Hong Kong's initial public offering (IPO) market is on track to maintain its status as the world's top fundraising venue next year, underpinned by a pipeline of mega deals and the return of US capital, according to UBS. The Swiss investment bank expects more than HK$300 billion (US$38.5 billion) to be raised from 150 to 200 IPOs in 2026, surpassing the roughly HK$270 billion raised this year, which vaulted the city back to No 1 globally. UBS also forecast that the city's benchmark Hang Seng Index could ...

Welcome to The Protocol, CoinDesk's weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk. In this issue: Stripe-Backed Blockchain Tempo Starts Testnet; Kalshi, Mastercard, UBS Added as Partners ZKsync Lite to Shut Down in 2026 as Matter Labs Moves On Blockstream Connects Lightning and Liquid for Faster, Private Bitcoin Payments Axelar Unveils AgentFlux to Bring AI Agents Onchain, Without Cloud Risks Unknown block type "divide ...

Economic Outlook - UBS expects China's economic growth in 2025 to be between 4.9% and 5%, with better-than-expected performance in the first three quarters and a slowdown in the fourth quarter [1] - The growth target for 2026 is likely to be set at 4.5% to 5%, supported by existing policy measures [1] Consumption and Investment - Consumption growth is projected to be in the range of 3% to 4% in 2026, while investment is expected to recover with an increase in growth rate [1] - Exports are anticipated to show strong resilience, with an average growth rate of 5% in 2025 and a forecasted growth of 2% to 3% in 2026 [1] Capital Markets - The capital market is expected to maintain a stable outlook in the short and medium term, benefiting from profit growth and liquidity support [1] - Technology stocks are anticipated to perform well, with a projected 30% increase in 2025 following a 20% rise in 2024, and current valuations are 30% lower than US stocks [1] Monetary Policy - A reduction in reserve requirement ratios by 50 to 100 basis points and interest rate cuts of 20 to 30 basis points are expected in 2025 [2] - The USD/CNY exchange rate is projected to stabilize around 7 by the end of 2025, with a potential decline to approximately 6.9 in the second half of 2026 [2] Artificial Intelligence Sector - Global capital expenditure in the AI sector is expected to reach $350 billion in 2025, increasing to $500 billion in the following year, driven by real market demand [2] - By 2030, revenue in AI-enabled sectors is projected to reach $3.1 trillion, with a compound annual growth rate of 30% [2] Investment Recommendations - UBS recommends focusing on AI, longevity economy, and structural trends in electricity and resources within diversified stock portfolios [3] - AI is expected to significantly enhance global revenue and productivity, with potential automation of one-third of tasks in the labor market [3] - The integration of AI in healthcare presents substantial market growth opportunities across various sectors, including pharmaceuticals and diagnostics [3]

美国参议员伊丽莎白·沃伦致函瑞银集团董事长Colm Kelleher，要求他提供与美国财政部长斯科特·贝森 特就该行可能将总部迁往美国的事宜进行的任何讨论的细节。 瑞银在声明中表示："正如我们反复指出的，我们希望继续以瑞士为基地，作为一家全球性银行成功地 进行运营。瑞银拥有独特、可持续且全球多元化的业务模式，即使在特殊情况下也经受住了考验，充当 坚韧、稳定与繁荣的基石。" 一份12月9日的信函显示，沃伦要求Kelleher提供他与贝森特及其他相关官员最近数月就该议题的互动情 况，包括在该行与瑞士政府围绕资本问题陷入僵持之际，美国方面是否向其提供了迁址的激励措施。 "您是否曾要求，亦或贝森特部长或其他特朗普政府高级别官员曾承诺，在瑞银集团迁至美国后给予优 惠的监管或监督待遇？"参议院银行委员会首席民主党成员沃伦写道。"若有，请说明此类承诺的性 质。" 今年早些时候，在瑞士即将实施的资本改革存在不确定性之际，瑞银持续探索各种选择，Kelleher据报 道与贝森特进行了会谈。媒体报道称，两人私下讨论了搬迁可能的形式，而特朗普政府对欢迎瑞银 持"开放态度"。 沃伦另致函贝森特，要求他详细说明与Kelleher的任何会 ...

U.S. Democratic Senator Elizabeth Warren has written a letter to UBS requesting that it provide details on any discussions the Swiss bank may have had with Treasury Secretary Scott Bessent, U.S. news ... ...

US Senator Elizabeth Warren has written to UBS Chairman Colm Kelleher asking for details of any discussions he may have had with Treasury Secretary Scott Bessent over a potential relocation of the bank to the US https://t.co/KWKIhjL0Na ...

Core Viewpoint - The UBS Wealth Management Chief Investment Office (CIO) report projects a favorable economic environment supporting global equities, with an expected upside of approximately 15% by the end of 2026 [1] Group 1: Economic Environment and Stock Market Outlook - The report highlights robust economic growth in the U.S. and accommodative fiscal and monetary policies benefiting sectors such as technology, utilities, healthcare, and banking [1] - Stock markets in the U.S., China, Japan, and Europe are anticipated to rise [1] Group 2: Key Drivers of Growth - AI and technology are identified as significant drivers for the anticipated rise in global equities, with strong capital expenditures and rapid adoption expected to provide further support by 2026 [1] - Investors are advised to be cautious of bubble risks while maintaining a diversified stock portfolio, suggesting a maximum allocation of 30% in AI, longevity economy, and structural trends in electricity and resources [1] Group 3: Opportunities in China - The Chinese technology sector is emphasized as one of the most important opportunities globally, supported by ample liquidity, retail investor inflows, and projected corporate earnings growth of up to 37% in 2026 [1] - Investors seeking diversification may consider deploying into Asian markets, particularly India and Singapore, or emerging markets to capitalize on this growth theme [1]

资料图。本文来源 ：综合自瑞银报告、第一财经 《瑞银 2025 年亿万富豪报告》：新一代的崛起 2025 年全球亿万富 豪（ 指拥有超过10亿美元资产的人士 ） 的财富水平创下历史新高，商业创 新及本报告出版以来规模最大的财富代际传承为主要助推力。 • 亿万富豪人数增至 2,919 人，增幅达 8.8% 。 • 2025 年，共有 196 位白手兴家的新晋亿万富豪，创下 2021 年之后年度增幅第二高水平，为全 球财富贡献 3,865 亿美元。 • 2025 年，亚太区亿万富豪财富增长 11.1% 至 4.2 万亿美元，其中中国内地保持领先地位（ 1.8 万亿美元）。 • 虽然北美仍为首选投资地区，但投资热情有所下降，越来越多的亿万富豪将目光投向亚太区及 大中华区以探索未来的投资机遇。 上海， 2025 年 12 月 9 日 – 全球领先的财富管理机构瑞银今天发布第十一份 《瑞银亿万富豪报 告》 ，对瑞银的全球亿万富豪客户进行调查，了解他们所面临的独特挑战及机遇。今年的报告 重点关注全球财富创造的驱动因素、愈发重要的财产继承议题，以及世界上最具影响力的家族 不断演变的目标。 2025 年，亿万富豪的人数增加 ...

Key Takeaways UBS shares rose after reports that the Swiss government plans to relax parts of its June 2025 capital rule.Easing targets deferred tax assets and software valuations, reducing UBS's added capital need by up to $11B.Requirement to fully capitalize foreign subsidiaries remains, keeping its overall capital load significant.Shares of UBS Group AG (UBS) rose nearly 5.4% following reports that the Swiss government is preparing to soften part of its June 2025 banking regulation package that could hav ...

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