Group 1 - BlackRock increased its holdings in Haier Smart Home, WuXi Biologics, Midea Group, and Bank of China on January 2, 2026 [1][3] - The shareholding percentage of WuXi Biologics increased from 5.32% to 6.14%, Midea Group from 5.15% to 6.75%, Bank of China from 5.98% to 6.11%, and Haier Smart Home from 7.72% to 8.34% [3] - Previously, on December 29, 2025, BlackRock had reduced its holdings in Midea Group from 7.03% to 5.16% and in Bank of China from 6.07% [3] Group 2 - Goldman Sachs released a report predicting that China's GDP growth in 2026 will exceed market expectations, recommending an overweight position in Chinese stocks [4][5] - The report anticipates a continuation of the bull market in Chinese stocks, with annual growth rates of 15% to 20% in 2026 and 2027, supported by earnings growth and valuation re-rating [5] - UBS Wealth Management expressed optimism for the Chinese market, highlighting advanced manufacturing and technological self-reliance as new growth engines, with a projected 37% earnings growth for the Hang Seng Tech Index in 2026 [5]

该银行表示，其对2026 年前三个季度(3月、6月与9月)黄金价格的预期目标价已上调至 5000 美元，随后 预计到 2026 年底黄金价格将回落至 4800 美元——比之前预测的 4300 美元高出 500 美元。 Schnider在一份报告中表示："到 2026 年，大宗商品将在投资组合中发挥更重要的作用。我们的预测显 示，由于供需失衡、地缘政治风险加剧以及全球能源转型等长期趋势的影响，投资回报将十分可观。在 这一资产类别中，我们看到铜、铝和农业领域存在特别的投资机会，而黄金仍是一个有价值的多元化投 资选择。" 周二，现货黄金价格继续上涨，白银价格也突破每盎司 80 美元，创下历史新高。这一涨势得益于避险 需求的增加，此前美国成功抓捕了委内瑞拉总统马杜罗，同时市场也普遍预期美国会进一步降息。 德国商业银行分析师Carsten Fritsch在一份报告中表示："美国上周末对委内瑞拉的军事干预正在为市场 带来利好因素，从而导致避险资产的需求更加旺盛。"他还提到，12月份的美国供应管理协会制造业指 数已降至 14 个月以来的最低点。 （原标题：黄金利好因素继续强化 瑞银上调前三季度金价预测至5000美元） 市场 ...

Core Viewpoint - UBS Wealth Management predicts that gold prices could rise to $5,000 per ounce by the end of Q1 2026, driven by central bank purchases, expanding fiscal deficits, declining U.S. interest rates, and ongoing geopolitical risks [1][3]. Commodity Market Outlook - The overall commodity market is expected to continue its upward trend, with significant returns anticipated due to supply-demand imbalances, geopolitical tensions, and global energy transition trends [1][3]. - UBS is particularly optimistic about investment opportunities in copper, aluminum, and agricultural products, while gold remains a valuable asset for risk diversification in investment portfolios [1][2]. Specific Commodity Insights - Copper and aluminum are expected to face further supply shortages, driven by the ongoing global clean energy transition and electrification, making them core investment assets [2]. - Oil prices are projected to rebound in the second half of the year as current oversupply conditions ease with steady demand growth and slowing supply growth from non-OPEC producers [2]. Gold Price Forecast - Gold prices are expected to rise throughout the year, supported by central bank purchases, large fiscal deficits, declining U.S. real interest rates, and persistent geopolitical risks [2][3]. - UBS has raised its gold price target for the first three quarters of 2026 to $5,000 per ounce, with a projected decline to around $4,800 by the end of 2026 [3]. Political and Financial Risks - If political or financial risks escalate, gold prices could potentially reach $5,400 per ounce, an increase from the previous target of $4,900 [4].

香港IPO热潮在2026年能否延续？外资对新股配售的参与是否还会提升？港交所的改革将如何助力IPO 市场发展？近日，21世纪经济报道记者专访了瑞银全球投资银行亚太股票资本市场联席主管胡凌寒，一 起探讨这些问题。 胡凌寒指出，目前外资对中国资本市场的关注度正在不断提升。高盛2025年7月发布的研究报告显示， 参与香港新股认购的投资者中，约三分之二来自外资。对于IPO市场而言，外资参与的模式正在发生显 著变化。 她提到，包括英国长线基金M&G、Schroders在内的国际资本，在2025年选择以基石投资者的身份参与 配售，这是外资从中长期维度对香港市场投下的信任票。 2025年以来，瑞银在港股IPO市场中持续活跃，参与了多个备受瞩目的IPO项目，包括蜜雪冰城、宁德 时代等项目。根据蓝鲸财经统计的数据，瑞银2025年全年共承销7家上市公司，共募资38.88亿港元。 谈及内地企业来港上市的热潮，胡凌寒表示，对于内地企业而言，香港高效的审批节奏能更好地适配企 业的战略规划，同时，对于很多有海外发展计划的企业而言，香港也是品牌国际化的跳板，其在港融资 获得的外币资金能够为企业后续的海外并购提供灵活性。 展望2026年，胡 ...

据 香港交易所 披露，瑞银集团（UBS）对 中兴通讯 股份有限公司- H股的多头持仓比例于2025年12月 30日从8.17%降至7.98%。 ...

Investment Rating - The report maintains a rating of "Buy" for the non-bank financial industry [1]. Core Insights - The report emphasizes that the wealth management industry is evolving from a seller-driven sales model to a buyer-driven advisory model, with significant growth potential in Asia as national wealth increases and household savings shift towards financial assets [2]. - It highlights the importance of learning from overseas wealth management experiences, particularly from Europe and the United States, to enhance the development of wealth management in China [2]. Summary by Sections UBS Group - European Banking System - UBS is the only international bank that has made wealth management its core strategic focus, with a total investment asset scale reaching $6.8 trillion by Q3 2025, of which the wealth management department accounts for $4.7 trillion, or 70% [2][11]. - The wealth management strategy is centered around a "One-firm" model, integrating investment banking, asset management, and commercial banking to provide comprehensive solutions [22]. - UBS targets high-net-worth and ultra-high-net-worth clients, with specific asset thresholds for different regions, ensuring a focus on affluent clientele [24][27]. Morgan Stanley - American Banking System - Morgan Stanley has a long history and is recognized as a leading financial services company, with a total asset management scale of $3 trillion, ranking 6th globally in wealth management [38]. - The company has shifted its focus towards wealth management, which has shown stable growth over the years, particularly after the 2008 financial crisis [39]. - Morgan Stanley employs a strategy of cost control, business synergy, and compensation incentives to enhance productivity and client service [41]. Charles Schwab - American Discount Brokerage - Charles Schwab has transitioned from a discount brokerage to a leading wealth management institution, offering a full suite of financial services [2]. - The company targets retail clients with a low-cost model, rapidly increasing its asset management scale through client retention and product innovation [2]. - Schwab's revenue is primarily driven by assets under management (AUM), having moved away from reliance on trading commissions [2]. BlackRock - American Fund Management - BlackRock is the largest asset management company globally, with an asset scale of $11.6 trillion by the end of 2024, focusing on passive investment strategies [2]. - The company has diversified its product offerings from fixed income to equity investments, with a significant emphasis on its iShares ETF as a growth driver [2]. - BlackRock's revenue model is based on AUM management fees, supplemented by performance fees and consulting services [2].

据香港交易所披露，瑞银集团（UBS）对中兴通讯股份有限公司 - H股的多头持仓比例于2025年12月30 日从8.17%降至7.98%。 ...

1月6日，据追风交易台消息，瑞银全球宏观策略团队在最新研报中称，金价上涨的"成色"不足，12月的这波 行情并非由黄金自身的独立利好驱动，而是单纯"搭了白银、铂金和钯金爆发的便车"。 该行特别强调，更令人担忧的是，黄金的波动性已飙升至俄乌冲突爆发初期的水平，这种高波动性正在削弱 黄金在私人投资组合中作为"压舱石"的吸引力。 模型显示，黄金与实际利率的关系已经破裂，在没有新消息刺激的情况下，残差显著加速，这通常是回调的 前兆。 研报指出，尽管如此，鉴于全球央行的买盘、多元化需求、ETF流入、金矿股的估值滞后等因素，瑞银维持 长期看多观点不变，目前大跌（跌幅20%以上）的条件不具备。 模型失效与波动性飙升：短期最大的敌人 瑞银向投资者发出最新的明确信号：虽然长期看多黄金至每盎司4,750美元的目标未变，且过去两个月金价已 完成了该目标一半的涨幅，但短期警报已经拉响。 研报指出，自俄乌冲突导致俄罗斯央行储备被冻结后，传统的黄金定价模型就已经"坏了"。 在此之前，黄金与美国实际利率有着极强的负相关性——实际利率每变动100个基点，通常会导致金价反向波 动约12-14%。 但自2025年8月以来，尽管实际利率并未大幅下行 ...

Group 1: Commodity Market Movements - Concerns over supply shortages and geopolitical tensions, particularly regarding Venezuela, have led to significant movements in the commodity market, with silver rising over 6% and gold nearing $4500 per ounce [1] - The industrial metals market also saw gains, with copper reaching historical highs, driven by strong demand from sectors like electric vehicles and artificial intelligence [1][6] Group 2: Gold Price Forecasts - UBS has raised its gold price target to $5000 per ounce, citing increasing demand for gold as a safe-haven asset amid concerns over U.S. fiscal sustainability and geopolitical risks [3] - Goldman Sachs predicts gold prices could rise to $4900 per ounce, with potential for even higher prices if political or financial risks escalate [2][3] Group 3: Silver Market Dynamics - Silver prices have surged, with a closing increase of 7.95% in COMEX silver futures, driven by both safe-haven demand and structural growth in industrial applications [3] - The silver market has been in a state of supply-demand imbalance since 2021, with increasing demand from sectors like electric vehicles and solar panels [3] Group 4: Industrial Metals Supply Concerns - The London Metal Exchange reported a collective rise in industrial metals, with copper prices increasing over 4% due to supply concerns from major mines [6] - Analysts highlight that the copper market is facing a supply crunch, exacerbated by labor strikes and geopolitical tensions, which could lead to a significant market gap [6][7] Group 5: U.S. Tariff Implications - The potential for the U.S. to impose tariffs on copper imports for the electricity and construction sectors has added volatility to the market, with significant increases in copper inventories in the U.S. [7] - UBS notes that the U.S. holds a substantial portion of global copper inventories, but its consumption is low, raising concerns about supply for other regions [7]

Core Viewpoint - The article discusses the significant movements in the commodity market driven by geopolitical tensions, particularly the situation in Venezuela, which has heightened demand for safe-haven assets like gold and silver. The outlook for precious metals remains bullish, with major investment banks raising their price targets for gold and silver in 2026. Group 1: Precious Metals Market - Gold prices surged, reaching a high of $4,467 per ounce, driven by increased demand for safe-haven assets amid geopolitical tensions and expectations of further interest rate cuts by the Federal Reserve [5][6] - UBS raised its gold price target for 2026 to $5,000 per ounce, citing concerns over U.S. fiscal sustainability and continued demand for gold as a risk hedge [6] - Silver prices also saw a significant increase, with futures closing up 7.95%, driven by both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [6][7] Group 2: Industrial Metals Market - Industrial metals experienced a collective rise, with copper prices breaking the $13,000 per ton mark, fueled by strong demand from AI data centers and electric vehicles [10][11] - Concerns over supply disruptions from major copper mines, such as the Grasberg mine in Indonesia and labor strikes in Chile, have exacerbated market anxiety regarding copper supply [11][12] - Citigroup analysts predict that global refined copper production will reach 26.9 million tons this year, with a market shortfall of 308,000 tons, emphasizing the need for investment in new copper mining capacity [11][12]