对于最糟糕的情况，理论上可行的方案包括一些极端措施——比如与一家非瑞士银行达成合并或收购协 议，从而实现变更注册地并避开即将实施的法规;也包括一些较为平常的措施，比如一系列技术上的调 整，能在未来几年内积攒足够的资金。 媒体在9月份报道称，目前瑞银的管理层总体上不太倾向于采取激进的举措。关于资本改革的投票最早 也要到 2027 年才会进行。 智通财经APP获悉，瑞银(UBS.US)首席执行官Sergio Ermotti强烈驳斥了有关该银行有意离开瑞士的猜 测，他表示，管理层正试图就有争议的资本规定达成妥协。Ermotti周四在摩根大通的欧洲金融会议上 说道："瑞银作为一家瑞士银行，这是最理想的结果，这也是我和我的董事长Colm Kelleher正在努力争 取的——其余的都是胡说八道。我们从未有过离开瑞士的威胁。这简直荒谬至极。" 该银行的管理层正试图说服瑞士政府放宽即将实施的监管改革措施，这些改革可能会要求该银行额外投 入约 260 亿美元的资金。此前，报道称，该银行今年早些时候曾考虑迁移其总部。自今年年初以来，该 银行就一直在研究有关瑞士资本问题的各种方案，并且据报道已与美国财政部长贝森特进行了有关总部 搬 ...

Core Insights - US Bank has officially closed its robo advisor, Automated Investor, due to changing market conditions and customer preferences, following similar moves by UBS and JPMorgan Chase [2] - Despite the closures, the robo-advisory space is expected to continue, with certain firms likely to succeed while others may struggle to achieve significant scale [3][4] Industry Trends - The profitability of robo-advisors is challenged by high customer acquisition costs and operational maintenance, leading to thin profit margins [4] - Wealthfront, a leading robo-advisor, indicated that approximately 75% of its profits come from cash accounts, highlighting the profitability issues within the sector [4] - Robo-advisors are often viewed as loss-leaders for larger financial institutions, with the hope that clients will transition to more profitable traditional advisory services [5] Future Outlook - There is a growing demand for holistic digital tools that extend beyond traditional investment advice, suggesting a shift towards hybrid-advice models that combine digital convenience with human interaction [6] - The term "robo-advisor" may evolve as technology advances, indicating a potential transformation in how these services are defined and delivered [5][6]

从长期来看，瑞银预计到2028年，关税对核心PCE的累计直接影响将达到1.4个百分点；若计入供应链重构和受关税保护的美国本土厂商涨价等连锁反应， 影响幅度将升至近1.9个百分点。换言之，仅关税这一个因素或许就能解释当前通胀水平与美联储2%目标之间近三分之二的差距。 关税相关的成本转嫁已然成为了美国家庭的实际负担。过去六个月，美国平均时薪年化增速已放缓，薪资总收入年化增长率约为3.25%。而经济学家预测， 未来两季度PCE通胀率将维持在3%到4%的区间。这就意味着实际收入增长将被完全吞噬。 中国日报网11月20日电 美国《财富》杂志网站日前刊文称，在瑞银集团对2026年至2028年美国经济的展望报告中，"衰退还是繁荣"成为核心问题。由瑞银 首席经济学家乔纳森·平格尔领导的团队指出，当前美国关税政策的实质无异于大规模增税。该团队认为，关税正严重拖累经济增长，持续助推通胀，侵蚀 消费者的实际收入增长。 分析团队在报告中直言："关税就是大幅增税。"根据瑞银测算，现行关税政策意味着加权平均关税率已达13.6%，较年初的2.5%暴涨五倍。贸易政策最直接 的冲击体现在物价的攀升。据估算，新贸易制度将使2026年核心个人消费 ...

Group 1 - Major stock indices futures are up, with Dow futures rising by 0.44%, S&P 500 futures increasing by 1.06%, and Nasdaq futures gaining 1.41% [1] - Star technology stocks are experiencing pre-market gains, with Tesla and Google up over 2%, and Meta, Amazon, and Microsoft rising by 1% [1] - Nvidia's stock has increased by 5.42%, reporting a record revenue of $57 billion for Q3 of fiscal year 2026, exceeding analyst expectations by over 3%. Revenue growth accelerated to 62% year-over-year, with net profit rising by 65% to approximately $31.9 billion [1] Group 2 - AMD's stock is up by 5.19% following the announcement of a joint venture with Saudi AI company Humain to build AI infrastructure in Saudi Arabia, targeting up to 1 GW capacity by 2030 [2] - Supermicro's stock has risen by 5.87% after launching a new air-cooled AI server equipped with AMD Instinct MI355X GPU, aimed at AI and inference workloads [2] Group 3 - Nuclear power stocks are generally rising, with Oklo up over 5% and Nano Nuclear up over 6% [3] - Kraken, a major cryptocurrency exchange, has secretly filed for an IPO with the SEC, planning to go public as early as Q1 of next year [3] - UBS has raised Micron Technology's price target from $245 to $275, maintaining a buy rating due to ongoing memory supply constraints expected to last until the end of 2026. Micron's revenue has grown by 48.85% over the past twelve months [3]

Core Viewpoint - UBS intends to continue its operations from Switzerland, but the current capital proposals from the Swiss government are deemed unacceptable by the bank's CEO Sergio Ermotti [1] Group 1 - UBS's CEO expressed dissatisfaction with the Swiss government's capital proposals [1] - The bank aims to maintain its operational base in Switzerland despite the ongoing discussions [1]

UBS Group AG (NYSE:UBS) is included among the 12 Best European Dividend Stocks to Buy Now. UBS Confirms Switzerland as Headquarters Amid Capital Rule Discussions Photo by Vitaly Taranov on Unsplash O⁠n November 17, UBS Group AG (NYSE:UBS) confir‌med tha‌t it intends to‌ continue opera‌ting fro‍m Switzerland, foll‍owing r⁠eports that UBS Chair​ Colm Kelleher and US Treasu⁠ry Secret‍ary Scott Bessen​t had⁠ pr‌ivately discussed r⁠elocati‌ng the bank’s headquarters to the US‌. The Financial Times report‌ed ...

Core Insights - Foreign institutions significantly increased their holdings in Chinese assets during the third quarter, with major players like Goldman Sachs, Morgan Stanley, and Merrill Lynch raising their A-share positions by over 20% [1][3] - The China Overseas Internet ETF (KWEB) saw substantial investment from foreign institutions, with its size growing from $6.373 billion at the end of the first half to $9.793 billion by the end of the third quarter [2] Group 1: Foreign Investment Trends - Major foreign institutions such as Bank of America, UBS, Morgan Stanley, and Millennium Management have increased their holdings in the China Overseas Internet ETF, with share counts rising by 215.89%, 35.29%, 24.76%, and 307.44% respectively [2] - As of the end of the third quarter, 3,554 A-share companies had foreign institutional holdings, totaling approximately ¥2.73 trillion, reflecting a 12.4% increase from the previous quarter [3] Group 2: Specific Stock Increases - Citigroup held 3.83 million shares of Alibaba, with a market value of $684 million, showing a quarter-on-quarter increase of 5.63% in shares and 66.45% in market value [3] - JPMorgan held 5.58 million shares of Pinduoduo, with a quarter-on-quarter increase of 17.5% in shares and 48.38% in market value [3] - Citigroup held 350,000 shares of Baidu, with a quarter-on-quarter increase of 6.75% in shares and 64% in market value [3] Group 3: Institutional Insights - Notable foreign institutions such as Morgan Stanley, Goldman Sachs Asia, and Merrill Lynch significantly increased their A-share holdings, with Morgan Stanley's increase exceeding 30% at 33.1% [3] - As of the third quarter of 2025, foreign institutional investors further increased their holdings in Chinese stocks, with the top 40 global investment institutions' holdings rising to 1.1%, the highest level since the first quarter of 2023 [3]

Group 1 - Multiple foreign institutions, including Morgan Stanley and UBS, express confidence in the future development of China's economy and capital markets, maintaining an overweight position on Chinese stocks and raising the target for the Chinese stock index [1][2] - Positive factors supporting the Chinese stock market are expected to continue into next year, with foreign capital anticipated to keep flowing in, particularly into sectors like AI, technology, overseas expansion, and "anti-involution" [1][2] Group 2 - China's economy is projected to maintain steady growth in 2026, supported by policy measures, resilient exports, and a gradual recovery in consumption and public service spending [2][3] - Goldman Sachs has raised its forecasts for China's export growth and real GDP growth, expecting annual export growth of 5% to 6% in the coming years, while the drag from the real estate sector is expected to diminish [2][3] Group 3 - The focus of the stock market is shifting towards substantial improvements in corporate profitability, with UBS predicting another "bumper year" for the Chinese stock market in 2026 [3][4] - Factors such as the development of innovation sectors, support for private enterprises, and continued fiscal expansion are expected to sustain the market, although significant valuation increases are not anticipated [3][4] Group 4 - Foreign capital has been consistently flowing into the Chinese stock market, with $50.6 billion entering in the first ten months of this year, significantly surpassing the total for 2024 [5] - Institutional investors are increasingly confident in China's capabilities in AI, technology, and high-end manufacturing, with many indicating plans to increase their allocation to Chinese stocks in the coming months [5]

Group 1 - Several foreign institutions have raised their target index levels for the Chinese market in 2026, indicating a positive outlook for long-term investment in Chinese assets [1][2] - Morgan Stanley has set the target for the CSI 300 index at 4840 points by December 2026, citing moderate profit growth and stable valuations as key factors [2] - UBS has set the target for the MSCI China Index at 100 points by the end of 2026, predicting inflows from domestic and foreign investors to boost overall valuations [2] Group 2 - There is a clear trend of increasing foreign investment in Chinese assets, with UBS reporting a slight increase in China allocations across various funds in Q3 [3] - Foreign institutions have conducted over 1300 surveys of A-share listed companies since the beginning of Q4, indicating strong interest in the A-share market [3] - Notable foreign institutions like JPMorgan and BNP Paribas have increased their allocations in A-shares, focusing on sectors such as electrical equipment, chemicals, and software services [3] Group 3 - The ongoing improvement of the Qualified Foreign Institutional Investor (QFII) system is expected to enhance the convenience of cross-border investment, supporting the influx of foreign capital [4][5] - The China Securities Regulatory Commission (CSRC) is working on optimizing the QFII system to attract more long-term foreign capital, including measures to streamline approval processes [5] - The CSRC aims to establish a transparent and comprehensive legal framework for foreign investment in the capital market, enhancing the stability and predictability of the investment environment [5]

Core Viewpoint - Multiple foreign institutions are optimistic about the long-term allocation value of the Chinese stock market, with firms like UBS and Morgan Stanley raising their target index levels for 2026 [1][2] Group 1: Target Index Adjustments - Morgan Stanley has slightly raised its target for the CSI 300 index to 4,840 points by December 2026, citing moderate profit growth and stable valuations [1] - UBS has set a target of 100 points for the MSCI China Index by the end of 2026, indicating potential upside from current levels [2] Group 2: Investment Preferences - The technology sector remains a primary investment focus, with UBS and Morgan Stanley recommending overweight positions in high-quality internet and technology stocks [2] - High-dividend assets are also favored, particularly quality state-owned enterprises, due to their stable cash flows and policy support [2] Group 3: Foreign Capital Inflows - There is a noticeable trend of foreign institutions increasing their allocation to Chinese assets, with UBS reporting a slight increase in Chinese positions across various fund types in Q3 [2][3] - Over 1,300 instances of foreign institutional research on A-share companies have been recorded since the beginning of Q4 [2] Group 4: QFII System Enhancements - The QFII system is expected to continue improving, enhancing the convenience of cross-border investments, with recent measures aimed at optimizing access and management [3][4] - The China Securities Regulatory Commission (CSRC) is working on enhancing the legal framework for foreign investment, aiming for a transparent and comprehensive system [4]