公司人事任命 - 摩根大通任命美国银行高管凯文·布伦纳为全球投资银行和并购业务主席 [1]

报告行业投资评级 - 报告未明确给出行业投资评级 [1][2][3][4][5][6][7][8][10][12][13][14][15][16][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34] 报告核心观点 - 主要投行（高盛、摩根大通、美国银行）一致认为美联储将提前结束量化紧缩，预计最早在10月FOMC会议上宣布 [13][18][27][28] - 流动性状况恶化是促使美联储政策转向的关键原因，银行储备金已跌破3万亿美元的关键水平 [7][8][13] - 隔夜逆回购余额已降至接近零，削弱了金融体系的资金缓冲，导致融资市场摩擦加剧 [10][19][23] - 短期融资利率持续走高，担保隔夜融资利率达4.23%，一般担保融资利率达4.21%，显著高于准备金余额利率4.15% [21][22][23] 市场流动性状况 - 银行储备金连续多周下降，再次跌破3万亿美元 [7][8] - 隔夜逆回购余额从过去四年的资金缓冲作用降至近乎零 [10][23] - 常备回购便利操作效果有限，未能有效重新分配准备金和填补流动性缺口 [23] - 融资市场对新增抵押品敏感度提高，寻找边际资金变得更加困难 [23] 主要机构预测与依据 - **摩根大通**：预计QT最快在10月FOMC会议结束，随后从2026年1月开始每月购买约80亿美元国库券进行准备金管理 [18][19][20] - **高盛**：将QT结束的预测从1月提前至10月FOMC会议，依据是鲍威尔关于资产负债表的演讲和融资市场波动性 [27][28] - **美国银行**：认为货币市场利率表明准备金不再“充裕”，系统正接近准备金稀缺状态 [25][26] - **其他机构**：Wrightson ICAP、Evercore ISI和Jefferies也预计QT将在10月会议或年底前结束 [28][29][30] 美联储政策信号与目标 - 美联储对利率波动的低容忍度以及避免重蹈2019年“回购危机”的政治压力是提前结束QT的理由 [19] - 美联储主席鲍威尔曾表示，当银行准备金略高于“充足”水平时将停止缩表，但报告指出该水平已被突破 [30][31][32] - 达拉斯联储主席洛根认为，货币市场利率应接近但略低于准备金余额利率，以实现效率与利率控制的最佳结合 [24]

While the race to define the next era of technology continues, JPMorgan Chase (JPM) has just made its move. The banking giant is staking its chips on quantum computing. Under its sweeping “Security and Resiliency Initiative,” JPMorgan plans to deploy $10 billion into frontier technologies, including quantum, as part of a $1.5 trillion decade-long push into strategic sectors. JPMorgan said it will back companies across all growth stages through financing, advisory support, and capital investment. CEO Jamie ...

JPMorgan Chase & Co has poached three senior investment bankers from Deutsche Bank and Goldman Sachs to expand the M&A team that caters to the business services sector - and isn't done yet - in a push... ...

JPMorgan Chase & Co. (NYSE:JPM) will allow institutional clients to use Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) as collateral for loans, marking a major shift in how Wall Street's largest bank integrates digital assets into its core lending operations, according to Bloomberg.JPMorgan Expands Crypto Collateral ProgramThe program, set to launch by year-end, will let clients pledge Bitcoin and Ethereum for secured loans. A third-party custodian will safeguard the pledged tokens to ensure risk complian ...

Key Takeaways Investors are turning to sales growth as a more reliable measure than earnings in a volatile market.Stocks like UHS, FE, NTES, LW and JPM show solid expected sales growth and strong cash generation.The screen favored firms with low P/S ratios, rising sales estimates and robust operating margins and ROE.Markets started 2025 strong but soon turned volatile amid tariff and geopolitical risks. The Fed cut rates by 25 basis points to 4.00–4.25% in September and signaled two more cuts this year. Des ...

香港联交所最新数据显示，10月21日，摩根大通减持信义光能(00968)1495.4595万股，每股作价3.4694 港元，总金额约为5188.35万港元。减持后最新持股数目约为6.261亿股，持股比例为6.84%。 ...

智通财经APP获悉，香港联交所最新数据显示，10月21日，摩根大通减持信义光能(00968)1495.4595万 股，每股作价3.4694港元，总金额约为5188.35万港元。减持后最新持股数目约为6.261亿股，持股比例 为6.84%。 ...

Rivian Automotive Inc. (NASDAQ:RIVN) is one of the best large cap stocks to buy under $20. On October 20, JPMorgan analyst Ryan Brinkman raised the price target on Rivian to $10 from $9, while maintaining an Underweight rating on the shares. This sentiment was announced as a part of a Q3 2025 preview by the firm for the autos group. JPMorgan Ups Rivian Automotive (RIVN) PT to $10 Amid Mixed Auto Sector View JPMorgan raised its estimates for the auto suppliers, as this sector segment is the firm’s preferr ...

摩根大通(JPM.US)计划在年底前允许机构客户将持有的比特币和以太币用作贷款的抵押品，这标志着 华尔街在加密货币领域的整合程度将有重大提升。据知情人士透露，该计划将在全球范围内推行，其将 由第三方托管机构来保管所质押的代币。该计划是基于摩根大通此前接受与加密货币相关交易所交易基 金作为抵押品的举措而制定的。 这种扩张表明，加密货币正以惊人的速度被纳入金融体系的核心架构之中。今年比特币价格持续上涨， 而特朗普政府也放宽了监管限制，各大银行开始将数字资产更深入地纳入贷款体系。 对于摩根大通而言，这既是一次象征性的转变，也是一次实质性的转变：摩根大通首席执行官杰米.戴 蒙此前曾将比特币贬斥为"被过度炒作的骗局"或"一块宠物石"，但现在他不再将加密货币视为边缘性的 投资选择。相反，它将像股票、债券、黄金以及其他常见的资产一样，被用作贷款的担保品。 最近，戴蒙的态度有所缓和，但仍持保留态度。他在5月份的摩根大通投资者会议上表示："我认为我们 不应该吸烟，但我支持你吸烟的权利。我也支持你购买比特币、尝试它。" 摩根大通并非近期唯一一家积极涉足数字资产领域的老牌华尔街公司。特朗普政府对加密货币持支持态 度，并随后放宽了相 ...