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瑞银:全球通胀策略
瑞银· 2025-06-23 13:16
ab 20 June 2025 Global Research Global Inflation Strategy The Global Inflation Friday Optimistic on oil persistence, pessimistic on the economy There is nothing quite like a round of volatility in oil to shake up inflation linked markets. Trading betas aren't fit for big shocks, but neither are macro relationships. What you think about shock persistence and other feedback relationships matter just as much. And of course positioning may be revealed. What can we say? Interest Rates Global Giles Gale Strategis ...
光晖控股携手IFRA国际金融论坛在青岛共话金融变革新路径
Sou Hu Cai Jing· 2025-06-23 04:32
大众网记者 潘超 青岛报道 6月20日下午,由中国光晖投资控股有限公司(以下简称"光晖控股")主办,国际金融研究协会 (IFRA)、中国企业报和盈达集团等联合主办的"金融变革,共探新途"国际金融论坛在青岛西海岸喜 来登酒店举行。本次论坛聚焦全球金融体系深度调整背景下的改革路径,吸引了来自政策机构、跨国银 行、产业资本及学术界的200余位代表,共同探讨金融开放、跨境协作与产业升级的协同发展之道。 光晖控股总经理崔允峰在致辞中表示,在当前全球经济市场低迷、企业全球化浪潮中,海外上市不仅是 企业获取资本的有效途径,更是展示中国经济韧性与创新实力的窗口。他认为国内企业要把握政策红 利,善用市场规则,以国际化视野拥抱机遇,才能在全球资本市场的舞台上书新篇章。 在圆桌会议阶段,与会专家认为,当前全球经济正经历"碎片化"与"重构"的双重挑战。国际货币基金组 织(IMF)最新预测显示,2025年全球经济增长率或低于3%,而中国作为世界第二大经济体,仍以5% 以上的增速为世界注入稳定力量。这一背景下,中国证监会近期明确"鼓励企业依法合规境外上市"的政 策导向,既是对企业全球化布局的支持,更是中国深化金融开放、参与国际规则制定的 ...
摩根士丹利:全球宏观经济展望:战争与石油
摩根· 2025-06-23 02:30
A critical question is whether the price change is temporary or permanent. It is easy to focus on the recent rise in oil prices, but compared to early April, oil prices are only up modestly. Relative to mid-January, oil prices are little changed and are indeed down a touch on a year-over-year basis. June 22, 2025 06:00 AM GMT Sunday Start | What's Next in Global Macro M Global Idea War and Oil This entire year has been marked with global uncertainty. The discussions of a trade war have shifted again to disc ...
摩根士丹利:跨资产流动与配置-股票资金流向何方?
摩根· 2025-06-23 02:30
June 20, 2025 11:35 AM GMT Cross-Asset Flows and Allocations Where Are Equity Flows Going? Demand for US equities is weakening to almost the sole benefit of European stocks. Section 899 concerns can sustain these trends, but we think the narrative of foreign investors deserting US stocks is overdone. Flows are not a zero-sum game; the US market should still see inflows, just less of them. Key Takeaways Exhibit 1: Net flows to ex US 'international' funds have increased dramatically since end-2024 -3 -2 -1 0 ...
摩根士丹利:美国经济-静待全球变局
摩根· 2025-06-23 02:30
June 20, 2025 05:00 AM GMT Waiting on the world to change The Fed remained on hold at the June meeting. The FOMC expects to see the effects of tariffs on inflation in the summer, as do we. Key Takeaways US Economics Weekly | North America 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26 Core PCE (%) y/y (%) 3-month SAAR (%) MS Forecast Source: BEA, Morgan Stanley Research forecasts M ...
摩根士丹利:稳定币与人民币国际化:一场持久战(PPT)
摩根· 2025-06-23 02:30
June 22, 2025 08:14 PM GMT Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Investor Presentation | Asia Pacific M Foundation Stablecoins and RMB Internationalization? A Long Game Related Reports: Stablecoins and RMB Internationalization? A Long Game (19 June 2025) Pan's Plan for RMB in A Multipolar Monetary World (18 June 2025) For important disclosures, refer to the Disclosure ...
摩根士丹利:中国观察-稳定币与人民币国际化:一场持久战
摩根· 2025-06-23 02:09
Why is Beijing paying attention to stablecoins now? The US Senate's passage of the GENIUS Act, which mandates fully backed dollar stablecoins, marks a turning point. If passed by the House, the Act would effectively transform USD-pegged stablecoins into synthetic dollars (currently accounting for 99% of the stablecoin market), hardwiring them into global payment rails and boosting demand for US Treasuries. In our view, this is not a challenge to dollar dominance – it's a reinforcement of it. Stablecoins are ...
TIGR or TW: Which Is the Better Value Stock Right Now?
ZACKS· 2025-06-20 16:41
Core Viewpoint - UP Fintech Holding Limited (TIGR) is currently viewed as a more attractive investment option compared to Tradeweb Markets (TW) based on valuation metrics and earnings estimate revisions [3][7]. Valuation Metrics - TIGR has a forward P/E ratio of 14.40, significantly lower than TW's forward P/E of 40.80 [5]. - The PEG ratio for TIGR is 0.76, indicating better value relative to its expected earnings growth compared to TW's PEG ratio of 2.31 [5]. - TIGR's P/B ratio stands at 2.21, while TW's P/B ratio is higher at 5.01, suggesting that TIGR is undervalued compared to TW [6]. Analyst Outlook - TIGR holds a Zacks Rank of 2 (Buy), indicating a positive analyst outlook, while TW has a Zacks Rank of 3 (Hold) [3]. - The stronger estimate revision activity for TIGR suggests a more favorable earnings outlook compared to TW [7]. Value Grades - TIGR has been assigned a Value grade of B, reflecting its attractive valuation metrics, whereas TW has received a Value grade of F, indicating it is considered overvalued [6].
中央金融委发文,多部委力挺,上海国际金融中心建设加速
Hua Xia Shi Bao· 2025-06-20 12:07
华夏时报(www.chinatimes.net.cn)记者 胡金华 耿倩 上海摄影报道 "九层之台,起于垒土"。 自2009年国家正式提出上海建设"四个中心",国际金融中心作为首要目标,至今已经走过十五个年头。而在2025 陆家嘴论坛上,无论是中央金融委,还是"一行两局一会",纷纷发布支持加快建设上海国际金融中心的政策"红 包"。 近日,中央金融委员会正式印发《关于支持加快建设上海国际金融中心的意见》(下称《意见》)。《意见》明 确,经过五至十年的建设,上海国际金融中心能级全面提升,现代金融体系的适应性、竞争力、普惠性显著提 高,金融开放枢纽门户功能显著强化,人民币资产全球配置中心、风险管理中心地位显著增强,基本建成与我国 综合国力和国际影响力相匹配的国际金融中心。同时提出六项主要举措:一是深化金融市场建设;二是提升金融 机构能级;三是完善金融基础设施;四是扩大金融高水平双向开放;五是提高服务实体经济质效;六是有效维护 开放条件下的金融安全。 "《意见》将进一步助推上海国际金融中心建设迈向更高能级,也释放出加快推进金融高水平开放和创新的强烈信 号。"上海金融与发展实验室主任、首席专家曾刚对《华夏时报》记者表示 ...
莆田成立10亿元并购基金
FOFWEEKLY· 2025-06-20 10:04
近日,第八届世界闽商大会和第二十三届中国·海峡创新项目成果交易会在福州举行,兴业证券与 白兔集团、天图资本进行莆田市荔城白兔新消费并购股权投资基金项目签约。 据介绍,莆田市荔城白兔新消费并购股权投资基金由兴业证券发起设立,基金总规模10亿元,是 福建省首只(全国第三只)由产业资本控股,并与市区两级政府及国有企业深度合作成立的并购基 金。 来源:兴业证券 榜单: 「2025投资机构软实力排行榜」评选启动 峰会: 「2025母基金年度论坛」盛大启幕:汇聚中国力量! 对接需求请扫码 每日|荐读 热文: 一纸新规,炸出一级市场的管理费焦虑 热文: 今年,上市公司热衷做并购基金 ...