（原标题：基金经理警告：别光看涨！亚洲股市的"关税危机"被低估了） 智通财经APP获悉，多家亚洲大型基金机构警告称，随着特朗普关税政策开始侵蚀企业利润，亚洲股市 创纪录的涨势将面临越来越大的压力。 普信集团、富兰克林邓普顿等机构指出，市场低估了美国加征关税对企业利润的影响——未来数月，这 些关税很可能会抑制出口。在他们看来，高度依赖出口的韩国和中国台湾地区股市，将是最易受冲击的 市场之一。 普信集团香港股票部门高级投资组合分析师Clarence Li表示："目前出口企业的盈利和利润率，尚未充 分反映近期关税相关协议带来的影响。作为风险管理策略的一部分，我们管理的亚洲及新兴市场投资组 合，已降低了对高度依赖对外出口企业的持仓比例。" 今年以来，亚洲股市表现强劲。2025年，MSCI亚洲指数累计涨幅已超20%，跑赢同期标普500指数约 12%的涨幅。得益于充足的市场流动性、美元走弱以及人工智能(AI)热潮的推动，该亚洲基准指数本周 已突破2021年初创下的历史高点。 Bloomberg Intelligence的数据显示，尽管美国关税已大幅上调，但分析师预计，2025年MSCI新兴市场指 数成分股企业的盈利仅下降 ...

Core Insights - Foreign capital is increasingly optimistic about Chinese assets, with significant net inflows into A-shares and H-shares observed this year [2][4] - The valuation of A-shares and H-shares is considered reasonable, with expected P/E ratios of approximately 11 times and 14 times, respectively, indicating that Chinese assets remain relatively cheap compared to historical highs [2] Market Sentiment - Multiple foreign financial institutions have expressed positive expectations for the Chinese stock market, noting that the current valuations are still below previous bull market peaks [2] - As of mid-year, foreign investors held A-shares worth 3.07 trillion yuan, reflecting a strong interest in the market driven by economic recovery and improving corporate profitability [2] Investment Strategies - Foreign investors are not only purchasing stocks but are also increasingly using ETFs for their investments in Chinese assets, with significant growth in the number of ETFs held by major foreign institutions [3] - Barclays increased its ETF holdings from 135 to 200, with a notable investment in the Huaxia Hang Seng Internet Technology ETF valued at 1.19 billion yuan [3] Sector Focus - There is a strong emphasis on technology sectors, with foreign capital focusing on internet leaders in Hong Kong and innovation-driven companies in A-shares [3] - The preference for ETFs is attributed to their high transparency, liquidity, and suitability for large capital allocations, aligning with the investment logic of seeking long-term growth industries [3] Structural Changes - The interest from foreign capital is seen as a structural change rather than a short-term phenomenon, with the internationalization of the renminbi providing additional incentives for increased investment in China [4]

Group 1 - The core point of the article highlights that on September 16, Bitland (00897) transferred shares from BNP Paribas to Bank of Communications (Hong Kong), with a market value of HKD 300 million, accounting for 71.16% of the shares [1] - Bitland reported its financial results for the year ending March 31, 2025, showing revenue from continuing operations of approximately HKD 745 million, a year-on-year decrease of 4.9% [1] - The company achieved a profit attributable to equity holders of HKD 7.1 million, marking a turnaround from a loss in the previous year, with earnings per share of HKD 0.63 [1]

（原标题：位元堂(00897)股东将股票由法国巴黎银行转入交通银行(香港) 转仓市值3亿港元） 位元堂公布的截至2025年3月31日止年度业绩显示，公司持续经营业务收益约7.45亿港元，同比减少 4.9%；母公司拥有人应占溢利710万港元，同比扭亏为盈；每股盈利0.63港仙。 智通财经APP获悉，香港联交所最新资料显示，9月16日，位元堂(00897)股东将股票由法国巴黎银行转 入交通银行(香港)，转仓市值3亿港元，占比71.16%。 ...

Core Insights - Spot gold prices surged past $3700 per ounce, marking a historical high with a year-to-date increase of $1076 per ounce [1] - Weakening U.S. employment data supports expectations for the Federal Reserve to resume interest rate cuts, which is a key driver for the recent rise in gold prices [3] Market Predictions - International investment banks are optimistic about future gold price trends: - Societe Generale predicts gold will reach $4000 per ounce within 3-6 months [4] - Bank of America maintains a target of $4000 per ounce by 2026 [4] - State Street Global Advisors sees a high likelihood of gold increasing by $500 in the next 6-12 months [4] - Goldman Sachs suggests that if the Federal Reserve's credibility is damaged, gold prices could approach $5000 per ounce [4] - Lombard Odier has raised its 12-month target price for gold to $3900 per ounce, citing multiple supporting factors [4] - Morgan Stanley anticipates a 5% increase in gold prices by 2025, potentially reaching $3800 per ounce by year-end [4] - ANZ has revised its 2025 year-end target for gold from $3600 to $3800 per ounce, expecting a peak near $4000 by mid-2026 [4] - UBS has increased its 2025 year-end target price for gold to $3800 per ounce, with a mid-2026 forecast of $3900 per ounce [4]

Core Viewpoint - BNP Paribas has set a target of 13% for return on tangible equity (ROTE) by 2028 as part of its medium-term plan to be announced in early 2027 [1] Group 1 - The target ROTE of 13% reflects the bank's strategic focus on enhancing profitability and shareholder returns [1]

Core Viewpoint - BNP Paribas aims for a ROTE of 13% by 2028, with a net income target exceeding €12.2 billion in 2025 and a ROTE of 12% in 2026, concluding its 2022-2026 strategic plan [1][2]. Group Performance and Strategy - The Group's solid operational performance in Q2 2025 has confirmed its growth trajectory, with a strong growth momentum initiated in 2025 [1]. - A new medium-term plan for 2027-2030 will be announced in early 2027, continuing the Group's acceleration and progress [2]. - The CET1 phased-in ratio is expected to reach 12.5% by the end of 2027, post-FRTB implementation [2]. Business Segments and Growth Drivers - The Corporate and Institutional Banking (CIB) division is a high-value-added platform and a powerful growth engine, gaining market share through a diversified client franchise and optimized capital [3]. - The Commercial Banking and Personal Banking Services (CPBS) segment aims to align profitability with the Group's overall level, contributing +1% to the Group's ROTE by 2028, including +0.5% by 2026 [4]. - Investment and Protection Services (IPS) is experiencing strong organic growth across its three businesses—Insurance, Asset Management, and Wealth Management—along with external growth operations [5]. Operational Efficiency and Commitment - BNP Paribas continues to implement operational efficiency measures across all businesses and functions, enhancing its ability to support the financing needs of the economy [5][6]. - The commitment of the teams and the strength of the platforms position the Group well for future growth [6].

Core Points - BNP Paribas aims for a ROTE of 13% by 2028, with a net income target exceeding €12.2 billion in 2025 and a ROTE of 12% in 2026, concluding the 2022-2026 strategic plan [1][2] - The CET1 ratio is expected to reach 12.5% by the end of 2027, following the implementation of FRTB [2] Group Performance - The Group's diversified and integrated model supports its growth trajectory, with Corporate and Institutional Banking (CIB) serving as a high-value-added platform and growth engine [3] - The new strategic plan for Commercial Banking and Personal Banking Services (CPBS) aims to align profitability with the Group's overall level, contributing an additional +1% to ROTE by 2028, including +0.5% by 2026 [4] Growth Drivers - Investment in Insurance, Asset Management, and Wealth Management is driving strong organic growth, alongside external growth operations such as the AXA IM acquisition [5] - Operational efficiency measures are being implemented across all businesses and functions to enhance performance [5] Strategic Outlook - The next medium-term plan for 2027-2030 will be announced in early 2027, with continued acceleration and progress expected [2][6] - BNP Paribas is well-positioned to support the financing needs of the economy through its diversified and integrated model [6]

Group 1 - Japanese Prime Minister Shigeru Ishiba's intention to resign introduces new variables for the Bank of Japan's policy meeting, with the market expecting the benchmark interest rate to remain unchanged at 0.5% [1] - A survey of 50 economists indicates that all predict the interest rate will remain stable, while officials are assessing the impact of U.S. tariffs on both domestic and international economies [1][4] - Over one-third of respondents anticipate a potential rate hike to 0.75% in October, depending on the stance of Bank of Japan Governor Kazuo Ueda [1] Group 2 - Despite political instability, Bank of Japan officials believe a rate hike could still occur by the end of the year if economic data meets expectations, supported by strong GDP and inflation indicators [4] - The resignation of Ishiba increases political uncertainty, with the ruling Liberal Democratic Party lacking a majority in both houses of parliament, potentially delaying the rate hike if a new leader, such as Sanae Takaichi, is elected [7] - Historical coordination between the Bank of Japan and the government shows that policy disagreements can lead to conflicts, but concerns have eased since the large-scale easing in 2013 [7] Group 3 - The U.S. economic slowdown could pressure Japanese corporate profits and wage growth, disrupting the positive inflation cycle [7] - The potential for U.S. interest rate cuts directly influences the yen's value, with rapid appreciation harming corporate profits and excessive depreciation raising import inflation [7] - The upcoming policy statement from the Bank of Japan is expected to remain largely unchanged, with Governor Ueda's press conference being a focal point for market reactions [7][8] Group 4 - A majority of observers believe that Ueda leans dovish when maintaining rates and hawkish when considering a rate hike, with an important speech scheduled for October 3 that may indicate future actions [8] - Nomura's chief strategist suggests that the next rate hike could occur as early as December, with January being the baseline scenario, as the urgency for action from the Bank of Japan has decreased [9]

(Bloomberg) -- Private credit’s effort to finance investment-grade companies is going to come down to its partnerships with banks, according to Apollo Global Management Inc. President Jim Zelter. “The future of IG private credit is really in partnership with the banks — no doubt about it,” Zelter said in an interview with Bloomberg TV. Apollo has 12 origination partnerships with banks, according to Zelter, in addition to its own deal-sourcing teams. Those include tie-ups with BNP Paribas SA, Citigroup In ...