本文源自：金融界AI电报 贝莱德第四季度收入增长23%，达到70亿美元。 ...

The world's largest money manager posted net income of $1.13 billion, down 33% from a year earlier. ...

Economic Data - U.S. retail sales increased by +0.6% month-over-month in November, surpassing expectations of +0.5% [1] - Core retail sales, excluding motor vehicles and parts, grew by +0.5% month-over-month, exceeding expectations of +0.4% [1] - The U.S. producer price index (PPI) for final demand rose by +3.0% year-over-year in November, stronger than the expected +2.7% [1] - Core PPI also increased by +3.0% year-over-year, above the anticipated +2.7% [1] - December existing home sales rose by +5.1% month-over-month to 4.35 million, higher than the expected 4.21 million [1] Stock Market Performance - Wall Street's three main equity benchmarks closed lower, with notable declines in the Magnificent Seven stocks, including Amazon.com (AMZN) and Meta Platforms (META) dropping over -2% [2] - Chip stocks also fell, with Broadcom (AVGO) down more than -4% and Arm Holdings (ARM) dropping over -2% [2] - Wells Fargo (WFC) sank more than -4% after reporting weaker-than-expected Q4 net interest income [2] - On a positive note, Mosaic (MOS) climbed over +5% after Morgan Stanley raised its price target on the stock [2] Corporate Earnings and Forecasts - Taiwan Semiconductor Manufacturing Co. (TSM) shares jumped over +5% in pre-market trading after reporting a record Q4 profit and projecting faster-than-expected revenue growth for 2026 [4][19] - TSMC's capital expenditure forecast for this year is set at $52 billion to $56 billion, significantly higher than the $40.9 billion capex for 2025 [4] - AI-related stocks advanced in pre-market trading, with Broadcom (AVGO) rising over +2% and Nvidia (NVDA) gaining more than +1% [20] - Companies in the S&P 500 are expected to post an average +8.4% increase in quarterly earnings for Q4 compared to the previous year [9] Economic Outlook and Federal Reserve - Federal Reserve officials indicated that the U.S. economy is showing resilience, with no immediate impetus for interest rate cuts [6] - The Fed's Beige Book reported that U.S. economic activity picked up at a "slight to modest pace" in most districts since mid-November [7] - U.S. rate futures indicate a 95.0% chance of no rate change at the upcoming Fed meeting [8] International Market Developments - The Euro Stoxx 50 Index rose +0.52%, reaching a new record high, driven by positive corporate earnings and economic data [13] - The U.K. economy grew more than expected in November, with GDP rising +0.3% month-over-month and +1.4% year-over-year [14] - Eurozone's November industrial production rose +0.7% month-over-month and +2.5% year-over-year, exceeding expectations [15]

Core Insights - BlackRock reported a fourth-quarter net income of $1.13 billion, representing a 33% decrease from the previous year [1] - Assets under management increased by 22% to a record $14 trillion [1] - Net income per share was $7.16, which fell short of analysts' expectations of $11.20 [1] - Adjusted earnings per share were $13.16, exceeding forecasts of $12.24 [1] - Shares experienced a 1% increase in premarket trading [1]

Market Overview - U.S. stock futures are mixed, with Nasdaq 100 and S&P 500 futures showing modest gains while Dow Jones futures are slightly down, indicating a cautious trading start [1] - The S&P 500 E-minis rose by 0.32%, Nasdaq 100 E-minis increased by 0.74%, and Dow E-minis saw a slight increase of 0.06% [2] - The U.S. stock market closed lower on Wednesday, with the S&P 500 Index down 0.53% to 6,926.60 points, Dow Jones Industrial Average down 0.09% to 49,149.63 points, and Nasdaq Composite Index down 1.00% to 23,471.75 points [4] Technology Sector - A strong earnings report from Taiwan Semiconductor Manufacturing Company (TSM) led to a rally in the semiconductor sector, with Applied Materials (AMAT) rising 6.2%, Lam Research (LRCX) gaining 5.4%, and KLA Corporation (KLAC) up 5% [2] - Big Tech companies like Microsoft (MSFT), Meta Platforms (META), and Amazon (AMZN) each dropped more than 2%, while Oracle (ORCL) and Broadcom (AVGO) slid 4% each [5] - Nvidia (NVDA) shares declined 1.4% due to news that China instructed domestic firms to avoid H200 purchases, reflecting a reevaluation of tech stock valuations [5] Financial Sector - Several prominent financial institutions, including Goldman Sachs (GS), Morgan Stanley (MS), and BlackRock (BLK), are set to report quarterly results, which will be closely monitored for signs of financial sector health [7] - Wells Fargo (WFC) dropped 4.6% after reporting weaker-than-expected Q4 revenue, negatively impacting other banking giants like Citigroup (C) and Bank of America (BAC), which both fell more than 3% [7] Geopolitical and Economic Factors - Geopolitical tensions are affecting market sentiment, with reports of Chinese authorities advising domestic firms to avoid U.S. and Israeli software vendors, contributing to declines in software stocks [10] - The U.S. 10-year Treasury yield increased to approximately 4.14%, while WTI crude oil futures fell to around $59.92 per barrel [3] - Upcoming economic data releases from the U.S. Labor Department on jobless claims and retail sales are expected to influence investor sentiment [6] Company Highlights - Taiwan Semiconductor Manufacturing Company (TSM) reported a 20.5% year-over-year revenue increase and a 35.0% rise in diluted earnings per share, projecting robust annual growth and plans for increased U.S. manufacturing capacity [13] - Hyundai Motor Group showcased its AI Robotics Strategy at CES 2026, earning industry recognition for its human-centered, AI-driven robotics [13] - VAALCO Energy, Inc. (EGY) provided a positive operational update, reporting strong 2025 sales volumes and a successful drilling program in Gabon and Egypt [13] - Amplifon was certified as a Global Top Employer in 2026, expanding its certification in the Asia-Pacific region [13] - ChainUp was recognized among Singapore's Top Fintech Companies 2026, highlighting its growth and reliability in the digital assets market [13]

BlackRock beat Wall Street estimates for fourth-quarter profit on Thursday as a rally in markets lifted fee income and pushed its assets under management to a record $14.04 trillion. ...

About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate. Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. ...

Group 1: Earnings Reports - Goldman Sachs Group Inc. is expected to report quarterly earnings of $11.65 per share on revenue of $13.79 billion, with shares slipping 0.4% to $928.99 in after-hours trading [1] - Morgan Stanley is anticipated to post quarterly earnings of $2.44 per share on revenue of $17.76 billion, with shares rising 0.1% to $181.00 in after-hours trading [1] - BlackRock Inc. is projected to report quarterly earnings of $12.30 per share on revenue of $6.74 billion, with shares falling 0.4% to $1,087.99 in after-hours trading [1] Group 2: Company Performance - Calavo Growers Inc. reported disappointing results for the fourth quarter, but shares jumped 12.9% to $25.50 after Mission Produce announced plans to acquire the company at $27 per share [1] - Taiwan Semiconductor Manufacturing Co. Ltd. experienced a 35% surge in profit for the fourth quarter, with net profit reaching T$505.7 billion ($16 billion), marking its seventh consecutive quarter of double-digit growth, and shares gained 0.3% to $328.00 in after-hours trading [1]

Goldman Sachs, Morgan Stanley, and BlackRock are slated to release fourth-quarter earnings on Thursday after a tough day for investors in the financial sector. UBS analyst Michael Brown noted in a report this week that BlackRock typically offers guidance on organic base fee growth, core expenses, its tax rate, and buybacks as part of fourth-quarter earnings. Investors will be able to parse results from BlackRock, the world's largest asset manager, to learn how fee growth and fund flow metrics were in the qu ...

Core Insights - The financial industry is transitioning from traditional custody, execution, and settlement models to custody-native settlement, with institutions now focusing on which architectural model best fits their operational needs [1][32] Market Developments - Tokenized US Treasuries reached $9.11 billion in November 2025, a significant increase from approximately $1 billion in January 2024, with BlackRock's BUIDL fund holding $2.5 billion across eight blockchains [2][21] - Deutsche Börse Group launched AnchorNote, a custody-native pledging solution, allowing institutional clients to trade across exchanges while keeping assets in regulated custody, marking a significant shift in the market [3][31] - Major acquisitions in the market include Coinbase's acquisition of Deribit for $2.9 billion and Ripple's acquisition of Hidden Road for $1.25 billion, indicating a trend towards vertical integration in the crypto space [4][27] Regulatory Changes - The implementation of MiCA in December 2024 established a comprehensive regulatory framework in Europe, requiring asset segregation and creating a clearer pathway for institutional participation [5][23] - In the US, the SEC rescinded SAB 121 in January 2025, allowing national banks to provide crypto custody without prior approval, further facilitating institutional engagement [5][25] Infrastructure and Technology - Off-exchange settlement infrastructure is emerging to allow assets to remain in custody while facilitating trading across multiple venues, addressing the operational challenges of pre-funding [6][7] - Three primary models for custody-native settlement have emerged: Copper ClearLoop, Fireblocks Off Exchange, and BitGo Go Network, each with distinct advantages and trade-offs [8][32] - Deutsche Börse's AnchorNote utilizes neutral middleware to connect custodians and exchanges, allowing for efficient trading without the need for proprietary custody solutions [15][32] Market Trends and Projections - The institutional crypto custody market is projected to grow from $3.2 billion in 2024 to $27.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 26.7% [28] - The broader real-world asset (RWA) market, including tokenized Treasuries, is expected to expand significantly, with projections of reaching $2 trillion to $4 trillion by 2030 [22]