Core Viewpoint - European stock markets are expected to overcome challenges posed by the US-EU trade war and geopolitical tensions, provided that the economic outlook supports strong performance and increased US capital flows into European equities [1][2]. Group 1: Market Predictions - Wall Street strategists predict that the Stoxx Europe 600 Index will rise approximately 4% by the end of 2026, reaching around 626 points from its recent closing level [1]. - HSBC has raised its target for the Stoxx 600 Index from 640 to 670 points, indicating a potential upside of about 11% for the remainder of the year [2]. - UBS anticipates that the Stoxx 600 Index could reach 650 points, driven by profit growth and strong economic performance in Europe [6]. Group 2: Economic and Policy Factors - The bullish outlook from Goldman Sachs and HSBC is based on European economic resilience, profit growth, loose monetary policy, and accelerated fiscal spending [2]. - Significant fiscal support is expected, including over €2 trillion (approximately $2.3 trillion) for AI and clean energy investments, along with a €500 billion infrastructure fund from the German government [9]. - The European stock market is currently trading at a forward P/E ratio of around 15, suggesting double-digit earnings growth for the year [10]. Group 3: Sector Performance and Investor Sentiment - The Stoxx 600 Index has risen nearly 3% this year, following a 17% increase in 2025, with semiconductor, defense, and mining stocks leading the gains [9]. - A survey indicates that 95% of European fund managers expect the stock market to rise in the next 12 months, marking a record high [14]. - Investors are increasingly interested in diversifying their portfolios away from the US market, particularly favoring European value stocks [15].

1月23日，在全球金融版图重构的当下，黄金正从避险资产转变为投资组合的战略核心。FXGT表示， 私人部门投资者正积极效仿全球央行的动作，通过大规模增持黄金实现资产多元化。受此趋势推动，高 盛近期已将 2026 年 12 月的金价目标从 4900 美元大幅上调至 5400 美元，上调幅度超过 10%。FXGT认 为，这一调整反映了市场对宏观政策长期风险的深度忧虑，黄金已成为抵御货币不确定性的"终极保 险"。 黄金头寸的性质正在发生深刻变化。FXGT表示，不同于以往针对短期选举事件的对冲，目前私人投资 者购入黄金更多是基于对财政可持续性的长期考量，这种头寸具有极强的"粘性"，不会在短期内被轻易 平仓。同时，新兴市场央行的结构性购金需求依然强劲，FXGT表示，2026 年全球央行的平均月购买量 预计将维持在 60 至 70 吨的高位，这比 2022 年前的平均水平高出约 4 倍，为金价提供了坚实的底部支 撑。 在货币政策方面，随着美联储在 2026 年有望进一步降息 50 个基点，持有黄金的成本将继续下降。事实 上，自 2025 年初以来，西方黄金 ETF 的持仓量已激增约 500 吨，其增长速度已远超纯粹基于降息 ...

内容摘要 亚太地区并购活动驱动因素： 全球并购活动驱动因素： 2026年全球并购格局将以战略重塑与规模化布局为核心特征。庞大的公开市场资金与私募资本、人工智能 （AI）对宏观环境的深刻影响，以及更具建设性的监管和经济环境，共同推动新一轮并购热潮的到来。 驱动2026年并购活动的主要趋势 亚太地区 公司治理改革 科技创新热潮兴起 财务投资机构寻求资本部署机遇 创新超级周期驱动战略性增长 私募市场成为并购交易核心枢纽 复杂交易亟需灵活资本解决方案 主动应对激进投资者行动 公司治理改革 1 一轮公司治理改革浪潮提升了企业透明度与问责机制，有助企业明确估值，为本地与国际买 方、卖方及投资者创造了更具吸引力的机遇。 科技创新热潮兴起 2 科技创新与战略扩张的浪潮，为亚太关键行业的整合与转型营造了更具活力的环境，推动更多 超大型交易出现。 财务投资机构寻求资本部署机遇 私募股权投资公司对高价值增长机遇的日益关注，以及对资本部署需求的增加，促使亚太地区 的财务投资机构并购活动更为活跃。 全球 创新超级周期驱动战略性增长 AI因素：自建、收购、转型 不同于以往科技驱动的变革，AI正同步颠覆所有行业，从而拓宽了跨行业战略性并购 ...

高盛研究部表示，尽管 2026 年的股票涨幅可能不如 2025 年，但 全球牛市有望在盈利和经济增长的加持下延续 。 2026 年全球经济有望在所有地区持续 扩张，并且预计美联储将提供进一步的适度宽松。 高盛研究部首席全球股票策略师 彼得 · 奥本海默（ Peter Oppenheimer ） 在题为《 2026 年全球股票策略展望：科技强音 —— 牛市拓宽》的报告中写 道： " 鉴于这种宏观背景，即使估值较高， 如果没有经济衰退，股市出现大幅调整或进入熊市的可能性都不大 。 " | 指数 | 当前 | 目标价 | 每股收益增长 | | --- | --- | --- | --- | | 标普500 | 6940 | 7,600 | 12% | | STOXX 600 | 614 | 625 | 5% | | 东证指数 (TOPIX) | 3659 | 3,600 | 12% | | MSCI 亚太 (除日本) 759 | | 825 | 19% | 尽管 2025 年股市表现强劲，跑赢大宗商品和债券，但涨幅并非一帆风顺。股市在年初表现不佳，标普 500 指数在 2 月中旬至 4 月期间经历了近 20% 的调 ...

全球最大黄金ETF--SPDR Gold Trust持仓较上日增加2吨，当前持仓量为1079.66吨。 摘要周五(1月23日)亚市盘中，贵金属金银铂钯齐涨，现货白银突破99美元关口，新年首月涨超38%， 100美元近在咫尺，现货黄金站上4950美元/盎司关口，再创历史新高，距5000美元大关不足50美元。A 股黄金概念持续拉升，中国黄金、豫光金铅涨停，白银有色4连板，湖南白银、盛达资源、晓程科技、 四川黄金跟涨。 周五(1月23日)亚市盘中，贵金属金银铂钯齐涨，现货白银突破99美元关口，新年首月涨超38%，100美 元近在咫尺，现货黄金站上4950美元/盎司关口，再创历史新高，距5000美元大关不足50美元。A股黄金 概念持续拉升，中国黄金、豫光金铅涨停，白银有色4连板，湖南白银、盛达资源、晓程科技、四川黄 金跟涨。 国内品牌金饰克价随之大涨，多家品牌金店金饰价格突破1500元/克，今日老庙黄金足金饰品报价1548 元/克，较昨日大涨52元，相比一月初更是涨幅约150元/克；周生生足金饰品报1545元/克，较昨日大涨 53元；周大福足金饰品报1542元/克，较昨日大涨44元；周六福足金饰品报1533元/克，较 ...

据新华社，国际黄金和白银价格23日均创历史新高。伦敦现货黄金价格一度涨破每盎司4959美元，现货白银价格一度触及每盎司96.91美元。 现货黄金继续大涨，站上突破4900美元/盎司，刷新历史新高，日内涨超2%。 高盛将黄金今年底目标价从每盎司4900美元上调至5400美元 高盛将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和中央银行对黄金的需求不断增长。 高盛分析师在报告中指出，预计各国央行今年每月将购买60吨黄金，同时随着美联储降息，黄金ETF的持有量也将增加。高盛分析师称，各国央行已开始 通过传统的ETF，与私人部门投资者争夺有限的黄金。 来源：新华社、智通财经、扬子晚报 ...

据交易所数据显示，截至8点30分，国内黄金（99.95%）最新报价为1104.52元/克，上涨1.53%。 本轮金价上涨核心驱动来自美元信用削弱与国际货币体系动荡，叠加地缘政治风险与全球宽松政策带来 的抗通胀需求。全球央行持续开启购金潮，中国央行已连续14个月增持黄金，多国"抛美债买黄金"的配 置趋势，为金价底部提供了坚实支撑，成为推动黄金中长期上行的核心逻辑之一。 来源：市场资讯 1月23日早盘现货黄金价格突破每盎司4955美元，创下历史新高，周内累计涨幅接近8%。美元走软成为 本次上涨的核心短期推手，此前美国公布的三季度经济增速略高于初值，初请失业金人数增幅低于市场 预期，就业市场与消费端展现出较强韧性，进一步提升了黄金作为避险资产的配置吸引力。 高盛上调金价预期，强化市场长期看涨情绪 高盛最新研报将2026年12月黄金目标价从4900美元上调至5400美元，认为私人部门为对冲全球政策风险 的多元化黄金配置正在落地，且2026年不会出现大规模抛售。其指出2026年各国央行月均购金将达60 吨，美联储降息将推动黄金ETF持仓上升，政策风险对冲头寸将维持稳定，显著强化了市场长期看涨信 心。 去美元化叠加央行购 ...

A strong resurgence in investment banking and trading activities resulted in a strong showing for the banks in the December 2025 quarter. Notably, even amid this robust performance, Goldman Sachs (GS) stood out in particular. Not only did its earnings handily beat Street expectations, but the banking major also increased its quarterly dividend by 12.5% to $4.50 per share. The increased dividend will be paid on March 30 to shareholders of record on March 2. Notably, the company has been raising dividends ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

现货黄金继续大涨，站上突破4900美元/盎司，刷新历史新高，日内涨超2%。 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 高盛将黄金今年底目标价从每盎司4900美元上调至5400美元 高盛将黄金今年底目标价从每盎司4900美元上调至5400美元，理由是私人部门投资者和中央银行对黄金的需求不断增长。 高盛分析师在报告中指出，预计各国央行今年每月将购买60吨黄金，同时随着美联储降息，黄金ETF的持有量也将增加。高盛分析师称，各国央行已 开始通过传统的ETF，与私人部门投资者争夺有限的黄金。 下载财联社APP获取更多资讯 ...