登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603608 证券简称：天创时尚（维权） 公告编号：临2025-082 债券代码：113589 债券简称：天创转债 天创时尚股份有限公司 关于可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示： ● 本季度转股情况："天创转债"自2025年7月1日至2025年9月30日期间，累计转股金额为6,000元，因转 股形成的股份数量为487股，全部使用新增股份作为转股来源。 ● 累计转股情况：截至2025年9月30日，累计共有625,000元"天创转债"转换为公司股票，累计转股数量 为50,567股（其中2,026股为库存股，其余均为新增股份），占可转债转股前公司已发行股份总额（即 2021年1月3日总股本428,895,467股）的0.011790%。 ● 未转股可转债情况：尚未转股的可转债金额为66,600,000元，占可转债发行总量的11.1000%。 因触发回售条款，"天创转债"于2025年8月12日至2025年8月18日 ...

Market Overview - The Chinese asset market experienced a collective pullback, with the A-share market declining significantly after a strong opening on the first trading day post-holiday. The Shanghai Composite Index fell approximately 1% to below 3900 points, while the ChiNext Index dropped over 5% before slightly narrowing its losses at the close [1] - The total trading volume in the Shanghai and Shenzhen markets decreased by 137.8 billion yuan compared to the previous day, totaling 253.45 billion yuan [1] Sector Performance - The semiconductor sector saw a substantial decline, with companies like Aojie Technology and Dongxin Co. dropping over 10%, and SMIC falling nearly 8% [2][3] - Conversely, resource sectors such as gas, coal, steel, and oil experienced gains, with companies like Dazhong Public Utilities and Hongtong Gas hitting the daily limit up [2][7] - The coal sector is expected to see improved performance in Q3 due to rising coal prices, with potential further increases in Q4 as winter demand rises [8] Semiconductor Sector Insights - Analysts suggest that the recent adjustment in the semiconductor sector is a short-term fluctuation driven by profit-taking, rather than a fundamental shift in the industry's long-term growth prospects. The trend of domestic substitution remains a key focus [3][5] - Domestic wafer fabs are progressively establishing high levels of localization, particularly in advanced storage, with expectations for stable expansion needs through 2025 and rapid growth anticipated by 2026 [5] Brokerage Sector Dynamics - The brokerage sector showed strong performance, with stocks like Guosen Securities reaching their daily limit. The sector's growth is supported by favorable policies, improved market confidence, and a shift towards high-value-added services [9][10] - The current environment is seen as enhancing the brokerage sector's profitability outlook, making it an attractive investment opportunity [10]

Core Viewpoint - The report from CICC anticipates that the liquidity environment between China and the U.S. will continue to resonate from September to October, with the dollar in a downward cycle, benefiting various asset classes including stocks, bonds, gold, and commodities [1][28]. Group 1: Market Outlook - October is expected to remain a favorable macroeconomic period, similar to September, suggesting a high risk appetite and an overweight position in Chinese stocks [1][28]. - The dynamic price-to-earnings ratio of the CSI 300 index is close to historical averages, indicating potential for further expansion compared to previous bull market peaks [1][28]. - A-shares and Hong Kong stocks offer better relative value compared to U.S. stocks due to the easing macro liquidity environment and the diminished independence and credibility of the U.S. dollar [1][35]. Group 2: Federal Reserve's Interest Rate Outlook - The Federal Reserve's interest rate cut cycle is expected to switch between "fast-slow-fast" phases, with the first phase starting in Q4 2025 characterized by rapid rate cuts due to rising inflation and employment risks [4][28]. - The second phase in H1 2026 will see a slowdown in rate cuts as inflation continues to rise, requiring a balance between growth and inflation risks [4][28]. - The third phase in H2 2026 may see accelerated rate cuts again, particularly if a more dovish Fed chair is appointed, and tariff impacts on inflation diminish [4][28]. Group 3: Economic Indicators and Asset Allocation - The U.S. economy is currently trending towards stagflation or recession, with stagflation being more likely, but the Fed's reintroduction of easing measures may eventually lead to growth recovery [8][28]. - Key economic indicators should be monitored to predict turning points in the economy, with a focus on consumption and employment data as leading indicators [16][21]. - The report suggests maintaining a focus on A-shares and Hong Kong stocks, while also being cautious of potential volatility in the market due to previous significant price increases [28][30]. Group 4: Gold and Other Assets - Despite a rapid increase in gold prices since the beginning of the year, the report advises to downplay short-term trading value and focus on long-term allocation opportunities, suggesting to accumulate on dips [1][35]. - The report highlights that during the dollar's down cycle, gold, commodities, and non-U.S. stocks tend to outperform U.S. stocks [5][35]. - The recommendation is to maintain an overweight position in gold due to the ongoing macro liquidity easing, despite short-term risks of price corrections [1][35].

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation on October 9, with a fixed rate and quantity tendering of 612 billion yuan at an interest rate of 1.40%, with the same amount being the bid and awarded [1] - On the same day, 2,063.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 1,451.3 billion yuan [1] Group 2: Funding Conditions - The interbank market showed a relatively loose funding condition on the first trading day after the holiday, with overnight repo rates for deposit-taking institutions dropping about 6 basis points to around 1.32% [3] - The overnight quotes for non-bank institutions borrowing against credit bonds also decreased but remained above 1.5%, not returning to the particularly loose liquidity levels seen previously [3] - The central bank's operation of over 1 trillion yuan in reverse repos alleviated the pressure from the large amount of reverse repos maturing [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was around 1.66%, down more than 1 basis point from the previous day [8] Group 4: Government Bond Futures - The closing prices for government bond futures showed an increase, with the 30-year main contract rising by 0.46%, the 10-year by 0.15%, the 5-year by 0.07%, and the 2-year by 0.02% [14] Group 5: Key News - The Ministry of Commerce announced export controls on specific rare earth items, requiring exporters to obtain licenses for exports to countries outside China, particularly for military users and certain semiconductor manufacturing applications [15] - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for new energy vehicles eligible for vehicle purchase tax exemptions starting January 1, 2026 [15] - During the recent holiday, domestic travel reached 888 million person-times, an increase of 123 million compared to the previous year, with total spending of 809 billion yuan, up 108.2 billion yuan [16]

当前，国际金价屡创新高，记者前往多家品牌金店发现国内首饰金价格已突破1160元/克。例如，10月9 日，六福珠宝的足金首饰价格为1168元/克，周生生的足金饰品价格为1170元/克。在金价持续攀升背景 下，市场上演着一幕幕"有人欢喜有人愁"的悲喜剧。记者深入一线，记录金价狂飙下的市场百态。 "本来想着等金价回调时再购置金货，结果金价一涨再涨，100克的首饰金足足比半年前涨了快2万元， 早知道年初就下手了，现在心里真不是滋味。""十一"假期期间，在一家老字号金店里，计划年底结婚 的王先生望着柜台里金手镯、金戒指等首饰的价格标签，面露难色。 与王先生的愁容形成鲜明对比的是投资者贾女士的欣喜。"我从去年底就开始陆续买入银行的积存金， 当时主要是为了资产配置，分散风险。没想到成了投资收益最好的部分。"贾女士向记者展示了她的持 仓收益，分批次累计购入积存金约40克，预估收益超1.3万元。 不仅是上文提到的贾女士，北京白领于渝也告诉记者，当初，她在工商银行以740多元/克的价格购入60 多克积存金，现在积存金价格已超910元/克，赚了1万多元。 日前，记者走访多家银行网点了解到，近期前来咨询积存金以及实物金条的客户明显增 ...

Group 1: US Economic Expansion - The US economy continues to expand, with the Atlanta Fed's GDPNOW model predicting a Q3 growth rate of 3.8%, driven by strong private consumption and investment in technology [2] - Private consumption is robust at 3.2%, with goods consumption at 4.3% and services at 2.7%, while private investment shows mixed results, with technology-driven investments remaining strong [2] - The government shutdown is expected to have a limited impact on the economy and employment, with necessary government activities continuing, although it may slightly raise the unemployment rate in October [2] Group 2: Sovereign Debt Concerns - There are rising risks related to sovereign debt issues, with political instability in Japan and France contributing to global economic uncertainties [3] - The US stock market has shown slight gains, driven by continued interest in AI stocks and strong corporate earnings, although valuations remain high [3] Group 3: US Treasury Market - The US Treasury market is experiencing weak fluctuations, with short-term rates expected to decline as the rate-cutting cycle resumes, while long-term rates face constraints due to economic resilience and inflation [4] - The 10-year Treasury yield is projected to remain high, with an annual average around 4.3% and a fluctuation range of 3.5%-5% [4] Group 4: Currency Market Dynamics - The US dollar initially weakened due to the government shutdown but later strengthened as the Japanese yen depreciated and the French political situation affected the euro [5] - The Chinese yuan has slightly depreciated against the dollar, facing short-term pressure but expected to maintain a two-way fluctuation trend in the medium term [5] Group 5: Gold Market Outlook - Gold prices have surged, breaking the $4000 per ounce mark, supported by the Fed's rate-cutting cycle and increased demand from global central banks [6] - Investors are advised to adopt a dollar-cost averaging strategy for gold investments due to its high valuation [6] Group 6: Domestic Economic Indicators - During the recent holiday period, domestic travel and consumption showed strong growth, with a significant increase in cross-regional travel compared to previous years [8] - Real estate transactions in first-tier cities improved, while second and third-tier cities faced declines, indicating a mixed recovery in the housing market [8] Group 7: External Demand and Trade - China's export growth remains strong, with significant increases in port container and cargo throughput, indicating resilience in external demand despite ongoing trade tensions [9] Group 8: Monetary Policy Adjustments - The central bank's recent monetary policy meeting indicated a shift in outlook, reflecting a more cautious stance on economic recovery and potential challenges ahead [10] - New policy financial tools are being introduced to support effective investment, with a total scale of 500 billion yuan aimed at enhancing project capital [10] Group 9: Market Sentiment and Stock Performance - The A-share market has shown stability with a slight increase, driven by liquidity easing, while the Hong Kong stock market has experienced minor fluctuations [12] - The overall market sentiment remains positive, with a focus on growth sectors and a balanced approach to investment strategies [12][13]

今天是A股10月首个交易日，迎来"开门红"，三大指数均收涨。有色金属板块全天表现强势，午后，半导体板块有所回落，相关热门个股回调。 截至收盘，上证指数涨1.32%，深证成指涨1.47%，创业板指涨0.73%，市场成交额约为2.67万亿元，较上一交易日增加4746亿元。 板块方面，贵金属、可控核聚变、稀土永磁、能源金属、风电设备等板块涨幅居前，影视院线、旅游及酒店、白酒等板块调整。 有色金属、贵金属板块集体爆发，兴业银锡（000426）、云南铜业（000878）、山东黄金（600547）、四川黄金（001337）等多股涨停，龙头股洛阳钼业 （603993）涨停、股价创历史新高；可控核聚变板块中，西部超导、哈焊华通（301137）、合锻智能（603011）等多股涨停。 中信建投（601066）证券研报认为，预计10月A股市场围绕三季报业绩展开，建议投资者积极关注三条主线：三季报业绩较好（业绩出现拐点）的方向、 受益于"反内卷"政策落地逐步改善的周期股和产业趋势超预期的高成长板块。 洛阳钼业尾盘涨停 临近尾盘，有色金属龙头股洛阳钼业涨停。截至收盘，该股股价报17.27元/股，创历史新高，A股总市值3694.8亿元。 ...

Core Viewpoint - The article discusses the significant rise of gold prices and the implications for the global monetary order, particularly focusing on the increasing role of the Chinese yuan as a potential alternative to the US dollar in international trade and finance [3][4][5]. Group 1: Gold Price Surge - On October 7, 2025, gold prices reached a historic high of $4000 per ounce, marking an increase of over 50% within the year [3]. - This surge is attributed to the Federal Reserve's decision to restart interest rate cuts and a notable decline in the US dollar index, which has dropped nearly 10% this year [3]. - The rise in gold prices reflects a broader market sentiment seeking alternatives to the dollar amid geopolitical tensions and economic uncertainties [3][4]. Group 2: Yuan's Internationalization - As of Q1 2025, the yuan accounted for 2.12% of global foreign reserves, ranking sixth, significantly lower than the dollar (57.74%) and euro (20.06) [4]. - Despite China's growing economic influence, the yuan's international status does not yet match this influence, indicating a need for a multi-faceted approach to enhance its global role [4][5]. - A notable shift is occurring, with an increasing number of enterprises opting for yuan settlements in cross-border transactions, surpassing dollar settlements for the first time in Q2 2025 [5][6]. Group 3: Market Dynamics - A survey conducted by Renmin University revealed that 68% of enterprises used yuan for cross-border trade settlements in Q4 2024, with 71% citing asset security as the primary reason [6][9]. - The yuan's appeal is growing due to its perceived stability and usability, as companies seek to avoid reliance on the dollar [9][10]. - The influx of foreign capital into Chinese assets, particularly after the Fed's interest rate cuts, indicates a shift in investor sentiment towards the yuan [9][10]. Group 4: Infrastructure Development - The establishment of the Digital Yuan International Operation Center in Shanghai aims to enhance the yuan's usability in cross-border transactions, supporting a more integrated financial infrastructure [12][14]. - The center's launch is part of a broader strategy to create a transaction-driven infrastructure for the yuan, moving from policy-driven to market-driven adoption [12][15]. - The digital yuan's infrastructure is designed to facilitate seamless transactions, ensuring compatibility with existing systems while enhancing liquidity and efficiency [14][15]. Group 5: Future Prospects - The article emphasizes the need for a dual-driven model of "yuan + digital currency" to enhance the yuan's role in global trade and finance [18]. - The transition of the yuan from a "optional" asset to a "must-have" currency in global markets requires comprehensive financial reforms and international collaboration [18][19]. - The evolving global monetary landscape suggests that the yuan is positioned to play a significant role in reshaping future financial systems, driven by market choices rather than mere policy directives [19].

类别 宏观市场月报 日期 2025 年 10 月 9 日 宏观金融研究团队 研究员：何卓乔(宏观贵金属) 020-38909340 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 美联储降息利多环球股市 请阅读正文后的声明 月度报告 近期研究报告 《宏观专题-20250918-特朗普政府 贸易关税政策梳理及宏观市场影响 分析（三）》 《宏观专题-20250821-特朗普政府 贸易关税政策梳理及宏观市场影响 分析(二)》 《宏观专题-20250815-特朗普政府 贸易关税政策梳理及宏观市场影响 分析(一)》 《宏观专题-20250724-从 CIP 指数 观察中国制造业的国际竞争力》 宏观专题-20250306-特朗普 2.0 新 政阶段性回顾：回归保守价值观、 回归丛林法则》 ...

重要的消息有哪些 美国参议院10月8日当天对众议院通过的共和党版本短期拨款法案及民主党替代方案进行表决，均未通过。美联邦政府继续"停摆"。 9月30日，中国人民银行发布公开市场买断式逆回购招标公告显示，为保持银行体系流动性充裕，2025年10月9日，中国人民银行将以固定数量、利率招 标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（91天）。 国家外汇管理局10月7日公布的数据显示，截至9月末中国外汇储备规模为33387亿美元，较8月末环比上升165亿美元。另据央行统计数据，9月末央行黄金 储备达7406万盎司，环比8月增加4万盎司，为连续11个月增持黄金。 当地时间4日下午，日本执政党自民党举行总裁选举投计票。在第二轮投票中，前经济安全保障担当大臣高市早苗获得多数选票，当选自民党新任总裁， 大概率将成为新一任日本首相。 美联储会议纪要显示，多数官员表示今年进一步放松政策可能是合适的，少数官员本可能支持9月份不降息。 中国科学院金属研究所日前消息，该所科研团队在固态锂电池领域取得突破，为解决固态电池界面阻抗大、离子传输效率低的关键难题提供了新路径。该 研究成果已于近日发表在国际学术期刊《先 ...