Core Insights - Goldman Sachs Group Inc. (GS) and Evercore Inc. (EVR) are prominent U.S. investment banks competing in M&A advisory and dealmaking, with Goldman representing a bulge-bracket bank and Evercore a boutique advisory firm [1] Market Sentiment and M&A Outlook - Market sentiment dipped briefly in early 2025 due to Trump's tariff plans, but M&A activity has regained momentum and is expected to remain strong in the latter half of 2025, driven by better stock valuations, pent-up demand, and corporate consolidation efforts [2] - Regulatory changes under the Trump administration, including looser requirements from the Federal Reserve, are creating favorable conditions for consolidation [2] Goldman Sachs (GS) Analysis - Goldman maintains a leadership position in global M&A, with investment banking revenues increasing by 8% year-over-year in the first half of 2025, supported by a strong deal pipeline and backlog [3] - The company is exiting its non-core consumer banking business to focus on Global Banking and Markets and Asset and Wealth Management (AWM), which is seen as a more stable revenue source [4] - Goldman is exploring acquisitions to expand its AWM footprint, emphasizing the importance of scale in growth [5] Evercore (EVR) Analysis - Evercore generates 94% of its revenues from Investment Banking and Equities, with a compound annual growth rate (CAGR) of 8.6% from 2017 to 2024, continuing to show growth in the first half of 2025 [6] - The company is actively increasing its staff to strengthen its IB business, with 197 senior managing directors as of June 30, 2025, and aims to diversify revenue sources and expand geographically [6] Price Performance and Valuation - Year-to-date, shares of Goldman and Evercore have risen by 31.7% and 17.1%, respectively, compared to the industry growth of 26.8% [7] - Goldman is trading at a 12-month forward P/E of 14.99X, above its five-year median of 10.24X, while Evercore trades at a P/E of 19.64X, above its five-year median of 12.49X [11] - Goldman offers a higher dividend yield of 1.60% compared to Evercore's 1.03%, both exceeding the industry average of 1% [14] Earnings Estimates - The Zacks Consensus Estimate for GS's revenues in 2025 and 2026 suggests year-over-year increases of 6.3% and 6.5%, with earnings expected to rise by 12.6% and 14.9% respectively [17] - For Evercore, the estimates indicate revenue growth of 15.9% and 27.1% for 2025 and 2026, with earnings expected to jump by 31.7% and 50.8% respectively [20] Investment Considerations - Goldman is strategically positioned with a diversified model and a focus on AWM, providing stability and resilience, while Evercore shows strong earnings momentum but carries a high valuation premium and narrower revenue base [23][24] - For long-term investment in the IB sector, Goldman is viewed as the more favorable option due to its balanced approach and solid growth prospects [24]

业内预计，在王曙光带领下，中金公司将进一步加强在科技企业IPO、跨境并购等核心业务上的优势， 继续引领中国投行业国际化发展。 投行巨头中金公司迎来新总裁！ （文章来源：21世纪经济报道） 中金公司过去20多年的总裁多数来自内部提拔，且几乎都拥有深厚投行背景，王曙光正是这一传统的延 续。 8月29日，中金公司正式宣布，任命王曙光为公司总裁，提名执行董事候选人。王曙光党内职务也于8月 升级为中金公司党委副书记。 王曙光的晋升堪称"中金式成长"的典范。51岁的王曙光自1998年从清华大学硕士毕业后加入中金公司， 一待就是27年，从投行部基层岗位一步步崛起：2010年升任董事总经理，2022年执掌投行部并进入管理 委员会，如今全面接管中金公司经营大权。 ...

转自：长安街知事 中金公司正式迎来新任总裁。 8月29日，中金公司发布公告表示，聘任王曙光为公司总裁。同时，王曙光还担任了中金公司党委副书 记。 中金公司官网显示，王曙光出生于1974年，1996年获得清华大学理学学士学位及经济学学士学位，1998 年获得清华大学工学硕士学位，同年加入中金公司投行部，2010年1月成为董事总经理。 王曙光先后担任中金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 等多个职务，2023年1月任中金公司管理委员会成员。 2024年4月，中金公司发布公告称，因工作变动，吴波不再担任公司总裁、首席财务官及管理委员会成 员职务。此后，中金公司董事长陈亮代行总裁职责，至此次王曙光到任。 ...

Group 1 - The discussion around a weak dollar in 2025 highlights potential benefits for investors in diversifying into developed and emerging markets equities and bonds [1] - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets instruments and trades, focusing on closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations [1] - BTA has over 20 years of investment experience, emphasizing high annualized returns with a low volatility profile [1]

Core Viewpoint - Huaxing Capital has demonstrated strong performance growth in the first half of 2025, achieving total revenue and net investment income of approximately 460 million RMB, a year-on-year increase of 27%, and successfully turning a profit with a net profit of about 65 million RMB [1] Group 1: Business Performance - The investment banking business of Huaxing Capital generated nearly 70 million RMB in revenue, with transaction volume increasing by 74.6% year-on-year, despite a challenging private equity investment market [3] - The investment management business achieved revenue and net investment income of approximately 240 million RMB, a year-on-year growth of 81%, with operating profit reaching nearly 140 million RMB, a significant increase of 252% [4] - The securities segment reported revenue and net investment income of about 130 million RMB, a year-on-year increase of 25%, with retail brokerage business revenue growing by 110% compared to the previous year [4] Group 2: Strategic Initiatives - Huaxing Capital has initiated the "Huaxing 2.0" strategy, focusing on capturing market opportunities in the digital asset sector, with a dedicated budget of 100 million USD approved for this purpose [7] - The company has successfully positioned itself in the Web3 ecosystem, becoming the sole Asian underwriter for the C1 Fund, a closed-end fund focused on Web3 primary market investments, which successfully listed on the New York Stock Exchange [7][8] - A strategic partnership with YZiLabs has been established to enhance capabilities in digital asset allocation and compliance financial product development, further expanding Huaxing's business boundaries in the Web3 ecosystem [8] Group 3: Market Position and Future Outlook - Huaxing Capital is effectively leveraging its three main business segments—investment management, investment banking, and securities—to achieve high-quality growth, showcasing strong asset liquidity and financial stability with nearly 4.5 billion RMB in cash and high-liquid assets [5] - The company aims to bridge the gap between Web2 and Web3, establishing a comprehensive service capability from investment to asset management, positioning itself as a core hub in the evolving digital economy [8]

Core Viewpoint - Dominari Holdings Inc. has filed a shelf registration statement with the SEC, allowing the company to offer and sell up to $2 billion worth of various securities, although there is no current intention to utilize this registration immediately [1]. Company Overview - Dominari Holdings Inc. operates as a holding company engaged in wealth management, investment banking, sales and trading, and asset management through its subsidiaries [3]. - The company aims to enhance shareholder value not only through organic growth but also by exploring opportunities in sectors such as AI and Data Centers [3]. Mission Statement - Dominari Securities LLC, a principal subsidiary of Dominari Holdings, focuses on creating wealth for stakeholders by capitalizing on emerging trends in the financial services sector and identifying early-stage opportunities expected to yield high returns [4].

Company Overview - Psyence Biomedical Ltd. is a biopharmaceutical company focused on developing nature-derived psilocybin and ibogaine therapies for unmet mental health needs [5] - It is the first life sciences biotechnology company specializing in psychedelic-based therapeutics to be listed on Nasdaq [5] - The company aims to address unmet mental health needs, particularly in palliative care, through an evidence-based approach [5] Upcoming Events - Psyence BioMed will present at the H.C. Wainwright 27th Annual Global Investment Conference from September 8–10, 2025 [1][9] - Dr. Neil Maresky, CEO of Psyence BioMed, will discuss the company's business strategy and pipeline during the conference [2] - A webinar for investors and shareholders is scheduled for September 16, 2025, featuring members of the Scientific Advisory Board [4] Strategic Positioning - The company emphasizes its unique operational footprint in Africa and commitment to clinical excellence as key differentiators in the psychedelic medicine sector [3] - Psyence BioMed aims to engage with global investors to highlight its differentiated approach in the industry [3]

Market Performance - The S&P 500 has gained approximately 9.93% year to date, but this does not fully reflect the broader market's performance in 2025, which has been characterized by volatility [1] - In August, the index advanced by 3.2%, despite notable swings throughout the month [2] Earnings and Economic Outlook - Resilient earnings, a supportive macro backdrop, and signals from Fed Chair Powell regarding potential rate cuts starting in September contribute to an optimistic outlook for the U.S. economy [2] - Jefferies raised its year-end target for the S&P 500 index to 6,600 from 5,600, citing strong second-quarter corporate earnings and projecting a 10% rise in S&P 500 EPS this year [3] - As of last Friday, 80% of the 474 S&P 500 companies that reported second-quarter earnings exceeded analysts' expectations, surpassing the prior four-quarter average of 76.4% and the historical average of 67% [4] Forecast Revisions - UBS Global Wealth Management raised its year-end S&P 500 target to 6,600 from 6,200, marking its second upgrade in two months, driven by confidence in robust corporate earnings and easing trade tensions [5] - Citigroup also increased its year-end S&P 500 target to 6,600 from 6,300, with projections for the index to reach 6,900 by mid-next year [6] - Fundstrat strategist Tom Lee raised his S&P 500 year-end forecast to 6,600, contingent on a dovish Fed and a recovery in the Institute for Supply Management manufacturing index [7] Interest Rate Expectations - Fed Chair Jerome Powell indicated that an interest rate cut could be considered at the next meeting, with markets anticipating an 88.2% likelihood of a rate cut in September, up from 75% prior to Powell's speech [8] Investment Opportunities - Investors are encouraged to explore ETFs tracking the S&P 500 to capitalize on the optimistic outlook for U.S. markets, while maintaining a long-term perspective [9] - Recommended ETFs include Vanguard S&P 500 ETF (VOO), SPDR S&P 500 ETF Trust (SPY), iShares Core S&P 500 ETF (IVV), and SPDR Portfolio S&P 500 ETF (SPLG) [10] - VOO has the largest asset base at $735.54 billion, followed by IVV at $661.68 billion and SPY at $654.64 billion [11] - SPLG is noted as the cheapest option, suitable for long-term investing, while SPY is highlighted for its liquidity, making it ideal for active trading strategies [12] Equal-Weighted ETFs - Equal-weighted funds provide broad market exposure with lower risk, offering sector-level diversification by assigning equal weight to each stock [13] - The S&P 500 Equal Weight Index has gained 7.78% over the past year and 2.28% month to date, outperforming the broader S&P 500 index [14] - Recommended equal-weighted ETFs include Invesco S&P 500 Equal Weight ETF (RSP), ALPS Equal Sector Weight ETF (EQL), and Invesco S&P 100 Equal Weight ETF (EQWL) [14]

Nomura plans to start requiring employees in Japan to spend the equivalent of two days a week in the office https://t.co/79jMaD0dll ...

Core Viewpoint - Univest Securities, LLC has completed a warrant inducement agreement with institutional investors for PMGC Holdings Inc., facilitating the exercise of outstanding warrants and the issuance of new warrants [1][2][4]. Group 1: Warrant Inducement Agreement - Investors have agreed to exercise outstanding warrants to purchase a total of 827,900 shares of PMGC's common stock at an amended exercise price of $2.015, generating approximately $1.67 million in gross proceeds [2]. - PMGC will issue unregistered new warrants to purchase an additional 827,900 shares at an exercise price of $1.89 per share, which will be exercisable upon shareholder approval and will expire five years from that date [3]. Group 2: Regulatory Compliance - PMGC is required to file a registration statement with the SEC within 30 days to cover the resale of shares issuable upon the exercise of the new warrants [4]. Group 3: Company Background - PMGC Holdings Inc. is a diversified holding company focused on managing and growing its portfolio through strategic acquisitions and investments across various industries [7]. - Univest Securities, LLC has raised over $1.3 billion in capital for issuers globally since 2019 and has completed around 100 transactions in various sectors, including technology and life sciences [6].