格隆汇2月10日｜巴克莱银行从最高层到最初级的全体员工都因该行去年优异的业绩而受益。该行周二 表示，首席执行官CS Venkatakrishnan的薪酬为940万英镑（约合1280万美元），同比增长12%。与此同 时，该集团的奖金池增至22.1亿英镑，为至少五年来最高水平，较2024年增加15%。此外，更多初级员 工将获得价值500英镑的股票奖励。 来源：格隆汇APP ...

周二早盘，道指最高上涨至50512.79点，创盘中历史新高。 科技股周一延续了上周五的反弹势头，提振整体市场。尽管上周因软件和科技巨头相关担忧引发的抛售 对市场造成冲击，但投资者期望市场能维持上行趋势。分析师称，从技术层面看，此次抛售并未对市场 造成实质性损害。 摩根大通策略师表示，软件股有望从历史性的下跌中反弹，因为市场体现的人工智能短期内颠覆性影响 不切实际。 由Dubravko Lakos-Bujas领衔的团队称，随着"极端的价格走势"使得资金至少在短期内有可能轮动回到 该板块，投资者应增加对高质量、对人工智能颠覆性更具抵抗能力的软件股的配置。 该团队在一份报告中写道："鉴于持仓出清、对人工智能颠覆软件行业的前景过度悲观以及基本面稳 健，我们认为风险平衡正越来越偏向反弹。" 实际上，标普500指数在上周短暂跌破50日和100日移动平均线后，已成功收复这两大关键支撑位，且许 多资产类别的表现优于该指数——这在交易员看来是看涨信号。 北京时间2月10日晚，美股周二早盘继续上扬，道指创盘中历史新高。美国12月零售销售意外停滞，表 明消费者在年末的支出更为谨慎。市场等待本周三将公布的美国1月非农就业报告。 道指 ...

格隆汇2月10日｜高盛集团CEO大卫·所罗门表示，上周因担心人工智能竞争而导致的软件股大幅下跌可 能反应过度。"我认为上周的市场叙事有点过于宽泛了，"所罗门周二在佛罗里达州基比斯坎举行的瑞银 集团会议上表示。"（AI领域）会有赢家和输家——许多公司将成功转型并发展良好。"许多软件股因 Anthropic PBC新推出一款AI自动化工具及其对传统软件即服务业务的潜在影响而下跌。此次抛售波及 范围广泛，无论公司是否已与AI公司建立合作伙伴关系或拥有专有数据资产，均受到影响。 ...

中资金融股方面，中国银行涨0.43%，收报4.72港元；建设银行涨0.5%，收报8.12港元；工商银行 涨0.77%，收报6.57港元；中国平安涨0.62%，收报73.45港元；中国人寿涨1.37%，收报35.52港元。 石油石化股方面，中国石油化工股份涨1.69%，收报5.42港元；中国石油股份涨1.64%，收报9.31港 元；中国海洋石油涨2.67%，收报24.64港元。 蓝筹股方面，腾讯控股跌1.61%，收报551港元；香港交易所跌0.33%，收报417.2港元；中国移动跌 0.13%，收报78.4港元；汇丰控股涨0.72%，收报140.3港元。 香港本地股方面，长实集团涨0.21%，收报46.72港元；新鸿基地产跌1.9%，收报129港元；恒基地 产涨0.06%，收报32.8港元。 新华社香港2月10日电 香港恒生指数10日涨155.99点，涨幅0.58%，收报27183.15点。全日主板成交 2340.4亿港元。 国企指数涨74.42点，收报9242.75点，涨幅0.81%。恒生科技指数涨33.43点，收报5451.03点，涨幅 0.62%。 ...

Core Viewpoint - The article critiques the insurance industry, suggesting that traditional insurance products often yield low returns compared to other investment options, and highlights the importance of alternative financial strategies such as investing and preventive health measures [1][4][7]. Group 1: Insurance Products - Many individuals perceive insurance products, particularly life and health insurance, as inadequate due to their low returns and high costs, with some arguing that the real inflation rate in China is around 10% to 12%, making 3% returns from insurance unappealing [2][3]. - The article emphasizes that critical illness and medical insurance often do not provide sufficient coverage, suggesting that individuals could spend less on specialized health check-ups instead of high insurance premiums [3][6]. - It is noted that accident insurance typically only covers the out-of-pocket expenses not reimbursed by health insurance, which may not justify the cost of the policy [3]. Group 2: Investment Alternatives - The article advocates for investing money rather than purchasing insurance, arguing that funds allocated to insurance could yield better returns if invested in other financial instruments [4][5]. - The discussion includes personal anecdotes about the effectiveness of low-cost health insurance options, such as the "惠民保" (Huimin Bao), which provided significant coverage for medical expenses, demonstrating that affordable insurance can be beneficial [5]. Group 3: Financial Industry Perceptions - There is a prevailing sentiment in the financial industry that insurance is viewed as a "negative expected return" product, with estimates suggesting a negative return of up to 50% in the domestic market [7]. - The article highlights a "financial hierarchy" where different sectors within finance look down on each other, illustrating a culture of elitism and competition among financial professionals [8][10].

Core Viewpoint - The strategist from State Street Corp, Lee Ferridge, suggests that the next Federal Reserve chair may implement rate cuts exceeding market expectations, potentially leading to a 10% decline in the dollar this year [1][5]. Group 1: Federal Reserve Rate Cuts - Traders anticipate that the Federal Reserve will resume rate cuts around June, with at least two 0.25 percentage point cuts by the end of the year [1][5]. - Ferridge believes there is room for a third rate cut in 2026, influenced by pressure from Trump to lower borrowing costs [1][5]. - He states that while two cuts are a reasonable baseline, the Fed's policy is entering a period of greater uncertainty [1][5]. Group 2: Impact on the Dollar - The Bloomberg Dollar Spot Index fell approximately 8% last year, marking its worst annual performance since 2017, and has declined about 1.7% so far this year [6]. - Concerns over trade tensions, U.S. fiscal outlook, and Trump's pressure on the Fed have negatively impacted the dollar [7]. - Ferridge indicates that strong U.S. economic data may lead to a short-term rebound of the dollar by 2% to 3% [7]. Group 3: Hedging Dynamics - Ferridge notes that deeper rate cuts could reduce the cost of currency risk hedging for foreign investors, potentially increasing their hedging activities [1][5]. - The current hedging ratio is approximately 58%, down from over 78% before the Fed began raising rates in 2022 [3][7].

来源：滚动播报 荷兰国际集团(ING)分析师在一份报告中称，美元料将温和走软，因美联储(Federal Reserve)可能进一步 降息。这些分析师表示，美国经济增长依然相当强劲，但不断走软的劳动力市场应会促使美联储再降息 两次。这些分析师表示，这应与美元下跌而非崩盘的走势相符。"除非美国债券和股票市场的回报前景 大幅恶化（这不是我们的基本情境），否则我们继续倾向于认为欧元将有序升至1.22美元区域。"欧元 下跌0.2%，至1.1895美元。 ...

记者丨唐婧 编辑丨肖嘉 2025 年三季度，居民存款增速高位有所回落 ，各方关注增多， 出现了一些关于银行存款"流 失"的探讨。 2月10日，中国人民银行发布《2025年第四季度中国货币政策执行报告》（下称《报告》）， 对近期居民储蓄存款分流现象做出回应。 在题为"从资管产品与银行存款的合并视角看流动性总量"的专栏3中， 央行表示， 如果居民将 存款转化为资管产品，这些资管产品投向同业存款和存单，会直接增加非银机构在银行的存 款，若投向其他底层资产，最终也会转化为企业和相关机构的存款，从归宿上看 ，最终会回 流到银行体系。 业内专家告诉21世纪经济报道记者，当前我国直接融资和非银业务加快发展，社会融资渠道更 加多元，金融体系的资产负债结构也发生了很大变化。 类似于观察社会融资总量，不能还像 过去只盯着贷款增速，要更多看涵盖贷款等间接融资与债券等直接融资的社会融资规模。 全 社会的流动性总量也可以从更大范围进行综合衡量。比如加总银行存款与理财资管产品等与直 接融资和非银业务相关部分，并剔除资管与银行之间的关联交易，按此加总后的流动性总量指 标显示，近年来整体上呈现平稳增长态势。 《报告》指出，总的来说，随着我国 ...

Group 1 - The Hang Seng High Dividend Low Volatility Index rose by 0.6%, while the CSI Dividend Index increased by 0.4%, achieving a "three consecutive days of gains" [1] - The E Fund Hang Seng High Dividend Low Volatility ETF (159545) saw a net subscription exceeding 10 million units today [1] - E Fund's dividend ETFs, including the Hang Seng High Dividend Low Volatility ETF and the Dividend ETF, received net inflows of 190 million yuan and 490 million yuan respectively over the past week [1] Group 2 - E Fund is currently the only fund company that implements low fee rates for all its dividend ETFs, with a management fee rate of 0.15% per year for its products [1] - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with over 50% of its composition from the banking, coal, and transportation sectors [3] - The CSI Low Volatility Dividend ETF tracks stocks with good liquidity, continuous dividends, and low volatility, with nearly 65% of its composition from the banking, construction decoration, and pharmaceutical sectors [3]

央行数据显示，2025 年二季度以来 ，金融机构资管产品规模加快增长。10 月末 ，资管产品规模增速达到资管新规实施以来的最高水平。年末 资管总资产余额合计 120 万亿元 ，同比增长 13. 1%，全年累计增加 13.8 万亿元 ，同比多增 2.2 万亿元。各类资管产品中，资金链上游的银行 理财和公募基金市场份额较大，增长也较快，年末增速分别达到 10.6%和 14.3%。 从住户和企业募集的资管资金增速也在持续上升。截至2025 年末，资管产品来源于住户和企业等实体部门的资金余额为 56.3 万亿元，同比增 长 9.7%，比 2023 年末高 7.9 个百分点，比同期住户和企业存款增速高 2.4 个百分点。2024 年初至 2025 年末，来源于住户和企业的资金累计 增加 9.4 万亿元。 业内专家告诉记者，当前我国直接融资和非银业务加快发展，社会融资渠道更加多元，金融体系的资产负债结构也发生了很大变化。类似于观 察社会融资总量，不能还像过去只盯着贷款增速，要更多看涵盖贷款等间接融资与债券等直接融资的社会融资规模。全社会的流动性总量也可 以从更大范围进行综合衡量。比如加总银行存款与理财资管产品等与直接融资 ...