Financial Data and Key Metrics Changes - IT services revenue for Q3 2026 was $2.64 billion, reflecting a sequential growth of 1.4% in constant currency and 0.2% year-on-year in reported currency [3][10] - Operating margins improved to 17.6%, an increase of 40 basis points from Q2 and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, representing a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while healthcare grew 4.2% sequentially and 1% year-on-year [12] - Consumer sector saw a sequential growth of 0.7% but a decline of 5.7% year-on-year, indicating mixed performance [12] - Technology and communication sectors grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [12] Market Data and Key Metrics Changes - Americas 1 market unit grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [11] - Europe experienced a sequential growth of 3.3% but a year-on-year decline of 4.6% [11] - APMEA region grew 1.7% sequentially and 6.6% year-on-year, driven by strong performance in India, the Middle East, and Southeast Asia [12] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][3] - Strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to foster partnerships and innovation [5][6] - The company aims to maintain operational rigor and margin performance while integrating the Harman DTS acquisition to enhance engineering and AI capabilities [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities, with AI becoming central to client strategies for modernization and efficiency [19][20] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, factoring in the Harman DTS acquisition and fewer working days [9][15] - Management expressed confidence in maintaining margins despite challenges from large deal ramp-ups and pricing pressures [40][41] Other Important Information - The board declared an interim dividend of INR 6 per share, with total cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company recorded two one-off charges impacting net income: INR 302 crores for graduate expenses and INR 263 crores for restructuring [13] Q&A Session Summary Question: Insights on client spending and AI revenue - Management indicated a strong pipeline and secular growth across sectors, with AI becoming a focal point for client projects [17][19] Question: Reasons for TCV decline and outlook - Management clarified that TCV bookings were strong year-to-date, with a healthy pipeline despite quarterly fluctuations [25][26] Question: Impact of geopolitical uncertainties on client decisions - Management noted that while geopolitical uncertainties exist, they do not significantly impact client decision-making at this time [31] Question: Recruitment plans and AI skills - The company is focusing on building AI skills through partnerships with universities and plans to ramp up campus recruitment [32][34] Question: Discretionary spending outlook - Management is closely monitoring discretionary spending as clients finalize budgets, with a strong pipeline expected to drive future growth [23][24]

Group 1: Emergency Power Auction - The White House is expected to propose an emergency power auction for tech companies to bid on new power plants, with contracts lasting 15 years [4] - PJM Interconnection, the largest grid operator in the U.S., will be instructed to conduct this auction to address energy supply issues and rising costs due to increased demand from data centers [5] Group 2: Company Movements - Constellation Energy (CEG) shares increased by 1.1% after a prior rise of 3.2% [6] - Vistra (VST) shares rose by 2% following a 6.6% increase [6] - NRG Energy (NRG) shares went up by 1.8% after closing 5.8% higher [6] Group 3: Leadership Changes at Disney - Kathleen Kennedy is stepping down from her leadership role at Lucasfilm after nearly 14 years, having joined as co-chair with George Lucas [7] - Dave Filoni will take over creative leadership at Lucasfilm, while Lynwen Brennan will act as co-president, focusing on the business side [8] Group 4: Jamie Dimon's Statements - Jamie Dimon, CEO of JPMorgan Chase, expressed no interest in becoming chair of the Federal Reserve, stating there is "absolutely, positively no chance" he would take the role [9] - Dimon is open to considering a position at the U.S. Treasury if approached, but he intends to remain CEO of JPMorgan Chase for at least another five years [9]

数据说明： 产品统计范围为理财公司发行的公募混合类产品（投资周期不限），统计截止日期为2025年12月31日， 统计区间为2025年度。 一、市场表现 2025年A股市场整体表现强劲，主要宽基指数全线收涨。截至12月31日，创业板指以49.57%的涨幅领 跑，深证成指上涨29.87%，上证指数上涨18.41%，沪深300上涨17.66%。科创类指数表现尤为突出，科 创200指数大涨59.31%，创业板50指数上涨57.45%。 港股市场同样表现亮眼，恒生指数全年上涨27.77%，创2017年(+36%)以来最大年度涨幅；恒生科技指 数上涨23.45%，恒生中国企业指数上涨22.27%，恒生港股通指数上涨32.21%，核心指数涨幅领跑全球 主要资本市场。 债券市场则截然相反，受货币政策预期修正、股债跷板效应等多重影响，2025年利率债市场结束连续两 年的单边牛市，进入震荡调整阶段；10年期国债收益率波动上行，最高突破1.9%；信用债市场整体表 现优于利率债，收益率震荡下行，AA+级3年期中短票信用利差收窄21–28BP。 具体到产品业绩分布来看，超过七成产品的净值增长率分布在1%至5%区间，12只样本产品净值增 ...

Market Sentiment - The CNN Money Fear and Greed index showed improvement in overall market sentiment, remaining in the "Greed" zone with a current reading of 61.5, up from 61 [1][5] - U.S. stocks settled higher, with the Dow Jones index gaining close to 300 points during the session, closing at 49,442.44 [1][3] Company Performance - Goldman Sachs Group Inc. gained more than 4% after reporting better-than-expected fourth-quarter profit [2] - Morgan Stanley shares surged almost 6% following upbeat quarterly results [2] - Chip stocks were among the top gainers, particularly after Taiwan Semiconductor Manufacturing Co. reported another record quarter [1] Economic Indicators - U.S. import prices increased by 0.1% year-over-year in November, while export prices rose by 3.3% year-over-year [2] - U.S. initial jobless claims declined by 9,000 to 198,000 in the week ending January 10, compared to market estimates of 215,000 [2] Sector Performance - Most sectors on the S&P 500 closed positively, with utilities, industrials, and real estate stocks recording the biggest gains, while energy and health care stocks closed lower [3] Upcoming Earnings - Investors are awaiting earnings results from M&T Bank Corp., State Street Corp., and PNC Financial Services Group today [4]

新华财经北京1月16日电债市周五（1月16日）延续偏强，上日尾盘央行系列政策"组合拳"带来的提振效 应尚存，不过午后期限券涨势明显收窄，银行间现券收益率下行0.5BP左右，国债期货主力多数收涨； 公开市场单日净投放527亿元，资金利率集体回落。 机构认为，考虑到目前的经济基本面和流动性环境，降准降息窗口可能进一步后移。本月LPR下调概率 也不大，历史上看还没有结构性工具带动LPR下调的先例，更多需要看OMO利率和银行存款利率。 【行情跟踪】 公开市场方面，央行公告称，1月16日以固定利率、数量招标方式开展了867亿元7天期逆回购操作，操 作利率1.40%，投标量867亿元，中标量867亿元。数据显示，当日340亿元逆回购到期，据此计算，单 日净投放527亿元。 【海外债市】 北美市场方面，当地时间1月15日，美债收益率集体上涨，2年期美债收益率涨6.07BPs报3.564%，3年期 美债收益率涨6.12BPs报3.619%，5年期美债收益率涨5.94BPs报3.768%，10年期美债收益率涨4.53BPs报 4.171%，30年期美债收益率涨1.31BP报4.796%。 亚洲市场方面，日债收益率全线回升，5年 ...

Core Viewpoint - The Federal Reserve is under pressure to cut interest rates, while the Reserve Bank of Australia is experiencing a different economic dynamic, which has implications for global currency and fixed-income markets [1] Group 1 - The Fed's potential interest rate cuts could influence global financial markets, particularly in currency and fixed-income sectors [1] - The contrasting monetary policy approaches between the Fed and the Reserve Bank of Australia highlight differing economic conditions and challenges faced by each central bank [1]

自今年1月19日起，下调再贷款、再贴现利率0.25个百分点；增加支农支小再贷款额度5000亿元； 在支农支小再贷款项下设立民营企业再贷款，额度1万亿元；增加科技创新和技术改造再贷款额度4000 亿元……15日，中国人民银行连续推出多项重磅货币政策，进一步助力经济结构转型优化，引发公众 广泛关注。 新政支持方向与南京发展高度契合，将带来多维度、实质性政策利好 "作为长三角特大城市和江苏省省会，南京的经济结构、战略定位与此次央行系列政策的支持方向 高度契合，将迎来多维度、实质性的政策利好。"陆岷峰表示，南京拥有50多所高等院校和一大批高水 平研发机构，高新技术企业集群规模庞大，此次科技创新和技术改造再贷款额度大幅增加4000亿元， 并将研发投入高的民营中小企业明确纳入支持范围，对南京无疑是"及时雨"。 在他看来，南京金融机构可凭此政策，向集成电路、人工智能、生物医药等南京优势前沿领域 的"专精特新"企业提供利率更低、期限更匹配的信贷资金，这将直接加速从实验室成果到产业化应用 长三角科技产业金融研究联盟秘书长陆岷峰当天在接受记者采访时表示，这是央行在深刻把握国内 外新形势后打出的一套精准有力、系统协同的"组合拳"， ...

Rather than leaving most of last year’s $1.2 trillion windfall in the hands of the central bank, some two-thirds of the foreign assets sourced primarily from global trade ended up with companies, individuals and state lenders. That brings with it the risk of a sudden capital reversal that China doesn’t immediately control, especially in a world where the yuan is allowed to strengthen.Investors comprising China’s so-called non-official sector saw their holdings of assets abroad soar by more than $1 trillion ...

人民财讯1月16日电，中金展望2026年，预计上半年金融总量增速可能继续放缓。2025年前三季度，受 政府债规模扩大且发行前置、2024年基数偏低等因素影响，社融、M1、M2增速明显改善，已经形成了 较高基数。展望2026年的流动性环境，财政政策方面，2026年财政政策或更加强调质效而非总量再度明 显加码，预计2026年广义财政赤字率可能不会大幅上行，政府债发行虽大概率仍然前置，但规模同比增 幅或较2025年放缓。货币政策方面，央行货币政策委员会四季度例会通稿大体延续了淡化对金融总量诉 求的基调，利率衍生品市场隐含的降息预期也已经较2025年初的水平显著回调。 ...

President Donald Trump has unveiled a series of initiatives over the past two weeks to address the ongoing affordability crisis affecting millions of Americans, including proposing a cap on credit card interest at 10% on January 9. The news hit credit card stocks hard, triggering a widespread sell-off, including American Express (AXP). A 10% cap on interest charged by credit card issuers would undeniably mark a significant change, givenBankratecalculates the average rate as of January 14 is 19.6%. A cap ...