Group 1 - Jed Finn, Head of Wealth Management at Morgan Stanley, will speak at the UBS Financial Services Conference on February 10, 2026, at 3:30 p.m. (ET) [1] - Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management, and investment management services, with offices in 42 countries [1] - Morgan Stanley Direct Lending Fund (NYSE: MSDL) will release its financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 26, 2026, after market close [1] Group 2 - Morgan Stanley has been ranked the 1 Outsourced Chief Investment Officer (OCIO) provider in the United States with $246.9 billion in U.S. OCIO AUM, according to Chestnut Solutions Institute's inaugural OCIO Market Leader Awards [1] - The distinction recognizes Morgan Stanley's industry-leading scale, capabilities, and commitment to delivering high-quality investment solutions to institutional clients [1] - The accompanying report from the Institute indicates an increase in OCIO AUM in 2025 [1]

● 本报记者 葛瑶 国际资本对中国市场的关注度显著回升。去年境外投资者对中国市场的低配幅度从约2.5%收窄至约 1.3%，减少了约1.2个百分点的低配。瑞银全球金融市场交易部主管贺立言（Neil Hosie）日前在接受中 国证券报记者专访时表示："如果外资进一步降低低配幅度，将意味着可观的潜在资金流入。" 关注科技创新投资主线 贺立言表示，外资情绪正从此前的观望态度转向"谨慎乐观"。在他看来，中国市场估值优势凸显、企业 治理持续改善、科技创新动能不断增强，叠加全球投资者分散化配置需求上升，配置型资金的入场窗口 有望逐渐打开。瑞银预计中国股市2026年全年涨幅约18%，盈利增速约10%，机器人、人工智能、新能 源汽车、生物科技等科技创新赛道最受关注。 外资谨慎乐观 "谨慎但乐观"，贺立言用这一表述来概括当前外资的情绪基调。他观察到，与一年前同期相比，境外投 资者的心态已发生明显转变。"今年投资者正在做大量工作来深入了解中国公司，这和去年年初相比已 经有了很大不同。"他认为，这一变化在一定程度上受2025年A股市场表现带动：上证指数全年涨幅达 18.41%，沪深300指数涨幅超17%，强劲的市场表现开始吸引全球投 ...

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]

Group 1 - UBS Group increased its stake in ZTE Corporation's H-shares from 8.88% to 9.38% as of January 21 [1]

瑞银最新发布的 2026 年美国经济展望报告指出，美国经济看似稳健的增长背后，实则高度依赖 AI 单 一赛道支撑，一旦 AI 泡沫破裂，美国经济衰退概率将升至 50%，同时瑞银认为，当前市场显著低估了 美联储 6 月前启动降息的可能性，这一观点引发市场对美国经济真实韧性与货币政策走向的重新审视。 关税政策的持续影响也让美国经济与美联储的政策选择陷入两难。瑞银测算，美国当前加权平均关税税 率已升至 13.2%，相当于对经济征收了占 GDP1.1% 的税负，这一成本正缓慢向消费端传导，推动核心 PCE 通胀回升，预计 2026 年夏季通胀将迎来峰值，且长期徘徊在 3% 左右。关税带来的成本推动型通 胀既侵蚀了居民实际收入，又限制了美联储的降息空间，让美国经济在 AI 依赖与通胀黏性的双重约束 下前行。而财政政策虽能提供短期支撑，2026 年二季度约 550 亿美元的退税将短暂提振消费，但这一 刺激具有明显的前置特征，后续对经济的正向贡献将快速衰减。 影响 2026 年美国经济走向与美联储政策的关键变量仍在持续演化，AI 投资能否从资本市场叙事转化为 实际的生产率提升、劳动力市场疲软是否会进一步显性化、关税对通胀的 ...

Core Viewpoint - UBS Global Wealth Management's senior portfolio manager Alan Rechtschaffen expresses optimism about the U.S. stock market despite gold prices surpassing $5,000, believing that multiple transformative drivers will push the market higher by year-end [1] Group 1: Market Predictions - Rechtschaffen forecasts the S&P 500 index to reach 7,700 points in a baseline scenario by year-end, with a more optimistic scenario suggesting it could hit between 8,300 and 8,400 points [1] - The three main opportunities driving the market upward are identified as artificial intelligence, longevity technology, and electricity, which are expected to benefit both technology creators and end-users across various industries [1] Group 2: Gold Market Insights - Despite many investors using gold as a hedge against social unrest and uncertainty, Rechtschaffen believes that risk assets and safe-haven assets can rise simultaneously [1] - The milestone of gold prices exceeding $5,000 per ounce was reached on January 26, 2026, marking a historic moment in financial history [1] - The options market has not seen large-scale profit-taking following the price breakthrough, with traders aggressively buying long-term call options with strike prices between $5,500 and $6,000, indicating strong consensus on a "bull market" for gold [2]

Core Viewpoint - Intercontinental Exchange, Inc. (ICE) is set to present at the UBS Financial Services Conference, highlighting its role as a leading global provider of technology and data in the financial sector [1]. Group 1: Company Overview - Intercontinental Exchange, Inc. is a Fortune 500 company that designs, builds, and operates digital networks connecting people to opportunities [2]. - The company provides financial technology and data services across major asset classes, enhancing transparency and efficiency for its customers [2]. - ICE operates futures, equity, and options exchanges, including the New York Stock Exchange, and offers clearing houses that facilitate investment, capital raising, and risk management [2]. - The company is a significant player in trading and clearing energy and environmental products, and its fixed income, data services, and execution capabilities help streamline processes for customers [2]. - ICE Mortgage Technology is transforming U.S. housing finance, covering the entire process from consumer engagement to long-term servicing [2]. Group 2: Event Details - Warren Gardiner, CFO of ICE, will present at the UBS Financial Services Conference on February 9 at 11:20 a.m. ET [1]. - The presentation will be available live and for replay via webcast, accessible through the investor relations and media section of ICE's website [1].

Core Insights - UBS announced that four financial advisor teams in its Southeast region have been ranked 1 in their respective cities on the Forbes Best-in-State Wealth Management Teams list for 2026 [1][2] - The ranking highlights the performance of over 6,100 teams that collectively manage $8.3 trillion in assets, based on qualitative and quantitative criteria [2] Company Overview - UBS is a leading global wealth manager and the top universal bank in Switzerland, managing $6.1 trillion in invested assets as of Q4 2024 following the acquisition of Credit Suisse [3] - The firm operates in more than 50 markets worldwide and is listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE) [3]

Core Viewpoint - UBS's latest global strategy report highlights that the recent sharp rise in Japanese Government Bond (JGB) yields has significantly exceeded what can be explained by fiscal fundamentals, primarily driven by a re-evaluation of inflation expectations. The report anticipates that inflation will cool to around 1.5% by mid-year, which will be a key turning point for JGB and yen trends [1][6][11]. Group 1: Market Signals - The volatility in JGB yields is not indicative of a systemic risk event similar to the UK's 2022 "Truss crisis," as the Japanese stock market remains resilient, suggesting investors should avoid panic selling in interest-sensitive sectors [1][20]. - With the attractiveness of JGB yields increasing, a significant repatriation of domestic funds from overseas bond markets is expected after the new fiscal year starts in April, leading to a reallocation towards Japanese government bonds [1][21]. - A decline in inflation will drive up real interest rates, providing support for the yen, as real rates have a more significant impact on exchange rates compared to nominal interest differentials [1][9][10]. Group 2: Fiscal Fundamentals - Despite concerns about Japan's fiscal situation, recent data shows a clear disconnect between the volatility in JGB yields and actual fiscal fundamentals. Japan's public debt as a percentage of GDP has decreased by 11 percentage points since 2023, while the average for developed economies has increased by 2 percentage points [2][5]. - Japan's fiscal deficit is projected to be around 2% of GDP by 2026, significantly lower than the developed economies' average of 4.9%. Additionally, Japan's government interest payments account for only 1.3% of GDP, compared to 3.3% for developed economies [2][5]. Group 3: Inflation and Interest Rates - The surge in JGB yields is primarily driven by market inflation expectations rather than fiscal deficit pressures. Current inflation in Japan is mainly influenced by structural factors such as food prices, while underlying service sector inflation remains around 1% [6][11]. - If inflation cools as expected, it will more effectively enhance real yields than the Bank of Japan's interest rate policies, thereby providing crucial support for both JGBs and the yen [9][16]. Group 4: Market Dynamics - The traditional correlation between the yen and nominal interest rate differentials has weakened, with real interest rate differentials now serving as the core anchor for pricing. The theoretical value of USD/JPY based on real interest differentials aligns closely with current market rates [13][16]. - Japan's external position remains robust, with a net international investment position of +92% of GDP, contrasting sharply with the UK's -2.6% during its crisis. Japan also maintains a current account surplus of 4.8% of GDP, providing a stronger buffer against market volatility [17][20]. Group 5: Investment Trends - The primary risk to the market is not foreign investors selling JGBs but rather the potential large-scale repatriation of domestic funds from overseas bond markets, as JGB yields have surpassed globally hedged bond yields [21]. - The Japanese stock market shows significant structural differentiation, with a few stocks contributing to the majority of the Nikkei 225 index's gains, indicating a concentrated market driven by foreign investors and corporate buybacks, while domestic investors remain net sellers [21].

Davos 2026 did put crypto back in the global spotlight. It may not have dominated the WEF agenda but it was a part of enough speeches and conversations to move markets and set narratives for 2026. What was the big takeaway? Politics is still navigating through short-term price action. But traditional finance, Wall Street and more are increasingly treating crypto and tokenization as inevitable. In an exclusive chat with 99Bitcoins, Dea Markova, Policy Director for Fireblocks, weighed in. “As geopolitical ...