Partnerships & Asset Management - Goldman Sachs 与 T Rowe Price 合作，旨在获取退休资产 [1] - Citigroup 将 800 亿美元资产交给 BlackRock 管理 [1] Mergers & Acquisitions - 行业预计并购活动可能创下纪录 [1]

（文章来源：新华社） 荷兰PFZW基金3日宣布从美国贝莱德公司撤资约140亿欧元。作为欧洲最大规模养老基金之一，PFZW 基金为超过300万名荷兰医护人员管理总额超过2480亿欧元的资产。据PFZW声明，它将终止与全球最 大资产管理公司贝莱德的一份重大合约，并对所持数千家企业股票作清仓处理。 ...

格隆汇9月4日｜花旗集团正将旗下数百亿美元客户投资委托给贝莱德管理，此举将关闭其最后一个仍在 运营的内部资产管理平台，并进一步将其财富管理部门的产品外包。两家公司表示，在这项新合作中， 贝莱德将接管目前由花旗投资管理公司管理的数千名高净值客户的资产。贝莱德此前已管理着花旗6350 亿美元客户资产中的一部分，而此次将接手花旗此前仍自行管理的最后800亿美元资产。花旗财富业务 主管安迪·西格表示，"我们自身并不具备将这一平台规模扩大一倍的实力，也无法达到跟贝莱德一起合 作所能实现的水平，现在是全球最国际化的银行，与全球领先的资管公司联手，共同推动这一变革。" ...

Core Insights - BlackRock has deposited 33,884 ETH into Coinbase Prime, valued at approximately $148.6 million [1] Group 1 - The transaction indicates BlackRock's continued interest in cryptocurrency investments [1] - The amount of ETH deposited reflects a significant investment strategy by BlackRock in the digital asset space [1]

Group 1 - BlackRock's stake in Haier Smart Home increased from 6.85% to 7.06% as of August 29 [1]

Core Insights - The iShares Bitcoin Trust is expected to see significant growth as more asset managers and companies invest in Bitcoin [1][4] - Institutional and corporate adoption of Bitcoin is increasing, driving demand for the cryptocurrency [8] Institutional Adoption - Institutional investors, controlling approximately $130 trillion in assets, are beginning to invest in Bitcoin due to regulatory changes and the approval of spot Bitcoin ETFs [9] - The number of large asset managers owning positions in the iShares Bitcoin Trust rose by 150% over the past year, with shares owned increasing by 200% [10] Corporate Adoption - Strategy (formerly MicroStrategy) has become a major Bitcoin investment vehicle, owning 636,505 Bitcoin, which is 3% of the total supply, and has seen a market cap increase of 6,500% [11] - Other companies, including Block, Mara, Semler Scientific, Tesla, and Trump Media & Technology Group, are also using Bitcoin as a corporate treasury asset, with total Bitcoin ownership by public and private companies rising by 95% over the past year [12] Investment Vehicle Comparison - Owning a spot Bitcoin ETF like the iShares Bitcoin Trust is simpler and less expensive than directly owning Bitcoin, which often involves higher transaction fees and account management complexities [13][14]

Core Insights - BlackRock has completed the acquisition of ElmTree Funds, enhancing its private markets capabilities and expanding access to alternative investments [1][9] - The acquisition aligns with BlackRock's long-term goal of raising $400 billion for private markets by 2030 [1] - ElmTree managed $7.3 billion in assets as of March 31, 2025, and is a leader in commercial net-lease assets [1][2] Expansion of Private Markets - The acquisition of ElmTree builds on BlackRock's previous acquisition of HPS Investment Partners, reinforcing its focus on private credit and real estate [2] - ElmTree's expertise will enhance BlackRock's Private Financing Solutions platform, providing long-term income opportunities for clients [2][3] - Over the past year, BlackRock has invested more than $28 billion to strengthen its position in high-growth private markets [3] Shift Towards Alternative Investments - BlackRock's CEO Larry Fink indicated a shift from traditional 60/40 portfolios to a 50/30/20 mix of stocks, bonds, and private assets for stronger returns [4] - The company plans to launch a target-date fund incorporating private equity, private credit, and other alternative investments [5] - BlackRock is integrating private equity and credit into pre-built portfolios to meet rising demand among individual investors [6] Competitive Landscape - Competitors like Apollo Global Management and Blackstone are also making significant strides in private markets, expanding their multi-strategy platforms and asset-backed credit offerings [7] - Both competitors are focusing on evergreen and private wealth channels, originating larger financings previously dominated by banks [7] Performance Metrics - BlackRock's shares have risen 8.7% this year, contrasting with a 1.6% decline in the industry [10]

Core Viewpoint - BlackRock has reduced its stake in Longyuan Power (001289)(00916) by selling 18.878 million shares at a price of HKD 6.8373 per share, totaling approximately HKD 129 million, resulting in a new holding of about 159 million shares, representing a 4.79% ownership [1] Summary by Category - **Share Reduction** - BlackRock sold 18.878 million shares of Longyuan Power [1] - The sale price was HKD 6.8373 per share [1] - The total amount raised from the sale was approximately HKD 129 million [1] - **Current Holdings** - After the reduction, BlackRock's remaining shares in Longyuan Power are approximately 159 million [1] - The new ownership percentage is 4.79% [1]

Group 1 - BlackRock reduced its stake in China COSCO Shipping Holdings (601919)(01919) by selling 14.259 million shares at a price of HKD 14.6731 per share, totaling approximately HKD 209 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 162 million shares, representing a holding percentage of 5.63% [1]

Company Performance - BlackRock's stock closed at $1,114.77, down 1.1% from the previous session, underperforming the S&P 500's loss of 0.69% [1] - Over the past month, BlackRock's stock has increased by 0.99%, lagging behind the Finance sector's gain of 4.76% and the S&P 500's gain of 3.79% [1] Earnings Expectations - Analysts expect BlackRock to report earnings of $11.78 per share, reflecting a year-over-year growth of 2.79% [2] - The consensus estimate for revenue is projected at $6.26 billion, indicating a 20.39% increase from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $47.57 per share and revenue at $23.47 billion, representing increases of 9.08% and 15% respectively from the prior year [3] - Changes in analyst estimates for BlackRock are crucial as they indicate evolving business trends, with positive revisions seen as favorable for the business outlook [3] Valuation Metrics - BlackRock has a Forward P/E ratio of 23.7, which is a premium compared to the industry average Forward P/E of 12.21 [6] - The company also has a PEG ratio of 2.16, compared to the Financial - Investment Management industry's average PEG ratio of 1.31 [6] Industry Context - The Financial - Investment Management industry is part of the Finance sector and holds a Zacks Industry Rank of 83, placing it in the top 34% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]