智通财经APP获悉，香港联交所最新资料显示，1月5日，摩根大通增持阿里健康(00241)4666.8272万 股，每股作价5.2772港元，总金额约为2.46亿港元。增持后最新持股数目约13.14亿股，最新持股比例为 8.12%。 ...

香港联交所最新资料显示，1月5日，摩根大通增持阿里健康(00241)4666.8272万股，每股作价5.2772港 元，总金额约为2.46亿港元。增持后最新持股数目约13.14亿股，最新持股比例为8.12%。 ...

Core Insights - The restaurant POS market is highly competitive, with established processors facing challenges from fintech newcomers like Toast and Square [3] - Smaller restaurant segments have seen significant market penetration from newer entrants, who are also securing more favorable processing rates [4] - The majority of restaurant transactions (approximately 85%) are conducted via credit or debit cards, indicating a strong reliance on electronic payment methods [4] Company Analysis - Clover, owned by Fiserv, holds a dominant position in the small restaurant POS market with an estimated 20% market share, equating to around 175,000 locations [7] - Toast follows closely with a 17% market share, representing approximately 145,000 locations, and is projected to grow significantly from 134,000 locations in 2024 to 244,000 by 2028 [6][7] - Square, part of Block, ranks as the third-largest player in the smaller restaurant segment with a 13% market share, while Global Payments holds an 11% share [7] Market Overview - The U.S. restaurant and bar market was valued at about $1.1 trillion in sales last year, with the smaller restaurant segment accounting for roughly 75% of this overall market [7] - The largest restaurant groups typically process card payments directly with major processors like Fiserv, Worldpay, and JPMorgan Chase, which influences the competitive landscape [7]

Core Insights - Goldman Sachs is divesting $20 billion in outstanding card balances to JPMorgan Chase, with a discount exceeding $1 billion, after over a year of negotiations [3] - The transition will take 24 months, during which Goldman Sachs will continue to manage the Apple business [3] Company Strategies - JPMorgan Chase aims to leverage the Apple brand's global recognition and customer base to enhance its product offerings and customer service [4][5] - The deal allows JPMorgan Chase to utilize its excess capital effectively and gain access to new customers for cross-selling opportunities [5] Financial Implications - The $20 billion card portfolio represents only 1.4% of JPMorgan's total loans, indicating a manageable size for the bank while still being a significant business opportunity [6] - JPMorgan plans to reserve $2.2 billion in the fourth quarter of 2025 for anticipated portfolio losses related to this transaction [7]

港交所消息：1月5日，摩根大通公司持有的 赣锋锂业 （）H股空头头寸从1.71%增至2.24%。 ...

据 香港交易所 披露， 摩根大通 （JPMorgan）对 比亚迪 股份有限公司- H股的多头持仓比例于2026年1 月5日从5.38%降至5.3%。 ...

Core Viewpoint - Goldman Sachs has a constructive outlook for the U.S. banking sector in 2026, anticipating strong performance from major Wall Street banks like JPMorgan Chase and Bank of America during the upcoming Q4 2025 earnings season, which is expected to lay the groundwork for sustained profit expansion and a bull market in 2026 [1][2] Group 1: Earnings and Revenue Growth - The upcoming earnings season starting in mid-January will be crucial, with major banks expected to deliver better-than-expected growth and optimistic outlooks, significantly impacting the U.S. and global stock markets [1] - The primary drivers of growth for large banks in 2026 will be the recovery of net interest income (NII) and the resilience of investment banking, wealth management, and equity trading businesses [1][2] Group 2: Net Interest Income (NII) and Operating Leverage - Goldman Sachs expects NII to recover after hitting a low in mid-2024, continuing to rise until 2027, supported by stable expense growth and positive operating leverage [2][5] - The firm emphasizes that the NII recovery cycle remains strong and can extend into 2027, with sensitivity analyses indicating a potential 2% annualized increase in NII and a 3% contribution to earnings per share (EPS) from securities re-pricing [5][14] Group 3: Fee Growth and Cost Management - Core fees are projected to grow by approximately 7% year-over-year in 2026, driven by investment banking, wealth management, and card fees, contributing to overall revenue improvement [9][10] - Goldman Sachs anticipates that while expenses will not see explosive growth, they will remain stable, particularly in investment banking and capital markets [9] Group 4: Capital and Share Buybacks - Regulatory reforms under the Trump administration are expected to enhance capital returns, with potential buybacks projected to increase significantly to around $172 billion in 2026, representing a 24% year-over-year growth [11][18] - The current excess capital among major banks is estimated at $80 billion, which could rise to $205 billion with regulatory easing, providing substantial support for buybacks [11] Group 5: Preferred Bank Stocks - Based on the aforementioned factors, Goldman Sachs' preferred bank stock list includes Bank of America, Citigroup, JPMorgan Chase, U.S. Bancorp, and Wells Fargo, all of which are expected to benefit from improving NII, operational leverage, and strong capital positions [15][18] - The valuation metrics for these preferred stocks remain low, indicating potential for valuation recovery, especially in a declining interest rate environment [18]

据 香港交易所 披露， 摩根大通 （JPMorgan）对 宁德时代 新能源 科技股份有限公司- H股的多头持仓 比例于2026年1月5日从7.1%降至7.09%。 ...

据香港交易所披露，摩根大通（JPMorgan）对宁德时代新能源科技股份有限公司 - H股的多头持仓比例 于2026年1月5日从7.1%降至7.09%。 ...

JPMorgan Chase has agreed to take over the Apple credit-card program from Goldman Sachs, marking a significant shift in the US consumer finance landscape and bringing an end to Goldman's troubled fora... ...