Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has increased its stake in Mitsui & Co. to over 10%, signaling confidence in the Japanese market and potentially considering further investments [1][2]. Group 1: Investment Strategy - This increase marks a subtle shift in Berkshire's investment strategy, as Buffett initially planned to keep holdings in Japan's top five trading companies below 10% [4]. - The agreement from these Japanese companies to "moderately" relax the holding limit has paved the way for Berkshire to become a "major shareholder," allowing deeper involvement in their future developments [4]. Group 2: Market Reaction - Following the announcement, Mitsui & Co.'s stock price rose by 2.2% before settling at a 1.75% increase, with other major trading companies also experiencing stock price gains [2]. Group 3: Unique Value Proposition - Analysts highlight that Buffett's continued investment underscores the unique commercial value of Japanese trading companies, which have shown resilience amid commodity price volatility due to their diversified business structures [4]. - These companies have increasingly focused on shareholder returns, enhancing their attractiveness as investment opportunities [4].

四是扎牢织密投资者保护"安全网" 。积极回应投资者关切，先后完善了股份减持、量化交易、融券 等一些相关的监管规则，推动出台了先行赔付、当事人承诺、欺诈发行责令回购等一系列制度，明确 了申报即担责、中介机构执业质量评价等硬性监管要求，事前事中事后有序衔接的投保体系持续健 全。近年来， 特别代表人诉讼首单康美药业案赔偿投资者约24.6亿元，紫晶存储案、泽达易盛案分 别赔付投资者10.9亿元和2.8亿元， 一批标志性案例在各方共同努力下得以落地，提升了投资者合法 权益保护工作的质效。 9月22日下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 介绍"十四 五"时期金融业发展成就， 中国证监会主席吴清在会上作了相关发布。 吴清表示，过去五年资本市场面临的环境发生了复杂深刻变化， 外部输入性风险挑战可以说是风高 浪急，国内部分领域风险"水落石出"， 资本市场作为各类风险交汇地和敏感带首当其冲。 中央金融工作会议强调要加快打造"安全、规范、透明、开放、有活力、有韧性"的资本市场，"安 全"打头，凸显了防风险、强监管的重要性。证监会始终坚持稳中求进，统筹发展与安全，筑牢监管 防线，严守风险底线。 ...

Core Viewpoint - The current U.S. stock market environment is remarkably similar to the 1999 internet bubble, entering a liquidity-driven speculative phase [1][2] Market Sentiment and Economic Signals - Despite Moody's recession model indicating a 48% probability of recession in the next 12 months, market participants are focused on liquidity-driven trading rather than fundamentals [2][3] - There are mixed economic signals, with cyclical industries like shipping and real estate showing recessionary pressure, while sectors like services, healthcare, and technology continue to expand [3][11] Liquidity and Market Dynamics - The prevailing market sentiment is characterized by a belief that holding cash is less favorable due to currency devaluation, prompting consumers to spend more [3][4] - The transition from fear to "fear of missing out" (FOMO) is driving market behavior, with expectations of a significant market rally in the next 3-6 months [5][11] Trading Strategies - Recommended trading strategies include pair trading between growth and value stocks, such as going long on the Nasdaq 100 while shorting the Russell 2000 [7] - A macro-level strategy involves betting on a steepening yield curve, specifically through a "2s30s steepener" trade, which could be profitable regardless of economic conditions [9][11] Financial Environment and Market Behavior - The market's ability to overlook recession signals is primarily driven by liquidity, with the Federal Reserve's monetary policy and fiscal stimulus providing ample support for corporate buybacks [11][12] - The market is shifting from quality assets to speculative investments, indicating a move towards pure speculation rather than fundamental investing [11][12]

9月22日（星期一）下午3时，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国 家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 央行行长潘功胜9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍，"十四 五"期间，我国金融事业取得新的重大成就。 截至今年6月末，我国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二； 外汇储备规模连续20年位居世界第一。同时，我国在绿色金融、普惠金融、数字金融等方面走在世界前 列，基本建成多渠道、广覆盖、安全高效的人民币跨境支付清算网络，移动支付处于国际领先水平。 潘功胜进一步介绍称，"十四五"期间科技型中小企业贷款年均增速超20%，"十四五"期间，我国金融服 务实体经济质效大幅提升，科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速均超过20%。 潘功胜表示，目前我国金融体系总体稳健，金融机构总体健康，金融市场运行平稳。 潘功胜还提到， 今 天的新闻发布会的主题是介绍十四五时期金融业的发展情况，主要是 ...

当时，马斯克"在一怒之下"退出了政府相关职位，并通过社交媒体平台对特朗普发起了尖锐批评。马斯 克在当时的一系列帖子中暗示，特朗普卷入爱泼斯坦丑闻的程度可能比公众所知的更深。他写道："是 时候扔下那颗真正的重磅炸弹了。" 在公开决裂三个月后，马斯克与特朗普在Charlie Kirk纪念活动中首次同框。 据媒体报道，在周日为遭枪击遇害的Kirk举行的追悼会上，马斯克与特朗普被拍到并肩而坐、交谈甚 欢。 这一幕发生在美国国防部长Pete Hegseth即将登台发言之际， 电视画面捕捉到马斯克主动走向特朗 普，并在他身旁的空位坐下，两人随后握手并展开了热切交谈。 两人的关系曾在今年6月降至冰点。 Kirk生前曾表示相信马斯克和总统最终会和好。"我对他们两人都很了解，"Kirk在夏季接受Megyn Kelly 采访时说道。"我认为他们在某个时候会和解"，他补充说："我认为他们合作会更强大。" ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" 面对马斯克的公开挑战，特朗普也毫不示弱地予以回击。他同样在社交媒体上威胁称，可能会 ...

特朗普政府一项旨在彻底改革H-1B高技能人才签证计划的行政令，在美国企业界引发了一场巨大的混乱。 据新华社， 美国总统特朗普19日签署公告，将企业为H-1B签证申请人支付的费用提高至10万美元，并称此举旨在确保美国引进的是高技能、不能被美国人替 代的人才。 这一消息迅速在企业界和移民律师中引爆，他们警告称，目前身处海外的H-1B签证持有者可能在周日后无法顺利返美，从而引发了一场"疯狂的争 夺战"。 据媒体报道，包括微软、亚马逊、谷歌和摩根大通在内的大型企业纷纷向员工发出紧急通知， 建议持有H-1B签证的员工留在美国，并敦促正在海外出差或旅 行的员工在周日午夜前务必返回。 人力资源部门通宵运作， 追踪员工位置并协助预订航班，许多员工被迫中断会议或行程，紧急赶往机场。 面对企业界的集体恐慌，白宫于周六紧急介入，试图平息事态。白宫新闻秘书Karoline Leavitt及匿名官员通过社交媒体和声明澄清，新政仅适用于未来的新签 证申请者，不涉及现有的签证持有者、签证续签，甚至不包括已参与2025年抽签的申请人。同时，白宫强调10万美元为一次性费用，而非年度费用。这一澄 清，与商务部长卢特尼克此前在总统身边的表态存在明 ...

近日，户外品牌始祖鸟联手艺术家蔡国强，在西藏喜马拉雅山脉江孜热龙地区燃放烟花秀，引发争议。 9月21日，ARC'TERYX始祖鸟官方微博就《蔡国强：升龙》烟花秀视频发布致歉信。 《中国青年报》报道， 同日， 始祖鸟在海外社交媒体平台也发了英文致歉信，不过内容与国内版本有 差异，相关话题登上热搜。 国内版道歉信中，始祖鸟表示，在对艺术表达边界评估要更专业、对自然要更谦卑，承诺在政府监管 下，配合团队复核项目生态影响，邀第三方评估并依结果补救，同时推进藏地环保计划与文化公益项 目。 对于始祖鸟在海外的致歉声明，不少外国网友也并不买账。部分网友质疑，始祖鸟的致歉"不够诚恳" "内 外有别" ，文中提到的"与中国团队沟通调整工作方式" 有"甩锅"的嫌疑 。 此外，针对始祖鸟烟花事件，9月21日， 人民日报发布评论《烟花散去不能仅留下道歉》，同日新华社也 评论称《放错了地的"烟花秀"，再美也是破坏》。 海外版称，对青藏高原烟花表演深感遗憾，此行为与品牌环保价值观及期望不符，郑重致歉。同时，还 提到 "正与相关艺术家和中国团队沟通，调整工作方式避免类似情况"。 以下为评论原文： 人民日报：烟花散去不能仅留下道歉 近日，一 ...

同时，日本自民党总裁选举竞选活动将正式开始。 经济指标 "美联储最爱的通胀指标"——8月PCE物价指数 继美联储于9月17日进行了今年首次降息25个基点后，市场目光迅速转向即将发布的"美联储最爱的通胀指标"——8月PCE，以寻求美联储后续货币政策走向的更 多线索。 华尔街见闻写道，鲍威尔在记者会上已预先透露，预计美国8月PCE通胀率同比上升2.7%，核心PCE同比上升2.9%。这一预测与此前7月核心PCE同比回升至2.9% 的趋势一致，显示出通胀的顽固性，特别是服务业成本上涨的推动作用。 | 时间 | | 内容 | 预期 前值 | | --- | --- | --- | --- | | 9月22日 周一 | | | | | 数据 | 09:00 | 中国 9月五年期贷款市场报价利率(LPR) | 3.5% | | 09:00 | | 中国 9月一年期贷款市场报价利率(LPR) | 3% | | 事件 | 待定 | 美联储新任理事米兰将在纽约经济俱乐部发表演讲 清、李云泽出席 | | | 待定 | | 日本自民党总裁选举竞选活动开始 | | | 15:00 | | "高质量完成'十四五'规划"系列发布会 潘功胜 ...

Core Viewpoint - A significant strategy known as "hedging against the US" is emerging in global capital markets, characterized by a massive influx of international funds into the US while simultaneously a potential trillion-dollar wave of shorting the dollar is brewing [1][2]. Group 1: Market Dynamics - Major Wall Street banks, including State Street, Deutsche Bank, and BNP Paribas, predict that the ongoing hedging activities will significantly pressure the dollar's performance in the coming year [2][8]. - Deutsche Bank noted that since mid-year, inflows into "dollar-hedged" US asset ETFs have surpassed those into "non-dollar-hedged" funds for the first time in a decade, indicating an unprecedented speed of this shift [2][8]. Group 2: Scale of Hedging - The potential scale of this hedging wave is estimated at approximately $1 trillion, which would restore the hedging ratio of global investors holding over $30 trillion in US stocks and bonds to the average level of the past decade [5][6]. Group 3: Investor Behavior - Foreign investors currently hold about $20 trillion in US stocks and approximately $14 trillion in US bonds, with a noted decrease in their hedging ratios for fixed income and equities by about five and two percentage points, respectively, in recent years [11]. - A survey by Bank of America revealed that 38% of global fund managers are seeking to increase currency hedging to counter a weakening dollar, marking the highest level since June [13]. Group 4: Operational Strategies - One common hedging method employed by overseas investors is selling dollar forward contracts to lock in exchange rates, which typically translates into selling pressure on the dollar in the spot market [9]. - The current hedging ratio for foreign investors has stabilized around 56%, down from approximately 70% mid-year, indicating a strategic shift rather than a mass liquidation of US assets [11].

Core Viewpoint - The Trump administration is implementing a radical immigration reform that directly ties the cost of obtaining U.S. residency and work rights to financial contributions, significantly increasing fees for H-1B visas and introducing new visa categories like the "Gold Card" and "Platinum Card" [1][2][4]. Summary by Sections H-1B Visa Changes - The annual application fee for H-1B visas will rise from several thousand dollars to $100,000, transforming the process from a lottery system to a capital-driven model [2][9]. - Currently, the fee for submitting an H-1B application is approximately $5,000, excluding legal fees, which is a stark contrast to the proposed fee [2]. Gold Card and Platinum Card - The "Gold Card" will allow foreign nationals to obtain residency by paying $1 million, while companies can sponsor individuals for $2 million [4][5]. - The "Platinum Card" is proposed at $5 million, allowing holders to reside in the U.S. for up to 270 days annually, with tax exemptions on non-U.S. income [7]. Economic Implications - Trump claims the new policies could generate "hundreds of billions" in revenue, primarily impacting the tech industry, which heavily relies on H-1B visas [8][9]. - Major tech companies like Amazon, Google, and Microsoft are among the largest users of H-1B visas, with Amazon alone receiving over 10,000 approvals this year [8]. Industry Reactions - The response from the tech industry is mixed; while some support the increased fees for top talent, others express concern that small businesses may be unable to afford the new costs, potentially hindering innovation [10]. - There is a divide among Trump supporters regarding the H-1B program, with some viewing it as detrimental to American jobs, while others emphasize the need for global talent [10]. Impact on Immigrants - The policy changes will adversely affect approximately 700,000 current H-1B visa holders, particularly those from India, who represent 71% of H-1B approvals [11]. - The reduction of green card slots from 140,000 to 80,000 for categories like EB-1 and EB-2 will further complicate the immigration landscape for skilled workers [11]. Legal Challenges - The implementation of these new visa fees may face legal challenges, as such changes typically require congressional approval or a formal regulatory process [12]. Fundamental Shift - This immigration reform places the U.S. at a crossroads, questioning whether to maintain an open approach to attract innovation or to establish financial barriers for entry [13].