Group 1 - The core focus of the article is on the potential IPO of Fannie Mae and Freddie Mac, referred to as the "two houses," which have seen significant stock price increases and are expected to transition from concept stocks to reality [1][5][22] - Since early August, the stock prices of the two houses have risen nearly 80%, yet their market value is still far from the target [3][22] - The two houses have a long history as significant players in the U.S. housing finance market, and their upcoming IPO could lead to a combined valuation of $500 billion to $700 billion [8][22] Group 2 - Fannie Mae's projected net profit for 2024 is $11.6 billion, indicating steady growth despite past fluctuations [6][10] - The article highlights that the current market valuation of Fannie Mae is approximately $9.2 billion, which is significantly lower than its potential value based on earnings [9][10] - The article discusses the historical context of the two houses, tracing back to the 2008 financial crisis when they were placed under government conservatorship, which has impacted their profitability and shareholder returns [11][12][15] Group 3 - The article outlines the changes made by the Obama administration in 2012, which required the two houses to pay all profits to the government, effectively preventing them from retaining earnings [15][16][18] - Legal actions have been taken by shareholders against the Federal Housing Finance Agency (FHFA) for perceived violations of shareholder rights, with a recent court ruling in favor of shareholders [19][20] - The potential for a new IPO under the Trump administration is highlighted, with expectations that the two houses could be listed soon, significantly impacting their market valuation [22][23]

据法国兴业银行称，日本债券市场的动荡可能会引发全球金融市场的大规模变动。法国兴业银行首席全 球策略师Albert Edwards警告称，日本近期出现的种种情况可能预示着自2008年全球金融危机以来形成 的有利投资环境即将终结，这可能会在未来几个月内重塑全球金融格局。日本长期国债收益率正在急剧 上升，据市场观察人士称，近期的一次日本20年期国债拍卖堪称"自1987年以来最糟糕的一次"。 经济数据进一步加大了日本国债收益率的压力，日本的核心消费者物价指数现已超过美国和欧元区的水 平。这种通胀形势使得日本央行面临更大的压力，可能需要提高利率并缩减其资产负债表。据一篇报 道，即使是适度的量化宽松政策的逐步缩减也已经在日本国债市场造成了显著的需求缺口。 Edwards表示，日本的债券市场一直充当着压制全球收益率的"关键角色"，日本的金融机构长期以来通 过以日元计价的套利交易以及大规模购买外国债券(尤其是美国国债)来支撑市场。 据分析称，这一时期似乎即将结束：资本正回流至日本，而日本央行对长期债券曲线的控制力正在减 弱，同时美元对美国国国债的套期保值收益已大幅转为负值。 这位策略师警告称，如果日本投资者继续因日本国债收益 ...