Core Viewpoint - The recent CPI data has positively influenced the US stock market, leading to significant gains in major indices, with the S&P 500 and Nasdaq reaching all-time highs [1]. Market Performance - The S&P 500 index rose by 1.13% to 6445.76 points, the Nasdaq composite increased by 1.39% to 21681.9 points, and the Dow Jones Industrial Average climbed by 1.1% to 44458.61 points [1]. - The Russell 2000 index, which is seen as a beneficiary of interest rate cuts, surged nearly 3% [3]. Sector Highlights - Technology stocks rebounded, with notable performances from major companies: Apple up 1.09%, Microsoft up 1.43%, Amazon up 0.08%, Nvidia up 0.6%, Google-A up 1.16%, Tesla up 0.53%, and Meta up 3.15% [7]. - Intel experienced a significant increase of 5.62%, with a two-day gain of 11% following a shift in Trump's stance [8]. - Other companies such as Electronic Arts, BlackRock, Goldman Sachs, and Morgan Stanley also reached historical highs [9]. International Market - The Nasdaq Golden Dragon China Index rose by 1.49%, with Alibaba up 3.19%, JD.com up 3.01%, Baidu up 2.14%, and Pinduoduo up 3% [10]. - However, some Chinese companies faced declines, such as NIO down 8.96% and XPeng down 6.08% [10].

Market Overview - Blackrock views the current investment environment as the best ever, though not necessarily meaning everything is going up [2] - Equity technicals are strong due to the amount of cash on the sidelines and buybacks relative to the IPO calendar, indicating high demand versus supply [3] - Equity volatility is low, making it cheap to own equities and hedge portfolios [5] - Markets tend to overreact to news flow, particularly in August, creating opportunities for investors [18] Fixed Income & Interest Rates - Fixed income portfolios can generate yield levels of 65% to 7% [4] - The speaker anticipates the Federal Reserve can cut rates, especially with signs of slack in the labor market [4][6] - The speaker believes the Fed funds rate can be lowered by 100 basis points, considering core CPI is running under 3% and five-year inflation break-evens are at 25% [8] - High interest rates are hurting low-income borrowers and increasing the cost of government debt [11][12] Economic Factors - Significant productivity gains are occurring due to technology investments and data utilization by large companies [13] - Inflation volatility has been incredibly low for the last 25 years, except for the pandemic period [14] - Complacency in the market is a concern, particularly in credit markets [16][17]

Core Insights - The OCIO (Outsourced Chief Investment Officer) model has seen significant growth, with assets under management (AUM) increasing over 2.6 times in the past decade, indicating a strong demand for outsourced investment management solutions [3][8][10] - The market is dominated by a few key players, with the top five institutions controlling 67% of the market share, particularly following the acquisition of Vanguard by Mercer, which has led to a rapid increase in Mercer’s AUM market share to over 30% [3][10] - The client base for OCIO services is diversifying, with a notable increase in the share of non-pension clients such as endowment funds, charitable foundations, and private wealth, which are expected to grow at a compound annual growth rate (CAGR) exceeding 10% over the next five years [3][17] OCIO Business Overview - OCIO services encompass a comprehensive range of functions including asset allocation, manager selection, portfolio decision execution, and risk management, tailored to meet the needs of institutional investors and high-net-worth families [7][10] - The OCIO model addresses the gap between asset owners' internal capabilities and their performance expectations, providing a systematic approach to enhance governance and efficiency [7][10] Market Dynamics - The OCIO market is primarily driven by corporate pension plans, which accounted for 61% of the market in 2023, but there is a growing trend towards non-pension clients, indicating a shift in market dynamics [3][17] - The overall AUM in the OCIO sector is projected to grow at a CAGR of 7.9%-8%, with increasing penetration among non-traditional institutional clients [17] Competitive Landscape - Major players like JP Morgan, Mercer, BlackRock, and Goldman Sachs are adopting distinct strategies to capture market share, with varying focuses on technology, ESG integration, and client customization [3][10][38] - The acquisition of Vanguard by Mercer is a significant event in the industry, enhancing Mercer’s capabilities in alternative asset management and solidifying its position as the largest OCIO service provider globally [48][51] Client Segmentation - Different client types, including pension funds, foundations, family offices, and sovereign wealth funds, have unique investment needs and risk profiles, leading to tailored OCIO service models [12][17] - Non-profit organizations and endowment funds are increasingly recognized as critical growth drivers for OCIO services, with a high percentage of providers considering them essential for future growth [26][17] Future Opportunities - The OCIO sector is expected to see growth opportunities in Southeast Asian sovereign funds and healthcare systems, as well as through the optimization of asset allocation models [3][10] - The demand for alternative assets and complex investment strategies is rising, necessitating OCIO providers to enhance their capabilities in these areas [13][17]

BOSS Wallet 8月12日讯，全球资产管理巨头贝莱德宣布斥资120.65亿美元大规模增持以太坊，这一重磅消息为去 中心化交易所（DEX）市场注入强劲动力。与此同时，美联储降息预期持续升温，为数字资产市场创造更加宽松 的投资环境。 贝莱德重金布局以太坊，机构资金加速入场 图片来源：BOSS Wallet 美联储政策转向助推加密市场，DEX交易量创新高 BOSS Wallet报道，摩根大通资产管理公司警告美联储可能采取"危险逻辑"实施先发制人的降息政策。尽管这种做 法可能加剧通胀风险，但对于数字资产市场而言，宽松的货币政策环境通常意味着更多流动性注入。 据BOSS钱包APP数据显示，贝莱德此次120.65亿美元的以太坊配置决策，标志着传统金融机构对去中心化生态系 统信心的显著提升。这一举措不仅推动以太坊价格稳定在4322美元水平，更为整个dex交易平台生态带来前所未有 的发展机遇。 专业分析人士指出，贝莱德作为全球最大的资产管理公司，其投资决策往往具有风向标意义。此次大手笔布局以 太坊，反映出机构投资者对去中心化金融（DeFi）基础设施长期价值的深度认可。 XBIT去中心化交易所平台凭借其无需身份验证、无 ...

Core Insights - The Ethereum spot ETF in the U.S. is experiencing unprecedented investment enthusiasm, with a single-day net inflow surpassing $1 billion for the first time, marking a historic milestone [1][2]. Group 1: Investment Trends - On August 11, the nine Ethereum spot ETFs listed in the U.S. attracted a total net inflow of $1.02 billion, the first time exceeding the $1 billion mark in a single trading day since their launch in July last year [2]. - The total net inflow for these products has now surpassed $10.83 billion, reflecting a strong trend since May, where over $8 billion was attracted [6]. Group 2: Major Contributors - BlackRock's iShares Ethereum Trust (ETHA) led the inflows with $639.8 million, followed by Fidelity's Fidelity Ethereum Fund (FETH) with $277 million, marking its largest single-day inflow to date [5]. - Other contributors included Grayscale's Mini Ether Trust and ETHE, which added $66.57 million and $13 million, respectively, with positive inflows also reported from Bitwise, 21Shares, Franklin Templeton, and VanEck [5]. Group 3: Market Sentiment - Analysts indicate that the strong inflow reflects growing investor recognition of Ethereum's dual value as a store of value and a foundational layer for decentralized finance (DeFi) and Web3 innovations [2][8]. - The influx of funds is seen as a clear signal of enhanced institutional confidence, positioning Ethereum as a cornerstone for mainstream cryptocurrency adoption [9]. Group 4: Price Movement - The robust inflow of funds has provided strong support for Ethereum's price, which has surged by 45% over the past month, trading at approximately $4,300 at the time of reporting [6].

Top tokenized RWAs: @BlackRock's BUIDL @OndoFinance's OUSG @WisdomTreePrime's WTGXX https://t.co/XXnmET5azz ...

Core Insights - BlackRock Inc. (BLK) achieved a record $12.53 trillion in assets under management (AUM) for Q2 2025, marking a 17.7% year-over-year growth, driven by higher inflows in equity and fixed income instruments [1][8] - Digital assets saw a significant increase of 329.3% during the quarter, highlighting BlackRock's strategic focus on the cryptocurrency sector [2] - The company has been expanding its AUM through product diversification and acquisitions, with a five-year compound annual growth rate (CAGR) of 9.2% from 2019 to 2024 [2] AUM Growth and Inflows - BlackRock's AUM growth was supported by inflows of $152 billion in the first half of 2025, continuing a multi-year upward trend [2][8] - The company became the first asset manager to surpass the $12 trillion mark in AUM [1][8] Acquisitions and Expansion - In July 2025, BlackRock agreed to acquire ElmTree Funds and completed the buyout of HPS Investment Partners to enhance its private market offerings [3] - The acquisition of Preqin for $3.2 billion in March 2025 further strengthened its private markets capabilities [3] - Previous acquisitions, including Global Infrastructure Partners in October 2024, have bolstered BlackRock's infrastructure offerings [3] ETF and Active Equity Focus - BlackRock is enhancing its iShares unit, which offers over 1,400 ETFs globally, and has received approval for spot Bitcoin and ether ETFs [4] - The company is also increasing its focus on the active equity business to support AUM growth [4] Peer Comparison - Competitors like SEI Investments and Invesco are also focusing on AUM growth, with SEI's AUM at $517.5 billion (up 10% year-over-year) and Invesco's AUM at $2 trillion (up 16.6%) as of June 30, 2025 [5][6] Price Performance and Valuation - BlackRock's shares have increased by 15.5% over the past six months, outperforming the industry growth of 2.4% [7] - The company trades at a forward price-to-earnings ratio of 22.44X, which is above the industry average [9] Earnings Estimates - The Zacks Consensus Estimate indicates an 8.6% year-over-year rise in BlackRock's 2025 earnings and a 9.6% growth for 2026, with upward revisions for both years [10]

智通财经APP获悉，贝莱德在最新《周度评论》中指出，关税对美国经济的拖累与人工智能推动的美国 企业收益增长之间存在拉锯战，目前后者占据上风，但随着企业和消费者各自承担关税成本，进行细致 分析至关重要。美国贸易数据将显示关税对进口的影响程度，就业数据显示经济活动放缓，导致美国股 市下跌，债券收益率下滑。贝莱德认为多种宏观因素相互交织，使得前景不明朗。随着关税影响愈发清 晰，美国企业收益的韧性持续显现。 贝莱德认为风险资产正处于拉锯战之中： 一方面是由人工智能(AI)主题推动的强劲美国企业收益，另一方面是关税对经济增长的损害以及对通胀 的推升。第二季度收益结果表明，人工智能主题目前占据上风，但关于谁将为关税买单的问题仍未解 决。简单来说，最终的买单者可能是消费者和企业。贝莱德认为美国企业的实力可能会缓解这一冲击， 因此依然增持人工智能主题相关股票和美国股票。在关注关税带来的冲击时，贝莱德会进行细致分析。 图-美国企业的实力：美国和欧洲企业利润率比较，2005-2025年 (这些线条显示了标普 500 指数和摩根士丹利资本国际欧洲指数的 12 个月远期利润率，备注：前瞻性估 计可能无法实现。指数由专业机构管理，投资 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 15 new products were issued in the US, with a stable issuance and obvious diversification of strategies. BlackRock issued an international version of the factor rotation ETF, and Defiance issued a long - volatility product [1][6]. - In the US, the inflows of equity and bond ETFs increased last week, and gold ETFs re - entered the market following the upward trend. Some leveraged ETFs and Indian ETFs had outflows [1][10]. - Momentum continued to lead Smart Beta in the US. Since the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value, and BlackRock's factor rotation ETF had a better performance than most single - factor products and the S&P 500 [1][15]. - In June 2025, the total amount of non - money public funds in the US increased by $0.78 trillion compared to May. From July 23rd to July 30th, the outflows of domestic stock funds in the US expanded again, while the inflows of bond products further increased [1][16]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: BlackRock Issues International Version of Factor Rotation ETF - Last week, 15 new ETFs were issued in the US, with diversified strategies including AI infrastructure, global macro - hedge, digital currency - related bonds, single - stock leveraged reverse products, and more. BlackRock issued an international version of the factor rotation ETF, which focuses on five major types of factors and deviates from factors according to an optimized model [6][9]. - Defiance issued a long - volatility product composed of 0.75 - 1 times VIX index futures and 1.5 - 2 times S&P 500 shorts, providing a tool for investors to express views under extreme risks [1][7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Inflows of Equity and Bond ETFs Increase - Last week, the inflows of equity and bond ETFs in the US increased, and gold ETFs re - entered the market. Vanguard and BlackRock's S&P 500 ETFs had similar inflows, the Russell 2000 ETF had inflows after continuous outflows, and short - term and corporate bond ETFs also had inflows. Some leveraged ETFs and Indian ETFs entered the top ten of outflows [1][10]. - The top ten inflow and outflow ETFs in the US from August 1st to August 7th are listed, with Vanguard S&P 500 ETF having an inflow of $32.69 billion and Invesco NASDAQ 100 ETF having an outflow of $22.47 billion [12]. 3.2.2 US ETF Performance: Momentum Continues to Lead Smart Beta - Although low - volatility and small - cap stocks rebounded at the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value. Momentum has continued its strong performance since 2024, with the iShares MSCI USA Momentum Factor ETF having a year - to - date return of 19.27% [15]. - BlackRock's factor rotation ETF had a return of 11.29% during the same period, with a scale of over $20 billion, outperforming most single - factor products and the S&P 500 (8.6%) [15]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May. The scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From July 23rd to July 30th, the domestic stock funds in the US had a total outflow of about $18 billion, and the inflows of bond products further increased [16].

Core Insights - A "super alliance" of American asset management giants is rapidly expanding in the European market, driven by the rise of low-cost passive investment strategies [1][2] - The total assets under management (AUM) of American fund groups in Europe surged from $2.2 trillion a decade ago to $4.9 trillion as of May this year, with BlackRock and Vanguard being the dominant players [1][2] - In contrast, European asset management growth has been sluggish, with the UK AUM increasing from $1.2 trillion to $2 trillion, and France from $870 billion to $1.5 trillion during the same period [1] Group 1: Growth of Passive Investment - The explosive growth of ETFs and index-tracking funds is closely linked to the rapid expansion of American asset management companies in Europe [2] - BlackRock alone manages $1.4 trillion in ETFs and index-tracking funds in Europe and the UK, while Vanguard manages $442 billion [2] - The top three American companies account for 50% of the market share of all American companies operating in Europe [2] Group 2: Competitive Landscape - European asset management firms are under increasing pressure from American giants, necessitating consolidation and differentiation strategies [4][5] - Established European institutions like UBS and Deutsche Asset Management still hold significant market shares in domestic mutual funds and ETFs, but they face urgent challenges to catch up [4] Group 3: Opportunities in Active Management - Despite the dominance of passive investment, there are still opportunities for active management strategies [6] - The rise of index funds may create new opportunities for fund managers focused on selective strategies, as fewer well-resourced competitors exist in the active management space [6] - There is a belief that the active management landscape will ultimately yield a limited number of "winners" [6]