Key Takeaways Citigroup reported a higher October 2025 card delinquency rate, though still below prior years.The net charge-off rate improved to 1.95% as card performance strengthened in the issuance trust.Citigroup's receivables slipped to $20.2B, reflecting softer borrowing demand amid higher financing costs.Citigroup Inc.’s (C) subsidiary, Citibank N.A., reported mixed credit card performance for October 2025 in its latest SEC filing.  For the period ending October 2025, the Citibank Credit Card Master T ...

Core Viewpoint - The issuance of €4 billion sovereign bonds by the Chinese Ministry of Finance in Luxembourg demonstrates China's commitment to deepening its integration with international financial markets and provides attractive investment opportunities for international investors [1] Summary by Sections Bond Issuance Details - The bond issuance includes €2 billion of 4-year bonds and €2 billion of 7-year bonds, with strong demand from international investors [1] - The 4-year bonds were priced at the mid-swap rate plus 5 basis points, resulting in an issuance yield of 2.401% [1] - The 7-year bonds were priced at the mid-swap rate plus 13 basis points, resulting in an issuance yield of 2.702% [1] Underwriters and Management - JPMorgan acted as the joint lead underwriter and bookrunner for the issuance [1] - HSBC served as a joint lead underwriter and joint bookrunner [1] - Citigroup was involved as a joint bookrunner and joint manager, while Standard Chartered acted as a joint lead underwriter and bookrunner, as well as the settlement agent [1] Market Implications - The pricing of these euro-denominated sovereign bonds is seen as an attractive investment opportunity for international investors, reflecting China's ongoing efforts to enhance its presence in the international financial market [1] - This issuance is expected to contribute to the establishment of a euro bond pricing system for Chinese entities, providing a benchmark for future financing in the euro market [1]

Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Value Equity Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. The US equity market continued the rally in the third quarter, with the S&P 500 returning 8.1% and the Russell 1000 Value surging 5.3%. The value equity strategy returned 6.9% (gross of fees) and 6.8% (net of fees) in the quarter, while the Russell 1000 Value and S&P 500 returned 5.3% ...

Group 1 - Citigroup has lowered the target price for Target from $100 to $89 [1]

格隆汇11月20日｜花旗银行将英伟达目标价从220美元上调至270美元，对应目标市值为6.56万亿美元。 ...

来源：滚动播报 花旗集团将英伟达目标价从220美元上调至270美元。 ...

来源：瑞恩资本RyanbenCapital 彭博消息，知情人士透露，花旗集团香港投资银行业务主管Ben Ngai倪彬将离职。 因讨论非公开信息而不愿具名的知情人士表示，花旗亚洲企业融资主管Alex Schrantz将临时出任香港投 行业务的负责人。 花旗发言人表示，公司对香港投行业务的承诺不变，并将继续引进关键人才以支持客户需求，但拒绝就 Ngai的离职发表评论。 据Ben Ngai在LinkedIn上的个人资料显示，他曾于2004年加入花旗，随后曾任职于瑞信、渣打，并于 2022年8月重返花旗。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com ...

Core Insights - Foreign institutions significantly increased their holdings in Chinese assets during the third quarter, with major players like Goldman Sachs, Morgan Stanley, and Merrill Lynch raising their A-share positions by over 20% [1][3] - The China Overseas Internet ETF (KWEB) saw substantial investment from foreign institutions, with its size growing from $6.373 billion at the end of the first half to $9.793 billion by the end of the third quarter [2] Group 1: Foreign Investment Trends - Major foreign institutions such as Bank of America, UBS, Morgan Stanley, and Millennium Management have increased their holdings in the China Overseas Internet ETF, with share counts rising by 215.89%, 35.29%, 24.76%, and 307.44% respectively [2] - As of the end of the third quarter, 3,554 A-share companies had foreign institutional holdings, totaling approximately ¥2.73 trillion, reflecting a 12.4% increase from the previous quarter [3] Group 2: Specific Stock Increases - Citigroup held 3.83 million shares of Alibaba, with a market value of $684 million, showing a quarter-on-quarter increase of 5.63% in shares and 66.45% in market value [3] - JPMorgan held 5.58 million shares of Pinduoduo, with a quarter-on-quarter increase of 17.5% in shares and 48.38% in market value [3] - Citigroup held 350,000 shares of Baidu, with a quarter-on-quarter increase of 6.75% in shares and 64% in market value [3] Group 3: Institutional Insights - Notable foreign institutions such as Morgan Stanley, Goldman Sachs Asia, and Merrill Lynch significantly increased their A-share holdings, with Morgan Stanley's increase exceeding 30% at 33.1% [3] - As of the third quarter of 2025, foreign institutional investors further increased their holdings in Chinese stocks, with the top 40 global investment institutions' holdings rising to 1.1%, the highest level since the first quarter of 2023 [3]

Core Insights - Pzena Investment Management LLC maintains a disciplined value investment strategy with a total portfolio value of $30.94 billion as of September 30, 2025, focusing on cyclical recoveries and normalized earnings power [1] Top Holdings - Magna International Inc. (MGA) leads the portfolio with a value of $1.92 billion, representing 6.19% of total assets, despite a slight reduction of 434,000 shares (–1.5%) [2] - Baxter International Inc. (BAX) follows with $1.31 billion (4.22%), having added 18 million shares (+45.9%), reflecting confidence in its restructuring and margin recovery [3] - Citigroup Inc. (C) is third at $1.27 billion (4.11%), with a reduction of approximately 1 million shares (–7.7%), indicating a belief in the bank's undervaluation [4] - Dollar General Corp. (DG) ranks fourth at $1.21 billion (3.9%), with a minor reduction of 171,000 shares (–1.5%), aligning with Pzena's preference for cash-generating franchises [5] - CVS Health Corp. (CVS) holds $1.19 billion (3.86%), having sold 901,000 shares (–5.4%), fitting the model of steady cash flows during market pessimism [6] Other Key Adjustments - Modest increases were noted in Cognizant Technology Solutions (CTSH) (+1.5%) and MetLife (MET) (+5.8%), while Wells Fargo (WFC) and Capital One (COF) were slightly trimmed, indicating fine-tuning rather than thematic shifts [7] - Humana (HUM) remains a significant healthcare position at $1.05 billion (3.39%), with a slight reduction [7] Full Exits - The quarter saw complete disposals of smaller positions including Shyft Group (SHYF), Synovus Financial (SNV), NatWest Group (NWG), ICICI Bank (IBN), Ulta Beauty (ULTA), and Alkermes (ALK S), reflecting a consolidation towards higher-conviction U.S. large-caps [8] Outlook - Pzena's Q3 2025 update highlights its status as a deep-value investor in a growth-focused market, with significant additions to Baxter and stable positions in Magna and Citigroup, emphasizing a commitment to low-multiple, high-cash-flow companies [9]

来源：瑞恩资本RyanbenCapital 花旗香港公布「花旗香港千万富翁调查报告2025」。花旗香港客户策略及销售管理主管成静雯表示，根 据花旗对于「千万富翁」的定义，为减去负债的净资产总值达1000万港元，并拥有100万港元的流动资 产。 花旗数据亦显示，2020年「千万富翁」总资产净值中位数为1550万元，物业占总资产净值的71%。 花旗银行投资策略及资产配置主管廖嘉豪表示，「千万富翁」总资产净值中位数较5年前有所上升，因 今年股票市场畅旺及投资回报增加。 此次调查发现： 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 百万流动资产人士的资产配置比例，其中55%为现金或存款、33%为股票、6%为基金； 千万流动资产人士之中，51%为现金或存款、34%为股票、8%为基金； 「准亿万富翁」之中，35%为现金或存 ...