2025.10. 12 本文字数：1338，阅读时长大约2分钟 作者 | 第一财经 缪琦 他提出，特别是在关税不明朗的情况下，有些国际竞争力强的产品即使投入了高成本，也有可自我消化的能力和空 间。这类高质量、高技术含量的产品，需要在技术研发上持续投入，也需要对供应链进行及时调整。而基于不同区域 市场对消费品的理解和要求不同，企业还需要根据各国的不同情况加大在当地的研发和产能投入。 在为客户提供全球产业链布局的建议与服务上，瑞穗集团会对各地经济和法律法规进行详细的分析和调研，从而协助 企业客户重构区域供应链体系。 在将于10月12日召开的IBLAC上，今井诚司将为金融如何支持社会老龄化和少子化等问题的解决提出建议和思路，从 而为上海市的发展带来参考和启发。此外，在绿色金融和ESG领域，瑞穗希望通过支持绿色债券发行、相关项目融 资、ESG评级等方式，助力企业实现可持续发展和提升国际竞争力。 根据中证协的官方数据，今年上半年，中国证券行业150家券商中共有16家外资参控股券商，其中11家实现外资控 股、5家为外资独资。外资券商总资产合计532.8亿元，净资产合计296.3亿元，同比分别增加10%、6.96%。实现营 ...

Investors looking for stocks in the Banks - Foreign sector might want to consider either Lloyds (LYG) or Mizuho (MFG) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highli ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

Core Insights - Analysts from Mizuho and Goldman Sachs indicate that reduced currency volatility supports new opportunities for arbitrage trading in emerging markets [1][3] - Emerging market currency volatility has decreased by approximately 1.3 percentage points this quarter, surpassing similar indicators for G7 currencies [1] - The ratio between these two indices has dropped to its lowest level since 2013, suggesting a potential continuation of this trend due to stable dollar fluctuations [1] Group 1 - The decline in foreign exchange volatility is timely, as the stability of the dollar has led to decreased returns on dollar-denominated emerging market arbitrage trades [1] - Central bank interventions have played a role in controlling market volatility, which is crucial for arbitrage trading that is sensitive to short-term currency fluctuations [1] - Mizuho's chief trading strategist, Shoki Omori, notes that lower foreign exchange volatility enhances the risk-reward profile for emerging market arbitrage trading [1] Group 2 - An analysis of eight emerging market arbitrage trades funded in dollars shows a decline in performance in Q3, with a return rate of approximately 1.4%, compared to over 4% in the first two quarters of the year [3] - High-yield emerging market currencies remain attractive, with implied yields for three-month forward contracts in Mexico, Brazil, and Colombia at 7% or higher [3] - Goldman Sachs strategists highlight that the general decline in asset volatility pricing is favorable for the performance of emerging market spreads [3]

Core Insights - WuXi Biologics has received GMP certification from Türkiye ilaç ve Tıbbi Cihaz Kurumu (TITCK) for three of its manufacturing facilities in Wuxi, marking the first GMP inspection by Turkey's TITCK at the company [1][2] - The certification reflects WuXi Biologics' commitment to maintaining high international quality standards across its global operations [1][4] Manufacturing and Quality Standards - The three facilities, MFG1, MFG2, and DP5, successfully passed a five-day onsite inspection for two monoclonal antibody biologics, validating the company's capabilities in delivering high-quality services [2] - WuXi Biologics has a strong track record, having passed 44 regulatory inspections, including 22 by the FDA and EMA, and holds a 100% pass rate for Pre-License Inspection by the FDA [3] Operational Capacity - The company operates 16 GMP-certified drug substance and drug product facilities globally, reinforcing its reputation for quality and compliance [3] - As of June 30, 2025, WuXi Biologics is supporting 864 integrated client projects, including 24 in commercial manufacturing [6] Leadership and Future Outlook - Dr. Chris Chen, CEO of WuXi Biologics, emphasized the importance of quality in ensuring safety and efficacy in the pharmaceutical industry and expressed commitment to maintaining high standards [4] - The company aims to leverage its first-class quality system and service capabilities to support clients in delivering high-quality biologics to patients worldwide [4] Sustainability Initiatives - WuXi Biologics prioritizes sustainability as a key component of long-term growth, focusing on green technology innovations and responsible practices [7]

Core Viewpoint - The August non-farm payroll report from the U.S. indicates a weakening labor market, with employment, hours worked, and income growth returning to pandemic levels, suggesting a likely interest rate cut by the Federal Reserve in September [1] Summary by Relevant Sections - **Labor Market Conditions** - The labor market is showing signs of weakness, with key metrics such as employment, hours worked, and income growth reverting to levels seen during the pandemic [1] - **Federal Reserve's Monetary Policy** - The Federal Reserve is almost certain to cut interest rates by 25 basis points in September, with a potential for a 50 basis point cut if inflation data for August is weaker than expected [1] - Previous inflation forecasts by the Federal Reserve have proven overly pessimistic, while their predictions regarding the labor market have been overly optimistic [1] - **Future Interest Rate Projections** - A sustained easing cycle is anticipated, aiming to lower rates to around 3% by March 2026, which is considered the "neutral level" [1] - The new Federal Reserve Chair is expected to implement further stimulus measures, potentially reducing rates close to 2% [1] - There is a risk that if inflation rises again, some of the stimulus measures may be reversed by 2027 [1]

Mizuho Financial is aiming to become Asia’s top investment bank by bolstering equity underwriting and M&A advisory, seeking to replicate the headways the firm has made in the US. https://t.co/BYexgO4nVM ...

Financial Performance - Operating profit reached $159.7 million, a 5.4% increase compared to FY24[8,18] - Operating EPS increased by 7.3% to 89.8 cents[8,18] - The full year dividend increased by 12.6% to 73.3 cents per share[8,18] - Returns to shareholders totaled $202.1 million, a 64% increase from FY24, including $74 million from on-market share buy-backs and $128 million in total dividends[8,18,19] - Strategic partnership income surged by 202% year-over-year to $31.1 million, representing 20% of total operating profit[8,10] - Fund investment income increased by 210% to $42.2 million[20] Assets Under Management (AUM) - Assets under management (AUM) grew by 8.2% year-over-year, reaching $39.6 billion[8,10,18] - Investment Management revenue decreased by 12% year-over-year to $245.7 million, due to a decline in margins[8,10,18] Strategic Partnerships - Invested capital in strategic partnerships increased by 103% to $324.5 million[24] - Strategic partnerships returned 10% on invested capital in FY25, up 4% over the year[26] - FinClear reported revenue growth of 8% year-on-year and underlying EBITDA growth of 15% year-on-year[62,63]

Financial Data and Key Metrics Changes - Operating profit increased by 5.4% to $159.7 million, supported by disciplined cost management and increased distributions from fund investments [2][10] - Revenue decreased by 12% year-on-year, primarily due to a reduction in average management fees across assets under management (AUM) [3][12] - Statutory profit fell by 31% compared to the prior period, reflecting lower mark-to-market gains on investments [11] Business Line Data and Key Metrics Changes - In the Investment Management business, AUM rose by 8.2% to $39.6 billion, driven by strong investment returns across strategies [2][18] - Management fees decreased by 8.6% due to a 13% reduction in the average fee rate, partially offset by a 4% increase in average AUM [12] - Performance fees amounted to $11.1 million, driven by strong performance in the infrastructure strategy [13] Market Data and Key Metrics Changes - The strategic partnerships segment saw profits triple to $31.1 million, contributing 20% of total operating profit [3][14] - Barron Joey's NPAT rose by 73% with revenue up 24%, indicating strong growth across multiple business lines [27] - Vimba contributed positively to the annual result for the first time, reinforcing the strategic fit and earnings potential of the partnership [14][28] Company Strategy and Development Direction - The company aims to provide diversified sources of revenue and has refreshed its corporate brand to better position itself for the future [1][5] - The strategy focuses on high-quality partnerships, particularly in investment management and specialist financial services, to enhance earnings diversity [4][30] - The company plans to pay out at least 80% of group operating profit as dividends, reflecting growth in earnings from strategic partners [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong performance from strategic partnerships and a solid balance sheet [9][10] - The company is focused on improving long-term investment performance and expanding client solutions through strategic partnerships [34][35] - Management acknowledged challenges from super fund internalization and geopolitical instability but remains committed to providing alpha for clients [51] Other Important Information - The company declared a fully franked final ordinary dividend of $0.259 per share, reflecting a payout ratio of 95% of investment management operating profit [10] - The company has over $560 million in liquid capital, providing strategic optionality for future growth [11] Q&A Session Summary Question: Update on the infrastructure fund and institutional clients' sentiment after leadership changes - Management reported no institutional client outflows following leadership changes, with positive client responses and increased attention to listed infrastructure as a strong asset class [40] Question: Is Barron Joey close to maturity or still has growth potential? - Management indicated that Barron Joey is not in a mature state and continues to see growth across multiple business lines [43] Question: Net flows in the first weeks of FY '26 compared to FY '25 - Management noted no material changes in net flows, with good momentum continuing from FY '25 [45] Question: Impact of fee transitions on margins - Management confirmed that the transition of fee rates will have a relatively small impact on overall margins [47] Question: Stability of AUM growth and future pressures - Management expressed optimism about the stabilization of AUM growth, despite ongoing challenges from super fund internalization and geopolitical instability [49] Question: Changes in revenue margins and fee reductions - Management clarified that there have been no changes in advertised rates, with the reduction in fee rates primarily due to compositional changes [54] Question: Future use of surplus capital - Management stated that they continue to explore strategic partnerships while balancing returns to shareholders through buybacks [58][60]

Core Viewpoint - Mizuho's report indicates that the end of the year is considered the earliest opportunity for the Bank of Japan (BOJ) to raise interest rates, with a hawkish stance on inflation and economic conditions being highlighted [1][2] Group 1: Monetary Policy Insights - The BOJ's July monetary policy meeting summary released on August 8 presents a hawkish view on inflation, noting that both actual inflation and inflation expectations are rising, alongside increases in corporate profits and wages [1] - Some board members advocate for an early rate hike, emphasizing the need for the BOJ to manage risks and not miss the opportunity to raise rates [1] - However, there are opinions suggesting that the BOJ intends to take time to assess the economic impact of U.S. tariffs, indicating that a decision on policy changes may not be imminent [1][2] Group 2: Assessment Timeline - It is suggested that at least two to three months are needed to evaluate the impact of U.S. tariff policies, which could delay any potential rate hike until December at the earliest [2] - The statement regarding the assessment period and the earliest exit from the current stance implies a lower likelihood of rate hikes in September or October, contrasting with market expectations of a 40% probability for a rate hike in October [2] Group 3: Inflation Focus - Multiple opinions suggest that the BOJ should shift its focus from core inflation to actual inflation, recognizing that actual inflation is becoming increasingly important as core inflation approaches 2% [3] - Despite acknowledging that inflation is running above 2%, there are concerns that focusing too much on actual inflation could hinder the possibility of a rate hike due to expected declines in inflation rates [3] Group 4: U.S. Federal Reserve Context - Mizuho notes that U.S. employment data indicates a softening labor market, which may support the Federal Reserve's move towards rate cuts, with a probability of over 90% for a rate cut in September [4] - Nomura Securities has also adjusted its expectations for the Fed to cut rates in September, citing signs of slowing inflation and initial cracks in the labor market [4]