Core Viewpoint - The criminal investigation subpoena issued to Federal Reserve Chairman Jerome Powell has raised significant concerns regarding the independence of the Federal Reserve, leading to a sell-off of U.S. assets and a subsequent rally in Asian markets [1][4]. Market Performance - The Straits Times Index (STI) opened with an upward trend, reaching a peak of 4777.7 points during the day, before closing at 4766.78 points, up 22.12 points from the previous trading day, marking a recent high [3]. - The overall trading volume was moderate, with 1.53 billion shares traded and a total turnover of 1.34 billion dollars; 332 stocks rose while 220 fell, indicating a bullish market sentiment [3]. Sector Performance - Among the STI constituents, Hongkong Land was the top performer, rising by 2.98% to close at 7.96 dollars; other notable gainers included ST Engineering and Seatrium, which increased by 2.68% and 1.82%, respectively [3]. - Conversely, Jardine Matheson Holdings (JMH) experienced a decline of 1.12%, closing at 73.88 dollars, making it the largest loser among the constituents [3]. Regional Market Trends - The Asia-Pacific markets showed a strong performance, with the Shenzhen Composite Index rising by 1.75%, the Hong Kong market up by 1.44%, and the Shanghai Composite Index increasing by 1.09% [4]. - Seoul and Taipei markets continued their upward trend, driven by the AI sector, with increases of 0.84% and 0.92%, respectively; Sydney's market also rose by 0.52% [4]. Implications for Global Capital Flows - Concerns over the Federal Reserve's independence are expected to impact global capital flows, potentially enhancing the attractiveness of non-U.S. assets such as European and Asian stocks [4]. - Short-term benefits for Asia-Pacific markets are anticipated due to capital inflows, although there are warnings about potential market volatility stemming from escalating U.S. political and economic tensions [4].

Core Viewpoint - The company,基石金融, announced a change in its auditor's name effective from January 9, 2026, indicating a rebranding of its auditing services [1] Group 1 - The English name of the company's auditor will change from SFAI (HK) CPA Limited to ZSZH (HK) Fuson CPA Limited [1] - The Chinese name of the auditor will change from 永拓富信会计师事务所有限公司 to 中审众环(香港)富信会计师事务所有限公司 [1]

Core Viewpoint - The company, Cornerstone Financial (08112), announced a change in its auditor's name effective January 9, 2026, from SFAI (HK) CPA Limited to ZSZH (HK) Fuson CPA Limited, along with the corresponding Chinese name change [1]. Group 1 - The English name of the company's auditor will change to ZSZH (HK) Fuson CPA Limited [1] - The Chinese name of the auditor will change to 中审众环(香港)富信会计师事务所有限公司 [1] - The effective date for these changes is January 9, 2026 [1]

Group 1 - The company announced the approval of a proposal to register a short-term financing bond issuance limit of up to 5 billion RMB in the interbank market [1] - The company plans to issue a second phase of short-term financing bonds for 2025, with a total scale of 600 million RMB, a term of 270 days, and an annual interest rate of 2.88% [1] - The funds raised from the bond issuance are expected to be fully received on April 17, 2025, and the bonds will mature on January 12, 2026, with the company having completed the repayment of principal and interest for this phase [1]

Core Viewpoint - Concerns over the independence of the Federal Reserve have intensified due to threats of criminal prosecution from the U.S. Department of Justice, alongside rising demand for safe-haven assets driven by protests in Iran, leading to record highs in gold and silver prices [1][4][5]. Group 1: Federal Reserve and Market Reactions - Federal Reserve Chairman Jerome Powell stated that the potential prosecution should be viewed in the context of ongoing government pressure to influence interest rate decisions [1][4]. - Following Powell's comments, gold prices surged to nearly $4,600 per ounce, while silver approached $85 per ounce [1][4]. - The U.S. dollar weakened, and the yield on 10-year U.S. Treasury bonds rose slightly [1][5]. Group 2: Geopolitical Factors and Precious Metals - Protests in Iran have led to speculation about a potential regime change, increasing the appeal of precious metals as safe-haven investments [1][5]. - Multiple favorable factors, including declining U.S. interest rates, escalating geopolitical tensions, and a decrease in trust in the dollar, have supported gold and silver prices [1][5]. - Fund managers expressed confidence in the long-term attractiveness of precious metals, opting not to significantly reduce their gold positions [1][5]. Group 3: Silver Market Dynamics - Silver prices surged nearly 6%, reaching a historical high of $84.6090 per ounce, with a 150% increase over the past year [2][6]. - The silver market is expected to face supply shortages through 2026, driven by strong investment demand and rising industrial needs [2][6]. - Concerns over U.S. tariffs affecting silver, platinum, and palladium are anticipated, with a report expected in January [2][6]. Group 4: Economic Indicators and Interest Rate Expectations - Recent U.S. employment data did not alter market expectations for further interest rate cuts by the Federal Reserve, which supports non-yielding precious metals [3][6]. - The Federal Reserve has already cut rates three times in the latter half of the previous year, with the market pricing in at least two more cuts this year [3][6]. - Analysts noted that weak labor market data reinforces expectations for an earlier and more aggressive shift to rate cuts, which would lower the opportunity cost of holding gold [7].

阿斯特伯里表示，鉴于英国失业率维持在 5% 的相对低位，且通胀率稳定在 3.2%，金融行业的强劲招 聘势头有望延续至今年第一季度。 责任编辑：郭明煜 招聘公司摩根・麦金利于本周一表示，在企业全力角逐科技军备竞赛的背景下，市场对人工智能、监管 合规、数据报告及其他专业技能人才的需求激增，推动 2025 年英国金融行业的职位空缺数量上涨 12%。 摩根・麦金利发布的《伦敦就业监测报告》（一项针对金融服务业职位空缺的季度调研）显示，尽管受 全球市场波动以及英国政府 11 月财政预算案不确定性的影响，招聘负责人普遍持谨慎态度，导致去年 第四季度的招聘增速有所放缓，但该行业职位空缺数量全年仍实现同比上涨。 招聘公司摩根・麦金利于本周一表示，在企业全力角逐科技军备竞赛的背景下，市场对人工智能、监管 合规、数据报告及其他专业技能人才的需求激增，推动 2025 年英国金融行业的职位空缺数量上涨 12%。 摩根・麦金利发布的《伦敦就业监测报告》（一项针对金融服务业职位空缺的季度调研）显示，尽管受 全球市场波动以及英国政府 11 月财政预算案不确定性的影响，招聘负责人普遍持谨慎态度，导致去年 第四季度的招聘增速有所放缓，但该行业 ...

报告数据显示，受人工智能技术应用和服务自动化推进的影响，文书及行政类岗位空缺数量同比下降 16%，经纪类岗位空缺数量同比下降20%，此类岗位的人员需求出现缩减。 来源：环球市场播报 招聘公司Morgan McKinley周一表示，2025年，市场对人工智能、监管合规、数据报告及其他专业技能 人才的需求，推动英国金融行业职位空缺数量上升12%，各企业正着力在科技军备竞赛中保持竞争力。 摩根麦金利发布的《伦敦就业监测报告》（该报告为金融服务业职位空缺季度调查报告）显示，尽管受 全球市场波动以及政府11月财政预算不确定性的影响，招聘经理普遍持谨慎态度，导致2025年第四季度 招聘增速有所放缓，但该行业职位空缺数量仍实现同比增长。 摩根麦金利董事Mark Astbury指出，目前软件与计算机服务类岗位空缺占比已超16%，超过了投资管理 和银行业等传统岗位——这两类岗位去年的空缺占比均为15%。 Astbury表示，鉴于当前失业率维持在5%的相对低位，通胀率稳定在3.2%，金融行业的强劲招聘势头有 望延续至今年第一季度。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 ...

宏观研究 证 券 研 究 报 告 进一步关注公积金提取数据，2024 年用于租房、老旧小区改造的增速较高， 同比分别达到 33%、147%，详见正文。 ❖ 二、近期政策如何定调？ 近期，政策密集提及"深化住房公积金制度改革"，2025 年 12 月中央经济工 作会议提及"深化住房公积金制度改革，有序推动'好房子'建设"，此后， 全国住房城乡建设工作会议、求是《改善和稳定房地产市场预期》均有提及。 【宏观快评】 四问公积金制度改革 ❖ 核心观点 本文关注公积金制度改革。2025 年 12 月中央经济工作会议提及"深化住房公 积金制度改革"，据人民日报，住房公积金制度改革要"让大家贷得到、用得 顺这笔钱，从而住得上更好的房子"。后续关注四个方面：一是提高公积金资 金管理效能，当前公积金账户存款利率仅 1.5%，人民日报称"效能还有提升 空间"，关注后续措施；二是继续提高贷款额度；三是可能继续扩大灵活就业 人员试点范围，2024 年已有 36 城开展试点，关注是否扩围至全国；四是各地 或延续此前方向，继续扩大公积金使用范围，支持公积金支付房租与物业费、 提高租房提取额度、扩大公积金异地互认等。 ❖ 一、公积金情况简 ...

Core Insights - The sustainable finance market remains fundamentally strong with a positive long-term trajectory despite recent political and market challenges [6][21][62] - There is a notable regional and product differentiation in the sustainable finance landscape, with green bonds performing well, particularly in Asia, while sustainability-linked bonds have seen a decline [50][65][66] Group 1: Market Overview - The global sustainable finance market has experienced flat or slightly lower volumes compared to previous years, with Europe maintaining stable issuance and Asia, especially China, showing robust growth [6][19][21] - Political factors have impacted market momentum, but structural highlights indicate that public sector, financial institutions, and corporates in Europe continue to contribute significantly [6][19][21] Group 2: Role of ICMA - The International Capital Market Association (ICMA) plays a crucial role in establishing standards and frameworks that support the growth of sustainable finance, promoting consistency and cohesion across different jurisdictions [22][25][26] - ICMA's mission includes working with global financial networks to set strong standards and provide guidance, ensuring market integrity and supporting future issuance [23][26] Group 3: Emerging Markets and China - ICMA actively collaborates with regulators in emerging markets, particularly in China, to develop frameworks that align with international standards, enhancing the adoption of sustainable finance practices [27][30][72] - China's vast domestic bond market and capital reserves provide a strong foundation for ESG product development, with a focus on maintaining high standards to prevent greenwashing [31][55][76] Group 4: Future Trends and Innovations - Technology, particularly reliable data collection and AI, is expected to play a significant role in enhancing sustainability reporting and market integrity, especially in emerging markets [57][80] - The convergence of international standards and the growth of transition finance are anticipated to be key trends, with a focus on supporting hard-to-abate sectors in their transition to low-carbon pathways [58][38]

当地时间1月11日晚，美联储主席杰罗姆·鲍威尔通过美联储官网网站和官方社交账号发布视频声明，证实自己正面临联邦检察官的刑事调查。 鲍威尔直指此次调查是特朗普政府的政治施压手段，核心原因是美联储坚持基于经济数据制定利率政策，未顺从总统的降息要求，而非调查所宣称的国会 证词或办公楼翻新项目问题。 调查缘起：传票指向国会证词与翻新项目，鲍威尔称系"借口" 鲍威尔在声明中披露，1月9日（周五），美国司法部向美联储送达大陪审团传票，以其2025年6月在参议院银行委员会的证词为由威胁发起刑事起诉。该 证词部分涉及美联储一项为期多年的历史性办公楼翻新项目。 但鲍威尔明确驳斥这一调查理由："此次新的威胁与我去年6月的证词或美联储办公楼翻新无关，也与国会的监督职责无关——美联储已通过证词和公开披 露充分向国会通报项目进展，这些都只是借口。"他强调，调查的本质是"美联储能否继续基于证据和经济状况制定货币政策，还是会屈服于政治压力与恐 吓"。 据《纽约时报》援引知情官员消息，此次调查由哥伦比亚特区联邦检察官办公室负责，该办公室负责人珍妮宁·皮罗曾担任纽约州检察官和福克斯新闻主 持人，由特朗普亲自任命。一名熟悉调查的人士向CNBC证 ...