李嘉诚的港口交易，再次迎来转折。 回溯今年3月，长江和记实业宣布与贝莱德达成协议，以228亿美元（约合人民币1657亿元）出售包括巴拿马运河在内的43个港口后，李嘉诚就陷入了进 退维谷的境地。 作为"世界咽喉"的巴拿马运河，连接全球170个国家和地区、1920个港口，每年承载全球约6%的海运贸易，而我国21%的航运依赖此航线。 两度当选的特朗普，曾多次公开表示对巴拿马运河的觊觎，并扬言要"收回"控制权，甚至不排除动用军事手段。 有学者表示，倘若贝莱德成功接盘，美将进一步巩固全球航运主导地位，届时可能对我国航运实施各种打压手段——从加征天价通行费到货物装卸设 限，甚至不排除制造"航行事故"的可能性。 面对如此明显的战略风险，李嘉诚仍执意完成这笔交易。一时间，这个曾经被捧上神坛的"李超人"，几乎被钉上了历史的耻辱柱，陷入全网的"口诛笔 伐"。网友指责他"妥协退让""漠视国家利益"；《大公报》也连续多次炮轰，直指交易"助纣为虐"，批评他"天真糊涂"。 而李嘉诚则风轻云淡地回应，我是一个纯粹的商人，不要用那些空洞的道德来衡量我。 近日，《华尔街日报》报道称，美资产管理巨头贝莱德正主动邀请中国公司——中远集团，合作收购 ...

Core Insights - Ethereum (ETH) has experienced significant price growth, gaining over 20% last week and aiming for the $4,000 mark, with a two-week gain of approximately 43% [1][6] - Legislative developments, including the signing of the GENIUS Act and the passing of the CLARITY Act, have positively influenced market sentiment for Ethereum [2] - Institutional interest is rising, with substantial inflows into Ethereum ETFs and corporate investments, indicating strong long-term growth potential [7][8] Price Performance - ETH broke above the psychological level of $3,000 and is currently trading around $3,760, with potential to test the $4,000 threshold [4] - The daily RSI reading of 85 indicates overbought conditions but also reflects strong bullish momentum [4] - If a pullback occurs, $3,000 is identified as a key support level [5] Institutional Involvement - Spot Ethereum ETFs recorded inflows of $717 million, with BlackRock's ETHA accounting for $489 million, highlighting increasing institutional adoption [7] - Analysts predict ETH could reach $8,000 by Q4 2025 or Q1 2026 if current momentum continues, making it attractive for long-term investors [6] Market Activity - Corporate interest is growing, exemplified by World Liberty Financial's $5 million investment in ETH [8] - Deribit's trading competition is expected to stimulate derivatives market activity, further enhancing Ethereum's market presence [8]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].

Group 1 - Helen Jewell, Chief Investment Officer of BlackRock's EMEA Fundamental Equity Investment team, believes that the European corporate earnings outlook has appropriately reflected tariff risks, suggesting that the upward trend in European stock markets will continue in the absence of trade shocks [1] - Jewell noted that earnings data has already declined, indicating that the market is not complacent, and as long as European exporters continue to perform, there is room for further market gains [1] - In contrast, Goldman Sachs strategists warned that the current optimistic sentiment in the stock market may be overstated due to trade uncertainties ahead of the implementation of US tariffs on August 1 [1] Group 2 - The Stoxx Europe 600 index reached a low on April 9, following the suspension of severe tariff measures by US President Donald Trump, and has since risen by 16% [4] - However, analysts have been downgrading corporate earnings expectations since mid-March, and the stock market's upward momentum has slowed as investors assess the impact of the trade war on consumer demand [4] - According to Bloomberg Intelligence, analysts expect a 4.8% decline in earnings for companies in the MSCI Europe index for the second quarter, marking the largest year-over-year drop since early 2024 [4] - Jewell cautioned that if a company makes even a slight misstep, there is little room for recovery, indicating a potentially more fragile market [4] - Due to the lack of finalized trade agreements, Jewell advised investors against over-investing in US or European stocks, instead suggesting a focus on themes such as artificial intelligence and sustainable energy [4]

金十数据7月21日讯，贝莱德欧洲股票投资主管Helen Jewell表示，欧洲企业盈利前景已合理反映关税风 险，只要不出现重大贸易冲击，当前涨势仍可持续。"盈利预测已下调，这并非市场盲目乐观的表 现，"Jewell在接受采访时称，"只要欧洲出口商持续发力，市场仍有上行空间。"Jewell的观点与高盛等 机构策略师形成鲜明对比。后者警告称，在8月1日美国关税大限临近之际，面对持续存在的贸易不确定 性，股市表现显得过于乐观。 贝莱德：欧洲企业盈利已计入关税风险 股市涨势有望延续 ...

Market Outlook - European earnings outlook appropriately reflects tariff risks [1] - Rally is expected to extend in the absence of a trade shock [1]

The iShares Core S&P U.S. Value ETF (NASDAQ: IUSV ), launched on 07/24/2000 by BlackRock, Inc. and managed by BlackRock Fund Advisors, provides exposure to those stocks in the S&P 900 Index that exhibit value characteristics. It charges an expense ratio of Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not ...

Investment Strategy - The focus is on constructing investment portfolios that generate additional income through dividends by identifying companies with significant competitive advantages and strong financials [1] - The strategy combines high Dividend Yield and Dividend Growth companies to reduce dependence on broader stock market fluctuations [1] - A well-diversified portfolio across various sectors and industries is emphasized to minimize volatility and mitigate risk [1] Risk Management - Incorporating companies with a low Beta Factor is suggested to further reduce the overall risk level of the investment portfolio [1] - The selection process for high dividend yield and dividend growth companies is meticulously curated, prioritizing total return, which includes both capital gains and dividends [1] Portfolio Composition - Suggested investment portfolios typically consist of a blend of ETFs and individual companies, emphasizing broad diversification and risk reduction [1] - The approach aims to maximize returns while considering the full spectrum of potential income sources [1]

Group 1: Market Outlook - The Chinese stock and bond markets, along with the resilience of the Renminbi, have exceeded expectations this year, attracting positive views from foreign institutions like BlackRock and Fidelity International [1][2] - BlackRock's fund manager expressed optimism for the A-share market in the second half of the year, citing improved corporate operating environments and supportive regulatory policies [2] - Wellington's fund manager noted a global trend of reducing U.S. stock allocations, with China emerging as a key investment market due to its improving economic structure and supportive policies for the private sector [2] Group 2: Investment Opportunities - The technology sector, particularly artificial intelligence (AI), is highlighted as a key area for investment, with significant opportunities in computing power, data, and downstream applications [4][5] - The bond market is expected to present structural opportunities despite high valuations, with continued support from the People's Bank of China maintaining liquidity [5][6] - The Hong Kong stock market has shown strong performance, with potential opportunities in technology and quality traditional enterprises, especially if they report strong earnings [3] Group 3: Economic Transition - China is transitioning from being the "world's factory" to a global technology innovator, which is expected to unlock growth potential in the tech sector [2][4] - The focus on domestic innovation and the low domestic production rates in advanced sectors like chip manufacturing and aerospace present attractive investment opportunities [5]

Core Insights - BlackRock's asset management scale reached a record high of approximately 12.53 trillion USD, equivalent to about 89.70 trillion RMB, as of June 30, 2025, marking an 18% year-on-year growth that exceeded market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of approximately 19% from the previous quarter's 84 billion USD [1] - The total asset growth in Q2 was 943.66 billion USD, reflecting an increase of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and an increase in risk asset allocation due to expectations of interest rate cuts by the Federal Reserve [1] Group 2: Business Segments - The iShares segment, a core business for BlackRock, attracted 14 billion USD in net inflows during Q2, primarily from digital asset ETFs [1] - The Bitcoin ETF, IBIT, saw a net inflow of 14 billion USD, a 366% increase compared to the previous quarter's inflow of about 3 billion USD [1] Group 3: Market Trends - There was a surge in short-term risk aversion demand in Q2, leading to a net inflow of 22 billion USD into BlackRock's money market funds [2] - Fixed income ETFs experienced a net outflow of 4.66 billion USD during the same period, influenced by an unstable interest rate environment and stock market rebound [2] Group 4: Strategic Acquisitions - BlackRock completed several acquisitions in 2025, including the purchase of private data platform Preqin for approximately 3.2 billion USD, significantly contributing to the growth of its technology services revenue, which increased by 26.3% to 499 million USD in Q2 [4] - The acquisition of HPS Investment Partners and the completion of the acquisition of GIP also led to a significant expansion of BlackRock's alternative asset scale [4] Group 5: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock has developed customized target date funds that allocate assets between public and private markets, enhancing its diversified client base [5]