本文节选自彭博终端NSNSY0TTBDWRGG1。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。 彭博行业研究 年中展望：亚太油气生产商 （彭博行业研究）——观点：亚洲油气生产商下半年或将面临油价大幅波动的局面。OPEC+增 产、美国页岩油出口以及经济体间的关税博弈，这些都对石油的长期需求和定价构成威胁，但 中东地缘政治紧张局势升级可能使原油短期内的风险溢价扩大。这些因素的综合作用意味着， 油价可能在下半年上探每桶90美元，但长期来看，需求下滑的长期阴影可能导致油价回落至每 桶40美元的低点。截至6月10日，MSCI亚太能源板块的市净率为1.1倍，与10年平均水平相 当，表明投资者尚未充分考虑油价的上行空间。 长按或扫描二维码 阅读完整报告 " 精彩内容节选 以色列与伊朗冲突令亚洲石油和天然气市场面临动荡 1月1日至6月13日，亚洲油气指数的表现跑输股市大盘，原因是全球贸易和工业活动因美国关税而 放缓，导致石油需求前景黯淡。然而，6月亚洲石油板块表现的落后程度有所收窄，反映出投资者 对以色列和伊朗冲突及其可能引发的供应中断和下半年油价上涨的担忧日益加剧。 亚洲能源板块表现的落后程度或将收 ...

道富或将失去流动性领导者的地位 长期以来，道富在ETF成交额方面高居榜首，但贝莱德已稳步缩小与道富的差距，并有望最 终夺得第一。贝莱德目前占据约2 5%的ETF成交额，落后于道富的3 1%，Va n g u a r d仅占 7%。支撑贝莱德实力的一个主要因素是，iSh a r e s安硕核心标普5 0 0 ETF (IVV)等主要产品 的成交额有所增加。 本文来自彭博终端，终端用户可运行DOCV RES SXPQDET1UM0W 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： 新的ETF流动性之王？贝莱德或超越道富登顶流动性榜单 （彭博行业研究）——ETF流动性高度集中，前十大ETF占总成交额的4 4%。在这种严峻的 形势下，贝莱德成功守住了阵地，并有望超越道富，成为新的流动性之王。全球ETF成交额 持续增长，平均每季度达到1 3万亿美元，美国仍占其中的8 0%以上 ...

Core Insights - The hedge fund market experienced a significant increase in May 2024, with a 2.3% rise, marking the largest gain since March 2024, driven by the Bloomberg Stock Hedge Fund Index [5] - Hedge funds have shown a year-to-date increase of 1.7%, with equity funds leading the gains at 3.3%, while macro funds recorded a maximum decline of 1.2% [5] Private Equity Market Review - The report highlights the ongoing trends in private equity fundraising and investment activities, emphasizing the dynamics of the market [3][8] Hedge Fund Market Overview - In the first quarter of 2024, hedge funds reduced their holdings in the "seven major tech giants" while increasing exposure to Chinese companies listed in the U.S. [8] - Despite escalating U.S.-China trade tensions, hedge funds have favored Chinese stocks, particularly Alibaba, Pinduoduo, and Baidu [8] - A Chinese hedge fund capitalized on a significant drop in the Chinese stock market in April due to new U.S. tariffs, achieving a 20% return since then and a cumulative return of 1,485% since its inception ten years ago [8] Market Dynamics - The report notes that Hong Kong is intensifying tax scrutiny on private equity and venture capital funds, indicating a shift in regulatory focus [9] - PAG is leading the acquisition of 48 shopping centers owned by Dalian Wanda, showcasing active investment strategies in the private equity space [9] - Stonepeak has agreed to acquire the container leasing company Seaco, reflecting ongoing consolidation in the industry [9]

彭博与招商永隆资产管理有限公司（"招商永隆资管"）今日联合宣布，招商永隆资管已采用彭博 领先的 投资管理技术解决方案AIM 。此举旨在优化其投资交易全生命周期的前后台工作流程，提 升交易合规和运营效率，并获得对投资组合的深度洞察。招商永隆资管是招商永隆银行有限公司旗 下专注于资产管理的全资附属机构。 截至2025年5月31日，招商永隆资管的资产管理规模达到历史新高。在规模大幅增长的背景下，公 司亟需先进技术支持，以保持卓越运营和竞争优势。为此， 招商永隆资管在已使用彭博电子交易 解决方案的基础上，进一步扩展采用彭博买方解决方案和数据许可服务。 这将助力其提升固定收 益交易效率，简化交易执行流程，并确保公司内使用数据的一致性。 这些工具和数据的集成和优 化，不仅能够提供切实可行的洞察以驱动战略决策，更能全面赋能公司的投资管理流程，覆盖从投 资决策支持到交易后服务的各个环节。 彭博AIM是业界领先的订单和投资管理技术解决方案，已被全球超过900家机构、近15,000名专业 人士使用，管理资产总额逾22万亿美元。彭博AIM与彭博终端完全集成，提供多资产类别的解决 方案，全面覆盖投资决策支持、投资组合与订单管理、交易 ...

Core Insights - The Chinese biotechnology industry is expected to continue its recovery in the second half of 2025, driven by a resurgence in the Hong Kong IPO market and improved earnings outlook for biotech companies [3][15] - Key focus areas include the anticipated approval of new drugs, significant pipeline data releases, and increased merger and acquisition (M&A) activities, particularly related to the PD-1/VEGF pathways [3][15] Group 1: Market Trends - The Hong Kong IPO market is showing signs of recovery, with Hengrui's IPO raising HKD 9.8 billion, marking the largest IPO in the Hong Kong pharmaceutical sector in five years [15] - Investor interest in the biotechnology sector remains high, as evidenced by the successful listing of antibody-drug conjugate pioneer, InnoCare, which saw its share price double on the first trading day [15] - M&A activities are expected to surge in 2025, particularly for companies involved in the PD-1/VEGF pathway, following positive data reported at the ASCO conference [5][15] Group 2: Company Performance and Projections - Chinese biotech companies are reaching a pivotal point of profitability, with Innovent Biologics expected to turn profitable in 2024, supported by the launch of its obesity drug and positive data from IBI 363 at ASCO [6] - BeiGene achieved breakeven in Q1 and is positioned to become a major player in global oncology, although its sales growth from 2025 to 2028 is projected to be below peers [6] - Companies like Akeso and Zai Lab are also expected to achieve profitability by 2025, despite facing valuation pressures due to tariff uncertainties [6] Group 3: Pipeline Developments - Innovent's obesity drug, Mazdutide, is anticipated to launch in China in early 2025, which could attract significant investor interest [9] - BeiGene's Sonrotoclax is expected to file for approval in China for treating relapsed/refractory chronic lymphocytic leukemia and mantle cell lymphoma by mid-2026 [9] - Akeso is advancing multiple drugs through the pipeline, with filings for Cadonilimab and Ivonescimab expected in the second half of 2025 [10][13] Group 4: Valuation Metrics - The enterprise value/sales ratios for several Chinese biotech companies indicate varying growth expectations, with Sichuan Kelun-Biotech showing a high ratio of 35.5x and a projected sales CAGR of 54% from 2025 to 2028 [8] - The average enterprise value/sales ratio for Chinese peers stands at 13.0x, with a median of 11.8x, reflecting the competitive landscape within the industry [8]

Wendy Yuen 中信银行(国际) 个人及商务银行业务总监 James Bell 彭博亚太区 卖方科技解决方案销售负责人 罗文辉 华泰证券 首席技术官 Muska Chiu 渣打银行 亚洲经济增速回升，成为世界经济之引擎。你准备好迎接机遇了吗？ 展望全球，随着不确定性加剧，美元主导地位面临前所未有的压力，地缘博弈也重塑着贸易流 向。投资者更多地将目光投向亚洲——这一活力与韧性兼具的地区经济增速回升，受到寻求稳定 与增长的投资者青睐。与此同时，面对科技给各行业带来的颠覆性影响、ESG要求的持续更新、 货币政策转向、监管环境发展……卖方机构亟需灵活调整战略，从而与时俱进、把握良机。 彭博诚邀您出席 2025年亚太区卖方论坛 ！机构高管、行业领袖、资深专家等业界人士将齐聚一 堂，探讨有关银行业与资本市场的热点议题，展望未来趋势，分享真知灼见。 主要议题 专家对谈：彭博对话高盛总裁施南德Kevin Sneader 香港私人银行与理财通的发展前景 * 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。 买方 ...

近年来，亚洲经济发展势头强劲，对全球GDP贡献率接近40%，不断重塑着全球宏观经济格局，而中国则 是该地区经济增长的关键引擎之一。中国债券市场已成为世界第二大债券市场，在推动实体经济发展、优 化资源配置、增强金融稳定等方面发挥着重要作用。随着利率市场化改革的深化、定价机制的完善以及债 券通等举措的实施，中国债券市场为全球投资者提供了不容错过的机遇。 彭博投资亚洲系列活动 于6月17日在新加坡圆满举办。围绕 "聚焦中国" 的主题，各位专家同业政商领袖齐 聚一堂，各抒灼见。让我们一起回顾精彩瞬间！ 本次活动很荣幸邀请到 中国驻新加坡大使曹忠明先生 发表主旨演讲。他表示 2025年第一季度， 中国经济顶住压力，实现了同比增长5.4%的好成绩，在全球主要经济体中继续保持领先。中国经 济韧性强大、创新强劲、结构优化，持续发展的动力在于不断迸发的创新能力和活力，在于不断释 放的超大规模市场，在于不断涌现的新产业、新业态、新商业模式。中国政府长期以来致力于通过 扩大市场准入、完善优惠政策、优化投资环境等措施吸引外资、鼓励外国企业来华投资兴业，中国 市场处处都是投资机遇。今年是中新建交35周年，感谢彭博举办这场聚焦中国研讨会 ...

Core Insights - The article posits that the most influential export of the United States may be the continuous rise of its stock market rather than physical products, highlighting the significant demand for U.S. asset exposure among global investors [2][3]. Group 1: Global ETF Market Overview - The total global ETF assets amount to $16 trillion, with approximately $9.8 trillion focused on the U.S. market, indicating a strong preference for U.S. assets over the past decade [2][3]. - Nearly 70% of global ETF assets are linked to the U.S. market, with only 11% and 16% allocated to Europe and Asia-Pacific, respectively [4][6]. Group 2: Performance of ETFs - The difficulty of outperforming the S&P 500 index is notable, with only about 29% of over 8,000 global stock ETFs outperforming the index in the past year, and a mere 7% doing so over a ten-year period [8]. - U.S.-launched ETFs tracking the S&P 500 dominate in three of the four major regional markets, with Vanguard's S&P 500 ETF leading in the U.S., while BlackRock's iShares ranks first in Europe [8].

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 [1] - The Bloomberg China Aggregate Index recorded a return of -0.01% in May, with a year-to-date return of 0.41% [3][5] - The Chinese government bonds and policy bank bonds index saw a return of -0.14% in May, with a year-to-date return of 0.28% in local currency [3][5] Index Performance - The China Aggregate Index (I08271CN) had a 1-day return of 0.06%, a month-to-date return of -0.01%, and a year-to-date return of 0.41% [5] - The China Treasury and Policy Banks Index (I32561CN) recorded a 1-day return of 0.10%, a month-to-date return of -0.14%, and a year-to-date return of 0.28% [5] - The China Corporate Index (I08275CN) achieved a year-to-date return of 0.76% [5] Market Trends - The Asian emerging market high-yield dollar bond index spread narrowed by nearly 130 basis points from the April peak of 5.63%, leading to a 1.42% increase in the index for May [9] - The yield curve of U.S. Treasuries is experiencing a "bull steepening," which may increase the hedging costs for RMB southbound investors in the dollar bond market [9] - Despite rising hedging costs in 2025, dollar bonds still offer a yield advantage of 44.5 basis points compared to the domestic market priced in RMB [9]

在全球金融市场格局持续演变的当下，韩国债券市场正释放出巨大的投资潜力，吸引着全球投资者 的目光。前不久，彭博举办了 " 探索韩国债市，把握投资机遇"研讨会，有幸邀请到 韩国企划财政 部国债科长 Keunwoo Lee先生 与彭博韩国市场专家Ilhwan Kim对话，围绕 韩国债市政策改革、 潜在机遇和热门话题 进行深入剖析。让我们一起回顾精彩瞬间！ 彭博电子交易解决方案，凭借透明高效的交易流程、更深更广的流动性、整合一体的数据与分析， 以及赋能整个交易流程的全面解决方案，助您把握市场先机！ 终端用户运行 KORE 可查看韩国债券、股票、外汇等市场概况与最新资讯，把握机遇。 非终端用户可点击 "阅读原文" 联系我们查看功能演示。 在政策改革方面，韩国政府采取了哪些举措？ Keunwoo Lee表示，韩国政府致力于打造更透明、高效、便捷的市场环境，提升韩国债券的全球 吸引力，为此采取了多种关键举措，涵盖政策改革、市场开放以及交易便利化。 他举例指出，去年，韩国预托决济院(KSD)与国际中央证券存管处(ICSD)建立连接，正式开通国 债综合账户系统，并对其运营所需的各项制度进行改进，这对于活跃的离岸交易而言意义重 ...