Core Viewpoint - Vanguard's founder Jack Bogle aimed for the company's market share to decline as a signal for other firms to lower fees, but this goal remains unachieved as Vanguard continues to grow its market share and assets [2][3]. Market Share and Growth - Vanguard currently manages 28% of total fund assets, a figure that has doubled over the past 15 years and is more than double that of its closest competitors, BlackRock and Fidelity [3]. - Vanguard attracted approximately 35% of all fund flows this year, indicating potential for further growth in market share [3][7]. - The historical market share of the top three fund companies shows Vanguard's dominance, with its current share being the highest in the past century [3]. Competitive Landscape - Despite Vanguard's growth, numerous companies have launched lower-fee funds, which may eventually limit Vanguard's market share expansion, potentially taking 5 to 10 years [4]. - Bogle's vision was that Vanguard's mission would be fulfilled when its market share began to decline, reflecting a more competitive and cost-effective industry [6]. Fund Flows and Investor Behavior - Vanguard's ability to maintain stable fund inflows during market turbulence has been demonstrated, with a notable record of inflows during past market sell-offs, including the 2008 financial crisis [7]. - The company's investors have shown a commitment to their investment strategies, encouraged by Vanguard to remain focused on long-term goals [7]. ETF Dominance - Vanguard holds a strong position in the ETF market, managing the largest ETF, the Vanguard S&P 500 ETF (VOO), which has surpassed the SPDR S&P 500 ETF Trust (SPY) in assets [7]. - VOO has attracted $307 billion in inflows over the past five years, significantly outpacing SPY, which attracted $181 billion [7]. - VOO is expected to draw $150 billion in inflows this year, potentially breaking last year's record [8].

" 彭博宣布，其 债券通离岸人民币债券回购交易解决方案 在2025年WatersTechnology Asia Awards 评选中荣膺 "过去12个月推出的最佳新产品/服务"奖项 。 该解决方案 于2025年2月正式推出，基于彭博与中国外汇交易中心（全国银行间同业拆借中心） 之间的连接构建。作为同类产品中的首创，该解决方案实现了全球投资者使用"债券通"（北向通） 下持有的债券作为抵押品在香港进行人民币回购（repo）电子交易。 这一创新满足了投资者在新 的债券通离岸人民币债券回购安排下通过彭博终端进行高效回购交易的需求，为使用在岸人民币债 券作为抵押品的境外投资者提供了新的融资和流动性管理工具。 该解决方案与全球投资者现有的工作流程以及彭博的一系列交易前和交易后解决方案无缝整合，从 而提升效率，确保交易顺利执行且不会影响当前交易流程。 中国银行（香港）有限公司 是该解决方案的首批用户之一，该行 全球市场交易主管兼副总经理张 承栋 表示： " 本行成功参与新的离岸回购安排，彭博债券通离岸人民币债券回购交易解决方案发挥了关键作 用。凭借彭博的自动化技术，该解决方案与我们现有的工作流程无缝整合，有效提高了交易效率 ...

科技与革新为当今制药业的发展按下加速键，行业格局日新月异。具有前瞻视角的医药企业纷纷 在新领域抢先布局，以强化投资组合、推动药物研究创新，兼并与收购交易的战略意义不言而 喻。那么，如何精准筛选高价值标的，并确保其与公司发展战略目标相契合？ 我们诚邀您参与本次彭博独家网络研讨会！彭博制药行业专家将为您解读 行业前景 、梳理当前 竞 如何识别和筛选高潜力目标 为战略决策助力：制药行业竞争格局分析 用彭博工具进行基准分析与估值 主讲嘉宾 网络研讨会 争格局 、分享 高回报潜力目标公司的识别 ，以及彭博数据与分析如何为 并购目标筛选与估值 等 全流程赋能。 活动议程 Kumar Ramamurthy 彭博 医疗保健行业专家 * * 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，请注意查 收！ * 彭博Bloomberg保留活动的最终解释权。 精筛目标，精准估值： 彭博制药业并购交易网络研讨会 2025年6月4日（星期三）| 14:00 - 14:30 扫码立即报名 请注意，网络研讨会将以英语进行，并提供简体中文实时字幕。 ...

Private Equity Market Overview - The private equity market continues to show strong growth, with Ares Management's private credit segment maintaining its momentum [6] - New private equity funds are being launched, indicating ongoing investor interest and capital inflow into the sector [6] Hedge Fund Market Review - The Bloomberg Hedge Fund Index reported a preliminary decline of 0.4% last month, with a year-to-date drop of 1% [5] - Macro funds experienced the largest decline at 1.9%, while credit funds saw the highest gain at 1.7% [5] Market Dynamics and Player Movements - A major Chinese hedge fund, managing $20 billion, increased its allocation to Hong Kong stocks amid a sell-off, betting on Chinese government support to boost the market [6] - Jianlin Asset Management's partner expressed confidence in the Chinese market, having sold nearly all non-Chinese assets this year [6] Notable Events and Challenges - Bill Ackman highlighted a financial crisis facing Harvard University's $53 billion endowment fund, which may need to sell private equity assets at a significant discount [6] - Ackman suggested that the fund's actual value might be closer to $40 billion, indicating potential valuation adjustments across private equity investments [6]

15分钟彭博企业数据入门 网络研讨会 数据等各类数据于一处，为企业前、中、后台的用户提供一个通用、同频且值得信赖的参考框 2025年5月27日（星期二）| 上午10:00 "对齐颗粒度"可谓当今企业在数据应用方面的一大挑战：当重要数据分散于不同系统和模块，将 其进行对齐、整理、分析的难度日益增加。企业亟需能将数据获取一体化、贯通前中后台的解决 方案。彭博企业数据服务（Enterprise Data）集参考数据、监管数据、定价数据、ESG数据、另类 据服务如何为贵企业的工作流程带来助力！ 主讲内容： 彭博静态数据集产品(Data License)为企业整体提供彭博数据集，包括参考数据，定价数据和监管数据，为 财务、投资组合管理与合规系统提供超过5,000万条证券和超过15,000个字段信息。 Data License助您以企业级访问获取终端海量数据集 DATA 功能演示：快速找到彭博数据，一键访问并应用 * 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。 Data Dynamics： 彭博推出全新的 ...

"随着全球交易员在国际固定收益市场中评估投资机遇，以求解锁超额收益并优化交易执行，对 实时定价洞察的需求也在日益增长，以提升交易工作流程的透明度。此次扩展将IBVAL的高质 量、AI驱动的定价洞察扩大到部分最具流动性的国际债券市场，令跨时区的买卖双方交易员在 做出交易决策和收获交易成果时更具信心。" 新兴市场债券的纳入标志着IBVAL定价数据的最新扩展。IBVAL于2023年 推出 ，最初涵盖美元 信用证券定价，次年拓展至所有欧元和英镑的投资级和高收益信用债。IBVAL依托为处理数十亿 条跳价的复杂市场数据而设计的机器学习模型，以每15秒一次的更新速度提供各种流动性等级债 券的高质量定价信息。 您可以通过在彭博终端上加载证券，然后选择IBVL PCS作为首选定价来源，获取IBVAL数据。客 户也可以通过彭博的实时市场数据传输（B-PIPE）访问IBVAL数据，轻松整合企业内部的各项日 内定价数据。如需了解更多信息，请在彭博终端访问{IBVL}。 点击 " 阅读原文 " ，进一步了解彭博前台日内定价数据（IBVAL）。 纳入新兴市场债券，可以让买卖双方交易员将自动定价无缝整合到其交易工作流程中，拓展更多新 兴市 ...

Core Insights - The article focuses on the impact of AI cost reduction on companies, particularly highlighting the emergence of the Chinese AI startup DeepSeek and its implications for the AI industry landscape [3][4]. Group 1: Impact of DeepSeek on the Market - DeepSeek's AI model reportedly achieves performance comparable to mainstream chatbots at a significantly lower development cost, prompting investors to assess its market impact [3]. - An analysis of market reactions on the day DeepSeek was announced indicates potential effects on various companies, with a defined "surge in trading volume" as exceeding 150% of the average daily volume over the past month [3][4]. - The top 10 technology companies most affected by DeepSeek's announcement are listed, with notable drawdowns and relative trading volumes, including: - Credo Technology Group Holding Ltd: Max Drawdown -39%, Relative Volume 423%, Market Cap $12 billion - Astera Labs Inc: Max Drawdown -38%, Relative Volume 383%, Market Cap $16 billion - NVIDIA Corp: Max Drawdown -24%, Relative Volume 346%, Market Cap $2857 billion [4]. Group 2: Market Sentiment and Valuation Adjustments - The recent real estate crisis in China has led to a decline in the stock market, with the Hang Seng Index's P/E ratio at 10.8 compared to 20.7 for the Bloomberg Global Large-Mid Cap Index [6]. - The rise of DeepSeek may prompt investors to reassess the growth potential of Chinese companies, particularly as advanced technologies like AI increasingly influence the economy [6]. - Monitoring short position changes can provide insights into investor sentiment, with a noted decrease in short positions among Hang Seng Index constituents since DeepSeek's announcement, particularly in the energy, financial, and technology sectors [6]. Group 3: Trading Cost Analysis - Transaction Cost Analysis (TCA) is emphasized as a method for institutional investors to evaluate the comprehensive costs of trade execution, including both explicit and implicit costs [10]. - Bloomberg's historical tick data allows users to analyze the effectiveness of executed trades, ensuring high granularity and market coverage [10]. - The article highlights the importance of TCA in meeting regulatory requirements, such as those outlined in the EU PRIIPs regulation, which mandates financial institutions to implement TCA analysis [10].

自2023年起，在"国九条"的指导下，中国国务院发布了《关于加强监管防范风险推动资本市场高质量发展 的若干意见》。继中国证监会（CSRC）相关公告发布之后，一系列有关股利支付政策的指导文件也相继出 台。 2024年4月，上海、深圳和北京证券交易所分别对其上市规则进行了修改，包括股利发放以及风险预警机 制。上市公司必须建立健全的利润分配体系，积极回馈股东。一旦股利支付低于一定门槛则可能面临风险 警示，暨被标记为"特别处理"（ST股）。 本文将具体讨论证交所发布的政策对A股市场的意义，并介绍 彭博终端股利预测 （BDVD）功能 如何凭借 定性分析、基本面分析及趋势和模型分析，回测股利支付日期，识别股利发放趋势，最终赋能买方及卖方 的投资交易决策。 股利支付政策综述 交易所将根据以下三个因素审查上市公司的历史股利金额：1）哪些公司必须支付，2）必须支 付的金额，3）是否存在例外情况。 1. 最近三个财政年度的累计研发投资占其累计收入的15%以上 2. 最近三个财政年度的累计研发投资超过3亿元人民币 BDVD显示彭博分析师对特定股票、股指、ETF或投资组合所做出的股利预测。该界面可帮助 您深入了解未来现金流，并更好地 ...

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market through the Bloomberg China Fixed Income Index series [1][3] Group 1: April Key Insights - The Bloomberg China Aggregate Index recorded a positive return of 1.09% in April, following two consecutive months of negative returns, with a year-to-date return of 0.42% [3] - The 30-day volatility of the index showed a declining trend during this period [3] - The China Treasury and Policy Banks Index achieved a return of 1.17% in April, while the year-to-date return in local currency was 0.42%, ranking 24th among 27 currencies in the global composite index [3] Group 2: Index Performance - The performance of various indices in April is as follows: - China Aggregate Index: 1.09% return for the month, 0.42% year-to-date [5] - China Treasuries: 1.44% month-to-date return, 0.59% year-to-date [5] - China Corporate Index: 0.42% month-to-date return, 0.46% year-to-date [5] - 10+ Year Maturity Index: 3.08% month-to-date return, 1.64% year-to-date [5] Group 3: Foreign Investment Trends - In March, the proportion of foreign investors in interbank certificates of deposit rose to 6%, the highest level in six months, with foreign capital increasing holdings by 238.7 billion RMB in the first quarter [13] - If the current pace continues, foreign holdings of interbank certificates of deposit could exceed those of government bonds by 2026 [13]

Core Insights - The article discusses the upcoming Bloomberg Private Investment Strategy Closed-Door Exchange Series in 2025, focusing on the opportunities and challenges in the current market landscape [2][3]. Group 1: Event Overview - The series will take place in multiple cities including Shanghai, Shenzhen, Beijing, and Hangzhou, featuring industry leaders and Bloomberg economists sharing insights on market trends and challenges [2]. - The Shanghai event is scheduled for May 22, 2025, from 15:30 to 18:00, with specific details to be provided upon confirmation [3][4]. Group 2: Market Context - The first quarter of 2025 has seen global macroeconomic fluctuations due to factors like U.S. tariff policies and geopolitical tensions, leading to increased market risk aversion [3]. - In contrast, the Chinese market is gaining attention due to economic recovery and high financing demand, presenting diverse asset allocation opportunities for investors [3]. Group 3: Technological Impact - The rapid development of technologies such as artificial intelligence (AI) has positively impacted tech stocks and driven index growth, serving as a crucial tool for private equity firms to navigate uncertainties [3].