新华财经北京10月11日电记者获悉，部分信托公司接到监管要求，对债券交易业务内部制度建设及正逆 回购金额是否超限等情况开展排查。 据了解，此次排查主要围绕两大方面展开。据东部地区某信托公司相关人士介绍，一是公司是否按照 《通知》制定了内部制度，是否在系统内设置相应指标以进行监测；二是公司2024年至今有无超限（逆 回购金额超前一日净资产的90%、100%，正回购金额超前一日净资产的70%、100%）情况发生，如 有，需提供产品名称、资产余额、发生日期、指标值。 另一南部地区某信托公司相关人士表示："近期刚被监管口头询问，除要求排查并反馈第一项情况外， 第二项只询问了逆回购金额超前一日净资产90%的情况发生，如有，需提供产品名称、资产余额、发生 日期、指标值。"也有多家信托公司向记者表示，并未收到通知排查或口头询问。 2017年12月发布的《关于规范债券市场参与者债券交易业务的通知》明确要求，私募性质的非法人产 品，包括但不限于银行向私人银行客户、高资产净值客户和合格机构客户非公开发行的理财产品资金信 托计划，证券、基金、期货公司及其子公司发行的客户资产管理计划，保险资产管理产品等，债券正回 购资金余额或逆回购 ...

10月11日，中国证券报.中证金牛座记者获悉，部分信托公司接到监管要求，对债券交易业务内部制度 建设及正逆回购金额是否超限等情况开展排查。 据了解，此次排查主要围绕两大方面展开。据东部地区某信托公司相关人士介绍，一是公司是否按照 《通知》制定了内部制度，是否在系统内设置相应指标以进行监测；二是公司2024年至今有无超限(逆 回购金额超前一日净资产的90%、100%，正回购金额超前一日净资产的70%、100%)情况发生，如有， 需提供产品名称、资产余额、发生日期、指标值。 另一南部地区某信托公司相关人士表示："近期刚被监管口头询问，除要求排查并反馈第一项情况外， 第二项只询问了逆回购金额超前一日净资产90%的情况发生，如有，需提供产品名称、资产余额、发生 日期、指标值。"也有多家信托公司向记者表示，并未收到通知排查或口头询问。 2017年12月发布的《关于规范债券市场参与者债券交易业务的通知》明确要求，私募性质的非法人产 品，包括但不限于银行向私人银行客户、高资产净值客户和合格机构客户非公开发行的理财产品资金信 托计划，证券、基金、期货公司及其子公司发行的客户资产管理计划，保险资产管理产品等，债券正回 购资金余 ...

文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，希望螺丝钉把一些有数据、有知识、有指导方法的精华文章汇总出来，方便学习。 如下，整理出了9月份的精华文章，点击对应的文章链接即可查看。 同时，螺丝钉也将相关文章的完整内容，汇总成了一个PDF文档，方便大家保存。 长按识别下面二维码，添加 @课程小助手 微信，回复「 202509 」即可领取PDF文档。 （提示：回复后可以耐心等待 几秒哦～） 大家有好的建议，也欢迎留言～ 投顾组合介绍 （1 ）《 自动止盈功能来啦，一键开启，不错过止盈机会 》 导读： 在 主动优选 、 指数增强投顾组合 （点击蓝字查看）这两个组合上，当市场走出低估阶段以后，例如3星级-1星级，组合会给出「发车止盈」的信 号，分批转换成 365天 等稳健类投顾组合，实现组合的止盈。具体操作时，会分批止盈转换。市场估值越高、转换比例越大。目前，自动止盈新功能 已上线，可以提前开启。功能提前开启后，未来3点几星，收到「发车止盈」信号时，自动执行跟车，完成主动优选、指数增强的组合止盈并转换至 365天等稳健类投顾组合，不再需要我们手动操作。 投资实战 （2 ）《 国债逆回购如何操作，假期也能打理收益 ...

Core Viewpoint - The article discusses the arrangements for the 2025 National Day and Mid-Autumn Festival market closures, emphasizing the opportunities for investors to utilize idle funds through government bond reverse repos during the holiday period [5][9]. Market Closure Arrangements - The A-shares market will be closed from October 1 (Wednesday) to October 8 (Wednesday) in 2025, resuming normal trading on October 9 (Thursday) [5]. - The Hong Kong Stock Connect will also be unavailable from October 1 to October 8, with services resuming on October 9 [5]. Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [9]. - The safety and yield of government bond reverse repos are considered equivalent to government bonds, making them a good option for managing idle funds, especially before month-end, quarter-end, year-end, or holiday periods [9]. Participation Guidelines for Reverse Repos - The minimum investment for government bond reverse repos is 1,000 yuan, with various term options available for investors to choose based on their needs [13]. - Investors are advised to consider higher-yielding options when the interest days for different term products are the same [13]. - To maximize holiday earnings, investors can execute one-day reverse repos two trading days before the market closure [13]. Specific Strategies for 2025 Holiday Period - A detailed table outlines the participation dates, term lengths, and interest days for various reverse repo options leading up to and following the holiday [11][14]. - For example, a 7-day term starting on September 23 will yield interest until October 9, totaling 15 days [11]. Additional Information on BaoLiXin/BaoLiYuan - BaoLiXin and BaoLiYuan are part of the Shenzhen Stock Exchange's quoted repurchase business, allowing investors to lend funds against collateralized assets [15]. - The financing amount is determined based on the value of the collateralized standard bonds, with returns paid to investors upon maturity [15].

Core Insights - As the Mid-Autumn Festival and National Day approach, banks and wealth management subsidiaries are intensifying marketing activities around "holiday returns" [1][2] - Various banks have launched exclusive holiday financial products, emphasizing "early planning and pre-holiday confirmation" to attract idle funds [1][2] Group 1: Product Offerings - Multiple banks, including ICBC and CMB, have introduced holiday-specific financial plans that allow investors to confirm their shares and enjoy returns during the holiday period [1][2] - Institutions like Ping An Wealth and Minsheng Wealth have followed suit, offering similar products across cash management and short-term pure debt categories, expanding investor options [2] Group 2: Investment Strategies - Investors are advised to pay attention to fixed time windows for these products, with most requiring subscription by September 29 and confirmation by September 30 to enjoy holiday returns [2] - For those missing the regular subscription period, "delayed subscription and redemption" products are available, extending purchase and redemption times to enhance investment flexibility [2] Group 3: Alternative Investment Options - In addition to wealth management products, notice deposits and government bond reverse repos are viable options for conservative investors, with a current interest rate of approximately 0.65% for 7-day notice deposits [3] - Investors with securities accounts can participate in government bond reverse repos, which are convenient and low-risk, also covering the holiday return period [3] Group 4: Risk Considerations - The core of holiday financial planning lies in "early planning and precise matching," requiring investors to consider idle fund duration, risk tolerance, and liquidity needs to effectively utilize idle funds during the holiday [4]

Investment Environment Analysis - The investment environment for the fourth quarter is shaped by expectations of interest rate cuts from the Federal Reserve and ongoing geopolitical risks [3] - The upcoming "super long golden week" holiday in China, lasting 8 days, presents an opportunity for investors to strategically allocate assets [3] Gold Asset Allocation - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a range of 4.00% to 4.25% is a key driver for gold prices [3] - Market expectations indicate a 93% probability of a 25 basis point rate cut in October, which has led to increased interest in gold as a safe-haven asset [3] - Financial analysts predict gold prices could reach $3,900 and $4,200 per ounce by the end of this year and mid-next year, respectively [3] Gold ETF Performance - Recent data shows that the London gold price has surpassed $3,745, reaching a historical high, with the relative strength index (RSI) at 89.72, the highest in 45 years [4] - Gold ETFs have become a preferred investment choice due to lower premiums and fees compared to physical gold, with an average return of 38.1% year-to-date [4] - Gold stock ETFs have outperformed gold ETFs, with an average return of 74.9% year-to-date, nearly double that of gold ETFs [4] Oil Market Outlook - The oil market is currently characterized by a "weak reality," with OPEC+ agreeing to lift voluntary production cuts, leading to increased supply and a decline in oil prices since 2021 [6][8] - The lagging adjustment of refined oil prices can enhance the profitability of refining companies, potentially boosting their stock prices [8] - Currently, oil ETFs have underperformed, with an average return of only 2.1% year-to-date, indicating a lack of attractive investment opportunities in this sector [8] Investment Strategies During Holiday - Investors are advised to utilize short-term financial tools to maximize idle funds during the holiday, such as combining treasury reverse repos with money market funds [15] - Short-term bond ETFs are highlighted as a viable option, with historical annualized returns around 6%, providing better liquidity compared to reverse repos [15] - Some funds have implemented purchase limits to manage liquidity during the holiday period, indicating a cautious approach to fund inflows [17][19]

Core Viewpoint - The company plans to utilize up to 200 million yuan of temporarily idle raised funds for cash management, ensuring that this will not affect the progress of investment projects or normal operations [1] Group 1 - The board and supervisory board will convene on August 28, 2025, to review the cash management proposal [1] - The investment will focus on high safety and liquidity products that meet capital preservation requirements, including but not limited to principal-protected financial products, structured deposits, and reverse repos of government bonds [1] - The cash management will have a validity period of 12 months, with funds being able to be rolled over within the specified limit [1]

Core Viewpoint - As the National Day and Mid-Autumn Festival approach, investors are advised to strategically allocate assets in anticipation of market movements during the extended holiday period, particularly focusing on safe-haven assets like gold and oil, while also utilizing short-term financial instruments for continuous trading opportunities [3]. Group 1: Gold Asset Allocation - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a range of 4.00% to 4.25% is a key driver for gold prices [4]. - Market expectations indicate a 93% probability of a 25 basis point rate cut in October, which has led to increased interest in gold as a safe-haven asset [4][5]. - Gold prices have recently surpassed $3,745, reaching a historical high, with the relative strength index (RSI) hitting 89.72, the highest level in 45 years [6]. - Gold ETFs have shown significant returns, with an average yield of 38.1% for those tracking the gold 9999 index, while gold stock ETFs have yielded an average of 74.9% this year [7][8]. Group 2: Oil Market Analysis - The oil market is currently experiencing weakness, with OPEC+ agreeing to lift voluntary production cuts, leading to a decline in oil prices since 2021 due to strong supply growth and weak demand outlook [14]. - Despite falling oil prices, refining companies may see improved profits, potentially boosting their stock prices [16]. - The average return for oil ETFs this year has been disappointing, at only 2.1%, with limited active management options available in the market [17][18]. Group 3: Holiday Investment Strategies - Investors are encouraged to utilize short-term financial tools during the holiday to maximize idle funds, such as combining treasury reverse repos with money market funds for enhanced returns [27][28]. - Short-term bond ETFs are also recommended, with historical annualized returns around 6%, providing better liquidity compared to reverse repos [29]. - Some funds have implemented purchase limits to manage liquidity during the holiday period, indicating a cautious approach to large inflows and subsequent outflows [31][34].

今年国庆一共放假8天，10月9日（周四）股市正常开市。在今日之前，投资者操作国债逆回购即可获得国庆假 期期间利息。对于国债逆回购，这次投资者只要操作得当，最高可获得相当于投资期限9倍的收益。也就是借 出1天期的国债逆回购，就可以赚取9天的利息。 | | | "国庆节"国债逆回购计息表 | | | | --- | --- | --- | --- | --- | | 2025.9 | | | | | | 操作日期 | 国债逆回购品种 | 计息天数 | 资金可用日 资金可取日 | | | 星期五 | 1天期 | 1天 | 9月29日 | 9月30日 | | 9月26日 | 2天期 | 1天 | 9月29日 | 9月30日 | | | 3天期 | 1天 | 9月29日 | 9月30日 | | | 4天期 | 10天 | 9月30日 | 10月9日 | | | 7天期 | 11天 | 10月9日 | 10月10日 | | 星期一 | 1天期 | 9天 | 9月30日 | 10月9日 | | | 2天期 | 10天 | 10月9日 | 10月10日 | | 9月29日 | 3天期 | 10天 | 10月9日 | 10月1 ...

临近2025年国庆长假，沪深交易所国债逆回购收益率又开始大幅上涨，在计息天数方面也迎来比较好的窗口期。 根据交易所国债逆回购计息规则测算，今天（2025年9月29日）操作1天期至7天期国债逆回购，计息天数上较为划算。其中今天操作1天期国债逆回购计息 天数达9天，操作2天期至7天期国债逆回购计息天数则多达10天。 沪深交易所国债逆回购收益率大幅上涨 今天上午，沪深交易所国债逆回购收益率开始大幅拉升。 行情数据显示，今天上午，近期一直比较低迷的沪市1天期国债逆回购品种（GC001）突然开始强劲上涨，盘中涨幅一度超过40%，年化收益率一度逼近 2%，创出近两个月新高；深市1天期国债逆回购品种盘中涨幅一度超过50%，年化收益率亦一度逼近2%。 沪深交易所其他多个期限的国债逆回购品种年化收益率也普遍大幅拉升，其中沪市、深市2天期、3天期国债逆回购品种均涨超30%。 | 名称 | | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | GC001 | | 1.760 | 0.400 | 29.41% | | GC002 | | 1.785 | 0.415 | 30.29% ...