Core Viewpoint - The article discusses the launch of the "Northbound Swap Connect" initiative, which aims to enhance collaboration between the mainland and Hong Kong financial derivative markets by introducing new features for interest rate swaps (IRS) trading and centralized clearing, effective June 30, 2025 [1]. Group 1: Northbound Swap Connect - The "Northbound Swap Connect" will support IRS contracts with a maximum remaining term of 30 years, including FR007 and Shibor_3M interest rate swaps, along with features for IMM contracts, historical start date contracts, and contract compression [1]. - Bloomberg has initiated support for the first day of trading for long-term interest rate swaps under this new framework, enhancing access for global investors to manage interest rate risks effectively [1][2]. Group 2: Bloomberg's Role - Bloomberg's IRS trading portal (BBTI) will now support a variety of financial instruments in the mainland interbank derivative market, including 7-day repos and 3-month Shibor, as part of its commitment to seamless access to China's onshore financial markets [1][2]. - The expansion of the "Swap Connect" solution is based on an upgrade in May 2024, which allows trading of IRS contracts aligned with international money market (IMM) settlement dates, catering to the growing demand for diversified and flexible risk management tools among institutional investors [2]. Group 3: Trading Workflow - Authorized Bloomberg terminal users can initiate requests for quotes (RFQ) from a list of approved onshore dealers by the People's Bank of China (PBOC), allowing for competitive pricing and execution information [5].

Core Viewpoint - The article emphasizes the significance of tariffs in shaping global trade dynamics and market outlooks, particularly in 2025, highlighting the need for timely insights and foresight to navigate the evolving landscape [3]. Group 1: Webinar Details - The upcoming webinar will focus on growth, tariffs, and market impacts, featuring Bloomberg economists and industry experts [4]. - The event is scheduled for July 10, 2025, from 14:00 to 15:00, and will be conducted in English with simplified Chinese subtitles available [2][4]. - Key topics include an in-depth analysis of U.S. economic dynamics, the current trade landscape's impact on China, and the latest developments in trade negotiations [4]. Group 2: Expert Insights - The webinar will provide insights from Anna Wong, Bloomberg's Chief Economist for the U.S., and other notable economists, aimed at dissecting the implications of tariff negotiations on various industries [2][3]. - Participants will gain access to Bloomberg's economic research models regarding the impact of tariffs, which will aid in understanding potential opportunities and risks [4].

Core Viewpoint - Asian oil and gas producers may face significant price volatility in the second half of the year due to OPEC+ production increases, U.S. shale oil exports, and tariff disputes among economies, which threaten long-term oil demand and pricing. However, escalating geopolitical tensions in the Middle East could expand the risk premium for crude oil in the short term, potentially pushing prices up to $90 per barrel, while long-term demand decline may lead to a drop to $40 per barrel [2]. Group 1: Market Performance - From January 1 to June 13, the Asian oil and gas index underperformed the broader market due to a slowdown in global trade and industrial activity caused by U.S. tariffs, leading to a bleak oil demand outlook. However, the performance gap narrowed in June as investor concerns about the Israel-Iran conflict and potential supply disruptions increased [5][6]. - During the same period, the MSCI AC Asia Pacific Energy Index rose by 7.48%, while the MSCI Asia Pacific Index increased by 9.1%, indicating that the energy sector lagged behind the broader market [6]. Group 2: Valuation Metrics - The price-to-book ratio for the Asian oil and gas sector stands at 1.1 times, aligning with the 10-year average, suggesting that investors have not fully accounted for the potential upside in oil prices. The uncertainty from U.S. tariffs has led traders to reduce their exposure to oil, reflected in the declining valuations from January to April [9]. - In June, valuations showed a slight recovery, indicating that traders have reduced earlier bets on falling oil prices following the Israel-Iran conflict. A $1 per barrel change in WTI crude oil price could lead to a $0.8 change in earnings per share for Asian oil companies [9].

Core Viewpoint - The article discusses the potential shift in ETF liquidity leadership from State Street to BlackRock, highlighting the concentration of liquidity in the ETF market and the competitive dynamics at play [2][3]. Group 1: ETF Liquidity Landscape - The top ten ETFs account for 44% of total trading volume, indicating a highly concentrated liquidity environment [2][6]. - BlackRock currently holds approximately 25% of ETF trading volume, trailing State Street's 31%, while Vanguard accounts for only 7% [3][6]. - The trading volume of key products like the iShares Core S&P 500 ETF (IVV) has increased, bolstering BlackRock's position [3]. Group 2: Market Dynamics - The market share of the top ten ETFs has decreased from a peak of 51% to 44%, suggesting slow liquidity expansion and intensified competition [6][7]. - The increase in popularity of leveraged ETFs and products aimed at traders has contributed to the competitive landscape [7]. Group 3: Geographic Distribution of ETF Trading - Global ETF trading volume has significantly increased, averaging around $13 trillion per quarter, with the U.S. accounting for over 80% of this volume [9]. - The dominance of the U.S. market is attributed to its scale and depth, as well as international investors' preference for U.S.-listed ETFs due to their stronger liquidity and narrower spreads [9]. Group 4: Active ETFs and Market Sentiment - The list of the most actively traded ETFs has seen more volatility, with leveraged ETFs linked to high-volatility stocks like Tesla and semiconductors gaining prominence [10].

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 ...

Core Viewpoint - The article emphasizes the robust growth of the Asian economy, particularly highlighting China's role as a key driver, with the Chinese bond market emerging as a significant opportunity for global investors [1][3]. Group 1: Economic Growth and Contributions - Asia's economy is contributing nearly 40% to global GDP, reshaping the macroeconomic landscape [1]. - In Q1 2025, China's economy achieved a year-on-year growth of 5.4%, maintaining its leading position among major economies [1][2]. - The Chinese economy is characterized by strong resilience, innovation, and structural optimization, driven by a large-scale market and emerging new industries [1][6]. Group 2: Chinese Bond Market - China's bond market is the second largest globally and plays a crucial role in supporting the real economy, optimizing resource allocation, and enhancing financial stability [1]. - Recent reforms, including the Bond Connect, Swap Connect, and Repo Connect, have improved market access for international investors [3][7]. - The bond market is increasingly attracting foreign investment, with ongoing efforts to enhance transparency, liquidity, and credit ratings [7][8]. Group 3: Financial Infrastructure and Solutions - China has made significant progress in strengthening financial market connectivity, improving infrastructure, and facilitating asset allocation for investors [7]. - Bloomberg has actively developed trading solutions to support global investors' participation in the Chinese interest rate swap market and offshore RMB bond repo transactions [7][8]. - The company offers comprehensive solutions across various asset classes, including bonds, stocks, derivatives, and commodities, to empower clients' workflows [8].

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].