Core Viewpoint - Morgan Stanley analysts suggest that the Bank of England may accelerate interest rate cuts in the second half of 2025 due to anticipated economic slowdown and uncertainty in tax revenue from the autumn budget [1] Economic Outlook - Economic activity in the UK is expected to decline in the coming months, prompting the Bank of England to potentially lower interest rates faster than market expectations [1] - The current benchmark interest rate of the Bank of England is projected to decrease from 4.25% to 3.25% by the end of the year [1]

摩根士丹利在宁德时代H股的多头头寸于6月27日从7.05%增至8.09% | | 股份總數 | | 百分率數字(%) | | | --- | --- | --- | --- | --- | | 好倉 | | 11,006,676 | | 7.05 | | 淡倉 | | 7,577,765 | | 4.86 | | 可供借出的股份 | | | | 0.00 | | 股份總數 | | 百分率數字(%) | | | --- | --- | --- | --- | | 好信 | | 12,617,964 | 8.09 | | 淡倉 | | 9,102,531 | 5.83 | | 可供借出的股份 | | 0 | 0.00 | | 20. 以何種身分持有方格19所披露的權益: | | | | | 切合身分的代號 | 股份數目 | | | | 2201 你所控制的法團的權 | 好意 | 12,617,964 | | | 11 | 11/ A | 0 400 E01 | | 智通财经7月3日电，香港交易所信息系显示，摩根士丹利在宁德时代H股的多头头寸于6月27日从7.05%增至8.09%。摩根士丹利在宁德时代H股的空头头寸 ...

智通财经7月3日电，香港交易所信息显示，摩根士丹利在哔哩哔哩-W的持股比例于6月26日从5.10%降 至4.41%。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The first half of 2025 saw a volatile market, but equity markets rebounded significantly after April 2, with the S&P 500 returning 6.2%, MSCI Europe returning 23.7%, and KOSPI leading with a return of 40.9% [2] - The US dollar experienced its worst first half since 1973, while Brent crude oil prices rallied by 9.4% [5][2] - Credit markets showed resilience, with US high yield (HY) total returns at 4.6% and EUR HY at 2.7% [2] Performance Summary - Global equities saw significant returns, with the S&P 500 at 6.2%, MSCI Europe at 23.7%, and KOSPI at 40.9% [12] - Fixed income performance included US IG total returns at 4.2% and US HY at 4.6% [12] - The US dollar depreciated, with notable currency appreciation against it, including EUR by 13.9% and JPY by 11.1% [12] Technicals - Gross issuance in developed markets (DM) for high yield (HY) and investment grade (IG) fell by 8% and 10% respectively compared to the 2024 run rate [3] - There were outflows from US equities and inflows into fixed income assets, indicating a shift in investor sentiment [3] Sentiment Analysis - The Market Sentiment Indicator (MSI) signaled a risk-off approach in mid-June but returned to neutral by the end of the month [4] - Volatility, as measured by the VIX, decreased to four-month lows after a spike due to geopolitical tensions [4] Market Review & Trends - The report highlights a mixed performance across sectors, with technology leading global equity sectors while consumer staples lagged [2] - The report also notes a significant decline in US equity demand, benefiting European stocks [14] Valuations - Current P/E ratios for major indices include S&P 500 at 24.4 and MSCI Europe at 15.9, indicating varying levels of valuation across regions [24] - The report provides insights into forward P/E ratios, with communication services at 20.1 for ACWI and 20.6 for the US [26] Fixed Income Markets - US 10Y yields are at 4.23%, with high yield spreads at 290 basis points, reflecting the current credit market conditions [29] - The report indicates that US HY total returns are at 4.6%, while EUR HY is at 2.7% [29] FX & Commodity Markets - The report notes significant appreciation of various currencies against the USD, with EUR up 13.9% and JPY up 11.1% [32] - Commodity performance includes Brent crude oil rising by 9.4% and gold prices showing a notable increase [32]

Core Viewpoint - International investors are increasingly focused on Chinese assets, as evidenced by multiple foreign institutions hosting "China-themed" forums and raising GDP growth forecasts for China by 2025 [1][2][3] Group 1: Economic Growth Predictions - Foreign institutions have raised their GDP growth forecasts for China in 2025 due to reduced external disturbances and enhanced domestic growth policies [1] - Morgan Stanley's chief economist for China, Xie Ziqiang, predicts a fiscal package worth 500 billion to 1 trillion yuan to support urban renewal and infrastructure [2] - Nomura's chief economist for China, Lu Ting, has also raised GDP growth predictions for 2025, citing stronger-than-expected retail data supported by the "trade-in" policy [2] Group 2: Capital Market Outlook - UBS's head of China equity strategy, Wang Zonghao, believes that foreign capital will return to the Chinese stock market in the coming quarters, with Hong Kong's IPO market raising $9 billion so far this year, a 320% increase year-on-year [3] - Goldman Sachs has raised its 12-month target for the MSCI China Index and the CSI 300 Index to 84 points and 4600 points, respectively, indicating potential upside of 11% and 17% [3] - Morgan Stanley has also adjusted its target indices for major Chinese stock indices, reflecting ongoing structural improvements in the Chinese economy [3] Group 3: Earnings Performance - Morgan Stanley's chief Asia and China equity strategist, Liu Mingdi, noted that the MSCI China Index had a strong performance last year, with actual EPS growth reaching 16%, surpassing the initial expectation of 14% [4] - The market's consensus EPS growth expectation for the MSCI China Index this year is 8%, with leading internet companies continuing to perform well [4] - Liu Mingdi projects the MSCI China Index to reach 80 points under baseline and 89 points under optimistic scenarios this year [4]

Group 1 - The Chinese capital market is experiencing a new phase of "dual-directional engagement" with foreign institutions, as the CSRC aims to create a more open and inclusive market environment, enhancing the convenience for foreign capital participation [1][2] - Several foreign institutions, including Morgan Stanley, have raised their economic growth forecasts and stock index targets for China, indicating a positive outlook on structural opportunities within the market [1][3] - The CSRC has been continuously improving policies for foreign capital market access, promoting dual-directional openness in markets, products, and institutions, which has led to a more favorable ecosystem for foreign investment in A-shares [2][4] Group 2 - Foreign institutions are increasingly optimistic about Chinese assets, with Goldman Sachs maintaining a bullish stance on the Chinese stock market, citing a stronger RMB and improving corporate earnings outlook [3][4] - The focus of overseas investors has shifted towards technology and consumer sectors, with significant interest from foreign institutions in A-share companies involved in AI, healthcare, and consumption [4][5] - The CSRC plans to accelerate the implementation of key measures for capital market openness by 2025, including optimizing the QFII system and expanding the range of products available for foreign investment [4][6]

智通财经7月2日电，高盛股价创历史新高，最新上涨1.5%。摩根士丹利股价创历史新高，最新上涨 0.8%。 ...

高盛股价创历史新高，最新上涨1.5%。摩根士丹利股价创历史新高，最新上涨0.8%。 ...

Key Takeaways JPM plans to raise its dividend to $1.50 and launched a $50B share buyback following the 2025 Fed stress test. Morgan Stanley intends to hike its dividend to $1 and renewed a $20B repurchase plan with no set end date. Goldman, BAC, Wells Fargo and others also announced plans to increase dividends for 3Q25.Following the clearing of the Federal Reserve's 2025 stress test, the large U.S. banks took turns returning excess capital to shareholders through dividends and share repurchases.The stress ...

| I 德國DAX30 | 23,758.03 | 23,823.69 | 23,705.61 | +40.62 | +0.17% | | --- | --- | --- | --- | --- | --- | | 瑞 英國富時100 | 8,807.39 | 8,828.01 | 8,788.17 | +22.06 | +0.25% | | II 法國CAC40 | 7,745.44 | 7,755.74 | 7,674.23 | +82.85 | +1.08% | | 。 歐洲斯托克50 | 5,310.65 | 5,320.55 | 5,291.35 | +28.22 | +0.53% | 1. 7月2日(周三)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.19%，标普500指数期货涨0.10%，纳指期货跌 0.01%。 | ■ US 30 | 44,579.00 | 44,656.50 | 44,474.00 | +83.90 | +0.19% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,204.40 | 6,220.40 ...