Neon-lit Hong Kong skyline with Chainlink, UBS, and DigiFT logos linked by glowing smart-contract rails to tokenized fund cubes and a vault, symbolizing automated distribution under Cyberport A new collaboration between Chainlink Labs, UBS Asset Management, and DigiFT is aiming to overhaul how investment funds are created and managed. The three firms announced on Sept. 11 that they are building an automated framework for tokenized products under Hong Kong’s Cyberport program. The Cyberport Blockchain & ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Oil Market - **Key Players**: OPEC+ members, specifically Saudi Arabia and UAE Core Insights and Arguments 1. **Production Increase**: OPEC+ partners will raise oil production by 137 thousand barrels per day (kb/d) in October, following the unwinding of previous cuts of 2.2 million barrels per day (Mb/d) by the end of September [2][4] 2. **Expected Shortfall**: The actual production increase from the second tranche of cuts is expected to be around 40% of the announced 1.65 Mb/d, compared to a 60% realization for the previous cuts [3] 3. **Major Contributors**: The bulk of the production increase is anticipated to come from Saudi Arabia (500 kb/d) and the UAE (144 kb/d) [3] 4. **Market Surplus**: A significant surplus in the oil market is projected, with estimates of 1.2 Mb/d in 4Q25 and 2.4 Mb/d in 1Q26, potentially rising to ~2.7 Mb/d if production increases continue at the current pace [4] 5. **Price Outlook**: The decision to increase production could lead to Brent crude prices falling below $60 per barrel, with a projected price of $62 per barrel in 4Q25/1Q26 [4] Additional Important Information 1. **Contingent Adjustments**: Any further adjustments to production levels will depend on evolving market conditions, indicating a cautious approach by OPEC+ [2] 2. **Historical Volatility**: Oil prices are noted for their unpredictability due to various political, geological, and economic factors, which could affect supply and demand [15] 3. **Analyst Team**: The report is prepared by a team of analysts from UBS, indicating a collaborative effort in the research [5] This summary encapsulates the essential points discussed in the conference call regarding the oil market dynamics, production strategies of OPEC+, and the anticipated impact on oil prices.

以下文章来源于智通财经APP ，作者智通编选 智通财经APP . 智通财经APP，连线全球资本市场。内容合作/内容举报请联系李先生： Tel: +86-15121009144 Email:zhitongcolumn@163.com 来源 | 智通财经APP 想布局长期投资却找不到方向？瑞银最新报告给出了答案。2025 年 9 月，瑞银首席投资办公室（CIO）发布月度报告，聚焦长期投资 （LongTerm Investment）主题的估值、动量与质量指标，结合定量模型与分析师定性判断，筛选出当前最具吸引力的入场点主题，同时提示了 短期需谨慎的领域。这份报告不仅明确了 "该投什么"，更解释了 "为什么现在投"，对普通投资者有参考价值。 值得注意的是，"发掘下一个前沿市场" 是首次进入 Top 5，而 "金融科技" 从之前的第 5 名稳步提升；短期视角下，瑞银建议投资者可减少对 "基因疗法" 和 "医疗科技" 的敞口，优先考虑上述 5 大主题。 | | | | Quantitative assessment | | Qualitative assessment | | | --- | --- | --- | --- ...

作为中国最早一批外资控股的期货公司，瑞银期货始终站在开放进程的第一线，积极推动境外投资者深入了解并参与中 国市场。 近日，瑞银期货董事长张家荣接受了券商中国记者的专访。他表示，海外投资者对中国市场的兴趣在快速升温，瑞银期 货将紧跟中国期货市场的开放进程，持续引入境外客户。 紧跟中国市场开放步伐 张家荣介绍，瑞银期货的前身为上海普民期货。2014年瑞银证券完成对其注资，2016年实现全资控股。作为瑞银在华业 务布局的重要一环，瑞银期货始终紧随中国期货市场对外开放的步伐，深耕国际化、精细化、定制化的经纪业务。 "瑞银集团在全球主要衍生品市场都是会员单位，覆盖了众多机构客户与专业投资者。瑞银期货将自身团队深度融入集团 的全球衍生品体系，借助集团长期参与全球资本市场发展的经验，把中国期货市场高效、精准地介绍给境外投资者。"他 说。 近年来，中国期货市场的对外开放正在加速，尤其是2025年以来，监管层一年内连续三次推出开放措施，合格境外投 资者可参与的期货、期权品种数量已扩容至104个，开放力度之大前所未有。 今年4月，瑞银集团实现了对瑞银证券的全资控股，成为中国首家外商独资全牌照证券公司。这一里程碑式的进展，也印 证 ...

Core Viewpoint - The European Central Bank (ECB) is expected to maintain interest rates unchanged, with various banks providing insights on potential future actions and economic conditions affecting this decision [1][2][3][4][5][6][7][8][9][10][11]. Group 1: Interest Rate Expectations - Several banks, including Scotiabank and HSBC, anticipate that the ECB will keep interest rates steady, with a cautious approach towards any future rate cuts [1][2]. - Bank of America suggests that ECB President Lagarde will mention the US-EU trade agreement while emphasizing flexibility without committing to future actions [3]. - Societe Generale predicts that the next rate cut may occur in the first quarter of next year, influenced by weakening inflation and increasing negative impacts from tariffs [4]. - UBS believes that the rate cut cycle may have ended due to large-scale fiscal stimulus measures being introduced in the EU, which are expected to support the economy starting next year [6]. - Danske Bank concludes that the easing cycle is likely over, with rates expected to remain unchanged until the end of next year due to unexpected growth and fiscal measures [7]. Group 2: Economic Conditions and ECB's Position - Monex Group indicates that if Lagarde officially announces victory over inflation and signals the end of the current easing cycle, the euro may appreciate [8]. - French Foreign Trade Bank notes that a final rate cut of 25 basis points in December is possible, contingent on a more severe slowdown in the labor market than anticipated [9]. - Berenberg Bank highlights that the market is focused on how the ECB will respond to political turmoil in France, although Lagarde is likely to remain silent on this matter [10]. - ING suggests that the current rationale for the ECB's inaction is strong, but the market may be underestimating the possibility of another rate cut this year [11].

Group 1: Economic Outlook and Federal Reserve Policy - UBS CEO Sergio Ermotti expressed uncertainty regarding the impact of global tariff policies initiated by President Trump on the U.S. economy and inflation, complicating predictions for Federal Reserve policy [1][3] - Market expectations are leaning towards the Federal Reserve initiating a new round of rate cuts in September, with traders betting on three consecutive cuts by the end of the year to address a slowing economy and a weak labor market [1][2] - Barclays economists have adjusted their forecasts, now predicting three rate cuts of 25 basis points each this year, aligning with Goldman Sachs' expectations, indicating a shift in focus from combating inflation to addressing potential economic slowdown [1][2] Group 2: Employment Data and Market Reactions - The U.S. non-farm payrolls increased by only 22,000 in August, significantly below the median economist estimate of 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [2] - The downward revision of previous months' employment data has led some traders to anticipate a larger rate cut of 50 basis points, with expectations for more easing measures from the Federal Reserve by the end of 2025 [2] Group 3: UBS's Position and Regulatory Challenges - UBS is engaged in discussions with the Swiss government regarding trade agreements, particularly in light of high tariffs imposed by the U.S. on Swiss exports, which pose a significant threat to Swiss businesses [4][6] - The bank's relationship with the Swiss government has been strained due to UBS's opposition to new capital regulation proposals, which are seen as excessively punitive and could limit the bank's growth [6] - Ermotti emphasized that UBS has no plans to reduce its operations and aims to maintain its global presence while integrating clients from Credit Suisse, with the integration expected to be completed by next year [6]

（原标题：?关税迷雾压顶 瑞银CEO对降息持谨慎立场：通胀传导尚不明 美联储政策路径难判） 智通财经APP获悉，来自欧洲金融巨头瑞银集团(UBS Group AG)的首席执行官塞尔吉奥·埃尔莫蒂周四 接受采访时表示，美国总统特朗普发起的面向全球关税政策对美国经济前景以及通胀路径的影响仍不清 晰，这使得预测美联储政策前景更加困难。埃尔莫蒂还表示，关税的真正问题将体现在庞大的美国消费 者身上，目前尚不清楚美国关税是否带来持续性的长期通胀。 这位征战金融市场多年的老兵对于美国通胀与美联储降息路径的展望，与市场普遍预期相比可谓谨慎得 多，当前交易员们集体押注美联储9月开启新一轮降息，并且认为关税对于美国通胀的影响将是短暂 的，因此押注在年底之前美联储将连续三次降息来提振大幅放缓的美国经济以及陷入萎靡的劳动力市 场。 "在美国市场，我们仍然认为经济增长会持续存在，但是增速可能大幅放缓。不过，关于通胀的问题及 其如何体现在央行货币政策上仍未有定论，"埃尔莫蒂周四在香港接受媒体采访时说道。 尽管美联储将在9月16-17日会议上降息的预期已被市场100%定价，但对于美联储9月降息25基点还是更 激进的50基点，以及在此之后的 ...

智通财经APP获悉，来自欧洲金融巨头瑞银集团(UBS Group AG)的首席执行官塞尔吉奥·埃尔莫蒂周四 接受采访时表示，美国总统特朗普发起的面向全球关税政策对美国经济前景以及通胀路径的影响仍不清 晰，这使得预测美联储政策前景更加困难。埃尔莫蒂还表示，关税的真正问题将体现在庞大的美国消费 者身上，目前尚不清楚美国关税是否带来持续性的长期通胀。 这位征战金融市场多年的老兵对于美国通胀与美联储降息路径的展望，与市场普遍预期相比可谓谨慎得 多，当前交易员们集体押注美联储9月开启新一轮降息，并且认为关税对于美国通胀的影响将是短暂 的，因此押注在年底之前美联储将连续三次降息来提振大幅放缓的美国经济以及陷入萎靡的劳动力市 场。 巴克莱银行的经济学家们已经调整了他们的预测，现在该机构预计美联储今年将进行三次各25个基点的 降息，并在2026年再进行两次降息，与华尔街大行高盛的预期一致。这反映出市场已将美联储政策焦点 从抗击通胀转向了应对潜在的经济放缓。 美国8月非农就业人数仅仅增加2.2万人，而经济学家预估中值则为7.5万人。8月的失业率升至4.3%，创 下2021年以来最高，与经济学家预估中值一致。此外，本已非常疲软的 ...

What are you looking forward to, this this entire event about disruptive technologies. How is the bank looking to get involved here. No, it was great to be back in Hong Kong with all the executive board and the board of directors for a full week of sessions.And now we are also hosting our 11th event here on disruptive technology and gathering 1000 clients and really the pivotal moment for the sector. I think that we always saw a lot of innovations, particularly coming out of Asia, but now the acceleration i ...

瑞银首席执行官Sergio Ermotti表示，全球关税对美国经济和通胀的影响仍不明朗，因此更难预测美联储 的政策动向。 Ermotti周四在香港接受采访时表示："我们仍然相信美国经济将保持增长，但通胀问题及其对美联储政 策的影响仍未可知。" Ermotti表示，全球经济正在一分为二——一个由科技和AI驱动，另一个则更为传统。他说，这种分化 正在一些区域显现，例如香港蓬勃发展的IPO市场。 外界预期美联储将在9月16-17日的会议上降息，投资人对政策调整幅度的预测也在转变。 "总体而言，目前势头良好，"他表示。"但目前尚无定论，因为复杂性不仅在于经济因素，还在于极其 复杂的地缘政治环境。" "关税的真正问题将体现在消费者身上，"65岁的Ermotti说。"在美国，我们需要确切地了解关税是否会 导致通胀。我认为这还不清楚。" 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...