（编辑 丛可心） 证券日报网讯 1月6日，上海银行在互动平台回答投资者提问时表示，公司遵循监管导向，聚焦主责主 业，不断提升核心竞争力和内在价值，着力深化高质量发展，同时把握资本市场机遇，积极加强与股 东、投资者和资本市场的交流，促进投资价值传递。 ...

12月29日金融一线消息，兴业银行公告称，今日，公司收到《国家金融监督管理总局关于兴业银行修改 公司章程的批复》（金复〔2025〕762 号），本公司修订后的公司章程已于 2025 年 12 月 26日获国家金 融监督管理总局核准并生效。 自公司章程核准之日起，公司不再设置监事会，由董事会审计与关联交易控制委员会行使《中华人民共 和国公司法》及其他法律、监管法规规定的相应职权；监事会下设的各专门委员会一并撤销；《兴业银 行股份有限公司监事会议事规则》《兴业银行股份有限公司监事会各委员会工作规则》等监事会相关公 司治理文件同时废止。 张国明、余祖盛、林舒、朱青、孙铮不再担任公司监事及监事会相关职务，其均已确认与公司无不同意 见，亦无与其不再担任监事有关的其他事项需要通知公司股东及债权人。 责任编辑：王馨茹 12月29日金融一线消息，兴业银行公告称，今日，公司收到《国家金融监督管理总局关于兴业银行修改 公司章程的批复》（金复〔2025〕762 号），本公司修订后的公司章程已于 2025 年 12 月 26日获国家金 融监督管理总局核准并生效。 自公司章程核准之日起，公司不再设置监事会，由董事会审计与关联交易控制委 ...

Core Viewpoint - Wenzhou Bank announced a temporary suspension of certain electronic banking services due to system maintenance and upgrades, affecting self-service loan functions from December 27, 2025, 22:00 to January 1, 2026, 4:00 [1] Group 1 - The suspension will impact the self-service loan withdrawal and repayment functionalities on the Wenzhou Bank APP and other electronic banking channels [1] - Customers are advised to make necessary financial arrangements in advance to mitigate inconvenience during the service downtime [1] - The bank has provided customer service hotlines for inquiries, including specific numbers for different regions [1]

Core Insights - Morgan Stanley analysts predict the S&P 500 will return 6.3% annually over the next seven years, significantly lower than the 15% annual return of the past seven years due to high starting valuations [1][2] - Emerging-market equities are expected to return 8.9% annually, while Asia-Pacific equities are projected to return 7.9% annually over the same period, indicating a more favorable outlook compared to U.S. stocks [3] Vanguard FTSE Emerging Markets ETF - The Vanguard FTSE Emerging Markets ETF tracks 6,000 companies in emerging markets, with a focus on China, Taiwan, and India, and is heavily weighted in technology, financials, and consumer discretionary sectors [5] - The fund has an expense ratio of 0.07%, significantly lower than the average of 1.2% for similar funds, making it an attractive option for investors [6] - The top five holdings in the ETF include Taiwan Semiconductor (10.3%), Tencent Holdings (4.5%), Alibaba Group (3.2%), HDFC Bank (1.1%), and Reliance Industries (1.1%) [7] Vanguard FTSE Pacific ETF - The Vanguard FTSE Pacific ETF measures the performance of 2,300 companies in Asia-Pacific, particularly Japan, Australia, and South Korea, with a focus on financials, industrials, and consumer discretionary sectors [8] - This fund also has an expense ratio of 0.07%, lower than the average of 0.68% for similar funds, making it a competitive choice for investors [9] - The top five holdings include Samsung Electronics (3.2%), Toyota Motor (2.1%), SK Hynix (1.9%), Sony Group (1.7%), and Mitsubishi UFJ Financial Group (1.7%) [12] Historical Performance Comparison - Over the past seven years, the S&P 500 returned 198%, while the Vanguard FTSE Emerging Markets ETF only returned 71%, highlighting the underperformance of emerging markets relative to U.S. stocks [5] - Similarly, the Vanguard FTSE Pacific ETF returned 77% over the same period, again underperforming the S&P 500 [8]

Joining us with his take is JP Morgan Asset Management Chief Global Strategist David Kelly. Let's start with jobs. Uh weakest we've seen, I guess, in four years.What do you mean. What does that look like coming into the new year then. >> Well, it is pretty weak.Of course, there are lots of gaps in the data and there questions about the quality of the data, but the bottom line is highest unemployment rate in over four years and the lowest year-over-year wage growth in four years. And you know, one of the thi ...

Group 1: Core Insights - The article recounts a personal experience during the 26/11 Mumbai attacks, highlighting the proximity of the narrator to the events and the emotional impact of the attacks on individuals [1][2][6] - The narrative emphasizes the randomness and fragility of daily life, illustrating how ordinary routines can intersect with extraordinary violence [2][6][11] Group 2: Film and Cultural Context - The film "Dhurandhar," directed by Aditya Dhar, serves as a cinematic retelling of the 26/11 attacks, prompting reflections on the traumatic events for those who experienced them [2][12] - The film features a star-studded cast and is described as an explosive spy action-thriller that connects to real-life terrorist incidents, including the 26/11 attacks [13][14][15] - The portrayal of the attacks in the film is noted for its directness, including controversial aspects such as the involvement of political figures, which adds to its impact [12][14]

Core Viewpoint - Standard Chartered has delayed its Bitcoin price target of $500,000 by two years, now expecting it to be reached by 2030 instead of 2028, due to three structural changes in the market [1][2]. Group 1: Price Forecast Adjustment - The bank's revised forecast comes after Bitcoin's price dropped nearly 40% from its all-time high of $150,000 on October 6, bringing it down to $90,000 [2]. - The decline in Bitcoin's price is considered within normal expectations for drawdowns since the launch of US spot exchange-traded funds two years ago [2]. Group 2: Reasons for the Shift - **End of Digital Asset Treasury Buying**: There is a perception that treasury companies have ceased buying Bitcoin, as their valuations no longer support further expansion [3][5]. - **Decline in Premiums**: Companies like Strategy and Metaplanet have seen their equity trade at significant discounts to their Bitcoin holdings, with unrealized losses nearing $1 billion, limiting their ability to raise capital for further Bitcoin purchases [4][5]. - **Halving Cycle Disruption**: The traditional four-year boom-bust cycle associated with Bitcoin, characterized by price surges following halving events, is perceived to be broken, as the expected price patterns have not held in the current cycle [6][7].

Core Insights - State Bank of India (SBI) has seen its total business grow from ₹332 crore in 1955 to over ₹100 lakh crore, with expectations to double to ₹200 lakh crore by 2031, driven by 10% deposit growth and 12% loan growth [1][3] - SBI's assets currently represent 20% of the Indian economy, with a goal to increase this to 25% [2][9] - The bank's market capitalization is around $100 billion, ranking between 23rd and 29th globally among banks, with aspirations to enter the top 10 by 2030 [5][6][7] Business Growth Projections - SBI's current business consists of approximately ₹55-56 lakh crore in deposits and ₹44-45 lakh crore in loans, indicating strong deposit mobilization and lending capabilities [2][4] - The bank anticipates adding ₹10 to 11 lakh crore to its business annually, with a compounding effect expected to facilitate the doubling of business in 6 to 7 years [3][4] Market Capitalization and Ranking - SBI aims to achieve a top 10 global bank ranking by market capitalization by 2030, contingent on the performance of the Indian economy and capital markets [7][8] - The bank's current ranking in terms of assets is 46th globally, but it performs better in market capitalization due to favorable valuations for Indian financial services [6][9] Credit and Deposit Ratios - SBI's credit to deposit (CD) ratio is currently at 69.82%, with plans to increase it to 72-73% by March 2026, reflecting a strong deposit base and lending capacity [10][11] - The bank's large deposit float allows it to support significant credit growth without aggressively competing for bulk deposits [11] Capital Requirements and Financial Health - SBI does not anticipate needing to raise capital for the next 5-6 years, maintaining a target capital to risk-weighted assets ratio (CRAR) of 15% and a common equity tier-1 (CET1) ratio of 12% [12] - The bank's robust internal capital generation and expected credit growth support its financial stability and growth ambitions [12] Interest Rate Environment - The recent 25 basis points repo rate cut is not expected to lead to aggressive reductions in deposit rates, as credit growth remains strong and banks will continue to seek deposits [13] Strategic Investments - SBI is open to offloading its remaining 10.78% stake in YES Bank but prefers to wait for strategic investors to settle [14]

Core Viewpoint - The Securities Industry and Financial Markets Association (SIFMA) has expressed concerns to the SEC regarding its Project Crypto, which aims to create a tailored exemption regime for crypto projects, emphasizing that the existing regulatory framework is essential for maintaining the integrity of American capital markets [2][3]. Group 1: Regulatory Concerns - SIFMA cautions that the regulatory complexity is a key factor that contributes to the trustworthiness of American capital markets [2]. - The organization urges the SEC to ensure that innovation in crypto does not undermine the regulatory framework relied upon by millions of American families [3]. - SIFMA argues that existing securities laws are adequate to regulate crypto assets, suggesting that the same regulations applicable to traditional securities should apply to crypto versions [5][6]. Group 2: Tokenisation Market Insights - Tokenisation, which involves bringing traditional financial instruments onto a blockchain, is currently valued at approximately $36 billion [4]. - Standard Chartered projects that the tokenisation sector, excluding stablecoins, could expand to as much as $2 trillion by 2028 [4]. - The technology behind tokenisation is believed to facilitate faster settlement times and enhance transparency among market participants [4].

Core Viewpoint - The long dominance of U.S. stocks may be coming to an end as they are near record high valuations, creating a significant valuation gap compared to international stocks [1][6] Group 1: U.S. Stock Performance - U.S. stocks have outperformed international stocks by over 500% from 2010 through last year [1] - The S&P 500 index has risen by 66% over the past three years [3] - The current valuation of the S&P 500 is near its highest on record, driven by enthusiasm for artificial intelligence among major tech companies [4][6] Group 2: International Stock Opportunities - Non-U.S. stocks have begun to gain momentum, with the Vanguard Total International Stock ETF rising by 24% since January, outperforming the S&P 500 by 10 percentage points [3] - The Vanguard Total International Stock ETF includes over 8,400 non-U.S. stocks, making it a convenient option for investors looking to diversify [2][9] - The ETF's top holdings include significant companies like Taiwan Semiconductor, ASML, Tencent, and Alibaba, which are critical in various sectors including technology and healthcare [8][11] Group 3: Vanguard Total International Stock ETF Features - Vanguard is a leading investment fund company with a low expense ratio of 0.05%, allowing investors to retain most of their returns [10][12] - The ETF is accessible with a minimum investment of only $1, making it suitable for a wide range of investors [12] - The ETF provides a way to invest in high-quality non-U.S. stocks, which can help diversify investment portfolios [13]