花旗集团将Arm目标价从200美元下调至190美元。 来源：滚动播报 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **oil and refining industry**, focusing on crude oil prices, refining margins, and geopolitical risks affecting supply and demand dynamics. Core Insights and Arguments 1. **Crude Oil Price Trends** - Crude oil prices have strengthened due to disruptions and rising risk premiums, with a near-term target of **$70/bbl for Brent** [1] - The situation with Iran remains fluid, with expectations of escalation before de-escalation, impacting price volatility [1][2] - Recent discussions regarding US-Iran negotiations have eased immediate risk premiums, but concerns about upside risks persist due to US actions and Indian purchases of Russian oil [2] 2. **Refining Margins** - Refining margins are expected to compress further due to: - Potential oil supply disruptions or diversions from Russian oil [4] - Higher year-on-year refinery capacity growth and availability [4][17] - Looser fundamentals of gasoline compared to middle distillates [4][17] - Gasoline inventories are surging, pressuring gasoline crack spreads, while gasoil and jet fuel cracks are supported by tighter inventories and geopolitical risks [5][37] 3. **Geopolitical Risks** - Middle distillates, including gasoil and jet fuel, are more vulnerable to geopolitical disruptions than gasoline due to higher exports from the Middle East [41][42] - The US seeks to negotiate Iran's nuclear disarmament and missile control, while Iran is open to nuclear talks but resistant on other fronts [2][10] 4. **US Oil Inventories** - US commercial crude oil inventories fell by **3.5 million barrels** to **420.3 million barrels**, which is **-3.5 million barrels** compared to the same period last year [62] - Diesel inventories decreased by **5.6 million barrels** to **127.4 million barrels**, while gasoline inventories rose by **0.7 million barrels** to **257.9 million barrels** [63][64] 5. **Market Dynamics** - The US oil market is experiencing a tightening of crude oil and diesel stocks due to cold weather affecting heating demand and refinery activity [62] - The amount of oil on-water worldwide fell by **9.0 million barrels** to **1305.9 million barrels**, indicating a potential shift in supply dynamics [55] Other Important Insights - The geopolitical landscape remains uncertain, with ongoing negotiations between the US and Iran potentially impacting oil prices and market stability [9][11] - The passing of Saif al-Islam Gaddafi in Libya could shift domestic political dynamics, potentially stabilizing the oil sector if governance improves [13] - OPEC+ has quietly tightened supply, with exports dropping from **31 million barrels per day** in early Q4 2025 to **29 million barrels per day** in January 2026 [14] This summary encapsulates the critical points discussed in the conference call, highlighting the interplay between geopolitical factors, market dynamics, and inventory trends in the oil and refining industry.

Group 1 - The issuer of the securities is F.I.S. – Fabbrica Italiana Sintetici S.p.A, with an aggregate nominal amount of EUR 300 million and EUR 470 million [3] - The securities include a fixed-rate senior secured note (SSN FXD) due on February 5, 2031, and a floating-rate senior secured note (SSN FRN) [3] - The offer price for both types of securities is set at 100 [3] Group 2 - No stabilization activities were conducted by the Stabilisation Managers in relation to the securities offer [2] - The Stabilisation Managers include BNP Paribas, Goldman Sachs International, and several other major financial institutions [4] - The announcement clarifies that the securities are not offered for sale in the United States and have not been registered under the U.S. Securities Act of 1933 [5]

Core Insights - The Asia-Pacific equity capital markets (ECM) experienced a full recovery last year, with issuance volume increasing by 27% to $294 billion, marking the fourth consecutive year of growth [1] - It is anticipated that this year will also be prosperous, with the potential for mega IPOs raising between $5 billion to $10 billion (approximately HK$39 billion to HK$78 billion) in the region [1] - The ECM issuance volume in the Asia-Pacific region is expected to have the opportunity to break the record of $369 billion set in 2021 [1]

智通财经APP获悉，花旗集团亚洲区股票资本市场业务联席主管周维明表示，由于美元走弱趋势及预期 美国减息，今年亚太区股权发行环境持续非常有利，去年印度、香港IPO集资额分别约200亿美元、约 370亿美元，今年该两地方的IPO集资额有望破去年纪录，而亚太区内今年可能出现集资规模多达50亿 至100亿美元的超大型新股。 可转换债券方面，Metzger表示，该工具对花旗的客户仍非常有吸引力，"在这个世界格局日益复杂的时 代，真正吸引客户的债券尤其受到投资者的青睐"。 花旗展望2026年海湾合作委员会(GCC)对亚洲，尤其是中国及相关融资的并购活动增加。Jan Metzger 说："中国和亚洲市场对我们的全球客户而言仍是关键市场，跨国企业将不断寻求区域增长契机，而我 们多数业务实为跨境操作。" 花旗集团亚洲区投资银行业务联席主管Jan Metzger预期，香港今年在股权资本市场活动方面表现亮眼， 预期部分国际企业也将在香港上市。周维明表示，中国香港、中国台湾省、日本、韩国等市场正受益于 AI人工智能趋势，这些市场是人工智能投资方面最为活跃，"尽管近日出现一些回调，但我认为这是全 球健康的修正"。 行业主题方面，Met ...

Core Viewpoint - Despite uncertainties related to tariffs and investment opportunities in other regions, companies are still focusing on the U.S. market, indicating its resilience and ongoing demand for mergers and capital [1] Group 1: Economic Outlook - Mark Mason, CFO of Citigroup, stated that the U.S. economy has shown resilience amid trade tensions, with continued momentum in mergers and capital demand [1] - Many CEOs and CFOs are concerned about the potential impact of tariffs and their implications for inflation, but there is no sentiment among multinational companies to "sell off" their U.S. investments [1] Group 2: Investment Sentiment - Companies are expected to realize over time that betting against the U.S. is not advisable, reinforcing the notion that the U.S. remains a strong investment opportunity [1]

Mark Mason has overseen the bank’s investment strategy overhaul since 2019, ultimately leading to a banner year in 2024. He discusses his decision to step down as CFO and join the board in 2026, and what the banking world and his clients expect in the coming year. ...

Pzena Investment Management recently released its fourth-quarter 2025 commentary for “Pzena Focused Value Strategy.” A copy of the letter can be downloaded here. The fourth quarter was defined by strong AI momentum and continued market dominance by mega-cap stocks. In this environment, Pzena Focused Value Strategy underperformed the Russell 1000® Value Index, delivering a net return of 2.5% vs. 3.8% for the Index. Given the limited leadership in the market, the firm still observes appealing valuation differ ...

来源 | 华尔街见闻 黄金正面临自2024年牛市开启以来最关键的技术测试之一。 据The Market Ear分析 ， 金价必须在4600美元（上下浮动50美元）附近企稳，以维持其建设性的市场结构。 当前的下跌主要是由于前期 过度的"错失恐惧症"（FOMO）交易以及缺乏下行风险管理所致，相对强弱指数（RSI）已从91骤降至46，显示出市场已从极度超买迅速转 为自去年8月以来的最低超卖水平。 在经历了一轮由过度拥挤的动量交易引发的剧烈抛售后，金价已回落至去年9月以来的陡峭趋势线附近，并在夜间的迷你闪崩中测试了50日均 线。 万 亿 美 元 热 钱 与 市 场 结 构 失 衡 然而，市场结构的脆弱性依然令人担忧。花旗研究指出，过去三年黄金持有者积累的账面利润高达约20万亿美元，而推动本轮上涨的资金流 入仅约1万亿美元。 这意味着仅需5%的获利盘回吐，就足以抵消全球所有的实物需求，这种巨大的存量获利盘如同一把悬在金价上方的"达 摩克利斯之剑"。 尽管短期内仍有支撑，但机构对中期前景已转趋谨慎。花旗维持未来0至3个月5000美元/盎司的目标价，但预计随着地缘政治风险在2026年 下半年消退以及美联储独立性的确认，金价 ...

格隆汇2月3日｜花旗银行将PALANTIR目标价从235美元上调至260美元。 ...