月度归档： 2025 年 10 月

    Recently, the international gold price has risen significantly, and the price of the domestic gold retail market has also risen, but the enthusiasm of consumers remains undiminished.

    This year, the price of gold rose more or less after the Spring Festival, and the price of gold ornaments fluctuated in 580 yuan/gram. In a department store in Yuexiu District, Guangzhou, the gold price of jewelry is listed at 603 yuan/gram, and the investment is 466.9 yuan/gram. There are still many customers in the store.    

    Guangzhou, Guangdong: Now the price of gold is at a high level, but you must buy gold when you get married. The budget is 20,000 to 30,000 yuan.    

    The sales manager of the shopping mall said that compared with the same period of last year, gold sales increased by 20% in the two months since July this year; As the price of gold has been rising all the way, preferential activities have also been launched to reduce 30 yuan per gram to attract more guests. In addition, many people have come to sell gold at high prices recently.    

    At present, the price difference between buying jewelry gold and investing gold is more than 100 yuan per gram, and the repurchase price is around 450 yuan/gram.  

   The rise of gold price is influenced by many factors.  There may still be the possibility of shock and strength in the future.   

    Recently, the domestic gold price can be described as "rising steadily". From the data point of view, since August, the international gold price has been adjusted back, while the domestic gold price has continued to fluctuate at a high level. Wind data shows that the closing price of COMEX gold futures (continuously) was last reported at $1,922.5 per ounce on September 8, down 1.06% from $1,943.0 per ounce at the beginning of August. In the same period, the price of SHFE gold rose by 2.26%. On September 10th, the basic gold price in China was 467.10 yuan/gram, which has also increased by about 2.17% since August.    

    Li Mingjin, a senior investment consultant of Jufeng Investment, said in an interview that the reasons for the continuous rise of domestic gold prices are not only affected by the relationship between supply and demand, but also by market expectations and other factors. At present, the market expects the Fed to raise interest rates to come to an end, and it is unlikely that the US dollar index will continue to strengthen in the future, which will help the gold price to rise in the afternoon, thus affecting the domestic gold price.    

    Liu Siyuan believes that the safe-haven nature of gold is also one of the main reasons for the rise of gold price, and the anti-risk demand has also caused the domestic spot price of gold to remain high. In addition, the recent depreciation of the RMB exchange rate has also made the domestic gold price slightly higher than the international market.

    "The demand for gold is becoming more diversified, mainly composed of gold jewelry demand, investment demand, technology gold demand and central bank gold purchase demand." Rui Qiang, chief market strategist in Europe and Asia of the World Gold Council, said at the 2023 International Gold Industry Development Conference and the 16th Gold Festival in Zhaoyuan City that the demand for gold ornaments and technology gold benefiting from economic expansion is very important, accounting for 37% and 7% respectively; Investment demand accounts for 38%; The central bank’s demand for gold purchase is the growing theme of gold demand in the past few years, which is also one of the major changes taking place in the gold market.    

    On September 7th, the data of China People’s Bank showed that by the end of August, the gold reserves of China People’s Bank reported 69.62 million ounces, up 930,000 ounces from the previous month, which was the 10th consecutive month. According to the report released by the World Gold Council on September 8, in July, the global central bank’s net purchase of gold reached 55 tons, and the momentum of long-term gold purchase remained firm, and the global central bank’s "gold purchase fever" continued to heat up.    

    Looking forward to the trend of gold price during the year, Li Mingjin said that the important factors affecting the price of gold are the relationship between supply and demand, the financial environment and the US dollar index. At present, among the external factors, the Fed’s interest rate hike has come to an end, and it is unlikely that the US dollar index will continue to strengthen in the market, which is conducive to the price of gold. Next, it is more likely that the price of gold will remain volatile and strong.    

    At the aforementioned meeting, Rui Qiang also believed that gold has potential growth space in 2023. Under the general forecast that the US economy will experience a mild recession, the US economic growth will slow down and will turn into a technical recession at the end of this year. In this context, it is expected that gold will continue to be supported by bond yields dominated by range volatility and a weak dollar to some extent in the future. If the US economy deteriorates further, the demand for gold investment will be stronger, whereas if the US economy makes a soft landing or monetary policy becomes more radical, it will weaken.

   Small gram heavy gold products are popular   What risks need to be guarded against?    

    Recently, many gold jewelry brands have begun to launch small weight products such as "mini gold", "Jin Doudou" and "golden melon seeds". So, why are young people keen on saving "Jin Doudou"? What risks do you need to guard against when buying such goods?    

    When the reporter searched social platforms, he found that many netizens took photos or shared their own small grams of heavy gold, namely "Jin Doudou", and some people saved "Jin Doudou" which was already full of transparent glass bottles. The comments in the comment area that "it is better to save money than to save gold beans" and "it is better to buy gold beans than to buy funds" are highly praised, and saving "Jin Doudou" has become a popular financial management method for young people.  

    According to the White Paper of China Gold and Jewelry Consumption Survey in 2021, customers aged 25-35 account for more than 70% of the consumers in gold shops. Among them, e-commerce platforms have become an important channel for young people to buy gold. After the popularity of Xiaokezhong gold products, many jewelry platforms have launched "Jin Doudou" and "Golden Melon Seeds" in official flagship stores opened by major e-commerce platforms. According to the data of the National Bureau of Statistics, from the product category of gold jewelry consumption, consumers are more inclined to buy light weight products, and the sales volume of products priced by weight is significantly higher than that of products priced by pieces, and the investment and consumption of physical gold continues to grow rapidly.    

    Whether it’s a 1-gram "Jin Doudou" or a large-gram-weight gold bar or brick, if consumers buy it for investment purposes, they need to pay attention to avoid risks. Dong Ximiao, chief researcher of Zhaolian, said that the price of gold fluctuates greatly due to many factors, so it should have certain risk avoidance ability.    

    Dong Ximiao said: "Young people like to invest in gold and buy small gold ornaments, which is of course possible. However, we should pay attention to the price of gold, which is influenced by some factors in the international market and fluctuates obviously. Chinese often thinks that gold is an unchangeable product for preserving value, but it is not necessarily so. The gold price market will fluctuate, and the fluctuation is still relatively large. We should pay attention to avoiding such risks. That is, the investment environment, you have to understand some characteristics of price fluctuations in the environmental market and the risks it has to invest. "    

    So, how to avoid the risks in investment? Dong Ximiao suggested that first of all, you should have basic knowledge of investment and financial management, and it is best to find a suitable investment method.    

    "Investment and financial management is based on personal risk preference, investment ability, investment experience and other factors. Everyone should do their own asset allocation, and no investment method is suitable for all people. Have basic knowledge of investment and financial management, especially precious metals investment. When we invest, we must buy products that we know, and if others buy them, you also buy them. This is very undesirable. Buying gold at home is actually inconvenient for you as an investment, and there are still problems in preservation. Nowadays, young people’s investment is easy to have a’ herd effect’. It is not particularly desirable for everyone to buy what they buy. We must choose the way that suits us. "    

    Source: CCTV Finance, Securities Daily, Yangguang.com.

　　Beijing, 5 May (Reporter Peng Bo) On the 5th, the Supreme People’s Procuratorate released "Ten Typical Cases of Intellectual Property Protection by Procuratorial Organs in 2015", including various types of intellectual property cases such as infringement of trade secrets, infringement of copyright, counterfeiting of registered trademarks, disputes over trademark use rights and infringement of invention patents. According to the statistics from the Supreme People’s Procuratorate, in 2015, the national procuratorial organs approved the arrest of 2,615 cases involving 4,445 people and prosecuted 4,484 cases involving 8,025 people, indicating that the efforts to crack down on intellectual property infringement crimes are increasing.

　　With the development of China’s economy, disputes and cases involving intellectual property rights are increasing. In 2015, industrial and commercial and market supervision departments at all levels in China filed a total of 51,000 cases of infringement and counterfeiting, involving 740 million yuan. At the same time, under the influence of local and departmental protectionism, some places indulge or even shield and cover up illegal and criminal acts of infringing intellectual property rights and manufacturing and selling fake and shoddy goods, and some administrative law enforcement officers with supervisory responsibilities and investigators with investigation responsibilities engage in malpractices for personal gain and dereliction of duty, acting as "protective umbrellas". In this regard, the procuratorial organs responsible for investigating and dealing with duty crimes have intensified their crackdown. In 2015, the national procuratorial organs decided to arrest 3 job-related criminal suspects who indulged in the crime of manufacturing and selling fake and inferior commodities, and prosecuted 3 cases and 3 people; It was decided to arrest 13 job-related criminal suspects and 15 people suspected of engaging in malpractices for selfish ends and not handing over criminal cases, and to prosecute 64 cases and 118 people. In terms of supervision of criminal proceedings, after the national procuratorial organs initiated the procedure of filing and supervising the infringement and counterfeiting cases that the public security organs should have filed but not filed for investigation, the public security organs filed and investigated 717 cases of 859 people suspected of producing and selling fake and inferior commodities and 49 cases of 61 people suspected of infringing intellectual property rights.

　　The National Conference of Procurators General held at the beginning of this year requested that procuratorial organs at all levels should strengthen the research on new crimes of infringing intellectual property rights in the era of big data, carry out in-depth work to crack down on crimes of infringing intellectual property rights and manufacturing and selling counterfeit and shoddy goods, actively promote the construction of a mechanism linking administrative law enforcement and criminal justice in the field of intellectual property rights, protect emerging productive forces according to law, and ensure mass entrepreneurship and innovation.

Hainan Daily Haikou April 9th   (Reporter   Marco) just entered April, with the temperature rising, various mosquitoes such as Aedes and Anopheles began to increase, and the risk of mosquito-borne infectious diseases such as dengue fever also increased. On April 9, the Provincial Center for Disease Control and Prevention issued a dengue fever prevention reminder.

Dengue fever is an acute infectious disease caused by dengue virus, which is mainly transmitted by the bite of Aedes mosquitoes.

Typical symptoms are fever, rash, "three redness" (flushing on face, neck and chest) and "three pains" (headache, orbital pain and musculoskeletal joint pain). A few severe cases can develop into dengue hemorrhagic fever and dengue shock syndrome, leading to bleeding, shock and even death.

Dengue fever is a strict Aedes-borne infectious disease, which spreads continuously from patients/recessive infected people to Aedes mosquitoes to healthy people, and does not spread directly from person to person. At present, there is no vaccine to prevent dengue fever in China, and there is no specific antiviral drug. Support and symptomatic treatment measures are mainly taken.

How can we prevent dengue fever in life, study and work? Is there anything we can pay attention to?

　　In 2018, the per capita property of Chinese families was 208,883 yuan, an increase of 7.49% compared with 194,332 yuan in 2017, and the growth rate was higher than the per capita GDP growth rate (6.1%).

　　The net worth of urban households accounts for 71.35% of the family’s per capita wealth, while that of rural households accounts for 52.28%. 93.03% of households own a house.

　　The financial assets allocation structure of Chinese households is single, and they are still concentrated in cash, demand deposits and time deposits, accounting for nearly 90%. Preventive needs such as medical care, old-age care and children’s education are important factors in family savings. More than 60% of the respondents are risk-averse.

　　Over the past 40 years of reform and opening-up, China’s urban and rural per capita disposable income has grown substantially, and at the same time, the capital market has developed rapidly, and asset allocation has become an important part of family investment decisions. As one of the important manifestations of unbalanced development, the gap between income and property has become the focus of social attention. "China Family Wealth Survey" involves four sections: household members’ information, household income, expenditure and property, family economic status and life attitude. It focuses on the in-depth investigation of household wealth from the perspectives of urban-rural differences, asset allocation, investor characteristics and investment channels.

　　Asset allocation and wealth gap are closely related to China’s economic and social development. The high proportion of real estate, single financial asset structure and high precautionary savings all run counter to the expansion of domestic demand, resulting in weak domestic demand growth. A single asset structure is more difficult to resist asset risks, which is not conducive to the stable growth of residents’ property. The larger wealth gap also has a negative impact on labor supply and production investment. In view of this, it is necessary to introduce practical policies to effectively change the current situation of unreasonable asset allocation and widening wealth gap, change residents’ investment expectations and narrow the wealth gap.

　　There is a big gap between urban and rural family property.

　　According to the survey report, the per capita property of Chinese households was 208,883 yuan in 2018, an increase of 7.49% compared with 194,332 yuan in 2017, and the growth rate was higher than the per capita GDP growth rate (6.1%). There is a big gap between urban and rural family property. In 2018, the per capita property of urban and rural families was 292,920 yuan and 87,744 yuan respectively, and the per capita property of urban families was 3.34 times that of rural areas, and the per capita property of urban families grew faster than that of rural areas.

　　There are some differences in property composition between urban and rural residents. Judging from the property structure of Chinese households, real estate accounts for 70%, the net value of urban households accounts for 71.35% of the family’s per capita wealth, and the net value of rural households accounts for 52.28%. The source of per capita wealth growth shows that the increase of net property value is an important factor for the increase of per capita wealth of families in China, and the increase of net property value accounts for 91% of the increase of per capita wealth of families. Therefore, urban households with higher net worth of real estate will gain more wealth accumulation from the substantial increase of net worth of real estate.

　　There are also obvious differences in the housing composition between urban and rural residents. Rural households mainly build their own houses, accounting for 53.18%, only 21.81% buy new commercial houses and 6.73% buy second-hand houses. Urban households mainly buy new commercial housing, accounting for 36.26%, while self-built housing accounts for only 24.43%, self-built housing accounts for half of rural households, and the proportion of buying second-hand housing is 10.97%. Under the background that the transaction of rural residents’ homestead has not been fully liberalized in China, compared with self-built housing, new commercial housing and second-hand housing have higher value. At the same time, the growth of China’s net real estate value is mainly reflected in new commercial housing and second-hand housing. Therefore, the difference between urban and rural residents’ net real estate value reflects the difference in housing composition between urban and rural residents to a certain extent.

　　The financial investment structure continues to be single.

　　With the development of capital market, the investment channels of urban and rural residents are greatly enriched, but from the actual investment share, the financial asset structure of Chinese residents is still single, especially for rural residents, which is consistent with the very low proportion of property income in China’s macro distribution pattern. The capital market needs to be further improved to promote the diversity of financial assets of urban and rural residents, and then improve the property income of urban and rural residents.

　　According to the survey report, the distribution of financial assets of households is still concentrated in cash, demand deposits and time deposits, accounting for 88%, close to 90%. Among the 35 OECD countries for which data are available, only 8 countries have deposits and cash accounting for more than 50% of household financial assets, and only 3 countries have this proportion exceeding 60%; Among the Nordic countries with wide coverage of social welfare and social security, Sweden, Denmark, Finland and Norway account for 19.34%, 19.95%, 31.14% and 38.75% of household financial assets respectively, all of which are at a low level. A single financial asset structure is not conducive to the balance of asset risks of households, and it is difficult to maintain and increase the value.

　　Judging from the self-evaluation of risk attitude and risk tolerance, residents with risk aversion attitude account for the majority. It is not difficult to understand that the financial assets structure of residents’ families is characterized by simplification when they are mainly risk-averse and have strong risk aversion motives.

　　In this round of family wealth survey, respondents rated themselves on their risk tolerance, with 0 indicating the minimum risk tolerance and 10 indicating the maximum risk tolerance. The statistical results show that 32.81% of the respondents have a self-rated risk attitude of 0, which is the highest proportion among all the scores, indicating that the group with almost no risk tolerance accounts for the largest proportion; Only 6.78% of the respondents rated their risk attitude as 6 or above; The proportion of risk averse people with a self-rated risk of 3 or less is as high as 70.33%.

　　Measuring the family’s risk tolerance according to the degree that the family can bear the loss of investment principal also shows that most families are risk-averse. 5.57% of households can bear the loss of more than 50% of the investment principal, 8.66% can bear the loss of 20% to 50% of the principal, 21.01% can bear the loss of less than 10% of the principal, and as many as 64.76% can’t bear the loss of the principal, which shows that more than 60% of households are extremely risk-averse. At the same time, most urban residents with high per capita wealth are also risk-averse, and the proportion of urban families who cannot bear the loss of principal exceeds 50%, reaching 55.2%; The proportion of rural families is as high as 83.88%.

　　Higher preventive demand has pushed up the savings ratio and reduced the investment share of other financial assets. According to the survey results, the main reasons for household savings in China are: "coping with emergencies and medical expenses" accounting for 48.19%, "preparing for old-age care" accounting for 36.78%, "preparing for children’s education" accounting for 23.97%, "other reasons" accounting for 20.57%, and "unwilling to take investment risks" accounting for 13.82%. The main reasons for urban and rural household savings are basically the same. Preventive saving for medical care, old-age care and children’s education has become the main motivation of saving, which shows to some extent that China’s social security system needs to be improved to reduce residents’ demand for preventive saving. Higher preventive savings lead to the simplification of financial assets structure, and it is also not conducive to expanding domestic consumption demand.

　　Real estate forms "crowding out" effect.

　　Generally speaking, family investment has a certain order, and after one investment reaches a certain level or condition, the next investment will be carried out. The ownership rate and appreciation range of real estate in China make real estate investment the first choice for family investment funds, thus reducing the share available for financial asset investment.

　　China’s households have a high housing ownership rate. From the perspective of residents’ wealth, the family wealth survey focuses on whether the interviewed families own houses, not whether they own houses in their current residence. According to the survey data, 93.03% households own one set of housing, 3.82% households own two or more houses, and only 3.14% households have no housing. The average number of self-owned houses in the country is 1.02, that is, each family owns one house on average.

　　The rapid growth of net property value has boosted the enthusiasm of family real estate investment. From the perspective of family wealth structure, the family property structure has not changed much, and the proportion of net property value remains high; Moreover, the increase of family property is largely caused by the increase of net property value. As can be seen from the report, 91% of the increase in family per capita property comes from the increase in net property value. In addition, compared with the national average household property growth rate of 7.49%, the growth rate of net property is close to 10.3%, and the proportion of net property in total household property is further increased.

　　In recent years, housing prices are in a sustained growth trend. According to the survey data, the net value of real estate is also increasing, which makes households form the expectation that housing prices will continue to rise. Although this expectation is blind, the investment decision of households is still mainly based on past experience. Contrary to the real estate market, the financial market has strong volatility, which affects the asset allocation choice of households and makes them more inclined to invest in real estate.

　　There are group differences in financial investment.

　　The survey results show that families with low financial literacy are more likely to face higher investment risks, so they choose to stay away from financial investment. High-income, highly educated groups usually have higher financial literacy and better understanding of relevant financial knowledge and information. In addition, they have higher income and assets, and they can invest in financial assets on the basis of meeting real estate and preventive needs, so the assets are richer in content, and they can make investment decisions more easily and get benefits from them.

　　With the increase of disposable income, the net value of per capita property owned by families has gradually increased. If residents are divided into 10 equal groups according to per capita disposable income, and then the differences of per capita real estate value in different income groups are investigated, it can be found that the per capita real estate net worth of households with the lowest per capita disposable income is only 41,406.346 yuan; The per capita net worth of households in the highest per capita disposable income group reached 441,735.8 yuan, 10.66 times that of the lowest per capita group. The original value and present value of per capita real estate basically show a trend of increasing with the increase of per capita disposable income, and the debt balance and debt ratio of real estate also increase with the increase of per capita disposable income of families.

　　In recent years, people have formed an expectation of rising house prices in the future, and the assets allocated to real estate by families with different income levels are increasing. Because high-income families have stronger purchasing ability and financing ability of real estate, the debt ratio and leverage ratio of real estate are also higher.

　　With the improvement of income level and educational background, the scale and structure of household financial assets show different characteristics. With the improvement of income level, the per capita cash, demand and time deposits of families have increased, and the growth rate is getting bigger and bigger. The per capita cash, demand and time deposits of the families with the highest per capita disposable income are 4.64 times and 3.86 times that of the families with the lowest per capita disposable income, respectively. It is worth noting that with the increase of income level, the investment share of residents’ demand and time deposits continues to decline, while the proportion of investment in savings insurance, national debt, stocks, funds, futures, loans, other financial assets and the balance of foreign currency financial assets gradually increases; With the improvement of educational level, the proportion of current and time deposits held by families has also shown a continuous downward trend.

　　Internet finance "urban and rural differences"

　　Internet finance is a typical representative of the "internet plus" model, which can reduce transaction costs and thus stimulate users’ financial needs, which has caused a huge impact on traditional finance.

　　The survey report shows that the most important function of Internet finance is consumer payment. No matter in the whole country or in urban and rural areas, consumers who have used the Internet consumption payment function far exceed the people who invest and finance through the Internet; Among them, there are obviously more groups who have used the financial investment function of the Internet than those who have raised funds through the Internet. In consumer payment, the use of Internet financial platform has gradually increased with the growth of family wealth, and the use of Internet financial investment means is far less common than Internet consumer payment means. At present, ordinary people still have some doubts about the safety of Internet financial investment, and the function of Internet financial investment needs to be further explored.

　　Relatively speaking, people are less familiar with the Internet financing platform. With the further development of Internet technology, through the application of new technologies such as big data, cloud computing and blockchain, the Internet financing platform has alleviated the problem of information asymmetry to a certain extent. Coupled with fast loan repayment procedures and flexible and convenient loan repayment period, the Internet financing function has developed rapidly in recent years. However, at present, Internet financing lacks iconic products in the fields of consumer payment and financial investment, such as Alipay, WeChat payment and Yu ‘ebao, and the popularity of various products is not high enough, and the utilization rate is relatively low.

　　In addition, the usage rate of Internet financial instruments is higher in developed regions. In cities and towns, more than 70% of respondents use the internet to pay; In rural areas, the proportion is less than 30%. The data shows that the proportion of residents using Internet payment methods in the eastern region is close to all urban residents, and the proportion of groups using three or more Internet payment methods is significantly higher than others, and the proportion of groups using two Internet payment methods is also higher than that using only one Internet payment method. The proportion of Internet payment in the central and western regions is far from that in the eastern region, and urban residents with relatively high financial literacy have gained more convenience from Internet finance.

　　(Source: Economic Daily, Family Wealth Research Group of China Economic Trend Research Institute)