Core Insights - The article highlights the strong performance of ESG bonds in 2025, outperforming the global aggregate bond index by 439 basis points as of December 15, 2025 [3][4]. Group 1: ESG Bond Performance - The Bloomberg Global Aggregate Green Social Sustainable Development Bond Index (GSS) recorded a return of 12.28%, significantly higher than the global aggregate bond index's return of 7.89% [4]. - The excess return of GSS was primarily driven by the second quarter, where it achieved an 8.02% return compared to 4.52% for the global aggregate bond index, influenced by uncertainties in tariff policies [4]. - GSS experienced positive returns in November and the first half of December, contributing 0.42% and 0.48% respectively [9]. Group 2: Market Conditions and Influences - Following the Federal Reserve's interest rate cut in December, credit spreads, particularly for corporate bonds, narrowed from a high of 87 basis points to around 81 basis points [6]. - The GSS index's performance benefited from a strong demand for high-quality priority debt in the financial sector, leading to a return of 14.5% [11]. - The GSS index's largest currency exposure is to the Euro (63%), which appreciated by 1.9% since the end of October, contrasting with the global aggregate bond index's primary exposure to the US dollar [9]. Group 3: Sector Performance - In 2025, all sectors within the GSS index recorded positive total returns, with the financial sector leading at 14.5%, followed by real estate at 13.6% and utilities at 13.5% [11]. - The healthcare and technology sectors, despite low issuance volumes over the past two years, showed respectable returns of 9.4% and 9.8% respectively [11]. - The energy sector lagged with a return of 8.8%, although Raizen Fuels bonds rebounded during corporate restructuring and debt reduction efforts [11].

Group 1 - The article highlights a series of upcoming Bloomberg seminars and workshops scheduled for January 2026, focusing on various financial tools and market analysis techniques [3][4][5][6][7][10] - The seminars cover topics such as credit bond analysis, fundamental analysis tools for companies and industries, investment portfolio performance analysis, and macroeconomic tracking using Bloomberg models [5][6][7][10] - Specific dates and times for the seminars are provided, indicating a structured approach to educating users on Bloomberg terminal functionalities and market insights [4][5][6][10] Group 2 - The article emphasizes the importance of understanding basic functionalities of the Bloomberg terminal for new users, particularly in analyzing bonds, foreign exchange, stocks, commodities, and derivatives [5][6] - It also mentions specialized sessions on interest rate swaps and currency swaps, indicating a focus on fixed income and derivatives markets [8] - The seminars are designed to cater to both beginners and those looking to deepen their knowledge in specific areas of finance [5][6][10]

Core Insights - The latest Bloomberg survey indicates that students in the Greater Bay Area are enthusiastic about cross-border fintech careers, with a growing demand for AI-related skills, highlighting the region's attractiveness as a hub for fintech talent development [2] Group 1: Student Interest and Skills Demand - Over 160 students participated in the survey, with nearly three-quarters (74%) expressing a strong willingness to engage in cross-border fintech careers [2] - Key advantages identified for pursuing fintech in the Greater Bay Area include "cross-border opportunities" (76%), "access to a large and diverse market" (76%), and "proximity to tech and financial hubs" (65%) [2] - AI and machine learning are the most sought-after skills among young fintech talents, with two-thirds (66%) of students wishing to further their studies in this area, a significant increase from last year's 54% [2] Group 2: Forum and Government Support - The Greater Bay Area Fintech Talent Summit, held on November 26, sparked lively discussions on cross-border collaboration and how AI innovation is reshaping the talent landscape in the world's most dynamic financial region [2] - The summit featured key figures such as the Secretary for Financial Services and the Treasury of the Hong Kong SAR, who emphasized the importance of talent in driving innovation, particularly in fintech [4] - The Hong Kong Monetary Authority's Deputy Chief Executive highlighted the establishment of an innovative financial ecosystem in Hong Kong, focusing on talent development and collaboration with the Greater Bay Area [4] Group 3: Program Development and Employment Preferences - The Greater Bay Area Fintech Talent Development Program, launched in 2022, has become a key initiative for cultivating financial talent in the region, now including students from Shenzhen for the first time [4] - Students showed a significant increase in preference for large, established financial institutions (60%), up from 47% last year, while interest in startups and innovation labs remained at 13% [5] - The program provides essential support through fintech training courses (77%), internship opportunities (76%), and mentorship (71%) [5] Group 4: Program Objectives and Partnerships - The Greater Bay Area Fintech Talent Development Program, a collaboration between Bloomberg, the Hong Kong Youth Association, and the Hong Kong Monetary Authority, aims to help university students understand cross-border financial projects and fintech trends [8] - The program offers professional training, career guidance, and opportunities for students to connect with industry leaders and experts [8] - It is also part of Bloomberg's global corporate philanthropy initiative, focusing on helping students acquire the skills and experiences necessary for employment and entrepreneurship [8]

Core Viewpoint - The global sustainable bond issuance is expected to exceed $2 trillion for the third consecutive year by 2026, driven by sovereign nations, supranational organizations, and government agencies [3][4]. Group 1: Sustainable Bond Issuance - The issuance of green bonds and social responsibility bonds is projected to remain dominant, supported by strong demand from impact investors [4]. - As of October this year, green bond issuance has increased by 3% year-on-year, with growth expected to be in the low to mid-single digits by 2026 [4]. - The largest single issuer, Gilead, continues to provide mortgage financing support for underserved communities, while supranational organizations are increasingly certifying bonds as social responsibility bonds [4]. Group 2: Bond Returns and Risks - As of October this year, the returns on global green, social, and sustainable corporate bonds exceeded 11%, higher than the mid-single-digit returns expected for 2025 [6]. - Sustainable bond spreads are narrower than investment-grade bonds, nearing historical lows, with potential risks if economic data remains weak and inflation stays moderate [6]. - The refinancing risk is limited, with an expected net supply of nearly $1 trillion in new sustainable bonds by 2026, despite a peak in debt maturity expected in 2028 [8]. Group 3: Thematic Sustainable Investments - Thematic fixed-income products are anticipated to continue expanding, driven by strong investor demand for targeted solutions addressing environmental and social issues [11]. - Specialized ESG products like blue bonds and debt-for-nature swaps are expected to contribute to growth, with $184 billion issued year-to-date, including 361 transactions related to ocean themes [11][13]. - Recent agreements, such as Indonesia's debt-for-nature deal, highlight the active nature of such transactions, although U.S. policy shifts may weaken support for these initiatives [11].

Private Equity Market Review - The private equity fundraising pressure continues to rise due to the global market slowdown, prompting some ultra-high-net-worth clients of UBS to reassess their allocation strategies [4] - According to UBS's "Billionaire Ambitions Report 2025," nearly one-third of the 87 billionaires surveyed plan to reduce their investments in private equity instruments over the next 12 months, the highest reduction among various investment themes mentioned in the report [4] Hedge Fund Market Overview - Bloomberg's preliminary data indicates that the hedge fund industry recorded a 0.3% increase last month, with the event-driven hedge fund index leading the performance [4] - Year-to-date, hedge funds have risen by 11%, with equity funds showing the strongest performance, achieving a cumulative increase of 17% [4] - Sigma Investments has surpassed 10 billion RMB (approximately 1.4 billion USD) in assets under management in China, marking its entry into the top tier of Chinese hedge funds [4] - The newly raised funds, approximately three-quarters of which will be allocated to a Chinese stock strategy product, have contributed to a significant growth in total assets managed by Sigma Investments [4] Notable Transactions - Hillhouse Capital, founded by Zhang Lei, has merged three public market funds into a portfolio with a scale of at least 15 billion USD, marking the largest restructuring for the firm in recent years [4] - The flagship hedge fund, focused on Chinese listed stocks, and a newly established fund targeting undervalued Chinese stocks were part of this merger [4] Market Trends - There is a growing interest in the options market among global hedge funds, particularly favoring the US dollar [8]

Core Viewpoint - The Federal Reserve may have further rate cuts in 2026, with risks of rates dropping below current market expectations, potentially leading to a steepening yield curve if the economy avoids a full recession [2][6]. Economic and Monetary Policy - Despite a lack of recent government economic reports, there is substantial data indicating economic weakness without entering a recession. The market generally expects real growth in 2026 to be slightly below 2%, with consumer prices rising by 2.9%, partly due to tariff transmission effects [6]. - Bloomberg's economic research aligns with market inflation expectations but is more optimistic about growth. If actual growth is slightly lower than expected, nominal GDP growth could be around 4.8%, close to the 30-year average of 4.7%, suggesting long-term rates may struggle to stay below 4% if economic growth and/or inflation slow more than anticipated [6]. Yield Curve and Interest Rates - The current pricing of the U.S. Treasury yield curve indicates a mild steepening over the next year, but the potential for a more pronounced steepening exists, with the 2-year/10-year spread possibly widening to over 100 basis points by the end of 2026. The Federal Reserve is expected to lower the benchmark rate below 3% [8][10]. - The "slow easing" camp is likely to become mainstream, with the median dot plot from the Federal Reserve potentially indicating R* close to 84 basis points [10]. Market Dynamics - The volatility in the overnight financing market tools may be more pronounced than in the past 15 years due to the disappearance of the "excess reserves" mechanism. This tightening of financing market funds is not unexpected for those who participated in these markets before the 2007-2009 financial crisis [12].

Core Viewpoint - The global energy transition is accelerating, reshaping industry dynamics and presenting unprecedented challenges for decision-makers. The reliability of clean energy technologies and supply chains is crucial for investment decisions, requiring developers to effectively manage technological risks and equipment costs in an uncertain policy and revenue environment [2]. Group 1: BNEF Tier 1 Overview - BNEF Tier 1 is based on Bloomberg New Energy Finance's renewable energy asset and financing database, evaluating manufacturers of solar modules, inverters, PCS, batteries, and energy storage systems on bank recognition, project financing capability, and market reputation [4]. - The Tier 1 list helps developers and investors quickly identify suppliers with traceable financing records, thereby reducing project risks, while equipment manufacturers can enhance their strategic competitiveness by benchmarking against Tier 1 firms [4][10]. Group 2: Importance of the Tier 1 List - The Tier 1 list simplifies complex decision-making processes and enhances decision efficiency by articulating the advantages of listed companies in a universally understood language, aiding effective risk management [6]. - The Tier 1 selection criteria and methodology have evolved over 20 years, reflecting industry dynamics and earning widespread trust, serving as a critical tool for clients to seize opportunities [8][9]. Group 3: Characteristics of the Tier 1 List - The Tier 1 list is not merely a ranking but is based on scientific methods that ensure fairness, inclusivity, transparency, and timeliness, thus creating a truly FITT (Fair, Inclusive, Transparent, Timely) industry landscape [10]. - The definition of Tier 1 manufacturers and the assessment of their financing capabilities are continuously evolving to maintain foresight and accuracy in response to industry upgrades and market changes [10].

在境外基金会计估值、登记过户等高标准场景中，数据的准确性和及时性至关重要。我们的固定 收益参考数据和公司行为数据服务正是围绕这些需求打造，帮助像中信证券境外基金服务团队这 样的客户实现高效的自动化流程，支持合规需求，降低运营风险，提升整体服务质量。" 中信证券托管部及境外基金业务相关负责人 表示： 彭博今日宣布， 中信證券基金服務（亞洲）有限公司（"中信证券境外基金服务"）已全面采用彭 博企业数据解决方案。 通过部署高质量的数据服务，中信证券境外基金服务团队实现了针对境外 基金估值流程的自动化，有效提升了运营效率与风险管理水平。 " 随着境外美元基金业务规模的持续扩大与客户需求的日益多元化，中信证券境外基金服务团队对相 关业务数据质量的要求不断提升。为优化运营流程，团队自2024年起逐步引入彭博企业数据解决 方案。其中固定收益参考数据和公司行为数据成为关键优化点，该数据显著提升了基金估值流程的 稳定性、透明度和审计便利性，进而增强了团队的市场服务的准确性与可靠性。 中信证券境外基金服务团队得益于托管部多年来服务人民币基金的经验，始终致力于为境外基金 管理人、家族办公室等客户提供高效且合规的行政管理与中台服务。 ...

本文来自彭博终端，终端用户可运行NSN T7C3Y1KIJH90 阅读原文。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。 扫描二维码 立即订阅 彭博能源行业研究双周报 全球石油2026年展望 油价可能跌破50美元，也可能突破100美元 特朗普的第二任期是重塑全球原油市场的主导因素，其政策旨在压低价格和通胀，让美国消 费者从中受益（或在2 0 2 6年中期选举之前推高特朗普的支持率)。在严重衰退情景下，布伦 特油价跌至5 0美元（与彭博新能源财经5 4 . 5 0美元的预测一致）， 全球能源公司的股票回购 规模将缩减高达5 5 0亿美元 ，资本支出和转型支出也会下降，尽管派息不会受到影响。 美国 油田服务公司和加拿大油砂公司的派息不会受到影响，但回购规模将会缩减。沙特阿美仍将 派发8 4 0亿美元基本股息，但会取消与业绩挂钩的分红。 油价下跌也会导致产油国财政吃 紧，进而导致沙特的基 ...

Group 1 - The core theme of the article is the rising correlation between distributed energy and AI stocks, with distributed energy being one of the best-performing themes in 2023, showing a 56% increase year-to-date [3][4]. - Funds with the largest exposure to distributed energy include Swedbank Robur New Energy Fund and First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF, both having over 50% allocation to related stocks [4][6]. - Among over 2,000 tracked clean energy, climate, sustainability, and ESG funds, only 5% have significant exposure to distributed energy stocks, with 108 funds having over 15% allocation [3][4]. Group 2 - The article highlights that distributed energy stocks are highly sensitive to AI themes, with the beta coefficient rising from 0.63 in December 2024 to 0.75 in September 2023 [12]. - Notable companies in the distributed energy sector with high beta coefficients related to AI include Eos Energy, T1 Energy, and QuantumScape [12]. - The article indicates that distributed energy is one of the top ten themes with the highest beta coefficients in relation to AI, outperforming stocks with lower beta coefficients [12].