Core Viewpoint - The group opposes the proposal to increase capital requirements, arguing that it would negatively impact operations and burden the economy [1] Group Summary - The group believes that the proposed increase in capital requirements would harm its operational capabilities [1] - The group asserts that the plan would impose additional economic burdens on the country [1]

Core Viewpoint - UBS has rejected government proposals aimed at strengthening regulations for the bank following the collapse of Credit Suisse, arguing that such measures would render Switzerland uncompetitive and advocating for alternative solutions [1] Group 1 - UBS's rejection of regulatory proposals is based on the belief that they would negatively impact Switzerland's competitiveness in the banking sector [1] - The bank is advocating for different approaches to address the issues raised by the Credit Suisse collapse rather than implementing stricter regulations [1]

2026年1月7日，瑞银集团中国区总裁及瑞银证券董事长胡知鸷表示，与市值已达30万亿美元的美国同业 相比，当前中国的AI科技类上市公司总市值约为5万亿美元，尚未出现万亿美元级别的单一企业。她指 出，中国AI科技公司市值占总市值的比例约为25%，而美国市场的这一比例在40%至45%之间。基于 此，胡知鸷认为中国AI科技公司的发展潜力巨大，并称"出现万亿美元级公司只是时间问题"。 在同一场合，瑞银证券全球投资银行部联席主管谌戈透露，国际投资者当前对中国AI科技企业的兴趣 浓厚。他举例称，正排队上市的AI公司MiniMax吸引了包括中东某主权基金在内的众多国际长线资金作 为基石或锚定投资者。谌戈认为，国际投资者对中国科技领域的关注度将持续。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has launched an investigation into Tianpu Co., Ltd. for significant omissions in its stock price fluctuation announcements, reflecting the regulatory body's commitment to maintaining market stability and warning investors against speculative trading [2][7] - The CSRC and the Ministry of Finance have announced new regulations to enhance the whistleblower reward system for securities and futures violations, increasing the reward cap from 100,000 yuan to 1 million yuan, thereby encouraging the reporting of illegal activities [2][7] - In December 2025, the Consumer Price Index (CPI) showed a year-on-year increase of 0.8%, while the Producer Price Index (PPI) decreased by 1.9%, indicating mixed trends in price movements influenced by international commodity prices and domestic policies [2][7] Group 2 - The Shanghai Composite Index has risen for 16 consecutive days, surpassing 4,100 points for the first time in a decade, with total trading volume in the Shanghai and Shenzhen markets exceeding 3 trillion yuan [3][8] - Starting April 1, 2026, the export tax rebate for photovoltaic products will be canceled, and the rebate rate for battery products will be reduced from 9% to 6%, which is expected to help the industry eliminate outdated capacity and create investment opportunities in valuation recovery and new technologies [3][8] - Multiple listed companies are undergoing changes in controlling stakes, with significant transactions such as the transfer of shares in Asia-Pacific Pharmaceutical and plans for fundraising for new drug development, drawing market attention to their future strategies [3][9] Group 3 - Foreign investment is optimistic about the Chinese economy and market, with firms like Goldman Sachs and UBS predicting increases in the MSCI China Index and the CSI 300 Index, highlighting technology innovation and AI industries as core growth areas [4][9] - Copper prices have surged by 22% in a month due to factors like U.S. stockpiling and AI trends, prompting Goldman Sachs to raise its price forecast for copper in the first half of 2026 to $12,750 per ton, while maintaining a year-end forecast of $11,200 per ton [4][5][9] - Employees at Shenwan Hongyuan Futures faced a violent incident while protesting significant cuts to year-end bonuses, indicating potential challenges and restructuring within the futures industry amid salary constraints [10]

Company Overview - Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels [1] - The company is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America [1] Upcoming Events - Calumet plans to attend the UBS Global Energy & Utilities Winter Conference on January 13, 2026 [2] - The company will hold one-on-one investor meetings throughout the day of the conference [2]

Group 1 - UBS has upgraded L'Oréal's rating from Neutral to Buy [1] - The target price for L'Oréal has been raised from €367 to €430 [1]

Group 1 - UBS has lowered Moderna's target price from $40 to $34, indicating a decrease in expected valuation [1] - The rating for Moderna has been downgraded from "Buy" to "Neutral," reflecting a more cautious outlook on the company's performance [1]

（本文作者梁永慧为招金精炼副总经理） 一、近期重点事件解析 美联储票委、明尼阿波利斯联储主席卡什卡利表示，当前政策立场已接近中性，美联储需依据更多经济 数据判断通胀问题与劳动力市场状况的优先关注顺序，再根据实际情况灵活调整政策方向。美联储理事 米兰则认为，2026年需累计降息超过100个基点。 市场对美联储货币宽松的预期，仍对贵金属价格形成支撑。 3.全球黄金投资规模持续扩大 世界黄金协会报告显示，2025年全球黄金ETF（交易所交易基金）资金流入量创下年度历史新高，其中 北美市场表现领跑。2025年，黄金ETF资产管理总规模实现翻倍以上增长，持仓量同步大幅攀升，两项 指标均刷新历史纪录。黄金市场日均交易额达3610亿美元，同样创下历史新高。 此外，1月7日中国人民银行公布的数据显示，截至2025年12月末，中国黄金储备为7415万盎司（约合 2306.323吨），较上月增加3万盎司（约合0.93吨），实现连续第14个月增持黄金。 1.地缘风险频发支撑金价反弹 2026新年伊始，地缘冲突引发国际社会广泛关注。1月3日，美军突然对委内瑞拉发起军事打击，轰炸其 境内军用机场、国防部、港口等目标，并抓捕委内瑞拉总统 ...

Group 1 - Hong Kong-based CK Hutchison has selected Goldman Sachs and UBS Group AG to assist with the planned initial public offering (IPO) of its subsidiary A.S. Watson Group [1] - The IPO is part of CK Hutchison's strategy to enhance its capital structure and unlock value from its investments [1] - A.S. Watson Group is a leading health and beauty retailer, which could attract significant investor interest due to its market position [1]

Group 1 - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index remaining above 4000 points for four consecutive trading days [1] - UBS and Goldman Sachs have expressed optimism about the Chinese market in 2026, with UBS noting that the current asset valuations are not overheated and driven by long-term investment opportunities [1][4] - UBS predicts a 14% or higher earnings growth for the MSCI China Index in 2026, driven by structural changes in corporate fundamentals and sectors like high-end manufacturing and internet platforms [2][3] Group 2 - In 2025, the A-share market indices saw significant increases, with the Shanghai Composite Index rising by 18.41%, and the ChiNext Index increasing by 49.57% [2] - International investors have shifted from a wait-and-see approach to active participation in the Chinese market, with a notable increase in capital inflow [3] - Goldman Sachs forecasts a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index for 2026, with market growth driven by earnings rather than valuation expansion [4][5] Group 3 - The technology, media, and telecommunications (TMT) sector is expected to see approximately 20% earnings growth in 2026, driven by artificial intelligence and corporate globalization strategies [5] - Goldman Sachs highlights the potential for significant capital inflows, predicting a record net purchase of $200 billion from southbound funds in 2026 [5] - The firm recommends focusing on sectors benefiting from AI development, export-oriented companies, and those with substantial shareholder returns [5][6]