The State Copyright Administration issued the 'Copyright Work 15th Five-Year' plan, setting targets to 2030: a more comprehensive copyright legal framework and improved rule-of-law governance; stronger copyright protection with significantly upgraded enforcement and supervision; enhanced social copyright services to help drive high-quality industrial development; deeper international cooperation to raise China's international voice and influence in copyright; and expanded public education to str

UBS has hired three former Nomura Holdings employees to boost cross-asset sales to Japanese institutional investors as rising domestic rates alter relative asset attractiveness. Takashi Kigami and Yuta Kitagawa joined UBS’s Tokyo securities unit this month; Masahiro Kubo joined about a month earlier. Salespeople with close institutional relationships are being targeted by banks and asset managers including Apollo and Blue Owl. UBS accelerated hiring in Tokyo after former Goldman Sachs partner Shinichi Yokote joined last year to lead its securities arm; at least five ex-Goldman Sachs staff have joined UBS this year in roles such as head of debt underwriting and co-head of FX sales.

UniCredit分析称，对冲基金可能已成为美债市场更大的结构性风险来源。美联储数据显示，截至2025年9月，大型对冲基金持有约2.4万亿美元美债多头，占市场约8.5%；若计入1.6万亿美元空头，总敞口达到4万亿美元，较2023年初翻倍。 更关键的是杠杆结构：对冲基金通过回购市场融入的现金已升至3万亿美元，前50家基金占相关敞口约90%。其中现金—期货基差交易约8300亿美元，掉期利差套利约3050亿美元。此类策略依赖短期融资和低保证金，一旦价差扩大、回购收紧或保证金上调，可能触发集中去杠杆，使正常调整被放大为流动性冲击。 已web