金吾财讯 | 杰富瑞18日针对资本市场的研究报告指出，进入2025年，资本市场活动加速，投资者参与度提高，利率水平趋于稳定，风险偏好增加，宏观经济环境整体向好。报告强调，尽管在某些情况下估值看起来较高，但基本面正在改善，特别是财富经纪商板块表现突出，杰富瑞特别看好嘉信理财(SCHW)，同时也看好贝莱德(BLK)、黑石(BX)、芝加哥商品交易所(CME)和摩根士丹利(MS)等公司。杰富瑞认为，2025年全球并购市场将显著回暖，私募股权组合成熟，投资银行的IPO和并购业务有望大幅增长。数据显示，2024年标普500指数上涨29%，零售投资者的参与度持续增加，交易所产品创新和市场营销将成为推动零售交易份额增长的关键。此外，随着利率下降，传统资产管理公司可能会看到固定收益资金流入增加，长期债券交易活动也将增加。杰富瑞预计，2025年大型投资银行的IPO和并购业务收入将显著增长，其中IPO业务同比增长26%，并购业务同比增长23%。
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