Anthony Hayes, CEO of Dominari Holdings stated, "Inclusion in the Russell Microcap® Index is a meaningful milestone that reflects the momentum we are building across our business. This recognition enhances our visibility amount institutional and retail investors as we continue to execute on our strategic vision and pursue opportunities for sustainable growth. We remain committed to delivering long-term value through disciplined execution, innovation and operational excellence." Russell indexes are widely us ...

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and financial instruments [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Viewpoint - The article provides an overview of the preferred stock and baby bond market, highlighting both individual news and broader market trends, while emphasizing the expertise of the ADS Analytics team in generating income ideas from various security types [1]. Group 1: Market Overview - The preferred stock and baby bond market is analyzed from both a bottom-up and top-down perspective, focusing on individual events and overall market conditions [1]. Group 2: Analyst Expertise - ADS Analytics consists of analysts with extensive experience in research and trading at leading global investment banks, specializing in income-generating ideas across different security types, including CEFs, ETFs, mutual funds, BDCs, and individual preferred stocks and baby bonds [1].

Investment Rating - The report provides a growth forecast for China with a rating of 4.6% for 2025, which is above consensus expectations [9][10]. Core Views - The report highlights that China achieved a growth target of "around 5%" in 2024, primarily driven by exports and related manufacturing investments [6]. - It expresses caution regarding medium- to long-term GDP growth due to challenges such as demographics, debt, and de-risking, while noting potential upside risks from AI adoption [8]. - The report anticipates that elevated US tariffs on Chinese goods will negatively impact GDP growth, projecting flat export volumes for the year [9]. - It expects a widening fiscal deficit by 2.6 percentage points of GDP in 2025 compared to 2024, with total social financing stock growth rising to 9.5% [9]. Summary by Sections Economic Growth Forecasts - The report forecasts China's GDP growth at 4.6% for 2025, down from 5.0% in 2024, with domestic demand expected to rise to 4.5% [10]. - Consumption growth is projected at 4.9% for 2025, with household consumption at 4.8% [10]. Inflation and Monetary Policy - The report predicts a prolonged reflation path with CPI at 0.0% and PPI at -2.1% in 2025 [9]. - It outlines a series of monetary policy measures, including interest rate cuts and RRR reductions, aimed at stabilizing the economy [32]. Trade and Exports - The report notes that Chinese exports are expected to decline by 2.4% in nominal USD terms in 2025, following a 5.9% increase in 2024 [10]. - It emphasizes that despite US-China trade tensions, Chinese exports to other economies may continue to grow [23]. Fiscal Policy - The augmented fiscal deficit is projected to reach 13.0% of GDP in 2025, reflecting increased government spending and lower revenue [37]. - The report discusses the implications of local government debt and special bond issuance on fiscal health [37].

DeepSeek风靡全球，海内外AI大模型应用百花齐放，那么，在金融行业面对海量的AI生成式信息，机构投资者如何获取准确、可靠、深度的高质量 研究内容，中金点睛大模型应运而生，提高投研人员研究效率，助力金融投研领域的价值信息传递。 中金点睛大模型，您身边的专属办公助理，拥有三大应用场景： 改善幻觉、精准定位权威数据 深度思考中金智慧，直达投资核心观点 提炼会议全链路价值，保护用户隐私，让高效办公触手可及 找数据 中金点睛大模型接入中金分析师甄选与加工的12万条全行业精品指标、全量上市公司财务数据。 基于中金研究知识库，智能理解用户意图，穿透数据噪音，为用户精准匹配投资中重要的影响变量，准确可视化呈现指标结果。 更有数据推理计算、条件选股能力，让回答可解释，为用户提供可信赖的研究依据。 AI搜索 海量信息纷繁复杂，如何改善大模型生成内容的准确性问题，找到投资所需的关键驱动因素？ 中金点睛大模型紧跟行业前沿技术，接入国内领先推理大模型，融合中金分析师积累的总量、行业、个股的研究框架与知识。 让思考专业有框架：提炼重要信息来源。 让内容精练含重点：深度思考推理模型，总结关键影响因素。 让信息准确可溯源：引文角标，一 ...

点击小程序查看报告原文 当地时间5月21日，20年期美债拍卖遇冷，中标利率升破5%，投标倍数跌至2.46[1]，引爆市场恐慌，美国市场再度出现股债汇"三杀"，10年期美债利率一 度突破上行阻力位4.6%。同样的，5月20日日本国债拍卖结果也较冷，20年期投标倍数跌至历史低位2.5，10年日债利率站上1.5%[2]。我们认为， 美、日 债同步拍卖遇冷、利率上行，可能反映了当前全球流动性趋紧，而作为重要融资货币，日元流动性不足带来的外溢效应可能加速美国股债汇"三杀"。 我 们再次提示，随着特朗普"美丽大法案"（one big beautiful bill）通过在即，美债上限问题得到解决后，财政部可能 在 7-9月集中投放新增美债，美国市场 遭受系统性流动性冲击的风险上升，美联储开启QE等扩表政策来救市的迫切性正在提升 （参见《 美国流动性冲击 、重启QE与主权财富基金 》）。 全球流动性收紧 2022年6月以来，主要发达国家央行同步开启QT。较2022年二季度，2024年底美、日、欧、英四大央行的资产占本地GDP比例分别下滑了12.1、14.0、 29.3和17.6个百分点，如果仅考虑狭义流动性[3]，比例则分别 ...

Core Viewpoint - The investment banking landscape is evolving, with Evercore Inc. and The Goldman Sachs Group Inc. gaining investor attention due to their distinct service offerings in mergers and acquisitions, capital markets, and wealth management [1]. Investment Banking Sector Overview - The long-term outlook for the investment banking sector remains favorable, but near-term momentum has moderated due to market volatility and concerns over economic slowdown and inflation [2]. - The anticipated recovery in M&A activity is expected to occur in the latter half of 2025 [2]. Goldman Sachs Analysis - Goldman Sachs maintains a leadership position in global banking and markets, with a 24% year-over-year increase in IB revenues in 2024, driven by corporate debt and equity issuances [3]. - However, IB revenues declined by 8% year-over-year in Q1 2025 due to market uncertainty and a slowdown in M&A activities [3][4]. - Goldman is strategically exiting its non-core consumer banking business to focus on higher-margin areas like investment banking and trading, including ending its partnership with Apple [5][6]. - The company has divested several consumer finance businesses to enhance its focus on scalable core businesses [6]. Evercore Analysis - Evercore, while smaller, generates 95.9% of its revenues from Investment Banking and Equities, with a CAGR of 8.6% from 2017 to 2024 [7]. - The company is actively increasing its staff in the IB sector, employing 197 senior managing directors as of March 31, 2025, to support revenue growth [8]. Price Performance and Valuation - Over the past six months, Goldman shares fell by 0.1%, while Evercore shares dropped by 28.7%, against an industry growth of 0.8% [9]. - Goldman is trading at a 12-month forward P/E of 12.72X, higher than its five-year median of 10.17X, while Evercore trades at 18.06X, above its five-year median of 12.40X [11]. - Evercore's valuation is at a premium compared to the industry average of 13.73X, while Goldman is trading at a discount, making it a better choice for value investors [14]. Dividend Yield - Evercore has a dividend yield of 1.43%, while Goldman has a higher yield of 2.02%, both exceeding the industry average of 1.12% [14]. Earnings Estimates - The Zacks Consensus Estimate for Goldman suggests year-over-year revenue increases of 7.7% and 6% for Q2 and Q3 2025, respectively, with earnings growth of 13.9% and 20.9% [18]. - Conversely, Evercore's estimates indicate a revenue decline of 7.1% and 1.2% for the same quarters, with earnings declines of 22.7% and 3.4% [20]. Strategic Positioning - Despite near-term challenges, Goldman is well-positioned with an increased backlog and diversified revenue base, providing resilience that Evercore lacks during volatility [21]. - Goldman’s focus on high-return segments and divestitures is improving operational focus and profitability [22].

21 May 2025 | 10:11PM IST Goldman Sachs Asia in Focus India: Towards a better growth-inflation balance Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclo ...

21 May 2025 | 4:01PM EDT What's Top of Mind in Macro Research: Growing US fiscal concerns, tracking trade flows, the positives of population aging Transcript US: fiscal concerns grow We estimate that the House Republican reconciliation package that extends expiring tax cuts, enacts new tax cuts, and reduces spending will increase the US deficit by around $275bn, or 0.8% of GDP, next year compared with current policy. This increase is slightly larger than we originally anticipated, mainly owing to more gener ...

SAO PAULO, May 21, 2025 (GLOBE NEWSWIRE) -- On May 20th, 2025, the first "China-Brazil Economic and Finance Conference" organized and hosted by China International Capital Corporation Limited (CICC), was successfully held in São Paulo, Brazil. Hundreds of government officials, representatives from leading enterprises and investment institutions across China and Brazil attended the conference. At the event, Xu Yicheng, CICC's Member of Management Committee, represented the company. In his opening remarks, Xu ...