来源：上海证券报·中国证券网 自2023年5月15日上线以来，"互换通"为境外投资者开展人民币资产配置提供了便利、高效的利率风险 管理工具。截至2025年8月底，已有来自15个国家和地区的82家境外投资者累计达成人民币利率互换交 易1.5万余笔、名义本金8.15万亿元。 上证报中国证券网讯 据中国外汇交易中心消息，为进一步提升互换通市场活力，更好满足境外投资者 管理人民币利率风险的需求，中国外汇交易中心（以下简称交易中心）将在中国人民银行指导下优 化"互换通"运行机制。具体措施包括：一是建立"互换通"报价商动态调整机制，并扩充报价商队伍。二 是完善每日净限额动态评估机制，并自2025年10月13日起提高每日净限额至450亿元。 未来，交易中心将继续在中国人民银行指导下，与两地基础设施、境内外市场参与者紧密合作，持续优 化"互换通"机制安排，助力中国金融市场高水平对外开放和人民币国际化进程。 ...

9月14日,由JUNO MARKETS赞助的2025年《财商汇2025交易员技术峰会》在羊城广州圆满举行。 金秋时节的广州,尽管高温难耐,仍未能阻挡数百名交易员与投资爱好者的热情。他们齐聚一堂,共同聆听 专业讲师解析黄金交易策略,深入探讨市场智慧与实战技巧。 下午两点,会议正式开始。JUNO MARKETS品牌代表上台致辞,其在简要介绍平台后指出,本次活动旨在 为与会嘉宾呈现前沿市场分析,并共同见证交易策略从模糊到清晰的演变过程,带来富有启发的专业体 验。 干货分享,闪耀智慧之光 会上,三位专业讲师各展绝技,为与会人员带来了一场精彩纷呈的干货分享。 首先,由实战经验丰富的潘磊老师带来主题演讲——《读懂市场主力订单,成为主力跟随者》。 潘老师围绕核心入场模型、每日市场偏见、日内交易区间分析、交易时间段及进出场策略等方向,进行 了深入的技术分析实战讲解。 在关键环节,他贴心提示交易风险,帮助与会人员快速把握市场主要趋势,实现高效交易,获得了一致好评。 紧接着,罗宾老师上台,分享主题为《交易,不是直觉》的演讲。 拥有8年投行机构交易经验的他,结合R.S.R.R.流程,详细讲解了市场环境判断、交易策略制定、止损与仓 ...

分组1 - Usio Inc reported a quarterly loss of $0.01 per share, matching the Zacks Consensus Estimate, compared to break-even earnings per share a year ago [1] - The company posted revenues of $19.96 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 11.32% and down from $20.08 million a year ago [2] - Usio shares have increased by approximately 29.8% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] 分组2 - The earnings outlook for Usio is uncertain, with current consensus EPS estimates at $0.03 for the coming quarter and $0.08 for the current fiscal year [7] - The Zacks Rank for Usio is currently 4 (Sell), indicating expected underperformance in the near future [6] - The Financial Transaction Services industry, to which Usio belongs, is ranked in the top 41% of Zacks industries, suggesting a favorable industry outlook [8] 分组3 - Nayax, another company in the Financial Transaction Services industry, is expected to report quarterly earnings of $0.10 per share, reflecting a year-over-year increase of 225% [9] - Nayax's anticipated revenues are $97.8 million, representing a 25.2% increase from the previous year [9]

Group 1 - The company, Jieli Trading, repurchased 3.092 million shares at an average price of HKD 1.32 per share, totaling approximately HKD 4.0687 million, with a cumulative repurchase of 42.888 million shares this year, representing 6.73% of its total share capital [1] - As of the market close on the same day, Jieli Trading's stock price decreased by 7.59%, closing at HKD 1.34 per share [1] - The stock repurchase is seen as a positive signal, indicating that the management believes the stock is undervalued, which may enhance investor confidence and stabilize the stock price during market fluctuations [1] Group 2 - Jieli Trading is a publicly listed company in Hong Kong, providing a one-stop financial trading service platform that includes securities and futures trading [2] - The company leverages advanced financial technology to integrate various trading resources, creating a convenient, efficient, and secure trading environment for users [2] - Jieli Trading has established a brand presence in the financial trading services sector, maintaining partnerships with numerous financial institutions and continuously innovating to meet the diverse needs of investors [2]

Core Insights - The MT5 trading system by Huangyu Global offers a high-performance platform for gold investors, enabling 98% of trades to be executed within 0.5 seconds, which is crucial in volatile markets [1] - The system features over 80 built-in technical indicators for comprehensive market analysis, enhancing decision-making accuracy for short-term investors [1] - MT5 supports multi-chart, multi-asset, and multi-timeframe analysis, allowing users to monitor gold trends across different time frames [1] - The platform includes user-friendly features such as one-click ordering, bidirectional pending orders, and automated stop-loss and take-profit execution, ensuring stable performance even during major market fluctuations [1] Company and Industry Summary - Huangyu Global has extensive operational experience and holds international financial regulatory licenses, ensuring a safe and transparent trading environment for investors [2] - The company provides interactive teaching and technical support services, enabling users to effectively utilize the MT5 system and enhance their trading skills [2] - Choosing Huangyu Global's MT5 trading system represents a commitment to an efficient, intelligent, and reliable trading partner for gold investments [2]

Group 1 - The U.S. non-farm payroll data is a crucial indicator of the U.S. economy's health and significantly influences global financial markets [1][2] - The non-farm payroll report includes key metrics such as non-agricultural employment numbers, unemployment rates, and average hourly earnings, reflecting the employment status in the non-agricultural sector [2] - The release of non-farm data often leads to substantial market volatility, affecting asset prices like the U.S. dollar, gold, and bond yields [2] Group 2 - The schedule for the release of U.S. non-farm payroll data in 2025 has been outlined, with specific dates and times for each month's report [3] - Non-farm data is typically released on the first Friday of each month, with adjustments for daylight saving time affecting the release times [4] - The July 2025 non-farm data will be released on Thursday, July 3, due to the Independence Day holiday [4] Group 3 - The company, as a leading financial trading service platform, aims to provide professional services to help investors navigate the opportunities presented by non-farm data releases [5] - The company's team of experienced analysts offers detailed market analysis and real-time tracking of market dynamics surrounding non-farm data releases [5] - The company's MT5 trading platform is designed to ensure smooth order execution and quick transactions during periods of high market activity following non-farm data releases [5]

Core Viewpoint - Nayax reported quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share, but showing improvement from a loss of $0.15 per share a year ago, indicating a significant year-over-year recovery [1][2] Financial Performance - The company posted revenues of $81.11 million for the quarter ended March 2025, which was 5.29% below the Zacks Consensus Estimate and an increase from $63.96 million in the same quarter last year [2] - Over the last four quarters, Nayax has surpassed consensus EPS estimates two times but has not beaten revenue estimates during the same period [2] Stock Performance - Nayax shares have increased approximately 39.4% since the beginning of the year, contrasting with a -0.6% decline in the S&P 500 [3] - The current Zacks Rank for Nayax is 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.11 on revenues of $100.62 million, while the estimate for the current fiscal year is $0.57 on revenues of $411.04 million [7] - The trend of estimate revisions for Nayax is currently mixed, which may change following the recent earnings report [6] Industry Context - The Financial Transaction Services industry, to which Nayax belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - DLocal, another company in the same industry, is expected to report quarterly earnings of $0.12 per share, reflecting a year-over-year increase of 71.4% [9]

Core Viewpoint - PayPal's stock has entered bear market territory, showing a significant decline, but its fundamentals indicate it may be undervalued and present a buying opportunity [1][2]. Financial Performance - In 2024, PayPal generated $6.8 billion in free cash flow, a substantial increase from $4.2 billion in 2023 [2]. - Q4 earnings per share (EPS) were $1.19, exceeding estimates by $0.07, with revenue rising 4.2% year-over-year to $8.37 billion [2]. - Total payment volume (TPV) grew 7% year-over-year to $437.8 billion in Q4, reaching $1.68 trillion for the full year, a 10% increase [2]. User Growth and Market Position - Despite a 3% dip in payment transaction volume (PTV) in Q4, full-year PTV increased by 5% to 26.3 billion [3]. - PayPal added 8.8 million active accounts, bringing the total to 434 million, with users making 3% more transactions on average [3]. - The company ended Q4 with $15.1 billion in cash and $11.1 billion in total debt, providing significant financial flexibility [3]. Forward Guidance - PayPal raised its forward guidance for Q1 2025, projecting EPS between $1.15 and $1.17, with a midpoint of $1.16, compared to consensus estimates of $1.13 [4]. - For the full year 2025, EPS guidance is set between $4.95 and $5.10, with a midpoint of $5.03, above the consensus estimate of $4.90 [4]. Valuation Metrics - PayPal's stock trades at a P/E ratio of 14.58 and a forward P/E of 11.6, both significantly below the financial transaction services industry average of 23.28 [6]. - The price-to-free cash flow (P/FCF) ratio is 13.88, and the price-to-sales (P/S) ratio is 1.82, indicating the market may be undervaluing its growth potential [6]. Treasury Stock Holdings - PayPal's treasury stock holdings have grown to $18.5 billion, providing flexibility for future acquisitions and employee compensation plans without diluting current shareholders [7][9]. - The value of treasury stock has decreased from $27.09 billion at the end of 2024 to $18.49 billion as of April 3, 2025, due to stock price decline [8]. Resilience to Economic Factors - PayPal is not directly impacted by U.S. tariffs as it earns revenue from transaction processing services and does not import goods [11]. - Cross-border payment volume accounted for 13% of TPV in Q4, totaling $56.9 billion, indicating growth in international transactions [11].

Group 1 - The article highlights the unpredictability of the U.S. economic outlook, indicating a heightened risk of recession [1] - The U.S. trade policy, particularly the imposition of tariffs, has created confusion and negatively impacted market optimism and investor confidence [3] - Trust in the federal government has significantly declined among U.S. businesses and households across various sectors [3][4] Group 2 - The article discusses the global implications of the U.S. trade war initiated by President Trump, suggesting it has put the global free trade system in crisis [5] - The upcoming "reciprocal tariffs" set to be implemented from April 2 will target countries with significant trade surpluses with the U.S. and higher tariff rates [6][7] - A significant portion of the U.S. trade deficit is with Asian countries, indicating a regional concentration in trade dynamics [8] Group 3 - The article notes that countries like India, South Korea, Thailand, and Vietnam have higher tariff rates than the U.S., which could lead to shifts in the global economic order [9] - The previous U.S. administration's focus on "de-risking" supply chains has been replaced by a new narrative that escalates the trade war, posing risks to global economic security [9] - The uncertainty surrounding U.S. policies has prompted global companies to consider "de-risking" from the U.S. market [10]