Core Viewpoint - Market focus is shifting towards the timing and implications of potential Federal Reserve interest rate cuts, particularly for equity sectors like banks and homebuilders, as easing may occur if inflation pressures continue to decrease [1][2]. Group 1: Impact on Banks - Banks are highly sensitive to interest rate changes, with their income largely derived from the spread between deposit rates and loan rates. Higher funding costs and cautious borrowing have limited profit growth for major US banks like JPMorgan Chase & Co. and Bank of America Corp. [5][6]. - A shift towards lower rates could stabilize net interest margins, as competition for deposits may ease, allowing banks to retain customers without further rate increases [7]. - Lower borrowing costs could enhance demand for loans, including mortgages and business loans, potentially improving bank revenues after a period of stagnation [8]. - However, if rate cuts are driven by economic stress, there could be an increase in loan defaults, making credit risk a critical variable for banks [9]. - Many bank stocks are trading below historical price-to-book averages, and if earnings expectations stabilize, there could be a re-rating of financials as confidence in balance sheet strength improves [11]. Group 2: Impact on Homebuilders - The housing sector is particularly sensitive to interest rates, with mortgage rates closely following long-term Treasury yields. Changes in rates can significantly affect buyer behavior [12]. - A rate cut cycle could improve mortgage affordability, unlocking demand from buyers who previously delayed purchases due to high monthly payments [14]. - Limited housing supply relative to historical norms could magnify price effects if demand recovers faster than supply, allowing builders to regain pricing power [15]. - Despite lower rates, construction costs remain high, and labor shortages could impact profit growth. Builders with national scale and efficient supply chains may be better positioned to protect margins [16]. - Homebuilder stocks often serve as forward indicators for broader consumer health, with strength in this sector potentially reinforcing optimism about discretionary spending [17]. Group 3: Yield Curve and Economic Indicators - The shape of the yield curve is crucial for both banks and homebuilders. A steeper curve benefits banks by widening the gap between lending rates and deposit costs, while lower long-term yields lead to cheaper mortgage rates for homebuyers [18]. - If the Fed cuts short-term rates while long-term yields remain stable, both sectors could benefit. However, if long-term yields fall sharply due to anticipated economic slowdowns, housing affordability may improve, but banks could face weaker loan demand and rising credit risk [19]. - Key indicators to watch include inflation data, labor market conditions, mortgage rate trends, and bank earnings guidance, as these will help determine whether rate cuts support or undermine the banking and housing industries [20][21][22][25]. Group 4: Investment Positioning - Bank stocks and homebuilders are often viewed as early cycle trades, typically outperforming when monetary policy shifts from restrictive to neutral and growth remains intact. Timing is critical, as entering too early may expose investors to downside risks, while waiting too long could result in missing initial phases of multiple expansions [26]. - Diversified banks with strong capital levels and stable deposit bases are better positioned than those with heavy exposure to riskier credit segments. Similarly, builders with national footprints and flexible pricing strategies may be more capable of converting improving demand into earnings growth [27]. - The Fed's next rate cut window is not just a macro headline but a potential catalyst for leadership changes across the equity market, with the performance of banks and homebuilders depending on the economic backdrop accompanying the cuts [28].

◎记者 陈佳怡 申畅是渣打银行（新加坡）有限公司中资企业海外事业部执行总监，也是渣打银行负责东盟市场的"走 廊银行家"。谈起近期的工作节奏，她告诉上海证券报记者："以前年底到圣诞、元旦，多少能有时间放 松一下，现在却一直很忙，业务要推进、项目要落地、政策要解读，节奏根本慢不下来。" 这种节奏的转变，早已超出个体感受，成为中企出海进入"深耕时代"的直观注脚。"机遇不断涌现""中 企出海仍是大势所趋""创新技术会是中企出海的核心竞争力"……近期，上海证券报记者采访了多位外 资金融机构相关负责人，他们普遍看好服务中企出海的业务前景，并表示将持续扮演好外资金融机构 的"桥梁"作用，持续加大服务中企出海的资源配置。 在这一过程中，出海模式、行业赛道、区域布局等诸多维度在发生深刻变革。洪纪伦表示，这些变化包 括：从制造业到新能源、新消费等新兴产业，从加工为主向全球价值链上游转移，从并购到绿地投资， 从以国企为主到民企引领，从单一流向到全球布局和建立区域中心等。 具体到东盟市场，申畅观察到，早期（2018年左右）中企出海主要是将东盟作为生产加工基地，进行来 料加工后出口欧美，形成了越南制造、泰国制造、马来西亚制造等模式。如 ...

摩根大通第四季度投行业务手续费收入意外走低，并购咨询收入也下滑。该行将部分原因归咎于原定于 当季完成的交易被推迟至2026年。高盛和摩根士丹利等竞争对手同期咨询收入则大幅增长。 据知情人士透露，摩根大通领导层已告知公司的投资银行家，需要更加努力地缩小与高盛等竞争对手之 间在并购方面的差距。 知情人士表示，该公司全球银行业务联席主管John Simmons和Filippo Gori本月在一次内部会议上向员工 传达了上述信息。联席主管还称该团队2025年的并购业务表现不佳，需要提升才能重新赢回市场份额。 据知情人士透露，该银行的全球咨询和并购主管Anu Aiyengar也在例行会议上向员工加以强调。由于涉 及机密信息，知情人士要求匿名。 "和往年一样，我们会找出可以改进的地方，"摩根大通商业及投资银行全球通讯主管Brian Marchiony表 示，"今年年初，我们的银行家在欧洲和美国进行了客户巡访，我们对2026年表示乐观。" 责任编辑：丁文武 据知情人士透露，摩根大通领导层已告知公司的投资银行家，需要更加努力地缩小与高盛等竞争对手之 间在并购方面的差距。 知情人士表示，该公司全球银行业务联席主管John Si ...

Experienced retirement research expert to help meet increased demand for actionable retirement insights NEW YORK, Jan. 27, 2026 /PRNewswire/ -- J.P. Morgan Asset Management today announced the appointment of Pam Hess as Executive Director and Retirement Strategist on the Retirement Insights team reporting to Michael Conrath, Chief Retirement Strategist. This key hire reflects the firm's ongoing commitment to investing in resources that help financial professionals, participants and plan sponsors navigate to ...

Core Insights - Wall Street is significantly investing in AI, integrating it into various operations, which is transforming workflows and workplace culture [1][2] - The adoption of AI is expected to redefine 44% of the work performed at banks by 2030, indicating a substantial shift in the industry [2] Group 1: Investment and Integration - Banks are pouring billions into generative AI, affecting everything from trading floors to back offices [1] - The integration of AI is changing the roles of software engineers and junior bankers, as well as influencing C-suite dynamics [1] Group 2: Future Outlook and Challenges - The shift towards AI is in its early stages, with firms exploring the deployment of autonomous AI agents [2] - Bank leaders are facing challenges related to AI-powered cyberattacks and are under pressure from analysts regarding the return on their significant investments in AI [2]

Core Insights - Nearly 60% of the largest banks in the U.S. are either already offering Bitcoin-related services or expect to do so, indicating a significant trend towards Bitcoin adoption in the banking sector [1][5] Group 1: Current Offerings and Initiatives - Major U.S. banks such as JPMorgan Chase have launched Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley provide Bitcoin exposure primarily to high-net-worth clients [2] - U.S. Bank and BNY Mellon are among the first systemically important banks to offer custody services for Bitcoin [3] - PNC Group has launched both Bitcoin custody and trading services, while State Street and HSBC's U.S. operations have announced custody plans [5] Group 2: Exploratory Stages and Recommendations - Some banks, including Citigroup and Fifth Third, are still in the exploratory stages regarding custody and trading offerings [6] - Bank of America has recommended that clients allocate up to 4% of their portfolios to cryptocurrencies, reflecting a shift in stance even among banks without direct Bitcoin products [4][9] - Bank of America also plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds (ETFs), which provide direct exposure to Bitcoin [10] Group 3: Banks Yet to Enter the Market - Despite the growing momentum, a significant minority of large U.S. banks have not yet announced Bitcoin-related products or plans, with nine banks remaining on the sidelines [7][8][11]

Core Viewpoint - JPMorgan Chase & Co. is recognized as one of the best dividend stocks to buy in 2026, reflecting its strong performance and diversified business model [1] Group 1: Analyst Ratings and Performance - RBC Capital analyst Gerard Cassidy reiterated an Outperform rating on JPMorgan with a price target of $330, highlighting the bank's best-in-class performance and diversified business mix [2] - Cassidy noted that JPMorgan's long-term investments have strengthened its balance sheet, contributing to one of the most profitable banking models in the industry [2] - The bank is well-prepared for the Federal Reserve's updated Basel III "endgame" proposal [2] Group 2: New Initiatives - JPMorgan launched a new advisory group focused on helping companies and financial sponsors raise capital in private markets, indicating a strategic push into alternative assets [3] - The new unit, named Private Capital Advisory & Solutions, will be led by Keith Canton, who has extensive experience in capital markets [4] - Tilman Pohlhausen will oversee the global efforts of the new structure, reporting to Canton [5] Group 3: Market Position - JPMorgan continues to dominate Wall Street, maintaining its position as the world's top investment bank and generating the highest fees in 2025 according to Dealogic data [5] - The company is one of the largest financial institutions globally, with a wide range of operations including investment banking, consumer banking, commercial banking, payments, and asset management [6]

研报仍然认为，如果美国最终推进分阶段的精炼铜进口关税，COMEX/LME之间可能再次出现剧烈错位，甚至引发新一轮库存抽空与价格上冲。但他们同时 强调，这个故事至少在春节前后是不成立的。 在此之前，团队的判断是，铜价面临基本面驱动的短期回调风险，但在12,000美元附近，仍可能获得阶段性支撑。 1月26日（周一），在最新一期《金属周报》中，以Gregory Shearer为首的摩根大通（JPMorgan）大宗商品研究团队给出了较为悲观的预测：铜价仍然居高 不下，但基本面支持显现出明显的疲软迹象。 研报中称，年初以来铜价一直维持在每吨13,000美元左右，主要原因更多的是宏观资金和人气支撑，而非现货供应和需求改善。由于中国和海外市场库存同 时增加，这种"价格领先于基本面"的状态正变得越来越不可持续。 从供应面来看，形势并不吃紧。 COMEX/LME套利结构在前端出现反转，导致铜重新流入美国LME仓库，仅一周时间，美国LME库存就增加了1万吨以上；同时，亚洲仓库也有近2万吨交 割。 在库存回升的推动下，LME铜价曲线迅速从深度现货升水切回贴水。现货铜较三个月期铜的价差从每吨近100美元升水转为约75美元的贴水，这是 ...

J.P. Morgan (JPM) is the largest bank in the U.S. (and the world), so investors pay close attention when this megabank loses more than 2% of its value on any given day. J.P. Morgan did just that on Friday, inclusive of its after-hours move. This decline came as President Donald Trump sued the bank, along with CEO Jamie Dimon, accusing the bank of severing its financial relationship with the previous president following the January 6th insurrection on the U.S. Capitol more than five years ago. The lawsuit ...

Group 1: Financial Performance and Offerings - JPMorgan Chase & Co. successfully completed $6 billion worth of public offerings, including $400 million of floating-rate notes due in 2032, $3 billion of fixed-to-floating-rate notes due in 2037, and $2.6 billion of fixed-to-floating-rate notes maturing in 2032, which will support the company's financing and liquidity management initiatives [1] - The bank reported positive fourth-quarter earnings, delivering core EPS that was $0.21 and $0.37 higher than TD Cowen's estimates and the Street consensus, respectively [2] - Despite the positive earnings report, the stock declined by nearly 2.3%, attributed to lower-than-anticipated investment banking fees for the quarter [3] Group 2: Analyst Ratings and Market Outlook - TD Cowen reiterated its Buy rating on JPMorgan Chase & Co. with an unchanged price target of $400, implying an upside potential of 34.35% from the current price level [2] - The bank operates through three segments: Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management [3]