今年以来，白银价格大幅攀升70%，显著跑赢同期上涨50%的黄金，成为贵金属市场中备受瞩目的焦点。然而，高盛分析师指出，白银本轮上涨主要依赖美 联储降息预期与短期资金推动，基础并不牢固。相较于黄金，白银市场规模更小、缺乏央行储备支持，使其价格波动更为剧烈。 尽管历史上金银价格走势往往同步，但近年来出现显著分化。高盛指出，自2022年俄罗斯外汇储备被冻结以来，全球央行的黄金购买量激增五倍，推动金价 持续走强，而白银并未受益于此结构性需求。当前金银比已从去年的84.7升至约102，反映出在衰退风险上升以及中国太阳能需求放缓的背景下，黄金的避 险属性更受青睐。 白银因其广泛应用于太阳能电池板等工业领域，呈现出更强的周期性特征，其作为避险资产的可靠性不及黄金。高盛分析师进一步指出："白银并未被纳入 国际货币基金组织的储备资产框架，在现代中央银行的投资组合中也几乎不占任何地位。"针对部分市场观点认为央行可能因金价过高转而配置白银，高盛 予以反驳："央行管理的是价值，而非重量。黄金储备通常以被动方式持有，并不用于日常操作。"即便金价持续走高，央行也仅会调整持有量以维持美元价 值稳定，而非转向配置白银。 黄金的独特储备优势 ...

10月14日，日本股市在连休后迎来一波剧烈抛售。截至收盘，日经225指数收跌2.58%，报46847.32点。 日本政坛地震正在迅速侵蚀市场此前热烈鼓吹的"高市交易"。 政治地震 上周五(10日)，自民党的执政联盟伙伴公明党突然宣布退出已持续26年的执政联盟，双方因政治献金监 管改革分歧而决裂。 据《环球时报》报道，立宪民主党党首野田佳彦正协调与国民民主党党首玉木雄一郎、日本维新会共同 代表藤田文武举行会谈，希望在首相指名选举中，推出在野党的统一候选人。眼下，玉木雄一郎已成为 热门人选。 自民党在更具权力的众议院拥有196个席位，位居第一大党团。在与自民党"分手"后，拥有24席的公明 党已公开表态，不会在首相选举中支持高市早苗。如果在野的立宪民主党(148席)、国民民主党(27席)和 日本维新会(35席)统一推出候选人，三党就能凑到210席，高出自民党现有席位数量。 这意味着，只要自民党以外的其他政党不支持高市早苗，这一席位数足以确保新候选人的首相职位。 玉木雄一郎上周在社交媒体上发文表示，"我已下定决心成为首相。" 若其成功当选，这将是自2009年以来自民党首次被赶下执政地位。 不过，有分析指出，尽管立宪民 ...

在今年的贵金属市场中，除了黄金，还有一个更耀眼的存在——白银。 本周二，现货白银突破53美元/盎司，再创历史新高。而2025年初至今，白银已经累计上涨84%，涨幅远超黄金的56%同期涨幅。 这主要是因为白银市场的规模远比黄金市场要小，可能仅有约黄金市场的十分之一，这意味着在白银市场中，每一美元的资金流入所产生的影响，都要比 在黄金市场大得多。 正是因为这一原因，最近几周白银的涨势尤其剧烈：自8月底以来，白银价格已上涨了超过35%。由于伦敦——全球实物白银交易的中心——出现了流动 性紧缩，白银涨势进一步加剧，近日伦敦的白银库存已降至多年来的最低水平。 白银表现是黄金的"强化版" 高盛指出，白银的表现通常类似于黄金的"强化版"：当投资者将贵金属作为抵御宏观风险的手段而大量买入时，白银往往会表现得比黄金更出色；但当市 场情绪转变时，白银往往也会遭受更严重的下跌。 然而，在近日的报告中，高盛分析师提醒投资者要对白银价格的上涨保持谨慎。他们指出，白银的市场规模小、缺乏央行支撑，使其波动性远高于黄金。 一旦近期避险情绪出现变化，白银可能会面临比黄金更大的下行风险。 白银缺乏央行支撑 高盛在报告中表示，尽管由于美联储可能会 ...

Core Insights - Goldman Sachs will invest $665 million in cash and equity, along with up to $300 million in performance incentives, to acquire Industry Ventures, which manages $7 billion in assets [1] Group 1: Acquisition Details - The acquisition will enable Goldman Sachs to provide a broader range of services to technology startups [1] - Industry Ventures specializes in the secondary market for venture capital and early-stage funds [1] Group 2: Personnel Changes - All 45 employees of Industry Ventures will join Goldman Sachs [1] - Hans Swildens, the founder and CEO of Industry Ventures, along with two senior managing directors, will become partners at Goldman Sachs Asset Management [1]

Core Insights - Kyle Wool has become a key figure in managing the wealth of the Trump family, particularly through his investment bank Dominari Holdings, which has facilitated over $500 million in gains in small-cap stocks and cryptocurrencies since Trump's return to the White House [1][4] - The Trump family's business activities have intensified during Trump's second presidential term, with significant investments made by Eric Trump in American Bitcoin, valued at nearly $500 million as of October 9 [1][6] - The collaboration between Wool and the Trump family raises concerns about potential conflicts of interest, as Trump's policy decisions could directly impact the value of the companies involved [1][7] Investment Banking and Small-Cap Stocks - Kyle Wool transitioned from wealth management roles at firms like Oppenheimer & Co. and Morgan Stanley to become the president of Revere Securities LLC, which he rebranded as Dominari Holdings [2] - Dominari Holdings specializes in financing small-cap stocks, typically valued under $250 million, which are known for their volatility [2] - The close relationship between Wool and the Trump family has been leveraged to enhance the visibility and stock performance of companies like Unusual Machines, which saw its stock price triple after Donald Trump Jr. became an advisor [2][3] Cryptocurrency Investments - The Trump sons have achieved significant returns in the cryptocurrency sector, particularly through their investment in American Bitcoin Corp., where they acquired a 20% stake [4][5] - This investment has resulted in a holding valued at over $150 million for Dominari and nearly $450 million for Eric Trump as of October 9, despite Eric not contributing cash or assets to the company [6] Conflict of Interest Concerns - The investments made by the Trump family have raised serious concerns regarding conflicts of interest, as their financial interests could be influenced by government policy decisions [7] - Specific actions taken by the Trump administration, such as promoting domestic drone production and potential tax changes for cryptocurrency mining, could directly benefit the companies associated with the Trump family [7]

这两家公司几个月前就开始讨论一项交易事宜，Nachmann表示，他们的协议将有助于高盛更顺利地向 潜在客户推广其银行和财富管理业务。该行的股价今年已上涨了 37%。它将于周二公布第三季度业 绩。 虽然这些新增资产对于高盛的规模而言规模不大，但风险投资在美经济中是一个关键的增长领域，因为 越来越多的企业仍保持私有化状态，其中许多企业得益于人工智能和基础设施建设的繁荣。该交易预计 将在第一季度完成。 智通财经APP获悉，周一，高盛(GS.US)同意收购风险投资公司Industry Ventures，这一交易将使这家华 尔街银行得以拓展其业务范围，深入涉足美国企业家的领域。根据周一发布的声明，高盛将支付高达 9.65 亿美元的款项——交易完成时将首先支付 6.65 亿美元的现金和股权，此外还将根据 Industry Ventures 在 2030 年之前的业绩支付最多 3 亿美元，同样以现金和股权的形式支付。 Industry Ventures创始人Hans Swildens以及两位资深同事将加入高盛，成为其合伙人。Swildens将向高盛 外部投资部门的高层管理人员Michael Brandmeyer汇报工作。S ...

美东时间周一，COMEX黄金期货（12月交割）收涨3.26%，报4130.72美元/盎司；COMEX白银期 货（12月交割）收涨7.50%，报50.79美元/盎司。 现货白银持续走高日内涨幅扩大至4.02%，报52.27美元/盎司。 另一方面，现货黄金价格13日盘中突破每盎司4100美元关口，延续此前连续8周上涨的强势表现， 再创历史新高。铂金与钯金价格亦大幅走高。 美国高盛集团分析师12日警告投资者谨慎对待白银价格大涨。他们在当天发布的研报中写道，尽管 美国联邦储备委员会可能进一步降息，白银价格中期或持续走高，"但短期内，我们认为白银比黄金存 在更大波动性和价格下行风险。黄金是唯一获得结构性央行买盘支撑的商品"。 上述研报写道："白银缺乏黄金所具备的机构和经济属性的支撑。国际货币基金组织储备框架未将 其纳入，现代各国央行的投资组合中也没有显著持仓。"研报同样驳斥"金价高企可能促使央行转向白 银"的观点。 高盛分析师认为，相比管理权重，央行更注重管理价值。这意味着即使金价攀升，政策制定者也不 会寻求相对便宜的替代品。由于缺乏央行买盘作为价格支撑，即使投资流入只是暂时性减少，也可能引 发白银价格不成比例的回调。 ...

Core Viewpoint - The Hong Kong IPO market has seen a significant increase in financing, with a year-on-year growth of over 200%, leading to a tight capacity for investment banks [1] Group 1: Investment Banking Expansion - Major international investment banks like Goldman Sachs and JPMorgan have shifted from a contraction strategy to a recruitment drive due to a rich project pipeline, expanding their teams in Hong Kong and India [1] - Sovereign funds and international long-term investors have shown unprecedented interest in Hong Kong IPOs, reaching a four-year high, prompting international investment banks to enhance their team structures [1] - There is a temporary shortage of top investment banking talent, although leading Chinese securities firms and UBS have a relatively sufficient workforce due to their integrated domestic and international operations [1] Group 2: Wealth Management Development - Both domestic and foreign securities firms are actively developing wealth management services to capture investment opportunities arising from the positive trends in A-shares and Hong Kong stocks [1] - The focus on wealth management is aimed at meeting the demand for cross-border asset allocation from investors [1]

Group 1 - The core viewpoint of the articles highlights a significant increase in Hong Kong IPO financing, which has more than doubled year-on-year, leading to a tight labor market for investment banking talent in the region [1][4] - Major international investment banks like Goldman Sachs and JPMorgan Chase are accelerating their recruitment plans in Hong Kong and other Asia-Pacific regions to meet the growing demand for IPOs and related services [2][3] - Sovereign funds and long-term international investors are showing unprecedented interest in Hong Kong IPOs, with participation levels reaching a four-year high [1][2] Group 2 - As of September 2023, Hong Kong's IPO fundraising reached HKD 182.9 billion, a 229% increase from HKD 55.6 billion in the same period last year, with over 200 companies currently in the IPO pipeline [4] - The shortage of skilled investment banking professionals in Hong Kong has led to a competitive hiring environment, with some firms experiencing a "talent grab" [4][5] - Chinese investment banks are leveraging their integrated domestic and international operations to better allocate resources and manage talent shortages, providing a competitive edge in the current market [4][5] Group 3 - In addition to investment banking, both domestic and international firms are expanding their wealth management services to capture the growing demand for cross-border asset allocation, as Chinese household savings have increased significantly [6] - Companies like CICC have expanded their wealth management teams in Hong Kong from about 30 to over 150 in seven years, indicating a strong commitment to internationalization [6] - UBS is also enhancing its wealth management capabilities, aiming to provide deep insights into investment behaviors and trends for its clients [6]

Core Viewpoint - Goldman Sachs has agreed to acquire venture capital firm Industry Ventures, which manages assets worth $7 billion, to enhance its alternative investment platform valued at $540 billion [2][2]. Group 1: Acquisition Details - Goldman Sachs will pay $665 million in cash and stock, with potential additional payments of up to $300 million based on future performance by 2030 [2][2]. - The transaction is expected to be completed in the first quarter of 2026 [2]. Group 2: Strategic Rationale - The acquisition aims to strengthen Goldman Sachs' ability to create investment channels for wealthy clients by identifying and investing in startups [2][2]. - CEO David Solomon highlighted that Industry Ventures has been a pioneer in the U.S. venture capital market for 25 years [2][2]. Group 3: Leadership Insights - Solomon stated that Industry Ventures' trusted relationships and venture capital expertise complement Goldman Sachs' existing investment capabilities, expanding opportunities for clients to access rapidly growing companies and industries [2][2]. - Hans Swildens, founder and CEO of Industry Ventures, emphasized the unique advantage of combining Goldman Sachs' global resources with their venture capital expertise to meet the complex needs of entrepreneurs and private tech companies [2][2].