数据显示，西方银行在今年的香港股权交易中占据了绝对优势。摩根士丹利亚太区全球资本市场主管 Saurabh Dinakar表示："我们看到中国公司在香港的股权发行出现了相当强劲的转变。" 彭博的数据涵盖了IPO和已上市公司的后续股票发售。今年的大型交易包括全球最大电池制造商宁德时 代（CATL）46亿美元的股票增发，以及矿业公司紫金黄金（Zijin Gold）的IPO。这些交易的成功执 行，巩固了摩根士丹利和高盛在承销排行榜上的领先位置。 尽管中资券商在本土市场的影响力日益增强，但在今年香港股权资本市场的强劲复苏浪潮中，以摩根士 丹利和高盛为首的华尔街投行依然是最大的赢家，巩固了它们在亚洲金融中心交易舞台上的主导地位。 随着大量中国公司赴港融资，以及海外投资者对中国股票的兴趣重燃，香港资本市场正迎来显著复苏。 根据路透伦敦证券交易所集团（LSEG）的数据，今年迄今，在香港上市的股权资本市场（ECM）活动 总额已达到731亿美元，较2024年同期飙升232%，首次公开募股（IPO）的融资额有望创下四年来新 高。 在这场资本盛宴中，美国投行攫取了最大份额。据彭博汇编的数据，截至今年11月底，摩根士丹利在香 港的股票 ...

最近美国那边发生了一件挺有意思的事。感恩节刚过，按理说大家应该还沉浸在假期的氛围里，但华尔街的那些精英们却忙得不可开交。他们现在不太相信 政府发布的经济数据了，反而愿意花大价钱去买一些民间机构整理的报告。这种情况在过去是很难想象的。 事情的起因要追溯到今年八月。当时政府发布了一份就业报告，显示制造业的工作岗位连续三个月在减少，服务业也没什么起色。这份不太好看的数据公布 后， Labor统计局的一位负责人就被解职了。官方给出的理由是说他的工作"没能准确反映经济复苏的实际情况"，但明眼人都看得出来，这很可能是因为数 据不符合某些人想讲述的"经济成功故事"。 民间机构也在行动。有研究机构通过追踪数百万种商品的价格，计算出通货膨胀率可能在4.2%左右，而官方公布的数字是2.5%。还有私营公司开始通过卫 星收集气候数据，这些信息在过去通常是由政府部门提供的。 为什么会出现这种情况呢？可能有几个原因。首先，当政策效果不太理想时，修改数据比调整政策要容易得多。其次，删除一些不太好看的数据，可以在纸 面上"解决"社会问题，为其他政策铺路。再者，当官方数据不可靠时，那些能获取真实信息的机构和个人就能在市场上获得巨大优势。 这种 ...

金银价格大涨。 北京时间11月28日晚间至11月29日凌晨，国际金价持续走高，现货黄金、COMEX黄金价格均重新站上4200美元/盎司。截至收盘，伦敦金现涨1.48%，报 4218.55美元/盎司；COMEX黄金报4256.4美元/盎司，上涨1.59%。 比黄金表现更亮眼的是白银，白银期现价格均创下纪录新高。截至收盘，伦敦银现涨5.66%，报56.397美元/盎司，COMEX白银报57.085美元/盎司，上涨 6.06%。 不愿公开姓名的知情人士说，若选择哈西特，意味着特朗普把一名他熟知并信任的亲密盟友安插进美联储。其中一些知情人士称，哈西特被视为能将特朗 普所主张的降息政策带入美联储的人。 有分析指出，作为特朗普的重要亲信之一，哈西特若担任美联储主席，大概率将引导更"鸽派"的货币政策。他近日接受媒体采访时表示，如果由他担任美 联储主席，他现在会立刻降息，因为数据表明美联储应该这么做。 不过，知情人士同样指出，特朗普以人事和决策风格出人意料著称，这意味着相关提名人选在正式公布前仍有变数。白宫新闻秘书卡罗琳·莱维特在声明 中说："没人真正知道特朗普总统会做什么，直到他付诸行动。敬请关注！" 此外，同样也被市场认 ...

要知道现在金价已经在历史高位了，这意味着还得再涨近20%才能摸到这个目标。 结构性转变：央行购金与"去美元化"的暗流 高盛石油研究主管达安・斯特鲁文给出的理由很明确，就是"央行购金"和"美联储降息"这两个双轮驱动 力。 别看这逻辑说起来简单，背后其实是全球宏观经济和货币体系在悄悄发生大变化。想搞懂这波金价看涨 的行情，咱就得扒开数字表面，看看底下真正的结构性力量到底是什么。 文|锐资 编辑|锐资 前言： 家人们，最近国际金融圈被一条消息炸翻了：投行巨头高盛抛出重磅预测，到2026年底，国际金价可能 会飙升到4900美元/盎司。 首先咱得说第一个核心驱动力，也是高盛最看重的，各国央行的结构性购金。这可不是央行一时兴起的 短期操作，而是实打实的战略转向。 放在以前，央行买黄金都是慢节奏的，顶多算资产配置里的小调整。但从2022年开始，全球央行购金规 模就一直卡在历史高位，现在已经成了影响金价的关键快变量。为啥大家突然都开始囤黄金了？说到底 还是心里没底。 地缘政治冲突不断，美国动不动就把金融体系当武器用，再加上自己背着庞大的财政赤字，各国手里的 美元资产越来越不安全。 而黄金不一样，高盛一句话点透了："一旦将黄金 ...

Core Insights - The U.S. Securities and Exchange Commission (SEC) is investigating Jefferies Group (JEF.US) regarding its disclosures related to First Brands, a bankrupt automotive parts supplier [1][3] - First Brands filed for Chapter 11 bankruptcy in September with total debts of approximately $12 billion, significantly impacting financial institutions on Wall Street [2] - Allegations of financial fraud have emerged against First Brands' founder, Patrick James, involving misuse of company funds and the creation of off-balance-sheet liabilities [3] Group 1: SEC Investigation - The SEC is examining whether Jefferies adequately disclosed its risk exposure to First Brands to investors of its Point Bonita fund [1] - The investigation includes a review of Jefferies' internal controls and potential conflicts within its departments [1] - The investigation is still in its early stages, and it remains unclear if any misconduct will be charged [1] Group 2: Bankruptcy Impact - First Brands' bankruptcy has caused significant turmoil in the financial markets, affecting major banks and hedge funds, including Jefferies, UBS, and Millennium Management [2] - Jefferies has a notable exposure of approximately $715 million linked to First Brands' receivables, including $43 million in receivables and $2 million in loan interest [2] - UBS's hedge fund division, O'Connor, is also facing losses due to its exposure to First Brands and is currently liquidating related funds [2] Group 3: Fraud Allegations - The bankruptcy proceedings have revealed unprecedented financial chaos and fraud allegations against First Brands' former CEO, Patrick James [3] - New management has accused James of misappropriating hundreds of millions of dollars and generating at least $2.3 billion in off-balance-sheet liabilities through fraudulent invoices and double pledging [3] - The U.S. Department of Justice has initiated a criminal investigation focusing on fraudulent activities and missing funds, while the SEC is also scrutinizing Jefferies for its disclosures and internal controls [3]

Group 1 - The conference on November 28, 2025, gathered experts and analysts to explore investment strategies through economic cycles [1] - Morgan Stanley's Chief Economist for China, Xing Ziqiang, highlighted China's significant achievements in technological innovation and its critical role in the new technological revolution [3] - The "14th Five-Year Plan" aims for high-quality and sustainable growth driven by technological innovation and domestic demand [3] Group 2 - Xing emphasized that technological innovation is the core engine of economic development, showcasing China's breakthroughs in sectors like semiconductors, green energy, artificial intelligence, and 6G during the "13th" and "14th Five-Year Plans" [3] - The "14th Five-Year Plan" also focuses on improving people's livelihoods and boosting consumption, with a target to increase the share of household consumption in GDP [4] - The plan includes a proposal to provide monthly subsidies of approximately 1,000 RMB to farmers and migrant workers, aiming to enhance consumption confidence and push household consumption beyond 10 trillion USD by 2030 [4] Group 3 - Xing proposed a "source and save" approach for fiscal sustainability, suggesting the activation of state-owned assets and optimizing fiscal expenditure to better allocate resources towards social welfare [4] - The long-term positive fundamentals of the Chinese economy remain unchanged, with technological self-reliance and domestic demand expansion expected to create new growth momentum [4] - Continuous policy consensus and deepening reforms will provide significant opportunities for global investors in the Chinese financial market [4]

来源：efinancialcareers 来源：瑞恩资本RyanbenCapital "我曾家财万贯，也经历过三度破产。"亚历山大坦言，"账户里曾有过300万美元，也有过数次透支300 美元的窘境。" 他补充道，年长后应对破产愈发艰难："年少时觉得一切都可笑，年过五十后却不易释怀。" 亚历山大表示，破产经历让人学会谦卑，如今他自称"节俭到极致"："所有物品都购自慈善商店，除内 衣袜外均来自二手店。我学会了在低氧环境中生存。" 他的新生活中有常撞电线杆的傻狗Mike为伴，还通过Substack专栏记述自己如何失去工作、财富、及曾 经与妻儿共筑的家庭。这一切的根源是毒品。 亚历山大估算自己数年间在可卡因上耗费50万美元："当时每日吸食10克，每15分钟就要躲进卫生间， 连续一周无法入眠。 "毒瘾始于他在伦敦高盛任职期间，近不惑之年时已严重到毒贩拒绝交易。于是他转而酗酒，"酗酒是个 缓慢侵蚀的过程"，十年后试图戒酒时却已无法自拔："尝试正常饮酒48小时内就会再度狂饮威士忌。 2013年离开高盛时，亚历山大在高盛的纽约、香港、东京、伦敦等地的分行工作过。 "我对高盛毫无怨言，"他说道，"他们试图拯救我不下80次，最终 ...

Core Viewpoint - The USD/JPY exchange rate continues to show a strong oscillating pattern, influenced by both internal economic pressures in Japan and external factors such as U.S. Federal Reserve policy expectations [1][2]. Internal Factors - Japan's economic fundamentals are under pressure, with Q3 GDP declining at an annualized rate of 1.8%, marking a return to negative growth after six quarters. Key contributors to this decline include shrinking exports and a significant drop in private residential investment [1]. - The Japanese government's economic stimulus plan of 21.3 trillion yen raises concerns about potential fiscal deterioration, leading to a "sell Japan" trade sentiment that pressures both the yen and Japanese government bonds [1]. - The Bank of Japan's cautious approach to normalizing monetary policy is evident, with ongoing political pressures causing market concerns about the pace of interest rate hikes [1]. External Factors - Market expectations indicate an 84.7% probability of a 25 basis point rate cut by the Federal Reserve in December, contributing to a relatively stable USD/JPY interest rate differential [2]. - Morgan Stanley suggests that if the Fed initiates a series of rate cuts, the USD/JPY could depreciate by nearly 10% over the next few months, potentially reaching the 140 level by Q1 2026 [2]. - The recent weakness of the yen has drawn significant attention from Japanese authorities, with Finance Minister Shunichi Suzuki mentioning the possibility of intervention, and the Economic and Fiscal Policy Minister emphasizing close monitoring of speculative currency behavior [2]. Technical Analysis - The USD/JPY is currently trading within a critical range of 156-157, with resistance near the 160 intervention level and support around 155.80 [3]. - The Relative Strength Index (RSI) is at approximately 58, indicating that there is still potential for upward movement, although momentum appears to be waning [3]. - Key signals to watch include potential currency market intervention by Japanese authorities and the outcomes of the Federal Reserve's December policy decision and the Bank of Japan's rate meeting on December 19 [3].

Group 1 - The core viewpoint of the article highlights that Shenwan Hongyuan was awarded the "Top 10 Investment Banking Service Institutions" at the 2025 First Financial Value Annual Conference held in Shanghai on November 21 [2] - The company aims to continue its commitment to practical and diligent work, striving to become a first-class modern investment bank while empowering corporate innovation and growth, thereby injecting more financial vitality and professional strength into the high-quality development of the national economy [4]

Core Viewpoint - Chinese investment banks are increasingly facilitating international capital investment in China while also helping Chinese enterprises expand overseas, driven by the growing attractiveness of Chinese assets to global capital [1][2]. Group 1: International Investment Trends - There has been a significant increase in international clients from Southeast Asia and the Middle East, with overseas capital inflows into Chinese assets peaking in 2021 [3]. - The main sectors attracting international capital include technology, new energy, pharmaceuticals, and consumer goods [3]. - Middle Eastern investors, primarily sovereign funds, show strong interest in China's new energy and technology sectors, exemplified by a joint investment project worth approximately $2.08 billion in solar energy [3][4]. - Southeast Asian investors focus on industrial investments in consumer, logistics, digital economy, technology, and manufacturing sectors, aligning their investment needs with their countries' development goals [4]. Group 2: Challenges in Foreign Investment - Despite the growing interest, foreign investors face challenges such as complex geopolitical situations and a lack of understanding of China's policy and regulatory environment [5]. - Foreign investors often struggle to identify suitable acquisition targets due to limited market channels in China [5]. Group 3: Advantages of Chinese Investment Banks - Chinese investment banks have developed three key advantages in serving enterprises going abroad: deeper understanding of Chinese companies, established connections in global capital markets, and comprehensive support for business expansion [6]. - The establishment of trust with multinational clients requires a long-term commitment, often taking two to three years to develop [7]. Group 4: Long-term Strategy and Risk Management - The concept of "creating shared value" is emphasized as essential for investment banks to generate sustainable returns, aligning with initiatives like the Belt and Road [7]. - International expansion is not without risks, necessitating proactive risk assessment, internal compliance, and strong legal partnerships [8].