Core Insights - Porsche's share price has experienced a significant decline, dropping to €42.35, marking its lowest level since November 2021, and is now 14% below its highest recorded price [1] Group 1 - The latest vehicle delivery data released by Porsche has contributed to the ongoing decline in share price [1]

Core Insights - The return of international capital to the Hong Kong market is significant, with estimates suggesting that 50% to 60% of previously exited foreign capital has returned, indicating a strong recovery in market confidence [1][3] - The Hong Kong market is expected to remain vibrant in 2025 and 2026, with a forecast of 117 new IPOs in 2025, raising a total of 285.69 billion HKD, marking a substantial increase from 2024 [6] Group 1: International Capital Flow - International long-term capital is increasingly returning to China, with participation in IPOs rising from 10%-15% in early 2024 to 85%-90% [2] - The return of foreign capital is driven by the attractiveness of Chinese technology and consumer stocks, which are gaining recognition and investment from international funds [3][4] Group 2: Market Activity and IPO Trends - The Hong Kong IPO market is expected to maintain high activity levels, although the number of A-share companies listing in Hong Kong may decrease compared to 2025 [6] - The market is witnessing a shift towards independent listings, particularly in the AI sector, with expectations of more companies from the AI industry and its supply chain going public [3][6] Group 3: Market Challenges and Concerns - Despite the positive outlook, there are concerns regarding potential IPO failures, as evidenced by several new stocks experiencing significant drops in their first trading days [7] - The phenomenon of IPO failures is viewed as a temporary adjustment rather than a fundamental market shift, with recent market sentiment indicating a recovery [7]

Group 1 - Citigroup has significantly raised its silver price target for the next 0-3 months from $62/oz to $100/oz, while also bullish on gold at $5000/oz, driven by escalating geopolitical risks, persistent physical market shortages, and expectations of easing monetary policy due to doubts about the Federal Reserve's independence [1] - UBS predicts that silver may outperform gold by 2026, driven by industrial demand growth in sectors like renewable energy and AI, with a forecast of reaching $100/oz in the first half of the year, but potentially falling to around $75/oz by year-end due to the nearing end of the Fed's easing cycle [1] - Goldman Sachs emphasizes that silver is more sensitive to capital flows due to the lack of central bank reserve demand, predicting continued price increases but with significantly higher volatility and uncertainty compared to gold [1] Group 2 - JPMorgan maintains a cautious outlook, projecting an average silver price of $40.1/oz for 2026, acknowledging that geopolitical risks and global debt issues will support silver prices, but the pace of increase may be slower [2] - Bank of America provides a wide price range forecast for silver, suggesting it could peak between $135 and $309/oz, based on the expectation that gold reaching $5000/oz will drive silver's rise, alongside supply-demand gaps and industrial demand growth, though no specific timeline is given [2] Group 3 - GF Futures notes that bullish funds are significantly increasing their positions in silver through ETFs and physical delivery, driving prices higher, while global inventory tightness has not truly eased, potentially suppressing industrial demand [5] - The firm warns that the current high price levels may lead to a correction due to irrational price movements driven by short-term capital sentiment, suggesting a cautious approach with light long positions above $70/oz [5]

Economic Data and Market Reactions - Recent economic data and statements from several Federal Reserve officials indicating a lack of urgency to cut interest rates have dampened market optimism regarding multiple rate cuts this year, leading to profit-taking in the gold market and a noticeable decline in international gold prices [1] - The latest data shows that the number of first-time unemployment claims in the U.S. was lower than expected, and the New York Fed manufacturing index for January significantly exceeded expectations, reflecting the resilience of the U.S. economy [5] - As a result of strong earnings reports from major banks and chip companies, investor sentiment was boosted, leading to a collective rise in the three major U.S. stock indices on the same day [5] Gold and Silver Market - International gold prices fell on January 15, with February futures closing at $4,623.70 per ounce, a decrease of 0.26% [8] - In contrast, silver prices experienced slight gains, with March futures closing at $92.347 per ounce, up by 1.05%, following the White House's announcement to delay tariffs on key minerals, including silver [8] Performance of Major Banks - Morgan Stanley and Goldman Sachs reported impressive fourth-quarter earnings for the 2025 fiscal year, with both companies achieving double-digit growth in net revenue and earnings per share [11] - Morgan Stanley's revenue growth was bolstered by increased income from AI-related bond underwriting and financing, while Goldman Sachs reported record stock trading revenue of $4.31 billion, the highest in Wall Street history for a single quarter [11] - Following these strong earnings, Morgan Stanley's stock rose by 5.78% and Goldman Sachs by 4.63%, both reaching historical highs, which also positively impacted other bank stocks [11] European Market Performance - Recent data indicated that Germany's GDP grew by 0.2% in 2025, ending two consecutive years of contraction, which helped boost investor confidence [14] - The performance of European stock indices was mixed, with the UK market rising by 0.54%, while France and Germany saw slight declines of 0.21% and an increase of 0.26%, respectively [14] Oil Market Trends - International oil prices saw a significant decline, with light crude oil futures for February closing at $59.19 per barrel, down by 4.56%, and Brent crude for March at $63.76 per barrel, down by 4.15% [17] - This drop was attributed to a combination of factors, including increased U.S. commercial crude oil inventories and a statement from President Trump indicating a wait-and-see approach regarding the situation in Iran, which alleviated investor concerns [17]

Group 1 - LME copper futures prices have declined from historical highs, dropping by 2% to $13,033 per ton, following a significant rise in basic and precious metals earlier in 2026 [1] - Goldman Sachs analysts predict a more severe decline in copper prices, forecasting a drop to $11,000 per ton by the end of 2026 due to worsening market fundamentals, rising global inventories, increased scrap supply, and underwhelming demand [1] - The recent price movements are largely driven by speculative capital inflows, and Goldman Sachs believes that most of the price gains have already been realized, making copper prices more susceptible to corrections [1] Group 2 - Analysts remain optimistic about copper prices, citing a resurgence in demand from the renewable energy and artificial intelligence sectors, which is expected to support long-term price stability due to anticipated supply shortages [2] - A recent correction of a technical paper by NVIDIA revealed that a traditional one-gigawatt data center requires only about 200 tons of copper, rather than the previously stated 50,000 tons, alleviating concerns about severe copper shortages [3] - Despite the correction, demand from the renewable energy, artificial intelligence, and construction sectors is likely to continue supporting the copper market [3]

Core Insights - Institutions are increasingly interested in crypto and prediction markets, with Goldman Sachs significantly enhancing its research and discussions on these technologies, focusing on stablecoins, asset tokenization, and regulated prediction markets [1][2] Group 1: Goldman Sachs' Initiatives - Goldman Sachs is evaluating how crypto technologies can expand and accelerate its core business operations over the long term, with senior leadership actively involved in this assessment [2] - The firm has already tested tokenization by offering tokenized money market funds through its GS DAP platform in collaboration with BNY Mellon, allowing for faster movement and settlement of shares using blockchain technology [4] Group 2: Market Trends and Developments - The tokenized real-world assets (RWA) sector, excluding stablecoins, grew significantly in 2025, reaching between $18 billion and $33 billion, driven by tokenized U.S. Treasuries, private credit, and money market funds [5] - The passage of the GENIUS Act in July 2025 established the first federal regulatory framework for dollar-backed stablecoins, requiring 1:1 reserves and oversight by federal or state regulators, marking a significant regulatory milestone [7]

杰富瑞将高盛目标股价从1087美元上调至1125美元。 ...

Economic Outlook - Goldman Sachs projects China's real GDP growth to reach 4.8% in 2026, surpassing the market consensus of 4.5% [1] - Structural challenges such as weak consumer spending and a sluggish labor market persist, although the drag from the declining real estate market is expected to lessen [1] - The firm anticipates that increased exports and a reduction in the negative impact of the real estate sector will lead to a faster-than-expected economic growth this year [1] Trade and Inflation - The forecast for Producer Price Index (PPI) inflation is -0.7%, slightly better than the consensus expectation of -1.0% [2] - The PPI has been in deflation for over three years, prompting the government to implement "anti-involution" policies to curb price competition among manufacturers [2] - Goldman Sachs expects the current account surplus to rise from 3.6% of GDP in 2025 to 4.2% in 2026, contrary to the consensus prediction of a decline to 2.5% [2] Export Dynamics - The resilience of Chinese exports is attributed to three factors: rapid expansion of exports to emerging markets, limited ability of other countries to impose trade barriers against China in key mineral sectors, and greater growth potential in high-tech exports [5] - The firm predicts that export prices, measured in USD, will turn positive in 2026, increasing from -2.7% last year to 0.7% [6] Consumer and Labor Market - The labor market in China has been weak, with employment indices at their lowest levels in a decade, and nominal wage growth expected to slow to 3.8% year-on-year by Q3 2025 [7] - Targeted government policies are anticipated in 2026 to alleviate labor market pressures and support income growth, including subsidies for labor-intensive services and increased minimum wages [7] - Despite a forecasted slowdown in household consumption growth, government consumption is expected to accelerate, balancing the overall contribution of consumption to GDP growth [7] Real Estate Market - The Chinese real estate sector is in its fifth year of decline, with most activity indicators down by 50%-80% from peak levels in 2020-2021 [8] - There are no signs of stabilization in the real estate market, with high housing inventory and severe financing conditions for major developers [11] - Goldman Sachs predicts that the drag from the real estate sector on GDP growth will decrease by 0.5 percentage points annually, although it will still negatively impact growth in the coming years [11] Risks to Growth Outlook - The growth forecast faces slight downward risks due to weaker-than-expected momentum and a lack of urgency for significant policy easing from decision-makers [12] - Potential risks include renewed tensions in US-China relations, increased trade barriers from major trading partners, and intensified financial pressures on local governments and banks [12]

Seems like Wall Street saved the best for last. Goldman Sachs capped off a week of big bank earnings calls with a blockbuster report on Thursday that made Wall Street history. Joining the investment bank was rival Morgan Stanley, which similarly reported gangbuster earnings. Big banks are officially playing offense once again. Some of them, anyway. JPMorgan Chase, Bank of America and Citi, which reported their quarterly performance earlier in the week, didn’t fare as well. SUBSCRIBE:  Receive more of ou ...

高盛称，全球原油市场"先把风险写进去了"，已经将伊朗供应中断计入预期。 高盛指出，这相当于把"油价风险溢价"与"潜在供应缺口"的映射关系摆到台面上：当前涨幅对应的，并 非极端断供，而是一个被市场认为可能持续的中断量级。 期权市场：70美元区间的概率上调 期权市场的定价更加明确地反映了这种担忧。 1月16日，据追风交易台消息，高盛在最新研报中称，布伦特原油今年以来上涨近6美元/桶至66美元/桶 以上，在其定价框架下，这一涨幅相当于市场已将未来12个月持续70万桶/日的伊朗相关供应中断计入 价格。 研报还指出，期权市场数据进一步印证了这一风险溢价：布伦特原油3个月远期合约到期时触及70美元 区间的概率从两周前的不到7%大幅升至15%，高于80美元/桶的概率仍偏低，为5%。 高盛还特别指出，供给端的另一条线索是，委内瑞拉增供预期在发酵。同时，重质油相对轻质油的品质 价差扩大约2美元/桶，与其"年末委内瑞拉重油产量增加30万桶/日"的假设一致。 伊朗风险：现货价格已在"对照"70万桶/日的中断 报告指出，全球原油市场正在计入与伊朗相关的显著供应中断风险： 布伦特升至66美元/桶以上、年初至今上涨近6美元/桶，结合其定 ...