另类资管巨头阿波罗全球管理公司 (Apollo Global Management Inc.) 正与摩根大通、高盛集团、以及另 外三家银行合作交易私人信贷，并与华尔街最大的几家公司合作，在更大范围内发行投资级债券。据知 情人士透露，这些银行充当经纪自营商的角色，有时购买阿波罗发行的债券并将其计入自己的资产负债 表，有时则为第三方提供经纪和定价服务。花旗集团是正在与阿波罗洽谈交易合作的银行之一。额外的 流动性将使阿波罗能够以更快的速度发放更大额度的贷款，并支持其接触个人客户的努力。个人客户通 常需要比机构客户更频繁地赎回投资。（彭博） ...

苏文杰 (2) 0000 01 今年初，以DeepSeek为代表的一系列科技进展，一度引发中国资产价值重估。对于当前中国科技股的 表现，苏文杰仍然持乐观态度。 他表示："在科技股中已经有些细分板块表现得非常亮眼。硬件方面，我们比较关注自主可控相关行 业，半导体是一个很好的例子。此外，鉴于中国、日本和韩国都有望在接下来的50年间缩减大量的劳动 力密集型产业，因此人形机器人或者自动化生产相关板块会涌现巨大的机遇。" 软件方面，现阶段苏文杰更关注AI模型发展中能够提升生产效率的方向。他解释道，类似于移动互联 网，AI大模型同样可以划分为三个发展阶段：第一阶段是部署开发相应的基础设施，包括数据中心、 半导体设备等；第二阶段主要关注产品和服务开发的效能提升，即增加生产效率；第三阶段，将会有一 些头部公司取得突破性发展，进一步推动技术的大幅进步。 ◎记者 汪友若 "外国投资者对于中国市场的信心正在恢复，部分已经回到中性的看法，有些则已经重新调整为高配。 我仍然看好中国市场的表现。在亚太地区内，我们认为中国和印度市场都将维持上升的态势。"日前， 摩根大通亚太区股票研究部主管苏文杰（James Sullivan）在接受上海证 ...

Investment Rating - The report indicates an "Overweight" investment rating for the robotics industry, suggesting a positive outlook for future performance [17]. Core Insights - The robotics industry is experiencing significant advancements, particularly in the development of versatile robots capable of performing a wide range of tasks, which are increasingly recognized for their maturity and adaptability [6]. - Demand for robots is driven by their ability to operate in environments unsuitable for human presence, with humanoid robots expected to become integral to service robotics and gradually adopted in elder care facilities and households [6][9]. - Technological innovation is at the forefront, focusing on advancing embodied intelligence as a pathway to achieving artificial general intelligence (AGI), with collaborative research efforts driving a shift from single- to multi-scenario applications [7]. Summary by Sections Panel Discussion: Embodied AI: Robots Meet the Real World - The panel highlighted the near-term potential for humanoid robots to enhance operational efficiency in factories, warehouses, and elder care facilities, addressing labor shortages and improving safety [1][2]. Panel Discussion: Pioneering the Future: Chinese Robotics Companies and the Next Wave of Automation - The discussion explored medium-term opportunities for broader integration of robots into households, assisting with daily tasks and caregiving [1][2]. Demand Case and Market Potential - The future of robotics, particularly in warehousing and humanoid applications, is poised for significant growth, with a focus on developing lightweight, flexible, and easily deployable robots [9]. - The gradual implementation of humanoid robots in semi-structured industrial environments is anticipated to accelerate, reflecting a strategic shift towards versatile and reliable robotic solutions [9]. Supply Chain and Technological Advancements - Chinese robotics companies are focusing on commercialization, leveraging a sophisticated manufacturing supply chain to create robust hardware platforms and training targeted models for specific applications [9]. US-China Trade Dynamics and Collaboration - The humanoid robotics sector is a key area of competition and collaboration between the US and China, with both countries investing heavily in the technology despite geopolitical tensions [9].

资本流出美国，亚太交易活跃、并购热升温。 5月29日，据媒体报道，摩根大通亚太投行业务负责人Paul Uren在香港接受采访时表示，尽管他和团队 今年对亚太交易前景持谨慎态度，但亚洲正受益于资本从美国外流，今年亚太市场并购交易十分活跃。 数据显示，亚太并购交易总额同比增长32%。 Uren透露，摩根大通正抓住这个机遇，在亚太地区招兵买马，并积极与客户沟通并购交易等多项业务。 市场不稳定时期，反而是去并购其他公司的黄金时期，谁在动荡时期敢出手并购，最后往往赚得更多。 "日本和澳洲成了高发地带，相关案例数量正在激增，我们的投行团队现在投入大量时间， 帮助董事会认清自己有哪些弱点，以及该如何应对股东压力。" Uren称，另一个热门市场是印度。此前，印度市场因估值过高，资本有所观望。现在市场泡沫已部分挤 出，估值回归理性，反而吸引了更多关注。Uren表示，印度现在很受欢迎，几乎所有全球私募基金都将 印度列为优先投资对象之一。 风险提示及免责条款 亚太并购交易同比激增，日本成热点 根据彭博汇总的数据，亚太地区今年的并购热度很高，今年迄今为止，亚太地区的并购交易总额同比增 长32%。 其中，日本成为今年最活跃的并购市场之 ...

Expansion of Affluent Banking Services - JPMorgan is expanding its affluent banking services by opening 14 new J.P. Morgan Financial Centers across California, Florida, Massachusetts, and New York, increasing the total to 16 centers, with plans to nearly double this figure by 2026 [1][4] - These centers are designed to provide a personalized experience for affluent clients, featuring private meeting spaces and dedicated support from Senior Private Client Bankers [2][3] Capital Markets and Financial Performance - JPMorgan's capital markets business has shown a robust comeback, with investment banking fees increasing by 37% year over year last year, although they declined by 5% in 2023 [10][11] - The company's net interest income (NII) has a five-year CAGR of 10.1%, driven by high-interest rates and the acquisition of First Republic Bank [7][8] - Despite economic uncertainties, JPMorgan's NII is projected to increase by $1 billion this year, with a total NII outlook of $94.5 billion, reflecting a nearly 2% year-over-year growth [8][9] Asset Quality and Economic Outlook - JPMorgan's asset quality has been deteriorating, with provisions surging 169% in 2022, 45.9% in 2023, and 14.9% in 2024, alongside a significant increase in net charge-offs [20][21] - The company anticipates card net charge-off rates to be around 3.6% this year, with expectations of a rise in 2026 [22] Dividend and Shareholder Returns - JPMorgan announced a 12% increase in its quarterly dividend to $1.40 per share, following an 8.7% increase in September 2024, with a five-year annualized growth rate of 6.77% [18][19] - The company has authorized a new share repurchase program of $30 billion, with approximately $11.7 billion remaining as of March 31, 2025 [19] Valuation and Earnings Estimates - JPMorgan's stock has rallied 10.7% this year, outperforming the S&P 500 Index, but is trading at a forward P/E of 14.17X, above the industry average of 13.35X [23][26] - Earnings estimates for 2025 suggest a 7.1% decline year over year due to macro headwinds, while a 5% growth is expected for 2026 [29][33]

智通财经5月28日电，摩大通美国国债客户调查显示，截至5月27日当周，空头占比上升2个百分点，多 头下降2个百分点，中性占比保持不变。所有客户调查显示，空头占比创2月10日以来新高，净多头创2 月3日以来最低。 摩根大通美债客户空头占比创2月以来新高 ...

智通财经5月28日电，香港交易所信息显示，摩根大通在比亚迪股份的持股比例于05月23日从4.66%升 至5.04%，平均股价为467.0324港元。 ...

28日，外交部发言人毛宁主持例行记者会。有记者提问称，我们注意到，2025年全球贸易投资促进峰会 在北京举办期间，中国美国商会会长何迈可表示，关税战就像一场"事实验证"，证明中国是美国重要的 商品市场，也是美国商品重要的供应来源，摩根大通等多家美国企业表示，将持续在华投资，深耕中国 市场，参与中国经济增长和创新。发言人对此有何评论？对此毛宁表示，中美经贸关系的本质是互利共 赢，作为全球体量最大的两个经济体，经贸合作为两国企业和消费者带来了实实在在的利益。中美日内 瓦经贸会谈之后，美国采购商的订单激增，中美航运市场一船难求，充分反映了两国之间巨大的双向需 求，保护主义没有出路，我们欢迎包括美国企业在内的各国企业，在中国经营发展深化合作，共创机 遇，共享未来。(环球网) ...

Core Insights - JPMorgan Chase is accelerating the rollout of its affluent banking offering, with plans to open 31 J.P. Morgan Financial Centers by the end of 2026 [1][5] - The new branch format is designed to provide personalized services to affluent clients, including private meeting spaces and dedicated support from senior private client bankers [3][4] Expansion Plans - 14 new J.P. Morgan Financial Centers are set to open this week in California, Florida, Massachusetts, and New York, with most being former First Republic locations acquired in May 2023 [1][3] - The first two Financial Centers were opened in October 2023 in New York City and San Francisco [4] Client Service Strategy - The Financial Centers aim to redefine service for affluent clients by offering a seamless experience across banking, lending, and investments [2][4] - The integration of First Republic Bank is progressing, with plans to transform over 20 locations into J.P. Morgan branches catering to high-net-worth clients [6]

智通财经5月28日电，城堡证券已聘请摩根大通的Elan Luger领导其为机构客户处理大宗股票交易的业 务。知情人士表示，此前担任摩根大通全球高接触股票交易主管的Luger将负责城堡证券的高接触股票 业务。Luger将于9月起向Jim Esposito汇报工作。Esposito在确认人事任命的声明中表示，"在我们进一步 拓宽并深化我们的机构客户业务之际，我们很高兴欢迎Elan加入城堡证券。" 城堡证券聘请摩根大通高管Luger负责高接触股票业务 ...