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WisdomTree Emerging Markets High Dividend Fund Newsroom
On Trump's "first day," Emerging Markets faced difficulties, setting several records.
The opening price of the MSCI Emerging Markets Index based on expected PE is 46% lower than the S&P 500 Index, marking the largest gap since Obama's first inauguration in 2009; the average yield of local currency bonds in Emerging Markets is also lower than the yield of USA Treasuries. Analysis indicates that due to USA policy actions, a strong dollar, and high USA interest rates, Emerging Markets stocks are underweighted by investors.
Are Banks under pressure from interest margins looking to Overseas for profits? The 2025 annual plan reveals that Overseas Business may become a new highlight.
① The Industrial And Commercial Bank Of China stated that efforts should be made to explore a second growth curve for Overseas Operation; ② For companies going global, it means that both upstream and downstream industries are venturing overseas together, which means more Chinese enterprises are setting up factories and operating locally.
Banks are "short of money," and the yield on interbank certificates of deposit has surpassed that of 10-year government bonds, with the scale of maturing certificates of deposit nearing 6 trillion in the first quarter.
① The recent abnormal situation of banks lacking liabilities is also related to the outflow of non-bank deposits caused by the new self-regulation rules at the end of November 2024. ② The funding situation this morning has improved significantly compared to the past two days, but it remains relatively tight.
The AUM of private banking has grown against the trend; high-end clients are the future of Banks.
In 2024, amid narrowing interest margins and weak income in the banking industry, one Indicator continues to "skyrocket." Data from the corporate early warning system shows that China's private banks...
According to the Caixin Venture Capital Report: In December 2024, financing in the Carbon Neutrality sector reached 32.404 billion yuan, an increase of over ten times month-on-month, with the photovoltaic sector being the most active.
According to data from CaiLianShe Venture Capital, there were 96 private equity investment and financing events in the domestic Carbon Neutrality sector in December, an increase of 43.28% from 67 events last month; The total disclosed financing amount is approximately 32.404 billion yuan, an increase of 1091.77% from 2.719 billion yuan last month.
In December, China's import volume of CSI Commodity Equity Index showed a mixed trend, with iron ore remaining at a high level, while the import volume of Coal and Soybean reached a record high for the year.
In December, the year-on-year increase in unrefined Copper and copper materials, integrated circuits, iron ore and its concentrates ranked first, while the decline in finished oil was the largest. The import volume of iron ore has remained above 0.1 billion tons for six consecutive months, and the import volume of Coal has remained above 45 million tons for the sixth consecutive month.
Banks' "Wealth Management Night Market" trend is rising again, and the incremental scale of bank wealth management may reach 2-3 trillion yuan by 2025.
① Wealth management companies and Banks are actively creating and establishing "wealth management night markets," breaking time limitations to meet more investors' needs; ② Against the backdrop of declining deposit interest rates, bank wealth management still has vast development space. In the next step, wealth management companies can continue to strengthen efforts in product innovation, channel innovation, and service model innovation.
The "big trouble" Trump is coming, and Emerging Markets stock indices have fallen into a Range adjustment.
As of this Thursday, the MSCI Emerging Markets Index has dropped 10% from its high three months ago. According to Bank of America, during the week ending November 13 of last year, following the USA elections, there was a total outflow of 7.5 billion USD from Global Emerging Markets Stocks Fund, marking the largest weekly outflow in a decade.
The transformation of the Banking Industry in adversity in 2024: the mud and dawn of the "light asset" vision.
How far is dawn?
On the first trading day of the New Year, Bank stocks opened high and then fell back. Many Institutions: the opening performance may be better than in previous years, but the trend of declining net interest margin remains unchanged.
① The crediting ratio between each quarter is expected to recover to a ratio of 4:3:2:1. ② It is expected that policy trends will continue, gradually boosting demand in the Real Estate sector. ③ This year, the decline in net interest margin for Banks is narrower compared to 2024, with a calculated interest margin of 1.34% under neutral assumptions.
High-dividend Coal Industrial Concept(coal Industry) stocks will be the "stable happiness" in 2024. The trend of Thermal Coal next year may fluctuate in a narrow range | 2025 outlook.
① The Coal Sector is expected to perform brilliantly in 2024, humorously referred to as the "most profitable track in A-shares"; ② Industry insiders anticipate that Thermal Coal prices will fluctuate within the Range next year.
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Outperforming 92% of stocks within the year! The four major banks have reached a new high again, and this month they have all faced Shareholding reductions by financing clients.
① Today, the stock prices of the four major banks collectively set new historical highs, with an average increase of nearly 47% this year, outperforming 92% of stocks during the same period. ② Excluding new stocks, a total of 10 stocks reached historical highs today, most of which are CNI Mid-Small Cap.Index stocks, with a relatively high number of Transportation stocks. ③ The four major banks have all experienced shareholding reductions by financing clients this month, including the Industrial And Commercial Bank Of China, which has seen a net sell-off of nearly 0.2 billion yuan in financing this month.
In order to respond to the "intense battle" next year? At the end of the year, many Banks are making intensive adjustments to their Business structure, and the special mechanism for the "five major articles" is gradually being established.
① First, merging the functions of the head office departments clearly indicates a reduction in costs and an increase in efficiency; second, a special department dedicated to the five major articles is being established. ② Retailing Crediting may become one of the focal points for Banks next year. ③ It is expected that the special institutions for the five major articles will be established gradually, as each one matures.
The LPR Quote for December has been released! The 1-year and 5-year rates remain unchanged.
More news, continuously updating.
The central bank's discussions with some "aggressive trading" Institutions have shaken the market; who are the Block Orders in this round of bond bull market? State-owned large banks have received the most "attention".
① The central bank's morning consultations mainly involved Institutions based in Beijing, with very few Institutions from other cities attending the meeting, including cities like Shanghai where asset management Institutions are concentrated. ② In the past two weeks, the Block Buy Institutions for 10-year government bonds have shifted from Fund to Banks. ③ As incremental policies come into effect, the likelihood of economic stabilization increases, necessitating a reduction in expectations for the bond market in 2025.
Interest rates can reach 3%! Small and medium-sized Banks have densely launched high-interest products such as large-denomination certificates of deposit and special deposits. How will the pressure for short-term deposit strategies be relieved in the futu
① Some small and medium-sized Banks have engaged in such behavior, which somewhat contradicts the current downward trend of deposit interest rates, possibly being a short-term strategy taken to meet the funding Indicators in the short term. ② The overall trend of deposit interest rates may continue to decline in the future, and the recent rapid decline in bond market interest rates may also face some adjustments.
Encouraging to "seize the opportunities of moderately loose MMF policy," many local officials are intensively researching local Banks at the end of the year, is a good start for next year to be expected.
① In discussions with local officials, frequently mentioned keywords include comprehensive, accelerated, risk, and servicing the local economy. ② For Financial Institutions, "the moderately loose monetary policy from the central government brings opportunities while also posing challenges." ③ If some mechanisms for due diligence exemption can be provided, it is expected to ease the lending pressure on Banks.
The interest rates of the same industry certificates of deposit are rapidly declining, and under "moderately loose" conditions, there is hope to drop to 1.30%.
1. After the improvement in MMF transmission efficiency, the CD interest rate and the 7-day OMO rate will integrate within the next year. 2. Due to the faster decline of long-term bonds, the spread between the 10Y government bond and the 1Y CD has been compressing, and is currently at 13BP.