Core Insights - Art is increasingly recognized as a "passion asset" that plays a significant role in wealth management, encompassing cultural identity and social responsibility [1][4] - UBS has over 25 years of experience in art collection consulting, integrating art into family wealth management strategies [4] - The approach to art collection is evolving, with new collectors entering the market strategically and emphasizing research before acquisitions [5] Group 1: Art Collection as Wealth Management - Art collection is not merely a hobby but a comprehensive lifecycle that requires clear strategic and governance frameworks from inception to inheritance [5] - UBS's art consulting team assists clients in establishing collection visions and strategies that align with overall family wealth goals [5] - Professional management of art collections is crucial, covering aspects such as preservation, storage, and archival management [5] Group 2: Inheritance and Family Dynamics - Families must address key questions regarding the continuation of collections, the interest of the next generation, and the transfer of decision-making authority [5] - Some artworks may be sold or donated to align with the values of the new generation or family strategy [5] Group 3: Chinese Art Market - The Chinese art market is gaining unique appeal for international collectors due to its market size and vibrant, high-quality art ecosystem [6] - Recent activities by UBS, such as the UBS Art Collectors Circle's visit to Shanghai, highlighted the depth and diversity of contemporary Chinese art [6] - Despite short-term market fluctuations, the long-term potential of the Chinese art market is viewed positively, driven by emerging local collectors and a blend of cultural tradition and contemporary innovation [6]

瑞银全球策略团队近期将新兴市场股票上调至超配，将继续乐观看待中国股票，因为相对估值不高(相 对于MSCI世界指数折价30%，与历史平均水平相当)且外国投资者持仓较低。尽管中概股和H股历来在 降息周期中表现更好，但瑞银目前仍更青睐A股，因为散户资金流入的潜在影响可能比外国机构资金流 入更大。 经济观察网9月29日，瑞银发布邮件称，瑞银投资银行中国股票策略研究主管王宗豪近日表示，瑞银经 济学家预计在即将举行的10月和12月FOMC会议上将再次降息。瑞银的外汇团队预测美元到年底将走 弱，美元兑人民币将达到7.10。从历史上看，新兴市场和中国股票的回报率对美国实际收益率下降和美 元贬值的敏感度(更受益)高于美国股票本身。瑞银主要关注前三个周期(2007年、2019年和2024年)首次 降息后的6个月，这些周期与当前环境更加一致，因为美联储刚重启降息。从历史上看，MSCI中国指数 在6个月期间内平均回报率为11%，分别跑赢新兴市场和全球市场7%和13%。在中国不同市场指数中， 中概股和H股普遍表现优于A股。就行业表现而言，TMT行业(如数据中心、互联网和半导体)通常跑 赢，而某些周期性和防御性行业(如能源和电力公用事业 ...

ab 25 September 2025 Global Research Japan Economic Presentation Japan Economic Outlook 2025-2027: Three Pivots Next 6 months Global and Japanese economy to slow with the US tariff shock Next 2-3 years Cyclical uplift returns with lower uncertainties and advances in technologies This report has been prepared by UBS Securities Japan Co., Ltd.. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 51. Economics Key message (as ...

Global Research China Equity Strategy Overview of A-share sector and style performance during Fed's rate cut cycles Fed resumes rate cut cycle The Fed announced a 25bp rate cut on 17 September, lowering the Fed fund rate target to 4.00-4.25%. This resumes the rate cut cycle after a nine-month pause since 19 December 2024. The UBS US macro team expects further 25bp/50bp cuts in October/ December as the unemployment data is likely to weaken over October-November. A-share sector and style performance during Fe ...

The Swiss government needs to find a compromise with UBS to raise the bank’s capital requirements, the head of the right-wing Swiss People’s Party said https://t.co/C3epsE8ZL4 ...

Core Viewpoint - The Swiss government has proposed a seven-year transition period for UBS Group AG to meet higher capital requirements, confirming previous guidelines, but this is still a draft and subject to parliamentary approval, potentially not taking effect until 2028 [1][2]. Group 1: Proposed Capital Requirements - The Swiss government suggests that UBS should provide sufficient capital support for its overseas subsidiaries, with a target Common Equity Tier 1 (CET1) ratio of 65% at the law's enactment, increasing by 5 percentage points annually until reaching 100% [1]. - UBS may face an increase in capital requirements by up to $26 billion as a result of the government's proposal, which was formulated after UBS's acquisition of Credit Suisse earlier this year [1]. Group 2: UBS's Response and Market Impact - UBS has strongly criticized the proposed capital requirement increase, arguing it is inconsistent with international norms and does not adequately learn from the Credit Suisse collapse [2]. - The uncertainty surrounding the additional capital UBS needs to hold has pressured its stock price, although UBS's American Depositary Receipts (ADRs) have risen over 37% this year, outperforming the S&P 500 [2]. Group 3: Legislative Process and Timeline - The phased implementation of the capital requirements will begin upon the law's enactment, which is not expected before 2028, and there is a possibility of a public referendum [3]. - UBS is exploring options to mitigate the impact of the capital requirements, including technical measures to optimize its wealth management business and potentially relocating its registration [3].

Core Viewpoint - The Swiss government has initiated a formal consultation regarding a significant banking regulation overhaul, allowing UBS seven years to fully capitalize its foreign units [1] Group 1 - The Swiss government is proposing a larger banking regulation overhaul [1] - UBS will have a seven-year period to capitalize on its foreign units [1]

Core Insights - The Risk Asia Awards 2025 recognize excellence in various categories related to risk management and financial services across Asia [1][2][3] Group 1: Derivatives Awards - Derivatives house of the year for Asia is awarded to UBS [1] - Other notable winners include Daiwa Securities for Japan, Crédit Agricole CIB for Hong Kong and South Korea, and OCBC Bank for Singapore [1] - The award for derivatives house of the year in China goes to Shenwan Hongyuan Securities, while CTBC Bank wins for Taiwan [1] Group 2: Specialized Awards - Standard Chartered is recognized as the interest rate derivatives house of the year [1] - BofA Securities wins the currency derivatives house of the year award [1] - UBS is awarded both equity and credit derivatives house of the year [1] Group 3: Technology and Risk Solutions - Murex is named technology vendor of the year and also wins for system support and implementation [2] - S&P Dow Jones Indices is recognized for quantitative investment solutions [2] - FactSet is awarded for risk solutions [2] Group 4: Compliance and Risk Management - The best AI solution for risk management is awarded to SAS Institute [2] - Wolters Kluwer receives multiple awards for various risk management solutions including IFRS 9 and credit risk management [2] - NICE Actimize is recognized for its AML solution of the year [2]

Core Viewpoint - Swiss financial regulators indicate that UBS has made progress in improving its crisis preparedness plans since acquiring Credit Suisse in 2023, but some aspects of its strategy remain inadequate [1] Group 1 - UBS's emergency plans largely meet current legal requirements according to the regulatory statement [1] - Future improvements are needed to better integrate solution plans into UBS's overall strategy, rendering the current plans not executable [1]

Core Viewpoint - The IPO market is described as "traditionally very cyclical" by Gareth McCartney, indicating its historical fluctuations and trends [1] - There is a robust IPO pipeline, suggesting a healthy environment for initial public offerings [1] - Multiple themes are available for investors to explore, indicating diverse opportunities within the current market landscape [1]