证券研究报告 | 2026年03月22日 美股市场速览 弱于大市 资金加速流出，盈利显著上修 价格走势：多数行业回撤，能源与银行较强 本周，标普 500 指数-1.9%（上周-1.6%），纳斯达克综指-2.1%（上周-1.3%）。 风格：大盘价值（罗素 1000 价值-1.3%）＞小盘价值（罗素 2000 价值-1.5%） ＞小盘成长（罗素 2000 成长-1.8%）＞大盘成长（罗素 1000 成长-2.4%）。 3 个行业上涨，21 个行业下跌。上涨的主要有：能源（+2.8%）、银行（+1.7%）、 综合金融（+0.1%）；下跌的主要有：汽车与汽车零部件（-5.4%）、公用事 业（-5.0%）、食品与主要用品零售（-4.7%）、食品饮料与烟草（-4.6%）、 材料（-4.4%）。 资金流向：整体加速流出，少量流入能源 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-155.5（亿美元， 下同），上周为-27.1，近 4 周为-313.9，近 13 周为-464.9。 4 个行业资金流入，19 个行业资金流出，1 个基本持平。资金流入的主要有： 能源（+6.6）、银行（+2.1）、运输（+1.4 ...

Group 1 - Goldman Sachs and JPMorgan Chase are providing hedge fund clients with options to bet against the $1.8 trillion private credit market [1] - Goldman has created indexes that include European financial institutions and business development companies, while JPMorgan's offerings also feature alternatives managers and BDCs [2] - Bank of America previously had a basket of European financial firms exposed to private credit but has since retracted its recommendation for clients to bet against these companies [3] Group 2 - The private credit market is experiencing pressure due to a wave of investor redemptions, particularly from concerns about exposure to software companies affected by advancements in artificial intelligence [4] - The turbulence is primarily occurring in the US, where private credit funds have drawn significant investments from retail investors, leading firms like BlackRock, Morgan Stanley, and Cliffwater to impose withdrawal limits [5]

Core Viewpoint - Gemini, founded by the Winklevoss twins, positions itself as a leading cryptocurrency trading exchange, asserting its competitiveness against traditional finance institutions despite the ongoing evolution of decentralized finance (DeFi) [1] Group 1: Competition with Traditional Finance - Gemini has publicly criticized traditional banks, referring to them as "dinosaurs" and suggesting that they are not sustainable in the long term [2] - The crypto exchange believes that Wall Street banks, including JPMorgan, are attempting to undermine the crypto industry [4][5] Group 2: Dispute with JPMorgan - Gemini's co-founder, Tyler Winklevoss, accused JPMorgan of trying to "kill fintech and crypto companies" by imposing fees for accessing customer bank account information [4] - Winklevoss described JPMorgan's actions as part of a broader initiative, termed "Operation ChokePoint 2.0," aimed at restricting access to banking services for the crypto sector [5] - JPMorgan has denied these allegations, stating that it serves many crypto companies and is actively onboarding new clients, while attributing the issues to data harvesting concerns [6][5]

Core Viewpoint - Gold is increasingly viewed as a safe haven asset amid economic and geopolitical uncertainties, with potential for significant price increases in the future [1][3][6]. Group 1: Economic Context - Federal Reserve Chair Jerome Powell has indicated that stock prices are "fairly highly valued," suggesting a cautious outlook on equities [2][3]. - Concerns over the U.S. job market signal a slowing economy, contributing to investor interest in gold as a protective asset [2]. Group 2: Gold's Investment Potential - Jamie Dimon has suggested that gold could reach prices of $5,000 to $10,000 per ounce, indicating a bullish sentiment towards gold in the current environment [3][6]. - Gold prices reached an all-time high of $5,589.38 per ounce in January 2026, reflecting its appeal as a hedge against inflation and economic instability [6]. Group 3: Gold Ownership Considerations - Physical gold ownership incurs additional costs such as storage and insurance, which can affect its overall value [4]. - Gold is considered a natural hedge against inflation, with historical data showing significant erosion of purchasing power over decades [5]. Group 4: Market Dynamics - Despite increased demand for gold due to geopolitical tensions, prices have not consistently risen, raising questions about future price movements [11][12]. - Market experts are uncertain about gold's trajectory, with factors such as central bank purchasing behavior and jewelry industry demand influencing prices [12]. Group 5: Diversification Strategies - Prominent investors like Ray Dalio emphasize the importance of including gold in a diversified portfolio to mitigate risks during economic downturns [8]. - Gold IRAs offer a tax-advantaged way to invest in gold, combining the benefits of retirement accounts with the protective qualities of gold [9].

该发言人还表示，伊朗正寻求在当前冲突中建立可持续的安全路径，并强调伊朗的行动不仅是出于自卫，也是 为了维护地区安全。发言人称，伊朗将以"自身实力"应对相关威胁，并表示伊朗武装力量具备相关能力。 伊朗发出警告！ 据最新消息，当地时间3月21日，伊朗武装部队称，伊朗正在霍尔木兹海峡采取重大行动。如果伊朗的基础设 施遭到打击，伊朗将攻击美以更重要、更关键的基础设施。 值得关注的是，摩根大通策略师表示，因伊朗战争不确定性，下调标普500指数目标点位至7200点。摩根大通 称，霍尔木兹海峡石油运输中断引发的供应冲击，可能压缩企业利润并拖累经济增长。 伊朗：正在采取重大行动 据央视新闻报道，伊朗武装部队哈塔姆安比亚中央总部发言人当地时间21日表示，伊朗"正在霍尔木兹海峡采 取重大行动"。发言人强调，"如果打击伊朗的基础设施，伊朗将攻击（美以）更重要、更关键的基础设施"。 当地时间21日上午，伊朗纳坦兹核设施遭美国和以色列袭击。伊朗方面称，此举违反了包括《不扩散核武器条 约》在内的国际法律法规。 袭击发生后，伊朗核安全系统中心在该设施区域内开展了放射性物质泄漏可能性的技术和专家研究。研究结果 显示，该设施未发生放射性物质泄 ...

JPMorgan Chase & Co. strategists cut their price target on the S&P 500 Index, saying the upside potential for risk assets is “more constrained” by a war in the Middle East. Strategists led by Fabio Bassi slashed their year-end estimate to 7,200 points from 7,500, citing a supply shock stemming from the interruption of oil flows through the Strait of Hormuz that threatens to crimp corporate profits and economic growth. Most Read from Bloomberg “Geopolitical concerns and higher energy prices for longer w ...

The Trump Organization’s lawsuit accusing Capital One Financial Corp. of political discrimination and illegally closing its accounts in 2021 was tossed out by a judge, but he said the claims can be refiled if Trump’s company can fix its “deficient” complaint.During a hearing Friday, US District Judge Roy Altman in Miami granted Capital One’s request to dismiss the suit filed by President Donald Trump’s sprawling real estate company, which had accused the bank of closing hundreds of its business accounts out ...

J.P. Morgan Expands Options ETF Lineup With New ROC Duo J.P. Morgan Asset Management has expanded its options ETF lineup with the listing of the JPMorgan Nasdaq Equity Premium Income ETF (ROCQ)and the JPMorgan U.S. Equity Premium Income ETF (ROCY)on Nasdaq. While they share a DNA with their blockbuster predecessors, the JPMorgan Equity Premium Income ETF (JEPI)and the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), these funds introduce a strategic twist. Both combine actively selected equities with a dis ...

Key Takeaways Fed proposes easing capital rules, cutting requirements for large banks like JPM and BAC by 4.8%.Bank of America and peers may gain lending flexibility as rules shift to better align capital with risk.PNC Financial and Truist could expand mortgage activity as regulators ease burdens on holding such assets.The Federal Reserve has proposed easing post-crisis capital rules for U.S. banks, aiming to encourage lending while maintaining system stability. Large institutions such as JPMorgan (JPM) and ...

JPMorgan partnered with Palantir about 10 years ago to run an insider threat program.The system tracked employees' GPS locations, browser history, emails, and recorded call transcripts.They looked for signs of disgruntled employees and in some cases physically followed suspects after hours.The program was run by a former Secret Service officer.It fell apart in 2013 when JPMorgan executives found out they were being surveilled too, and the officer in charge was forced out.True story. ...