Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage growth companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7][8] Investment Opportunities - Companies such as Precision Drilling (PDS), The Greenbrier Companies, Inc. (GBX), Green Dot (GDOT), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) exhibit low P/S ratios and potential for higher returns [4][10] - Low P/S stocks can reveal hidden strengths when earnings are volatile or growth is in early stages [10] Company Profiles - **Precision Drilling (PDS)**: Focuses on optimizing operational performance in the oil and gas sector, with a positive long-term outlook supported by upcoming LNG facilities and pipeline expansions. Currently holds a Value Score of A and Zacks Rank 1 [12][13] - **The Greenbrier Companies, Inc. (GBX)**: A leading supplier in global freight transportation, benefiting from strong market demand and a profitable leasing business. Holds a Value Score of A and Zacks Rank 2 [14][15] - **Green Dot (GDOT)**: A pro-consumer bank holding company with a strong position in prepaid cards and Banking-as-a-Service (BaaS). It has low debt and significant cash reserves, currently holding a Value Score of A and Zacks Rank 1 [16][17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, experiencing strong demand in agriculture. The company is focused on cost-cutting and maintaining a strong operating cost structure, with a Value Score of A and Zacks Rank 1 [18][20] - **PagSeguro Digital (PAGS)**: Offers a range of financial solutions in Brazil, focusing on digital banking and payment services. The company is well-positioned for growth with a disciplined strategy, holding a Value Score of A and Zacks Rank 2 [21][22]

随着投资者对日本央行加息的预期升温，日本周四进行的两年期国债拍卖备受市场关注。市场预期此次拍卖的需求将保持稳健。数据显示，两年期日债收益 率约为0.87%，仅比2008年以来的最高水平低几个基点;五年期日债收益率约为1.16%，同样接近17年前的水平。 Bloomberg策略师Mark Cranfield指出："日本债券交易员可能将在今日两年期国债拍卖需求数据公布前处于观望状态。通常而言，两年期债券拍卖并不会引 发波澜，但在当前长期日本国债市场高度敏感的环境下，每一次债券发行都给收益率曲线带来额外风险。" 日本超长期国债的收益率也在攀升，原因是日本央行逐步缩减其大规模债券购买计划。除了担忧不断上升的通胀之外，在日本执政联盟于7月上议院选举中 失利后，市场对日本政府将出台新的财政刺激政策的预期也引发了对日本国债发行规模增加的担忧。 在美联储杰克逊霍尔年度研讨会上，日本央行行长植田和男表示，日本紧张的劳动力市场可能会持续推动工资上涨。这进一步加剧了市场对日本央行可能最 早在10月货币政策会议上采取行动的猜测。市场目前预计日本央行在10月加息的可能性约为53%。 市场对日本央行加息预期的升温受到日本经济增长韧性以及 ...

稳定币监管元年 美国立法冲击波 编者按赶在中国香港《稳定币条例》生效前，《指导与建立美国稳定币国家创新法案》被美国国会高效 通过，并经总统行政令签署生效。该法案一经出台，立刻受到全球市场高度关注--美国的战略意图何 在，是否会加速重构全球资本流动格局，能否推动国际货币规则演进，进而影响全球金融治理体系变 革，其背后的区块链等基础设施标准将如何上演大国博弈。对于这些扑朔迷离的问题，中国经济时报约 请该领域的专家为读者揭开稳定币的神秘面纱、梳理《美国稳定币法案》对各方影响的逻辑链条。 整体看，《美国稳定币法案》的核心逻辑在于：通过法律手段将稳定币锚定于美元，使其成为"数字美 元"的载体。法案明确规定，所有在美国境内发行或面向美国用户提供的稳定币，必须以1∶1比例持有美 元现金或短期美国国债作为储备，并接受美联储与财政部的定期审计。这一制度设计，本质上是将美元 信用嵌入区块链协议之中，实现"数字美元化"。这种"稳定币—美债"闭环机制，为美国财政提供了新的 融资渠道。在全球资本寻求安全资产的背景下，稳定币发行商对短期美债的持续购买，有助于压低美国 政府的融资成本，缓解财政赤字压力。正如20世纪70年代"石油美元"通过 ...

TransBnk has raised $25 million in a round led by Bessemer Venture Partners to India's digitize corporate banking. https://t.co/IbtEJSd6g7 ...

广东省财政厅相关负责人表示，广东连续多年在澳门发行地方政府债券，将推动澳门加快发展债券市场 等现代金融业，促进经济适度多元发展，更好融入国家发展大局。 本次发行受到中国澳门、中国香港、新加坡、马来西亚、泰国、印度尼西亚等多地商业银行、投资银行 和资管机构的高度关注和踊跃认购。2年期、3年期、5年期发行利率分别为1.63%、1.75%、1.85%，投 标倍数达4.7倍。 据悉，此次共发行3只地方政府专项债券，其中2年期专项债券（5亿元），是广东首次在境外发行的蓝 色债券，所筹集资金将用于珠三角地市蓝色项目建设，对于节能降碳、保障水资源可持续利用、促进可 持续发展等具有积极作用，也是广东践行"绿水青山就是金山银山"理念、深入推进绿美广东生态建设的 具体体现；3年期专项债券（15亿元），所筹集资金将用于支持横琴粤澳深度合作区和第十五届全国运 动会相关项目建设，以进一步支持粤港澳三地协同发展，加速琴澳一体化进程，助力粤港澳大湾区加速 融合；5年期专项债券（5亿元）为绿色债券，所筹集资金将用于珠三角地市清洁交通及可再生能源等绿 色项目建设。 8月26日，广东省政府在澳门特别行政区成功发行25亿元离岸人民币地方政府债券， ...

Economic Landscape and Gold Prices - The current economic environment is characterized by rising uncertainty and fragile investor confidence, with comments from Fed Chair Jerome Powell, geopolitical tensions, and increasing inflation expectations contributing to a rally in gold prices [1][3] - Strong fundamental indicators suggest that gold's gains could extend into late 2025 and 2026, making a case for increased portfolio allocation towards gold [1] Interest Rate Expectations - Powell's recent speech indicated a potential interest rate cut, which is expected to boost gold prices as the U.S. dollar typically weakens with rate cuts, making gold more attractive [3][4] - The CME FedWatch tool shows an 87.3% likelihood of a rate cut in September, up from 75% prior to Powell's speech, with even higher probabilities for subsequent months [4] Dollar Value and Gold Demand - A weaker U.S. dollar, which has fallen approximately 7.79% over the past six months, is expected to further lift gold prices as it increases demand for gold among foreign buyers [5][6] Inflation Expectations - Rising inflation expectations, with a 12-month forecast increasing to 4.9% in August from 4.5%, and long-term expectations rising to 3.9% from 3.4%, make gold an attractive hedge against inflation [8][7] Central Bank Activity - Central banks are increasingly strengthening their gold reserves, which may drive up gold prices amid ongoing geopolitical and economic instability [9] Investment Strategies - Investors are encouraged to adopt a long-term passive investment strategy in gold, viewing it as a hedge against market volatility, and to consider a "buy-the-dip" approach [11] - Recommended ETFs for gold exposure include SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and others, with GLD being the most liquid option [12][13] Performance of Gold ETFs - GLD has an asset base of $102.67 billion, the largest among gold ETFs, and has gained about 35.6% over the past year, while GLDM and IAU are the cheapest options for long-term investing [13]

资金面均衡偏松，资金利率小幅下行，DR001在1.31%附近，DR007在1.49%附近。 | | | | 银行间资金 | | (2025.08.26) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 同购代码 | 加权利率 | 变化 | 利率走势 | | 最高利率 | 变化 | 成交量 | 变化量 (亿 | 成交量占 | | | (%) | (bp) | | (近30天) | (%) | (bp) | (亿元) | 元) | 比 (%) | | R001 | 1.36 | P | 11 | | 1. 80 | -12 | 64876. 02 | -7.59 | 85.20 | | R007 | 1.53 | -4 | | N | 2.09 | 9 | 9283. 05 | 47.73 | 12. 19 | | R014 | 1.54 | -2 | | | 1.80 | 7 | 1775. 97 | 545. 42 | 2.33 | | R1M | 1.55 | 0 | In | | 4.00 | 0 | 86 ...

Group 1: Federal Reserve Developments - President Trump fired Federal Reserve Governor Lisa Cook amid allegations of mortgage fraud, raising concerns about the Fed's independence under his administration [4][6] - Cook's dismissal could lead to a more dovish majority on the Federal Reserve Board, as Trump would have another opportunity to appoint a member [5] - The dollar experienced a nearly 0.4% drop following the news of Cook's firing, indicating market sensitivity to changes in Fed leadership [6] Group 2: Economic Indicators and Market Reactions - Stock index futures fell slightly, with S&P 500 futures down 0.1%, Nasdaq 100 futures down 0.1%, and Dow futures down 0.2% [3] - The 10-year Treasury yield rose by 2 basis points to 4.3%, while the 2-year yield fell by 2 basis points to 3.71% [4] - Upcoming economic data includes July Durable Goods Orders expected to decrease by 4%, and home prices projected to rise by 2.6% year-over-year in June [8][9] Group 3: Trade and Tariff Threats - President Trump threatened to impose substantial additional tariffs and export restrictions on countries with digital taxes targeting U.S. tech firms [9][10] - Digital services taxes (DSTs) in Europe disproportionately affect American tech giants like Apple, Alphabet, Amazon, and Meta Platforms, while exempting Chinese firms [10] Group 4: Federal Reserve Chair Nomination - Kevin Hassett, a potential nominee to replace Fed Chair Jerome Powell, indicated that Trump is expected to name the next head of the central bank in a few months [11] - Hassett noted that Powell's openness to a rate cut would not influence Trump's decision to extend Powell's term [11]

MicroStockHub/iStock via Getty Images Listen here or on the go via Apple Podcasts and Spotify Steven Bavaria, from Inside the Income Factory, discusses credit assets (0:30). Contextualizing PBDC's expense ratio (5:00). Clearing up confusion around Collateralized Loan Obligation, CLOs (7:00). Diving into Barings Global Short Duration High Yield Fund (12:55). Ares Dynamic Credit Allocation Fund (15:15). This is an excerpt from last month's webinar, Investing For Income In An Uncertain Market. Transcrip ...

August 24, 2025 07:26 PM GMT Investor Presentation | Asia Pacific M Foundation Growth Cool, Policy Drip, Market Buoyant Related Reports: Growth Cool, Policy Drip, Market Buoyant (21 August 2025) Is the HIBOR Spike a Headwind? (20 August 2025) 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 For important disclosures, refer to the Disclosure Section, located at the end of this rep ...