摩根士丹利预测，到2030年，欧洲银行业可能会裁员 10%。同时，各家银行会将更多业务转移到 线上。根据对 35 家贷款机构的分析，裁员最有可能来自银行的"中央服务"部门，其中包括后台和中台 职位，以及风险管理和合规职位。这些银行加起来大约雇佣了 212 万名员工，这意味着裁员 10% 将导 致大约 21.2 万个工作岗位流失。 摩根士丹利的分析师表示，人工智能为银行提供了一个改善成本收入比的机会——这是衡量贷款机 构效率的关键指标，也是投资者关注的重点。分析师强调，未来几年，数字化程度的提高和人工智能的 采用将会改变欧洲的银行业格局。 （原标题：20万个欧洲银行业岗位面临取消风险） 《金融时报》12月31日报道，分析人士估计，未来五年内银行业将越来越多地采用人工智能服务并 关闭许多分支机构，超过 20 万个欧洲银行业工作岗位将面临取消风险。 ...

来源：贝壳财经 【#2025年港股IPO外资机构榜# ：摩根士丹利和利弗莫尔分列保荐人和承销商第一】智通财经12月31日 电，据港交所数据，2025年全年港股IPO募资金额超2856亿港元，位居全球第一，较2024年大幅度增 长。全年港股IPO外资机构榜单排名落定，保荐人方面，摩根士丹利亚洲以全年保荐13家港股IPO排名 第一，承销商方面，利弗莫尔证券以全年承销32家港股IPO排名第一，律师事务所方面，高伟绅以全年 参与24家港股IPO排名第一，会计师事务所方面，安永以全年参与41家港股IPO排名第一。 (智通财经) ...

monsitj / iStock via Getty Images Morgan Stanley believes that artificial intelligence (AI) will kill 200,000 jobs in Europe by 2030. The figure is staggering because it only includes one group of people in a single industry in a single region. It also demonstrates how AI may be an extraordinary trigger for worldwide unemployment. 24/7 Wall St. Key Points Morgan Stanley forecasts that artificial intelligence will eliminate 200,000 banking jobs in the EU by 2030. Other forecasts are even worse, but ex ...

Core Viewpoint - The Hong Kong stock market is projected to lead globally in IPO fundraising for the year 2025, with a total amount exceeding HKD 285.6 billion, marking a significant increase compared to 2024 [1] Group 1: IPO Fundraising - The total IPO fundraising amount for Hong Kong in 2025 is expected to exceed HKD 285.6 billion, positioning it as the top market globally [1] - This amount represents a substantial growth compared to the previous year, 2024 [1] Group 2: Underwriters and Advisors - Morgan Stanley Asia ranked first among sponsors, having sponsored 13 IPOs in Hong Kong throughout the year [1] - Livermore Securities led as the top underwriter, having underwritten 32 IPOs in Hong Kong [1] - The law firm Hogan Lovells participated in 24 IPOs, ranking first among legal advisors [1] - Ernst & Young was the leading accounting firm, involved in 41 IPOs during the year [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Morgan Stanley (MS) - Morgan Stanley currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), which is associated with a historical outperformance in the market [3] Price Performance - Over the past week, Morgan Stanley's shares increased by 2.76%, outperforming the Zacks Financial - Investment Bank industry, which rose by 1.52% [5] - In the last month, Morgan Stanley's shares rose by 6.81%, compared to the industry's 6.02% [5] - Over the past quarter, shares have increased by 13.82%, and over the last year, they are up 43.09%, while the S&P 500 has only moved 3.98% and 16.97%, respectively [6] Trading Volume - The average 20-day trading volume for Morgan Stanley is 5,144,396 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, four earnings estimates for Morgan Stanley have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $9.42 to $9.88 [9] - For the next fiscal year, four estimates have also moved upwards without any downward revisions [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, Morgan Stanley is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a potential investment opportunity [11]

Core Viewpoint - Major foreign financial institutions have expressed a positive outlook for China's stock market, driven by accelerating corporate earnings growth, macro policy coordination, and the appreciation of the RMB [1][3]. Group 1: Market Outlook - Foreign institutions believe that the driving force behind the rise of China's stock market is shifting from "valuation correction" in 2025 to "earnings growth" in 2026 [3][4]. - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, primarily driven by a 14% and 12% increase in corporate earnings in 2026 and 2027, respectively [4][5]. - UBS has set a target of 7100 points for the Hang Seng Tech Index and 100 points for the MSCI China Index by the end of 2026, indicating significant upside potential [5]. Group 2: Investment Trends - There has been a net inflow of $83.1 billion into Chinese assets through ETFs since the beginning of 2025, with the technology sector receiving the most inflow at $9.5 billion [10][11]. - Active foreign capital is expected to return more rapidly, with some foreign institutions increasing their positions in the Chinese stock market in preparation for 2026 [12][13]. - The investment opportunities are highly structured, with a focus on technology innovation, green energy transition, and high-quality brands benefiting from consumer recovery [7][9]. Group 3: Sector-Specific Insights - The technology sector is highlighted as having the greatest profit growth potential, with revenue less affected by trade policies [7]. - Traditional sectors are also attracting foreign interest, with improvements in state-owned enterprise earnings and dividend increases drawing long-term capital [8]. - Under the "anti-involution" framework, sectors like cement, solar energy, and chemicals are expected to receive policy support and have attractive valuations [9].

Core Viewpoint - Major foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][3][6]. Group 1: Market Outlook - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [4]. - UBS sets the target for the Hang Seng Tech Index at 7100 points and the MSCI China Index at 100 points by the end of 2026, indicating significant upside potential [4]. - HSBC forecasts the Shanghai Composite Index to reach 4500 points, the CSI 300 Index to 5400 points, and the Shenzhen Component Index to 16000 points by the end of 2026, driven primarily by corporate earnings growth rather than valuation increases [4]. Group 2: Investment Opportunities - Foreign institutions highlight structured investment opportunities, particularly in technology innovation, with a focus on artificial intelligence, semiconductors, and high-end manufacturing [8]. - Traditional industries are also attracting foreign investment, with expectations of valuation recovery and improved profitability in state-owned enterprises [8]. - The influx of foreign capital is primarily directed towards high-quality assets, including technology leaders and high-dividend stocks, emphasizing value investment [8][10]. Group 3: Foreign Capital Inflow - Since the beginning of 2025, global investments in Chinese assets have seen a net inflow of $83.1 billion, with the technology sector receiving the most significant inflow of $9.5 billion [10]. - Active foreign capital is expected to return to the Chinese market, with institutions like Citigroup maintaining an "overweight" rating on China while reducing exposure to other Asian emerging markets [10][12]. - The anticipated return of active funds is supported by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [11][12].

Core Viewpoint - Foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][2][5]. Investment Trends - As of December 20, 2025, global investment in Chinese assets through ETFs has seen a net inflow of $83.1 billion, with the technology sector receiving the most inflow at $9.5 billion [1][9]. - Active foreign capital is expected to return to the Chinese stock market, with some institutions already increasing their positions in preparation for 2026 [10][12]. Earnings Forecasts - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [3]. - UBS forecasts an increase in the Hang Seng Tech Index target to 7,100 points and the MSCI China Index target to 100 points by the end of 2026, indicating significant upside potential [3]. Valuation Insights - Morgan Stanley and Goldman Sachs believe there is still about a 10% potential for valuation repair in the Chinese stock market, which will support market growth [4][5]. - JPMorgan has upgraded its rating on the Chinese market to "overweight," citing reasonable valuations and light positions among international investors [4]. Sector-Specific Opportunities - The technology sector is highlighted as a core focus for profit growth, with opportunities in artificial intelligence, semiconductors, and high-end manufacturing [6]. - Traditional industries are also attracting foreign investment, with improvements in state-owned enterprise profitability and dividend increases acting as a dual engine for market growth [7][8]. Market Dynamics - The report indicates that the Chinese stock market will enter a new phase dominated by fundamentals, with a focus on structural investment opportunities [2][5]. - The anticipated return of active foreign capital is expected to be driven by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [12].

Core Insights - Morgan Stanley has identified a select group of stocks that are well-positioned for growth heading into 2026, focusing on strong fundamentals and favorable industry trends [1] Group 1: Artificial Intelligence - Nvidia is viewed as a core play on the artificial intelligence theme, with accelerating revenue growth and sustained demand exceeding supply [2] - Nvidia has outperformed its guidance, adding billions in sequential revenue, supported by a long runway for AI infrastructure spending [2] Group 2: Digital Media - Spotify is recognized for its growth and improved profitability, with its use of AI seen as a competitive advantage [3] - The company is expected to offset higher content costs in 2026 through pricing power and rising average revenue per user, supporting margin expansion [4] - Spotify shares have increased by approximately 30% in 2025, indicating growing confidence in its business model [4] Group 3: Cybersecurity - Palo Alto Networks is positioned as a leading beneficiary of platformization and AI adoption in cybersecurity, with an optimistic outlook due to attractive valuation levels and solid growth prospects [6] - The pending acquisition of CyberArk is expected to strengthen Palo Alto's product offering and long-term earnings power, despite a modest 2025 gain of about 3.6% [7] Group 4: Data Storage - Western Digital is highlighted as a top pick linked to cloud capital expenditure growth, with improving demand in the hard disk drive market and strong exposure to public cloud spending [9] - The company has seen its shares rise over 300% in 2025, with fundamentals justifying a bullish outlook going into next year [10]

Core Insights - Investing in stocks is a preferred method for wealth building, providing both income and growth potential. Dividend stocks are essential for passive income investors, but selecting the right ones can be challenging due to the vast options available [1][2]. Company Summaries Coca-Cola - Coca-Cola (NYSE:KO) is a leading global beverage company with a diverse product portfolio, including soft drinks, teas, coffee, and juices. The company has successfully increased product prices while achieving higher revenue and sales [3][4]. - Coca-Cola is an asset-light business model focusing on syrup concentrate production, which allows for higher profit margins and lower operating costs, resulting in significant cash flow and shareholder rewards [4]. - The company has a strong dividend history, being a dividend aristocrat with 63 consecutive years of dividend increases, a yield of 2.90%, and an annual dividend of $2.04. The payout ratio stands at 67.85% [5]. - In Q3, Coca-Cola reported revenue of $12.5 billion, a 5% year-over-year increase, with organic revenue growth of 6%. Operating income surged by 59%, and EPS rose by 30% to $0.86. The company is expected to perform well in 2026 due to its global presence and steady dividend growth [6]. 3M Company - 3M (NYSE:MMM) is a global conglomerate with a diverse range of products in healthcare, industrial, safety, and consumer sectors. The company has recently seen a positive turnaround, with management raising full-year guidance [7][8]. - In Q3, 3M reported revenue of $6.50 billion, up 3.5%, and generated $1.3 billion in adjusted free cash flow. The safety and industrial segment grew by 5.4%, and EPS was reported at $1.55. The company is on a recovery path [8][9]. - The management anticipates full-year EPS between $7.95 and $8.05, with organic revenue expected to improve by over 2%. In Q3, 3M allocated $900 million for buybacks and dividends [9][10]. - The stock is currently priced at $161.76, reflecting a 24.72% increase in 2025, with a dividend yield of 1.81% and an annual dividend of $2.92. The payout ratio is 36.54% [10][11]. Morgan Stanley - Morgan Stanley (NYSE:MS) is one of the largest financial institutions in the U.S., known for its investment banking and wealth management services. It has a dividend yield of 2.31% and a history of 28 years of dividend payments [12][13]. - The company has seen a 38% stock price increase in 2025, currently trading at $172.96. It has a healthy investment banking pipeline and is positioned to benefit from increased M&A and IPO activities [12][13]. - In Q3, Morgan Stanley reported an 18% revenue increase to $18.22 billion, with profits soaring by 45% to $4.61 billion. The investment banking segment experienced a 44% growth, while equities trading revenue rose by 35% [14][15].