2026年1月20日，知名资产管理公司Picton Investments的首席执行官David Picton向媒体发出了这一被广泛解读为对美国总统特朗普的直接警告。 这番言论如 同投入平静湖面的石子，在金融圈激起层层涟漪。 就在同一天，国际金价飙升至每盎司4700美元以上，短短半个月内暴涨400美元，折算成人民币每克黄金 上涨约90元。 华尔街资本大佬的公开警告与黄金价格的疯狂上涨，揭示出白宫与华尔街之间一场前所未有的权力博弈正在上演。 面对华尔街的威胁，特朗普并未示弱。 有消息称，特朗普政府正在将监管矛头转向华尔街，可能通过施压或干预监管限制美国大型银行的股票回购行为。 继特朗普下令公开打击美国国防和房地产公司的回购行为后，大型银行成为下一个目标。 股票回购是上市公司特别是大银行和科技公司推高股价的重要手 段。 限制这一操作，被视为特朗普试图迫使资本服从其意志的非常规手段。 一些媒体将这种做法称为特朗普时代的"罗斯福新政"，表明白宫与华尔街的权 力博弈进一步升级。 债券市场已经出现明显波动。 美国国债价格在2026年1月20日大幅下跌，长债收益率创下数月新高。 10年期公债收益率一度触及4.313%，30 ...

Market Reaction - US stock markets saw a rebound with the Dow Jones increasing by 346.16 points (0.71%) to 48,834.75, the Nasdaq rising by 165.36 points (0.72%) to 23,119.68, and the S&P 500 gaining 49.88 points (0.73%) to 6,846.74 following President Trump's remarks at the World Economic Forum [3][8]. Presidential Statements - President Trump stated he would not use military force to acquire Greenland, which alleviated market concerns and contributed to a positive market sentiment [3][9]. - Trump emphasized that he is seeking immediate negotiations to discuss the potential acquisition of Greenland, despite previously threatening tariffs against NATO countries opposing his plans [4][10]. Economic Indicators - Following Trump's statements, the price of 10-year US Treasury bonds rose, leading to a decrease in yields, while the dollar index narrowed its decline against other currencies [9]. - On the previous day, US stock markets experienced significant declines, with the Dow dropping over 870 points (approximately 1.8%) and the S&P 500 falling about 2.1%, marking the worst single-day performance since October 10 [4][9]. Investment Trends - There has been a noticeable trend of "selling US assets," with some government entities moving away from dollar-denominated investments, as noted by JPMorgan's global research head [4][9]. - AkademikerPension, a Danish pension operator, announced its exit from approximately $100 million in US Treasury positions due to concerns over US debt and financial conditions [11].

Core Viewpoint - Despite geopolitical tensions and market volatility, Wall Street strategists believe the foundation for market growth remains solid, presenting a buying opportunity [1][2]. Group 1: Geopolitical Impact - Historical data shows that geopolitical risks typically have a limited impact on stock markets, with 60% of the time seeing market gains within three months following significant geopolitical events since 1940, unless oil prices surge dramatically [1][2]. - Current oil prices are significantly below long-term averages, indicating that the ongoing geopolitical tensions have not yet reached a critical threshold for the stock market [2]. Group 2: Earnings Growth - Analysts project a 9% growth in corporate profits for Q4, with double-digit growth expected in each quarter of 2026 [7]. - In the first week of earnings reports for S&P 500 companies, 73% exceeded analyst expectations, surpassing the average of 68% for this period [7]. - Factors such as tax cuts, real wage growth, and declining inflation are expected to support stock market performance, alongside continued returns from AI trading [7]. Group 3: Market Sentiment and Strategy - While bullish sentiment prevails, strategists acknowledge the need for caution due to increased volatility, with the bull-bear ratio among individual investors reaching its highest level since 2024 [8]. - Investment managers are maintaining high equity positions, close to 96%, but are advised to hedge against potential risks [8]. - Strategists from major firms like Barclays and JPMorgan suggest maintaining a bullish stance while implementing hedges to manage risks, especially as volatility is anticipated to rise [8][9].

Group 1 - The market environment is currently unfavorable for buying risk assets, especially with a high valuation in US stocks and a significant number of bullish investors compared to bearish ones [1] - Despite recent market volatility, Wall Street strategists believe the foundation for continued market growth remains solid, citing historical resilience of risk assets during geopolitical crises [1][2] - The S&P 500 index experienced a significant drop of 2.1%, marking its largest single-day decline in October, with the VIX index surpassing the 20 mark, indicating increased market volatility [3] Group 2 - Corporate earnings are expected to support bullish sentiment, with projections of approximately 9% growth in S&P 500 earnings for Q4 of the previous year and double-digit growth anticipated in 2026 [2] - Approximately 70% of S&P 500 constituents are trading above their 200-day moving average, and the Russell 2000 index has reached a historical high, indicating strong market performance [2] - 73% of companies reporting earnings in the first week of the earnings season exceeded analyst expectations, which is above the historical average of 68% [3] Group 3 - The potential for President Trump to backtrack on aggressive policies could lead to market stabilization, as seen in previous instances where threats of tariffs were retracted shortly after being announced [4] - Analysts maintain a bullish stance on the stock market while acknowledging the potential for increased volatility due to aggressive government policies [5] - Strong macroeconomic fundamentals, improving earnings growth, and a trend towards easing trade tensions are cited as reasons to remain optimistic about the market outlook [5]

惠理集团(00806)发布公告，公司及其附属公司于2025年12月31日的未经审核管理资产总值约为62亿美 元。 ...

格隆汇1月21日丨惠理集团(00806.HK)公告，公司及其附属公司于2025年12月31日的未经审核管理资产 总值约为62亿美元。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 布 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 會 就 因 本 公 布 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 （股份代號：806） 公 布 本 公 布 乃 就 本 公 司 自 願 披 露 本 公 司 管 理 的 未 經 審 核 管 理 資 產 值 而 發 表。 惠 理 集 團 有 限 公 司（「本 公 司」）的 董 事 會 謹 此 自 願 刊 登 其 期 末 管 理 資 產（「管 理 資 產」） 值。本 公 布 旨 在 向 股 東、有 意 投 資 者 及 一 般 公 眾 人 士 披 露 旗 下 的 管 理 資 產。本 資 料 亦 將 會 同 時 刊 登 於 本 公 司 的 網 站（www.valuepartners-group.com）。 本公司謹此宣 布，本 公 司 及 其 附 屬 公 司（「本 集 團」）於 二 ...

Core Viewpoint - The article discusses the escalating tensions between the U.S. and Europe, particularly in light of President Trump's insistence on acquiring Greenland and the potential for retaliatory trade measures from the EU, which could impact U.S. assets and markets [3][4][6]. Group 1: U.S.-Europe Relations - President Trump emphasized the need for U.S. control over Greenland, heightening transatlantic tensions [3][4]. - Trump threatened to impose tariffs on French wine and champagne, citing France's reluctance to join his proposed "peace committee" [4][19]. - The EU is considering retaliatory measures, including tariffs on $93 billion worth of U.S. goods and the use of the Anti-Coercion Instrument (ACI) [4][6][15]. Group 2: Market Reactions - The market is experiencing a "sell America" trend, with declines in U.S. stocks, bonds, and the dollar [7][9]. - The VIX index, which measures market volatility, has surged to its highest level since November [8][17]. - Major U.S. stock indices saw significant declines, with the S&P 500 and Nasdaq entering negative territory for 2026 [9][17]. Group 3: Investment Sentiment - Danish pension fund AkademikerPension plans to sell U.S. Treasury bonds due to concerns over credit risk stemming from Trump's policies [16]. - Bridgewater's founder, Ray Dalio, highlighted the potential for a capital war alongside trade conflicts, suggesting reduced willingness to invest in U.S. debt [16]. - The article notes that any "weaponization" of European-held U.S. assets could escalate financial confrontations, affecting asset security and liquidity [7][16]. Group 4: Trade Agreements - The European Parliament has frozen the approval process for a trade agreement with the U.S. reached in July, signaling dissatisfaction with Trump's recent actions [6][15]. - The trade agreement includes a 15% tariff on most EU goods by the U.S., while the EU agreed to eliminate tariffs on certain U.S. industrial products [19][20].

1月21日，宏利投资管理（香港）有限公司（简称"宏利投资"）发表2026年上半年亚洲市场及投资展望 报告。报告指出，全球宏观经济前景愈发明朗，政策可预见性显著提升，亚洲市场仍将是投资者布局差 异化增长、分散投资风险的重要阵地。随着通胀水平稳步回落，货币政策宽松逐步落实，宏利投资认为 亚洲股票、固定收益及多元资产投资组合或将迎来更有利的风险配置环境。 （文章来源：证券日报） 报告认为，全球增长预料在2026年初维持稳健，主要受惠于利率逐步下调、企业盈利表现具韧性，以及 对人工智能及数码化等提升生产力主题的持续投资。尽管地缘政治风险及发达市场的财政挑战仍为关注 焦点，但亚洲市场所具备的内需韧性、政策调控灵活性及结构性改革动力，持续支撑其长期投资吸引 力。 在权益投资方面，宏利投资对股票资产维持较高配置。宏利投资管理多元资产方案环球主管、高级组合 经理及亚洲区多元资产方案主管潘乐勤（LukeBrowne）表示，团队对风险资产维持审慎乐观态度，并 持续强调分散投资及纪律性部署的重要性。"迈向2026年，相较于固定收益资产，我们对股票资产维持 较高配置。这一决策主要基于企业盈利的韧性表现、财政支出支持力度以及货币政策逐 ...

Group 1 - Morgan Asset Management's China Equity Team believes that the opportunities in A-shares will outweigh risks by 2026, with a structural market trend expected to continue [1] - Key investment directions include: 1. Consumer electronics, which are still in an innovation cycle, with leading companies' valuations at relatively low levels, presenting medium to long-term allocation value 2. The lithium battery industry chain, supported by trade-in subsidy policies, is expected to see continued growth in domestic electric vehicle demand 3. The large financial sector, where if the equity market maintains a slow bull trend, the fundamentals of non-bank financials may remain robust 4. Emerging sub-sectors worth continuous tracking, aligned with domestic demand expansion policies [1] Group 2 - Global economic growth is expected to slow, but with gradually declining interest rates, the tightening pace of monetary policy in major developed markets is likely to ease, providing support to the economy in a low-interest-rate environment [1] - For China, reduced external uncertainties, a friendly policy environment, and a recovery in corporate earnings are expected to accelerate the profit recovery process for industrial enterprises [1] - In terms of asset allocation, improving corporate earnings are likely to support global equity market performance, but investors should lower return expectations and diversify to mitigate risks amid high valuations and geopolitical uncertainties [2] - A-shares are expected to become more attractive, with a focus on high-prosperity core assets, overseas-related sectors, and industries with improved supply-demand dynamics [2]