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].

新华社北京10月13日电 受英国伦敦市场历史性轧空行情推动，现货白银价格13日飙升至数十年来最高位，今年以来累计上涨超70%，涨幅 超过黄金。 轧空指通过人为手段使资产价格急剧上升，导致做空者遭受损失。 伦敦现货白银价格13日一度大涨3%，逼近每盎司52美元，超越上周盘中高点。 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。 高盛分析师同样指出，黄金的稀缺性约为白银的十倍，比白银贵80倍，而密度是白银的两倍，因此更易储 ...

Core Viewpoint - Starcoin Foundation intends to issue Starcoin tokens, with a distribution model based on existing shareholdings in Star Tai Chain Group, marking a significant step in integrating traditional finance with blockchain technology [1][2] Group 1: Token Issuance - The memorandum of understanding between Star Tai Chain Group and Starcoin Foundation outlines that for every 10 shares held, shareholders will receive one Starcoin token [1] - This token issuance is positioned as the first "coin-stock linkage" project initiated and recognized by a listed company in Asia [1] - Each Starcoin token will be backed by USD assets, aiming to create an integrated on-chain investment banking system focused on the issuance, compliance, and global circulation of real-world assets (RWA) [1] Group 2: Blockchain Integration - The group plans to leverage blockchain technology to transform traditional financial processes [2] - The goal is to establish a Web3 investment bank that serves as a primary link between global assets and digital investors [2] - The token issuance will be deployed on the Conflux eSpace public blockchain [2]

不过Kostin提到，在该指标包含的9个构成项中，仅有被动基金资金流与散户融资债务两项指标，较其 52周均值高出一个标准差及以上。 Kostin表示："尽管整体持仓规模看似受限，但近几周美股市场中局部泡沫迹象仍在持续显现。"他补充 称，过去一个月内，量子计算、加密货币及无人机相关主题板块涨幅均超50%。 智通财经APP获悉，高盛表示，受经济增长加速、失业率下降及通胀放缓推动，美国家庭预计将成为 2026年美股最大买家。 该行预测，2026年美国家庭净买入股票规模将达5200亿美元，同比增长19%;企业股票净买入额预计为 4100亿美元，同比增长7%。 高盛分析师David Kostin指出，并购活动回暖将进一步提振企业股票需求，但IPO规模的持续复苏将在一 定程度上抵消这一增长。 高盛美股情绪指标录得+0.3，自今年2月以来首次转为正值，表明各类投资者当前持仓处于中性水平。 此外，Kostin预计共同基金与养老金将仍是2026年美股的最大抛售方。 他指出："我们预测共同基金将抛售5800亿美元股票，原因是其当前现金储备处于低位，且主动管理型 基金持续面临资金外流。而养老基金当前充足率处于高位，这支撑了我们的预 ...

卜晓明 涨幅超过黄金 英国白银市场现轧空走势 另一方面，现货黄金价格13日盘中突破每盎司4070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。 高盛分析师同样指出，黄金的稀缺性约为白银的十倍，比白银贵80倍，而密度是白银的两倍，因此更易 储存、运输和保管。"10亿美元的黄金可装入行李箱，同等价值的白银则需要整辆货运卡车"。（完） ...

智通财经APP获悉，摩根士丹利表示，受关税成本逐步传导、能源价格上涨等因素影响，定于10月24日 发布的美国9月消费者价格指数(CPI)报告预计将显示核心CPI仍将维持高位，整体通胀水平略高于核心 通胀，同时租金、医疗服务等细分领域价格走势呈现分化。 整体通胀表现将强于核心通胀。该行预计9月整体CPI环比上涨0.41%，高于核心CPI涨幅，核心原因是 能源价格的显著反弹——预计9月能源价格环比大涨2.00%。与之形成对比的是，食品价格通胀有所放 缓，预计环比上涨0.19%，低于8月的0.46%。 该行预测，9月核心CPI环比将上涨0.32%，同比涨幅为3.12%，这意味着核心商品通胀已连续第四个月 保持正值，主要源于关税相关成本向消费端的逐步传导。摩根士丹利估算，今年以来关税传导已为核心 CPI同比贡献约25-30个基点，若此次数据符合预期，这一贡献值将扩大至35个基点，接近其预期的总关 税影响的一半(假设关税维持当前水平)。 在具体分类中，核心商品价格预计继续温和上涨，尽管服装、新车和二手车价格增速有所放缓，但其他 商品类别在8月意外回落后有望重新加速。住房租金方面，8月数据略高于趋势水平，预计9月将出现回 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【上周四白银价格突破每盎斯50美元创历史新高，高盛分析其后续走势及风险】白银价格上周四突破每 盎斯50美元大关，创下历史新高，年初至今已上涨74%。今早现货银企稳于50美元以上。高盛分析，由 于市场预期美联储减息，私人投资资金可能在中期内推动白银价格进一步上涨，这与金价受到的提振类 似。不过，高盛强调，和黄金受益于央行结构性需求不同，银价近期的波动性和下行风险较大，近期可 能有两大风险会引发银价回调。在需求方面，ETF资金流入暂时回落可能会对银价造成压力。因为在美 联储减息周期，ETF资金流入通常比平时更快增长。在供应方面，如果因对关键矿产的关税调查导致交 易商推迟从美国运回白银，伦敦金属交易中心的库存可能会推迟回归正常水平。此外，高盛认为，白银 不像黄金那样能从央行需求中获得结构性支撑，工业方面的需求对白银的长期价格上涨推动作用也不 大。虽然白银用于太阳能电池板生产，但高盛指出，太阳能产业增长正在放缓，且制造商正越来越多地 使用铜等更便宜的材料替代白银。投资需推动白银价格上涨的主要因素，高盛的分析显示，每新增1000 吨买入，银价通常会上升约1.6 ...