Group 1 - Swiss lawmakers proposed a compromise on new capital rules for UBS Group to ensure its international competitiveness, leading to a rise in the bank's stock price to its highest level since 2008, with a pre-market increase of over 1.5% to $43.3 [1] - The Swiss government previously suggested that UBS, after acquiring the failing Credit Suisse in 2023, should increase the capital adequacy ratio of its foreign subsidiaries to 100% from the current 60% to cover potential overseas losses [1] - Following media reports of the compromise proposal by a group of lawmakers, UBS's stock price has doubled since the acquisition of Credit Suisse [1] Group 2 - The proposal supports setting the world's strictest capital rules for UBS, emphasizing that the gap between these regulations and those of major financial centers should not be so large as to affect competitiveness [2] - The plan also includes a suggestion to limit investment banking activities to 30% of the bank's risk-weighted assets on its balance sheet, with UBS stating that the proposal is more constructive than the government's extreme approach [3] - The Swiss Finance Ministry has submitted its proposal and will decide how to proceed in due course, with reports indicating that the government is prepared to soften some of the new regulations [3]

>> NEWSMAKERS AND MARKET MOVERS. THIS IS THE PULSE. TOM: GOOD MORNING, WELCOME TO THE PULSE.I'M TOM MACKENZIE. UBS, ONE OF THE BIGGEST GAINERS ON THE STOXX 600 AFTER A GROUP OF CENTER-RIGHT SWISS LAWMAKERS PROPOSE A COMPROMISE ON ITS CAPITAL REQUIREMENTS. IT ALLOWS THE BANK TO USE MORE CONVERTIBLE BONDS TO MEET ITS FUTURE HIGHER REQUIREMENT.JOINING US NOW IS LAURA NOONAN. HOW FAR DOES THIS GO TO ADDRESS THE FEARS THAT UBS WILL HAVE TO RAISE A LOT MORE CAPITAL. LAURA: I WOULD SAY IT IS CERTAINLY POSITIVE NEW ...

Group 1 - The company Galaxy Universal Robotics has reportedly selected CITIC, Huatai, and UBS to arrange its IPO in Hong Kong [1]

Core Viewpoint - A group of Swiss lawmakers is proposing a compromise that balances tougher capital rules for UBS while ensuring the bank's international competitiveness [1] Group 1 - The proposed compromise aims to address the need for stricter capital regulations for UBS [1] - Lawmakers are concerned about the potential impact of these regulations on UBS's ability to compete globally [1] - The discussion reflects ongoing debates in Switzerland regarding financial regulation and its implications for major banks [1]

李镇国表示，为应对预期中激增的上市项目，瑞银在过去一年已相应增加了人手，并进行了内部资源调 配，以全力配合IPO项目的顺利推进。 他提到，今年港股IPO市场募集资金已达到2024年全年总额的2.1倍，并预计港交所将在2025年重新获得 排行第一的IPO融资规模，料明年IPO集资额可逾3000亿港元。 智通财经APP获悉，港股IPO市场回暖态势下，新股申报质量问题也引发监管层高度关注。据报道，香 港证监会与香港交易所联合于上周五联名致函IPO保荐人，针对近期新上市申请中出现的质量下滑及部 分不合规行为表达明确关切。对此，瑞银全球投资银行部副主席及亚洲企业客户部联席主管李镇国解读 称，此举更多是监管机构的一种提醒，而非市场所言的"警告"。 他指出，目前已有超过三百家企业提交上市申请，监管层希望在业务繁忙之际，市场各方仍能确保上市 的整体质量，避免出现敷衍了事或降低标准的情况。 ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Core Viewpoint - UBS Wealth Management anticipates strong growth in AI capital expenditure in 2026, with AI expected to continue leading global market gains. The Chinese market presents structural opportunities, particularly in the technology sector [1][2]. Group 1: Global Economic Outlook - In 2025, global capital markets performed well, with the Chinese stock market rising over 30% and the U.S. market rebounding more than 50% from April lows. Gold prices increased over 60%, marking the second-best annual performance since 1979 [2]. - UBS predicts that global AI capital expenditure will reach $500 billion in 2026, following a $350 billion expenditure in 2025. By 2030, AI revenue is expected to reach $3.1 trillion, with a compound annual growth rate of 30% [3]. Group 2: Investment Strategies - UBS recommends a diversified investment strategy, maintaining adequate liquidity and constructing cross-asset, cross-regional portfolios. This approach aims to provide better protection during market pullbacks [6]. - Alternative assets, such as gold, are suggested for risk hedging, with expectations that gold prices may reach $4,500 per ounce by mid-2026. The demand for gold remains structurally strong among central banks [6][7]. Group 3: Key Investment Themes - The first investment theme is AI itself, which, despite current returns being lower, is expected to generate significant revenue and transform global productivity [5]. - The second theme focuses on electricity and resources, as AI's rapid development will increase global electricity demand, driving up prices for related commodities like copper and promoting green energy sources [5]. - The third theme is the longevity economy, where the intersection of AI and health presents vast market opportunities, with potential revenue growth in pharmaceuticals, active nutrition, and precision diagnostics [5].

（原标题：瑞银：香港IPO集资额明年有望超3000亿港元 外资继续回流） 毕马威近期发布的报告称，预计2025年港股IPO集资额达2721亿港元，同比上升210%，自2019年后再度 登上全球第一。 李镇国表示，IPO数量的增加为市场提供了更丰富的投资选择，这种"百花齐放"的局面有助于提升市场 活跃度，吸引更多资金与关注，进而对二级市场形成支撑。 在具体的IPO市场展望上，李镇国透露，不排除2026年港股出现集资规模超过400亿港元的超大型IPO， 并预计仅2026年第一季度就将有数宗集资额过百亿港元的上市项目，主要集中在特专科技及消费类行业 等。 值得注意的是，他观察到今年已有小部分美资基金开始认购香港IPO，并预计2026年这一趋势将会增 强。 针对近期香港证监会与港交所向IPO保荐人发出的联席致函，李镇国解读称，此举更多是监管机构的一 种提醒，而非市场所言的"警告"。 （瑞银发布会现场 摄/张伟泽） 南方财经 21世纪经济报道记者 张伟泽 香港报道 12月11日，瑞银全球投资银行部副主席及亚洲企业客户部联席主管李镇国在记者会上表示，预计香港在 2026年将迎来150至200宗新股上市，集资总额超过300 ...

Group 1: Overview of ADRs - ADRs, or American Depository Receipts, are US-listed securities of foreign firms, allowing American investors to trade shares of these companies [1][2] - Notable ADR examples include Taiwan Semiconductor Manufacturing Company Limited, ASML Holding, and Alibaba Group Holding Limited [2] Group 2: UBS Group AG - UBS Group AG's shares rose following a report that the Swiss government was softening regulations regarding capital buffers, which could have required the bank to hold an additional $24 billion in capital [8] - UBS is integrating Credit Suisse and may reduce its headcount by up to 10,000 by 2027, primarily through natural attrition and early retirement [9] - The bank plans to conduct up to $0.9 billion in share buybacks in Q4, aiming for a total of $3 billion in buybacks for the year [9] Group 3: GSK plc - GSK plc received Orphan Drug Designation from the FDA for its lung cancer drug risvutatug rezetecan, which showed positive results in phase 1 clinical trials [10] - Small-cell lung cancer accounts for 13% of all cancers in America, with an estimated 29,500 new diagnoses expected [10] - JPMorgan maintains a Sell rating for GSK with a £17 share price target, amid a legal dispute involving its subsidiary TESARO and AnaptysBio over licensing issues [11]

Core Viewpoint - The Swiss National Bank is in favor of the banking regulation measures proposed for UBS by the Federal Council in June [1] Group 1 - The Vice Chairman of the Swiss National Bank, Antoine Martin, expressed continued support for the proposed banking regulation measures [1]