周三（7月16日）欧市尾盘，德国10年期国债收益率跌2.4个基点，报2.687%，北京时间16:00涨至 2.729%刷新日高，随后震荡下行，21:41刷新日低至2.697%并持续低位震荡。 两年期德债收益率跌2.7个基点，报1.860%，日内交投于1.894%-1.835%区间，北京时间22:50之后媒体 报道称特朗普起草罢免美联储主席鲍威尔的文件，随后在23:38刷新日低，但之后迅速收复这一波失地 ——之后特朗普否认了这些报道；30年期德债收益率跌1.3个基点，报3.214%。 2/10年期德债收益率利差涨0.208个基点，报+82.492个基点，"特朗普就解雇鲍威尔的意图征求国会山意 见"带来短时、尖锐的冲高回落行情。 ...

美国2年期与10年期国债收益率曲线趋陡，利差扩大至60个基点；为今年四月以来最大利差。 ...

据央视新闻综合多家美国媒体美东时间今天（7月16日）上午的报道，在询问共和党议员"是否应解雇美 国联邦储备委员会主席鲍威尔"后，美国总统特朗普已起草解雇鲍威尔的信件，预计很快特朗普宣布解 雇鲍威尔。而受相关报道的影响，美国国债收益率下跌。 ...

CBS援引多名知情人士报道称，美国总统特朗普询问共和党议员们，他是否应该将美联储主席鲍威尔免 职。 国会山议员们表示，特朗普暗示他将罢免鲍威尔的职务。 美国两年期国债收益率短线从3.92%跳水至3.8980%刷新日低，日内整体跌超4个基点。 2/10年期美国国债收益率利差短线从+52个基点附近飙升至+55.501个基点，日内整体转而上涨、并刷新 日高。 美元指数短线从98.80一线下挫至接近98.60的水平，日内目前大致持平。 ...

美国10年期国债收益率跌幅扩大至4%，刷新日低、并逼近4.44%。 ...

Core Viewpoint - The article discusses the intense competition and risks in the Hong Kong insurance market, particularly focusing on the high return promises made by insurance companies and the regulatory responses to curb these practices [2][7][55]. Group 1: Market Dynamics - The Hong Kong insurance market has seen a surge in demand from mainland customers post-pandemic, leading to fierce competition among insurers [4][12]. - AIA, the leading insurer, has raised its "century return rate" to 7%, despite regulatory limits set by the Hong Kong Insurance Authority [6][13]. - The competition has resulted in a "cat-and-mouse game" between insurers and regulators, highlighting the anxiety and risks associated with high return promises [7][31]. Group 2: Return Promises and Risks - The 7% return rate is based on optimistic assumptions and is not guaranteed, with the actual guaranteed return being less than 0.5% annually [17][18]. - A significant portion of the returns is derived from equity investments, which introduces high uncertainty and volatility in actual returns [15][29]. - Early withdrawal penalties and the structure of policies can significantly reduce the actual cash value received by customers [26][30]. Group 3: Regulatory Responses - In response to the aggressive marketing of high return rates, the Hong Kong Insurance Authority has set a cap on demonstration return rates to 6% and 6.5% for different types of policies [32][39]. - Despite these regulations, AIA quickly launched a new product that promises faster returns, raising concerns about whether this undermines the regulatory intent [34][40]. - The ongoing competition and regulatory measures have left consumers confused about the best products available, as new offerings frequently outpace existing ones [41][55]. Group 4: Long-term Implications - The current focus on short-term performance may lead to long-term risks for the industry, as companies prioritize immediate results over sustainable practices [54][52]. - The article suggests that the management of these companies may not be concerned about the long-term viability of the products sold, as they may not be in their positions when the consequences arise [52][53].

数据公布后，投资者纷纷进场，除4个月期短债外，其余期限美债收益率全线走低。截至新华财经发稿时，2年期美债收益率下跌2.3BPs 至3.936%，10年期美债收益率下跌2.6BPs至4.463%，30年期美债收益率也下跌2.6BPs至4.992%。 美国劳工统计局周四发布的报告显示，与5月份相比，生产商面临的定价环境有所缓和，当月PPI环比增长0.3%、同比增长2.7%。尽管6 月份汽油价格上涨，但服务价格（尤其是酒店、航空公司和汽车经销商的服务价格）的下跌，压低了整体指数。旅游和休闲价格一直低 于通常水平，这可能表明，在经济高度不确定的时期，消费者需求有所下降。 周二，受到密切关注的消费者价格指数显示，6月份价格稳步走高，部分原因是关税敏感行业的商品价格上涨。核心PPI（不包括波动较 大的食品和能源成分）也与5月份持平，而年率从3.2%放缓至2.6%。 "随着关税引发的通胀迹象在耐用品和非耐用品进口中显现出来，通胀已开始缓慢攀升，" RSM咨询公司美国首席经济学家乔· 布鲁苏埃 拉斯表示，"这引发了一个重要问题，正在放缓但仍处于高位的服务业和住房通胀是否会进一步降温，以抵消耐用品和非耐用品价格将 更为明显的增 ...

今年7月，招商银行经典版白金信用卡则突改规则，要求"1万积分＋18万消费"才能免年费，引发持卡人 愤怒销卡潮。该卡一度因积分换年费、机场贵宾厅、体检等权益深受高净值商务人群追捧。 微众银行（储蓄卡业务）的会员礼包也被指缩水：网友直呼"太离谱"：原有的腾讯视频SVIP变成了 VIP，投屏到电视机需要付费，QQ音乐会员从超级会员降级为豪华绿钻，抽纸从130抽六包，变为100 抽六包，一包省30张纸巾，能给微众省多少钱呢？ 银行借此筛高贡献客户、降低成本；持卡人则觉性价比骤降，直呼背刺。这一变动折射行业步入存量竞 争，权益普遍缩水。 业内人士表示：银行需以分层会员、场景联名、数据化服务、跨界"信用卡＋"等创新提升单客价值，而 非简单砍权益。 权益降级后，咖啡券从星巴克变成了瑞幸和奈雪 可见，权益缩水覆盖了交通出行、餐饮娱乐、积分兑换等领域。 2025年起，建设银行的6款高端卡全面停用境内机场贵宾厅，其中4款取消道路救援，3款取消全球医疗 救援及国际旅游援助。浦发银行自2025年一季度起下调境外消费返现比例，并砍去缤纷文旅、游乐园、 文化馆等场景权益。 华夏银行今年起把境内外机场、高铁贵宾室等7项增值服务改为"主卡专 ...

| | | | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3505.00 | 4019.06 | 2747.23 | 2235.05 | 6018.76 | | 涨跌（%） | -0.42 | 0.03 | -0.38 | 1.73 | -0.03 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 13.32 | 11.39 | 29.45 | 26.55 | 20.58 | | 环比变化 | -0.01 | -0.02 | -0.02 | -0.11 | -0.09 | | 风险溢价 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | 1/PE-10利率 | - | - | - | -0.72 | 2.15 | | 环比变化 | - | - | - | -0.04 | 0.04 | | 资金流向 | A股 | 主板 | 中小企业板 | 创业板 | 沪深300 | | 最新值 ...

Core Viewpoint - Hancock Whitney Corp. (HWC) reported second-quarter 2025 adjusted earnings per share of $1.37, surpassing the Zacks Consensus Estimate of $1.34, and reflecting a 4.6% increase from the prior year quarter [1][10]. Financial Performance - The company's total revenues reached $375.5 million, marking a 4.4% year-over-year increase and exceeding the Zacks Consensus Estimate of $371.3 million [4]. - Net interest income (NII) rose 2.3% year over year to $279.5 million, with a net interest margin (NIM) of 3.49%, which expanded by 12 basis points [4]. - Non-interest income totaled $98.5 million, up 10.5%, driven by increases across almost all components [5]. - Total non-interest expenses increased by 4.8% to $216 million, while adjusted expenses rose by 2% [5]. Loan and Deposit Trends - As of June 30, 2025, total loans were $23.5 billion, up 1.6% from the prior quarter, while total deposits slightly declined to $29 billion [6]. Credit Quality - The provision for credit losses was $14.9 million, a significant increase of 71.1% from the prior-year quarter [7]. - Net charge-offs (annualized) were 0.31% of average total loans, up 19 basis points from the prior-year quarter [7]. Capital and Profitability Ratios - The Tier 1 leverage ratio improved to 11.39% from 10.71% year over year, and the common equity Tier 1 ratio increased to 14.03% from 13.25% [8]. - The return on average assets remained stable at 1.32%, while the return on average common equity decreased to 10.63% from 12.04% [8]. Share Repurchase Activity - In the reported quarter, HWC repurchased 0.75 million shares at an average price of $52.36 per share [11]. Strategic Outlook - The company's strategic expansion initiatives, including the acquisition of Sabal Trust Company, are expected to support top-line growth, while bond restructuring efforts and higher rates may aid NII and NIM expansion [12].