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 近几年的黄金，堪称"金光闪闪"，近1年伦敦金现、上海金涨幅分别为41.33%、40.36%。高光行情下， 投资者对黄金资产的关注度也与日俱增。本期《投资"建"解》，一起来唠唠黄金那些事。 （数据来源：WIND，统计区间：2024年9月3日-2025年9月2日。伦敦金现/上海金2020年-2024年、2025 年上半年涨跌幅依次为25.07%/14.61%、-3.60%/-4.73%、-0.35%/9.75%、13.16%/17.17%、 27.23%/28.14%、25.84%/23.80%。指数数据仅供参考，不作为任何投资建议或收益暗示。指数过往涨幅 不预示其未来表现，也不代表跟踪该指数的指数基金未来业绩。） Q1：影响黄金价格的因素有哪些？ 长周期来看，影响黄金价格的因素主要包括通胀水平、实际利率、美元走势等。 通胀水平 黄金价格与通胀水平一般正相关。 黄金属于大宗商品，具备保值属性，在通胀上行周期，黄金能一定程度上对冲货币贬值损失，金价往往 有所上涨。 （数据来源：WIND，统计区间：2015年8月1日-2025年7月31日。指数数据仅供参考 ...

北京商报讯（记者 李海媛）国内双节期间，国际金价一路走高。10月8日，伦敦金现继续冲高，突破4000美元大关，创下历史新高，COMEX黄金也在10月7 日触及4000美元。截至北京时间16时30分，伦敦金现、COMEX黄金最高达4040.41美元/盎司、4062.6美元/盎司，年内累计涨幅均超50%。在金价走高的同 时，一众黄金基金的收益率也水涨船高，其中黄金股ETF在年内均涨超80%。展望中长期金价走势，业内人士认为有望达到5000美元/盎司水平，但也需要注 意短期波动风险。 黄金股ETF的表现则更是亮眼。数据显示，截至三季度末，6只黄金股ETF的年内收益率均涨超80%，其中永赢黄金股ETF累计涨86.73%，领先其余产品。同 期，华夏黄金股ETF、工银瑞信黄金股ETF、国泰黄金股ETF、华安黄金股ETF、平安黄金股ETF分别涨86.32%、85.38%、83.9%、82.88%、82.65%。 展望后续国际金价走向，前海开源基金首席经济学家杨德龙表示，坚定看好黄金的表现，其背后深刻逻辑是美元发行规模不断扩大、美国政府负债越来越 高，会动摇全球资金对美元的信心。而黄金作为硬通货，价格自然会水涨船高。 王红英 ...

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 ...

李卢霞 曹凤文 黄斯佳 王靖斐 杨妍 祝修业 研 究 夯实增长引擎 巩固枢纽角色 ——香港特区政府《行政长官 2025 年施政报告》解读 阅读摘要 报 告 《2025 年施政报告》延续主动对接国家发展战略、聚焦本 地经济民生的政策思路，致力推动香港加快迈向"由治及 兴"的新阶段，主要内容包括： 提升产业竞争力。重点巩固国际金融中心地位，包括拓展 离岸人民币业务、推动金融科技创新、发展黄金及大宗商 品交易，并强化股市、债市、绿色金融及资管等优势。同 时，积极培育人工智能、生命健康、新能源、低空经济等 新兴产业，吸引高增值企业落户。 夯实发展基础。加快北部都会区建设，首次提出成立北都 发展委员会、订立专属法例。强化"超级联系人"角色， 一方面，成立"内地企业出海专班"、持续深化大湾区互联 互通，另一方面，推动共建"一带一路"、深化国际经贸网 络，增强"超级联系人"枢纽地位。打造专业人才高地， 提出扩大非本地生招生名额至 50%，加速建设"北都大学 城"，推广"香港留学"品牌，推出"产学创科人才交流计 划"。 欢迎扫码关注 工银亚洲研究 中国工商银行（亚洲） 东南亚研究中心 关爱民生福祉。提出增加房屋供应、优化置业 ...

Group 1 - The rising gold prices have attracted many young investors, leading to significant financial losses for some, highlighting the gap between the dream of financial freedom and reality [1][3] - A report indicates that nearly 40% of Generation Z hopes to achieve financial independence by the age of 35, but many struggle to earn returns that outpace inflation [3][5] - Young investors often lack the necessary knowledge and experience, resulting in poor investment decisions and missed opportunities for recovery [3][5] Group 2 - Young individuals are adopting extreme frugality as a strategy to invest, but this often leads to repeated losses in volatile markets [5][7] - The primary reasons for not investing among young people include lack of disposable income, perceived high risks, and insufficient knowledge [5][7] - Financial literacy is crucial for this generation, as relying solely on impulse and hearsay in investment decisions can lead to significant setbacks [7]

Core Viewpoint - The Hong Kong government is accelerating the establishment of an international gold trading market, including the creation of a central clearing system for gold transactions, aiming to enhance its position as a global gold trading hub [1][3]. Group 1: Government Initiatives - The Hong Kong government will implement recommendations from the "Gold Market Development Working Group" to establish a central clearing system for gold, ensuring efficient and reliable clearing services for international standard gold trading [1]. - The government aims to enrich gold investment tools and support the issuance of gold funds and new products, such as tokenized gold investment products [3]. - Plans include the establishment of a gold industry association to facilitate communication between the industry and regulatory bodies, promoting collaboration with "Belt and Road" countries [3]. Group 2: Infrastructure Development - The government targets to exceed 2,000 tons of gold storage capacity within three years by expanding gold storage facilities at the airport and financial institutions [3]. - There are initiatives to encourage gold merchants to establish or expand refining facilities in Hong Kong and collaborate with mainland China for processing and exporting refined gold [3]. - The establishment of a central clearing system is seen as a crucial step towards achieving long-term connectivity in the gold market, drawing on experiences from stock, bond, and fund market interconnectivity [3]. Group 3: Market Trends - The liquidity of COMEX gold futures has significantly increased during Asian trading hours, with the volume rising from approximately 25% to over one-third of total trading volume by the second quarter of 2025, indicating growing interest in derivative trading among regional investors [4]. - The Hong Kong government plans to develop international-grade gold storage facilities to attract investors from the Middle East and Southeast Asia, enhancing the overall ecosystem with services like insurance, certification, and logistics [4].

Core Viewpoint - The article highlights the challenges faced by the younger generation, particularly those born after 2000, in navigating the investment landscape, emphasizing their struggles with financial literacy and the gap between their investment expectations and reality [1][19][20]. Group 1: Investment Behavior of the Younger Generation - Many young investors, particularly those in Shenzhen, are engaging in investment activities such as buying gold and funds, often driven by social influences and peer discussions [1][2]. - A significant portion of the younger generation, around 40%, is only achieving a 0-2% annual return on their investments, indicating a lack of effective investment strategies [20][21]. - The desire for financial independence and early retirement is a common motivation among young investors, with nearly 40% aiming to achieve their financial goals by the age of 35 [22][25]. Group 2: Emotional and Psychological Aspects of Investing - New investors often experience emotional turmoil, oscillating between hope and despair as they navigate market fluctuations, leading to anxiety and uncertainty about their investment decisions [10][13]. - The article illustrates the psychological impact of losses on young investors, as seen in the experiences of individuals like Lin Yimeng and Lu Ping, who faced significant losses shortly after their initial investments [11][17]. - The lack of financial education and mentorship contributes to the emotional distress experienced by young investors, as they often rely on social media and peer advice for guidance [14][19]. Group 3: Financial Literacy and Education - There is a notable gap in financial education among the younger generation, with many lacking the necessary knowledge to make informed investment decisions [14][19]. - The article references a report indicating that young investors are often unaware of how global events impact market conditions, further complicating their investment strategies [19]. - Efforts to improve financial literacy are evident, as some young investors are actively seeking knowledge through online resources and courses to better understand investment opportunities [18][19].

Group 1 - The article discusses the rising gold prices and the experiences of young investors in Shenzhen, particularly the challenges they face in understanding and navigating the investment landscape [1][2][3] - It highlights the trend among the post-2000 generation to engage in small investments, such as gold, funds, and stocks, as they seek passive income opportunities [3][4] - The article emphasizes the gap between the ideal and actual returns on investments for this generation, indicating a learning curve filled with losses and challenges [4][37] Group 2 - The experiences of two young investors, Lin Yimeng and Lu Ping, illustrate the pitfalls of buying at market highs and selling at lows, leading to significant losses [5][23][24] - Lu Ping's story reflects the emotional turmoil and confusion faced by new investors when they encounter market volatility and conflicting advice [16][19][20] - Lin Yimeng's journey shows the lack of financial education and knowledge among young investors, as they rely on social media for information and struggle to recover from initial losses [31][36][38] Group 3 - The article notes that nearly 40% of young people aged 18-24 achieve only 0-2% annualized returns, highlighting the challenges they face in generating meaningful investment income [39][40] - It discusses the desire among young investors to achieve financial independence by the age of 35, driven by the fear of delayed retirement [41][44] - The report indicates that many young people are forced to adopt a "consumption downgrade" approach to finance their investments, leading to a cycle of financial struggle [55][56]

Core Insights - A significant outflow of deposits from banks occurred in July, with 1.11 trillion yuan leaving the banking system, despite an overall increase of nearly 10 trillion yuan in deposits over the first seven months of the year [1][3]. Group 1: Deposit Trends - The one-year deposit interest rate has fallen below 1%, leading to minimal returns on savings, prompting individuals to seek better investment opportunities [3][5]. - In July, household deposits decreased by 1.11 trillion yuan, while non-bank financial institutions saw an increase of 4.69 trillion yuan in deposits over the same period [7][9]. Group 2: Investment Shifts - Individuals are increasingly moving their funds into more lucrative investment options such as mutual funds, stocks, and bank wealth management products, rather than letting their money sit idle in banks [5][12]. - The number of new A-share accounts opened in July reached 1.96 million, a 70.54% increase year-on-year, indicating a growing interest in stock market investments [12]. Group 3: Financial Indicators - As of the end of July, M1 (money that can be readily spent) stood at 111.06 trillion yuan, reflecting a 5.6% year-on-year increase, while M2 (total money supply) reached 329.94 trillion yuan, up 8.8% year-on-year [9][10]. - The narrowing gap between M1 and M2 suggests an increase in liquidity and a more active economic environment, as both businesses and individuals are more willing to invest their funds [10][11]. Group 4: Financial Products Popularity - Bank wealth management products are projected to grow to 30.67 trillion yuan by June 2025, with a focus on low-risk fixed-income products [14]. - The popularity of money market funds has surged, with a total scale of 12.3 trillion yuan, as many individuals are placing their short-term idle funds into these products [15][16]. Group 5: Conclusion - The shift in household deposits is not indicative of a lack of desire to save, but rather a response to declining interest rates, leading individuals to seek more valuable ways to manage their money [18].

Group 1: Northern Metropolis Development - The Northern Metropolis concept was first introduced in the 2021 policy report, covering an area of approximately 300 square kilometers, aimed at becoming an economic engine driven by innovation and technology [2] - The Chief Executive emphasized the region's strategic importance, as it borders Shenzhen and accounts for about one-third of Hong Kong's future population, presenting significant economic value and development potential [2] - A "Northern Metropolis Development Committee" will be established to accelerate development, with the Chief Executive as the chair, and three working groups focusing on operational models, university city planning, and overall project management [2][3] Group 2: Financial Market Development - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising over 20% since the beginning of the year and IPO fundraising exceeding HKD 130 billion, a nearly sixfold increase year-on-year [6] - The policy report outlines plans to assist mainland tech companies in raising funds in Hong Kong and to optimize listing regulations, including exploring the shortening of the stock settlement cycle to T+1 [6][7] - The report also aims to attract more overseas companies to list in Hong Kong, leveraging the unique connectivity mechanisms with mainland China [6] Group 3: Housing and Living Standards - The government plans to increase public housing supply to 189,000 units over the next five years, reducing the average waiting time for public housing from 6.1 years to a target of 4.5 years by 2026-27 [11] - There will be a shift in housing policy from rental to ownership, with increased support for home ownership programs and adjustments to eligibility criteria for public housing residents [11][12] - The report proposes to lower the investment threshold for residential properties, allowing high-net-worth individuals more options in the housing market, which is expected to stimulate demand [12]