索罗斯基金管理公司首席投资官Dawn Fitzpatrick坦言，未 来18到24个月，投资者将经历一段痛苦的时期。在美国软件 公司股价因人工智能（AI）冲击而下跌，以及中东战争扩大等 因素的共振下，不确定性正在加剧。 作者：陈植 封图：图虫创意 2026年3月5日早盘，韩国综合指数与日经225指数分别一度回升11.7%与4.2%，但这已不能阻 止迟洪斐进一步减持亚太地区股票仓位。 他坦言，目前日韩股市波动性太大，存在较高的投资风险。 迟洪斐是一位有着逾10年操盘经验的亚太股票投资基金经理，目前管理着逾4亿美元资金，其中 30%投向日韩股市。 3月4日当天，韩国综合指数与日经225指数分别下跌12.06%、3.61%，其中韩国综合指数创下 过去10多年以来的最大单日跌幅。 迟洪斐认为，日韩股市本轮大跌的直接推手，是中东战火蔓延导致霍尔木兹海峡航运中断。市场预 期，高度依赖中东原油的日韩等亚太地区经济体将首当其冲，从而引发了股市的恐慌性抛售潮。即 便韩国股指出现反弹，但只要中东战火不平息令原油供应不确定性持续升温，股市恐慌性抛售潮依 然"阴魂不散"。 全球资金流向因此骤然逆转。此前，受日本财政扩张政策预期与存储 ...

Core Viewpoint - Fiserv reported quarterly earnings of $1.99 per share, exceeding the Zacks Consensus Estimate of $1.90 per share, but down from $2.51 per share a year ago, indicating an earnings surprise of +4.94% [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - Fiserv's revenues for the quarter were $4.9 billion, matching year-ago revenues but missing the Zacks Consensus Estimate by 0.97% [2] - The company has not beaten consensus revenue estimates in the last four quarters [2] Group 2: Stock Performance and Outlook - Fiserv shares have declined approximately 10.5% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.76 on revenues of $4.86 billion, and for the current fiscal year, it is $8.12 on revenues of $20.55 billion [7] Group 3: Industry Context - The Financial Transaction Services industry, to which Fiserv belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5]

Group 1 - The gold market is experiencing volatility, with a recent 4.40% decline in international spot gold prices, followed by a rebound of over 1.5% due to geopolitical tensions [1] - The upcoming U.S. non-farm payroll report is anticipated to be a key indicator for short-term gold price movements, with expectations of a 55,000 increase in jobs and a decrease in the unemployment rate from 4.6% to 4.5% [3] - The report is significant as it is the first normal monthly employment data following the end of the U.S. government's record shutdown in 2025 [3] Group 2 - Geopolitical risks are identified as a critical variable influencing gold prices, with spot gold prices expected to surpass the 4500 mark in 2026 [2] - Central bank gold purchases are on the rise, with global net purchases exceeding 1,200 tons in 2025, marking a 15% year-on-year increase, and the People's Bank of China has been increasing its gold reserves for 14 consecutive months [2] - The Federal Reserve's monetary policy is at a turning point, with potential leadership changes that could impact future policy directions and, consequently, the gold market [2] Group 3 - Investors are advised to adopt a structured approach to trading around the non-farm data release, including risk management strategies and technical setups [4] - During the data release, it is crucial to remain calm and observe the immediate market reactions, particularly the relationship between the U.S. dollar index and gold prices [5] - Post-data release, if the results significantly deviate from expectations, investors should assess the sustainability of price movements and adjust their positions accordingly [6] Group 4 - The trading platform, Leping Global, emphasizes the importance of professional trading tools in data-driven markets, offering a stable and efficient trading environment [7] - Leping Global provides promotional offers, including double points for trading during the non-farm week, which can enhance trading efficiency for short-term opportunities [7] - The company aims to support investors in navigating market volatility with professional insights and robust strategies [7]

Core Viewpoint - The global market structure has significantly changed over the past decade, requiring traders to adapt to a more complex environment where information processing efficiency is crucial for decision-making [1][17]. Group 1: Information Density and Noise Filtering - The increase in market noise necessitates platforms that can provide stable and efficient analytical tools to help traders filter out irrelevant information and focus on core market structures [3]. - FXCM's multi-platform system, including Trading Station, MT4, and TradingView, excels in chart responsiveness and indicator loading, making it suitable for processing large amounts of market information quickly [3]. Group 2: Multi-Asset Coverage - Multi-asset coverage is essential for enhancing information processing efficiency, allowing traders to determine which markets to focus on and which signals have the highest probability of success [5]. - FXCM offers a wide range of products, enabling cross-market verification of information and reducing the impact of noise from any single market [6]. - The ability to observe multiple asset classes provides clearer trading opportunities and helps traders avoid being misled by isolated market movements [7][8]. Group 3: Execution Speed - The speed of execution is critical in a rapidly changing market, as even the best judgments can fail if not executed promptly [9]. - FXCM's execution system minimizes the time lag between information and execution, which is particularly beneficial for short-term trading strategies [9]. - Faster execution leads to more complete strategy outcomes, closely aligning with traders' initial judgments [10]. Group 4: Global Operational Structure - A global operational framework is vital for maintaining information sensitivity across different time zones, preventing disruptions in the information processing chain [12]. - FXCM's global presence in regions such as the UK, Europe, Australia, South Africa, and Israel ensures that traders can maintain synchronized information access at all times [12]. Group 5: Learning and Research Resources - The availability of educational resources on various financial instruments significantly impacts traders' long-term information processing capabilities [13]. - FXCM provides comprehensive learning materials covering forex, commodities, global indices, and stocks, which enhance traders' ability to process information effectively over time [16]. Conclusion - In an era of information overload, the platform's capabilities determine traders' cognitive limits, making it essential for platforms like FXCM to offer a robust framework that supports efficient information processing and helps traders focus on valuable structural opportunities [17].

Core Viewpoint - The company anticipates a net loss of approximately HKD 5.4 million for the six months ending September 30, 2025, and a net loss of about HKD 6.7 million for the six months ending September 30, 2024, with the reduction in net loss attributed to revenue generated from the new AI-driven solutions division [1] Financial Performance - Expected net loss for the six months ending September 30, 2025: approximately HKD 5.4 million [1] - Expected net loss for the six months ending September 30, 2024: approximately HKD 6.7 million [1] Revenue and Cost Factors - The reduction in net loss is primarily due to revenue from the AI-driven solutions division, which serves as a platform for financial trading solutions and other IT services focused on AI and advanced technologies [1] - Increased costs impacting net loss include: - Higher cost of goods sold, mainly from physical gold sales [1] - Increased subcontracting costs from the AI-driven solutions division [1] - Rising legal and professional fees related to a comprehensive offer, as well as increased promotional expenses for the precious metals trading services division [1] Cost Management - The company has hired additional employees in the People's Republic of China to control costs, resulting in a reduction in employee benefit expenses [1]

Core Viewpoint - The company anticipates a net loss of approximately HKD 5.4 million for the six months ending September 30, 2025, and a net loss of about HKD 6.7 million for the six months ending September 30, 2024, with the reduction in net loss attributed to revenue generated from a new AI-driven solutions division [1] Financial Performance - Expected net loss for the six months ending September 30, 2025: approximately HKD 5.4 million [1] - Expected net loss for the six months ending September 30, 2024: approximately HKD 6.7 million [1] Revenue and Cost Factors - The reduction in net loss is primarily due to income from the new AI-driven solutions division, which focuses on financial trading solutions and advanced technology services [1] - The company has hired additional employees in the People's Republic of China, leading to a decrease in employee benefit expenses [1] Expense Increases - The reduction in net loss is offset by several factors, including: - Increased cost of goods sold, mainly due to physical gold sales [1] - Increased subcontracting costs associated with the AI-driven solutions division [1] - Rising other expenses, particularly legal and professional fees related to a comprehensive offer and increased promotional expenses for the precious metals trading services division [1]

Core Viewpoint - The company anticipates a net loss of approximately HKD 5.4 million for the six-month period ending September 30, 2025, an improvement from a net loss of about HKD 6.7 million for the same period ending September 30, 2024, primarily due to revenue generated from its new AI-driven solutions division [1] Financial Performance - The expected net loss for the six months ending September 30, 2025, is approximately HKD 5.4 million [1] - The net loss for the six months ending September 30, 2024, was about HKD 6.7 million [1] Revenue Drivers - The reduction in net loss is attributed to revenue generated from the new AI-driven solutions division, which serves as a platform for the company's financial trading solutions and other IT services [1] Cost Management - The company has hired additional employees in the People's Republic of China, leading to a decrease in employee benefit expenses [1] - However, the reduction in net loss is offset by several factors, including: - Increased cost of goods sold, primarily due to physical gold sales [1] - Increased subcontracting costs associated with the AI-driven solutions division [1] - Rising other expenses, mainly related to legal and professional fees associated with a comprehensive offer and increased promotional expenses for the precious metals trading services division [1]

Core Insights - The event gathered hundreds of traders and investment enthusiasts despite the rainy weather, showcasing strong participation and interest in trading strategies and mindset management [2][4] Group 1: Event Overview - The summit officially commenced with a speech from a representative of JUNO MARKETS, emphasizing the platform's vision to provide not just information but a clear trading path for users [5] - The introduction of the new JUNO official app and copy trading community was highlighted as a significant enhancement to user experience [7][9] Group 2: Expert Presentations - The first speaker, Pan Lei, shared insights from his 17 years of market experience, focusing on understanding market orders and effective entry and exit strategies, while also stressing risk control [10] - Following him, Mo Fan presented on universal chart rules in asset management trading, discussing market environment assessment, strategy formulation, and the importance of review sessions [12] - KIKI, a distinguished female analyst, concluded the presentations by addressing trading challenges and key success factors, emphasizing market understanding and emotional stability [14][16] Group 3: Interactive Discussions - A roundtable discussion followed the presentations, where the three speakers engaged with attendees on topics such as technical analysis and trading psychology, fostering an interactive and lively atmosphere [18] Group 4: Engagement Activities - To reward participants, JUNO MARKETS organized a raffle with prizes including iPads, iWatch SE, and AirPods, enhancing the event's excitement [22][24] Group 5: Attendee Experiences - Attendees actively documented the presentations, indicating high engagement levels, and some even formed connections for future collaboration [26][28][30]

Core Insights - The event "2025 Trader Technology Summit" was successfully held in Xi'an, sponsored by JUNO MARKETS, aiming to provide a professional exchange platform for local traders [1][5] - JUNO MARKETS emphasizes creating a transparent trading environment, personalized services, and strong technical support, aligning with the needs of traders [1][5] Group 1: Event Overview - The summit featured various industry experts sharing insights on trading strategies and techniques, enhancing the knowledge of local traders [2][3][4] - The event included a roundtable discussion where experts addressed specific trading questions from attendees, fostering an interactive learning environment [4] Group 2: Expert Contributions - Pan Lei, founder of the Panden Trading Training Camp, presented on understanding market orders and a gold trading model, providing practical strategies for traders [2] - Mo Fan, founder of Mo Fan Trading Society, shared universal chart rules applicable to asset management trading, offering actionable insights for risk management [2] - KIKI, Chief Strategy Officer of Ju Xian Trading Academy, discussed trading challenges and introduced advanced techniques like harmonic analysis, enhancing traders' market adaptability [3] Group 3: Engagement and Rewards - The event featured multiple rounds of prize draws, with various rewards including tea gift boxes, AirPods, Apple Watch SE, and an iPad, adding excitement to the learning experience [4] - The interactive nature of the event, combined with the distribution of prizes, contributed to a positive atmosphere and engagement among participants [4] Group 4: Future Commitment - JUNO MARKETS aims to continue supporting traders by providing platforms for exchange and growth, reinforcing the importance of quality trading services for trader development [5]

Core Insights - The China Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the needs of foreign investors in managing RMB interest rate risks [1] - Since its launch on May 15, 2023, "Swap Connect" has facilitated over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion yuan from 82 foreign investors across 15 countries and regions [1] - Future improvements to the "Swap Connect" mechanism will be made in collaboration with domestic and foreign market participants to support the high-level opening of China's financial market and the internationalization of the RMB [1] Group 1 - The establishment of a dynamic adjustment mechanism for "Swap Connect" quote providers and the expansion of the quote provider team [1] - The enhancement of the daily net limit dynamic assessment mechanism, with an increase in the daily net limit to 45 billion yuan starting from October 13, 2025 [1] - The ongoing collaboration with the People's Bank of China and market participants to continuously optimize the "Swap Connect" arrangements [1]