瑞银集团2月6日遭两位分析师下调评级，该股本周表现料创近十个月来最差，此前其美国财富管理业务 遭遇资金外流，令财报黯然失色。 2月6日，高盛将其对瑞银的评级从买入降至中性，而Vontobel则将对瑞银的评级从买入降至持有。彭博 汇编的数据显示，这使分析师对瑞银的整体看法降至2017年以来最低。瑞银本周下跌8%。 过去12个月，瑞银的股价表现落后于欧洲同类股票，该行正面临瑞士政府的改革措施，相关措施最终可 能令其额外面临高达260亿美元的资本要求。同期，瑞银股价上涨11%，而斯托克600银行指数上涨 55%。 瑞士政府表示，瑞士信贷倒闭事件表明，该国的银行监管规则必须收紧。瑞士信贷三年前由瑞银出手相 救。瑞银称，可以从监管角度汲取教训，但并不认同拟议中的改革方案。 "瑞士未来的监管制度仍不确定，"Vontobel分析师Andreas Venditti在调降该股评级的报告中写道，并称 他认为该股上行空间不足，难以支撑更高评级。 高盛分析师Chris Hallam也表示，关于瑞士资本监管制度即将到来的调整，风险依然存在，而且目前该 股的风险回报状况"更加均衡"。 彭博汇编的数据显示，在2月6日的评级下调之后，目前有 ...

Core Viewpoint - UBS Group significantly reduced its holdings in major technology stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech stocks [2][3]. Group 1: Holdings and Changes - UBS disclosed a reduction in its portfolio, with a total market value of $616.68 billion, a decrease of 5.65% quarter-over-quarter [2]. - The top five holdings as of the end of 2025 were Nvidia ($14.45 billion), Microsoft ($13.56 billion), Apple ($12.11 billion), Broadcom ($8.23 billion), and Amazon ($7.99 billion), collectively accounting for 14.52% of the investment portfolio [3]. - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), Apple by 10.57% (5.27 million shares), Microsoft by 7.64% (2.32 million shares), Google by 9.05% (2.21 million shares), Amazon by 4.57% (1.66 million shares), and Tesla by 15.09% (0.71 million shares) [3][4]. Group 2: Financial Performance - UBS reported Q4 2025 total revenue of $12.1 billion, exceeding analyst expectations and up from $11.6 billion year-over-year [5]. - Net profit attributable to shareholders increased by 56% year-over-year to $1.2 billion, surpassing the forecast of $919 million [5]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the expected $27.4 billion, with a notable outflow of $14.1 billion from the U.S. wealth management sector [5][6]. Group 3: Future Outlook - UBS's CEO indicated that net new assets in the Americas wealth management division are expected to turn positive in 2026, although challenges are anticipated in the first half of the year [6]. - The investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

Core Viewpoint - UBS Group significantly reduced its holdings in major tech stocks during the fourth quarter of 2025, with only a slight increase in Meta among the "Magnificent 7" tech giants [1][2]. Group 1: Holdings and Changes - UBS disclosed a reduction in its holdings of key tech stocks including Nvidia, Microsoft, Google, Apple, Amazon, Micron Technology, and Tesla [1][2]. - The total market value of UBS's securities as of the end of 2025 was $616.683 billion, reflecting a 5.65% decrease from the previous quarter [1]. - The top five holdings were Nvidia ($14.452 billion), Microsoft ($13.563 billion), Apple ($12.111 billion), Broadcom ($8.228 billion), and Amazon ($7.988 billion), together accounting for 14.52% of the investment portfolio [2]. Group 2: Specific Stock Reductions - In Q4 2025, UBS reduced its stake in Nvidia by 10.47% (10.04 million shares), in Apple by 10.57% (5.27 million shares), in Microsoft by 7.64% (2.32 million shares), in Google by 9.05% (2.21 million shares), in Amazon by 4.57% (1.66 million shares), and in Tesla by 15.09% (0.71 million shares) [2][3]. - UBS also reduced its holdings in Micron Technology by 1.62 million shares, bringing its total to 8.39 million shares, and in Oracle by 0.22 million shares, reducing its holdings to 11.31 million shares [3]. Group 3: Financial Performance - UBS reported a total revenue of $12.1 billion for Q4 2025, exceeding analyst expectations and up from $11.6 billion year-on-year [4]. - The net profit attributable to shareholders grew by 56% year-on-year to $1.2 billion, surpassing the analyst estimate of $919 million [4]. - Wealth management business saw a net inflow of $8.5 billion, significantly lower than the previous quarter's $37.5 billion and below market expectations of $27.4 billion [5]. Group 4: Market Reactions and Future Outlook - Following the earnings report, UBS's stock price fell by 5.92% and 2.41% on consecutive days [5]. - UBS's CEO indicated that the wealth management sector in the Americas is expected to see positive net new assets in 2026, despite anticipated challenges in the first half of the year [5]. - UBS's investment banking division contributed significantly to the overall profit, with a 34% increase in operating profit driven by market volatility [6].

过去，西九一带以住宅发展为主，包括九龙站上盖、柯士甸站上的豪宅项目。商厦则以环球贸易广场 （ICC）为主。而IGC（International Gateway Centre）属于西九高铁站上盖商业用地，涉及总楼面达约 320万平方呎，其中，写字楼部分的国际商业中心（IGC）采用双子塔式设计，共有4座大楼，合共提供 约260万方呎甲级写字楼空间；项目另设5层逾60万方呎大型购物商场，将引入高级零售和餐饮。 瑞银于2022年率先宣布将会进驻IGC，成为项目首个主要租户。并由原先预租九层增至租用第2B座全栋 14层，楼面达46万方呎，租期长达10年。反映该行对香港前景的信心。而现时位于北京道一号、ICC、 李宝椿及IFC等办公室均会迁出，搬入瑞银中心。 瑞银亚太区总裁兼瑞银财富管理全球联席总裁康瑞博 (Iqbal Khan)表示，香港60多年来一直是集团亚太 业务核心，新总部体现集团对香港未来及大湾区机遇的信心与长远承诺，集团将继续在港作长期投资。 康瑞博又指，香港已成为瑞银集团的亚太总部所在地超过60年，并将继续是瑞银全球最重要的枢纽之 一。展望未来，集团对亚太区的经济前景非常乐观，料亚太区将仍是全球最重要的成长 ...

Core Insights - UBS reported a total market value of $620 billion in Q4, reflecting a decrease of 5.65% from the previous quarter [3] - The firm made 1,347 new stock purchases and increased holdings in 4,181 stocks, while reducing holdings in 4,520 stocks and completely selling out of 1,188 stocks [3] - The top ten holdings accounted for 14.52% of the total market value [3] Top Holdings - NVIDIA (NVDA.US) is the largest holding with approximately 77.49 million shares valued at $14.45 billion, representing 2.34% of the portfolio, down 11.47% from the previous quarter [1][4] - Microsoft (MSFT.US) ranks second with about 28.04 million shares valued at $13.56 billion, making up 2.20% of the portfolio, a decrease of 7.64% [2][4] - Apple (AAPL.US) is third with around 44.55 million shares valued at $12.11 billion, accounting for 1.96% of the portfolio, down 10.57% [2][4] - Broadcom (AVGO.US) is fourth with approximately 23.77 million shares valued at $8.23 billion, representing 1.33% of the portfolio, an increase of 0.88% [2][4] - Amazon (AMZN.US) is fifth with about 34.61 million shares valued at $7.99 billion, making up 1.30% of the portfolio, down 4.57% [2][4] Notable Changes - UBS reduced its holdings in several tech stocks, including Micron Technology (MU.US) by 16.14%, TSMC (TSM.US) by 15.56%, Oracle (ORCL.US) by 1.91%, AMD (AMD.US) by 24.28%, and Western Digital (WDC.US) by 37.92% [5] - The firm slightly increased its position in Meta (META.US) by 0.85% among the "seven giants" [4] - New positions were established in Total (TTE.US) and increased holdings in Walmart (WMT.US), Alibaba (BABA.US), and Bitcoin holding company Strategy (MSTR.US) [5] Trading Activity - The top five purchases included Microsoft call options, SPDR S&P 500 ETF (SPY.US), MP Materials call options, UBS Group AG, and iShares 7-10 Year Treasury ETF put options [5][6] - The top five sales included SPDR S&P 500 ETF put options, Invesco QQQ Trust put options, iShares iBoxx High Yield Corporate Bond put options, Microsoft, and NVIDIA [5][6]

| Stock | History | Sector | Shares Held or | Market | % of | Previous | | Change in | 96 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | 2 Value | Portfolio | % of Portfolio | Rank | Shares | Change | | | | | Amt | | | | | | | | NVDA | History | INFORMATION TECHNOLOGY | 77,489,454 | 14,451,783,174 | 2.34% | 2.56% | | -10,042,089 | -11.47% | | MSFT | History | INFORMATION TECHNOLOGY | 28,044,188 | 13,562,730,202 | 2.20% | 2.46% | 2 | -2,320,211 | -7.64% | | AAPL | History ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 文章来源：金十数据 白银近期令人眩晕的暴跌和本周反复无常的交易，让投资者不禁产生疑问：白银的底部究竟在哪里，何 时才会出现？ 这种白色金属的价格在今年曾创下历史新高，但在上周五暴跌近30%。此后，白银一直难以站稳脚跟， 尽管在周二和周三有所反弹，但在周四又再度暴跌19%。 瑞银（UBS）的策略师指出，近期的暴跌似乎更多是由广泛的避险情绪驱动，而非基本面崩盘，但他们 警告称，极端的波动性使得短期头寸面临巨大风险。 该行在周四晚间发布的一份报告中表示："由于白 银的一个月波动率目前已超过100%，短期内可能会出现剧烈的价格波动。"瑞银补充称，如果没有持续 的投资需求，白银可能难以维持在每盎司85美元以上的水平。 不过，瑞银相信长期的基本面依然完好。该行认为，名义利率和实际利率的下降、全球债务问题、美元 贬值因素，以及对2026年全球经济增长复苏的预期，都将推动价格上涨。该行继续预计今年市场将出现 近3亿盎司的供应缺口，投资需求预计将超过4亿盎司，但同时也警告称，高企的价格可能会抑制工业用 途的需求。 期权价格的急剧上涨为投资者创造了通过建立价格底线 ...

This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Dive Brief:  Swiss banking giant UBS is accelerating its AI investments, with plans to redesign front and back office processes, UBS Group CEO Sergio Ermotti told investors during the firm’s Q4 2025 earnings call on Wednesday.  Ermotti said it’s critical that UBS apply a “one-bank approach to our entire operation” as it rolls out AI-enabled capabilities to improve services ...

Swiss government proposals to strengthen capital rules for UBS are proportionate, Stefan Walter, CEO of Swiss financial market supervisor FINMA, said on Thursday, with regulation in Switzerland no mor... ...

据报道，瑞银集团旗下投资银行的部分部门2025年奖金池增幅最高可达20%。 据报道，瑞银集团旗下投资银行的部分部门2025年奖金池增幅最高可达20%。 ...