最近总有人跟我吐槽，说手里的钱像烫手山芋，之前买的理财到期了，找遍银行也没见着6%收益的产 品； 老家那套房子挂了半年，中介说能保本卖出去就不错了；把钱存银行吧，一年1.5%的利息，连孩子奶 粉涨价都跟不上。 其实不是钱难赚了，是咱们以前靠的那些老办法，现在不管用了。 年轻人口增速慢了，刚需只会往有产业、有人口流入的城市挤，三四线非核心地段的房子，不仅价格 跌，连接盘的人都少。 说实话，还抱着买房稳赚的想法，其实是把过去的运气，当成了未来的本事。 再说说理财，为啥收益掉这么多？以前8%收益的理财随处可见，现在大多只剩2%左右。 核心原因是那些高收益产品的底层资产，以前多是房地产和地方城投项目，现在这些领域流动性紧张， 收益自然下来了。 更重要的是，资管新规打破了刚性兑付，以前买理财只看收益率就行，现在得看合同里写的是债券、股 票还是非标资产。 先说说大家最执念的房子。你们有没有发现，现在不是所有房子都难卖，我一个朋友在上海核心区有套 老破小，挂出去不到两周就成交了，但另一个朋友在三线城市买的公寓，挂了快一年还没人问。 自2021年下半年房地产开始深度调整，到现在四年多了，早就不是买套房就能躺赚的时代了。 还有 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the bond market outlook for the fourth quarter of 2025, focusing on government bonds and convertible bonds [1][2][3]. Core Insights and Arguments 1. **Interest Rate Trends**: The interest rate trajectory is expected to exhibit an asymmetric U-shape due to various risk factors and year-end allocation demands. The 30-year government bond yield is around 2.1%, 10-year at 1.8%, and 5-year at 1.6%, indicating significant allocation value for institutional investors [1][6][10]. 2. **Convertible Bond Market**: The convertible bond market remains bullish, with high premium rates. Investors are advised to focus on stock characteristics and structural opportunities, particularly in technology sectors such as AI, domestic computing power, and AR glasses [1][5][21][25]. 3. **Regulatory Impact**: Regulatory changes are anticipated to lead to a contraction in certain products, such as short-term bond funds, while other products like money market funds may see growth. The coordination between the central bank and regulatory bodies is crucial for market stability [1][7][12]. 4. **Bank Capital Regulations**: New capital regulations for commercial banks are expected to have limited impact on certificates of deposit (CDs) and will likely manifest in the market 3-4 quarters before formal implementation [1][8][10][9]. 5. **Economic Indicators**: GDP growth is projected at 4.8%-4.9% for Q3 and 4.5%-4.6% for Q4, indicating a downward trend. The upcoming Fourth Plenary Session is expected to introduce incremental policies, but short-term pressures remain manageable [1][12][13]. 6. **Cross-Year Allocation**: Financial institutions are driven by early investment for early returns, with historical data showing significant interest rate declines in Q4 during various years due to policy and fundamental factors [1][11]. 7. **Credit Bond Market Outlook**: The credit bond market is expected to exhibit seasonal characteristics, with credit spreads likely to fluctuate around current levels without significant compression [1][15]. Additional Important Insights 1. **Investment Strategies**: A barbell strategy is recommended, focusing on short-term assets with stable yields and mid-term secondary capital bonds. The current market environment favors short-term assets with good downside protection [1][16][17]. 2. **Market Sentiment**: Institutional investors have increased asset allocations, particularly state-owned banks, while insurance companies remain stable. The sentiment is generally optimistic, awaiting a final dip to establish common expectations [1][18]. 3. **Convertible Bond Valuation**: Current valuations of convertible bonds show limited downside potential and significant upside potential, with a median elasticity of 70% and a remaining median term of approximately 2.5 years [1][21][24]. 4. **Specific Recommendations**: The call recommends specific stocks in the technology and renewable energy sectors, including companies involved in AI, domestic computing, and solar energy components, as they are expected to perform well in the upcoming quarter [1][25][27]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the bond market outlook and investment strategies for the fourth quarter of 2025.

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，为深入贯彻落实《推动公募基金高质量发展行动方案》，在北京证监局的指导下，北京证券业协 会携手北京公募基金管理人、基金销售机构等多方力量，共同启动了"北京公募基金高质量发展系列活 动"。本次活动以"新时代・新基金・新价值——北京公募基金高质量发展在行动"为主题，核心目标之 一正是深化普惠金融与投资者教育保护。在此背景下，我们希望能像老朋友一样，与您聊聊如何运用这 个"新时代"的"新基金"，为我们的银发岁月规划出安稳、自在的"新价值"。 一、 银发时代的财务挑战：为何养老规划与众不同？ 与年轻时相比，退休后的财务生活有几个根本性的变化，理解这些特殊性，是做好规划的第一步： 1． 收入"断流"：工资这份主动收入停止了，我们主要依赖积蓄、社保养老金和投资产生的被动收入。 这意味着，财务规划的容错率变低了。 ◦ 储蓄、国债等：提供相对安全保障。 ◦ 货币基金、短债基金：这类公募基金波动极小，流动性好，非常适合存放短期要用的生活费和中短期 备用金，收益一般优于活期存款。 ◦ 中长期的纯债基金：主要投资于债券，风险相对可控，收益相对更优，能有效对抗通胀对现 ...

投资者"双节"把钱放在哪儿？ 老中青理财偏好大画像 本报记者 田 鹏 "假期前赎回了部分股票基金，打算节后看看市场再决定是否加仓""刚把攒的实习工资买了短债基金， 先试试水""给孙子配置了教育金保险，自己的养老金账户也加了点'固收+'"……在这个超长假期中，不 同年龄段的投资者在休闲之余，也在积极规划资产配置。 值得一提的是，Z世代对投资领域的新鲜事物展现出极强的敏感度与接受度，从创新型理财产品到尚在 成长的新兴投资赛道，他们总能第一时间关注并积极尝试，让严肃的投资过程多了几分"探索乐趣"。 例如，北方大数据交易中心上线积分数据交易板块后，不少对数字经济感兴趣的Z世代迅速"入局"。刚 接触该板块的互联网行业从业者小任就直言："之前从没接触过数据类投资，这个板块不仅门槛不高， 还能顺便了解数字资产的价值逻辑，比单纯买基金多了点'新鲜感'。"这种将投资行为与新鲜知识探索 结合的选择，正是Z世代投资偏好的典型体现。 中年人：兼顾"收益+抗风险" 步入30岁后，投资者逐渐进入"上有老、下有小"的人生阶段，投资偏好从"试错"转向"务实"——既要追 求一定收益以应对家庭开支，又要通过分散配置降低风险，核心需求是资产稳健增 ...

本报记者 田鹏 "假期前赎回了部分股票基金，打算节后看看市场再决定是否加仓""刚把攒的实习工资买了短债基金，先试试水""给孙子配 置了教育金保险，自己的养老金账户也加了点'固收+'"……在这个超长假期中，不同年龄段的投资者在休闲之余，也在积极规 划资产配置。 从20岁出头、初涉投资领域的Z世代，到肩负家庭责任、投资风格更趋稳健的中年人，再到注重资产安全、着眼长期保障 的银发族，投资者的偏好随着年龄增长、人生阶段变迁与责任重心转移，呈现出鲜明的差异。今年国庆中秋假期，记者通过与 不同年龄段的投资者交流，勾勒出一幅鲜活的中国投资者偏好画像。 Z世代：偏爱"低门槛+高灵活" 作为投资市场的"新兵"，Z世代的投资关键词是"小额、灵活、好玩"。他们大多刚步入职场，正处于职业起步阶段，收入 水平有限、储蓄规模不大，但对新鲜事物的接受度极高，更倾向于用日常"闲钱"试水投资，在低压力环境中探索资产增值的可 能性。 "我每个月工资到账后，都会固定拿出500元投入基金，选的基本是当下热门主题，比如之前的白酒、中药板块，以及现在 热度很高的人工智能赛道。"刚工作满一年的医务工作者小张向《证券日报》记者分享，他挑选基金的首要标准是" ...

与银行理财规模同步增长的，还有基金产品的规模。9月25日，中国证券投资基金业协会发布的数据显 示，截至2025年8月底，我国公募基金资产净值合计36.25万亿元，再创新高。这是我国公募基金总规模 今年以来第五次创下历史新高，也是公募基金规模首次突破36万亿元。 值得一提的是，自2024年9月底以来，公募基金规模持续增长。2024年12月底，公募基金规模达32.83万 亿元。2025年7月底，公募基金总规模突破35万亿元大关。与7月底相比，8月公募基金规模增长约1.2万 亿元。 国庆期间，家住西北某省会城市的张女士，申请提前支取10万元定期存款。近一年来，张女士的子女和 身边的朋友，通过理财都获得了不错的收益，这让张女士也有些动心，决定先用10万元存款"试试水"。 张女士的情况并非个例。"十四五"期间，中国居民理财观念经历了一场变革：银行理财规模突破30万亿 元，公募基金站上36万亿元新高，私募基金走向专业化。这组数字背后，是普通人从"唯存款"转向多元 配置的五年，是百姓财富观念重塑的五年。 理财、基金规模持续攀升 银行业理财登记托管中心此前发布的《中国银行业理财市场半年报告(2025年上)》显示，截至2025 ...

2025.09.29 本文字数：2547，阅读时长大约5分钟 作者 |第一财经 曹璐 封图 |AI生成 "本想趁长假前买点短债基金赚点利息，结果打开APP一看，好几个产品都'限大额'了！" 近期，不少持有货币基金、短债基金的投资者发现，多只低风险产品陆续挂出"大额限购令"。Wind数 据显示，截至9月29日，近十天里已有超百只基金密集启动大额限购，且部分产品将恢复时间精准卡在 长假后首交易日。 双节假期前夕，公募基金市场迎来一波密集的限购潮。 9月29日，国寿安保添利发布公告称，自当日起暂停机构投资者的大额申购、转换转入及定期定额投资 业务，单日机构投资者的单个账户申购金额不得超过10万元，并将在10月9日恢复，与长假后首个交易 日衔接。 此之前，长江乐享也同样表示将于9月25日起暂停办理该基金A、B、D类份额在代销机构的大额申购 （含定期定额投资）业务，上限为100万元，恢复时间同样定于10月9日。长江资管在公告中说明，此举 是根据国务院节假日安排及交易所休市安排，为保护份额持有人利益。 为何限制大额申购？业内人士直指两大关键：一是假期债券票息、存款利息照常生钱，大额资金短期涌 入若未及时配置，易摊薄老持有 ...

2025.09. 29 本文字数：2547，阅读时长大约5分钟 封图 | AI生成 "本想趁长假前买点短债基金赚点利息，结果打开APP一看，好几个产品都'限大额'了！" 近期，不少持有货币基金、短债基金的投资者发现，多只低风险产品陆续挂出"大额限购令"。Wind 数据显示，截至9月29日，近十天里已有超百只基金密集启动大额限购，且部分产品将恢复时间精准 卡在长假后首交易日。 为何限制大额申购？业内人士直指两大关键：一是假期债券票息、存款利息照常生钱，大额资金短期 涌入若未及时配置，易摊薄老持有人收益；二是防范节前抢筹、节后赎回的流动性风险。 回顾去年此时，A股市场正迎来史诗级的"9·24"行情，截至9月30日的近五个交易日里涨幅超过 21%。而今年则相对平淡，截至29日前的4个交易日仅上涨1.06%。当A股市场在震荡中叩响四季度 大门，投资者接下来如何布局？ 金鹰基金权益研究部金达莱对第一财经表示，国庆假期临近，市场展现"节前收敛"的日历效应特 征，指数以震荡整理为主。此外，权益市场调整期AI方向仍有所活跃，指向核心赛道韧性与资金共识 依旧较强。 节前百只基金密集"限流" 双节假期前夕，公募基金市场迎来一波密 ...

Group 1 - A significant number of funds have recently implemented large purchase restrictions ahead of the holiday, with over 100 funds initiating such measures in the last ten days [1][3] - The restrictions are primarily aimed at protecting existing investors' interests and maintaining fund stability, as large inflows could dilute returns during the holiday period when bond interest continues to accrue [2][3] - Specific funds, such as Guotai Junan and Changjiang Asset Management, have set limits on large purchases, with some capping institutional investments at 100,000 yuan and others at 1 million yuan, with a planned resumption of operations on October 9 [2][3] Group 2 - The A-share market has shown a relatively calm performance compared to the previous year, with only a 1.06% increase in the four trading days leading up to September 29, contrasting sharply with a 21% rise during the same period last year [1][3] - Analysts suggest that the current market is in a consolidation phase, with a focus on core sectors that show resilience and strong consensus among investors [1][5] - The upcoming fourth quarter is expected to present investment opportunities, with key areas of focus including limited consumer recovery, investment pressures, and persistent low inflation [5][6] Group 3 - Historical data indicates that bond funds have a high probability of positive returns in the five trading days following the holiday, with short-term bond fund indices showing a 100% probability of positive returns from 2016 to 2024 [4] - The current market environment is characterized by a "slow bull" trend, with ongoing adjustments seen as a healthy consolidation that supports long-term market sustainability [6][7] - The technology sector is identified as a core focus for future investment, with opportunities in consumer electronics, semiconductor equipment, and various power equipment sectors expected to benefit from manufacturing upgrades [7][8]

Group 1 - The upcoming National Day and Mid-Autumn Festival holiday will see the A-share market closed from October 1 to October 8, with trading resuming on October 9 [1] - Investors are advised to consider daily interest-bearing financial products, notice deposits, and government bond reverse repos for holiday investment strategies [1][3] - Daily interest products offer lower yields of approximately 1.5% to 1.6%, but are still preferable to regular savings accounts [1] Group 2 - The government bond reverse repo is likened to a short-term loan, providing fixed interest with government bonds as collateral, making it a low-risk investment option [4] - The timing of operations for reverse repos is crucial, with specific dates offering varying interest benefits during the holiday period [4][6] - On September 25, the weighted average interest rates for reverse repos were reported at 1.5730% for 1-day, 1.5620% for 2-day, and 1.6038% for 3-day, indicating a slight decline in rates [6] Group 3 - Many fund companies are implementing purchase restrictions on fixed-income products ahead of the holiday, with 75 funds having announced such limits [9][10] - The restrictions aim to protect existing fund holders' interests and maintain stability in fund operations during the holiday [10] - The recent regulatory changes regarding fund fees may impact the performance of bond funds, particularly short-term bond funds, affecting their attractiveness for liquidity management [11]