诚邀您参与本次 量化投研圆桌会 ，与彭博CTO办公室BQuant研究部门负责人段松云博士，一同 探讨如何利用彭博量化平台BQuant进行市场和债券分析，以及生成式AI如何提速投资构想的落 地，助您抓住全球资本市场的脉搏。 致胜未来： 量化投研重塑投资决策新范式 2025年8月11日（星期一）| 15:00 - 18:00 (15:00 注册签到，15:30活动开始） 上海陆家嘴 | 北京金融街 无论是债券定价和分析，还是整个市场基本面与趋势的掌握，量化投研均发挥着重要作用，已成 为不可或缺的投资利器。 人工智能（AI）技术的腾飞更是为全球金融市场带来颠覆性变革。 在技 术发展日新月异的当下，如何将其与高质量数据结合，从而深度探究全球信贷市场潜在机遇、精 准掌握公司未来机遇，并加速投资构想的生成且高效落地？ 核心议题 主讲嘉宾 段松云博士 彭博CTO办公室 BQuant研究部门负责人 扫码立即报名 以量化基本面策略把握全球信贷机遇 运用机器学习精准预测公司营收 生成式AI如何提速投资构想的生成与落地 * 报名需要时间审核，敬请耐心等待。审核通过将通过彭博微信服务号收到成功提醒，活动开始前将会收到具体参会提醒，请 ...

低费率可能成为国际ETF发行人在台湾市场吸引资金的关键策略。随着ETF普及率持续攀 升，台湾市场投资者对费率越来越敏感。台湾市场首只、也是规模最大的ETF--元大台湾5 0 ETF在调降费率后，于2 0 2 5年第一季度和第二季度均录得有史以来最高的单季资金流入。尽 管国际发行人在零售分销网络方面不及本土业者，但凭借有竞争力的费率结构，国际发行人 有望受益于投资者不断提升的成本意识。在香港、澳大利亚和日本上市的iSh a r e s安硕ETF的 资产加权平均费率远低于各自市场的平均水平。 本文来自彭博终端，终端用户可运行DOCV RES SZTO49GPFHNZ 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究（Bloomberg Intelligence）就各公司、行业和市场提供全球投研分析以及交互 式数据。BI对ETF的研究覆盖全球市场，以深度、前沿、独特的视角为您展现ETF市场趋势， 分析热门课题，分享专业洞见。 本期主题： 贝莱德、摩根大通进军中国台湾市场，但本土业者掌握主场优势 扫描二维码 立即订阅 更多ETF精彩内容 摩根大通、贝莱德可能在台湾ETF市场面临障碍 摩根大通、贝 ...

本文节选自彭博终端NSN SZTO9EGQ7L32 。如您还不是终端用户，您可在文末" 阅读原文 "联系我们预约产品演示。 2025年下半年亚太外汇市场展望 彭博行业研究核心观点：美国贸易协议将决定亚洲货币相对走势，但不会带来颠覆性影响 与美国达成贸易协议的前景和确认或将决定亚洲新兴经济体货币的相对表现，尽管影响是暂时 的，但美元兑亚洲货币的长期结构性下行趋势可能不会改变，因为当前质疑美元地位的主题可 能持续存在。 长按或扫描二维码 阅读完整报告 " 精彩内容节选 美元疲软是我们看好亚洲货币的唯一理由 我们上调了对第二季度亚洲货币的看法，而早于预期的美元下跌可能具有持续性是我们调整观点的 唯一原因。不论是否达成贸易协议，亚洲经济体都仍将面临压力，而影响可能会在下半年变得明 显。亚洲出口可能仍会受到冲击，尤其是在美元兑亚洲货币汇率迅速下跌导致出口竞争力下降的情 况下。亚洲央行最终可能不得不出手干预，减缓各自货币的上涨趋势，即使这样做有可能引起特朗 普政府的不满。 彭博行业研究 数据来源：彭博行业研究 根据我们目前的做法，如果某亚洲货币兑美元有望上涨，则该货币的分数将为正值。 货币分数及偏好更新 | | Scor ...

2025年第五期 全球宏观经济与亚太走势展望 活动时间 2025年8月5日（星期二）| 16:30 - 17:15 主要议题 主讲嘉宾 舒畅 彭博亚太区首席经济学家 木村太郎（Taro Kimura） 彭博日本高级经济学家 宏观格局多变，高瞻还需洞见！2025彭博中国市场快评系列聚焦宏观经济格局与市场动态，围绕业 界最关心的热点课题，为您及时传递来自彭博资深经济学家与市场专家的专业分析与观点，助您在 复杂多变的宏观环境中保持高瞻视角，慧眼识机遇！ 罗捷 彭博外汇功能高级专员 扫码立即报名 贸易"休战"期临近尾声：聚焦中美关系与全球经济展望 面对政坛动荡与关税压力：日本经济前景分析 终端分析工具洞悉宏观市场与展望 * 报名需要时间审核，敬请耐心等待。审核通过将在微信收到报名成功提醒，活动开始前将会收到具体参会提醒，请注意查收！ * 彭博Bloomberg保留活动的最终解释权。 ...

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Core Viewpoint - The development of Alzheimer's drugs is facing significant bottlenecks, with Biogen and Eli Lilly maintaining a leading position in the market. However, due to research setbacks, safety risks, and slow adoption, the market size forecast for 2030 has been drastically reduced to $6 billion from a previous expectation of $13 billion [3][4]. Group 1: Market Forecast and Sales Predictions - The combined sales of Biogen's Leqembi and Eli Lilly's Kisunla are projected to reach $5.91 billion by 2025, with potential growth to $40 billion by 2030, which is 24% lower than the market's general expectation of $50 billion due to slow drug adoption [4]. - By 2030, the total sales of Alzheimer's drugs are expected to reach $6 billion, with nearly $1 billion coming from new mechanism drugs [5]. Group 2: Impact of Research Failures - A series of late-stage clinical trial failures have led to a 54% reduction in sales forecasts for Alzheimer's drugs since June 2024, with risk-adjusted sales expectations shrinking by over $7 billion for 2025-2030, including a $3 billion reduction for 2030 alone [8][11]. - The decline in sales expectations is attributed to the exit of several late-stage candidates from the market due to research failures or lowered priorities [8]. Group 3: Competitive Landscape - The long-term administration of Leqembi shows limited cognitive improvement, particularly in patients with low or no tau pathology, which affects about 40% of the trial population. This has led to skepticism among physicians and patients regarding the drug's efficacy [11]. - New candidates, such as Novo Nordisk's semaglutide and Roche's trontinemab, are expected to increase competitive pressure, potentially limiting the market share of first-generation amyloid-beta antibodies [11][15]. Group 4: Company-Specific Insights - Biogen's Leqembi faces increasing risks due to limited application, with sales forecasts for 2030 being 20% lower than market expectations, driven by safety concerns and access barriers [13]. - Eli Lilly is expected to surpass Biogen in sales by 2029, driven by the approval of Kisunla and subsequent antibody drugs, indicating a shift in market leadership [15].

Core Insights - Despite several banks exiting the Net Zero Banking Alliance (NZBA), their sustainable development agendas largely remain intact, with oil and gas loans decreasing by 18% in the first half of this year compared to the average for the first half of 2024 [3][4] - JPMorgan and Goldman Sachs continue to lead in sustainable bond revenues and are seizing opportunities in emerging markets, while Japanese banks like SMFG are filling the financing gap left by exiting banks [3][4] Group 1: Oil and Gas Financing Trends - Among the 17 banks that exited NZBA, oil and gas loans decreased by 18% in the first half of this year compared to the average for the first half of 2024 [4] - SMFG's financing to the oil and gas sector surged by 149%, with transaction volumes doubling, while Mizuho Financial Group's financing increased by 80% [4] - Japanese banks are playing a crucial role in U.S. LNG financing, with SMFG acting as the bookrunner in a $1.5 billion acquisition deal involving Chevron's assets [4] Group 2: Coal Financing and Policy Adjustments - SMFG leads in coal financing among Asia-Pacific banks, while other U.S. banks have adjusted climate policies to allow financing for the early closure of coal plants, potentially leading to increased financing emissions [7] - No European banks have provided financing for coal businesses this year, as per NZBA guidelines [7] Group 3: Sustainable Finance Commitments - RBC appears to be the only bank that has abandoned its sustainable finance commitments after exiting NZBA, while four U.S. banks that exited still rank among the top 10 in global sustainable bond issuance [9] - The NZBA's relaxation of requirements may attract other banks to rejoin, as it allows for alignment with "well below 2 degrees Celsius" targets [9] Group 4: Emerging Market Sustainable Bonds - The Glasgow Financial Alliance for Net Zero (GFANZ) aims to mobilize private financing in emerging markets, with banks launching new sustainable products [11] - Goldman Sachs launched a $290 million Emerging Markets Green and Social Bond Active UCITS ETF, including bonds from Serbia, Mexico, Colombia, and Chile [11] - JPMorgan completed a $1 billion transaction for El Salvador, indicating increased participation in developing markets through "debt-for-nature" mechanisms [11]

Core Insights - Bloomberg has expanded its alternative data capabilities by integrating Similarweb's website traffic data into its terminal, enhancing clients' ability to gain deeper business insights and make more informed investment decisions [1][2]. Group 1: Expansion of Data Coverage - The integration will double the number of companies covered in the Bloomberg terminal's {ALTD <GO>} function to over 3,000, including both public and private companies [1][2]. - The industry focus will be strengthened, particularly in sectors such as SaaS, e-commerce, artificial intelligence, streaming, technology media and telecommunications (TMT), and healthcare [2]. Group 2: Enhanced Data Insights - Similarweb's data will improve the tracking of key performance indicators (KPIs) for companies and support cross-validation of trends across different alternative data sets [3]. - The integration aims to create a multi-dimensional insight platform for investors, allowing them to observe company performance in relation to macro trends, thereby gaining a competitive edge in a volatile market [3].

Group 1 - The article emphasizes the importance of maintaining a high-level perspective and insight in the face of a rapidly changing macroeconomic landscape, particularly focusing on the 2025 Bloomberg China Market Review series [1] - It highlights the upcoming event on August 5, 2025, featuring discussions on key topics such as US-China relations and global economic outlook, as well as the economic prospects for Japan amidst political turmoil and tariff pressures [2] - The event will include expert analyses from Bloomberg's chief economists and senior specialists, providing valuable insights into macro market trends and forecasts [2] Group 2 - The article indicates that the "trade truce" period is nearing its end, suggesting a critical juncture for US-China relations and its implications for the global economy [2] - It mentions the need for a thorough analysis of Japan's economic outlook in light of ongoing political instability and trade challenges [2] - The article promotes the use of terminal analysis tools to gain deeper insights into macroeconomic markets and future trends [2]

Core Viewpoint - The oil and gas industry has a promising long-term outlook, but faces short-term challenges due to deteriorating consumer spending and demand concerns [3]. Group 1: Oil and Gas Demand - Oil and natural gas remain core pillars of the global energy structure, currently accounting for approximately 55% of the energy mix, and are expected to maintain resilience for many years [3]. - Despite predictions that oil demand may peak by 2030, even the most optimistic forecasts suggest that oil, particularly natural gas, will still play a significant role in global energy supply at least until 2040 [3]. - The growth in demand for oil is expected to be driven by developing countries, as well as increased demand for aviation fuel and petrochemical products in the short to mid-term [3]. Group 2: OPEC vs IEA Demand Forecasts - OPEC's outlook for global oil demand from 2025 to 2026 remains more optimistic than that of the International Energy Agency (IEA), with OPEC projecting demand to reach 106.4 million barrels per day in Q4 2023 and continue growing to 107.5 million barrels per day by Q4 2026 [5]. - In contrast, the IEA predicts a more gradual growth path, with demand expected to rise from 104.8 million barrels per day in Q3 2023 to 105.5 million barrels per day by Q3 2026 [5]. - The divergence between OPEC's optimistic view of emerging markets and the IEA's narrative of slowing growth highlights increasing uncertainty regarding structural changes in the transportation sector [5]. Group 3: Energy Investment Trends - Investment in oil supply has been a recurring theme, with the industry needing sustained high oil prices to attract sufficient new investments [10]. - Major oil companies are showing renewed confidence in production growth towards 2030, as capital expenditures have been low in recent years due to financial pressures and the transition to low-carbon energy [10]. - The UAE has indicated that due to underinvestment, global oil production capacity has been declining, with plans to increase capacity from 4 million barrels per day to 5 million barrels per day by 2027 [10]. Group 4: Sustainability and Energy Transition - The focus on climate and decarbonization has shifted in the past 12-18 months, with energy security becoming a central issue amid rising geopolitical risks [13]. - Many energy companies are slowing their investments in clean energy and energy transition initiatives due to concerns over sustainable returns, even in Europe where the transition was previously led [13]. - A survey by Bloomberg Intelligence indicates that the peak of oil demand may occur later than expected, with over one-third of respondents anticipating that demand will peak after 2035 [13].