Ryan M. Nash, CFA +1(212)902-8963 | ryan.nash@gs.com Goldman Sachs & Co. LLC Americas Diversified Financials 1Q25 mutual fund and hedge fund Financials positioning analysis We assess Financials sector mutual fund and hedge fund positioning, using 13F data from the GS equity strategy team's reports (Mutual Fundamentals and Hedge Fund Trend Monitor). Mutual funds (MFs) decrease exposure to Financials in aggregate, with Financials seeing the biggest QoQ decrease in 1Q25 of any sector in the S&P 500, Financials ...

Group 1 - Major U.S. banks are considering a joint venture to create a dollar-pegged stablecoin to compete with the cryptocurrency sector [1][2] - The banks involved include JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, with discussions in early stages involving Early Warning Services and the Clearing House [2][3] - The decision to move forward with the stablecoin will depend on legislative actions and market demand, as the banking industry prepares for potential widespread adoption [3][4] Group 2 - The potential joint venture coincides with the Senate's progress on the GENIUS Act, which aims to establish a regulatory framework for stablecoin issuers [4] - The SEC has clarified that certain stablecoins, especially those pegged to the U.S. dollar and backed by low-risk assets, are not classified as securities [5]

金十数据5月23日讯，据华尔街日报报道，美国几家大投行正在探索是否联合发行一种联合稳定币，此 举旨在抵御来自加密货币行业不断升级的竞争。消息人士称，到目前为止，对话涉及的公司包括摩根大 通、美国银行、花旗集团、富国银行。讨论还处于早期的概念阶段，可能会发生变化。任何最终决定都 将取决于围绕稳定币的立法行动的命运，以及其他因素，比如银行是否发现对稳定币有足够的需求。投 行一直在为稳定币在特朗普总统任期内被广泛采用的可能性做准备，稳定币可能会吸走投行处理的存款 和交易，尤其是如果大型科技公司或零售商参与进来的话。在两年前的监管打击之后，银行业在加密领 域正处于追赶模式。 美国几家投行探索发行联合稳定币 ...

Leisure Consumer Space Analysis - Bank of America Securities provided a cross-sector analysis of the leisure consumer space, highlighting that while performance trends vary by category, segments like cruises and premium travel are showing steady performance, while value-focused areas are experiencing weakness [1] - In the lodging sector, aggregated credit and debit card data for April indicated a 3% year-over-year decline in spending, consistent with March figures [1] Las Vegas Room Rates - The Las Vegas room rate survey indicated a weakness, with forward rates down 11% [2] Hotel Performance Insights - Analysts noted that Bank of America's card data skews towards leisure spending, aligning with comments from Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, and Marriott International, all of which reported softer low-end RevPAR trends [3] Ski Industry Performance - Vail Resorts reported a 3% drop in ski visits this season, underperforming the overall industry, which saw a 2% increase [4] - Despite a decline in the number of passes sold, total dollars collected are up through April 20, with Memorial Day being a key trigger for pass sales, although an increase in web traffic has not yet been observed [5] Cruise Industry Trends - Spending in the cruise segment has slowed from strong double-digit growth late last year to flat year-over-year in April, attributed to economic uncertainty and the timing of Easter [5][6] - Norwegian Cruise Line Holdings flagged a slowdown in booking activity, particularly for longer European sailings, while Royal Caribbean Cruises maintained its full-year 2025 net yield guidance unchanged [6] - Overall, cruise operators remain well booked for 2025 and have time to secure additional bookings for 2026 as the year progresses [7]

美国银行分析师最新指出， 美股正在发出可能出现新买入机会的信号。 该银行的分析师表示，他们认为标普500指数略显超买，近期将出现一次回调。但该银行指出，投资者 不应为潜在的抛售而担忧，而应逢低买入，并补充说他们相信市场整体仍处于上涨趋势。 在2018年，标普500指数从大选后的峰值下跌了约10%。而今年，该指数从大选后的高点下跌了更陡峭 的20%。 该银行表示："如果这种情况在2025年重演，那将意味着标普指数将在今年夏季达到6266点。正如牛顿 第三运动定律所暗示的，每个作用力都有一个相等且相反的反作用力。" 分析师表示："标普500指数并非反复无常，只是有点超买且对利率持谨慎态度。回调即将来临，逢低买 入！" 该银行估计，他们认为美股的最低支撑位约为5580点。这个价格意味着该基准指数将从当前水平下跌约 5%。 上行方面，分析师表示，他们预计该基准指数将上涨至6000点左右的历史新高附近，短期内甚至有可能 涨至6266点。 根据美国银行的分析，市场可能上涨有几个原因：首先，美股当前的走势似乎与2015-2018年的轨迹相 似。在那些紧随总统大选的年份里，美股在达到顶峰前上涨了约7%。 标普500指数最近在 ...

Group 1 - The price of the Margin of Safety Investing subscription will increase from $499/year to $999/year on June 2nd due to the profitability of the strategies and to limit the number of subscribers [1] - The founder of Bluemound Asset Management, LLC, has been managing money for a diverse range of clients since 1995, focusing on helping individuals make more money with less risk [2] - The investing group offers stock and ETF focus lists, trade alerts, option selling for income, and macro analysis [2]

美国银行警告称：墨西哥面临经济衰退风险，意味着比索（汇率）被高估。 ...

Portfolio concentration is a big reason the Oracle of Omaha has been such a successful investor over six decades. In particular, Berkshire's 13F highlights what may well be Warren Buffett's best-known investment prowess: his penchant for portfolio concentration. Both he and now-late right-hand man Charlie Munger long believed in putting an outsize percentage of their company's capital to work in their best ideas. For decades, no money manager has commanded the attention of Wall Street professionals and ever ...

Core Insights - Bank of America enhances client experience through the CashPro platform with the introduction of QR sign-in technology, which improves security and convenience for users [1][7] - The QR sign-in feature is particularly popular among European clients, who utilize it more than twice as frequently as clients in other regions [1] - The CashPro platform is regularly updated with innovative features, including the recent launch of Push Authentication to simplify mobile token usage [4] Company Overview - Bank of America is a leading global financial institution, serving approximately 69 million consumer and small business clients in the U.S. through around 3,700 retail financial centers and 15,000 ATMs [5] - The bank is recognized for its digital banking capabilities, with approximately 59 million verified digital users [5] - Bank of America operates in over 35 countries, providing a full range of banking, investing, asset management, and risk management products and services [5] Industry Recognition - The CashPro platform has received multiple third-party accolades, including a top score for overall leadership in Digital Channels for three consecutive years from Crisil Coalition Greenwich [8] - Awards for Innovation and Excellence include recognition for Best Customer Experience and Best Mobile Technology Solution for Treasury [8]

Core Insights - QR code technology is gaining traction as a sign-in method among Bank of America's corporate and commercial clients, with a 60% increase in usage in 2024 compared to previous years [1] - CashPro serves as the primary platform for over 40,000 business clients globally to manage their treasury, trade, and credit operations [2] Group 1: QR Sign-in Adoption - The introduction of QR sign-in in 2022 has significantly improved the security and user experience for clients accessing CashPro [1][2] - Clients can sign in by scanning a QR code with their mobile phone and using biometrics, enhancing the convenience of the sign-in process [3] Group 2: User Experience and Security - The QR sign-in method eliminates the need for users to remember passwords or carry physical tokens, addressing common pain points in traditional login processes [4] - Clients like Karen Davis from Glencore have expressed satisfaction with the ease of signing into CashPro using the QR sign-in method [4][5] Group 3: Client Needs and Digital Solutions - There is a growing demand among treasurers for more convenience and immediate access to financial tools, which digital treasury solutions like CashPro are designed to meet [6] - The integration of mobile token security within the sign-in process provides clients with additional peace of mind [5][6]