Core Viewpoint - The document provides details on various series of preferred stocks, including their dividend rates, periods, and amounts per share, indicating the company's strategy in managing its capital structure and providing returns to investors. Group 1: Preferred Stock Series - The 5.95% Non-Cumulative Perpetual Preferred Stock, Series D has a dividend per share of $14.88 and a depositary share dividend of $0.372000 for the period from December 1, 2025, to February 28, 2026 [1] - The 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series H has a dividend per share of $1,000.00 and a depositary share dividend of $10.000000 for the same period [1] - The 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I also has a dividend per share of $1,000.00 and a depositary share dividend of $10.000000 for the period from December 1, 2025, to February 28, 2026 [1] - The 4.450% Non-Cumulative Perpetual Preferred Stock, Series J has a dividend per share of $11.13 and a depositary share dividend of $0.278250 for the same period [1] - The 5.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series K has a dividend per share of $1,250.00 and a depositary share dividend of $12.500000 for the period from December 1, 2025, to February 28, 2026 [1]

他提及，然而，目前美国货币政策正处于非比寻常的时期。货币政策独立性与财政部门之间的公开争拗 加剧，已令美联储的机构信誉受到更多关注。这种独立性仍是全球对美元、美国国债以至更阔的美国资 本市场能够维持信心的基石。 他表示，投资者的焦点正从通胀数据与就业报告，转向央行本身的未来方向，尤其是美联储主席鲍威尔 的任期将于2026年5月15日便届满。就未来数月的市场信心而言，美联储的独立性能否维持，其重要性 可能不下于利率路径。 嘉信理财香港高级副总裁及理财顾问林长杰表示，尽管面临日益增加的政治压力要求减息，美联储仍决 定将利率维持在3.5至3.75%的区间不变，反映其决策仍以数据为本。随着去年12月通胀率放缓至2.7%， 并逐渐接近美联储2%的目标，物价压力明显正在缓和。然而，由于主要经济指标所显示的韧性，目前 情况尚未变得过度趋紧。失业率企稳于4.4%，反映劳动市场需求降温的同时，供应也在放缓。 他指出，这种平衡让美联储有足够信心去维持目前的政策立场。除非通胀或劳动市场出现实质转变，否 则美联储很可能于至少2026年5月前，都将继续这种以数据为依归的政策方针。 ...

来源：金融界AI电报 嘉信理财首席策略师凯西·琼斯：美联储FOMC声明可能针对通胀作出一些调整，金融状况宽松。 ...

Market Overview - The market is experiencing a busy day with significant earnings reports and comments from political figures impacting sentiment [2][5] - The divergence between the NASDAQ and Russell indices indicates a recent rotation of money back into technology stocks after a brief period of underperformance [3][4] Technology Sector Insights - Major technology companies are set to report earnings, with ASML's bookings nearly doubling estimates, reflecting strong demand in the semiconductor sector [4][5] - The ongoing infrastructure buildout is driving GDP growth, estimated at 4-5%, which is beneficial for the technology sector and broader economy [5][6] - There is a notable divergence within the technology sector, with some large-cap software companies hitting 52-week lows while the overall market reaches new highs [8][19] Federal Reserve and Economic Policy - The Federal Open Market Committee (FOMC) is expected to maintain current interest rates, with little market expectation for changes, although there is interest in potential dissenting votes among new members [12][13] - The selection of the next Fed chair is generating intrigue, with several candidates being discussed, and the Senate confirmation process is a critical factor [10][17] Capital Expenditure Trends - Capital expenditure (capex) among major tech firms is a focal point, with expectations that it should neither be too high nor too low to maintain investor confidence [9][20] - The impact of artificial intelligence (AI) on software companies remains uncertain, with questions about how increased competition will affect profitability and market dynamics [22][23]

格隆汇1月28日｜嘉信理财香港发布2026年全球及美国市场展望，嘉信金融研究中心宏观研究及策略主 管 Kevin Gordon预期，假如财政支持扩大、劳动市场保持稳定、消费支出得以维持，今年美国通胀仍存 在上行风险，可能会将美联储全年降息次数限制在两至三次。他强调，目前市场正处于持续变动的均衡 状态，导致资金于不同投资风格之间的快速转移，以及板块内部出现高度分散，预料AI将持续主导资 本配置和企业策略。但他指出，AI投资的影响正趋向成熟，未来企业股价能否持续走高，将取决于其 估值能否有实质的盈利增长支持，而非单靠投机去推动，因此稳健的盈利前景将是支持股价的关键。 ...

Core Viewpoint - The article compares The Charles Schwab Corporation (SCHW) and Robinhood Markets, Inc. (HOOD) to determine which stock is a better undervalued investment option for investors in the financial sector [1] Group 1: Zacks Rank and Earnings Outlook - SCHW has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while HOOD has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system favors stocks with positive earnings estimate revisions, suggesting that SCHW is experiencing an improving earnings outlook [3] Group 2: Valuation Metrics - SCHW has a forward P/E ratio of 17.90, significantly lower than HOOD's forward P/E of 43.13, indicating that SCHW may be undervalued [5] - SCHW's PEG ratio is 0.84, while HOOD's PEG ratio is 1.67, further suggesting that SCHW offers better value considering expected earnings growth [5] - SCHW's P/B ratio is 4.38 compared to HOOD's P/B of 11.22, reinforcing the notion that SCHW is a more attractive investment based on traditional valuation metrics [6] Group 3: Value Grades - SCHW holds a Value grade of B, while HOOD has a Value grade of D, indicating that SCHW is viewed as a superior value option at this time [6]

Core Insights - StockBrokers.com has announced the winners of the 2026 Annual Awards, which serve as a benchmark for the U.S. brokerage industry, guiding self-directed investors towards optimal platforms for their financial goals [1][1][1] Group 1: Awards and Recognition - Charles Schwab has been awarded the title of 1 Overall Broker for 2026, highlighting its competitive edge in the brokerage industry [1][1][1] - The awards are based on a rigorous year-long analysis involving thousands of hours of hands-on testing across various platforms, ensuring a comprehensive evaluation of brokers [1][1][1] Group 2: Research Methodology - The research team at StockBrokers.com collects extensive quantitative and qualitative metrics to drive their scoring, focusing on categories that matter most to U.S. investors [1][1][1] - Jessica Inskip, Director of Investor Research, emphasized that the brokerage industry is at an inflection point where the quantity of features does not necessarily equate to the quality of experience [1][1][1] Group 3: Company Background - StockBrokers.com was founded in 2009 and has become a trusted resource for millions of visitors seeking unbiased broker reviews and expert insights [1][1][1] - The company is part of Reink Media Group, which is B Corp certified and aims to provide financial education and advice prioritizing people over profits [1][1][1]

Core Insights - Charles Schwab has been recognized as the 1 Overall Broker in StockBrokers.com's 2026 Annual Awards for the second consecutive year, highlighting its strong position in the brokerage industry [1][2][15] Company Performance - In 2025, Schwab accounted for approximately 10% of the total US notional trading volume, leading the market for retail traders by daily average trades [2] - Schwab's recognition reflects the value it provides to clients in investing, trading, and wealth management [2] Awards and Recognition - Schwab not only won the 1 Overall Broker award but also ranked 1 in several Category Awards, including Range of Investments, Research, Education, Beginners, Active Traders, Futures Trading, and Retirement Accounts [2][3] - The StockBrokers.com 2026 Annual Awards are based on unbiased research across over 300 data-based variables and seven key categories [1][15] Industry Context - The brokerage industry is at a pivotal moment where the quantity of features does not necessarily equate to the quality of experience, emphasizing the need for firms to focus on creating a competitive edge [6] - Schwab's leadership in retail trading is attributed to its commitment to enhancing platforms, products, and services [3] Client Services and Offerings - Schwab provides a comprehensive trading experience that includes advanced trading platforms, mobile trading apps, extensive educational resources, and specialized support from a team of trading specialists [4][5] - The company offers a wide range of trading products, including stocks, ETFs, options, futures, and forex [5]

Core Insights - Nearly 60% of the largest banks in the U.S. are either already offering Bitcoin-related services or expect to do so, indicating a significant trend towards Bitcoin adoption in the banking sector [1][5] Group 1: Current Offerings and Initiatives - Major U.S. banks such as JPMorgan Chase have launched Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley provide Bitcoin exposure primarily to high-net-worth clients [2] - U.S. Bank and BNY Mellon are among the first systemically important banks to offer custody services for Bitcoin [3] - PNC Group has launched both Bitcoin custody and trading services, while State Street and HSBC's U.S. operations have announced custody plans [5] Group 2: Exploratory Stages and Recommendations - Some banks, including Citigroup and Fifth Third, are still in the exploratory stages regarding custody and trading offerings [6] - Bank of America has recommended that clients allocate up to 4% of their portfolios to cryptocurrencies, reflecting a shift in stance even among banks without direct Bitcoin products [4][9] - Bank of America also plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds (ETFs), which provide direct exposure to Bitcoin [10] Group 3: Banks Yet to Enter the Market - Despite the growing momentum, a significant minority of large U.S. banks have not yet announced Bitcoin-related products or plans, with nine banks remaining on the sidelines [7][8][11]

Core Viewpoint - The comparison between The Charles Schwab Corporation (SCHW) and Robinhood Markets, Inc. (HOOD) indicates that SCHW currently presents a better value investment opportunity for investors [1]. Valuation Metrics - SCHW has a forward P/E ratio of 17.80, while HOOD's forward P/E is significantly higher at 43.12 [5]. - The PEG ratio for SCHW is 0.83, indicating a more favorable valuation relative to its expected EPS growth, compared to HOOD's PEG ratio of 1.67 [5]. - SCHW's P/B ratio stands at 4.35, whereas HOOD has a much higher P/B ratio of 11.22, suggesting that SCHW is more undervalued in terms of market value versus book value [6]. Earnings Outlook - SCHW is experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, indicating a stronger potential for value investors [7].