扫描二维码 立即订阅 彭博ESG双周报 本期主题：超过700只ESG基金刪除或更改标签 更多基金或将跟进 本文来自彭博终端，终端用户可运行NSN T2YMDCGPWCHD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。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 （彭博行业研究）——自2 0 2 3年以来，超过7 0 0只基金（占我们追踪的基金的2 0%）删除或 修改了名称中的ESG相关术语。我们预计，随着资产管理公司应对不断变化的政治环境（尤 其是在美国），这一趋势将会持续，尽管速度会放缓。根据5月2 1日生效的更严格的基金命 名规定，欧洲占此类变化的近9 0%。瑞银有超过2 0%的资产删除了此类标签，而贝莱德这一 比例为5%。 超过20%的ESG资产被重新分类 超过4 5 0只基金删除了ESG标签，另有2 5 0只基金调整了相关术语，影响了超过2 0%的被追踪 资产。近9 0%的变更发生在欧洲，主要由于5月2 1日新标签规定生效。 ...

本文来自彭博终端。非终端用户可点击文末 "阅读原文" 预约演示。 伴随行业飞速发展、地缘政治博弈、供需天平摇摆…全球能源市场时刻处于动荡之中。彭博行 业研究（Bloomberg Intelligence）为您及时传递行业动态，并基于高质量数据、模型与分析 助您解读市场变化，看见全局、看向前景。 截至1 0月3 1日，2 0 2 5年彭博商品现货指数上涨近1 5%，表现可谓强劲，但其基础并不稳固。 领涨的黄金与领跌的原油之间的极端背离，上一次出现还是在2 0 0 8年。在标普5 0 0指数总回 报接近2 0%、彭博美元现货指数下跌约8%的年份，商品价格本应同步走强，但能源与谷物却 持续走弱。这是结构性疲软，还是这些板块将在2 0 2 6年迎头赶上？我们倾向于前者，尤其考 虑到如果美股出现调整，美国可能面临通缩风险。 WTI 原油似乎正走向每桶约4 0美元的典型"低价修复"阶段，这对天然气与汽油的价格（分 别约为每百万英热单位与每加仑2美元）具有重要影响。与此同时，黄金价格已大幅脱离基 本面、飙升至每盎司4 , 0 0 0美元之上，从历史经验来看，2 0%至3 0%的回调并不罕见。 黄金与原油走势分化令人担忧，而 ...

股息——尤其是未来股息——长期以来在交易策略、投资组合管理和风险管理实践中都发挥着关 键作用。如今，对着眼于中国市场的机构投资者而言，这一点愈发重要。随着中国监管机构鼓励 企业采取更稳定、更频繁的分红政策以支撑股价并提振投资者信心，仅靠历史趋势或基本面分析 已不足以预测未来股息。投资者亟需具备 前瞻性且兼顾监管因素的模型 ，以判断企业未来潜在 的分红调整方案。这类洞察帮助投资者在快速变化的市场环境中保持竞争优势，做出更明智的投 资决策。 此前，我们详细介绍了 彭博股息预测（BDVD） 如何结合中国特有的监管变化，优化对A股公司 股息支付的评估与预测，从而实现更高的精准度。 点击阅读 彭博股利预测（BDVD）： 基于中国证监会法规打造多种模型，赋能投资交易决策 模型核心驱动 彭博专有的 股息预测（BDVD）模型 结合了三大核心驱动因素： 该模型综合评估定量与定性关键因素，并对分红支付日期进行回测，以识别分红规律。 股息金额模型则考虑了公司基本面、债务结构、管理层评论以及股息政策等因素。 除了常规的历史趋势与财务状况分析外，彭博还针对中国市场引入了 符合最新的中国证监会监 管要求 的额外计算因子。 基于这些要求， ...

Core Insights - The Bloomberg New Energy Finance (BNEF) annual summit will take place in Shanghai on November 25-26, 2025, marking its 11th anniversary and coinciding with the transition from the 14th Five-Year Plan to the 15th Five-Year Plan [2] - The summit aims to gather leaders and decision-makers from various sectors including energy, transportation, industry, finance, and technology to shape a cleaner and more competitive future [2] Agenda Highlights - The summit will feature a keynote speech, welcome addresses, and policy dialogues on the first day [4] - On the second day, discussions will focus on the energy transition of data centers, highlighting the pressure on operators to decarbonize amid rising digital demands and the significant role of tech giants in clean energy purchasing agreements [5] Industry Trends - Over the past 11 years, the BNEF summit has witnessed significant evolution in China's energy sector, driven by technological innovation, policy guidance, financial capital, and strategic corporate decisions [7] - The energy transition is closely linked to macroeconomic factors and global policies, serving as a powerful engine for new economic development [7] Recent Developments - The energy sector has experienced significant changes, including shifts in global trade tariffs affecting energy trade patterns and supply chain dynamics [9] - Key policy changes include the impact of the COP29 climate financing progress and the release of the "Document 136" in China, which will influence future industry demand and investment decisions [9] - Technological advancements in the solar industry and a 20% drop in lithium-ion battery prices by the end of 2024 are accelerating the global electrification process [9] - The rise of AI and data centers presents unprecedented opportunities and challenges for the energy sector [9]

如果您⋯⋯ 都可以使用 彭博研讨会与讲座功能SMNR 查看近期线上研讨会日程，并点击 " 注册 " 来报名参加您感兴趣的线上/现场课程！ 2025年11月课程推荐 带有 ※ 场次可以来彭博上海办公室参加现场培训，实机操作。 基础工具： 终端入门系列4：制图工具中技术分析的应用 ※ 11月20日（周四）17:00 – 18:00 终端入门系列5：彭博Excel API公式数据拉取入门 ※ 11月25日（周二）17:00 – 18:00 权益市场： 权益分析师系列1：公司及行业层面 - 基本面分析工具入门 ※ 11月27日（周四）17:00 – 18:00 是彭博终端新手，希望多加了解常用的基本功能 想通过终端的强大功能分析债券、外汇、股票、商品、衍生品市场 对终端上的量化应用/图表分析/投组管理等技术工具有强烈兴趣 想了解最新的、全面的市场热点以及彭博专业分析师点评 宏观、外汇与大宗商品市场： 固收/利率市场： 固收专家系列4：美国机构MBS和TBA产品分析工具入门 ※ 11月11日（周二）17:00 – 18:00 PORT投组管理系列： PORT系列讲座1：投资组合创建及分析 ※ 11月6日（周四）17: ...

本文来自彭博终端，终端用户可运行NSN T2NIIAGQ7KZU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）——极端天气重创农作物、牲畜与供应链，恐将导致ADM和邦吉等农业巨 头蒙受数亿美元的巨额损失。与此同时，气候风险与监管新规也为那些未雨绸缪、大力投身 抗旱作物及替代蛋白等植物基产品研发的企业，创造了前所未有的发展机遇。 极端天气之下 农业企业首当其冲 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。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 扫描二维码 立即订阅 彭博ESG双周报 本期主题：气候风险演变不息 农业企业迎来新机遇 供应链中断、资产受损以及保费飙升——极端天气带来的冲击，或将使ADM与邦吉等公司付 出沉重代价。ADM预计，潜在的财产损失、运输中断和货运开支上涨，可能造成高达7 . 2亿 美元的营收损失与成本。干旱与酷热天气已在全球范围摧毁了大量农作物，从2 0 2 4年缅甸的 玉 米 到 2 0 2 3 年 日 本 的 水 稻 ， 更 令 阿 ...

在"十四五"收官与全球风电加速的双重背景下，风电行业正处在格局重塑与技术跃迁的关口。彭博 新能源财经（BNEF）近期亮相北京国际风能大会，并在此期间圆满举办了BNEF全球竞速下的中国 风电突围专题研讨会，聚焦国内风电转型与国际扩张，洞察风电行业政策、技术与全球市场的关键 突破口。 让我们一起回顾现场嘉宾的专业洞见！ 扫描二维码阅读深度洞察 《2025年上半年海上风电市场展望报告（节选版）》 陆海分化，转型启航：五年计划的接力与突围 在五年计划目标的引领下，中国大陆持续主导全球风电装机。彭博新能源财经数据显示，截至2024 年底，中国大陆已占据全球累计风电装机容量的46%，预计到2035年将进一步提升至54%。陆上风 电方面，强劲的项目储备将推动年末实现超额完成"十四五"装机目标。与此同时，随着大量风机陆 续退出质保期，运维市场将在"十五五"期间迎来爆发式增长，成为降本增效的关键战场。而海上风 电未来发展仍需政策端的持续推动、跨部门协同、最终统筹落地。 截至2024年底，中国大陆已完成'十四五'陆上风电装机目标的90%，强劲的项目储备将推动 2025年超额完成目标的23%；与此同时，2020年抢装潮中的两万余台 ...

Core Viewpoint - The article discusses the successful results of the HARMONi-6 trial by Akeso and Summit for a new immunotherapy targeting lung cancer, highlighting the need for survival data validation despite promising efficacy results [3][4]. Group 1: HARMONi-6 Trial Results - The HARMONi-6 trial demonstrated significant efficacy for the PD-1 xVEGF bispecific antibody therapy in treating squamous non-small cell lung cancer (NSCLC), with a progression-free survival (PFS) hazard ratio of 0.60 [4][5]. - The control group's PFS was slightly lower than previous trials, recorded at 6.9 months compared to 7.6 months [4]. - The HARMONi-3 trial, which will validate the efficacy globally, is expected to release data in the first half of 2026 [4][5]. Group 2: Safety Profile and Efficacy Comparison - The safety profile of the ivonescimab combined with chemotherapy was notably good, with low rates of severe VEGF-related events, including hypertension (3%), proteinuria (2%), and bleeding (1.9%) [7]. - The trial showed a 76% overall response rate (ORR) and a median duration of response (DOR) of 11.2 months [6][8]. - Comparatively, the KEYNOTE-407 trial by Merck reported a median overall survival (OS) of 17.2 months, establishing a benchmark for squamous NSCLC treatment [4][6]. Group 3: Competitive Landscape - Huabo Biopharm's HB0025 trial introduced another PD-(L)1 x VEGF bispecific antibody candidate, showing an 85% response rate in squamous NSCLC patients [9]. - The article notes that other pharmaceutical companies are likely to explore similar strategies in the competitive landscape of immuno-oncology [9].

Core Viewpoint - The article emphasizes the transformative impact of quantitative research on the asset management industry amidst a rapidly changing global macroeconomic landscape and increasing volatility in international financial markets [1]. Group 1: Event Overview - The event will feature discussions on macro quantitative scenario analysis, risk budgeting applications in the Chinese market, and Bloomberg's portfolio management and factor model solutions [1]. - A roundtable forum will explore how experiences from mature overseas markets can empower the development of quantitative strategy indices in China [1]. Group 2: Key Speakers - Notable speakers include Li Yongjin from CITIC Securities, Arun Verma from Bloomberg, Sue Li from Bloomberg, Wayne Curry from Bloomberg, and several other experts from Bloomberg's global and China teams [2][6]. Group 3: Topics of Discussion - The agenda includes topics such as machine learning strategies driven by macro factors and the application of cutting-edge intelligent technologies in quantitative research [1].

Group 1 - The article discusses the impact of U.S. tariffs on global imports, predicting a decline in profits for automakers like General Motors, Toyota, and Stellantis, with European and American industrial companies needing to raise prices by an average of 2% to offset tariff effects [2] - Apple's production costs are expected to rise by $7.6 billion in the 2026 calendar year due to increased tariffs [2] - Non-essential consumer goods companies such as Victoria's Secret and Oxford may face millions in gross profit losses due to U.S. tariffs on China, while Canadian grocery retailers like Empire, Loblaw, and Metro may pass on these costs to consumers [2] Group 2 - China has shifted its export focus towards emerging markets, with exports to these markets growing by 95% from $762 billion to $1.488 trillion between 2017 and 2024, increasing their share from 32.5% to 42.3% [5] - In contrast, the share of exports to the U.S. has decreased from 28.8% to 18.6%, with significant growth in exports to Mexico (doubling to $90 billion) and ASEAN countries (surging to $587 billion) [5] Group 3 - Japanese exporters face risks beyond U.S.-Japan trade relations, with trade uncertainties impacting the Japanese stock market, particularly in sectors with high overseas revenue exposure [7] - The technology, healthcare, materials, industrial, and non-essential consumer goods sectors have seen the lowest returns year-to-date, with concerns over U.S. tariffs affecting China and South Korea [7] - The software and IT services sector, which relies mainly on the domestic market, has risen by 8%, while semiconductor and hardware sectors, dependent on U.S. and Chinese markets, have declined by 10% and 6% respectively [7] Group 4 - The article highlights the potential end of the dollar's dominance as a global reserve currency, driven by trade disputes and the response of economies to U.S. tariffs, which may lead to a reduction in dollar transactions and a shift in global trade routes [10] - Despite the dollar's current status as the leading reserve currency, the article suggests that the ongoing trade tensions could accelerate the process of de-dollarization [10]