Stories
Shows how policy, balance sheets, market structure, and investor expectations transmit change across industries.
This article systematically reviews common enterprise valuation methods, including the EBITDA multiple method, discounted cash flow method, and comparable company analysis, and emphasizes the core role of cash flow in valuation, providing a reference for corporate strategic decision-making.
Stablecoins are transforming the efficiency and cost structure of cross-border payments, while jointly driving the modernization of payment infrastructure alongside central bank digital currencies and tokenized deposits. The refinement of regulatory frameworks will be key to their large-scale adoption.
The European Central Bank warned in its latest Financial Stability Review that the Middle East conflict has caused major disruption to global energy supplies, raising downside risks to inflation and growth. Although financial markets have adjusted in an orderly manner, asset prices remain fragile. Insufficient liquidity in non-bank financial institutions, concerns over sovereign debt sustainability, and hybrid threats such as cyberattacks could amplify shocks. The banking system remains relatively sound, but attention needs to be paid to exposures to energy-intensive industries and households' debt-servicing capacity. The review also includes four thematic studies.
Morningstar releases its 2026 list of best companies, covering multiple industries including consumer, financials, healthcare, industrials, and technology. These companies possess wide economic moats and predictable cash flows, making them worthy of attention for long-term investors. However, analysts remind that even high-quality companies need to be bought at reasonable prices.
In 2025, cryptocurrency has completely shed its "Wild West" image, with global regulatory frameworks being rolled out intensively. The U.S. CLARITY Act and GENIUS Act clarified the boundaries of authority, and the EU's MiCA was fully implemented. ETFs/ETPs for Bitcoin, Ethereum, Solana, XRP, and others were approved one after another, and staking-based and multi-asset products emerged. Governments in many countries accelerated the piloting of regulated stablecoins and CBDCs, and digital assets are being incorporated into the core of the global financial system.
Industry leaders predict that 2026 will accelerate the application of artificial intelligence, while also responding to stricter regulation and cybersecurity challenges.