了招商银行的 "朝朝宝"，工作日买入，第二天就能算收益，交水电费、给父母买药随用随取 ...

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 专业研究·创造价值 1 / 13 请务必阅读文末免责条款 资讯早班车 二、商品投资参考 资讯早班车-2025-10-13 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250930 | 2025/09 | 制造业 PMI | % | 49.80 | 49.40 | 49.80 | | 20250930 | 2025/09 | 非制造业 PMI:商务活 动 | % | 50.00 | 50.30 | 50.00 | | 20250915 | 2025/08 | 社会融资规模增量:当 | 亿元 | | 25668.00 11307.00 | 30323.00 | | | | 月值 | | | | | | 20250912 | 2025/08 | M0(流通中的现金 ...

Core Insights - The article emphasizes the necessity for China's financial system to transition from a scale-oriented model to one focused on efficiency, driven by the need for high-quality economic development [4][5][6]. Group 1: Evolution of Production Factors - The shift from traditional production factors (land, labor, capital) to the recognition of data as a fifth production factor highlights the changing landscape of economic growth in the digital age [2][3]. - Data is now seen as a core element driving productivity leaps, surpassing traditional information [2]. Group 2: Role of AI and Digital Technology - The rapid advancement of AI, particularly large model technologies, is transforming financial services by enhancing decision-making and operational efficiency [3][9]. - AI systems are replacing or augmenting human capabilities in information processing and predictive analysis, acting as a new engine for productivity transformation [3][9]. Group 3: Financial Development Goals - The financial sector must prioritize efficiency over mere scale to avoid systemic risks and improve resource allocation, especially for small and innovative enterprises [4][5]. - Enhancing capital allocation efficiency is crucial for the financial system to effectively support entities with high innovation potential and market prospects [5][6]. Group 4: Implementation of Smart Technology - Utilizing big data technology can significantly reduce information asymmetry and enhance transparency within the financial system [7][8]. - AI applications are driving financial services towards greater automation and personalization, improving service quality and efficiency [8][9]. Group 5: Strategic Recommendations for Financial Innovation - China should adopt a top-level design approach to integrate smart finance into national financial development strategies, focusing on long-term planning and cross-departmental coordination [10][11]. - Strengthening digital infrastructure and core technology research is essential for overcoming key technological challenges and fostering innovation [11][12]. - Establishing a regulatory framework that balances innovation and risk management is vital for the sustainable development of smart finance [12].

穆迪最新警告称，美国大约有22个州正处于经济衰退或濒临衰退。如果经济疲软从以制造业为主的小州蔓延到像加州 或纽约这样的大州，美国经济可能会整体陷入衰退。 与此同时，全球股市投资者正加速将资金从美国转向其他地区，以分散风险、实现投资组合多元化。有数据统计，过 去一个月，流入"剔除美股"全球股票基金与ETF的资金超过1750亿美元，而包含美国股票的全球基金仅吸引约1000亿 美元；截至9月底，流入欧洲股票ETF的资金达到创纪录的710亿美元。 【环球网财经综合报道】受多种因素影响，美股遭遇"黑色星期五"，资本市场对此前迭创历史新高的美股担忧情绪急 剧升温，市场人士普遍担心上涨行情即将终结。但亦有部分投资者认为，外部因素不太可能显著改变市场走势，因为 人工智能仍是主导因素。 值得关注的是，全球央行行长将在IMF和世界银行秋季年会上重点讨论股市泡沫及潜在的崩盘风险。IMF总裁 Kristalina Georgieva警告称，当前资产估值已接近25年前互联网泡沫时期的水平，市场若大幅回调将拖累全球经济；美 联储、欧洲央行、英国央行等均已对市场估值过高和回调风险表示担忧。 ...

专家们给出了标准答案：避险情绪、美联储降息预期、央行购金…这些都没错。但作为一个经历过几轮周期的"老韭菜"，我更关心的是：为什么每次 行情启动时，普通投资者总是后知后觉？瑞银预测金价能到4200美元，中信证券甚至看4800美元，这些预测真的能帮到散户吗？ 记得2013年"中国大妈"抢购黄金的盛况吗？当时金价在1400美元左右，媒体一片唱多。结果呢？接下来6年金价跌去30%。这让我深刻明白一个道理： 市场炒的是预期差，而不是现实差。 所谓预期差，就是"我知道你不知道"的信息优势。当所有人都知道美联储要降息时，这个利好早就price in了。真正的机会往往出现在共识形成之前 ——比如去年四季度，当多数人还在担忧通胀时，聪明的资金已经开始布局贵金属。 这张图揭示了一个残酷真相：市场交易行为远比我们想象的复杂。红色「做多主导」时股价上涨，黄色「获利回吐」时主力撤退，绿色「做空主导」 代表下跌，蓝色「空头回补」则是机构低吸。普通投资者看到的只是价格波动，而量化数据能让我们看清资金真实的意图。 最近打开财经新闻，满屏都是贵金属价格创新高的消息。伦敦金价突破3993美元/盎司，年内涨幅超50%；白银更是夸张，50.67美元 ...

Core Viewpoint - The Central Securities Depository and the Interbank Lending Center have jointly launched a centralized bond lending business to enhance market liquidity and efficiency in the interbank bond market [1][6]. Group 1: Business Launch Details - The centralized bond lending business was launched on October 10, with 78 institutions participating in the initial phase, including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, and securities companies [1][5]. - The first day of operation saw the bond pool scale exceed 1.3 trillion yuan, covering various types of bonds such as government bonds, local government bonds, policy bank bonds, and corporate bonds [5][6]. Group 2: Participant Institutions - The initial participants include five major state-owned banks, seven joint-stock banks, 27 city commercial banks, one foreign bank, 15 rural commercial banks, and 21 securities companies [1][2][3][4]. Group 3: Operational Mechanism - The centralized bond lending service allows lenders to set parameters and specify available bonds for lending, creating a bond pool. Borrowers can initiate lending requests through the interbank lending platform when they face shortfalls on settlement days [6][7]. - The lending period is set between one to three days, with rates based on historical transaction fees adjusted for extreme data [6][7]. Group 4: Market Impact - This innovation is expected to mitigate settlement risks, enhance market functionality, improve trading efficiency, and significantly reduce negotiation costs for bond lending [7][8].

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 10 月 12 日 10 月初票据利率快速下行 ——流动性与同业存单跟踪 核心观点 10 月初票据利率快速下行，跨年的 3M 期国股银票转贴现收益率仅为 0.47%，年内实 体信贷投放预期仍需提振，狭义流动性具备内生性宽松基础。 ❑ 狭义流动性具备内生性宽松基础 实操上来看，"五因素法"对狭义流动性影响最大的变量是央行投放、商业银行 信贷投放和财政因素，而这三方面在四季度或都将构成对资金面的利多，即狭 义流动性具备内生性宽松基础。前期我们对央行投放和财政的乐观因素论述已 较为充分，央行投放态度可观察近半年 MLF 和买断式逆回购的续作金额，财政 因素可观察政府债券后续发行压力的环比下降。本期周报重点论述从票据角度看 后续商业银行信贷的投放预期。 10 月初，跨年的 3M 期国股银票转贴现收益率快速走低，意味着商业银行对四季 度实体信贷投放预期较差，进而对狭义流动性构成利多。10 月 9 日，隔夜、7 天、1M、3M、6M 国股银票转贴现收益率分别为 1.28%、1.28%、1.19%、 0.47%、0.77%，我们做以 ...

Core Viewpoint - The introduction of centralized bond lending business by the Central Securities Depository and Clearing Company and the Interbank Lending Center aims to enhance the efficiency of bond lending transactions and provide a more responsive service to market participants [1][9]. Group 1: Centralized Bond Lending Business Overview - The centralized bond lending business was launched on October 10, with 78 participating institutions, including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, rural credit cooperatives, securities companies, and financial leasing companies [1][2]. - The business allows bond borrowers to provide collateral to borrow bonds from lenders, with an agreement to return the borrowed bonds on a specified date [1][2]. - The centralized lending model is designed to quickly respond to the various needs of bond borrowers, including financing, trading, and settlement demands [2]. Group 2: Participation and Scale - The first batch of participating institutions includes 5 state-owned banks, 7 joint-stock banks, 27 city commercial banks, 1 foreign bank, 15 rural commercial banks, 1 rural credit cooperative, 21 securities companies, and 1 financial leasing company [2]. - On the first day of operation, the bond pool size exceeded 1.3 trillion yuan, covering various types of bonds including government bonds, local government bonds, policy bank bonds, and corporate bonds [7]. Group 3: Operational Mechanism and Benefits - The centralized bond lending business operates under a framework where lenders voluntarily set parameters and establish a bond pool, allowing for automatic matching and settlement of bond transactions [9][10]. - This new model is expected to improve market efficiency by facilitating easier access to bond lending and enhancing price discovery through a transparent pricing mechanism [10][11]. - The business also strengthens risk management by ensuring that collateral covers 100% of the risk exposure, thus reducing the likelihood of settlement failures [11][12]. Group 4: Risk Management and Regulatory Framework - The introduction of a central counterparty mechanism is aimed at mitigating counterparty credit risk and ensuring market stability, as seen in historical contexts like the 2008 financial crisis [13]. - The implementation details and operational guidelines for the centralized bond lending business were established prior to its launch, ensuring a structured approach to its operation [9][10]. - Participants must adhere to strict management and disclosure obligations, ensuring clarity in the debt relationship and responsibilities [14].

央视网消息：金融是国民经济的"血脉"，金融高质量发展关系中国式现代化建设全局。"十四五"时期，在加快建设金融强国道路上，我国金融 业迈出一个个坚实步伐。 "金融活，经济活；金融稳，经济稳"。五年来，一组组亮眼数据铸就了我国金融业高质量发展沉甸甸的答卷。 资本赋能 "硬科技"加速成长 "十四五"时期，我国金融事业取得新的重大成就。企业发展，资金"活水"精准滴灌；购物旅游，移动支付轻松结算；国际经贸，跨境金融汇通 天下。 时隔三年多，再次来到了这家北交所的上市公司。一见面，这位企业家老朋友就迫不及待地带着我们参观他的新厂房。 "十四五"规划纲要提出，健全具有高度适应性、竞争力、普惠性的现代金融体系，构建金融有效支持实体经济的体制机制。截至2025年6月 末，中国银行业和保险业总资产超过500万亿元，5年来年均增长9%，全球最大信贷和第二大保险市场地位更加稳固。 这五年，银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供新增资金170万亿元。截至2025年6月末，普惠型小微企业贷款余额 36万亿元，是"十三五"末的2.3倍，利率下降2个百分点。 "十四五"规划纲要提出，健全多层次资本市场体系，提高上市公司质 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605300 证券简称：佳禾食品 公告编号：2025-085 佳禾食品工业股份有限公司关于使用部分暂时闲置募集资金 进行现金管理到期赎回并继续进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 基本情况 ■ ● 特别风险提示：尽管本次进行现金管理购买的理财产品为低风险、流动性好的产品，属于低风险投资 品种，但金融市场受宏观经济、财政及货币政策的影响较大，不排除该项投资可能受到市场波动的影 响，理财收益具有不确定性。敬请广大投资者谨慎决策，注意防范投资风险。 一、现金管理基本情况 （一）使用闲置募集资金进行现金管理审议程序 佳禾食品工业股份有限公司（以下简称"公司"）于2025年4月24日召开第三届董事会第四次会议、第三 届监事会第三次会议，于2025年5月16日召开2024年年度股东大会，分别审议通过《关于使用部分闲置 募集资金进行现金管理的议案》，同意公司及子公司使用闲置募集资金不超过人民币5.5亿元进行现金 管理，投资品种为 ...