Core Viewpoint - UBS initiated coverage of Oklo stock with a neutral rating and a price target of $65, leading to a nearly 7% drop in shares before a partial recovery [1][3]. Group 1: UBS's Position on Oklo - UBS is "cautiously optimistic" about the potential for a nuclear renaissance in the U.S. due to President Trump's executive orders, which could create a $75 billion market for nuclear power plants and fuel [4]. - Despite this optimism, UBS requires further progress in commercializing Oklo's technology before considering a purchase [4]. - UBS noted that Oklo's stock appears "elevated," suggesting caution regarding its current valuation [5]. Group 2: Oklo's Financial Situation - Oklo currently has no earnings, free cash flow, or revenue, making it difficult to assess its valuation accurately [6]. - Analysts do not expect significant movement in Oklo's stock until 2027, when revenues may begin to materialize, with earnings projected for 2030 at the earliest [6]. - The stock is characterized as speculative, indicating high risk for potential investors [6].

"We see U.S. macro-related risks, questions over Fed independence, worries about fiscal sustainability, and geopolitics underpinning de-dollarization trends and more central bank buying. In our view, these factors will drive gold prices even higher," UBS said in a note. Also Read: Here's The Share of Gold or Crypto Ray Dalio Says Investors Should Hold The bank expects ETF demand to reach nearly 600 metric tons in 2025, the strongest inflows since 2010, and forecasts total gold demand will rise 3% to 4,760 t ...

Group 1 - International precious metals market experienced a decline, with silver dropping nearly 2% [1] - As of the close on August 19, 2025 December gold futures fell by $19.1, settling at $3358.9 per ounce, a decrease of 0.57% [1] - The market is cautious ahead of Federal Reserve Chairman Jerome Powell's upcoming speech, leading to a short-term adjustment in precious metal positions [1][2] Group 2 - The US dollar index rose by 0.1%, closing at 98.265, which negatively impacted the precious metals market [2] - The annual Jackson Hole global central bank conference is approaching, with market participants keenly awaiting Powell's policy signals [2] - UBS raised its gold price target for March 2026 by $100 to $3600 per ounce, citing ongoing macroeconomic risks in the US and strong investment demand [2] Group 3 - September silver futures closed down by $0.735, settling at $37.330 per ounce, a decline of 1.93% [3] - December silver futures also fell by $0.74, closing at $37.820 per ounce, a decrease of 1.92% [3]

Core Viewpoint - UBS has raised its gold price targets for March 2026 and June 2026 due to ongoing macroeconomic risks in the US, de-dollarization trends, and strong investment demand, particularly from ETFs and central banks [1] Group 1: Price Targets - UBS increased the gold price target for March 2026 by $100 to $3,600 per ounce and for June 2026 by $200 to $3,700 per ounce [1] Group 2: Demand Forecast - The global gold demand is expected to grow by 3% this year, reaching 4,760 tons, the highest level since 2011 [1] - UBS has revised its ETF gold demand forecast for the year from 450 tons to nearly 600 tons, citing record inflows in the first half of 2025 [1] Group 3: Supporting Factors - Factors such as persistent US inflation, below-trend economic growth, and a weak dollar are anticipated to support rising gold prices [1] - Concerns regarding US macroeconomic risks, Federal Reserve independence, fiscal sustainability, and geopolitical issues are expected to bolster the de-dollarization trend and increase central bank purchases [1]

瑞银：因美联储和美元前景上调2026年上半年金价预测，预计金价有望在2026年中期上涨至3,700美元/ 盎司。 来源：金融界AI电报 ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive focuses on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - UBS Group AG is falling behind its workforce reduction target of 85,000 employees by the end of the Credit Suisse integration in 2026 [1] - The bank has only cut 1,300 jobs per quarter since early 2024, resulting in over 105,000 employees as of June 30, 2025 [2] - UBS has reduced nearly 14,000 positions since acquiring Credit Suisse in March 2023, but the pace of cuts has slowed [2] Workforce Reduction Challenges - A decline in voluntary attrition, which typically sees around 7% of staff leave annually, has made it difficult for UBS to reduce headcount without large-scale layoffs [3] - The ongoing integration of Credit Suisse, including migrating over 1 million retail clients, is delaying deeper cuts until the process is expected to complete by March 2026 [4] - Workforce reductions are anticipated to occur gradually through natural attrition, early retirement schemes, and absorption of external roles into existing teams [5] Cost-Cutting Efforts - UBS continues to advance on broader cost-cutting targets, aiming to wind down its non-core and legacy portfolio, releasing over $6 billion of capital by the end of 2026 [6] - The non-core and legacy business divisions have achieved a 62% reduction in risk-weighted assets (RWA) by the second quarter, ahead of the original plan [6] - The company aims to reduce non-core and legacy RWA to below $8 billion by the end of 2025 and $1.6 billion by the end of 2026, with $9.1 billion in cost savings achieved since the end of 2022, representing around 70% of its $13 billion target by 2026 [7] Overall Assessment - Despite lagging in headcount reduction, UBS's steady progress on cost savings and balance sheet efficiency indicates it remains on track to achieve broader integration goals [8] - The cautious approach prioritizes stability during the Credit Suisse migration, with the potential for more aggressive measures post-integration [8] Market Performance - UBS shares have gained 18.1% in the past six months, compared to a 26% rise in the industry [9]

股东名称持股数量(股)持股变化(股)占流通股比例变动比例巴克莱银行82.96万新进1.82%新进高盛公司 75.18万新进1.65%新进华泰金融控股(香港)有限公司－中国宏泽基金59.43万新进1.31%新进摩根士丹利 国际57.97万新进1.27%新进瑞银集团54.76万新进1.2%新进中金公司52.61万新进1.16%新进中国国际金融 香港资产管理有限公司－CICCFT10(R)43.21万新进0.95%新进中信证券资产管理(香港)有限公司－客户 资金35.85万新进0.79%新进中国国际金融香港资产管理有限公司－CICCFT8(QFII)35.27万新进0.77%新 进国泰海通35.24万新进0.77%新进 前十大流通股东累计持有532.48万股，累计占流通股比11.7% 。 风险提示：市场有风险，投资需谨慎。本文为AI大模型基于第三方财汇数据库自动发布，任何在本文 出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参 考，不构成个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分 辨或核验，因此本文内容可能出现不准确、不完整、误导性的内容 ...

Group 1 - Concerns about the independence of the Federal Reserve have been raised due to President Trump's criticism of its interest rate cuts, which could lead to increased risk premiums on U.S. Treasury bonds and weaken confidence in the dollar [1][2] - UBS predicts that the Federal Reserve will lower interest rates by 100 basis points by June 2026, driven by labor market and inflation data rather than political pressure [1][2] - Trump's dissatisfaction with the Federal Reserve's pace of rate cuts has heightened uncertainty regarding its leadership and policy direction, although UBS believes a direct challenge to the Fed's autonomy is unlikely [1][2] Group 2 - If the Federal Reserve Chair were to be dismissed, it could trigger significant market reactions and raise questions about the long-term credibility of U.S. monetary policy [3] - UBS maintains that high-quality bonds, including U.S. Treasuries, remain attractive investments despite concerns over the Fed's independence, as they offer stable returns in a potentially declining interest rate environment [2][3] - The historical context of the Federal Reserve's independence, established by the 1951 Treasury-Fed Agreement, suggests that political challenges to its autonomy have not succeeded in the past [2]

Core Insights - UBS Group reported a total market value of approximately $580 billion in U.S. equities for Q2 2025, reflecting a 7% increase from the previous quarter's $540 billion [1][2] - The firm added 1,084 new stocks, increased holdings in 4,403 stocks, reduced holdings in 4,324 stocks, and completely sold out of 1,055 stocks during the quarter [1][2] - The top ten holdings accounted for about 14.79% of UBS's total market value in Q2 [1][2] Holdings Adjustments - UBS exhibited a cautious approach towards technology stocks, particularly in light of the AI-driven market surge, opting to take profits from major tech companies [3][5] - Microsoft became UBS's largest holding, with approximately 31.6 million shares valued at about $15.7 billion, representing 2.72% of the portfolio, despite a slight decrease of 3.95% in shares held [3][5] - NVIDIA ranked second with around 96.2 million shares valued at approximately $15.2 billion, accounting for 2.63% of the portfolio, down by 5.16% [3][5] - Apple was the third-largest holding, with about 54.1 million shares valued at around $11.1 billion, making up 1.92% of the portfolio, reflecting a 10.86% decrease [3][5] Sector Focus - The fourth-largest holding was Amazon, with approximately 35.9 million shares valued at about $7.9 billion, representing 1.36% of the portfolio, down by 4.52% [4][5] - Broadcom was fifth, holding about 25.5 million shares valued at approximately $7 billion, accounting for 1.22% of the portfolio, down by 7.53% [4][5] - The sixth to tenth largest holdings included Meta, SPY ETF, JPMorgan Chase, QQQ put options, and Google, all reflecting a trend of reduced positions in major tech stocks [4][5] Strategic Moves - UBS's strategy in Q2 involved significant profit-taking from tech giants while increasing protective positions in the Nasdaq 100 index, indicating a defensive stance against potential market corrections [5][6] - The top five purchases included QQQ put options, NVIDIA put options, SPY call options, Netflix, and Alcon call options, while the top five sales included SPY put options, Apple, UnitedHealth, SPY ETF, and UBS stock [6][7][8]