Lloyd Blankfein, Goldman’s former boss, offers an uncharacteristically tactful book about life on the Street https://t.co/Bf6i59nSNL ...

Core Viewpoint - The performance of the iShares MSCI Mexico ETF (EWW) is significantly influenced by the upcoming USMCA trade review and the monetary policy decisions of Banxico, particularly regarding interest rates and the stability of the Mexican peso [1] Group 1: Fund Performance and Composition - EWW holds $1.9 billion in assets, with top holdings including Grupo Mexico (12% weight), Grupo Financiero Banorte (9%), and America Movil (7%), leading to substantial exposure to copper prices, interest rates, and telecom revenues respectively [1] - The fund has gained 54% over the past year, attributed to a 14% appreciation of the Mexican peso against the dollar, marking its best performance since 1993, but has seen a 7% pullback in the last month due to market volatility [1] - EWW tracks the MSCI Mexico IMI 25/50 Index, with a sector mix that includes 26% in consumer staples and 24% in materials, reflecting the economic structure of Mexico [1] Group 2: Macro Factors - The USMCA trade policy is a critical external variable for EWW, as stable trade flows support demand for Mexican exporters and industrials, while any stress in this relationship can lead to rapid fund reactions [1] - The USMCA review is scheduled for 2026, and public statements from this process will serve as leading indicators for EWW's performance [1] - Historical context shows that tariff decisions, such as those made by the U.S. government, have had immediate impacts on EWW's performance, highlighting the sensitivity of the fund to trade policy [1] Group 3: Micro Factors - EWW's top holding, Grupo Mexico, is a significant driver of the fund's performance, with its revenues closely tied to global copper prices influenced by Chinese demand [1] - Grupo Financiero Banorte's performance is sensitive to Banxico's interest rate decisions, while America Movil's revenues are primarily driven by domestic dynamics [1] - The USD/MXN exchange rate is crucial, as EWW trades in U.S. dollars but holds peso-denominated assets, meaning peso weakness can negatively impact the fund's net asset value [1] Group 4: Future Outlook - If the USMCA review avoids tariff escalation and Banxico maintains interest rates to support peso stability, EWW's top holdings are likely to benefit from favorable cross-border trade flows [1] - Conversely, any weakening of Grupo Mexico's copper revenues or faster-than-expected rate cuts by Banxico could reverse recent gains for the fund [1]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated stable performance with total revenue and net profit attributable to shareholders of 35.785 billion and 3.889 billion yuan respectively in 2025, showing a year-over-year change of -5.20% and +0.67% [6][2] - The company has a robust dividend policy, with a dividend per share of 0.56 HKD and a dividend payout ratio of 61%, resulting in a dividend yield of 7.22% as of March 11 [2][6] - The company is expected to benefit from a dual strategy of "upward attack + downward cultivation" and the rapid growth of its overseas business, leading to a positive outlook for net profit growth in the coming years [2] Summary by Sections Performance Overview - In 2025, the company achieved total revenue of 35.785 billion yuan, a decrease of 5.20% year-over-year, while net profit attributable to shareholders was 3.889 billion yuan, an increase of 0.67% year-over-year [2][6] - The weighted average ROE was 7.71%, a slight decrease of 0.09 percentage points year-over-year [2][6] Financial Metrics - The company’s interest-earning assets increased to 2720.47 billion yuan, up 4.38% from the previous year, with inclusive finance assets growing significantly by 63.06% to 281.79 billion yuan [2] - The average yield on interest-earning assets for 2025 was 8.18%, an increase of 0.12 percentage points year-over-year [2] Cost and Margin Analysis - The company optimized its liability structure, resulting in a significant reduction in average cost of debt to 3.79%, down 0.27 percentage points year-over-year [2] - The net interest margin expanded to 4.39%, an increase of 0.39 percentage points year-over-year [2] Asset Quality - The non-performing asset ratio improved to 1.03%, a decrease of 0.04 percentage points from the previous year, indicating a positive trend in asset quality [2] - The provision coverage ratio remained strong at 227.82%, indicating prudent provisioning practices [2] Future Projections - The company is projected to achieve net profits of 4.061 billion, 4.254 billion, and 4.367 billion yuan for 2026, 2027, and 2028 respectively, with year-over-year growth rates of 4.43%, 4.77%, and 2.64% [2][4]

Over 85 crypto industry firms have signed on for Mastercard’s new initiative, which it said will inform future products and services. https://t.co/fnJjtir9Ty ...

At this point, you guys are probably tired of hearing me talk about tokenization. However, I do think that it's one of the biggest things that everyone should be focused on at this moment because although yes, we only have $26 billion on chain right now in terms of distributed asset value, which is way more important than represent asset value, we are still in the early stages of this and we know that the total addressable market here is in the hundreds of trillions of dollars, potentially even quadrillions ...

Seneca Evercore is considering obtaining a bank license as it expands its headcount and local businesses https://t.co/XwPxzqJnrj ...

A glossy magazine spread featuring junior bankers sparked backlash on Wall Street, where "little wee VPs are not allowed to flex." https://t.co/1xDygsFjh4 ...

Most of my friends that are postgrad, I have a lot of friends living in New York, they have great jobs in finance on Wall Street and they can't even survive off of the one salary. And so they're picking up dog walking shifts, they're picking up bartending shifts just to make ends meet. And so I start with that and like you know listen if you if you just adopt this mindset that I can't keep giving my cash to this greedy machine.I need to put it in something else that's actually going to preserve your wealth ...

A glossy magazine spread featuring junior bankers sparked backlash on Wall Street, where ‘little wee VPs are not allowed to flex.’ https://t.co/J8ui2cvShT ...

Running a bar is hard work. Even Jamie Dimon and his team are still figuring out how to manage one inside their $3 billion headquarters. 🔗 https://t.co/1vtMHLyA2L https://t.co/R4wmIHf4FA ...