2025 年 12 月 08 日 亚太新兴市场产品中中国产品表现 出色 ——海外创新产品周报 20251208 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品： Horizon 发行多只主动 ETF。上周美国共 23 只新发产品，数字货 币、单股票产品继续发行。Horizon 上周发行 3 只产品，分别投向国际股票和美国中小 盘股票，另有一只控制风险的国际股票产品，这些产品都使用基于价值、动量、质量的量 化方法，控制风险的产品会根据风控模型适当转向货币降低风险；3 只产品都会通过期权 价差策略来增厚收益。 ⚫ 美国 ETF ...

Group 1: AI Infrastructure Investment - The influx of capital into artificial intelligence infrastructure is expected to continue, with suppliers of essential components like chipmakers and energy producers being the primary beneficiaries as hyperscalers compete aggressively [2][3] - AI infrastructure has emerged as a significant driver of global investment in 2024, contributing to a broader market rally despite concerns about the sustainability of this boom [3][4] Group 2: Market Dynamics and Company Developments - Nvidia has become the first company to briefly exceed a market capitalization of $5 trillion, highlighting the impact of AI on market valuations and raising discussions about a potential AI bubble [4] - Major companies like Amazon and Meta are committing tens of billions of dollars annually for AI-related investments, indicating a long-term strategy to meet the growing demand for AI capabilities [5] - S&P Global projects that data-center power demand could nearly double by 2030, driven by the expansion of hyperscale and enterprise facilities, as well as crypto-mining operations [6]

Core Insights - Tokenization technology has not significantly improved the liquidity of illiquid assets, as they retain the illiquidity of their physical counterparts [1][2] - The current focus is on enhancing liquidity for existing liquid assets, such as cash and U.S. Treasuries, rather than illiquid markets [3] - Stablecoins, valued at approximately $300 billion, represent a successful application of tokenization, while tokenized U.S. Treasuries are valued at around $9 billion, significantly outpacing tokenized stocks at $681 million [4] Industry Developments - Securitize is actively involved in bringing tokenization to Wall Street, having helped launch BlackRock's USD Institutional Digital Liquidity Fund, which has reached a valuation of $2 billion since its inception [4] - BlackRock executives have emphasized the potential of tokenization to expand the range of investable assets, particularly in emerging markets, suggesting that smaller, more accessible units could democratize access to asset classes like real estate [5]

Group 1 - BlackRock Inc. is experiencing significant withdrawals from its iShares Bitcoin Trust, totaling over $2.7 billion in five consecutive weeks, marking the longest outflow stretch since the fund's launch in January 2024 [1][2]. - The outflows follow a substantial correction in Bitcoin's value, which saw over $1 trillion wiped from the cryptocurrency market in October [2][3]. - The iShares Bitcoin Trust, with over $71 billion in assets, has been a crucial vehicle for institutional investment, making the recent reversal in flows particularly noteworthy [3]. Group 2 - Blockchain analytics firm Glassnode indicated that the current pullback signifies a shift away from the strong inflow regime that previously supported Bitcoin's price [4]. - The technical structure of the iShares Bitcoin Trust has weakened, as it has fallen below a rising trendline that previously provided support, indicating a significant change in market dynamics [5][6]. - The price analysis shows that the iShares Bitcoin Trust is currently trading below major exponential moving averages, with a recent rebound appearing to be an oversold reaction rather than a confirmed reversal [5][8]. Group 3 - The $47–$48 price range has served as a temporary support base, but a failure to maintain this level could lead to further declines towards the broader support range of $44–$45 [7]. - BlackRock Inc.'s shares have shown some recovery from October lows but are now facing key Fibonacci resistance levels, with the $1,073–$1,075 area being a significant hurdle [9][10]. - The resistance cluster between $1,100 and $1,127 corresponds with a previous breakdown zone, indicating potential challenges for the stock's upward momentum [10].

(Table below reflects daily flows on December 4, 2025 and asset totals as of that date.) ETF Brand League Table Welcome to the etf.com league table. On this page, you’ll find the U.S. ETF market through different lenses: brand and issuer. What’s the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock’s" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correc ...

We came across a bullish thesis on BlackRock, Inc. on Rigatoni Capital’s Substack. In this article, we will summarize the bulls’ thesis on BLK. BlackRock, Inc.'s share was trading at $1,039.94 as of December 1st. BLK’s trailing and forward P/E were 26.77 and 19.34 respectively according to Yahoo Finance. BlackRock (BLK) continues to demonstrate its dominance in the asset management industry, reaching a record-high assets under management (AUM) of $13.5 trillion. The company reported an impressive year-ov ...

BlackRock CEO Larry Fink says, “I can tell you there are a number of sovereign funds that are establishing a long position” in bitcoin. These sovereign funds are run by governments, meaning entire nations are now buying bitcoin.https://t.co/DLiPejhxSf ...

ICYMI:BSCN (@BSCNews):BLACKROCK CHIEF SAYS SOVEREIGN FUNDS ARE BUYING BITCOIN DURING THE DIP- BlackRock CEO Larry Fink says several sovereign wealth funds are adding Bitcoin during the market pullback. He shared this at the DealBook Summit in New York.- According to Fink, these funds asked to stay https://t.co/Jkrb3HiW2B ...

Core Insights - BlackRock's bitcoin exchange-traded funds (ETFs) have unexpectedly become the company's most profitable product line, surpassing initial expectations [1][2] - The iShares Bitcoin Trust ETF (IBIT) in the US and the iShares Bitcoin Trust BDR (IBIT39) in Brazil are approaching a combined allocation of nearly US$100 billion [2][3] - BlackRock's bitcoin ETFs have achieved significant milestones, with IBIT becoming the fastest ETF to reach US$70 billion in assets within 341 days [5] Product Performance - IBIT, launched in January 2024, has grown to over US$72 billion in net assets, making it the largest spot bitcoin ETF in the US [5] - IBIT39, launched in March 2024, is Brazil's first bitcoin-linked ETF, providing exposure to IBIT and has a management fee structure similar to IBIT [3] - In Europe, BlackRock's iShares Bitcoin ETP (IB1T) began trading in March 2025, with a total expense ratio (TER) set to increase in 2027 [4] Market Position - BlackRock is now the fourth-largest crypto holder by total on-chain value, with approximately US$100 billion in crypto assets, trailing only Binance, Coinbase, and Satoshi Nakamoto [6] - As of mid-2025, IBIT held about 700,000 BTC, representing roughly 3% of the total circulating supply of bitcoin [7] - BlackRock is the largest asset management company in terms of crypto holdings, with nearly US$50 billion more than its closest competitor, Fidelity [7][8] Historical Context - The launch of the first US spot bitcoin ETFs in January 2024 marked a significant moment in the crypto investment landscape [9] - These regulated investment funds allow investors to gain exposure to bitcoin without direct ownership, enhancing mainstream legitimacy for cryptocurrencies [10][11] - The evolution of crypto structured products began over a decade ago, with various investment vehicles emerging since then [12][13]

Core Viewpoint - Amanda Lynam, head of macro credit research at BlackRock, addresses concerns regarding the private credit market and shares her perspective on the Federal Reserve's monetary policy outlook [1] Group 1: Private Credit Market - Lynam discusses the fears surrounding the private credit market, indicating that there are significant concerns among investors [1] - The conversation highlights the current state of the private credit market and its implications for investment strategies [1] Group 2: Federal Reserve Monetary Policy - Lynam provides insights into her outlook for the Federal Reserve's monetary policy, suggesting potential future directions based on current economic indicators [1] - The discussion includes the impact of monetary policy on credit markets and overall economic conditions [1]