"买一只股票之前，我通常会先问自己：如果这只股票基本面没有发生大的变化，未来股价再跌20%， 我是否敢于继续加仓？"盘京投资拟任基金经理粘洪峰说，如果答案是肯定的，这笔投资才能真正进入 观察序列。 这一近乎苛刻的心理测试，折射出他投资哲学的底色：深度价值，左侧逆向。在他眼中，股价下跌从来 不是风险，而是优质资产的折扣券。 二十年投资生涯，粘洪峰将这套反脆弱框架淬炼成穿越周期的护身符。正是这份定力，让他在过去几年 的港股回调阶段中斩获正收益，在市场上行阶段中跑赢市场，做到连续7年跑赢恒生指数，在恒生指数 表现基本持平的背景下，赚取了翻倍的投资收益，也将他在险资"巨轮"上的管理规模一路推升至超500 亿元，成为港股市场上管理规模最大的投资经理之一。 如今，这位深谙绝对收益之道的投资老将，选择加盟百亿私募盘京投资，开启他的"第三次创业"。从险 资的纪律中走来，他将那些历经市场检验的深厚积淀悉数装入行囊，带入一个更灵活、更锐利的新战 场。从"巨轮"到"快艇"，变的是决策效率与策略灵活度，不变的是对深度价值的信仰、对成本"护城 河"的执念，以及对绝对收益的坚守。 站在新的起点，粘洪峰将如何在私募舞台上践行他的投资哲学？ ...

东方汇理（Amundi）时隔30年首次看好日本国债。随着越来越多海外投资者开始对日本国债持有长期 乐观态度，这家欧洲最大资产管理公司也加入这一阵营。 美国方面不可预测的政策制定，促使投资经理将目光移出美国资产；而多年来压制海外兴趣的极低收益 率时代也已宣告结束。 东方汇理管理着2.8万亿美元客户资产，其首席投资官Vincent Mortier在采访中表示，该行上周相对于其 追踪的基准指数已转为"略微超配"日本债券，并将在部分全球固收及多元资产组合中逐步做多日本国 债。 "这是30年来我们首次看好日本国债。"他表示。 政治稳定、经济改善以及日本央行加息的倾向，正吸引东方汇理、木星资产管理公司（Jupiter Asset Management）等机构投资者。 Mortier称，东方汇理做出这一调整的关键触发点，是日本首相高市早苗（Sanae Takaichi）在本月早些 时候的众议院选举中以压倒性优势获胜。 "选举后政策变得清晰，尤其是债务管理，以及高市早苗在其施政纲领融资路径上的承诺。"他说，"目 前的情况令人安心。" 过去一个月，日本30年期国债收益率大跌约60个基点，逆转了2月8日大选前飙升至数十年高位的走 ...

近几个月来，美国资产管理公司多次推动美国证券交易委员会允许他们提供单股杠杆产品，让持有者有 机会在一天内获取标的股票3至5倍的收益。而SEC也一再对这些提议予以回绝。 上周五，Direxion再次提交申请，希望推出一套包含20只与单一股挂钩的ETF，标的股票从英伟达到 Palantir。若获批，交易者将在单个交易日内获得标的股票波动三倍的风险敞口。斯帕克斯表示他无法 讨论正在接受SEC审核的待批申请。 研究表明，自2022年底在美国面世以来，杠杆ETF的交易量以每年29%的速度增长，超过了股票或期权 交易的增长速度。 Direxion公司联合Vanda Research与The Compound Insights两家分析公司共同进行的一项新研究显示，美 国市场上近90%的杠杆单股ETF交易可追溯至个人投资者的交易。 数据表明，这些允许投资者对单一标的股票短期波动进行投机的交易所交易工具的激增，几乎完全是由 其对散户投资者的吸引力所驱动。该研究还发现，去年杠杆单股ETF的交易量占美国所有交易所总交易 量的8%。 "大量新产品的推出说明了市场对投机行为的依赖日益增长，"晨星的ETF分析师布莱恩·阿莫尔表示。 根据 ...

Group 1 - Jamie Dimon, CEO of JPMorgan Chase, expressed concerns about high asset prices and intense competition in the banking sector, drawing parallels to the period before the 2008 financial crisis [1][2] - Dimon highlighted that while some economists believe that tax cuts and deregulation under the Trump administration will drive economic growth until 2026, he is more focused on the risks hidden behind the optimistic expectations [1] - He warned that an economic cycle change is inevitable, and a wave of borrower defaults could impact many lending institutions, potentially affecting unexpected industries [1] Group 2 - The recent decision by Owl Rock Capital to sell assets from its private debt fund to meet investor redemption requests has triggered panic in the private credit market, affecting major alternative asset management firms like Apollo, KKR, and Blackstone [1] - Dimon agreed with Troy Rohrbaugh, co-head of commercial and investment banking, that credit issues are likely to spread beyond private credit institutions, indicating that the current situation could easily change [2] - Dimon cautioned that the current environment resembles the characteristics seen three years before the 2008 financial crisis, where excessive leverage and irrational business practices were prevalent among financial firms [2]

2月24日金融一线消息，近日，中邮资管发布公告称，因年龄原因，韩广岳正式向董事会提交辞去公司 董事长、董事会投资决策委员会主任委员及董事的一切职务的报告。韩广岳已确认其与公司董事会无不 同意见，亦没有任何其他事项需要通知本公司股东。公司董事会对韩广岳所做出的贡献表示衷心感谢。 公司第一届董事会第九次（临时）会议于2026年2月4日选举李学军担任公司董事长，待保险监管机构核 准其任职资格后履职。根据相关监管规定、公司章程和公司第一届董事会第九次（临时）会议决议，公 司董事推举韩广岳在新当选董事长任职资格核准通过前的过渡期内代为履行董事长职责。 责任编辑：秦艺 2月24日金融一线消息，近日，中邮资管发布公告称，因年龄原因，韩广岳正式向董事会提交辞去公司 董事长、董事会投资决策委员会主任委员及董事的一切职务的报告。韩广岳已确认其与公司董事会无不 同意见，亦没有任何其他事项需要通知本公司股东。公司董事会对韩广岳所做出的贡献表示衷心感谢。 公司第一届董事会第九次（临时）会议于2026年2月4日选举李学军担任公司董事长，待保险监管机构核 准其任职资格后履职。根据相关监管规定、公司章程和公司第一届董事会第九次（临时）会议决 ...

Global Market Overview - The Hang Seng Index closed at 27,082, up 2.53% for the day and 5.66% year-to-date, driven by strong performances from major stocks like Tencent and Hong Kong Exchanges [3] - The Hang Seng Technology Index rose by 3.34%, indicating a renewed interest in technology stocks [3] - Southbound capital saw a net inflow of approximately HKD 20.2 billion, highlighting a shift towards "core assets + technology" allocation [3] - The offshore RMB strengthened, breaking through 6.89, nearing a three-year high, amidst calls from the Ministry of Commerce for the U.S. to lift unilateral tariffs [3] Sector Performance - The Hang Seng Financial Index increased by 2.29%, with a year-to-date rise of 8.12% [2] - The Hang Seng Industrial Index rose by 2.77%, reflecting a year-to-date increase of 3.03% [2] - The Hang Seng Real Estate Index saw a 2.25% increase, with a significant year-to-date rise of 23.95% [2] - The Hang Seng Utilities Index gained 0.90%, with a year-to-date increase of 9.27% [2] U.S. Market Reaction - Major U.S. indices, including the Dow Jones, S&P 500, and Nasdaq, all fell over 1%, influenced by renewed tariff uncertainties and concerns over AI impacts [3] - The 10-year U.S. Treasury yield dropped over 5 basis points to 4.02%, marking a near three-month low as investors sought safe-haven assets [3] - Gold prices surged over 2%, while silver rose approximately 4%, reflecting a flight to safety amid market volatility [3] Investment Sentiment - The report indicates a cautious sentiment among investors due to the resurgence of tariff risks and AI-related fears, leading to significant sell-offs in high-valuation sectors [3] - The uncertainty surrounding trade policies has weakened investor confidence in U.S. assets, contributing to a decline in the U.S. dollar index over two consecutive days [3]

新华财经北京2月24日电回顾春节前最后一个交易周（2026年2月9日至2月14日），央行加大资金投放力度，货币政策报告也传递出支持 性态度，资金面保持平稳，机构持债过节意愿较强，收益率整体下行，10年期国债收益率跌破1.80%后一路下触至1.7675%方在止盈盘推 动下有所止步。海外市场长假期间风云涌动，地缘政治和关税不确定性阴霾推动避险资产走强。 节后公开市场将迎来单周超27000亿元资金到期，预计央行仍将综合运用买断式逆回购、MLF等政策工具，持续注入中期流动性。在重 要会议时点前后，债市季节性配置力度有望增加，机构对债市看法仍偏乐观。 行情回顾 2026年2月14日，中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年期较2月6日分别变 动-0.62BP、-0.55BP、-0.67BP、-1.86BP、-1.44BP、-2.03BP、-0.5BP、-0.45BP。 | | | 中债国债收益率曲线(到期)* | | | --- | --- | --- | --- | | 标准期限(年) | 2月6日 | 2月14日 | 变云(BP) | | 0 | 1.092 | 1.05 ...

Market Overview - On February 23, US stock indices faced pressure due to uncertainty surrounding tariff rulings and concerns over AI development, resulting in a collective decline. The Dow Jones fell by 1.66% to 48,804.06 points, the S&P 500 dropped by 1.04% to 6,837.75 points, and the Nasdaq decreased by 1.13% to 22,627.27 points [1] Company-Specific Developments - IBM's stock plummeted over 13%, marking its largest single-day drop since October 2000. This decline is attributed to competitive pressures from Anthropic's Claude Code, which targets IBM's reliance on legacy COBOL systems [3][7] - Other notable stock movements included Novo Nordisk, which fell over 16%, and a 32.75% drop in the 2x Long Novo Nordisk ETF, following disappointing clinical trial results for its product CagriSema compared to Eli Lilly's Zepbound. Conversely, Arcellx's stock surged over 77% due to a reported acquisition by Gilead Sciences at $115 per share [8] Tariff and Economic Policy - The US Customs and Border Protection (CBP) announced the cessation of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) following a Supreme Court ruling deeming them illegal. This change is expected to influence market dynamics throughout the year [4][5] - Market analysts have differing views on the impact of tariffs. Michael Landsberg from Landsberg Bennett Private Wealth Management suggests that ongoing tariff negotiations may continue to disrupt the market, while Edward Jones' Angelo Kourkafas downplays the potential economic impact of increasing tariffs to 15% [5] Commodity Market Reaction - In response to the tariff situation, precious metals experienced gains, with COMEX gold futures rising by 0.7% to $5,262.3 and COMEX silver futures increasing by 2.18% to $88.46 [9]

现将有关事项公告如下： 一、适用对象 为更好地向投资者提供服务，财通证券资产管理有限公司（以下简称"本公司"）决定针对旗下公募基金 产品在直销渠道开展认（申）购费率优惠活动。 财通证券资产管理有限公司网址：https://www.ctzg.com 财通证券资产管理有限公司客服热线：400-116-7888 财通证券资产管理有限公司客服邮箱：service@ctzg.com 适用于本公司管理的在本公司直销渠道开通认（申）购业务的旗下所有公募基金产品。如本公司新增公 募基金产品并在直销渠道开通认（申）购业务的，将同时适用本公告。 二、费率优惠活动安排 1、自2026年2月24日（含）起，投资者通过本公司直销渠道（包括本公司直销柜台及本公司网上直销交 易平台）办理本公司旗下公募基金产品的认（申）购业务（含转换转入、定投）时，免收认（申）购 费。 2、本次调整不影响基金的其他费用和收费模式。 三、重要提示 1、费率优惠活动内容的解释权归本公司所有，费率优惠活动开展期间，本公司可以调整适用基金范 围、业务办理的相关规则及流程，并进行公告。 2、本次优惠活动的开始、结束及调整以本公司公告为准。 3、投资者可以通过以下途径 ...

Core Viewpoint - The article summarizes significant rating changes from Wall Street that could impact market trends, highlighting upgrades, downgrades, and new coverage by various financial institutions [1][5]. Upgrades - Wells Fargo upgraded Alphabet (GOOGL) from Hold to Buy, raising the target price from $354 to $387, citing Google's leading position in key AI traits such as user data, channels, and computing power [7]. - Aletheia upgraded NVIDIA (NVDA) from Hold to Buy with a target price of $250, stating the stock is "too cheap to ignore" ahead of its quarterly earnings report [7]. - Lake Street upgraded Tandem Diabetes (TNDM) from Hold to Buy, increasing the target price from $14 to $50, believing the shift to a pharmacy model will yield stable growth and higher profit margins [7]. - UBS upgraded BlackRock (BLK) from Neutral to Buy, setting a target price of $1,280, based on strong Q4 performance and positive outlook from the UBS Financial Conference [7]. - Baird upgraded Henry Schein (HSIC) from Neutral to Outperform, raising the target price from $78 to $100, citing growth potential in its dental-related business [7]. Downgrades - Jefferies downgraded Workday (WDAY) from Buy to Hold, lowering the target price from $325 to $150, noting that application software stocks have underperformed the overall software sector [8]. - Bank of America downgraded General Mills (GIS) from Buy to Neutral, reducing the target price from $55 to $48, stating that previous growth expectations for the pet business and North American retail have failed [8]. - Baird downgraded Arcellx (ACLX) from Outperform to Neutral, with a target price adjustment from $106 to $115, following Gilead's acquisition announcement at $115 per share [8]. - JPMorgan downgraded VF Corporation (VFC) from Neutral to Underweight, lowering the target price from $19 to $18, and reducing earnings forecasts for 2027 and 2028 below market consensus [8]. - Jefferies downgraded Deere (DE) from Hold to Underperform, raising the target price from $475 to $550, indicating that the agricultural cycle is expected to bottom out this year [8]. New Coverage - Citigroup initiated coverage on York Space Systems (YSS) with a Buy rating and a target price of $37, describing it as a high-risk, high-reward opportunity in the space trend [9]. - Oppenheimer initiated coverage on Public Policy Holding Co (PPHC) with an Outperform rating and a target price of $16, noting its expansion into state and international lobbying [9]. - Citigroup initiated coverage on PicPay (PICS) with a Buy rating and a target price of $28, projecting an 85% potential upside due to its credit-related business growth [9]. - JPMorgan initiated coverage on Ethos (LIFE) with a Buy rating and a target price of $13, believing there is still growth potential through agency channels [9]. - DA Davidson initiated coverage on Bob's Discount Furniture (BOBS) with a Buy rating and a target price of $26, citing a large and fragmented industry poised for recovery [9].