未来一段时间，我国的利率水平仍将保持低位运行。短期看，居民企业的金融资产配置在存款与固收类资管产品 之间切换还是主流。长远看，居民企业积累的庞大存量财富和持续产生的新增财富迫切需要更丰富的资产类别供 投资选择，有序引导更多资金配置从债权类资产向股权类资产转移将是大趋势，但这离不开一个重要的"吸引力前 提"：资本市场不能大起大落，要让更多的普通投资者真正赚到钱，才能慢慢改变广大投资者的投资风险偏好。因 此，建立增强资本市场内在稳定性长效机制，促进资本市场健康稳定发展，不仅是稳市之基，更是打造资管行业 良性竞争生态的关键一环。 早在1月中旬举行的国新办新闻发布会上，央行公布的一组数据就能看出存款腾挪背后的流向趋势：2025年资管产 品募集自住户和非金融企业的资金分别增加4万亿元和1万亿元，资管产品底层资产中，存款和存单新增4.6万亿 元，占资管各类新增底层资产的五成。 为了寻求比存款利率更高的投资收益，住户和非金融企业的存款表面上是"搬家"到了资管产品，但其中很大规模 资金又以非银行金融机构存款的形式回流银行表内负债端。这是因为大部分居民和企业对资金配置的主要诉求是 保值，追求安全稳健的收益，对固收类资管产品的需 ...

美国民主党籍联邦众议员罗·康纳2月10日在众议院念出了6名"富有且有权势男性"的姓名，这些人的名 字在美国司法部先前公布的爱泼斯坦案文件中被隐去。其中包括内衣品牌"维多利亚的秘密"前老板莱斯 利·韦克斯纳以及阿联酋迪拜世界港口公司的首席执行官苏丹·艾哈迈德·本·苏拉耶姆。 另外4人分别为萨尔瓦托雷·努阿拉、祖拉布·米克拉泽、莱昂尼奇·列昂诺夫和尼古拉·卡普托。据美国 《政治报》网站报道，康纳虽然公布了这些人的姓名，但没有提供他们涉嫌犯罪的证据。 爱泼斯坦偷钱？ 另据英国《金融时报》同一天报道，韦克斯纳与爱泼斯坦早在上世纪80年代便经熟人介绍相识，韦克斯 纳曾允许爱泼斯坦在"几无监管"的情形下管理其个人资产，并自1991年起充任其法律全权代理。爱泼斯 坦则利用这一点偷偷侵吞韦克斯纳资产，以极低折扣购入韦克斯纳名下的飞机和房产等。 美国联邦检察官曾在2019年一份文件中称，爱泼斯坦几乎全部身家都来自韦克斯纳，但文件未指明具体 时间段。《金融时报》则指出，爱泼斯坦2012年至2017年至少从美国阿波罗全球管理公司联合创始人莱 昂·布莱克处获取1.58亿美元，暗示上述文件中说法有夸大成分。 美国检方文件还显示，韦克斯 ...

Summary of GCM Grosvenor Conference Call Company Overview - **Company**: GCM Grosvenor (NasdaqGM:GCMG) - **AUM**: $91 billion across various investment strategies including private equity, infrastructure, real estate, credit, and absolute return [2][18] Core Business Model - **Solutions Provider**: Over 70% of client relationships are in customized separate accounts, indicating a consultative and interactive approach to client engagement [7][8] - **High Re-Up Rate**: The company boasts a 90% re-up rate for separate accounts, driven by strong performance and significant service value [11][12] Financial Performance - **Record Fundraising**: Raised $10.5 billion in the last year, marking the best year and quarter for fundraising [17][18] - **Margin Improvement**: Achieved operating leverage and margin improvement, indicating operational efficiency [18][49] - **Carry at NAV**: Approximately 20% of total enterprise value is tied to carry at net asset value, which has been depressed due to a challenging realization environment [51][52] Fundraising Environment - **Diversified Pipeline**: The fundraising pipeline for 2026 is larger than the previous year, with growth across all verticals including infrastructure, real estate, private equity, and private credit [22][23] - **Demand for Alternatives**: Despite market fluctuations, demand for alternative investments remains strong, with a full and diversified pipeline of opportunities [24][25] Individual Investor Channel - **Strategic Priority**: The individual investor business represents only 5% of capital but has significant growth potential due to underallocation in alternatives [26][27] - **New Initiatives**: Launched infrastructure interval fund and joint ventures to enhance distribution and presence in the wealth channel [28][29] Market Outlook - **Tailwinds for Wealth Channel**: The company anticipates continued growth in the wealth channel, supported by a favorable market environment [34][35] - **Infrastructure Growth**: Infrastructure is expected to grow due to fundamental demand for capital projects, with GCM Grosvenor positioned well in this space [59][60] Absolute Return Strategies - **Solid Business Model**: The absolute return strategies business has been slower-growing but remains a strong cash-generating segment with high client satisfaction [64][66] - **Market Valuation**: There is a belief that the market undervalues this segment compared to traditional asset management firms [67] Conclusion - **Optimistic Outlook**: GCM Grosvenor is positioned for growth with a strong pipeline, high re-up rates, and a focus on both institutional and individual investors, despite current market challenges [58][59]

大家好，关注一下美国最新的非农数据，刚刚全球市场震动了。 2月11日晚间，美国劳工统计局（BLS）公布的经季节性调整数据显示，2026年1月非农就业人数增加13 万人，高于道琼斯调查的市场一致预期5.5万人。这一结果也好于去年12月数据：去年12月在小幅下修 后为新增4.8万人。 | 伦敦金(现货黄金) CFD 、 | | | | | | | --- | --- | --- | --- | --- | --- | | 期 XAU | | | | | | | 5074.49 +50.52 +1.01% + | | | | | පළිල | | 02-11 22:14:00 | | | | | | | 今开 5027.76 | 最高 | 5118.80 | | 持仓量 | | | 振幅 1.97% | 最低 | 5020.07 | | 昨结算 | 5023.97 | | 美元指数 96.9003 +0.0460% | | | | | | | 分时 王日 日K 園K | | | 月K | 更多,田 | | | 均价:5059.56 最新:5074.49 +50.52 +1.01% 5118.80 | | | | | ...

以上内容基于公开资料整理，不构成投资建议。 经济观察网 近7天（2026年2月5日至11日），万通金融美股（MPV.N）股价区间涨跌幅为0.11%，振幅 2.01%。2月5日收盘18.84美元（跌0.58%），2月6日反弹至18.94美元（涨0.53%），随后连续小幅震 荡，2月11日最新价18.97美元（跌0.11%）。成交量整体偏低，日均约1.2万股，显示交易活跃度较弱。 同期美股道指涨1.75%，纳指涨1.38%，公司股价跑输大盘；所属资产管理板块涨跌幅仅0.12%，影响中 性。截至2月11日，市盈率（TTM）13.26倍，股息率7.80%，估值处于行业中等水平。 ...

机构观点 截至2026年2月，15家机构中仅7%建议买入，60%持有，33%减持或卖出；目标均价100.42美元，较当 前价潜在空间有限。盈利预测显示2026年第一季度营收预计同比增长5.76%，但净利润增长面临压力。 以上内容基于公开资料整理，不构成投资建议。 经济观察网近7天(2026年2月5日至11日)，普信集团美股(TROW.OQ)股价区间涨跌幅为-1.50%，振幅达 6.15%。2月5日单日下跌5.15%至92.02美元，随后连续反弹，2月10日收盘96.64美元(涨0.87%)，但2月11 日最新价95.56美元，下跌1.12%。成交量在2月6日达327万股，显示短期交易活跃。同期美股大盘道指 涨1.92%，纳指涨1.34%，公司股价跑输指数；资产管理板块涨跌幅仅0.03%，影响中性。 业绩经营情况 财报于2026年2月4日发布(临近7天)，全年营收73.15亿美元，同比增长3.12%；净利润20.37亿美元，净 利率27.84%；毛利率84.44%维持高位。第四季度营收19.34亿美元，同比增长6.01%，但净利润同比微降 0.38%，主要受运营成本波动影响。 ...

Core Insights - The company is set to launch its cloud business aimed at reducing AI development costs through direct leasing of data center chips, competing with tech giants like Amazon [2] - A significant AI infrastructure plan worth $100 billion has been initiated in collaboration with Nvidia and the Kuwait Investment Authority, with another $10 billion AI infrastructure investment in Sweden expected to enter the implementation phase in 2026 [3] - The company holds $13 billion in assets in the Middle East and plans to raise at least $2 billion for a dedicated fund to deepen cooperation with sovereign wealth funds [4] - The company's credit business raised $29 billion in Q4 2025, becoming a core growth driver, with expectations for more asset management scale data or capital operation news in 2026 [5] Business Developments - The cloud business launch is linked to a newly established $10 billion AI fund, with initial operations and customer expansion expected in 2026 [2] Project Progress - The AI infrastructure plan with Nvidia and the Kuwait Investment Authority is a major project, while the Swedish AI infrastructure investment is one of the largest in Europe and is anticipated to move into the implementation stage in 2026 [3] Company Status - The company’s asset holdings in the Middle East include $8 billion in private equity and $5 billion in infrastructure, with plans for a $2 billion fundraising effort [4] Funding Trends - The company’s credit business has become a key growth driver with a significant fundraising achievement in Q4 2025, and further updates on asset management scale are expected in 2026 [5]

【导读】经济数据太好，建议美国加息 除月度数据外，BLS还公布了截至2025年3月前一年的最终基准修订结果。经季节性调整后，最初公布 的就业人数累计被下修89.8万人。该数值略低于去年9月初步估算的下修91.1万人，但大致符合华尔街预 期。 数据出来之后，交易员们也在推迟对美联储下次降息的预期。他们目前已充分预期7月份降息25个基 点，而此前的预期是6月份。 分析指出，美国1月非农就业增长加快，新增13万个就业岗位、大超预期，失业率则降至4.3%，这是劳 动力市场趋稳的信号，可能使美联储在监测通胀之际，有空间在一段时间内维持利率不变。就业增长优 于预期的部分原因在于，零售商和快递公司等季节性敏感行业去年雇用的假日工人少于往常。1月通常 是假日相关裁员最集中的月份。鉴于季节性招聘低迷，裁员规模可能也相应缩小，从而提振了就业增 长。尽管1月非农就业增加，但劳动力市场依然不温不火，即使在经济增长强劲的情况下也表现挣扎。 对就业和高通胀的焦虑已削弱了美国民众对特朗普经济施政的满意度。 受到数据影响，现货黄金、白银价格短线跳水，涨幅明显收窄，随后上演深"V"走势。 大家好，关注一下美国最新的非农数据，刚刚全球市场震动了 ...

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

新浪合作大平台期货开户 安全快捷有保障 责任编辑：刘明亮 延迟发布的美国1月就业报告出炉前，美国国债小幅走高；该数据可能强化市场对今年更大幅度降息的 预期。 受美国零售销售意外疲软、以及市场认为今日非农就业数据可能低于预期等因素影响，美债收益率跌至 数周来最低水平。周一，白宫国家经济委员会主任凯文·哈塞特表示，未来数月美国就业数据预计会较 低。 周三，10年期美债收益率下跌1个基点至4.13%，为五周最低。对货币政策更敏感的2年期收益率也小幅 走低至3.45%。 Insight Investment北美固定收益主管Brendan Murphy表示："劳动力市场似乎是利率路径的关键。" Murphy补充称，尽管美联储主席杰罗姆·鲍威尔已提到劳动力市场出现企稳迹象，但美国政府停摆以及 持续的政治风险意味着，美联储很可能"会对劳动力市场进一步恶化的任何额外迹象作出反应"。 货币市场预计美联储到年底将降息59个基点，相当于两次降息25个基点，第三次降息的概率约为三分之 一。 货币市场预计美联储到年底将降息59个基点，相当于两次降息25个基点，第三次降息的概率约为三分之 一。 新浪合作大平台期货开户 安全快捷有保障 责 ...