截至2025年10月15日 09:43，上证180指数(000010)下跌0.10%。成分股方面涨跌互现，信达证券(601059)领涨4.99%，广汽集团(601238)上涨4.38%，小商品城 (600415)上涨3.99%；山东黄金(600547)领跌5.32%，澜起科技(688008)下跌5.07%，德业股份(605117)下跌4.18%。上证180ETF指数基金(530280)下跌0.17%， 最新报价1.21元。拉长时间看，截至2025年10月14日，上证180ETF指数基金近1月累计上涨1.25%。 上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较好的180只证券作为样本，反映上海证券市场核心上市 公司证券整体表现。 近期市场短期震荡，但不改变股市长期慢牛趋势。长期来看，红利类资产和科技类资产有望长期有超额收益，杠铃策略有望再受关注。一方面随着居民资产 配置逐渐加大权益市场的配置，红利类资产有望最先受益；另一方面，科技类资产代表经济发展趋势，长期发展确定性强。上证180指数自带杠铃型策略： 90%红利+10%科技，是配置权益市场的良好品种。不同于 ...

Group 1 - Adidas is placing greater emphasis on the Chinese market, with CEO Bjorn Gulden attending the Shanghai Advisory Council for the second consecutive year and making his fourth visit to China in three years [2][3] - In Q2, Adidas reported a revenue increase of 2.2% year-on-year to €5.952 billion, with a notable 11% growth in the Greater China region [4][5] - The Greater China market accounted for 13.4% of Adidas's total revenue, making it the third-largest market after Europe and North America [5] Group 2 - The operating profit margin in the Chinese market reached 22.7%, surpassing Europe at 21.9% and North America at 12.8%, indicating its strategic significance for Adidas [6][7] - Adidas is empowering its Chinese team, with 95% of products sold in China being "Made in China" and a shift towards original designs [7] - The new headquarters for Adidas in Greater China will be located in Shanghai, accommodating over 1,500 employees, suggesting an increased commitment to the market [7][8]

美股核心宽基：标普ETF（159655） 跟踪金价表现：黄金ETF（518850） 市场焦点集中于美联储政策路径，CME"美联储观察"工具显示市场预期10月降息概率高达95.7%。但 地缘紧张局势及美国政府停摆风险可能加剧短期波动。机构认为，若美联储降息预期兑现，或对成长股 及贵金属形成支撑，但需警惕关税政策升级带来的不确定性。 相关ETF： 全球科技龙头：纳斯达克ETF（513300） 美股三大指数收盘表现分化，道琼斯工业指数上涨0.44%，纳斯达克指数跌0.76%，标普500指数微跌 0.16%。科技股普遍承压，英伟达跌幅超过4%，亚马逊、特斯拉均跌逾1%。沃尔玛因宣布与OpenAI合 作推出ChatGPT购物功能，股价逆势大涨5近%，创下收盘历史新高。 纳斯达克中国金龙指数收跌1.95%，热门中概股多数走低，蔚来跌超5%，百度跌逾4%，阿里巴巴、小 鹏汽车跌超2%。大宗商品方面，避险情绪继续推动COMEX黄金期货价格上涨，突破4180美元/盎司， 再创历史新高。 ...

Group 1: Economic Policy and Measures - The Chinese government emphasizes the need for counter-cyclical adjustments and the continuous implementation of macroeconomic policies to enhance development momentum [1][3] - There is an expectation for new incremental measures in Q4, focusing on fiscal stimulus, interest rate cuts, and stronger support for the real estate market [1][3] - The government aims to expand domestic demand and improve the effectiveness of consumption and investment measures to stimulate market vitality [4][5] Group 2: Domestic Demand and Investment - Domestic demand remains crucial for stabilizing growth, with recent data showing a decline in retail sales growth to 3.4% year-on-year in August, the lowest for the year [4] - The issuance of long-term special bonds totaling 1.3 trillion yuan aims to support significant projects and enhance fiscal spending [4] - New policy financial tools totaling 500 billion yuan are introduced to supplement project capital, focusing on key sectors like digital economy and green transformation [5] Group 3: External Trade and Investment - The government is committed to stabilizing foreign trade and investment, with a total import and export value of 33.61 trillion yuan in the first three quarters, reflecting a 4% year-on-year increase [5] - In September, the monthly trade value reached 4.04 trillion yuan, marking an 8% year-on-year growth, the highest monthly growth rate of the year [5] Group 4: Industry Competition and Governance - The government is taking steps to address irrational competition in various industries, promoting cooperation among businesses and enhancing the innovation ecosystem [6][7] - Recent statistics indicate improvements in industry profits and prices, with raw material manufacturing profits rising by 22.1% year-on-year from January to August [7]

Core Insights - The report highlights the steady growth of the domestic consumption market during the National Day and Mid-Autumn Festival holidays, with a notable performance from Fast Retailing, which reported a revenue of 34,005.39 billion yen for FY2025, marking a 9.6% year-on-year increase [4][5] - The apparel accessories industry is experiencing a stable growth trajectory, with leading companies like Weixing Co. expected to enhance their market share in overseas markets [8][9] - The retail performance of 361 Degrees shows healthy growth, with a 10% increase in offline retail sales for its main brand in Q3 2025 [11] Market Trends - The National Day and Mid-Autumn Festival holidays saw a 4.5% year-on-year increase in average daily sales across consumption-related industries, with significant growth in digital products and automotive sales [4][5] - In Shanghai, online and offline consumption payments reached 796 billion yuan during the holiday period, reflecting a 3.0% year-on-year increase [5] - The textile and apparel sector outperformed the broader market, with the SW textile and apparel index rising by 1.6% [5] Company Performance - Fast Retailing's business segments showed varied performance, with Japan's UNIQLO segment achieving a revenue of 10,260 billion yen, up 10.1%, while the overseas UNIQLO segment reported a revenue of 19,102 billion yen, up 11.6% [4] - Weixing Co. reported a revenue of 4.674 billion yuan in 2024, a 19.66% increase, with a net profit of 700 million yuan, up 25.48% [8] - 361 Degrees reported a 20% increase in e-commerce platform retail sales in Q3 2025, indicating a strong online presence [11] Industry Dynamics - The apparel accessories market is projected to grow steadily, with the zipper industry in China being a significant contributor, holding a market size of 455 billion yuan in 2021 [8][9] - The global zipper market is dominated by a few key players, with YKK holding a substantial market share, while Weixing Co. is positioned to increase its share in overseas markets [9][10] - The report emphasizes the importance of product innovation and global expansion strategies for companies like YKK and Weixing Co. to maintain competitive advantages [9][10]

Core Insights - Consumption is the "main engine" of economic growth and a "barometer" of people's well-being, with a series of policies implemented during the "14th Five-Year Plan" period to boost domestic demand and promote consumption [1][2] Group 1: Consumption Growth - The total retail sales of consumer goods in China is expected to exceed 50 trillion yuan this year, with an annual growth rate of 5.5% from 2020's 39.1 trillion yuan to a projected 48.3 trillion yuan in 2024 [2][17] - Consumption contributes approximately 60% to economic growth annually during the "14th Five-Year Plan" period [2][17] - The penetration rate of new energy vehicles has surpassed 50% in the first half of this year, with a projected growth of 5.4 times in ownership by 2024 compared to 2020 [2] Group 2: New Consumption Trends - New consumption scenarios and business models are emerging, with a focus on enhancing consumer experiences rather than just shopping efficiency [5][7] - The transformation of traditional shopping experiences into interactive and engaging environments is evident, as seen in the Haikou International Duty-Free City [7][9] - The service consumption expenditure is growing at an annual rate of 9.6%, outpacing that of goods consumption from 2020 to 2024 [2][21] Group 3: Market Dynamics - The Chinese market is characterized by a shift towards quality consumption, with an increasing focus on smart and green products through policies like "trade-in" programs [15][19] - The integration of digital technologies and new consumption formats, such as online shopping and live-streaming sales, is driving growth in the retail sector [21][19] - The overall consumption structure is optimizing, with service consumption now accounting for over 45% of total consumption expenditure, showing significant improvement compared to the end of the "13th Five-Year Plan" [21][19]

【导读】鲍威尔释放宽松信号，美股涨势扩大；特朗普发表关税评论，美股尾盘跳水 中国基金报记者 储是 美股受到宏观政策信号和特朗普关税发言等因素影响，表现较为波折。科技股方面，英伟达 大跌超4%，甲骨文官宣明年将部署5万枚AMD芯片。中国资产跟随美股大盘，普遍下跌。 IMF上调经济增长预期，并指出美国关税的急剧上升正在成为主导全球不确定性的最重要因 素。 美股经历"一波三折" 三大指数涨跌互现 美东时间10月14日（周二），美股市场经历了"一波三折"。 早盘时间，美股主要指数大幅低开后，震荡走高。盘中，美联储主席鲍威尔发言暗示宽松预 期，涨势扩大。尾盘时间，特朗普发文称，其政府正在考虑"终止与中国有关食用油的商业往 来"。指数随之小幅跳水，最终收跌。 截至收盘，美股三大指数涨跌互现。截至收盘，道琼斯工业指数上涨0.44%，报收于 46270.46点；纳斯达克指数下跌0.76%，标普500指数下跌0.16%。 一起看看鲍威尔说了什么。 首先，鲍威尔暗示支持进一步降息，因美国就业市场降温。鲍威尔称，美国劳动力市场显示 出进一步的困境迹象，他可能准备支持本月晚些时候再次降息。 英伟达大跌超4% 甲骨文官宣明年部署5万枚 ...

新华财经北京10月15日电四大证券报内容精华摘要如下： ·重视市值管理多家上市公司发布股份回购计划 进入10月，多家上市公司发布新一轮回购计划。据记者统计，国庆中秋长假后4个交易日，已有中远海 控、奥比中光、九安医疗、中工国际等10多家上市公司发布回购股份相关公告，用真金白银持续向市场 传递积极信号，为市场注入信心。记者关注到，股份回购已成为上市公司市值管理的重要工具。中远海 控、九安医疗均表示，公司股票收盘价格低于公司最近一期每股净资产，希望通过回购增强投资者信 心，推进公司股票市场价格与内在价值相匹配。从回购特点看，奥比中光、富士莱等公司在年内多次推 出回购计划，华新水泥等公司执行效率高，火速实施回购。上市公司正以实际行动，向市场传递对企业 自身发展与经济前景的长期看好。 中国证券报 ·今年以来南向资金净流入金额逼近1.2万亿港元港股中长期上行趋势不改 截至10月14日，今年以来南向资金累计净流入11985.67亿港元，续创年度净流入额历史新高。在南向资 金大幅流入的带动下，港股市场表现亮眼。截至10月14日收盘，今年以来恒生指数累计涨逾26%，恒生 科技指数累计涨逾32%，恒生指数成分股中总市值超1万亿 ...

大家早上壕！ 先看海外要闻： 贸易担忧重燃，科技股回落拖累美股大盘。三大美股指中仅道指收涨，鲍威尔讲话后，盘初跌超1%的标普转涨，盘初跌超2%的纳指一度接近抹 平跌幅，但尾盘标普转跌，纳指跌幅扩大。收盘标普500跌0.16%，道指涨0.44%，纳指跌0.76%。 芯片指数收跌超2%，英伟达跌超4%，博通跌3.5%。中概指数跌近2%，幸福来收跌超35%，趣活跌12%，蔚来跌超5%，阿里跌超2%。公布三季 度业绩向好后，奢侈品巨头LVMH美股收涨近9%。 美债价格涨势消减，十年期美债收益率近一个月来首次盘中下破4.0%，后抹平降幅。 美元指数逼近两月高位后转跌；离岸人民币盘中跌超百点逼近7.15；加密货币回落，比特币盘中跌超5%，以太坊一度跌超9%。 黄金两日连创历史新高，现货黄金曾涨近2%；期银继续创收盘新高，但盘中涨超4%后转跌；纽铜盘中跌超4%。 IEA上调全球油市过剩预期，原油回落至五个月新低，美油盘中跌3%。 英伟达官网预告：GTC华盛顿特区大会10月27日至29日举行，黄仁勋将发表主题演讲，会议主题涉及量子计算等领域。 特斯拉官微预告11月7日将举行2025年股东大会：一个大胆而振奋人心的计划即将揭晓 ...

Market Overview - The three major US stock indices closed mixed, with the Dow Jones up 0.44%, the Nasdaq down 0.76%, and the S&P 500 down 0.16%. Major tech stocks mostly declined, with Nvidia down over 4% and Walmart up 5%, reaching a record closing high [1] - The Nasdaq China Golden Dragon Index fell 1.95%, with Chinese concept stocks generally declining, including NIO down over 5% and Baidu down over 4% [1] Federal Reserve Insights - Federal Reserve Chair Jerome Powell warned of further signs of distress in the US labor market, suggesting a potential interest rate cut later this month. He indicated that the risk of job losses has increased, marking the strongest hint yet that the Fed may lower borrowing costs by 25 basis points [1] - Powell also mentioned that the Fed might soon end its long-standing efforts to reduce its balance sheet, known as quantitative tightening, to ensure sufficient liquidity in the financial system [1] Industry Developments - The China National Nuclear Corporation's Southwest Institute of Physics has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas coolant systems, which enhances China's engineering verification capabilities [3] - The advancement supports the construction of China's fusion experimental reactor and the ITER project, positioning nuclear fusion as a key focus in global energy strategies [3] - The demand for large-capacity storage products is rising due to AI inference applications, prompting HDD and SSD suppliers to expand their offerings. The HDD market faces a significant supply gap, leading NAND Flash manufacturers to accelerate production of ultra-large capacity SSDs [4][5] - The storage industry is expected to see a recovery driven by limited capacity and unexpected demand, with DRAM prices rising approximately 72% over the past six months [5] - Shanghai's Economic and Information Technology Commission has issued a development plan for the smart terminal industry, emphasizing the need for advancements in AI and computing technologies [6] Company Announcements - Magnetic Valley Technology announced that a shareholder plans to reduce their stake by up to 0.86% of the total share capital [7] - Tianli Lithium Energy disclosed that a shareholder intends to reduce their holdings by up to 3% of the total share capital [7] - Ruyi Group received a notice from the China Securities Regulatory Commission regarding an investigation for suspected information disclosure violations, but operations remain normal [7] - Huayi Technology announced a plan for a shareholder to reduce their stake by up to 3% of the total share capital [8]