来源：@21世纪经济报道微博 【29位顶级专家集结！#资本市场迎来最强大脑# 阵容全揭秘】资本市场迎来真正的"最强大脑"！#中国 资本市场学会学术委员会正式成立# 29位顶尖专家组成豪华阵容，横空出世。这支"最强大脑"由李扬领 衔——中国社会科学院学部委员、国家金融与发展实验室理事长担任主任委员。四位副主任委员全部来 自高校，彰显学术专业性，每届任期4年。阵容构成堪称"三结合"：① 理论派：清华、北大、人大、中 山、上交、南开、南大、对外经贸、长江商学院等顶尖高校学者云集；② 政策派：财政科学研究院院 长杨志勇、工信部研究院院长张立、中国社科院世界经济与政治研究所副所长张明、国务院发展研究中 心金融所副所长陈道富等政策专家；③ 实战派：京东集团首席经济学家沈建光、中美绿色基金董事长 徐林等市场一线专家。更亮眼的是国际视野加持：摩根士丹利中国首席经济学家邢自强、野村证券中国 首席经济学家陆挺等国际投行专家加入。 【29位顶级专家集结！#资本市场迎来最强大脑# 阵容全揭秘】资本市场迎来真正的"最强大脑"！#中国 资本市场学会学术委员会正式成立# 29位顶尖专家组成豪华阵容，横空出世。这支"最强大脑"由李扬领 衔— ...

摩根士丹利研究部强调，在这一过程中，在AI机遇中采取选择性策略至关重要。同时，参与人形机器 人智能技术增长潜力的方式多样，硬件和半导体是关键切入点。随着越来越多的初创企业、电动车制造 商、机器人公司及科技公司进入该领域，终端市场已显现拥挤特征。相比之下，随着人形机器人技术加 速发展，核心技术供应商有望成为最大受益者。 来源：环球网 【环球网科技综合报道】12月19日消息，日前摩根士丹利亚洲科技行业研究主管金榮燦发文称，物理智 能正成为更广泛人工智能（AI）主题中的核心组成部分。预计到2050年，人形机器人市场规模将达到5 万亿美元，部署量达10亿台，约每10人拥有1个人形机器人。同时预计采用路径并非线性推进，采用速 度在2035年前相对缓慢，并将在2030年代后期加速。 摩根士丹利预计，随着AI模型进步、组件成本下降、规模化制造和更优设计，人形机器人半导体TAM 到2045年有望达到3050亿美元。（旺旺） ...

Group 1 - China's Hainan Free Trade Port officially launched its zero-tariff operation on December 18, expanding the range of zero-tariff goods to over 6,600 items, enhancing consumer experience for travel and shopping [2] - The Ministry of Commerce has reintroduced export license management for steel for the first time in 16 years to strengthen monitoring and analysis of steel product exports [2] - A giant underwater gold mine has been discovered in Shandong Province, with proven gold reserves of over 3,900 tons, accounting for approximately 26% of the national total [2] Group 2 - The State Administration for Market Regulation emphasizes the need to strengthen the construction of a unified national market and promote fair competition [3] - The U.S. has initiated a military sale to Taiwan valued at approximately $11 billion, marking one of the largest military sales [3] - The State-owned Assets Supervision and Administration Commission has issued guidelines for holding central enterprises accountable for investment violations, effective from January 1, 2026 [3] Group 3 - The China Securities Regulatory Commission is advancing the "14th Five-Year" plan for the capital market, focusing on comprehensive reforms and high-level opening-up [4] - A-share indices showed divergence, with the Shanghai Composite Index closing up 0.16% while the Shenzhen Component Index and ChiNext Index fell by 1.29% and 2.17%, respectively [4] - The Hong Kong stock market is undergoing a narrow consolidation, with the Hang Seng Index closing up 0.12% [4] Group 4 - Morgan Stanley predicts that chip stocks will remain one of the best-performing sectors in the U.S. stock market next year, highlighting Nvidia, Broadcom, and Astera Labs as top picks [5] - Insurance asset management institutions have registered 83 asset-backed plans this year, totaling approximately 344.56 billion yuan [5] - Domestic GPU companies, Moore Threads and Muxi Co., have recently listed on the STAR Market, attracting significant investment from insurance funds [5] Group 5 - A wave of IPOs is expected in the Hong Kong capital market, with several companies starting public offerings on December 18 [6] - The Ministry of Industry and Information Technology announced that the photovoltaic industry will enter a critical phase in 2026, focusing on capacity regulation [8] Group 6 - The State Council has issued guidelines to strengthen electronic cigarette regulation and combat illegal tobacco-related activities [9] - The upcoming New Year's holiday is projected to significantly boost the domestic tourism market, with flight bookings increasing by approximately 46% year-on-year [9] - The total scale of bank wealth management products reached a historical high of about 34 trillion yuan by the end of November [9] Group 7 - The People's Bank of China will issue 40 billion yuan in central bank bills in Hong Kong on December 22, with a maturity of six months [18] - The U.S. Treasury Department reported an increase in Japan's holdings of U.S. Treasury securities to $1.2 trillion in October [18]

Core Insights - The Zacks Investment Bank industry is poised for growth due to improved clarity on trade and monetary policy, a resilient economy, and lower financing costs, which are expected to enhance M&A and underwriting activities in 2026 [1][5] - Investment in AI and technology may increase short-term costs but is anticipated to improve long-term operational efficiency, making companies like Morgan Stanley, Robinhood, and Piper Sandler attractive investment opportunities [2] Industry Overview - The Zacks Investment Bank industry includes firms that provide financial products and services, focusing on advisory transactions for corporations, governments, and financial institutions globally. The industry has evolved from initial public offerings and M&As to include securities research and investment management [3] Key Trends - The underwriting and advisory sectors are recovering after a slump due to geopolitical tensions and macroeconomic uncertainty, with optimism for a rebound fueled by a business-friendly administration and potential tax cuts [4] - Market volatility has increased since 2022, driven by geopolitical challenges, which has led to heightened client activity and solid trading income for investment banks [6] Technology and Efficiency - Investment banks are investing in innovative trading platforms and AI, which are expected to enhance operational efficiency despite rising technology-related expenses in the short term [7] Industry Ranking and Performance - The Zacks Investment Bank industry ranks 29 out of over 240 Zacks industries, indicating solid near-term prospects, with earnings estimates for 2025 and 2026 revised upward by 12.9% and 1%, respectively [8][9] - The industry has outperformed the S&P 500 and the broader finance sector, with a collective stock increase of 38.4% over the past year compared to 17.9% for the S&P 500 [11] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 3.12X, which is above the five-year median of 2.20X, but still represents a discount compared to the S&P 500's 12.78X [15][17] Investment Opportunities - **Morgan Stanley**: A diversified investment banking firm with a market cap of $280.5 billion, expected to benefit from a favorable macroeconomic backdrop and a projected earnings increase of 22.8% and 5.8% for 2025 and 2026, respectively [19][23] - **Robinhood**: A financial services company with a market cap of $107.4 billion, focusing on global expansion and innovative financial products, with expected earnings growth of 79.8% and 17.9% for 2025 and 2026 [25][29] - **Piper Sandler**: An investment bank with a market cap of $5.7 billion, experiencing robust growth through strategic acquisitions, with projected earnings improvements of 22.5% and 6.2% for 2025 and 2026 [31][34]

北京商报讯（记者 魏蔚）12月18日，摩根士丹利亚洲科技行业研究主管金荣灿发布研究报告称，预计 到2050年，人形机器人市场规模将达到5万亿美元，部署量10亿台，约每10人拥有1个人形机器人。同 时，摩根士丹利预计采用路径并非线性推进，采用速度在2035年前相对缓慢，并将在2030年代后期加 速。 ...

（文章来源：第一财经） 摩根士丹利亚洲科技行业研究主管金榮燦发文称，物理智能正成为更广泛人工智能（AI）主题中的核 心组成部分，其关键在于弥合人工智能与物理存在之间的鸿沟。摩根士丹利研究部认为，向"物理智 能"转型标志着人类技术演进的重要篇章。具身智能在物理世界的快速崛起，加上智能成本的显著下 降，正在创造新的竞争优势和价值来源。金榮燦表示，人形机器人将推动产业发展并塑造人机交互的未 来，而成功取决于庞大且互联的技术、行业和供应链生态系统。预计到2050年，人形机器人市场规模将 达到5万亿美元，部署量达10亿台，约每10人拥有1个人形机器人。同时预计采用路径并非线性推进，采 用速度在2035年前相对缓慢，并将在2030年代后期加速。 ...

Core Insights - Gold prices have doubled in the last two years, marking the largest increase since the 1979 oil crisis, with forecasts predicting prices could reach $5,000 per troy ounce by 2026 due to various factors including U.S. policy and geopolitical tensions [1][2][6] Group 1: Price Trends and Forecasts - Spot gold prices hit a record $4,381 in October, driven by demand from central banks and new investors, with expectations of further gains influencing buying behavior [2][6] - Analysts from Bank of America and JP Morgan predict gold prices will average above $4,600 in Q2 2026 and exceed $5,000 by Q4 2026 [6] Group 2: Demand Drivers - Central banks are diversifying reserves away from dollar-denominated assets, providing a solid foundation for gold prices in 2026, as they tend to buy when investor positioning is stretched [4][5] - Investor holdings of gold as a share of total assets under management have increased from 1.5% pre-2022 to 2.8%, indicating a growing interest in gold as a stable investment [6] Group 3: Geopolitical and Economic Influences - Concerns regarding U.S. Federal Reserve independence, tariff disputes, and geopolitical issues such as the war in Ukraine are contributing to the demand for gold [3][4] - The weak dollar policy and U.S. fiscal deficits are also driving investor interest in gold as a means of portfolio diversification [2][3]

Core Viewpoint - KBW has raised the target prices for major financial institutions, indicating a positive outlook for these companies in the investment banking sector [1] Group 1: Target Price Adjustments - KBW increased JPMorgan's target price from $354 to $363, reflecting a bullish sentiment towards the company's performance [1] - Morgan Stanley's target price was raised from $184 to $202, suggesting confidence in its growth potential [1] - Goldman Sachs saw its target price increase from $870 to $971, indicating strong expectations for its future earnings [1]

Core Insights - Morgan Stanley is set to be the largest arranger in the Asia-Pacific equity capital markets for the second consecutive year, with a market share close to 10%, significantly ahead of its competitor Goldman Sachs [1][2] Group 1: Market Performance - Morgan Stanley completed a total of $27.9 billion in transactions across IPOs, primary market placements, block trades, and convertible bonds, surpassing Goldman Sachs by nearly $9 billion [2] - The market share of Morgan Stanley stands at 9.86%, marking the second-highest level for a leading bank in the past decade [2] Group 2: Regional Trends - The bank participated in several multi-billion dollar transactions in Asia, with a strong recovery in stock issuance in Hong Kong and India, leading to a record year for IPOs [2] - Four out of the five largest stock issuance locations this year are in Asia, specifically Hong Kong, India, mainland China, and Japan [2] Group 3: Future Outlook - The head of Morgan Stanley's Asia-Pacific Global Capital Markets, Saurabh Dinakar, anticipates continued growth in trading volumes in Hong Kong next year, with India also expected to see an increase in issuance due to several large-scale IPOs [2]

亚洲经济 | Asia Pacific December 16, 2025 09:52 AM GMT M Idea 观点：印度或将成为2026年令 人意外的逆转主题 投资者目前对印度持观望态度，原因是印度面临多重问题， 最近的焦点是卢比疲软。我们认为这些担忧被夸大了。受益 于更强劲的名义GDP增长，印度或将在2026年为亚洲投资者 提供最大的上行惊喜。 要点 在本报告中，我们将回应投资者对名义GDP增长和外汇前景的担忧，并解释为什 么我们认为增长复苏将有助于缓解这些顾虑。 This translated report is made available for convenience only and is based on the original research report published in English. In the event of any discrepancy between the translation and the original research report, the content in the original research report will preva ...