美元指数在99关口上方震荡，截至9时30分，报99.3578。 兴业研究研报中称，美元指数在美联储降息落地后如期反弹，符合美联储预防性降息后的历史规律。相 较历史反弹幅度，当前仍有较大的反弹潜力，但美元进一步走强需要经济数据，尤其是就业数据的带 动。 上证报中国证券网讯（记者 黄冰玉）10月10日，Wind数据显示，在岸人民币对美元开盘小幅下跌，报 7.1267，上一交易日16时30分收盘报7.1246。截至9时30分，离岸人民币对美元报7.13003。 同日，人民币对美元中间价7.1048，较上一交易日上调54个基点。 ...

截至2025年10月9日 13:54，中证沪深港黄金产业股票指数(931238)强势上涨5.56%，成分股铜陵有色(000630)上涨10.07%， 江西铜业(600362)上涨10.00%，白银有色(601212)上涨10.00%，四川黄金(001337)，山东黄金(600547)等个股跟涨。黄金股 票ETF基金(159322)上涨7.77%，冲击4连涨。最新价报1.75元。拉长时间看，截至2025年9月30日，黄金股票ETF基金近2周 累计上涨5.53%，涨幅排名可比基金1/6。 荷兰国际集团(ING)研报称，黄金有进一步上涨的潜力。荷兰国际集团指出，黄金价格已达到每盎司4,000美元的历史高 位。荷兰国际集团表示，展望未来，各国央行仍在买入，尽管金价创下历史新高，但中国央行9月份仍连续第11个月增持黄 金。该集团补充称，区域政治风险依然高企。荷兰国际集团表示，所有这些都表明黄金仍有进一步的上涨空间。 费率方面，黄金股票ETF基金管理费率为0.50%，托管费率为0.10%。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港市场中，选取50只 市值较大且业务涉及黄 ...

4月金价的盘整主要是因为风险降温。等到4月末，美国政府在市场压力下，逐步展现很强的政策灵活性，投资者开始意 识到其行动并非毫无约束，押注政策实际落地力度不及预期的"TACO交易"随之兴起，市场开始以更加积极的眼光来看 待全球冲突缓和与经济增长。另外，当时黄金技术面呈现严重超买状态，RSI指标持续位于90以上高位，积累较大回调 压力。最终，在政策预期转变与技术修正需求共同作用下，金价见顶回落，进入漫长的横盘整理阶段，开始以时间换空 间，逐步消化前期涨幅。 9月以来，黄金价格暴涨，不断创出历史新高。 回顾年内走势，黄金自年初强劲上涨，4月22日最高触及3500美元。此后金价高位震荡，多次上攻均未站上。直至8月下 旬，买盘力量重新集聚，9月2日有效突破3500美元关键阻力后稳步上行，目前已站稳3800美元上方。 在金价突破之后，市场焦点转向趋势的可持续性。这是新一轮行情的开端，还是阶段性冲高？支撑金价长期走强的核心 逻辑是否依然成立？我们将在文中复盘年内博弈细节，展望黄金的长期价格走势。并给出相应的配置建议。 一、如何看待黄金年初以来的走势？ 黄金具有金融和避险两大属性。其中，金融属性主要是受到实际利率影响，因此和 ...

黄金再创新高。 巴克莱银行策略师则在周日的最新报告中表示，相对于美元和美国国债，黄金价格似乎没有被高估；考虑到美联储可能失去独立性的风险性质，黄金价格 应该包含一定程度的美联储相关溢价。 华联期货认为，从9月美联储议息会议来看失业率和通胀预测，相比6月，9月对2025年失业率预测不变，调低2026和2027年失业率；对2025年通胀预测不 变，调高2026年通胀预测；对2025年及其后经济预测调高，从预测来看，后续降息次数不多，黄金利好空间或受限，但黄金长期利好逻辑仍在，包括美元 走弱以及全球政治经济不稳带来的央行购金，黄金继续上涨的观点不变。 COMEX黄金盘中亦刷新历史纪录，最高至3840.4美元/盎司。 今年以来，黄金价格震荡上涨，持续刷新历史纪录。中信建投研报认为，8月底以来，黄金打破今年5月之后的震荡格局出现趋势性上行，通过拆解三大需 求的变化，大致判断本轮价格新高的资金驱动仍是金融投资参与者（ETF市场）。 中信建投研报显示，2024年下半年以来，全球ETF需求进入补库阶段，但主导的买盘力量出现多次切换，反映市场定价主线的切换。今年6—8月，西方市 场重新主导ETF流入，直接映射下半年黄金的宏观定 ...

亚洲早盘 黄金价格上涨，市场对美联储降息的预期增强了无息贵金属的吸引力。上周五公布的美国经 济数据显示，美联储青睐的通胀指标符合预期：8月PCE价格指数年率从2.6%升至2.7%，核心指数稳定 在2.9%。苏克敦金融研究团队评论称，这些数据描绘出通胀趋稳的态势，并强化了市场对美联储进一 步放宽货币政策的预期。 ...

Core Viewpoint - The article highlights the achievements of China's financial system during the "14th Five-Year Plan" period, emphasizing the effectiveness of supportive monetary policies, the enhancement of capital market technology content, and the overall stability of the financial system [1][5][6]. Group 1: Monetary Policy and Economic Support - The People's Bank of China has significantly improved financial services for the real economy, maintaining a supportive monetary policy stance that effectively lowers financing costs and alleviates debt pressure for enterprises and residents [2][5]. - The central bank's tools, such as reserve requirement ratio cuts and interest rate reductions, have kept liquidity reasonably ample, directly benefiting small and medium-sized enterprises [2][5]. Group 2: Capital Market Developments - The technology content in the capital market has increased, with over 90% of newly listed companies being technology-oriented, and the market capitalization of the technology sector exceeding 25% of the A-share market [3][5]. - The willingness of listed companies to return profits to investors has significantly increased, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the "13th Five-Year Plan" period [3][5]. Group 3: Market Resilience and Risk Management - The A-share market has shown enhanced resilience and reduced risk, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points during the "14th Five-Year Plan" [4][5]. - Key financial indicators such as non-performing loans and capital adequacy are stable and within a healthy range, with a more than 40% increase in the disposal of non-performing assets compared to the previous five-year period [4][5]. Group 4: Future Outlook - The financial system is expected to continue playing a crucial role in stabilizing the economy, promoting transformation, and safeguarding livelihoods during the "15th Five-Year Plan," supported by ongoing institutional reforms and the deepening of the positive cycle between resident wealth and corporate capital [6].

香港货币及金融研究中心：人口高龄化令长线投资成当务之急 编辑：徐世明 广告等商务合作，请点击这里 中新网香港9月23日电 香港金融学院辖下负责研究工作的香港货币及金融研究中心22日发表"香港长线 投资：数字经济下的发展及机遇"应用金融研究报告显示，香港居民具备良好的基础理财知识，但仍需 加深对特定金融产品的了解，尤其是与长线投资及财务规划有关的产品。 本文为转载内容，授权事宜请联系原著作权人 研究指出，香港市场上已存在不少多样化及具有全球竞争力的财富累积产品，但67%受访机构认为，市 场仍需要更多具备财富提取功能的产品选择，以满足客户对长线财务规划的需求。 研究报告进一步探讨业界如何促进香港长线投资生态圈的健康发展。其中，采用前沿技术是推动创新产 品和服务、提高成本效益、优化产品分销，以提升长线投资和财务规划方面发展的关键。 香港金融学院行政总裁兼研究中心执行董事冯殷诺表示，人口高龄化趋势持续，长线投资成为当务之 急。该研究成果将为市场参与者提供有价值的参考，帮助他们应对现有的挑战、把握商机，从而推动香 港长线投资生态圈朝着更全面、更健康的方向发展。(完) 来源：中国新闻网 中新经纬版权所有，未经书面授权，任 ...

Core Viewpoint - The GuoXin Quantitative Team has made significant research contributions over the past year, focusing on various investment strategies and market trends, showcasing their effectiveness and potential for investment opportunities [1]. Team Overview - The GuoXin Quantitative Team consists of 7 members specializing in areas such as active quantitative stock selection, index enhancement, factor research, FOF investment, fund research, industry rotation, asset allocation, Hong Kong stock investment, and CTA strategies [1]. Research Highlights - The team has produced a selection of research reports that cover a wide range of investment strategies, including: - Active quantitative stock selection strategies - Factor-based stock selection and index enhancement strategies - Market trend analysis and research on hot sectors - FOF and fund research series [1][8][10]. Performance Metrics - The "Super Expectation Selected Portfolio" has achieved an annualized return of 36.04% since 2010, outperforming the CSI 500 Index by 32.90% [11][12]. - The "Growth Steady Portfolio" has maintained an annualized return of 41.15% since 2012, exceeding the CSI 500 Index by 34.84% [14][16]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" has delivered an annualized return of 21.78%, consistently ranking in the top 30% of active equity funds since 2018 [19][21]. Strategy Insights - The "Small Cap Selected Portfolio" has generated an annualized return of 39.22% since 2014, outperforming the CSI 2000 Index by 28.66% [25][27]. - The "Stable Selected Portfolio" has achieved an annualized return of 26.18% since 2012, with a lower maximum drawdown compared to the CSI Dividend Total Return Index [30][32]. - The "Multi-Strategy Enhanced Portfolio" has recorded an annualized return of 23.43% since 2013, with a significant information ratio of 2.60 [34]. Sector Rotation Strategies - The "Key Moment Leading Sheep Strategy" has identified strong momentum effects in the A-share market, achieving an annualized return of 25.29% since 2013, outperforming the CSI All Index by 19.65% [39][40].

对于2025年剩余时间政策利率前景，开泰研究中心预料在新政府推出短期经济刺激措施的背景下，泰国 银行货币政策委员会今年可能再次下调政策利率。(完) （文章来源：中国新闻网） 该中心认为，泰国经济仍然面临国际贸易形势、旅游业放缓以及国内政治等因素的直接和间接影响的风 险。 中新社曼谷9月16日电 (记者李映民)泰国开泰研究中心16日发布最新泰国经济展望，将2025年泰国GDP 增长率预测上修至1.8%。 开泰研究中心认为，得益于对美商品尤其是电子产品的出口加快，同时下半年泰国出口增速放缓幅度小 于预期，降低了泰国经济陷入技术性衰退的风险，因此将2025年泰国经济增长预测从此前的1.5%上调 至1.8%。 ...

Group 1 - The core point of the article is that France's borrowing costs have surpassed Italy's for the first time, raising concerns about France's fiscal health [2][6][7] - On September 10, the yield on France's 10-year government bonds rose to 3.47%, while Italy's fell to 3.46% during the same period [2] - France's public debt has significantly increased from €2.2 trillion to €3.3 trillion since Macron took office, leading to a debt-to-GDP ratio of 114% [7][32] Group 2 - France's public spending is 10% higher than the European average, contributing to its high debt levels [8][9] - By 2025, France is projected to have the highest public debt stock among EU countries, following the US, Japan, and the UK [10] - The article discusses the differences in debt management between France and countries like the US and Japan, where domestic holders primarily own their government bonds [18][21] Group 3 - The article highlights that the European Central Bank's influence on national central banks complicates fiscal responses in the EU compared to countries with more autonomous central banks [25][26] - Germany is presented as a strong example within the EU, with a debt-to-GDP ratio of only 63% and a deficit rate of 2.2% [28][31] - France's debt is growing at a rate of €5,000 per second, while its household savings rate is notably high, with savings totaling €6.4 trillion [32] Group 4 - The potential implications of France's debt crisis include a euro crisis and increased demand for safe-haven assets [33] - The article emphasizes the importance of addressing low growth through reforms to avoid the negative consequences of high public spending [36][39] - It concludes that persistent low growth can turn previously manageable issues into significant problems [40][41]