Elias Chen commented on a stock · Oct 5 21:33

UBS Asset Management (UBS Asset Management) is too hypocritical, saying one thing and meaning another.

UBS Group AG (ubs group) is a multinational investment bank and financial services company established in Switzerland. UBS Group has two headquarters, located in Zurich and Basel, Switzerland; as the largest swiss bank institution globally, UBS Group has offices in major financial centers around the world. UBS Group is known for its strict confidentiality policy regarding client information and banking secrecy culture.

Significant shareholding expansion of Tesla stocks

UBS Group: Target price for Tesla is $147, lowering second-quarter deliveries to 0.42 million units.

UBS's research report stated that Tesla's second-quarter deliveries for the 2024 fiscal year were revised down to 0.42 million units, a 10% decrease year-on-year and a 9% increase quarterly. This is 5.5% lower than the market's forecast of 0.445 million units. Based on discussions with the bank and investors, expectations are also around 0.41 million to 0.425 million units. Therefore, the bank's forecast falls within the upper limit range. The bank will reassess its evaluation after the company announces its second-quarter performance.

The bank pointed out that the market is looking forward to the company's launch of Robotaxi on August 8th, believing that Tesla's technological development in Robotaxi and Optimus is progressing well. However, it is believed that the impact on the company's performance will be reflected later, likely in 2025 to 2026.

UBS Group set the target price for the company at $147 and maintained a "neutral" rating.

With the rise of the Swiss banking industry, UBS Group's predecessor, Winterthur Bank, was established in 1862. By 1890, the Swiss Bank Corporation had grown into a private banking group; benefiting from Switzerland's international neutral policy environment, the Swiss Bank Corporation experienced significant growth. In 1912, Winterthur Bank merged with Toggenburg Bank to become United Bank of Switzerland, rapidly expanding thanks to the bank secrecy provisions stipulated in the Federal Banking Law of Switzerland. After decades of competition, Swiss Bank Corporation and United Bank of Switzerland merged in 1998 to form 'UBS Group'.

Entering the 21st century, the concurrent rise of UBS Group and Credit Suisse in Switzerland solidified their duopoly position in the Swiss private client market. UBS Group suffered significant losses during the 2008 subprime financial crisis due to the failure of its asset rescue program, followed by a $2 billion trading loss in 2011 caused by the rogue trader scandal. In 2012, UBS Group redefined its wealth management business and restricted its sales operations.

In addition to private banking services, UBS Group also provides asset management, wealth management, and investment banking services to individuals, corporations, and institutional clients, offering global services. UBS manages the world's largest private wealth, with half of the world's billionaires as its clients. Despite UBS Investment Bank scaling back its sell-side business, it is still considered one of the 'global behemoths' and a major market maker. UBS has constructed numerous underground vaults, bunkers, and storage facilities near the Swiss Alps and in certain international locations to store the gold bars it controls. Due to its bank secrecy policies, UBS Group has been a primary target of tax evasion investigations by authorities in countries like the USA, France, Germany, Israel, and Belgium. According to the 2018 Financial Secrecy Index, UBS ranked first and second in its main business locations of Switzerland and the USA, respectively. With its significant market share, UBS Group has become a systemically important financial institution and a universal bank in multiple countries. At the end of 2016, UBS established a blockchain technology research lab in London to enhance its cybersecurity and encrypt customer activities.

At the end of January 2020, UBS officially released its 2019 financial report. UBS announced an operating profit of $28.889 billion at the end of 2019, a 4.3% year-on-year decrease. Pre-tax profit decreased by 7% year-on-year to $5.577 billion. Net income attributable to shareholders dropped by 5% year-on-year to $4.304 billion.

UBS Group has gained significant market share in the banking industry and high brand loyalty due to its capital strength, secrecy policies, and banking discretion. However, it has also faced criticism for facilitating tax non-compliance and offshore finance.

UBS' logo consists of three stars arranged on the left like keys and the three letters 'UBS' on the right. This logo was first used in 1937 and has since been established.
• The three keys used to represent safety, trust, and confidentiality. Now they represent pillars, principles, and ways of behavior.
• UBS, formerly known as Union Bank of Switzerland (also known as Swiss Bank Corporation, SBC).

瑞银的运营结构包含企业中心和四个业务部门：全球财富管理、个人&企业银行业务、资产管理以及投资银行。瑞银的财务报表由4个业务部门和企业中心提供分布报告组成。

全球财富管理（Global Wealth Management）

瑞银客户顾问会通过和高净值个人沟通了解其财务状况和需求，从而提供相对应的财富管理方案和资讯，如股票、债券、基金和货币市场工具及瑞银证券研究报告等，帮助客户做出财务决定。
2016年，瑞银台湾新增AI人工智能，针对账户内最低资产净值为0.25 million美元的个人设计了一个瑞银智能财富管理服务（UBS Advisory），实行会员制，只对个人固定账户收取0.2%作为信托保管年费。瑞银台湾作为此项服务在亚洲地区的试点，第一个利用IT系统将市场资讯和瑞银的观点即时发送给用户，提供投资参考。日后可能会进入中国大陆市场。

个人 & 企业银行业务（Personal & Corporate Banking）

此项服务针对瑞士本土的个人、企业和机构提供金融产品服务，目前并不对全球开放。该业务是瑞银在瑞士作为“全能银行”的核心要素。其通过推荐私人、公司机构以及增加客户财富，以便将其转到财富管理部门。个人和企业银行业务可影响瑞银集资及投资银行业务的交叉销售潜力，并管理瑞银瑞士基础设施和银行产品平台的重要部分。

Asset management (Asset Management)

UBS Group provides asset management services for private clients, intermediaries, and institutions. Asset managers operate the client's assets for compensation according to the provisions of the asset management contract.
Asset management is a global business involving 23 countries. It provides investment capabilities and strategies covering major traditional and alternative asset classes to institutions, intermediaries, and wealth management clients worldwide. UBS Asset Management is the largest mutual fund manager in Switzerland, a leading fund company in Europe, and one of the world's largest hedge fund and real estate investment management companies.

Investment Bank

As an intermediary, an investment bank actively participates in the flow of capital markets, including a range of securities sales, trading, and market-making, seeking direct financing opportunities for fundraisers, investment opportunities for investors, and collecting commissions. UBS Bank provides expert advice, innovative solutions, and comprehensive access to international capital markets for corporate, institutional, and wealth management clients. It offers consulting services, cross-asset research, as well as stock, foreign exchange, precious metals, self-selected interest rates, and credit market information to clients through its business divisions, corporate client solutions, and investment client services.

According to Swiss law, UBS Group is a joint-stock company. Its shares are listed on the Swiss Exchange and the New York Stock Exchange. In November 2014, UBS Group was relisted on the Swiss Exchange and the New York Stock Exchange as a new holding company and trading commenced. On February 14, 2015, the changes took effect, and UBS Group's subsidiary UBS was delisted from the NYSE.

During the 2008 subprime mortgage crisis, the Government of Singapore Investment Corporation (GIC) injected 11 billion Swiss francs into UBS Group to rescue it, becoming its largest single shareholder at the time. In 2017, GIC reduced its UBS stake by half and is no longer its largest shareholder.
According to Swiss Securities Trading Act, UBS disclosed shareholders holding over 3% of UBS total share capital in its year-end 2017 report: BlackRock 5.01%, Nordea Bank 3.30%, and Artisan Partners Asset Management 3.05%. Additionally, UBS Group also discloses shareholders registered above 3% in its shareholder register. As of the end of 2017, UBS shareholders holding over 3% include Chase Nominees Ltd at 11.83%, DTC (Cede & Co.) at 7.23%, and Nortrust Nominees Ltd at 4.48%.
In the third quarter of 2018, the equity allocation of UBS Group is as shown in the table:

In the third quarter of 2018, the shareholder ratios and stakes of UBS Group in various regions are as shown in the table:

According to UBS's 2017 annual report, it has offices in all major global financial centers, covering 51 countries worldwide. Among UBS Group's 0.061 million employees, 34% work in the Americas; 34% in Switzerland; 18% in Europe, the Middle East, and Africa; 14% work in the Asia Pacific region.

The shareholders' meeting is the highest body of UBS, inviting all shareholders with voting rights to participate.

UBS Group's former Chairman Marcel Ospel withdrew his candidacy for re-election at the shareholders' meeting held on April 23, 2008. As a result, his position was taken over by the Group's General Counsel, Peter Kurer. On April 15, 2009, Kaspar Villiger succeeded Peter Kurer as Chairman. Former Deutsche Bundesbank President Weber was nominated as a board member for 2012 in mid-2011, hoping to succeed Villiger as Chairman after his term ends in 2013. However, Villiger announced his resignation as UBS Group Chairman in May 2012, along with the resignation of UBS Group Director Bruno Gehrig.

Due to the 2011 UBS rogue trader scandal, Oswald Grübel, the then CEO of UBS Group, announced his resignation. He was soon succeeded on September 24 of the same year by Sergio Ermotti. According to The Wall Street Journal, the real candidates during the succession process for the UBS Group CEO position were Sergio Ermotti, who oversaw business in Europe, the Middle East, and Africa, and Carsten Kengeter, who oversaw the investment banking business. Ermotti had worked for Merrill Lynch for many years and left Credit Suisse in April of that year before joining UBS Group; Kengeter, on the other hand, is German and had previously worked at Goldman Sachs before joining UBS Group in 2008. Kengeter reportedly had disagreements regarding the compensation levels and other matters of UBS investment bankers.
Before Oswald Gruebel, the CEO of UBS Group was Marcel Ospel. He resigned on February 9, 2009, and was succeeded by Gruebel. On April 1, 2009, Gruebel appointed Ulrich Koerner as Group Chief Operating Officer and CEO of Corporate Center. Koerner's main task was to reduce management expenses and increase profits. At the shareholder meeting held in May 2016, Robert W. Scully and Dieter Wemmer were elected as new members of the board. Also at this meeting, Martin Blessing was appointed to succeed Lukas Gaehwiler as Head of Personal & Corporate Banking; while Gaehwiler would become Chairman of UBS Switzerland on September 1, 2016.

In 1848, Switzerland established a federal government organized by 22 independent states. The cotton textile industry and silk textile industry rapidly flourished, followed closely by the watchmaking industry. At that time, about 170 banks and various private bankers existed, but there was a lack of large banks with the ability to provide funding for national industrial development like the construction of national railways. To keep up with industrialization and the increasing demand for significant financial strength, the two main sources that can be considered the predecessors of today's UBS Group emerged in the latter half of the 19th century: Schweizerische Bankgesellschaft SBG (Swiss Bank Corporation) and Schweizerischer Bankverein SBV (Swiss Bank Association). Switzerland's banking industry benefited from Switzerland's neutral stance during WWI and WWII, becoming the preferred route for capital flows in a relatively stable political and economic environment.
In June 1998, UBS AG was established in Zurich, Switzerland, formed by the merger of the Swiss Bank Corporation (SBG) founded in 1912 and the Swiss Bankers Association (SBV) founded in 1897. The English name of the Swiss Bank Corporation (SBG) is Union Bank of Switzerland, abbreviated as UBS, which has become the main symbol of UBS Group today. In 2000, UBS Group successfully acquired the well-established US investment bank PaineWebber, which is also a very important part of UBS today.

In 1862, Bank in Winterthur was established with a capital of 5 million Swiss francs, showing significant strength at that time. This marked the first milestone in the development history of UBS. The city where Bank in Winterthur is located is called Winterthur, which then had a population of only 0.01 million and later became the industrial center of northern Switzerland in the second half of the 19th century, playing a crucial role in the development of the Swiss railway network.
In 1863, Toggenburger Bank in the eastern Swiss canton of St. Gallen was founded with a capital of 1.5 million Swiss francs. At that time, the bank mainly focused on local real estate mortgages and savings businesses, while also making contributions to the development of the regional textile industry.

In 1912, Bank in Winterthur and Toggenburger Bank merged to form the Swiss Bank Corporation (Schweizerische Bankgesellschaft SBG).
In 1917, the Swiss Bank Corporation (SBG) moved to 45 Bahnhofstrasse in Zurich, which is still the headquarters of UBS today. In 1919, it successfully absorbed the Altor Credit Bank, merged with the Sottler Bank established in 1893 in 1928, and merged with the Bern Commercial Bank established in 1863 in 1938. In 1945, its headquarters relocated from Winterthur and St. Gallen to Zurich, the economic center of Switzerland at the time, and took over the then highly turbulent Federal Bank.

As Winterthur gradually developed into an industrial center in the Zurich region of Switzerland, the city of Basel at the junction of Switzerland, France, and Germany emerged as a leading economic center in the northwest of Switzerland. Basel was an important European hub at the time, leveraging its unique geographical location and the development of its silk industry to become a key trade export city.
In 1872, six private banks in Basel founded the Basler Bankverein. Through a series of mergers and acquisitions, Basler Bankverein eventually evolved into the Swiss Bank Association (SBV) in 1897, becoming the first Swiss bank to open a branch in London. In 1901, the Swiss Bank Association began to regularly publish market analysis surveys.
In 1965, the Swiss Bankers Association opened a Hong Kong office. In 1967, the Swiss Bankers Association merged with a commercial company, becoming the largest Swiss bank at that time. In 1975, the Swiss Bankers Association successfully opened a branch in New York. In 1995, the Swiss Bankers Association acquired the investment banking business of S.G. Warburg Group, the largest investment bank in London since 1946, for 1.39 billion US dollars, forming today's UBS Hua Bao Company. In 1997, it acquired Dillon, Read & Co.established in New York in 1832. Through the acquisitions of Dillon Read and S.G. Warburg, the Swiss Bankers Association laid the foundation for the global investment banking business of UBS Group in the future. On July 30, 1997, the Swiss Bankers Association was renamed United Bank of Switzerland.

After the renaming, the Swiss Bankers Association, now the United Bank of Switzerland (UBS) and the Swiss Banking Corporation (SBC), legally completed their merger on April 27/28, 1998, forming today's UBS Group. The first chairman after the merger resigned in October 1998 due to significant losses in long-term capital management investments. In 1999, UBS Group took over GAM, a company specialized in providing investment portfolio management and investment fund services to individuals and institutions. Also, in the same year, UBS terminated a 10-year cooperation agreement with Swiss Reinsurance, selling its shares involved and thereby exiting the insurance industry.
In 2000, UBS sold several businesses in Switzerland, acquired several U.S. companies, gradually improving its presence in the U.S. business, especially successfully acquiring PaineWebber, the fourth-largest brokerage at the time, for $12 billion. UBS renamed the acquired company to 'UBS PaineWebber'. By the end of 2001, total assets were 1.18 trillion Swiss Francs. In 2002, net income was 3.5 billion Swiss Francs, surpassing Deutsche Bank to become the largest banking group in Europe by assets, ranking 7th globally in investment banking revenue. In 2003, UBS ranked third in terms of asset size among international financial institutions, only behind Citigroup and Mizuho Financial Group in Japan. From June 9, 2003, all institutions under UBS Group, including UBS Paine Webber and UBS Warburg, were formally renamed with the 'UBS' prefix.

In early 2007, the subprime crisis broke out, and UBS became the first bank on Wall Street to announce huge losses. According to the subprime investment loss report submitted by UBS to the Swiss Federal Banking Commission, UBS's subordinated debt losses mainly originated from three areas: hedge fund division Dillon Read Capital Management, collateralized debt obligations (CDO), and asset-backed securities (ABS) businesses. The bank's top management did not foresee the severity of the subprime issues in a timely manner, leading to subprime debt losses as high as $38 billion. UBS closed the hedge fund division Dillon Read Capital Management in May 2007, with losses in mortgage-related securities accounting for 16% of UBS's 2007 asset write-down. Additionally, two-thirds of the losses in the $19 billion write-down announced on April 1st came from investment departments associated with mortgage bond investments.
In 2008, UBS suffered heavy blows from the global financial crisis, with customers losing confidence in the bank and withdrawing 85.8 billion Swiss Francs. UBS recorded a loss of 19.7 billion Swiss Francs for the year, reducing approximately 2000 job positions. On October 16th of the same year, the Swiss government announced an injection of 6 billion Swiss Francs (equivalent to $5.3 billion) into the troubled UBS Group, acquiring a 9% stake. Simultaneously, the Swiss National Bank announced a plan to purchase bad assets worth $60 billion from UBS's balance sheet by providing long-term loans.
Starting in 2009, UBS Group began providing services to retail banks and commercial banks in Switzerland.
On April 20, 2009, UBS sold its financial services business UBS Pactual in Brazil to Brazilian investment bank BTG Pactual for approximately $2.5 billion.
On April 16, 2010, UBS delisted from the Tokyo Stock Exchange, with the listing number at the time being 8657. By the end of 2010, the Singapore government investment corporation owned 6.4% of UBS shares and had previously injected 11 billion Swiss Francs into UBS by purchasing preferred shares, becoming UBS's largest shareholder at the time.
On September 14, 2011, UBS risk management staff revealed that due to a rogue trader at UBS's London branch, the group suffered massive losses ranging from $20 to $2.3 billion.
Due to its confidentiality principles regarding client information, UBS Group is closely associated with tax evasion, money laundering, etc. in the eyes of many countries, and has been subject to long-term accusations from the USA and EU countries. In 2014, under pressure from various sectors in the USA, UBS Group pledged to assist in preventing foreign citizens from evading taxes overseas, and automatically provide detailed information on foreign account holders to other countries. On November 12 of the same year, financial regulatory authorities in the UK, USA, and Switzerland ruled on a case of exchange rate manipulation, imposing a total fine of 3.4 billion USD on five major global banks - Citibank, HSBC, JPMorgan Chase, Royal Bank of Scotland, and UBS. On October 8, 2018, UBS Group faced a trial in Paris, France, with the French government accusing it of illegal solicitation of clients and money laundering. If UBS Group loses the case, it may face fines of nearly tens of billions of euros.
On March 19, 2023, the Swiss Federal Department of Finance, Swiss Financial Market Supervisory Authority, and Swiss National Bank jointly initiated the UBS Group's acquisition of UBS to resolve the confidence crisis caused by UBS, announcing a maximum of 30% reduction in staff (reaching 36,000 people). On April 2 of the same year, the Swiss Federal Prosecutor's Office stated that it had launched a criminal investigation into UBS's acquisition of UBS.

Today, UBS Group is a conglomerate representing dozens of individual companies, many of which can trace their history back to the 19th century. Over the years, these companies gradually merged into the three major predecessors of UBS Group: Union Bank of Switzerland, Swiss Bank Corporation, and Paine Webber. Below is an intuitive explanation of the major merger processes and historical predecessors of UBS Group, but this is not a comprehensive list.

On a global scale, UBS Group competes with large global banks, regularly comparing itself with Credit Suisse, also a Swiss banking giant, until UBS acquired Credit Suisse in March 2023. According to a 2018 report by the Coalition Research Institute, UBS Group remains one of the world's top ten investment banks.
In Switzerland, UBS Group's main competitors are some cantonal banks. For example: Zurich Cantonal Bank, Waadt Cantonal Bank, and Austrian OeC Group International Bank, Swiss PostFinance, and Migros Bank.
In European countries, UBS Group's main competitors are some large banks. For example: Deutsche Bank, HSBC, BNP Paribas, BNP Paribas, Societe Generale, Royal Bank of Scotland, Banco Santander, and UBS Bank.
In the USA, UBS Group's main competitors are American banking giants. For example: Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.

In January 2010, UBS Group announced new guidelines on conduct and professional ethics, encouraging all employees to sign these guidelines. The guidelines cover issues such as financial crimes, competition and confidentiality, as well as human rights and environmental protection. This 8-page guideline also stipulates potential penalties for employees who violate the guidelines, including warnings, demotions, and dismissals. According to former UBS Group Chairman Kaspar Villiger and former CEO Oswald Grübel, these guidelines are an indispensable part of 'changing the way UBS conducts its operations.'
In 2001, UBS Group expanded its global compliance database, including information on environmental and social issues provided by RepRisk. RepRisk is a global research institution dedicated to risk analysis and indicator production in the field of "environment, social, and corporate governance." The purpose of UBS Group's initiative is to reduce the risks to the company's banking reputation and financial performance in environmental and social aspects, while helping the company achieve global standardization and systematic implementation of its due diligence process. RepRisk data can be used to guide users in screening potential new clients and procurement partners, as well as for regular customer reviews and assessing risks related to investment banking or institutional loan transactions.
On February 3, 2020, UBS Group's enterprises in China announced a donation of 1 million USD to support frontline personnel in China in the fight against the novel coronavirus pneumonia outbreak.

According to data from UBS's official website, the company will provide long-term support to local sports and entertainment projects in the regions where it operates. UBS also engages in sponsorship activities to participate in local life and increase visibility in the media. With a global presence, UBS as a sponsor is not only in Switzerland but also across Europe, the Americas, and Asia.
UBS mainly targets various sports events and entertainment activities. The cultural and entertainment projects sponsored by UBS Group primarily focus on contemporary art and performing arts, including film festivals, music festivals, etc.
In 2010, UBS became a global partner of Formula 1 (F1) racing. Starting from 2011, it invested heavily directly in the Mercedes-AMG team. Also in 2011, UBS partnered with the Shanghai F1 Chinese Grand Prix but withdrew after persisting for four years due to poor market conditions.
In the world of contemporary art, UBS is a major sponsor of the Basel Art Exhibition and has been an important partner in globally touring 'WOMEN: New Portraits' since 2017 with renowned portrait photographer Annie Leibovitz.

In 2005, UBS Group was selected by "Working Mother" magazine for four consecutive years as one of the 'Top 100 Best Companies for Working Mothers' in the United States. UBS is also a member of the "Stonewall Diversity Champions" program, with many active LGBTQ+, ethnic minority, and women's groups within the company. UBS Group was also named "The Best Place to Launch a Career in 2008" by Businessweek, ranking 96th out of 119 listed companies. On February 2, 2010, UBS Group was recognized as the most respected investment analyst in Europe by Institutional Investor for eight consecutive years. Amidst the most tumultuous year in the stock market, fund managers stated that no other investment institution could identify the potential of various sectors, countries, and industries in Europe like UBS. On May 4, 2010, UBS Group was selected for the tenth consecutive year as the leading brokerage in pan-European equities and equity-related research fields. According to Thomson Reuters, UBS Group remained at the forefront in three areas: research (ten consecutive years), sales (nine consecutive years), and equity trading and execution (two consecutive years). UBS Group was also selected as a leading brokerage in economic and strategic research in the pan-European region.

In April 2012, UBS Group made a high-profile announcement of sponsoring 100 million Swiss francs to the University of Zurich in Switzerland to support five professor positions and establish the 'UBS Group Center for Socioeconomics.' Later, this initiative was halted amidst student and societal concerns and high attention.
On June 12, 2019, in a report titled 'Very Normal Inflation,' Paul Donovan, Chief Economist of UBS Group, discussed the rise in China's CPI, attributing it mainly to the recent outbreak of African Swine Fever. The report mentioned China in a derogatory manner: 'If you're a Chinese Pig, it matters. If you like to eat pork in China, it matters.' Subsequently, UBS and Donovan issued apologies, with Donovan suspended from all work pending investigation. However, the issue did not end there. The Hong Kong Securities Association criticized UBS's apology as insincere and requested the public apology and termination of Paul Donovan. Haitong Int'l terminated all business relations with UBS. UBS stated that they would conduct a further review and refinement of the report's content based on this incident. Donovan resumed work in early October.
On October 18, 2019, UBS expressed willingness to pay a multimillion euro fine to settle a money laundering investigation by Italian authorities, accusing UBS of assisting cross-border tax fraudsters in concealing their assets in Switzerland. According to Italian law, this settlement agreement is not an admission of guilt but a submission to the court after reaching an agreement with Italian prosecutors in July. Previously, UBS paid 0.101 billion euros to settle another investigation by Italian tax authorities.

The Swiss economy is one of the most stable in the world. Its long-term policies, secure financial system, and banking secrecy make Switzerland a safe haven for tax-investors. Switzerland is one of the wealthiest countries globally, with high per capita income, low unemployment, and fiscal deficits. With a developed financial industry, the service sector plays an increasingly vital role in the Swiss economy.

Switzerland is a member of several key geopolitical organizations such as the WTO, IMF, World Bank, OECD. In the WEF Global Competitiveness Report, Switzerland consistently ranked highest. With nearby European countries experiencing unemployment rates exceeding 20%, including Germany at 8-10%, Switzerland's rate is around 3%, one of the lowest in Europe. Dominated by exports of precision industrial goods and tourism, controversial Swiss banking secrecy attracts wealthy individuals for financial affairs and upscale tourism regularly.

Despite its smaller population compared to major economies like the USA, China, UK, Japan, and the EU, Switzerland's longstanding economic and political stability, along with substantial reserves, have made the Swiss Franc one of the world's reserve currencies. While neighboring countries have joined the Eurozone, Switzerland has retained its independent currency. Following the 2008 financial crisis in the Eurozone, the Swiss Franc appreciated significantly as international investors sought its stable value. To preserve economic competitiveness in the face of a strong currency, the Swiss National Bank implemented negative interest rates.

Situated in the Alpine region, Switzerland emphasizes environmental conservation leading to high-quality agricultural products. Due to its mountainous terrain, agriculture is limited in scale, with a relatively well-developed livestock sector providing raw materials for dairy production, a significant Swiss agricultural export.

Switzerland's industrial sector, while smaller compared to neighboring countries like Germany, France, and Italy, holds a leading position in precision industries. Specializing in light industry, Switzerland also ventures into heavy industries such as automobile and machinery manufacturing. With a high level of technical expertise, Swiss light industry maintains competitiveness despite high wages. Renowned for watchmaking and precision instruments, Switzerland also excels in pharmaceutical research and manufacturing.

Switzerland's financial sector globally holds significant importance. With a democratic political system and a record of political stability during party turnovers, plus no military conflicts abroad and a neutral international stance, Switzerland's long-term stability attracts funds from various regions for investment and financial services provided by Swiss financial institutions. UBS Group ranks among the largest financial institutions globally with investments and financial transactions worldwide. Switzerland also attracts financial institutions from around the world to establish operations within its borders. The Swiss Stock Exchange is located in Zurich, serving as a major stock market in Europe.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

See Original

Report

17K Views

Comment

Elias Chen

成熟投资者：格局，概率，取舍。没有格局必然急功近利。不计概率会把运气当技术。不懂取舍，有所不为，最后必落入陷阱和圈套。

1181Followers

63Following

6819Visitors