存款安全网：即便银行倒闭，您的资金也受层层保护 当银行倒闭的传言甚嚣尘上，储户心中难免泛起涟漪，焦虑情绪油然而生。然而，请您不必过度惊慌。在中国健全的存款保险制度之下，您的每一分钱都早 已被牢牢守护。 核心保障：50万元以内，本息全额无虞 最关键的一点，请您务必牢记：只要您的存款不超过50万元人民币，无论发生何种情况，您的本金和利息都将得到百分之百的赔付。这并非一句空话，而是 有法律法规作为坚实后盾。 存款保险制度：您的资金守护神 1. 法律基石与保障范围 在中国境内，所有吸收存款的金融机构，无论是大型商业银行、地方性合作银行，还是农村信用合作社，都必须依法加入存款保险制度。这意味着，一旦发 生不幸，作为存款人的您，在同一家银行的所有账户（包括活期、定期、大额存单等）的本金与利息合并计算，最高可获得50万元人民币的赔付。需要注意 的是，这项保障仅限于存款类产品，银行代销的理财产品、基金、保险等非存款类投资，则不在其列。 分散风险，确保万全：给您的两点贴心建议 为了让您的资金安全再添一层保障，我们为您梳理出以下两点至关重要的建议： 建议一：大额资金，分散布局，规避单一风险 1. 核心策略： 如果您在某家银行的总 ...

而面对当前居民存款热情的持续上升，有银行员工直言："从10月起，最好不要把钱存定期，以下这3个原因很扎心。"它们分别是：①存款利息越来越低； ②流动性受限制；③金融产品多样化。让我们一起来了解一下： 第一，存款利息越来越低 近些年，国内居民存款的热情越来越高涨。2025年上半年，中国居民银行存款暴增10.77万亿元，创下历史性新高！我国居民爱存钱的原因是，为了应对失 业、疾病等突发事件。同时，居民存款也是为了应对未来可能发生的大额支出。比如，子女教育、房子装修等。此外，现在投资股票、基金、银行理财产品 的风险都很大，还不如老老实实把钱存银行。 过去由于金融产品数量稀少，所以储户只能把钱存银行定期。而现如今，金融产品种类繁多，有银行理财、结构性存款、货币基金等，这些金融产品的收益 率都要比定期存款要高。以银行理财为例，通常年化收益率达到2.3-2.5%，这要比定期存款高出1%左右。显然，储户把钱存定期存款并不划算，还是应该投 资高收益产品，以实现投资收益最大化。 而对于这位银行职工提出的建议，我们认为，如果你愿意承受一定投资风险，那确实可以遵照这位银行职工的建议，把存款从银行拿出来，投资这些高收益 产品。但是， ...

国庆去超市囤货，结账时我愣了一下。 平时常买的 5L 装食用油，标签从 79 元涨到了 85 元；10 斤装的大米，贵了 6 块钱；就连最常用的洗衣液，容量从 2kg 悄悄缩到了 1.8kg，价格却没降。 最直观的感受是：大件在降价，刚需在涨价。 车子打折、家电买一送一，商场里冷冷清清；但米面油、水电煤、日用品，要么直接涨价，要么偷偷减量，躲都躲不开。这不是商家黑心，是 "生活型通 胀" 来了。 （1）粮油：每天都要花的钱，涨得最揪心 去超市对比下就清楚： 普通东北大米，上半年还是 2.8 元 / 斤，现在涨到 3.2 元 / 斤；5L 的大豆油，三个月内涨了 8 块钱；就连鸡蛋，批发价都从 3.8 元 / 斤涨到了 4.5 元 / 斤。 别嫌涨幅小，算笔账就懂了。一个三口之家，每月吃 10 斤米、5 斤油、20 斤鸡蛋，以前花 150 块够了，现在得 170 多块。一年下来，光吃饭就多花 240 块。 原因很实在：极端天气导致部分产区减产，全球供应链又不稳，进口粮成本涨了；加上运输、仓储费用居高不下，这些成本最后都摊到了消费者身上。 以为是个别超市调价？回家翻手机才发现，小区宝妈群早炸了锅："油价又涨了，加 ...

广发证券资 深宏观分析师 钟林楠 zhonglinnan@gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 传统流动性研究采用两分法，将流动性划分为狭义（货币）与广义（信用）两个维度，解决了流动性观测、创造与进入实体路径规模等问题。这种研究范式 简洁实用，但近些年开始显现出一定局限性。比如它无法回答流动性进入实体之后的流转使用问题，对近些年投资者广泛关注的居民资产负债表受损、超额储蓄、 存款搬家、资金空转等叙事缺乏解释力。本文基于这一点展开研究。我们以居民部门为研究对象，先搭建居民部门活动收支表，再据此跟踪分析居民各项收支活动 及其背后资金流的变化。 第二， 搭建居民活动收支表，一个较好的切入视角是统计局与央行编制的资金流量表。统计局编制的是非金融交易表，它统计了居民部门生产、出让劳动与资本要 素使用权与政府再分配所获得的可支配收入，以及可支配收入用于消费、非金融投资与净金融投资的规模；央行编制的是金融交易表，它是非金融交易表的延续， 将净金融投资进一步拆分为金融负债与金融资产，统计了居民部门的债务收入以及各类金融资产的投资规模。将这两张表整合，我们可得到完整精确的年度居民活 动收支表，具体过程及两张表 ...

Core Viewpoint - The article emphasizes that while bank wealth management products are perceived as safe, they are actually leading to a gradual loss of purchasing power due to inflation, with returns typically only between 2%-3% [1][4]. Group 1: Bank Wealth Management - Bank wealth management products offer low returns of 2%-3%, which are outpaced by rising costs of living such as housing, food, and education [1]. - The concept of "slow loss" is introduced, highlighting that while the principal remains intact, the real value diminishes due to inflation [1]. Group 2: Investment Alternatives - The stock market and mutual funds have historically provided higher returns, with the CSI 300 index increasing over 50% in the past decade, and index fund investments potentially doubling [3]. - The cryptocurrency market, despite its volatility, presents significant opportunities for wealth growth, as evidenced by Bitcoin's rise from $10,000 to $60,000 [3]. Group 3: Investment Strategy - A diversified asset allocation strategy is recommended, including liquid funds for safety, real estate for stable appreciation, and a mix of stocks, mutual funds, and a small portion of cryptocurrencies for higher returns [4]. - The article concludes that relying solely on bank wealth management is a "safety trap," and those willing to invest are more likely to see their wealth multiply [4].

Core Viewpoint - The Chinese financial market is experiencing rapid growth in product scale, with significant increases in bank wealth management and public funds, indicating a deep integration of finance into everyday life and the economy [3]. Group 1: Financial Education Initiatives - The complexity of financial products has increased, necessitating higher levels of financial literacy among consumers to protect against fraudulent activities [4]. - The Chinese government has initiated several policies since 2015 to incorporate financial literacy into the national education system, aiming to enhance the financial knowledge of citizens [5]. - Financial institutions, including Everbright Securities, have actively engaged in financial education, particularly targeting youth in schools [5]. Group 2: Differentiation of Financial Education - There is a clear distinction between "financial literacy education" and "financial professional education," with the former aimed at all youth and the latter focused on training professionals [6][7]. - Financial literacy education is essential for all young people to navigate financial situations and prevent financial crimes, not just for those pursuing finance as a career [8]. Group 3: Content Quality Improvement - Current financial education efforts often lack depth and rigor, with many institutions outsourcing content creation to third parties lacking financial expertise [9]. - There is a tendency to prioritize presentation over substance, leading to superficial educational materials that fail to convey essential financial knowledge [9]. - The curriculum often lacks coverage of emerging financial topics such as digital currencies and ESG, resulting in outdated content [9]. Group 4: Recommendations for Enhancing Financial Education - It is suggested that industry associations should lead the development of standardized educational content and frameworks to ensure consistency and coherence in financial literacy education [10]. - Financial institutions should provide training for educators to enhance their expertise in delivering financial education [10]. - Collaboration between financial institutions and educational institutions should be strengthened to create practical learning experiences for students [10]. Group 5: Evaluation of Financial Education Effectiveness - A mechanism for evaluating the effectiveness of financial education initiatives should be established to ensure ongoing improvement and accountability [11]. - Positive feedback from regulatory bodies can incentivize financial institutions to engage more actively in educational activities [12]. - Standardized evaluation metrics should be developed to assess the impact of financial education on students, incorporating feedback mechanisms to gauge quality [13][14]. Group 6: Adapting to Modern Educational Needs - Financial education for youth should incorporate engaging formats, such as multimedia and interactive content, to align with their preferences [16]. - The integration of artificial intelligence in developing educational materials can enhance engagement and effectiveness in teaching financial concepts [16]. - Overall, financial literacy education is crucial for safeguarding public assets and fostering a stable financial market, promoting rational investment behaviors among the youth [16].

Core Viewpoint - The article discusses the recent trends in cash management and investment strategies of listed companies in China, highlighting a shift from traditional low-yield deposits to higher-yield financial products due to a prolonged low-interest-rate environment [1][4]. Group 1: Company Cash Management Trends - Zhuhai Technology announced the use of up to 1.7 billion yuan of idle fundraising for cash management, reflecting a broader trend among companies to seek higher returns on their idle funds [1]. - The number of listed companies purchasing financial products has decreased for three consecutive years, with a 34% drop in 2023 and a further 5.45% decline in 2024 [1][4]. - As of September 23, 2023, 1,094 A-share listed companies held a total of 12,235 financial products, with a total subscription amount of 770.72 billion yuan, down from 880.23 billion yuan in the same period of 2024 [1]. Group 2: Investment Strategies and Product Preferences - Companies are diversifying their investment strategies, with state-owned enterprises focusing on low-risk, principal-protected financial products, while private companies are exploring overseas investments and utilizing currency hedging [2]. - The average annualized yield for cash management products was reported at 1.32%, with fixed-income products yielding 1.12%, indicating a slight increase in returns [3]. - The proportion of structured deposits in the overall investment mix of listed companies has decreased from 63.8% in 2023 to 60.9% in 2025, while investments in bank wealth management and government bond reverse repos have increased [3]. Group 3: Market Conditions and Future Outlook - Despite a decline in overall financial management scale, some companies are showing increased risk appetite due to a recovering secondary market [4]. - In the first half of 2025, 133 listed companies disclosed a total of 29.55 billion yuan in securities investments, reflecting a 42% year-on-year increase, while financial management scale decreased by 24.96% [5]. - The trend indicates a migration of funds from conservative management to more active investment strategies, with expectations of significant shifts from deposits to financial management in the coming year [5].

Core Insights - Gold prices have reached a historic high, with prices climbing to $3,784 per ounce as of September 23, marking a year-to-date increase of 43% [2][4] - The SPDR Gold ETF has seen its holdings rise to 1,000.57 tons, reflecting unprecedented confidence in gold [3] - The surge in gold prices has positively impacted gold stocks, with significant gains observed in various companies [4] Gold Price Dynamics - The recent rise in gold prices is attributed to the Federal Reserve's interest rate cuts, which have lowered the opportunity cost of holding gold, alongside a weakening dollar and ongoing geopolitical tensions in the Middle East [5] - Analysts predict that gold prices will continue to experience upward momentum, supported by expectations of further interest rate cuts and persistent geopolitical risks [5][7] Market Reactions - Domestic gold jewelry prices have also increased, with prices for gold jewelry reaching 1,100 RMB per gram [6] - The performance of gold ETFs has been strong, with increases exceeding 37% this year, and gold stock ETFs rising over 77% [6] Investment Trends - There is a growing interest from domestic asset management institutions in incorporating gold into their investment portfolios, with a notable increase in the number of funds holding gold ETFs [7][8] - Recent regulatory changes have allowed insurance companies to invest in gold, potentially bringing an estimated 200 billion RMB into the gold market [8] Corporate Developments - The favorable environment for gold prices has led to increased activity in the capital markets, exemplified by Zijin Mining's announcement of its subsidiary's planned IPO, which could value the company at approximately 187.85 billion HKD [9]

"稳"中求进 资管行业迈向高质量发展 （本文内容转载自：红星新闻） 过去几年里，居民投资理财最强烈的需求，恐怕就是一个字——"稳"。市场经历几轮起伏，投资者的核 心诉求和投资理念也在变化，更多人从"追热点"转向"看长期"，从"单一产品"转向"组合思维"。 与此同时，产品供给端加速扩容。到2025年，中国公募基金行业已走过27年，管理规模达35万亿元，产 品数量超过1.3万只，服务超过8亿投资者。面对更庞杂的选择、更迥异的风险偏好，如何以投资者为中 心、把"稳"真正做扎实，成为行业共同的考题。 在市场波动与需求分层的现实条件下，资管机构要如何"向前一步"？ 近日，在中欧基金"向前一步"中欧制造·投研体系升级发布会圆桌论坛环节，信银理财党委书记、董事 长王洪栋，中欧基金总经理助理方伊，以及Morningstar晨星中国基金研究负责人孙珩，从银行理财、公 募基金、海外经验三个维度给出答案，探寻资管行业高质量发展的可行路径。 解决投资者"选择困难症" 谈高质量发展，银行理财与公募基金基于自身定位，形成了差异化的实践逻辑。从银行理财的实践 看，"稳"不是口号，而是在多重约束下做出的理性选择。 王洪栋直言，银行理财同时面 ...

Core Insights - The event organized by Minsheng Bank aimed to promote rational financial product selection and enhance risk recognition among merchants and consumers in the Jinan Hero Mountain Cultural Market [1][2] - The focus was on educating participants about the suitability of various financial products based on their risk tolerance, with specific examples provided for different product types [1] Group 1 - The event included a "Financial Product Risk Assessment Zone" where participants could receive personalized risk evaluation reports based on their investment experience and financial stability [1] - A role-play scenario was used to illustrate risks associated with "false financial promotions" and "exaggerated profit claims," which received positive feedback from merchants [1] Group 2 - This initiative reflects the bank's commitment to enhancing inclusive financial services and optimizing the business ecosystem [2] - The bank plans to expand its outreach efforts to provide practical financial knowledge services to a broader audience, contributing to a safer and more rational financial consumption environment [2]