Core Viewpoint - The "buying the dip" strategy remains prevalent and has become institutionalized, with increased investor confidence leading to significant inflows into ETFs following market downturns, surpassing the enthusiasm seen in 2021 [4][9]. Group 1: ETF Investor Behavior - ETF investors are increasingly viewing market pullbacks as opportunities rather than risks, leading to accelerated inflows during declines, similar to the frenzy of 2021 but more disciplined [7][9]. - The S&P 500 index experienced a record of 354 consecutive trading days without a drop exceeding 2%, contributing to a reduced number of buying opportunities [9][10]. Group 2: Effectiveness of the "Buying the Dip" Strategy - Historically, the effectiveness of the "buying the dip" strategy is attributed to the long-term upward trend of the stock market, with the S&P 500 ETF (SPY) averaging a 0.56% increase in the week following a decline, with over half of the time resulting in a rebound [9]. - The intensity of the "buying the dip" behavior is influenced by the frequency of market pullbacks, with fewer opportunities observed in 2024 compared to the frequent declines of 2020-2021 [9].

11月14日， "2025大湾区金融科技人才发展计划" 深圳站圆满举行，这是该计划首次拓展至深圳的重要一 环。大湾区金融科技人才发展计划由彭博联合香港金融管理局、香港青年联会共同主办，旨在培养大湾区 下一代金融科技领袖，促进跨境交流与合作。 本次活动获得7家企业合作伙伴的大力支持，香港金融管理局代表亲临现场。来自香港和深圳的60余名高 校学生积极参与，先后参加CEO圆桌会议，与金融及科技行业高管面对面交流，并走访银行、公募基金及 大型科技企业，收获宝贵的行业洞察与实践经验。热烈的反馈不仅体现出学生对跨境交流和培训的高度需 求，也展现了他们投身金融科技行业的热情，成为大湾区生态融合创新的生动缩影。 彭博大中华区总裁汪大海表示： "今年计划成功扩展至深圳，标志着大湾区青年人才的联动与合作迈上新台阶，也体现了深港两 地在人才培养上的深度融合。今年恰逢彭博进入中国内地市场三十周年，我们将持续赋能青年 人才，共同助力大湾区成为全球金融科技人才的创新与发展高地。" 2025 年大湾区金融科技人才发展计划活动现场回顾 香港金融管理局金融科技总监彭旭辉表示： 年轻一代是推动大湾区金融科技未来的重要力量。他鼓励同学们走在行业前 ...

Core Insights - The article discusses the performance of major pharmaceutical companies in the third quarter, highlighting Eli Lilly's strong results and Novo Nordisk's struggles due to increased competition in the GLP-1 drug market [3][5]. Group 1: Company Performance - Eli Lilly led the industry with a 10% revenue increase, driven by strong sales of obesity drugs [3]. - Novo Nordisk's performance fell short of expectations, with a 2% revenue decline attributed to intensified competition in the GLP-1 drug sector [3][5]. - Roche's revenue was below expectations due to weak sales of key drugs, raising concerns about its long-term growth prospects [3]. - Other companies like GSK, Bristol-Myers Squibb, and AstraZeneca achieved low single-digit revenue growth, exceeding expectations due to strong core business performance [3]. Group 2: Earnings and Guidance - Pfizer's earnings exceeded expectations by 36%, benefiting from reduced sales, general and administrative expenses, and a lower tax rate [5]. - AbbVie raised its earnings guidance, while Bristol-Myers Squibb's guidance increase was driven by its growth-oriented business mix [7]. - Novo Nordisk has lowered its 2025 earnings guidance four times, leading to a downward adjustment in market expectations for its 2026 revenue and operating profit [7]. Group 3: Currency Impact - Currency fluctuations negatively impacted non-USD denominated pharmaceutical companies' revenues by an average of 5% in the third quarter, while USD-denominated companies saw a 1% benefit [9]. - If current exchange rates persist, non-USD companies are expected to face continued adverse effects on revenue, with potential declines against major currencies [9]. Group 4: Trade Agreements - Major pharmaceutical companies are seeking tariff relief through Most Favored Nation (MFN) agreements, which provide temporary tariff exemptions while requiring companies to continue domestic production [11]. - The impact of these agreements on profitability remains unclear, with Pfizer and Novo Nordisk expecting some negative effects on their 2026 financial forecasts [11][12].

Core Insights - The Bloomberg Investment Management Forum in Shanghai highlighted the rapid transformation of the asset management industry through quantitative research strategies, emphasizing Bloomberg's commitment to this field over the past 30 years [1][4]. Group 1: Macro Quantitative Scenario Analysis - Bloomberg has developed a factor-based macro quantitative scenario analysis model that integrates macroeconomic variables with underlying drivers such as credit risk and demand changes, utilizing a large covariance matrix updated daily to detail asset correlations and risk transmission [4][6]. - Users can customize macro variable impacts and driver weight distributions to simulate investment portfolio performance under various economic conditions [6]. Group 2: Risk Budgeting in Equity Allocation - The application of risk budgeting strategies in global and A-share markets can help mitigate losses during market volatility by adjusting allocations based on low correlation and volatility differences among A-share stocks [7][9]. - This approach aims to create a more balanced and resilient investment portfolio by ensuring each asset contributes equally to overall portfolio risk rather than focusing solely on weight [9]. Group 3: Cross-Asset Investment and Strategy Index Development - The discussion on cross-asset investment strategies highlighted the increasing demand for diversified asset allocation and risk premium management among institutions, with a focus on innovation to inspire investors and reduce risks [10][12]. - Bloomberg supports quantitative teams with data integration, risk analysis, and scenario simulation to enhance strategy development and risk management efficiency [12]. Group 4: Risk Management in Investment Decisions - Effective risk management is crucial in investment decision-making, with strategies based on risk perspectives aiding in capturing alpha and facilitating quantitative backtesting [13][15]. - The use of risk parity methods combined with asset correlations can enhance portfolio robustness, addressing the challenges of return forecasting [15]. Group 5: Factor Investment and Alternative Data - The exploration of factor investment frameworks and the use of alternative data and machine learning to tackle the "factor zoo" challenge were discussed, with innovative factors developed from Bloomberg's supply chain data [17][19]. - The application of deep learning models for dynamic beta estimation shows significant performance improvements over traditional methods, enhancing the predictive capabilities for future volatility and variance [19].

Private Equity Market Review - The article provides an overview of the private equity market, highlighting recent trends and activities in the sector [2]. Hedge Fund Market Overview - The Bloomberg Hedge Fund Index showed a preliminary increase of 1.1% in October, with a year-to-date rise of 11% [4]. - Equity hedge funds performed the best, with a year-to-date increase of 17% [4]. - The total assets in the global hedge fund industry reached a record $5 trillion, driven by strong inflows of nearly $34 billion in the last three months [4]. Industry Highlights - There is a growing competition for talent in the gold trading sector, as trade companies, hedge funds, and banks are actively hiring specialized gold traders, leading to rising compensation in this niche market [4]. - Shareholders of the well-known Chinese condom and sexual wellness brand, Jissbon, are considering selling a minority stake of approximately 20% to 30% of the business, with potential buyers including private equity firms CVC Capital Partners and Advent [4]. Performance Overview - The performance of various hedge fund strategies as of October 31, 2025, includes: - Equity Hedge: 1.28% monthly return, 16.59% year-to-date [5] - Credit Hedge: 0.59% monthly return, 6.58% year-to-date [5] - Event Driven Hedge: 0.62% monthly return, 9.04% year-to-date [5] - Macro Hedge: 1.15% monthly return, 7.28% year-to-date [5] - Relative Value Hedge: 1.27% monthly return, 9.11% year-to-date [5] Notable Transactions - KKR is in negotiations to acquire a minority stake in Hong Kong's Dingrui Reinsurance Company [6].

Core Insights - The global energy market is experiencing volatility due to rapid industry developments, geopolitical tensions, and fluctuating supply-demand dynamics [3][4][10] Group 1: Market Outlook - Asian oil and gas producers will face challenges from oil price fluctuations primarily influenced by supply-demand factors, with WTI crude oil prices expected to remain below $60 per barrel for most of 2026 [3][10] - The MSCI AC Asia-Pacific Energy Index's price-to-book ratio is currently at 1.2, above its 10-year average of 1.1, indicating that investors have not fully accounted for the risks of declining oil prices [3][7] Group 2: Performance Analysis - From January 1 to October 31, the Asian oil and gas index has underperformed the broader market due to weakened demand expectations stemming from U.S. tariffs and OPEC+ production increases [4][5] - The MSCI AC Asia-Pacific Energy Index rose by 13.86% during the same period, while the broader MSCI Asia-Pacific Index increased by 25.83%, highlighting a widening performance gap since August [5] Group 3: Supply Dynamics - OPEC+ is expected to increase production by 137,000 barrels per day in December as part of a gradual exit from voluntary production cuts implemented in 2023, which may lead to a supply surplus in the oil market [10] - The uncertainty surrounding Russian supply could exacerbate supply disruptions and potentially lead to spikes in oil prices in 2026 [4][5]

彭博新能源财经（BNEF）年度盛会——2025年上海峰会，将于 11月25日至26日 于 上 海 启 幕。 今年，我们即将迎来这场巅峰会议的第十一周年。正值"十四五"规划收官与"十五五"规划 启动的关键年，本届峰会将汇聚全球能源、交通、工业、金融与科技领域的顶尖领袖与决策者， 旨在提供制定成功战略、利用技术变革所需的前沿理念、深刻洞见与高端人脉，共同塑造一个更 清洁、更具竞争力的未来。 我们诚挚邀请您莅临 2025 BNEF 上海峰会，与超700位行业领袖深度交流，共同构建清晰的全 景式能源蓝图，揭晓未来趋势的关键答案，把握新的发展机遇。 #BNEF峰会 分享嘉宾： Anderson Barreto Arruda 巴西矿业与能源部规划与矿业政策司 司长 Augusto Souto Pestana 巴西驻上海总领事 白俊 北京燃气研究院 副院长 陈思捷 上海交通大学 教授 新型电力系统技术 经济研究所所长 陈宗媚 JPMorgan 亚太可持续 执 行董事 Damien Nguyen 惠生清洁能源 CTO 邓明晖 弘正储能 海外事业部总经理 代贤忠 国网能源研究院 电网所 安全与城市电网研究室 主任 董德兰 中国 ...

Core Insights - The report by Bloomberg New Energy Finance highlights that innovation and regulatory support are crucial for the growth of sustainable debt in emerging markets, which is essential for bridging the multi-trillion-dollar climate financing gap [1][10]. Group 1: Current Market Trends - In 2024, the issuance of labeled sustainable debt in the MENA and Asia-Pacific regions reached a record high, but it slowed down in 2025 due to changing perceptions regarding the advantages of labeled debt, including impacts on pricing and reporting costs [2][6]. - The pricing advantage of labeled debt is diminishing, with some issuers even paying a premium for green debt, indicating a shift in market dynamics [6]. Group 2: Regulatory Support and Innovation - Regulatory bodies can help reduce barriers faced by issuers by providing solutions such as offsetting labeling costs and creating a clear regulatory environment for labeled debt issuance [6]. - The Hong Kong government has implemented a subsidy program for green and social issuers, with over 620 sustainable debt instruments issued by mid-October 2025, totaling more than $170 billion [6]. Group 3: Growth Opportunities - Labeled debt currently represents only 2.6% of the debt market in emerging economies, highlighting significant growth opportunities [6]. - Social debt, which has only accounted for 8% of total issuance since 2020 in emerging markets, presents strong growth potential, with countries like South Korea and Japan leading the global social bond market [7]. Group 4: Innovative Structures - Issuers are exploring innovative structures beyond traditional labels and terms, such as blue bonds and sustainability-linked loans, which can attract capital to underfunded areas like marine ecosystem protection [7][9]. - The issuance of ultra-long tenor green bonds, such as the 30-year green bond by MTR Corporation, demonstrates strong investor demand for long-term debt instruments [9]. Group 5: Industry Perspectives - The collaboration between the Dubai Financial Services Authority and the Hong Kong Monetary Authority aims to enhance the sustainable debt market, reflecting growing investor confidence and the resilience of the market [10][11]. - The report emphasizes the importance of sustainable debt as a financial tool to address the climate financing gap in emerging markets, with Hong Kong positioning itself as a sustainable finance hub [10].

1995 – 2025，彭博在中国内地 走到了三十而立： 立于连接之桥梁、信任之基石、创新之羽翼 的里程碑时刻， 也将走向继续与广大市场参与者共谱华章的美好未来！ 就让这支视频带我们重温过去三十年的重要时刻，一同期待未来更多精彩！ 点击 "阅读原文" ，预约彭博终端演示。 走过了 与市场同频共振的三十年 ， ...

Group 1 - The 2025 Bloomberg Innovation Economy Forum will be held from November 19 to 21 in Singapore, focusing on the theme "Thriving in Extreme Times" [4][7] - The forum will gather over 500 influential guests to discuss the future paths of global growth and innovation amid a backdrop of multipolar dynamics, geopolitical conflicts, and climate change [7] - A diverse lineup of speakers includes leaders from various sectors, such as Raphael Arndt, Michael Bloomberg, and Adina Friedman, indicating a broad representation of perspectives [8]