据华尔街巨头摩根士丹利于周二提交给美国证券交易委员会的文件显示，该机构正寻求监管部门批准， 推出与加密货币代币价格挂钩的交易所交易基金。 文件内容显示，摩根士丹利计划发行追踪比特币和索拉纳币价格的交易所交易基金。 此举将深化该银行在加密货币领域的布局，而距离美国证券交易委员会批准现货比特币交易所交易基金 已过去两年时间。 随着机构投资者对数字资产的接纳程度不断提升，资产管理公司普信集团已于去年提交了首只加密货币 交易所交易基金的相关申请。 责任编辑：李肇孚 据华尔街巨头摩根士丹利于周二提交给美国证券交易委员会的文件显示，该机构正寻求监管部门批准， 推出与加密货币代币价格挂钩的交易所交易基金。 文件内容显示，摩根士丹利计划发行追踪比特币和索拉纳币价格的交易所交易基金。 此举将深化该银行在加密货币领域的布局，而距离美国证券交易委员会批准现货比特币交易所交易基金 已过去两年时间。 随着机构投资者对数字资产的接纳程度不断提升，资产管理公司普信集团已于去年提交了首只加密货币 交易所交易基金的相关申请。 责任编辑：李肇孚 ...

01 复利：被所有人谈论，却极少被真正理解的奇迹 "复利是世界第八大奇迹。"爱因斯坦的这句话被投资界反复引用，但它的真正威力，远比人们通常想象的要震撼和"不公平"。 2026年股市开门红，上证指数站上4000点。相较于2025年在该关口的反复拉锯，本次突破的根基更为扎实。"政策预期"与"科技周期"形成的双轮驱动，为市 场注入了明确的结构性乐观信号。 然而，一个值得深思的问题随之而来：在火热的行情中，有多少普通投资者能真正将指数涨幅转化为账户收益？历史反复印证，牛市中的频繁交易与情绪化 决策，常常是收益的主要损耗源。许多投资者追逐热点、更换策略，最终发现其收益可能不及简单持有宽基指数基金。 掌握更多信息，有时反而让我们离财富增长的真相更远——注意力被海量短期噪声稀释，忽视了那些穿越周期的朴素真理。 全球投资巨擘查尔斯·埃利斯在他的新作《长期复利的简单方法》中，用其跨越六十年的智慧告诉我们一个反直觉的真相： 在这个由超级计算机和量化模型主导的现代金融市场里，普通人最强大的武器，不是更快的反应、更灵通的消息，而是"理性的懒惰"与"遵守纪律的耐心"。 *以下内容摘编自查尔斯·埃利斯《长期复利的简单方法》 埃利斯用一个 ...

The crypto sector has been freed from its annual reference in the Financial Stability Oversight Council's litany of financial risks posed to the U.S. system, though it's not unique in that, because the report has effectively removed much of its focus on "vulnerabilities" to the financial system. The FSOC, established after the 2008 mortgage meltdown that crashed the global economy, was meant to be an early-warning effort in which the council of regulatory chiefs tries to collectively spot dangers coming ...

研究机构22V Research认为，尽管美股市场存在波动，但由于美国经济的强劲表现和市场对人工智能 (AI)的持续热情，做空美股仍然是一件危险的事情。22V Research的策略师认为，消费者支出的增加和 对AI的持续投资可能会支撑生产力，从而推动企业实现更高的利润，进而推高股价。 该评论发表之时，美股已陷入动荡状态，近几周来投资者对关税对经济及货币政策的影响愈发担忧，同 时人工智能领域的投资似乎也与盈利状况脱节。标普500指数从10月份的历史高点下跌了多达5.1%，但 上周又出现反弹——这凸显了在易出现大幅波动的市场中做空的危险性。 周一市场出现了异常现象便可说明做空的风险，Beyond Meat(BYND.US)的股价在没有任何明确利好消 息的情况下飙升了近37%。该股票在2021年的交易价格曾超过190美元，但在10月中旬已跌至0.52美 元。此后三天内，其股价几乎上涨了七倍，但随后又再度下跌。Mazza谈到Beyond Meat时说："做空的 持仓成本会迅速上升。" 交易员们也即将进入美股的季节性上涨期。根据LPL金融公司的数据，标普500指数在12月的平均涨幅 为1.4%，且有73%的时间会收涨 ...

Group 1 - The core viewpoint is that despite Nvidia's impressive earnings, the US stock market experienced a significant reversal, indicating that traders did not receive the risk "full relief" signal they anticipated, leading them to seek hedges against further losses [1] - The S&P 500 index initially surged by 1.9% but later fell by 1.1%, marking the largest intraday volatility since April, with over $2 trillion in market value evaporating from its peak [1] - The VIX index rose above 26, reflecting increased market fear and uncertainty [1] Group 2 - Goldman Sachs' trading department noted an increase in short positions across macro products, including ETFs and futures, indicating a shift in market sentiment [1] - The report highlighted poor market liquidity, with the depth of S&P 500 orders dropping below $5 million, compared to an average of $11.5 million over the past year, which may amplify market volatility [1] - Historical data shows that since 1957, there have been eight instances of the S&P 500 opening up over 1% and then reversing to close down, with an average positive performance following such events [2]

Core Insights - The Federal Reserve's initiation of a rate-cutting cycle has sparked discussions in the market, with the current federal funds rate of 4.11% expected to drop below 3.5% by the end of 2026 [1] - While Wall Street celebrates the anticipated asset appreciation, ordinary households struggle to feel the benefits, highlighting a stark contrast in wealth distribution [1] - The challenge lies in ensuring that more individuals can share in the benefits of the policy adjustments aimed at stabilizing the economy [1] Group 1: Wealth Disparity and Asset Appreciation - Low interest rates combined with high liquidity are driving up financial asset prices, primarily benefiting those who already hold significant stocks and funds [3] - The wealth of the top 0.1% has nearly doubled since 2020, surpassing $23 trillion, with stock investments being the main source of this growth [3] - By 2025, inflows into exchange-traded funds are projected to reach a record $1.25 trillion, further confirming the positive response from asset holders [3] Group 2: Impact on Ordinary Households - The barriers to obtaining mortgages have not significantly decreased due to rate cuts, with most regions requiring six-figure household incomes, far above the median level [7] - The reduction in credit card interest rates is minimal, providing little relief for ordinary workers burdened with small debts, limiting their ability to benefit from the policy [7] - Young individuals, primarily reliant on wage income, hold a low proportion of financial assets, making them less able to share in the asset appreciation benefits [7] Group 3: Savings and Inflation Concerns - Cash savings remain a primary financial strategy for many ordinary families, but lower interest rates reduce savings account yields, slowing wealth accumulation [9] - Borrowing rates closely tied to daily life do not decrease in tandem with the Federal Reserve's rate cuts, leading to delayed benefits for consumers [10] - Inflation pressures persist, disproportionately affecting low-income families and eroding their purchasing power, exacerbating economic strain [11] Group 4: Policy Challenges and Solutions - The Federal Reserve's loose monetary policy aimed to stabilize the economy during crises, but prolonged liquidity injections have inflated asset prices and widened wealth gaps [13] - The Gini coefficient in the U.S. has been rising, indicating increasing wealth inequality, as the elderly rely on returns from monetary market funds totaling $7.5 trillion [15] - Policymakers face a dilemma: excessive easing may trigger inflation, while tightening could hinder economic growth, necessitating a balance between growth and equity [15] Group 5: Future Considerations - Recognizing the inherent limitations of current policies, there is a need for solutions that address wealth disparity while maintaining economic stability [17] - Ordinary families may need to adjust their wealth allocation strategies and increase their financial asset holdings, which requires better financial education and a more favorable investment environment [19] - The ongoing challenge for the Federal Reserve and policymakers will be to find ways to reduce wealth gaps while ensuring economic stability, a critical issue for ordinary households [19]

Group 1 - Paxos has launched the USDG stablecoin in the EU, supported by major institutions like Robinhood, Mastercard, and Kraken, providing access to over 450 million consumers across 30 countries [1][2] - USDG has received certification under the EU's Markets in Crypto-Assets (MiCA) regulation and is regulated by the Finnish Financial Supervisory Authority and the Monetary Authority of Singapore [1] - The stablecoin will be issued by Paxos Issuance Europe OY, which complies with the new EU crypto asset framework, and will maintain cash reserves in European banks for one-to-one redemption [1] Group 2 - There is a growing demand for dollar-pegged currencies, with USDG expected to compete with other regulated stablecoins like Circle's USDC, which is currently the largest MiCA-compliant token [2] - USDG is set to launch in November 2024 and will support the Global Dollar Network (GDN), a coalition of industry leaders aimed at promoting stablecoin adoption [2] - Robinhood has announced a comprehensive suite of crypto products, enhancing its competitive position in the crypto market and indicating the emergence of "tokenized Wall Street" [2]

Group 1 - Retail investors are gradually withdrawing funds from the "Big Seven" tech stocks (Apple, Microsoft, Amazon, Google, Meta, Nvidia, Tesla) and are instead investing in companies with strong performance but declining stock prices [1] - Nvidia is the top stock being sold off by retail investors, indicating a shift in investment strategy as they adjust their portfolios based on stock performance [1] - Beneficiaries of this rotation include stocks like Salesforce (CRM.US), Okta (OKTA.US), and Marvell Technology (MRVL.US), which have underperformed compared to dominant tech stocks [1] Group 2 - During periods of extreme market volatility, there is a notable shift from single stocks to exchange-traded funds (ETFs), with the ratio changing from 80% single stocks to 20% ETFs to 60% single stocks to 40% ETFs [2] - Bitcoin remains a highly sought-after financial product among Robinhood's customer base, with a popular strategy of dollar-cost averaging being favored by younger investors [2] - The average age of Robinhood's customer base is slightly above 30 years, indicating a younger demographic engaging in regular investment practices [2]

据晨星的最新数据，今年一季度，全球投资者持续抛售ESG可持续基金，净流出额高达86亿美 元（约合人民币627亿元），远超历史上任何时期。其中，欧洲投资者更是首次成为净卖家， 为2018年有数据记录以来的首次。 有分析认为，特朗普政府推动的反对ESG和多元化、公平、包容政策的浪潮正在影响全球资产 管理公司，使他们在全球范围内更加谨慎。 今年以来，美国新能源与ESG政策都在发生重大转变。美国总统特朗普此前明确表示，要取消 与清洁能源相关的补贴和激励政策。他反对强制性碳排放披露的规定，他认为这类规定会增加 企业的合规成本，尤其是对能源、制造业等传统行业的负担，可能会削弱美国企业的国际竞争 力。 根据晨星的最新数据，美国投资者连续第十个季度减少对可持续共同基金和交易所交易基金的 敞口，而欧洲投资者则首次成为净卖家，为2018年有数据记录以来的首次，撤资金额达12亿美 元（约合人民币87亿元）。加上亚洲投资者也在减少敞口，全球ESG可持续基金一季度净流出 额达86亿美元（约合人民币627亿元），远超历史上任何时期。 晨星Sustainalytics可持续投资研究主管Hortense Bioy表示："本季度标志着一个转变 ...