Company Overview - Goldman Sachs, founded in 1869, is the world's second-largest investment bank by revenue and ranks 55th on the Fortune 500 list of largest U.S. corporations by total revenue [1] - The firm offers a range of services including financing, advisory services, risk distribution, and hedging for institutional and corporate clients, maintaining its leadership in the investment landscape [1] Market Insights - Timothy Moe, Chief Head of APAC Equity Strategy at Goldman Sachs, highlighted a historical pattern of market corrections occurring every eight to nine months, indicating that the market is overdue for a correction [2] - The firm is increasingly focusing on the energy sector, predicting that while prices may remain flat or decline this year, they could rise starting in 2027 [2] Investment Recommendations - Goldman Sachs has identified five top stocks for investors to consider, particularly emphasizing two companies in the energy sector that are expected to perform well in the future [3] - The firm maintains its status as a premier financial institution, being the go-to bank for a wide range of financial needs over the past 15 years [4] Stock Highlights - **Brixmor Property Group**: This REIT offers a 4.31% dividend and has a target price of $32, indicating a 23% upside potential [5][7] - **Duke Energy**: An electric power and natural gas holding company with a 3.52% dividend and a target price of $141, representing a 20% gain from current levels [8][9] - **Hershey**: A snacks company with a 2.77% dividend and a target price of $220, suggesting a 21% potential increase [10][13] - **Johnson & Johnson**: A diversified healthcare company with a 2.31% dividend and a target price of $240, indicating a 16% upside [14][16] - **Valero Energy**: A multinational manufacturer of petroleum products with a 2.43% dividend and a target price of $197, representing a 19% gain [17][20]

Core Insights - Huaxing Capital, known for major mergers, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, reflecting a discount rate of approximately 4.15% [1][3][5] Company Overview - Huaxing Capital has transitioned from a traditional investment bank to a player in the distressed asset market, marking a significant shift in its business model [2][8] - The company has faced declining revenues, with total income dropping from 1.58 billion yuan in 2022 to 780 million yuan in 2024, resulting in cumulative losses exceeding 1 billion yuan [7] Market Context - The personal loan bad debt market has seen a significant decline in asset prices, with average discount rates dropping to historical lows of 3.8% in early 2025, indicating a challenging environment for asset recovery [6][10] - The market for distressed assets is becoming increasingly competitive, with major players like JD.com and Alibaba also entering the space, utilizing their platforms for asset disposal [10][11] Strategic Implications - Huaxing Capital's entry into the distressed asset sector is seen as a strategic move to diversify its revenue streams amid declining traditional business performance [7][12] - The acquisition is expected to provide potential high returns as the market recovers, with the company expressing confidence in the eventual recovery of a significant portion of the debts [8][12] Operational Challenges - The transition to holding distressed assets involves significant risks, including the need for substantial capital and the long recovery periods typically associated with such investments [8][12] - The company must overcome challenges related to asset recovery efficiency and the high costs associated with distressed asset management [12]

Group 1 - The Federal Reserve's interest rate cuts have led to noticeable redemptions in capital markets, particularly affecting baby bonds and term preferred shares for Closed-End Funds (CEFs) [1] - Binary Tree Analytics (BTA) specializes in providing transparency and analytics for capital market instruments, focusing on CEFs, ETFs, and Special Situations, with a goal of delivering high annualized returns and low volatility [1] - BTA has over 20 years of investment experience, having a background in investment banking and derivatives trading, and emphasizes a finance education from a top university [1]

Core Viewpoint - SpaceX is preparing for its initial public offering (IPO), aiming to raise over $30 billion and achieve a valuation of approximately $1.5 trillion, marking it as the largest IPO to date [1][3]. Group 1: IPO Details - SpaceX has selected four banks—Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—to lead its IPO [1][2]. - Additional banks are in discussions for roles in the IPO, but no final decisions have been made yet [2]. - The company is currently conducting an insider share sale that values it at around $800 billion [3]. Group 2: Regulatory Compliance - SpaceX has informed its employees to enter a quiet period regarding the IPO, which is a regulatory requirement prior to the public listing [4].

1月23日晚，中金公司发布了两则人事变动，分别指向了财务负责人与董秘。 在徐翌成卸任财务负责人之后，中金公司董事会聘任王曙光为财务负责人。这意味着，王曙光在担任中金公司总 裁的同时，也成为了公司财务负责人。 公开资料显示，王曙光出生于1974年11月，于1996年获得清华大学理学学士学位及经济学学士学位，于1998年获 得清华大学工学硕士学位。 大学毕业之后，王曙光于1998年加入中金公司，最早在投资银行部任职，以此计算，其已经拥有了近30年的投行 经验。在中金公司任职期间，王曙光还先后担任多个职位，包括公司成长企业投资银行部负责人、中金资本管理 部联席负责人、投资银行部负责人等职务。 值得一提的是，在2010年，年仅36岁的王曙光就晋升为中金公司董事总经理。自2022年以来，王曙光的任职再出 现较为频繁的变动：2022年12月起，任中金公司党委委员；2023年1月，获委任为中金公司管理委员会成员；2025 年8月起任中金公司总裁。 中金公司称，因工作调整，徐翌成不再担任公司管理委员会成员职务，并不再代为履行公司财务负责人职责。工 作调整后，徐翌成转任公司资深专家。 王曙光在中金公司的管理工作中，主要负责投行 ...

中金研究 中金公司研究部发布了2026年一季度图说中国，本产品汇集了中金公司研究部宏观、策略、量化及ESG、固收、大宗、外汇等各组对于当前中国经 济、市场和资产价格的最新观点和数据更新。近120页的图册提供了对于中国市场的一个全景式展示和介绍，这对于希望快速了解中国市场的投资者是 一个很好的总结和更新。 点击小程序查看报告原文 日录 | • 中金研究团队介绍 ………………… – p. 2 | | | --- | --- | | • 宏观经济 … | p. 3 | | ● 市场策略 | p. 14 | | • 量化及ESG | | | ● 固定收益 … | p. 51 | | ● 大宗商品 . | p. 81 | | · 外汇研究 . | p. 97 | 注： 除特别说明，本产品中所有价格数据均截至2026年1月19日 返回目ঙ | | 中金研究团队介绍 | | | | | --- | --- | --- | --- | --- | | 宏观经济 | 市场策略 | 量化及ESG | 固定收益 | 大宗商品 | | · 彭文生 | · 缪延亮 | · 刘均伟 | · 陈健恒 | · 郭朝辉 | | · 张文朗 | ...

As filed with the U.S. Securities and Exchange Commission on January 22, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Starlink AI Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) ...

Gold (GC=F) futures surpassed $4,900 for the first time on Thursday, hitting a series of record highs in just a few weeks. Goldman Sachs analysts raised their price target for the precious metal, citing strong demand from private-sector investors fueling the rally. “We raise our Dec2026 gold price forecast to $5,400/toz (vs. $4,900 prior) because the key upside risk we have flagged — private sector diversification into gold — has started to realize,” Goldman’s Daan Struyven and his team said in a note on ...

Core Insights - SpaceX is preparing for a potential initial public offering (IPO) that could be one of the largest in history, with a projected valuation of $1.5 trillion [1][2] - The company is currently valued at $800 billion based on existing share sales, as reported by multiple sources [2] Group 1: IPO Details - Four major Wall Street banks, including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, are reportedly leading the IPO efforts [1] - The IPO could occur in 2026, according to investor insights, which may significantly increase the wealth of CEO Elon Musk [2] Group 2: Historical Context - The largest IPO to date was Saudi Aramco's in December 2019, which raised approximately $29 billion and valued the company at $2.03 trillion [3] Group 3: Future Aspirations - Elon Musk expressed ambitious goals for SpaceX, including advancing rocket technology for human exploration of the Moon and Mars, during a recent appearance at the World Economic Forum [4]

Core Viewpoint - SpaceX is preparing for a potential initial public offering (IPO) that could become the largest in history, with a valuation of around $800 billion from a sale of existing shares [1][2][3]. Group 1: IPO Preparation - SpaceX has selected major investment banks, including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, for senior roles in the IPO process [1]. - Executives from SpaceX have been meeting with investment bankers to accelerate preparations for a public listing, which could occur as early as this year [2][3]. Group 2: Valuation and Potential Raise - The current sale of existing shares is expected to value SpaceX at approximately $800 billion [2][3]. - If the IPO proceeds, SpaceX could aim to raise tens of billions of dollars, potentially surpassing Saudi Aramco's record $29 billion debut in 2019 [4]. Group 3: Market Impact and Timing - Analysts suggest that the IPO might take place in the second half of 2026, which could significantly influence market optimism and investor sentiment [6].