第一资本（COF）今日盘前股价大跌5.11%，引起了市场的广泛关注。
消息面上，公司公布的2025年第四季度财报显示，尽管营收增长，但调整后每股收益为3.86美元，不及市场预期的4.15美元至4.17美元。同时，信贷损失拨备较上年同期激增57%，达到41.42亿美元，引发市场对其资产质量的担忧。此外，公司宣布将以现金加股票的方式，斥资约51.5亿美元收购金融科技公司Brex，市场可能对此次大规模收购的成本与整合前景存在疑虑。
更为重要的是，公司核心的信用卡业务正面临潜在的监管风险。美国总统特朗普近期提议将信用卡利率上限设定为10%，为期一年。第一资本首席执行官理查德·费尔班克对此发出严厉警告，称此举将严重限制信贷供应，并可能使美国经济陷入衰退。鉴于第一资本严重依赖信用卡业务的净利息收入，这一政策风险对其未来盈利构成了直接威胁。
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