据知情人士透露，瑞银集团亚太区全球市场联席主管Thomas de Garidel将在该瑞士银行任职约五年后离 职，寻求其他发展机会。 据知情人士透露，瑞银集团亚太区全球市场联席主管Thomas de Garidel将在该瑞士银行任职约五年后离 职，寻求其他发展机会。 其离职后，Tim Wannenmacher将独掌该业务部门。该部门涵盖股票、外汇、利率及信贷交易业务，同 时经营衍生品与融资业务。Wannenmacher同时兼任OneUBS区域联席主管，该部门负责服务战略客户。 瑞银发言人不予置评。记者未能联系到De Garidel置评。 责任编辑：刘明亮 其离职后，Tim Wannenmacher将独掌该业务部门。该部门涵盖股票、外汇、利率及信贷交易业务，同 时经营衍生品与融资业务。Wannenmacher同时兼任OneUBS区域联席主管，该部门负责服务战略客户。 瑞银发言人不予置评。记者未能联系到De Garidel置评。 De Garidel于2020年加入瑞银，担任亚太区衍生品与解决方案主管，此后被任命为该地区全球市场联席 主管。 责任编辑：刘明亮 De Garidel于2020年加入瑞银，担任亚太区衍 ...

Core Viewpoint - Position management is crucial in trading as it determines the amount of capital to be invested in each trade, impacting both potential profits and the level of risk involved [2][3]. Group 1: Importance of Position Management - Successful traders prioritize long-term stable returns over short-term excessive profits, with effective position management being the core to achieving this stability [4]. - Poor position management is a common reason for trader failures, often leading to significant losses that are hard to recover from [4][10]. - Understanding the mathematical principles of capital loss is essential, as many traders fail to grasp this, leading to complete capital depletion [5]. Group 2: Impact of Losses on Recovery - The difficulty of recovering from losses increases significantly; for example, a 10% loss requires an 11.1% gain to break even, while a 50% loss necessitates a 100% gain [7][8]. - If a trader risks only 1% of their account per trade, even after ten consecutive losses, the account would only experience a drawdown of less than 10% [8]. Group 3: Position Sizing Methods - Fixed Amount Method: This method involves risking a fixed dollar amount per trade, which can lead to inefficiencies as account size grows [11][13]. - Percentage Risk Method: This popular method involves risking a fixed percentage of the account balance per trade, allowing for proportional adjustments as the account size changes [15]. - Volatility-Based Position Management: This dynamic method adjusts position size based on market volatility, using indicators like Average True Range (ATR) [17]. Group 4: Position Management Strategies by Trading Style - Day Trading and Scalping: These strategies typically involve smaller positions with tight stop-losses to manage risk effectively in fast-moving markets [19][20]. - Swing Trading: Positions are held for several days to weeks, with size adjusted based on market volatility and chart patterns [21][22]. - Long-Term Investing: Requires careful consideration of diversification to mitigate risks associated with single asset exposure [23][24]. Group 5: Common Mistakes in Position Management - Ignoring Market Volatility: Failing to account for volatility can lead to severe losses; tools like ATR can help set appropriate position sizes [25]. - Emotional Decision-Making: Traders often let emotions dictate position sizes, leading to mistakes like revenge trading, which can exacerbate losses [26]. Conclusion - Effective position management is key to protecting capital and achieving long-term trading success, requiring discipline and adherence to calculated strategies [27][28].

阿拉伯聯合酋長國杜拜，2026年2月13日 – 全球领先的多资产经纪商集团 PU Prime 宣布，其迪拜分公司已正式获得阿联酋资本市场管理局 (CMA) 颁发的牌照。该牌照（编号：20200000388）由 PU Prime Financial Services LLC 持有，允许公司在阿联酋境内开展金融产品推介服务。这一里程碑标志着该集团全球战略扩张迈出了重要一步，并强化了其为该地区投资者提供安全、透明和世界级交易环境的承诺。目前，PU Prime 已拥有多个主要司法管辖区的牌照，包括澳大利亚 ASIC、南非 FSCA、毛里求斯 FSC 以及塞舌尔 FSA。获得阿联酋牌照证明了 PU Prime 对卓越监管的追求。通过达到阿联酋资本市场管理局设定的严格标准，PU Prime 踏入了获准在全球增长最快的金融枢纽之一运营的精英金融机构行列。“这不仅仅是一张牌照，更是我们对客户的承诺，”PU Prime 产品主管 Ali Afzaal 先生表示，“阿联酋是我们的核心市场。通过获得 CMA 的监管，我们诠释了支持该地区打造稳健金融生态系统愿景的决心。我们希望交易者知道，当他们在 PU Prime 集团旗下的持牌 ...

Core Viewpoint - The Japanese yen has strengthened against most G10 and Asian currencies in early trading, primarily due to concerns about potential intervention in the foreign exchange market by Japanese authorities [1] Group 1: Market Reactions - The remarks from Japanese Finance Minister Shunichi Suzuki and top foreign exchange official Jun Miura have reiterated the government's close monitoring of excessive yen depreciation, sustaining market concerns about possible foreign exchange intervention [1] - The dollar/yen pair has seen a decline for the second consecutive trading day, dropping approximately 1% overnight, following a 0.9% decrease on Monday due to profit-taking [1]

Core Insights - Bitget, the largest panoramic exchange globally, achieved a trading volume growth of 45.5% year-on-year by the end of 2025, ranking sixth in the global market share of centralized cryptocurrency exchanges with a 6.4% market share [2][3]. Group 1: Company Performance - The CoinGecko report highlights Bitget's strong growth, attributed to its innovative product offerings and a robust security system that has built community trust over the years [3]. - Bitget has accelerated its transition to a panoramic exchange model, expanding its business from the cryptocurrency native market to multi-asset trading, including commodities, indices, forex, and precious metals [3][4]. - The introduction of tokenized stock futures has seen strong demand during global earnings seasons, enhancing Bitget's core advantages in liquidity for spot and derivatives trading [3]. Group 2: Market Trends - The report indicates a broader trend where users prefer platforms that offer depth, flexibility, and resilience, as trading activities increasingly encompass cryptocurrencies, macro assets, and on-chain products [4]. - As 2026 approaches, Bitget plans to continue its growth trajectory by expanding its product offerings, strengthening trading infrastructure, and investing in community trust and platform reliability [4]. Group 3: Company Overview - Bitget serves over 125 million users, supporting trading of more than 2 million cryptocurrency tokens, over 100 tokenized stocks, ETFs, commodities, forex, and precious metals [5]. - The company aims to enhance trading intelligence through AI agents, acting as a "co-pilot" for trade execution, and is engaged in strategic partnerships to promote cryptocurrency applications [5]. - Bitget leads the tokenized TradFi market, offering the lowest fees and highest liquidity across 150 regions globally [5].

日本央行最新意见摘要表明，决策层对"落后于曲线"的风险持审慎态度，认为相关风险尚未显著上升， 但强调需及时落实政策。当前日本实际利率仍深陷负值区间，这成为央行推进政策调整的核心背景。 全体成员已达成共识，若未来经济增长与通胀符合预期，将继续沿逐步紧缩的路径加息。这一选择并非 激进调整，而是基于日本经济复苏韧性不足的现实——近三十年超宽松政策形成的惯性、国内消费疲软 以及企业信心薄弱，都使得激进紧缩可能带来风险，渐进调整成为兼顾多方的理性选择。 日元持续走弱与日本央行的政策取向形成呼应。首相高市早苗近期表态称，日元贬值有望为出口导向型 产业创造机遇，尤其可对冲美国关税对汽车行业的冲击。这贴合日本经济的核心特征——汽车、机械设 备等出口品类长期支撑经济增长，日元走弱可提升其海外价格竞争力，并增加企业海外收入的汇兑收 益。 日元贬值也会推高进口成本，加剧输入型通胀，这与日本央行通过加息抑制通胀的目标形成潜在冲突， 使日本在汇率调控与通胀管控之间陷入两难。 美国货币政策走向成为影响全球汇市及日美政策博弈的重要因素。特朗普提名凯文·沃什为下一任美联 储主席的消息推动美元走强。市场普遍解读此举预示美联储将转向更严格、更谨 ...

Core Viewpoint - Kazakhstan's central bank investment subsidiary NIC plans to enhance national crypto reserves using seized cryptocurrencies, gold, and foreign exchange, allocating $350 million for this purpose [1] Group 1: Investment Strategy - NIC will purchase cryptocurrencies through five hedge funds [1] - The allocation of $350 million is aimed at strengthening the country's crypto reserves [1] Group 2: Law Enforcement Actions - The police have shut down 130 illegal exchanges, which generated approximately $124 million in revenue [1] - Assets worth over $5 million have been confiscated as part of the enforcement actions [1]

Core Viewpoint - The Japanese central bank is expected to maintain interest rates at 0.75%, supported by inflation nearing the 2% target level, while remaining vigilant about the current trend of the yen's depreciation [1] Group 1: Economic Indicators - Inflation in Japan is close to the 2% target, which supports the decision to keep interest rates unchanged [1] - The yen has been weakening recently, with only slight stabilization observed in the past few days [1] Group 2: Market Sentiment - The weakness of the yen is primarily attributed to political risks, such as the possibility of early elections [1] - The Japanese central bank may need to adopt a slightly firmer stance to support the yen and avoid exacerbating market tensions [1]

Group 1 - The core viewpoint of the article emphasizes the resilience of the global economy in 2025 despite challenges such as tariffs, inflation, and geopolitical conflicts, and questions whether this momentum can continue into 2026 [1] - The article highlights the collaboration of China's fiscal and monetary policies aimed at promoting domestic demand growth and sustaining recovery, while exploring which sectors may present new opportunities [1] - It discusses the anticipated impact of the Federal Reserve's interest rate cuts and the need for proactive strategies to manage risks while seizing opportunities [1] Group 2 - Key topics for discussion at the forum include the outlook for China's macro economy and policies, trends and opportunities in the offshore credit market under global changes, and capturing opportunities in the bond market amidst macroeconomic uncertainties [1] - The forum will also address new strategies for risk management in foreign exchange and gold investments, as well as trading opportunities in precious metals amidst long-term trends and short-term volatility [1] - Notable speakers include experts from various financial institutions, providing insights into macroeconomic conditions and asset allocation strategies [4][5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The key to the settlement and sale of foreign exchange surplus in December lies in the real return of trade cash flow rather than sentiment. The surge in exports directly boosts the bottom - line of foreign exchange settlement, with the supply side clearly dominant. Enterprises' behavior is more in line with business logic than exchange - rate speculation. Forward hedging is active without squeezing spot foreign exchange settlement, indicating that the market is mainly focused on stable hedging. The US dollar against the RMB is expected to decline slowly, and in the short - term, it may test the 6.90–6.95 range, with limited room for the US dollar to rebound [2]. Summary by Related Catalogs Market Supply - Demand Relationship Analysis Foreign Exchange Market Supply - Demand Balance - In December 2025, the surplus of bank settlement and sale of foreign exchange significantly expanded to 1000.67 billion US dollars (bank settlement of 3179.60 billion US dollars and sale of 2178.93 billion US dollars), indicating a strong end - of - year supply of foreign exchange settlement. This is closely related to high - level export and cross - border payment activities, and the large trade surplus provides strong support for the RMB [9]. - The significant increase in the customer - side foreign exchange settlement momentum is the core of the surplus structure change. The surplus of bank customer - related settlement and sale of foreign exchange jumped to about 999.34 billion US dollars, reflecting the concentrated release of the real demand of domestic enterprises and institutions for foreign exchange settlement [10]. Forward Foreign Exchange Settlement and Purchase Willingness - In December, in the context of a stronger RMB and active trading in the spot market, enterprises' spot trading behavior became more rational. The average spot value of the US dollar against the RMB decreased by about 1.17% compared with November. The spot inquiry trading volume decreased to 345.59 billion US dollars, while the settlement rate of received foreign exchange rose to 61.01% and the purchase rate of paid foreign exchange dropped to 55.41% [13]. - In December, both forward signing and performance increased, reflecting the enhanced demand for cross - period risk management and real - demand matching. Forward foreign exchange sales signing increased to 169.66 billion US dollars, and forward foreign exchange settlement signing rose to 524.32 billion US dollars. The performance on the execution side also strengthened, indicating that enterprises' foreign exchange layout focuses on cash - flow matching and exchange - rate risk management [14]. Analysis of Settlement and Sale of Foreign Exchange Structure Bank's Own Settlement and Sale of Foreign Exchange - In the macro - data analysis of bank settlement and sale of foreign exchange, the bank's internal settlement and sale of foreign exchange activities, mainly including dividend payments, profit repatriation, and capital injection, have a small scale and are seasonal, with limited impact on the overall trend [18]. Bank Customer - Related Settlement and Sale of Foreign Exchange - In December, the surplus of domestic bank customer - related cross - border payments and receipts in the current account significantly expanded. The current - account surplus increased from 552.38 billion US dollars to 1024.65 billion US dollars. The goods - trade surplus increased from 726.66 billion US dollars to 1259.22 billion US dollars, while the service - trade deficit expanded to - 85.34 billion US dollars, and the deficits in income and current transfer items deepened [22]. - In December, the capital and financial account turned from deficit to surplus, with net inflows from securities and other investments as important driving factors. The securities investment account turned from a deficit of 345.99 billion US dollars to a surplus of 108.15 billion US dollars, the direct - investment deficit slightly narrowed, and other investment accounts turned from deficit to surplus [22]. Deconstruction of December's Settlement and Sale of Foreign Exchange Securities Investment - In December, the trading volumes of north - bound and south - bound funds both decreased, indicating a wait - and - see attitude in cross - border equity asset allocation, with limited impact on foreign exchange supply and demand. The trading volumes of the Shanghai - Hong Kong Stock Connect and Shenzhen - Hong Kong Stock Connect decreased to 43563.02 billion yuan and 15900.50 billion yuan respectively, reflecting a slowdown in trading rhythm [28]. Goods Trade - Amid the differentiation in domestic and foreign economic climates, China's manufacturing momentum marginally recovered, supporting export expectations and foreign exchange settlement willingness. In December, China's manufacturing PMI rose to 50.10, back above the boom - bust line, while the US PMI dropped to 51.80 and the eurozone's to 48.80 [34]. - In December, imports and exports rebounded more than expected, and the annual trade surplus reached a record high of 1.2 trillion US dollars. High - tech product exports increased by 13.2% year - on - year, with industrial robots, lithium batteries, and wind - power equipment showing high growth. However, the intensity of foreign exchange settlement is restricted by enterprises' "demand - based foreign exchange" strategy and the relative attractiveness of US dollar interest rates [35].