会见期间，潘功胜见证了人民币业务清算协议签署。星展集团在获得中国人民银行授权后，将担任 新加坡第二家人民币清算行，也将成为第一家担任人民币清算行的新加坡本地银行。清算行合作将为两 国经贸合作提供更加便捷的人民币清算服务和选择，进一步促进中新双边贸易、投资便利化。 责任编辑：袁浩 本报讯 记者马梅若报道 3月22日，中国人民银行行长潘功胜会见了新加坡星展集团首席执行官陈淑 珊，就星展集团在华展业、深化金融合作等进行了交流。 ...

格隆汇3月24日｜星展集团研究部门的分析师在一份报告中写道，特朗普决定将对伊朗能源基础设施和 发电厂的打击行动推迟五天，此举为石油和天然气市场带来了喘息之机。这一最新进展凸显了美以联盟 与伊朗之间长达一个月的冲突中可能出现的脆弱且高度动荡的局势转折。 格隆汇3月24日｜星展集团研究部门的分析师在一份报告中写道，特朗普决定将对伊朗能源基础设施和 发电厂的打击行动推迟五天，此举为石油和天然气市场带来了喘息之机。这一最新进展凸显了美以联盟 与伊朗之间长达一个月的冲突中可能出现的脆弱且高度动荡的局势转折。 ...

专题：中国发展高层论坛2026年年会 陈淑珊总结道，随着中国在人工智能等关键领域的全球领导地位，以及在全球资本和金融市场的日益影 响力，以及在稳定和创新之间的平衡重点，她相信中国有能力推进其经济转型并引领全球增长。她强 调，大家应秉持以规则为基础的全球贸易秩序，共同帮助实现这一目标。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：中国发展高层论坛2026年年会 中国发展高层论坛2026年年会于3月22日至23日在北京召开，本届论坛主题为"'十五五'的中国：高质量 发展与共创新机遇"。星展集团首席执行官陈淑珊出席并演讲。 她认为，中国的安全、稳定、透明的营商环境给企业发展提供了强大的助力，各方都需要坚持交流，加 强建立信任的桥梁，这样才能共同长期发展，繁荣市场。 中国发展高层论坛2026年年会于3月22日至23日在北京召开，本届论坛主题为"'十五五'的中国：高质量 发展与共创新机遇"。星展集团首席执行官陈淑珊出席并演讲。 她认为，中国的安全、稳定、透明的营商环境给企业发展提供了强大的助力，各方都需要坚持交 ...

Group 1 - DBS Group Holdings, Singapore's largest bank by assets, has received a principal underwriting license for non-financial corporate bonds in China's interbank bond market [1] - The license allows DBS to lead-manage all onshore corporate bond deals, including coordinating syndicates [1] - DBS China commanded a 38% market share in panda bonds in 2025, participating in 65.8 billion yuan ($9.54 billion) of issuance [1] Group 2 - Panda bond issuance in China's interbank bond market grew at a 26% compound annual growth rate over the last five years, increasing from 54.5 billion yuan in 2020 to 173.3 billion yuan in 2025 [1] - DBS is the first and only Singapore-headquartered bank licensed to lead-underwrite all corporate bonds in the China interbank bond market [1] - In 2025, DBS became the first Singapore bank appointed as a renminbi clearing bank [1]

Core Viewpoint - DBS Group Holdings Ltd (DBSDY) has shown a downtrend recently, losing 5.5% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom in the stock price, suggesting that selling pressure may be exhausting [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near its opening price, reflecting some buying interest [4][5]. - This pattern signals that bears may be losing control, and the success of bulls in halting further price declines indicates a potential trend reversal [5]. Fundamental Analysis - There has been an upward trend in earnings estimate revisions for DBSDY, which is a bullish indicator as it correlates strongly with near-term stock price movements [7]. - The consensus EPS estimate for the current year has increased by 0.7% over the last 30 days, indicating that analysts expect better earnings than previously predicted [8]. - DBSDY holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Group 1 - Granite Asia, a Singapore-based asset management company, has successfully raised $110 million for an artificial intelligence IPO fund specifically designed for DBS Group's wealth clients [1] - The collaboration between DBS Group and Granite Asia is formalized through a three-year agreement aimed at expanding financing channels for high-growth companies in Asia [1]

Market Overview - The Singapore market is experiencing significant momentum, with DBS Group Holdings Ltd trading at record highs near S$60 and Singapore Exchange Ltd surpassing a historic peak of S$19.20 [1] - The Straits Times Index has risen from 3,372 to nearly 5,000 over the past year, indicating strong market performance [1] Investment Strategies - **Avoid FOMO**: Investors are advised not to chase stocks that are hitting new highs, but rather to assess whether they are buying strong businesses or merely reacting to price increases [3] - **Reinvest Dividends**: Emphasizing the importance of reinvesting dividends from blue-chip stocks and REITs to benefit from compounding returns [5][6] - **Review Gearing**: Investors should regularly check the gearing ratio of their holdings, as companies with lower debt levels have more flexibility and resilience in changing market conditions [7][8] - **Dollar-Cost Averaging**: A consistent investment strategy, such as dollar-cost averaging, helps mitigate the emotional aspects of investing during market fluctuations [9][10] - **Long-Term Patience**: Maintaining investments during market volatility is crucial, as successful investing relies on time in the market rather than timing the market [11][12] Key Takeaway - The Year of the Red Fire Horse presents opportunities, but a disciplined approach focusing on reinvestment, balance sheet strength, and patience is essential for long-term investment success [13]

Core Viewpoint - Prime US REIT's strong operational performance indicates an improvement, suggesting that it has passed its worst phase due to better macroeconomic conditions in the US and an improvement in office fundamentals [1] Group 1: Operational Performance - The occupancy rate of Prime US REIT is expected to rise from approximately 80% in the first half of the 2025 fiscal year to around 90% by the end of the 2025 fiscal year or the first quarter of 2026 [1] - The weighted average lease expiry (WALE) is projected to reach 4.7 years, enhancing revenue visibility [1] Group 2: Financial Projections - The improvement in WALE and new leases starting from the second half of the 2025 fiscal year are anticipated to increase net property income by approximately 20% over the next few years [1] - DBS Group has rated the REIT as a "buy" and adjusted the target price to $0.33, despite the REIT's stock price declining by 2.3% to $0.21 [1]

Core Insights - India is set to release new inflation figures based on a revised consumer price index (CPI), which may indicate heightened price pressures in the economy, potentially leading the central bank to maintain current interest rates [1][4] CPI Overhaul - The new CPI, scheduled for release on Thursday, will reflect updated spending patterns and will include data for 2025, facilitating easier comparisons [2] - The weighting of volatile items like food has been reduced to approximately 36.8% from nearly 50%, while new categories such as rural housing rentals and online shopping have been introduced [3] - The base year for the CPI has been updated from 2012 to 2024, which may result in an inflation reading of about 2.77% for January, compared to 1.33% in December based on the previous series [3] Central Bank Implications - Although inflation remains below the Reserve Bank of India's (RBI) target of 4%, the new figures could lead to a pause in rate cuts and an increase in bond yields [4] - The RBI's inflation forecasting model has faced scrutiny due to past overestimations, prompting discussions on whether to target an inflation measure that excludes food to reduce volatility [5] Market Reactions - The new CPI series is expected to enhance the effectiveness of the RBI's monetary policy and improve the speed of transmission [6] - Financial market participants are closely monitoring the CPI changes, as a higher inflation trajectory could keep borrowing costs elevated, affecting bond yields and equity valuations [6] Economic Context - The revised CPI aims to better reflect India's economic reality, considering the shift in consumer spending towards services and housing as incomes rise [7] - Core inflation, which excludes food and fuel, will see its weight increase to nearly 58% from 47.3%, making it more responsive to monetary policy [8] Future Data Releases - The government plans to publish GDP data on February 27 based on the new consumer spending patterns, which may show a significant upward revision in the economy's size, potentially positioning India to surpass Japan as the world's fourth-largest economy [9] Index Composition Changes - The CPI overhaul will replace outdated items with modern expenditures, including airfares and e-commerce sales, while also incorporating electricity prices and rural housing costs [10] - Free food items from government welfare programs will be excluded from the new CPI, which will also provide more detailed data potentially down to the item level [11] Market Expectations - The bond market is currently facing record debt supply, with benchmark 10-year bond yields reaching their highest level in over a year following the central bank's decision to hold rates [11] - Market expectations indicate a slight upward bias in the new CPI of around 30-50 basis points, with the RBI anticipated to maintain a long hold stance focused on proactive liquidity management [12]

Core Insights - The overhaul of the Consumer Price Index (CPI) reflects significant changes in spending patterns, with the weighting of volatile items like food reduced to approximately 36.8% from nearly 50% and new categories such as rural housing rentals and online shopping added [1][9] - The base year for the CPI has been updated from 2012 to 2024, which is expected to provide a more accurate representation of current economic conditions [1][9] - The median estimate from economists suggests that the January inflation reading could rise to about 2.77%, compared to 1.33% in December based on the previous CPI series [2][10] Monetary Policy Implications - The revised CPI is anticipated to enhance the effectiveness of the Reserve Bank of India's (RBI) monetary policy actions, potentially minimizing past policy errors associated with the older series [8][10] - The weight of core inflation, which excludes food and fuel, will increase to nearly 58% from 47.3%, making it more responsive to monetary policy [10] - Financial market participants are closely monitoring these changes, as a higher inflation trajectory may lead to elevated borrowing costs, influencing bond yields and equity valuations [8][10] Economic Context - The new CPI series is expected to better reflect India's economic reality, particularly as consumer spending has rapidly expanded, with rising incomes leading to decreased spending on food and increased spending on services and housing [9][10] - The government plans to publish GDP data based on the new consumer spending patterns, which may indicate a significant upward revision in the size of the economy, potentially positioning India to surpass Japan as the world's fourth-largest economy [11][12] - The CPI overhaul will replace outdated items in the index with more relevant categories, including airfares and e-commerce sales, while excluding free food items from government welfare programs [12][13]