Group 1 - The Calvert US Select Equity ETF (NYSEARCA:CVSE) is scheduled for liquidation on or about October 20, 2025 [3] - Morgan Stanley Investment Management, a division of Morgan Stanley (NYSE:MS), announced the liquidation [3] - The ETF will cease to accept orders prior to its liquidation date [3]

Core Insights - Morgan Stanley Investment Management (MSIM) has launched the Tax Forward Investing Center, an innovative online educational platform aimed at simplifying investment tax management [1] - The Tax Forward Investing Center is the first of its kind, offering both live and on-demand continuing education courses for financial advisors to enhance their understanding of investment tax management [1] - The platform also includes access to various tools and featured insights to support financial advisors in their investment tax management practices [1]

Core Viewpoint - Morgan Stanley Investment Management, Inc. has announced the upcoming liquidation of the Calvert US Select Equity ETF (CVSE), following the approval of a Plan of Liquidation by the Board of the Trust [1] Group 1 - The assets of the Fund will be liquidated as part of the Plan of Liquidation [1] - Known or reasonably ascertainable liabilities of the Fund will be satisfied or provided for during the liquidation process [1] - The remaining proceeds after satisfying liabilities will be distributed accordingly [1]

Group 1 - The recent interest rate cut by the Federal Reserve on September 18 is seen as a significant opportunity for China, potentially attracting global capital seeking higher returns [1][4] - The Chinese real estate market has been adjusting policies to ease the burden on homebuyers, including allowing foreign investment in domestic real estate, which is expected to stimulate demand [3][4] - High-end properties in first-tier and strong second-tier cities are likely to become key targets for foreign capital as the attractiveness of dollar assets declines [4][5] Group 2 - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting investors buy on dips, particularly favoring leading private enterprises and sectors like artificial intelligence [5] - There has been a notable increase in foreign institutional interest in A-shares, with 415 foreign institutions conducting 1,885 research visits to listed companies since the beginning of the second half of the year, indicating strong confidence in China's economic resilience [6] - Historical trends show that previous Federal Reserve rate cuts have led to significant increases in foreign capital inflows into China's real estate market, particularly in luxury segments [8] Group 3 - Despite the positive signals from foreign capital, the fundamental demand in the real estate market remains weak, and the current policies may not be sufficient to sustain a significant recovery [10] - The execution of policies to attract foreign investment needs to be more thorough, as market confidence is still lacking, and without fundamental changes in the real estate market, it may struggle to capitalize on the influx of capital [10]

Group 1 - Citi reports that the sovereign rating adjustments in the Eurozone are active, with 11 countries experiencing rating changes since the beginning of the year, surpassing the total number of changes in 2018 [1] - XTB highlights that the UK's net borrowing reached £18 billion in August, the highest for the same period in five years, raising concerns about the long-term sustainability of public finances [1] - Morgan Stanley no longer expects the Bank of England to cut rates further this year, marking a significant change in their previous outlook [3] Group 2 - Goldman Sachs predicts that the Bank of England will not lower interest rates this year, with the next round of easing expected to begin in February 2026 [3] - UBS anticipates multiple rate cuts from the Federal Reserve in the next 12 months, while the European Central Bank is expected to maintain stable rates, leading to a decrease in the dollar's attractiveness [3] - Optiver's COO notes that synchronized rate cuts by central banks have reduced foreign exchange volatility, aligning with the macroeconomic backdrop of converging interest rates [3]

招金矿业9月19日公告，全资附属公司斯派柯国际有限公司（作为投资者）与紫金国际（作为发行 人）、摩根士丹利、中信证券及中信里昂订立基石投资协议。据此，投资者有条件同意按发售价认购投 资者股份，作为国际发售一部分，该等投资者股份投资金额预计为30,000,000美元之等值港元金额（不 包括经纪佣金及征费）。 来源：智通财经 ...

Group 1 - Morgan Stanley and CITIC Securities are acting as joint sponsors for the initial public offering (IPO) of Zijin International Gold Co., Ltd [1]

Core Viewpoint - The current market environment is favorable for small-cap stocks and financials, particularly with the Federal Reserve's anticipated rate cuts, which are expected to drive performance in these sectors [1][11][14]. Financial Sector Insights - The financial sector is experiencing a rally, with major banks like JP Morgan, Goldman Sachs, and Bank of America reaching record highs [13][14]. - The financial sector is currently trading at the same price-to-earnings (PE) multiple as in January, indicating no multiple expansion, which suggests potential for growth without increased valuation pressure [6][12]. - There is a strong emphasis on regional banks and small-cap financials, which are seen as attractive investments due to their performance and lack of resistance above current trading levels [5][6][12]. Small-Cap Stocks - The Russell 2000 index is on the verge of closing at an all-time high, marking a significant breakout after 967 consecutive days without such a close, indicating strong momentum in small-cap stocks [4][3]. - Small-cap stocks are expected to benefit from the Fed's supportive stance and the ongoing rate-cutting cycle, making them a key focus for investors [7][11]. Investment Strategies - Investors are encouraged to overweight positions in financials and small-cap stocks, as these sectors are poised for performance gains in the current economic climate [10][11]. - There is a discussion around the potential for mergers and acquisitions (M&A) and regulatory relief, which could further benefit the financial sector [12][14]. - Some investors express a preference for fintech companies over traditional banks, citing higher upside potential and less sensitivity to interest rate changes [19][21].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on global asset classes, including equities, fixed income, currencies, and commodities, with specific forecasts for Q2 2026. Core Insights and Arguments - **Equity Market Forecasts**: - S&P 500 is forecasted to return 6,500 in the base case, with a bear case of 4,900 and a bull case of 7,200, indicating a potential decline of -24.4% in the bear scenario [3] - MSCI Europe shows similar trends with a bear case of 1,610 and a bull case of 2,620, reflecting a -24.2% decline in the bear case [3] - Emerging Markets (MSCI EM) are projected to decline by -32.0% in the bear case, with a base case return of 1,200 [3] - **Fixed Income Insights**: - UST 10-year yields are expected to return 3.45% in the base case, with a bear case of 4.00% and a bull case of 2.85% [3] - The report indicates a significant spread in high yield (HY) bonds, with a bear case of 475 bps and a base case of 335 bps [3] - **Currency Forecasts**: - The JPY/USD is projected to strengthen to 130 in the bull case, while the EUR/USD is expected to reach 1.25 [3] - The INR/USD is forecasted to appreciate to 81.9 in the bull case, indicating a 12.7% increase [3] - **Commodity Market Trends**: - Brent crude oil is expected to return to 60 in the base case, with a significant potential upside to 120 in the bull case, reflecting a -23.9% decline in the bear case [3] - Gold is forecasted to return 3,500 in the base case, with a bear case of 2,975 [3] Important but Overlooked Content - **Market Sentiment**: - US initial jobless claims have reached a three-year high, indicating potential economic stress [7] - MSCI China has reached its highest level since 2021, suggesting a recovery in that market [7] - US ETFs focused on international equities saw inflows of approximately $10.4 billion, the largest since January 2021, indicating a shift in investor sentiment towards international markets [12] - **Cross-Asset Positioning**: - The report highlights net positioning across various asset classes, with US equities showing a 28% long position among asset managers, while emerging market equities have a 41% long position [64] - The positioning in commodities shows a 31% long position in gold, indicating a preference for safe-haven assets [64] - **Correlation Insights**: - The report provides insights into cross-asset correlations, with equity correlations at 70%, indicating a strong relationship among equity markets [73] - The correlation between equities and credit is notably high at 79%, suggesting that movements in equity markets are closely tied to credit market conditions [73] This summary encapsulates the key insights and forecasts from the conference call, providing a comprehensive overview of the current market landscape and future expectations across various asset classes.

港交所消息：9月12日， 摩根士丹利 持有的 宁德时代 H股多头头寸从5.45%增至7.01%。 ...