Group 1 - The UK Office for Budget Responsibility (OBR) has provided a more optimistic forecast for the UK economy, estimating a fiscal surplus of nearly £22 billion over the next five years, significantly higher than previous estimates [1] - The budget proposal includes measures such as extending the freeze on personal tax thresholds for three years, increasing taxes on dividends, property, and savings, and introducing new taxes on properties valued over £2 million [1] - The OBR has adjusted the GDP growth forecast for the UK to 1.5% for 2025, while lowering the 2026 forecast to 1.4%, indicating ongoing structural challenges that may limit long-term growth potential [1] Group 2 - The UK's actual inflation rate remains high at 3.6%, which is significantly above the target level, influencing the Bank of England's cautious stance on monetary policy [2] - Despite an expanded fiscal space, structural contradictions leading to a downward adjustment in trend growth rates pose long-term growth concerns for the UK economy [2]

Core Insights - The China Securities Investment Fund Industry Association (CSRC) reported that as of October 2025, there were 130 new asset-backed securities (ABS) registered, with a total registration scale of 133.86 billion yuan [1] - The top three ABS underlying assets in terms of registration scale were micro-loan receivables (32.92 billion yuan), financing lease receivables (25.82 billion yuan), and accounts receivable (22.97 billion yuan) [1] - As of the end of October 2025, there were 2,596 ABS in existence, totaling 2,237.377 billion yuan, with infrastructure public REITs accounting for 84 of these, amounting to 205.195 billion yuan [1] Summary by Category New Registrations - In October 2025, 130 new ABS were registered, with a total scale of 133.86 billion yuan [1] - Infrastructure public REITs contributed 2 new ABS registrations, totaling 2.682 billion yuan [1] Existing ABS - As of October 2025, there were 2,596 ABS in existence, with a total scale of 2,237.377 billion yuan [1] - Infrastructure public REITs accounted for 84 existing ABS, with a total scale of 205.195 billion yuan [1] - The combined scale of ABS with underlying assets such as accounts receivable, real estate holding ABS, CMBS, financing lease receivables, and micro-loan receivables was 17,621.94 billion yuan, representing 78.76% of the total existing scale [1]

Core Viewpoint - International oil prices experienced a short-term decline, with WTI crude oil falling by 1.9% to $57.80 per barrel and Brent crude oil dropping by 1.74% to $61.626 per barrel, indicating market volatility in response to geopolitical developments [1][2]. Group 1: Oil Market - WTI crude oil decreased by 1.9%, closing at $57.80 per barrel [1] - Brent crude oil fell by 1.74%, settling at $61.626 per barrel, with futures extending the decline to 2% at $61.46 per barrel [1] Group 2: Gold Market - Spot gold saw a short-term drop of 0.26% [2] Group 3: Geopolitical Developments - Reports indicate that U.S. officials stated Ukraine agreed to the terms of a peace agreement, with President Trump suggesting November 27 as the deadline for Ukraine to accept U.S. support for the peace plan [6] - The U.S. government is attempting to restart peace negotiations between Russia and Ukraine, having drafted a "28-point" plan aimed at resolving the conflict, which includes aspects of peace, security guarantees, and future relations [6] - Russian President Putin confirmed discussions regarding the U.S. proposed peace plan took place before the Anchorage meeting, indicating a willingness to show flexibility on the Ukraine issue [7][8] - Putin emphasized the need for substantial discussions on all details of the proposed plan for peace negotiations to proceed [9]

Core Viewpoint - Global markets showed mixed performance, influenced by renewed optimism regarding a potential interest rate cut by the Federal Reserve [1] Market Performance - U.S. futures for the S&P 500 increased by 0.2%, while the Dow Jones Industrial Average remained nearly unchanged [1] - Germany's DAX index rose by 0.5% to 23,201.85 [1] - The CAC 40 in France experienced a slight decline of less than 0.1%, settling at 7,978.77 [1] - The FTSE 100 in Britain saw a marginal increase of 0.1%, reaching 9,547.77 [1] - The Hang Seng index in Hong Kong surged by 2% to 25,716.50 [1] - Japanese markets were closed due to a holiday [1]

日本市场恐慌 事实上，日本政府正陷入两难抉择。一方面，日本三季度经济出现萎缩，日本政府冒着债务负担加重的 压力推出庞大的经济刺激计划；另一方面，财政扩张叠加市场对日本央行推迟加息的预期，会进一步削 弱日元，而日元贬值又会反过来推高进口商品成本，与日本政府通过补贴来缓解通胀痛苦的做法背道而 驰。 南方财经21世纪经济报道记者胡慧茵 受日本政府力推积极的财政政策、主张保持宽松货币政策等因素 的影响，日本连日遭受股债汇"三杀"。 11月21日，据环球时报报道，日本政府正在制定一项规模超过20万亿日元的经济刺激方案。经济刺激计 划震动市场，日本国债收益率已持续多日大幅走高，与其反向变动的债券价格正不断走低，日本国债被 市场抛售。与此同时，日本汇市和股市也同步承压。其中，日元兑美元持续跌破157区间，日经225指数 也跌穿49000点。 出于对日本政府即将推出经济刺激计划的担忧，前一段时间日股的繁荣行情戛然而止，市场转头呈现出 股债汇三重下跌的行情，凸显"高市交易"的脆弱性。 "当前中日经贸的不确定性增强，叠加日本经济在美国关税政策下承压，市场风险情绪上涨。"复旦发展 研究院金融研究中心主任孙立坚对21世纪经济报道记者 ...

Core Insights - The 2025 Shenzhen International Financial Conference highlighted the gradual recovery of China's financial situation, as indicated by the China Financial Situation Index (CAFI) [1][2] - The CAFI, developed over six years, effectively reflects financial cycles and has predictive capabilities for key macroeconomic indicators like GDP and CPI [1][3][6] Index Construction Methodology - The CAFI is based on the intrinsic relationship between financial activities and the real economy, comprising six sub-market indices: monetary, credit, stock, bond, exchange rate, and real estate [3][4] - The index uses a standardized scoring system ranging from -100 to +100, with specific ranges indicating varying states of financial health [4] Current Financial Situation Analysis - As of Q3 2025, the overall financial situation in China is showing signs of initial recovery, with the CAFI index at 3.88 (equal weight) and 3.34 (volatility inverse weight), both indicating a "mildly positive" state [10] - The monetary market index and credit situation index are both in a "mildly positive" state, while the bond market index is showing signs of being "slightly cold" [7][10] - The exchange rate pressure index is the lowest among the sub-indices, reflecting ongoing pressures from the U.S. Federal Reserve's interest rate hikes, although recent rate cuts may alleviate some of this pressure [8] Future Outlook and Policy Predictions - The financial situation is expected to continue its recovery, supported by a likely sustained accommodative monetary policy to combat deflationary pressures [10][11] - Policies will focus on guiding incremental capital into financial markets, breaking the current standoff between stock and bond markets, and enhancing investor protection [11] - The anticipated U.S. interest rate cuts present an opportunity for China to attract international capital, which could bolster the financial situation and support economic recovery [11]

| 序号 | 区域性股权市场 | | --- | --- | | 1 | 黑龙江股权交易中心 | | 2 | 吉林股权交易所 | | 3 | 天府（四川）联合股权交易中心 | | 4 | 海南股权交易中心 | 人民财讯11月21日电，中国证监会公示区域性股权市场"专精特新"专板建设方案备案名单(第四批)。 ...

来源：格隆汇APP 格隆汇11月21日｜美联储理事丽莎·库克(Lisa Cook)周四表示，多个市场资产估值相较历史基准已处于 高位，包括股市、公司债券、杠杆贷款市场及房地产市场。她认为资产价格大跌可能性已经上升，但金 融体系整体韧性较强，并未发现类似大萧条期间的脆弱性，潜在的资产价格下跌并不会对金融体系构成 风险。她还称，对冲基金持有美债比例已从2021年第一季约4.6%，升至今年第一季10.3%，高于新冠疫 情前高位的9.4%。意味着若对冲基金因市场环境变化而大幅减持国债，可能引发的清算规模将显著扩 大。她还表示，私人信贷市场复杂性增加，以及与高杠杆金融机构相互连结加深，使私人信贷意外损失 可能传染至更广泛的金融体系。目前不认为私人信贷会像2008年资产担保商业票据市场般，引发意外的 信贷紧缩。 ...

打开百度APP畅享高清图片 ▲日本内阁府公布三季度GDP，按年率计算下降1.8%。图/IC photo 近期高市早苗的一番闹剧式表演，让日本经济挂上了新一层寒霜。 据经济日报报道，11月17日，日本内阁府公布三季度GDP，按年率计算下降1.8%，为六个季度以来首 次萎缩。日本金融市场出现股债汇"三杀"，20年期国债收益率创1999年以来最高水平。 11月18日，日本金融市场再现股债汇"三杀"。日经225指数暴跌3.22%，日元对美元汇率当天一度下跌至 1美元兑换155.38日元，创今年1月以来最低水平。30年期国债收益率升至3.28%。 11月19日，东京股市两大股指连续4个交易日下跌，日经股指累计下跌2700多点。 日本金融市场的震荡，是日本国内经济低迷，高市早苗财政刺激和货币宽松计划引发市场抛售美元，美 国金融市场抛售科技股、加密货币和黄金等多重因素叠加的结果。其中，高市早苗的妄语妄行毒化了中 日关系，也是新生的市场重大风险。 11月20日早盘，日本金融市场止跌反弹，但是这并不代表高市早苗给日本经济造成的风险溢出效应会逐 渐消失。 这场作空日元的盛宴已经开了十几年。即使今年1月24日，日本央行将基准利率从 ...

Economic Overview - Japan's GDP for the third quarter has decreased by an annualized rate of 1.8%, marking the first contraction in six quarters [2] - The financial market in Japan has experienced significant turmoil, with the Nikkei 225 index dropping by 3.22% and the yen falling to its lowest level against the dollar since January [2][3] - The decline in the stock market has been compounded by a sell-off in bonds and currency, leading to the highest 20-year bond yield since 1999 [2] Government Policy Impact - Prime Minister Kishi's aggressive fiscal stimulus and monetary easing policies have contributed to market sell-offs, particularly affecting the yen's value [2][4] - The current debt level in Japan is approximately 263% of GDP, raising concerns about the sustainability of fiscal policies and potential increases in long-term interest rates [5] - The government's push for military expansion and fiscal stimulus is seen as providing new momentum for short-selling the yen [4] Trade Relations and Risks - Tensions with China, Japan's largest trading partner, have escalated due to provocative statements from Kishi, potentially leading to greater economic repercussions for Japan [3][6] - Japan's reliance on imports from China is significant, with over 50% of certain product categories sourced from China, highlighting the vulnerability of Japan's economy to trade disruptions [6][7] - A reduction in Chinese tourists could lead to a GDP decrease of 0.36%, equating to an economic loss of approximately 2.2 trillion yen [7] Market Sentiment and Future Outlook - Analysts predict continued economic decline in Japan for the fourth quarter due to existing structural issues and rising uncertainties [8] - There is a call for Kishi to retract controversial statements to mitigate risks to the economy, although it remains uncertain whether this will occur [8][9]