热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 香港联交所最新资料显示，1月29日，摩根大通增持豪威集团（00501）27.71万股，每股作价105.2522港 元，总金额约为2916.54万港元。增持后最新持股数目约为328.08万股，最新持股比例为7.16%。 责任编辑：卢昱君 香港联交所最新资料显示，1月29日，摩根大通增持豪威集团（00501）27.71万股，每股作价105.2522港 元，总金额约为2916.54万港元。增持后最新持股数目约为328.08万股，最新持股比例为7.16%。 ...

于2026年2月12日发行2028票据本金总额为5.5亿美元，利率为SOFR复合指数 + 每年0.48厘浮动利率， 到期日2028年2月12日或与其最近的派息日;于2026年2月12日发行2029票据本金总额为8.5亿美元，利率 为SOFR复合指数 + 每年0.53厘浮动利率，到期日2029年2月12日或与其最近的派息日。 已向联交所申请票据的上市及允许买卖，票据以仅售予专业投资者的债务证券方式于联交所上市及买 卖。预期票据的上市将于2026年2月13日生效。 智通财经APP讯，中金公司(03908)发布公告，于2026年2月5日，发行人、担保人及本公司就根据计划发 行票据与联席全球协调人以及联席帐簿管理人和联席牵头经办人订立认购协议。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月6日早间，中金公司在港交所公告，发行人、担保人及本公司昨日就根据计划发行票据与中金香港证券、花旗及渣打银行作为联席全 球协调人以及中金香港证券、花旗、渣打银行、中国农业银行、中国银行、交通银行、中信银行（国际）、中国建设银行、中国光大银 行香港分行、中国银河国际、兴证国际、招商永隆银行有限公司、民银资本、信银资本、东方汇理银行、星展银行有限公司、国泰君安 国际、华夏银行股份有限公司香港分行、华泰国际、中国工商银行、兴业银行股份有限公司香港分行、南洋商业银行、华侨银行及上海 浦东发展银行香港分行作为联席帐簿管理人和联席牵头经办人订立认购协议。已向联交所申请票据之上市及允许买卖，票据以仅售予专 业投资者之债务证券方式于联交所上市及买卖。预期票据的上市将于二零二六年二月十三日生效。 2029票據的主要條款 | 發行人 | CICC Hong Kong Finance 2016 MTN Limited | | --- | --- | | 擔保人 | China International Capital Corporation (Inter ...

当地时间30日，美国总统特朗普宣布提名凯文·沃什为下一任美国联邦储备委员会主席。 沃什有显赫的家庭背景。他的夫人出身于著名的雅诗兰黛家族，其 岳父罗纳德·劳德是特朗普总统的老友兼重要支持者，是第一个向特朗普提出买下格陵兰岛的人。这为沃什在政界和商界都提供了独特的人脉资源。 图为凯文·沃什 毕业于哈佛斯坦福麻省 最年轻的美联储理事曾反对降息 沃什1970年出生于美国纽约州奥尔巴尼，来自一个犹太家庭。1992年，他获得斯坦福大学公共政策学士学位，主修经济学和政治学。之后，沃什进入哈佛法 学院学习，并于1995年以优异成绩获得法学博士学位。他还曾在麻省理工学院斯隆管理学院和哈佛商学院修读市场经济学和债务资本市场课程。 1995年至2002年，沃什进入摩根士丹利，一路晋升为摩根士丹利并购部门的执行董事。 2002年至2006年，沃什开始进入美国联邦政府的经济决策圈中，担任总统经济政策特别助理兼国家经济委员会执行秘书，为总统和高级政府官员就美国经济 相关问题提供建议。 2006年1月，布什提名沃什填补美联储理事的空缺职位。当时35岁的沃什，成为美联储历史上最年轻的理事，还因其年龄和经验不足而受到一些批评。 特朗普与沃什 ...

Core Viewpoint - The recent volatility in precious metal prices, particularly gold and silver, has led investment banks to increase their bullish positions on gold while cautioning against heavy investments in silver [1][4]. Group 1: Gold Market Analysis - Gold prices experienced a significant drop, falling below $4,800, after a brief rebound earlier in the week [1]. - Despite the recent sell-off, many market observers, including UBS and Goldman Sachs, maintain a bullish outlook on gold, predicting prices could reach $6,200 next month and $5,900 by year-end [2][3]. - UBS identifies that the current sell-off is a normal fluctuation within a structural uptrend, with no signs of a bull market ending [2]. - Goldman Sachs forecasts a price of $5,400 per ounce by December 2026, supported by central banks increasing gold reserves and private investors boosting gold ETF purchases [2]. Group 2: Silver Market Analysis - Silver prices have seen a dramatic decline of over 30% from recent highs, with UBS suggesting that further declines are necessary for the metal to become attractive for investment [4][5]. - UBS highlights that silver's industrial demand complicates its price dynamics, as rising prices may suppress industrial usage [5]. - Analysts from Goldman Sachs express caution regarding silver due to liquidity issues in the London market, which exacerbate price volatility [5]. - American Bank also holds a cautiously optimistic view on silver but notes potential upward resistance from declining solar panel demand [5]. Group 3: Market Volatility and Investor Sentiment - The recent volatility in precious metals has created opportunities for investors seeking returns, despite the associated risks [2]. - UBS emphasizes the need for investors to carefully assess the expected returns on highly volatile assets like silver, which currently do not meet the required return thresholds [4]. - The market remains sensitive to geopolitical tensions and monetary policy changes, which could influence precious metal prices moving forward [1][3].

⾼盛交易部⻔解读沃什将如何影响利率、美联储资 产负债表和市场 泰勒·德登 2026年2⽉3⽇，星期⼆，上午10:55 ⼀夜之间，⾼盛的研究和交易团队发表了他们对⼀个迅速成为市场最重要话题的观点：美联储主席 凯⽂·沃什将如何影响市场。 以下摘录部分要点： 对于时间紧迫的读者，我们摘录了⾼盛经济学家⼤卫·梅⾥克（David Mericle）的⼀份报告的主要 内容，该报告探讨了凯⽂·沃什（Kevin Warsh）担任美联储理事将如何影响市场，题为《 凯⽂ · 沃 什论利率政策、资产负债表政策和⾦融监管》 （仅限专业订阅⽤⼾阅读）。以下是重点内容 （我们 将在下⽂深⼊探讨该报告）。 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 接下来，我们将总结⾼盛交易员 对沃什⽴场的主要看法（ 详情⻅下⽂ ）。 ...

Group 1 - Silver and gold experienced significant volatility, with silver futures rising by 10% to around $92 before dropping to $83, ultimately closing up 5% [1] - Gold futures also saw fluctuations, initially rising by 2.72% before falling to a 1% decline, closing at $4980 [1] - The analyst believes that $100 for silver and $5000 for gold represent major resistance levels, which will become more evident over time as market volatility decreases [1] Group 2 - UBS predicts that international gold prices will reach $6200 next month, followed by a decline to $5900 by the end of the year [2] - A prominent fund manager from Fidelity International stated that they would significantly buy into gold if there is a 5% to 7% market correction, as they believe the current market has eliminated a lot of excess [2] - The analyst agrees with the Fidelity manager, suggesting that if gold prices drop below $4500, it would present a good buying opportunity, although predicting such a drop is challenging [4] Group 3 - The current technical outlook suggests that a second bottom around $4500 would be favorable, with short-term rebounds above $5000 seen as a selling opportunity [4] - The analyst believes that the risk-reward ratio favors buying around the $4500 level, indicating that opportunities may outweigh risks at that price point [4]

Core Viewpoint - The recent unprecedented crash in the international precious metals market, resulting in a loss of $15 trillion in market value within 48 hours, is seen as a significant event, comparable to the collapse of the Bretton Woods system [1] Group 1: Market Reaction and Events - The market initially perceived the crash as a normal correction until the announcement of Kevin Warsh as the next Federal Reserve Chair, which triggered panic across global capital markets [3][12] - The crash occurred during a "liquidity vacuum" period, specifically between 2 AM and 4 AM in Asia, when trading volumes were low, allowing large investment banks to execute massive sell-offs of "paper gold" and "paper silver" contracts [7][9] - A single investment bank reportedly sold a volume equivalent to several months of China's gold production in one day, indicating a premeditated attack rather than normal market behavior [10] Group 2: Impact on Precious Metals and Broader Markets - The crash led to a 36% drop in silver prices and a 12% decline in gold prices, with the cryptocurrency market also suffering significant losses, including Bitcoin dropping below $76,000 and Ethereum falling over 11% [12][36] - The panic spread to stock and bond markets, raising concerns about the stability of these markets [12] Group 3: Political Context and Implications - The catalyst for the market turmoil is linked to Trump's nomination of Warsh, who has a history of shifting monetary policy stances, raising uncertainty in the market [14][16] - Trump's urgency in appointing Warsh is tied to the upcoming midterm elections, with a focus on economic performance and interest rate policies to appeal to voters [18][19] - The dual strategy of maintaining a strong dollar while pursuing aggressive monetary policies poses risks to the market, particularly for gold, which traditionally serves as a hedge against dollar depreciation [21][22] Group 4: Global Economic Dynamics - The crash reflects broader anxieties about the U.S. dollar's dominance, as countries like China, India, and Russia increase their gold reserves amid fears of U.S. debt levels approaching $39 trillion [26][27] - The event signals a potential shift in the global financial order, with the U.S. attempting to suppress gold prices to reinforce the dollar's status as a "hard currency" [26][40] - The trend of "de-dollarization" is accelerating, with the dollar's share in global reserves dropping to 56%, the lowest in 30 years, indicating a shift towards alternative financial systems [27][43] Group 5: Investor Sentiment and Strategies - The crash serves as a cautionary lesson for investors about the volatility of so-called "safe-haven" assets, emphasizing the need for a clear understanding of market dynamics [38][40] - Despite the downturn in gold prices, central banks continue to accumulate gold, suggesting a long-term belief in its value as a stable asset [40] - Investors are advised to remain calm and avoid panic selling, as maintaining a long-term perspective is crucial in navigating the current market landscape [42]

■周尚伃 自中证协启用保荐代表人(以下简称"保代")负面评价公示机制以来，监管从严导向已逐步从政策层面穿 透至执业一线，成为规范投行业务、压实中介责任的重要举措。中证协最新信息显示，目前保代分类名 单D类(暂停业务类)共有16人，其中2025年新增8人，同期移出4人。 这一"名单管理+穿透问责"的模式，标志着监管重心从机构向个人执业资格实质性"穿透"。笔者认为， D类公示机制的核心逻辑在于通过精准锁定个人责任，形成从保代到机构的穿透式约束链，进而系统性 重塑投行执业生态。该机制的影响主要从三个维度展开。 首先，监管惩戒的关键在于精准锚定"签字权"，以此打破长期存在的"机构兜底"惯性。 当个人违规直接挂钩机构分类评价，券商必须重新审视其"三道防线"的含金量。D类公示机制向券商传 递了一个明确信号：保代违规不仅是个人问题，更是机构内控薄弱、管理失职的直接体现。 数据显示，2024年全行业被处罚保代人数为124人，2025年降至85人。这一变化虽反映监管警示已初步 见效，但处罚人数仍处高位，凸显执业质量仍是行业突出痛点，部分机构内控仍存短板。为避免个人行 为波及全公司，券商需要推动"三道防线"切实运转，在立项、尽调 ...

美国财政部在周三公布的季度再融资声明中，决定维持现行中长期债券发行规模不变，符合市场普遍预 期。此举打消了此前关于其可能调整发债结构以降低长期借贷成本的市场猜测。 摩根士丹利策略师团队在其再融资预览报告中指出，美联储的购买计划降低了财政部向市场"过度供 应"短期国债、超出私人部门吸纳能力的风险。 财政部明确表示，计划在"至少未来几个季度内"保持附息债券与浮动利率票据的拍卖额度稳定，这一前 瞻指引已延续使用两年。本季度再融资总额为1250亿美元，具体构成如下： 声明指出，财政部正密切关注美联储为维持银行体系充足储备而自去年12月启动的、持续至今年4月的 月度短期国债购买计划（规模为400亿美元），以及私人部门对短期国债日益增长的需求。此次决定延 续了其长期奉行的"规律且可预测"的债务管理原则。尽管新一届政府关注降低融资成本，但任何削减发 行的举措都可能违背这一核心承诺。 "尽管本届政府对降低融资成本措施的重视，重新引发了市场关于是否会通过更积极地调整 发行组合来达成此目标的疑问，但我们预计财政部目前不会采取此类行动。" 牛津经济研究院首席分析师John Canavan评论称： "声明本身传递了非常稳健的信号，财 ...