2025年度，全球涉及中国大陆的并购交易总额达4,743亿美元，同比增长62.6%，环比增长81.1%。 已公布的交易数量为5,504笔，同比增加9.1%，环比增加12.4%。 Bill Feng LSEG高级投行数据经理 中国大陆对外并购交易总额为244亿美元，同比增长5.2%。 外资企业收购中国大陆企业的交易金额为 240亿美元，同比下降0.7%。中国大陆本土并购交易规模达4,121亿美元，同比大幅增长82.8%。 涉及中国大陆并购交易的标的集中在 金融行业 ，该行业占22.62%的市场份额，交易总额达1,073亿 美元，同比激增121% 。 原材料行业 以16.39%的市场份额位居第二，同比增长158.2%。 高科技行 业 排名第三，占15.26%的市场份额，交易金额为724亿美元，同比增长77.3%。 2025年3月30日，中国四大国有银行——中国银行、中国建设银行、交通银行及中国邮政储蓄银行 —— 宣布计划通过A股非公开发行募资5,200亿元人民币，以补充核心一级资本。 财政部将认购其中 5,000亿元人民币，成为主要战略投资者。 2025年， 中金公司 以交易金额计登顶涉及中国大陆已公布并购交易的 ...

课程介绍 Model Context Protocol (MCP，模型上下文协议）是连接AI模型与金融及数据工作流的重要推 动力。但根据不同的使用场景，需要了解并考虑不同的部署选项。在本次网络研讨会中，我们 将分享最佳实践以及推进AI MCP策略时需要注意的事项。 活动时间 汲取灵感，获取新知，就在此刻 探索丰富多元的学习资源，全面提升专业技能 立即登录，开启专属学习之旅 立即扫码报名 L SEG Academy 欢迎访问学习中心 无论您偏好灵活的自主学习，还是更具互动性的课堂体验，我们都能满足您的需求。 模型上下文协议（MCP） MCP部署选项 合适的AI使用场景 MCP的局限性 日期： 2026年1月20日（周二） 时间： 15:30 – 16:30 活动议程 欢迎点击 " 阅读原文 "，了解 LSEG Academy 的更多资讯！ ● 注册参加由讲师指导的课程，实时互动，答疑解惑 ● 快速查找您感兴趣的视频课程 ● 提升专业知识，获取认证资格 ● 高效查找相关学习内容 ● 设置专属学习方案 ● 管理学习记录和认证信息 ● 跟踪持续专业能力发展（CPD）的认证情况 ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 白银于2025年升幅达147%，2025年金银比累跌33.4%。 铂金2025年升幅达127%，但历史上，一安士铂金平均能换60多安士白银，而最近1安士铂金仅能 换29.5安士白银，处于历史最低水平；反映相对白银，铂金现在的估值是历史上最便宜的。 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继 而反映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据， 记录日为刚过去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 因为美国政府停摆，CFTC公布期货市场多空持仓 数据仅更新至12月23日 。 纵使2025年美国期货市场黄金基金合约的净多水平收缩，但金价仍升幅达64.4%，反映实物需求远 超于期货市场透过杠杆来拖金价的后腿。 伦敦铜价2025年升43.7%。 LSEG Workspace用户可以搜寻CFTC寻找最新数据： | | COMEX黄金 | | COMEX白银 | | Nymex铂金 | | Nymex把金 | | ...

Group 1 - In 2025, gold is projected to reach approximately $4,300 per ounce, while silver is expected to exceed $60, doubling its value, alongside strong increases in platinum and palladium prices [2] - The surge in precious metals is driven by central bank gold purchases, geopolitical risks, expectations of Federal Reserve interest rate cuts, and demand from the new energy sector [2] - The year 2026 is anticipated to still offer upward potential for precious metals, with the performance of the US dollar and the global economy being critical variables [2] Group 2 - The London Stock Exchange Group (LSEG) and Tokyo Commodity Exchange are collaborating to explore the precious metals market under macroeconomic conditions, providing exclusive data on gold, silver, platinum, and palladium [2] - LSEG offers comprehensive data and analytical solutions for commodity trading, enhancing competitive advantages for businesses in the market [20][23] - The company provides tailored solutions for various commodity sectors, including energy, metals, and agriculture, utilizing advanced data analytics and machine learning to predict market trends [25][26][28]

Erwan Jacob LSEG 宏观分析师 随着美国的不确定性和金融割裂（Financial Fragmentation）重塑投资策略，全球市场格局正在发生 转变。新兴市场与中国正展现出强大的韧性，为寻求增长和投资多元化的投资者提供了极具吸引力的 机会。 阅读本篇洞察，深入了解以下内容： 过去十年间，尽管金砖国家（BRICS）的利率普遍高于美国，但其货币兑美元汇率却呈现贬值趋势。 科技繁荣创造了对美国股票的强劲需求，而美国国债依然是全球流动性最强的资产之一。理论上，美 元走弱本应有利于出口；然而，近期美国出口水平变化甚微，最显著的变化反而出现在进口方面。今 年夏季，美国的黄金进口量大幅攀升。这可能暗示未来数月美国经济的波动性和通胀可能会持续，从 而促使美国消费者寻求对冲这些风险的手段。 追踪新兴市场表现的指数有望创下自 2017 年以来的最佳年度表现。新兴市场的主权债务表现几乎超 越了所有其他固定收益类别，其中本币政府债券的年初至今（YTD）回报率约为 15%。这一数字是 美 国 高收益 企 业 债 券 回 报 率 的 两倍多，且远高于彭博美国国债 指 数 （ Bloomberg U.S. Treasury ...

Core Viewpoint - The article discusses the current sentiment in the precious metals market based on the CFTC data, highlighting the potential volatility in asset prices due to uncertainties surrounding the Federal Reserve's leadership and interest rate decisions in 2026 [2][29]. Group 1: Market Sentiment and Predictions - The CFTC data indicates that the market sentiment towards precious metals is currently optimistic, with over half of surveyed retail investors believing that silver prices could reach $100 by 2026 [2][29]. - The article warns that while such targets may seem reasonable, price movements may not be linear, and participants should be cautious of leverage and potential losses [2][29]. - The article notes that both the platinum-to-copper and silver-to-copper ratios are expected to rise sharply in 2025, indicating that copper prices may lag behind precious metals [2][29]. Group 2: CFTC Data Insights - As of December 16, the net long positions for various metals show a mixed trend: gold's net long positions increased by 7.6%, while silver's decreased by 13.2% [4][8]. - The net long positions for platinum increased by 11.9%, while copper's net positions turned positive after being negative for a long time [11][14]. - The article highlights that the sentiment towards copper is overly optimistic, as short positions have reached their lowest level since 2007, suggesting a potential market correction [2][17]. Group 3: Interest Rate Outlook - The market anticipates a near 50% chance of a rate cut by the Federal Reserve in March 2026, with expectations of further cuts in April [22][29]. - There is speculation that the Fed may begin raising rates again in 2027, which could impact the ongoing commodity bull market [3][29]. - The article emphasizes the importance of monitoring the Fed's actions and the potential implications for asset prices, particularly in the context of inflationary pressures [30][29]. Group 4: Investment Strategies - The article suggests that investors should be cautious in the first half of 2026 due to expected price volatility and the need for careful leverage management [2][29]. - It also mentions that the gold-to-North American mining stock ratio has remained stable, indicating that mining stocks have underperformed relative to gold prices over the past few years [20][21]. - The article advises tracking overseas mining stock prices as a forward-looking tool to gauge market sentiment and potential price movements in gold [21][29].

课程介绍 AI在金融领域能否发挥真正价值，根本上取决于它所使用的数据。 日期： 2026年1月15日（周四） 时间： 15:30 – 16:30 金融数据与AI应用全景概览 金融AI：炒作背后的现实 金融数据的AI优化实战 AI数据与技术要件详解 立即扫码报名 本次课程将深入探讨如何为AI应用优化各类金融数据集——包括宏观经济指标、定价与参考数 据、公司数据、风险情报及非结构化文本等。 您将学到： 无论您正在构建预测模型、交易算法，还是风险分析应用，本课程都将帮助您从金融数据中提 取最大价值，真正赋能您的AI战略。 活动时间 活动议程 如何避开常见的数据陷阱 在特征工程中应用行业最佳实践 满足可扩展AI系统所需的技术与数据要求 无论您偏好灵活的自主学习，还是更具互动性的课堂体验，我们都能满足您的需求。 汲取灵感，获取新知，就在此刻 探索丰富多元的学习资源，全面提升专业技能 立即登录，开启专属学习之旅 L SEG Academy ● 注册参加由讲师指导的课程，实时互动，答疑解惑 ● 快速查找您感兴趣的视频课程 ● 提升专业知识，获取认证资格 欢迎访问学习中心 ● 高效查找相关学习内容 ● 设置专属学习方案 ● ...

Core Insights - The fixed income and derivatives markets in 2025 were primarily driven by significant political, economic, operational, and climate risk events, with ongoing technological transformations reshaping trading and investment operations across financial institutions [1][4]. Group 1: Market Trends - Market volatility in 2025 was influenced by various factors, including the rapid changes in tariff policies, geopolitical conflicts, and economic events such as government budgets, inflation data, and interest rate fluctuations [3]. - Concerns regarding artificial intelligence (AI) investments not delivering expected short-term returns led to periodic disruptions in both stock and bond markets, with fears that substantial AI-related expenditures could erode profitability [2]. - Despite the turbulent environment, the overall issuance of corporate and municipal bonds remained strong, indicating resilience in the fixed income market [3]. Group 2: Private Debt Market - The global private debt market has expanded since the 2008 financial crisis, driven by tighter bank lending regulations, and is now allowing participation from affluent individual investors [4]. - Recent high-profile defaults in the private credit market have raised concerns about a potential wave of defaults due to economic and market volatility [4][5]. Group 3: Technological Advancements - The electronic trading of fixed income markets has progressed, with 50% of U.S. investment-grade bond trading now conducted electronically, generating vast amounts of market data for financial institutions [6]. - Financial institutions are leveraging cloud-based market data to develop new trading models and execution strategies [6]. Group 4: Strategic Shifts - Asian investors are increasingly viewing U.S. dollar-denominated debt as a strategic asset due to concerns about tariff impacts on regional economic growth, with U.S. Treasuries, asset-backed securities (ABS), mortgage-backed securities (MBS), and over-the-counter derivatives being popular choices [7]. Group 5: Climate Impact - Climate change events, such as the California wildfires in January 2025, have ongoing effects on market pricing, with analysts assessing the long-term impact of weather events on the repayment risks of municipal and corporate bonds [8]. Group 6: Future Outlook - Many trends observed in 2025, including those that caused significant market volatility, are expected to continue influencing the securities market in 2026, presenting ongoing pricing challenges for financial services engaged in low liquidity bond and derivatives trading [8].

Group 1 - In 2025, gold is projected to reach approximately $4,300 per ounce, while silver is expected to exceed $60, doubling its value. Platinum and palladium are also anticipated to see significant price increases [2] - The surge in precious metals is driven by central bank gold purchases, geopolitical risks, expectations of Federal Reserve interest rate cuts, and demand from the new energy sector [2] - The year 2026 is expected to continue the upward trend in precious metals, with the performance of the US dollar and the global economy being critical variables [2] Group 2 - The London Stock Exchange Group (LSEG) is collaborating with Tokyo Commodity Exchange to explore the precious metals market under macroeconomic conditions, providing exclusive data on gold, silver, platinum, and palladium [2] - LSEG offers comprehensive solutions for commodity trading, including insights, data management, and seamless execution capabilities to enhance competitive advantages in the market [20][23] - The company emphasizes the importance of timely and accurate data in commodity trading, utilizing structured approaches to leverage fundamental, supply-demand, and alternative data sources [22][31]

Core Insights - The wealth management industry is facing significant challenges while also presenting exciting opportunities, particularly in technology integration and enhancing advisor capabilities to provide personalized client experiences [1][2]. Group 1: Challenges and Opportunities - Large institutions struggle with technology integration and meeting investor expectations, often moving slower than smaller, more agile service providers [2][3]. - Companies lacking advanced technology and insights will find it difficult to compete with more nimble service providers that can offer seamless experiences [3]. Group 2: Key Elements for Seamless Client Experience - Successful firms are those that can integrate comprehensive data from clients, markets, and holdings with technology, ensuring consistent experiences across their operations [4]. - The need for real-time data is critical to provide a unified experience, especially as firms face advisor shortages due to retirements and turnover [4][5]. Group 3: Role of Personalization - Digital channels are essential for enhancing personalization, allowing firms to gain deeper insights into client preferences and goals, which can be used to tailor experiences [6]. - Investors expect personalized experiences similar to those in other areas of their lives, and failure to meet these expectations could lead to market obsolescence for wealth service providers [6]. Group 4: Future of Wealth Management - The future of wealth management lies in the integration of data, technology, and human expertise to deliver scalable personalized advice [6]. - Companies that successfully combine digital efficiency with human insights will create seamless and trustworthy experiences across all channels [6].