贝莱德公司的iShares安硕比特币信托ETF在5月份吸引历来最高的月度资金流入，期间这种加密货币的 价格创下历史新高，同时被更多支持者吹捧为一种替代价值储存手段。数据显示，这支基金当月吸引了 超过63.5亿美元的净流入，是自2024年1月推出以来的最高水平。这一激增使其管理的总资产超过710亿 美元，凸显了在全球市场动荡的情况下，机构对比特币的兴趣日益浓厚。"需求激增似乎主要来自机构 投资者，他们在经济不确定性和通胀担忧的背景下，寻求对受监管的比特币产品进行投资。"CoinPanel 交易自动化专家Kirill Kretov说道，值得注意的是，部分需求来自内部，因为贝莱德自身的战略收益机 会投资组合，这是一支多元化固定收益共同基金，增持了前述比特币信托ETF。(新浪财经) ...

Group 1 - BlackRock's stake in China Petroleum & Chemical Corporation increased from 6.94% to 7.07% as of May 23 [1]

智通财经5月29日电，香港交易所信息显示，贝莱德在工商银行的持股比例于05月23日从5.06%降至 4.98%。 ...

香港交易所信息显示， 贝莱德在 工商银行的持股比例于05月23日从5.06%降至4.98%。 ...

据知情人士透露，贝莱德集团考虑在稳定币发行人Circle Internet Group Inc.（CRCL）的IPO中认购大约 10%的股票。（彭博） ...

Group 1: Joint Venture and Operations - BlackRock Inc. and Jio Financial have received approval from the Securities and Exchange Board of India to start their mutual fund operations through the joint venture named Jio BlackRock Asset Management [1] - The joint venture plans to launch a variety of investment products with a "digital first" approach targeting both retail and institutional investors [1][2] - The initial investment for the joint venture is set at $150 million from each partner, aiming to democratize access to investment solutions in India [4] Group 2: Strategic Rationale and Market Opportunity - This initiative aligns with BlackRock's growth strategy to enhance its market share in both domestic and global markets, capitalizing on India's rising affluence and digital transformation [5] - The joint venture aims to reshape the investment landscape in India by providing affordable, tech-enabled options for millions of investors [4][5] Group 3: Historical Context and Future Plans - BlackRock and Jio Financial formed the joint venture in July 2023, combining BlackRock's investment expertise with Jio's local market knowledge [3] - In April 2024, both entities expanded their collaboration to establish a wealth management and broking business in India, targeting the growing retail investor base [4]

Group 1 - BlackRock's stake in AIA decreased from 6.03% to 5.90% as of May 22 [1]

Company Performance - BlackRock (BLK) closed at $981.32, with a daily increase of +1.88%, underperforming the S&P 500's gain of 2.05% [1] - Over the past month, BlackRock's stock has risen by 5.41%, outperforming the Finance sector's gain of 3.67% and the S&P 500's gain of 5.21% [1] Upcoming Earnings - BlackRock is projected to report earnings of $10.50 per share, reflecting a year-over-year growth of 1.35% [2] - The consensus estimate for quarterly revenue is $5.37 billion, which is an increase of 11.83% from the previous year [2] Annual Forecast - For the entire year, earnings are forecasted at $44.87 per share and revenue at $22.53 billion, indicating changes of +2.89% and +10.4% respectively compared to the previous year [3] - Recent changes to analyst estimates for BlackRock may indicate shifting business trends, with positive alterations suggesting analyst optimism [3] Valuation Metrics - BlackRock has a Forward P/E ratio of 21.47, which is a premium compared to its industry's Forward P/E of 10.69 [5] - The company has a PEG ratio of 2.93, while the Financial - Investment Management industry has an average PEG ratio of 1.27 [6] Industry Ranking - The Financial - Investment Management industry, part of the Finance sector, has a Zacks Industry Rank of 223, placing it in the bottom 10% 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]

Core Viewpoint - The asset management industry is experiencing growth driven by a shift towards higher-yielding investment vehicles, deregulation, and the adoption of tokenized assets, positioning BlackRock and Blackstone favorably to capitalize on these trends [2][25]. Group 1: BlackRock (BLK) - BlackRock has a total AUM of $11.58 trillion as of March 31, 2025, and has expanded through acquisitions, including a 75% stake in SpiderRock Advisors and a deal for HPS Investment, which has nearly $148 billion in AUM [4][5]. - The company has achieved a five-year CAGR of 9.2% in AUM from 2019 to 2024, with continued growth in Q1 2025, supported by its iShares unit and ETF operations [5][6]. - BlackRock's GAAP revenues have seen a CAGR of 7% over the last five years, with ongoing momentum in Q1 2025, bolstered by strategic acquisitions and a diversified product suite [6][25]. - The Zacks Consensus Estimate for BlackRock's revenues indicates a year-over-year growth of 11.83% for Q2 2025 and 10.40% for the current year [7][17]. - BlackRock is considered a stronger investment for 2025 due to its diversified growth strategy, robust AUM expansion, and consistent revenue and earnings growth [25][26]. Group 2: Blackstone (BX) - Blackstone has a total AUM of $1.17 trillion as of March 31, 2025, with available capital of $177.2 billion, positioning it to capitalize on market dislocations despite near-term headwinds [11][12]. - The company is focusing on key sectors such as digital infrastructure and life sciences, with growth opportunities in India and Japan [12][13]. - The Zacks Consensus Estimate for Blackstone's revenues shows a year-over-year growth of 8.88% for Q2 2025 and 2.83% for the current year [16][17]. - Blackstone faces challenges from tighter credit markets and geopolitical uncertainties, which may hinder its near-term growth prospects [14][26]. - Despite a higher return on equity (ROE) of 19.84% compared to BlackRock's 15.57%, Blackstone's deployment challenges and market conditions make it a less compelling buy for 2025 [20][21][26].

Report Investment Rating - No industry investment rating is provided in the report. Core Views - In the US ETF market, thematic product issuance has increased, Bitcoin products continue to attract funds, and Bitcoin spot ETFs have risen nearly 20% this year, while Ethereum has fallen over 20%. In the US ordinary public - offering fund market, the total non - money public - offering funds decreased in March 2025, and there were outflows from domestic stock funds and inflows into bond products recently [1]. Summary by Directory 1. US ETF Innovation Products: Thematic Product Issuance Increases - Last week, there were 7 new US ETF products. iShares issued a military active ETF investing in US and non - US companies, and Amplify issued a natural gas infrastructure ETF with a management fee of 0.59%, investing in 20 - 25 related stocks in transportation, storage, and sales of natural gas [1][6]. - Exchange Traded Concepts issued a stock product tracking the CORE16 Best of Breed Premier Index, selecting 50 stocks based on return skewness and adjusting positions to reduce risk. Vanguard issued 2 tax - exempt municipal bond ETFs, and demand for municipal bond products has been rising [7]. - Volatility Shares issued Ripple XRP futures - related products, including a 2 - times leveraged product and a single - positive product [7]. 2. US ETF Dynamics 2.1 US ETF Funds: Bitcoin Products Continue to Attract Funds - Last week, US bond ETFs had more inflows than stocks, and cross - border stock products also had significant inflows. Bitcoin products continued to attract funds. Except for Vanguard and State Street's S&P 500 ETFs, the top 10 inflow products were from BlackRock. The thematic rotation ETF had large inflows and performed similarly to the S&P 500 this year. BlackRock's AI - segmented ETF also had obvious inflows, while software ETFs had outflows [1][8][11]. - Most products had outflows in the second half of last week. The iShares S&P 500 ETF had the most outflows among S&P 500 ETFs, and gold ETFs had continuous outflows recently [13]. 2.2 US ETF Performance: Bitcoin ETFs Rose Nearly 20% - This year, Bitcoin spot ETFs have risen nearly 20%, while the futures ETF BITO has a gain of about 16%. The 2 - times leveraged product's return is close to that of the spot due to the underperformance of futures and volatility losses. Ethereum has fallen over 20% [1][14]. 3. Recent US Ordinary Public - Offering Fund Fund Flows - In March 2025, the total non - money public - offering funds in the US was $21.17 trillion, a decrease of $0.88 trillion from February. The S&P 500 fell 5.75% in March, and the scale of US domestic stock products declined 6.55%. From May 7th to May 14th, US domestic stock funds had an outflow of $9.4 billion, and bond products had an inflow of over $10 billion [1][18].