Group 1: Goldman Sachs - Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2.0 billion, expected to be paid in cash and equity [1] - The acquisition is anticipated to close in the second quarter of 2026, pending regulatory approvals and customary closing conditions [1] - Goldman Sachs shares fell 1.2% to close at $879.15 [4] Group 2: Capital One Financial - Capital One Financial was selected as a final trade by Hightower Advisors' chief investment strategist [2] - Wolfe Research analyst initiated coverage of Capital One with an Outperform rating and set a price target of $270 [2] - Capital One Financial gained 0.8% to settle at $241.61 during the session [4] Group 3: Monster Beverage Corporation - Monster Beverage Corporation was named as a final trade by Virtus Investment Partners' senior managing director [2] - Stifel analyst maintained a Buy rating on Monster Beverage and raised the price target from $78 to $82 [3] - Monster Beverage shares rose 0.7% to close at $75.34 [4]

Core Viewpoint - KBW has raised the target prices for major financial institutions, indicating a positive outlook for these companies in the investment banking sector [1] Group 1: Target Price Adjustments - KBW increased JPMorgan's target price from $354 to $363, reflecting a bullish sentiment towards the company's performance [1] - Morgan Stanley's target price was raised from $184 to $202, suggesting confidence in its growth potential [1] - Goldman Sachs saw its target price increase from $870 to $971, indicating strong expectations for its future earnings [1]

Group 1 - Goldman Sachs indicates that the Federal Reserve may be more willing to cut rates next year than previously expected, following recent policy easing and Chairman Jerome Powell's cautious stance on labor market risks [1] - Chief Strategist Josh Schiffman notes that Powell's recent press conference highlighted increasing concerns within the Fed regarding the sustainability of employment conditions, suggesting a lower threshold for additional rate cuts [1] - Powell acknowledged a gradual cooling of the labor market but warned that recent employment data might exaggerate potential job growth, emphasizing significant downside risks to labor conditions [1] Group 2 - Looking further ahead, Goldman Sachs expects the easing cycle to extend until 2026, with the federal funds target rate potentially falling to 3% or lower, reflecting a view that inflation will continue to moderate and labor market slack will increase [2] - Schiffman anticipates that as short-term yields decline due to policy easing, long-term yields will be supported by supply dynamics and term premium factors, leading to a steeper yield curve [2] - The combination of declining interest rates and a steepening curve suggests a weaker medium-term outlook for the dollar, especially if labor data confirms the Fed's growing concerns [2]

基于上述判断，高盛预计本轮宽松周期将延续至2026年，联邦基金目标利率有望降至3%或更低。该预 测建立在两项核心前提之上：一是通胀压力继续温和回落；二是劳动力市场出现更多疲软迹象，为美联 储解除剩余紧缩政策提供充分空间。 （文章来源：新华财经） "市场应更聚焦于失业率走势，而非总体非农就业增长。"Schiffrin指出。这一转变反映出美联储对劳动 力市场"闲置度"上升的警惕——即便新增就业岗位维持正值，若失业率持续攀升，仍可能触发政策响 应。 新华财经北京12月17日电高盛最新研报指出，美联储在2026年前或采取比市场此前预期更为积极的降息 路径。该机构认为，尽管当前货币政策立场仍以"按兵不动、评估数据"为主，但决策层对劳动力市场可 持续性的担忧正在上升，可能降低进一步宽松的门槛。 高盛全球银行与市场部首席策略官兼金融风险主管Josh Schiffrin表示，美联储主席鲍威尔在最近一次新 闻发布会上释放出明确信号：就业市场的结构性变化正引起政策制定者的高度关注。Schiffrin强调，未 来数月的就业数据将成为判断是否重启降息的关键依据，其中失业率指标的重要性已超越非农就业总人 数。 ...

Core Insights - Morgan Stanley is set to be the largest arranger in the Asia-Pacific equity capital markets for the second consecutive year, with a market share close to 10%, significantly ahead of its competitor Goldman Sachs [1][2] Group 1: Market Performance - Morgan Stanley completed a total of $27.9 billion in transactions across IPOs, primary market placements, block trades, and convertible bonds, surpassing Goldman Sachs by nearly $9 billion [2] - The market share of Morgan Stanley stands at 9.86%, marking the second-highest level for a leading bank in the past decade [2] Group 2: Regional Trends - The bank participated in several multi-billion dollar transactions in Asia, with a strong recovery in stock issuance in Hong Kong and India, leading to a record year for IPOs [2] - Four out of the five largest stock issuance locations this year are in Asia, specifically Hong Kong, India, mainland China, and Japan [2] Group 3: Future Outlook - The head of Morgan Stanley's Asia-Pacific Global Capital Markets, Saurabh Dinakar, anticipates continued growth in trading volumes in Hong Kong next year, with India also expected to see an increase in issuance due to several large-scale IPOs [2]

摘要今日周三(12月17日)亚盘时段，伦敦金目前交投于4324美元附近，截至发稿，伦敦金最新报4321.96 美元/盎司，涨幅0.46%，最高上探至4325.04美元/盎司，最低触及4300.39美元/盎司。目前来看，伦敦金 短线偏向震荡走势。 今日周三(12月17日)亚盘时段，伦敦金目前交投于4324美元附近，截至发稿，伦敦金最新报4321.96美 元/盎司，涨幅0.46%，最高上探至4325.04美元/盎司，最低触及4300.39美元/盎司。目前来看，伦敦金短 线偏向震荡走势。 【要闻速递】 高盛最新研报称，美联储或在2026年前采取比市场预期更积极的降息路径。尽管当前政策基调仍为"按 兵不动、评估数据"，但决策层对劳动力市场可持续性的担忧升温，可能降低进一步宽松的门槛。 基于此，高盛预计本轮宽松周期将延续至2026年，联邦基金目标利率或降至3%及以下。预测依托两大 前提：一是通胀继续温和回落；二是劳动力市场显现更多疲软迹象，为解除剩余紧缩政策提供空间。 【最新伦敦金行情解析】 黄金昨日再度收出十字星，日内整体呈现先涨后跌的节奏——早间走高，11点后承压回落。结合白银走 势来看，今日行情仍倾向于区间震荡为 ...

Core Viewpoint - Goldman Sachs anticipates that the Trump administration is likely to implement tariff reductions and fiscal stimulus measures before the upcoming midterm elections to boost voter sentiment [1][2]. Tariff Reductions - Goldman Sachs predicts that by the end of 2026, the effective tariff rate in the U.S. will decrease by approximately 2 percentage points from current levels, although it will still be 9.5 percentage points higher than early 2025 [1][10]. - The Supreme Court is expected to rule that tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) exceed its legal authority, which could lead to a significant reduction in tariffs [3][10]. - If the Supreme Court rules against the IEEPA tariffs, the Trump administration may need to rely on other legal authorizations, such as the Trade Act of 1974, which allows for tariffs of up to 15% for a period of 150 days [3][4]. - Current IEEPA tariffs contribute approximately 7.5 percentage points to the effective tariff rate, with a potential reduction of about 1.6 percentage points if tariffs are capped at 15% [4]. Fiscal Stimulus Measures - The Trump administration may also utilize fiscal policy to improve economic sentiment ahead of the midterm elections, with a potential second round of fiscal stimulus facing significant hurdles [5][8]. - Goldman Sachs estimates that the first round of fiscal measures will peak in its impact on growth by the second quarter of 2026, with tax refunds expected to increase by nearly $100 billion from February to April [5][6]. - There is a 50% probability that at least $1,000 in stimulus checks will be issued to Americans by the end of 2026, despite challenges in passing a comprehensive fiscal plan [6][8]. Housing Policy and Regulatory Reforms - Goldman Sachs believes that administrative measures related to housing are likely to be implemented, focusing on government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac [9][10]. - Potential options include adjustments in loan pricing, the introduction of 50-year mortgage products, and possibly expanding the GSEs' balance sheets to hold more mortgage-backed securities [9]. - Legislative reforms to simplify the National Environmental Policy Act (NEPA) are also expected to have a significant chance of becoming law in the coming months, which would streamline federal reviews of major infrastructure projects [10].

Core Insights - The article discusses the significant restructuring of investment banking teams at major firms like Goldman Sachs, Morgan Stanley, and JPMorgan in response to the booming AI infrastructure market, particularly in the TMT (Technology, Media, and Telecommunications) sector [1][2] - Goldman Sachs' recent report indicates a strong demand for AI server clusters, which is expected to continue growing through 2026, alongside robust demand for optical networking equipment and a moderate supply increase in the DRAM storage chip market [1][3] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating its telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1] - Another new unit, focused on global internet and media, will be led by Brandon Watkins and Alekhya Uppalapati, as the firm seeks to capitalize on large-scale investment opportunities in the AI sector [2] AI Infrastructure Demand - The demand for AI servers is projected to remain strong, with significant growth expected in AI ASIC clusters led by Google, outpacing AI GPU shipments, which will also see robust growth [2][3] - Nvidia's Rubin architecture AI GPU clusters are set to begin production in mid-2026, with strong capacity ramp-up anticipated in the latter half of that year [3] Market Predictions - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by widespread AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027, reflecting the positive impact of AI on corporate profitability [3][4] AI Investment Wave - The article highlights that the current wave of investment in AI infrastructure is just beginning, with projections estimating that the total investment could reach between $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4]

Core Insights - Major investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, are restructuring their TMT investment banking teams to capitalize on the booming AI technology sector [1][2] - Goldman Sachs' recent report indicates strong demand for AI server clusters, expected to continue through 2026, with optical network equipment also showing robust demand [1][3] - The AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1][2] - A separate global internet and media team will be led by Brandon Watkins and Alekhya Uppalapati, as part of the restructuring efforts [2] AI Market Dynamics - OpenAI plans to invest approximately $1.4 trillion in building large-scale AI infrastructure to support AI training and inference [2] - Demand for AI ASIC clusters, led by Google, is expected to grow faster than AI GPU shipments, which will also maintain strong growth [2][3] - The DRAM market is experiencing moderate supply growth, with demand significantly outpacing supply, leading to expectations of substantial price increases [3] Stock Market Outlook - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027 [3] AI Infrastructure Investment - The AI infrastructure investment wave is still in its early stages, with significant investments in AI hardware expected to continue [4] - The recent launch of Google's Gemini3 has sparked a new wave of AI applications, further validating the ongoing demand for AI computing infrastructure [4]

Core Viewpoint - Goldman Sachs anticipates that the Federal Reserve may be more willing to lower interest rates next year than previously assumed by the market [1] Group 1: Federal Reserve's Stance - Josh Schiffrin, Chief Strategist and Head of Financial Risk at Goldman Sachs, indicates that recent comments from Powell signal growing internal concerns within the Fed regarding the sustainability of employment conditions [1] - The Fed's current position remains to keep interest rates unchanged while assessing upcoming data, but the threshold for additional rate cuts may be lower than market concerns prior to the meeting [1] Group 2: Employment Reports and Economic Outlook - Upcoming employment reports will be crucial in determining whether the Fed will resume a more accommodative policy, with particular focus on the unemployment rate rather than the overall growth in non-farm payrolls [1] - Goldman Sachs projects that the easing cycle could extend until 2026, with the federal funds target rate potentially falling to 3% or lower, reflecting expectations of continued moderate inflation and increased slack in the labor market [1]