Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant changes in futures positions among various market participants, indicating a shift towards flattener positions in the back end and steepener positions in the front end [5][22][19] - There were notable inflows in equities, particularly from private investors, with Japan and the Caribbean being the top Treasury buyers in June [1] - Large commercial banks saw an increase in deposits and cash assets, while their holdings in UST/Agency and MBS also rose [42] Summary by Sections CFTC Non-Commercial Futures Positions - Non-commercials removed $20.6 billion in the front end and added $5.6 billion in the back end, resulting in a total of $26.2 billion of a flattener position [5][9] - The breakdown of front-end positions included SOFR (-$2.4 billion), TU (-$2.1 billion), and FV (-$2.1 billion) [9] Traders in Financial Futures - Asset managers put on $8.8 billion of a steepener position, increasing their net longs in FV contracts to the highest level in six months [2][16] - Leveraged funds added $9.0 billion of a steepener position, increasing their net shorts in TY contracts to the highest level in six months [2][19] Primary Dealer Positions - Dealers added $2.7 billion in the front end and $22.3 billion in the back end, resulting in a total of $19.6 billion of a flattener position [22][26] - Dealers decreased their net shorts in TY contracts to the lowest level in six months [26] Large Commercial Bank Positions - Deposits increased by $45.7 billion, and cash assets rose by $6.3 billion, with UST/Agency holdings increasing by $18.0 billion and MBS holdings by $16.4 billion [42] Foreign Central Bank Positions - Foreign Central Bank UST holdings decreased by $16.9 billion, while Agency/MBS holdings decreased by $0.4 billion [47]

M Update Payments and Processing | North America August 26, 2024 12:39 PM GMT Stock Performance Review: V/ MA, PYPL, AFRM Morgan Stanley & Co. LLC James E Faucette Equity Analyst James.Faucette@morganstanley.com +1 212 296-5771 Shefali Tamaskar Research Associate Shefali.Tamaskar@morganstanley.com +1 212 761-4948 Meryl R Thomas, CFA Research Associate Meryl.Thomas@morganstanley.com +1 212 761-0774 Michael N Infante Equity Analyst Michael.Infante@morganstanley.com +1 212 761-4631 Antonio Jaramillo Research A ...

August 26, 2024 07:10 AM GMT M Asia Pacific Insight China – Brokers 中国 – 券商 重新平衡融资功能与股东回 报：影响分析 在资本市场充满挑战的环境下，我们讨论中国券商投资的相 对价值。基于此，我们上调中信证券 H 股和东方财富的评 级，并下调中金公司 H 股的评级。 我们覆盖的大多数主要券商的估值均已降至近 10 年来的最低水平：我们认为券商 估值大幅折价源于对未来业务以及监管环境不确定性上升的担忧。另一个担忧则 来自私募股权和风险资本（即所谓的长期资本）投资的快速降温。 资本市场支持了工业企业融资和产业链升级，但其代价则是令人失望的投资者回 报：这导致资本市场出现阶段性的紧缩状态，并降低了券商业务的能见度。随着 监管机构重新平衡市场的融资功能与股东回报，承销业务首当其冲受到影响。 更具多元化和包容性的IPO结构可以提高上市公司质量和投资者回报，并帮助承销 业务复苏。我们认为目前适当改变IPO结构的条件已经具备；同时，并购重组市场 的发展也可实现同样效果，而且一些条件已经在发生变化。 长期制度建设和一以贯之的执行将至关重要：完善的监管框架可 ...

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