Core Insights - BlackRock has entered the decentralized finance (DeFi) space by making its tokenized U.S. Treasury fund, BUIDL, tradable on Uniswap, marking a significant step for the asset manager [1][2] - BUIDL is the largest tokenized U.S. Treasury fund with nearly $2.2 billion in total value locked, fully backed by U.S. Treasury bills and cash, providing on-chain yield [2] - BlackRock has made a strategic investment in Uniswap and purchased an undisclosed amount of UNI, Uniswap's governance token, which saw a 25% increase following the announcement [1][2] Company and Industry Developments - BlackRock partnered with Uniswap Labs and Securitize to facilitate the regulatory and compliance aspects of tokenizing real-world assets, with BUIDL shares available through UniswapX [3] - The collaboration aims to enhance the interoperability of tokenized USD yield funds with stablecoins, as stated by BlackRock's global head of digital assets [4] - Uniswap, as the largest decentralized exchange on Ethereum, allows users to trade assets directly from their wallets, and the integration of BUIDL expands its offerings to include tokenized government bonds [5]

业绩经营情况 近期美股企业盈利预期改善，标普500指数成分股中材料、能源、工业等板块轮动上涨。黑岩全球成长 基金重仓的科技龙头公司(如英伟达、微软等)在AI商业化落地进程中持续释放业绩，部分公司四季度财 报超预期，叠加估值处于合理区间，形成基本面支撑。此外，美联储暂停降息后经济韧性增强，为企业 盈利提供宏观环境支持。 经济观察网黑岩全球成长基金(BlackRock Global Growth Fund)在2026年2月11日创下历史新高的驱动因 素主要来自以下几方面： 股票近期走势 全球股票ETF资金流向出现结构性分化，宽基指数产品净流出显著，而科技、AI算力等主题ETF持续吸 引资金流入。黑岩旗下iShares系列ETF作为全球规模领先的被动投资工具，其科技主题产品(如半导 体、人工智能相关ETF)受益于硬件需求周期与算力升级趋势，年内涨幅突出。例如，通信设备主题ETF 在2025年全年上涨超120%，2026年初延续强势，间接推动以科技股为核心持仓的成长型基金净值攀 升。 尽管地缘政治事件(如美欧贸易摩擦)引发短期波动，但市场对科技产业链长期增长逻辑认可度提升。 2026年初，罗素2000指数等小型股表现 ...

Core Viewpoint - Securitize has partnered with Uniswap to enable on-chain trading of BlackRock's BUIDL dollar institutional digital liquidity fund through UniswapX [1] Group 1: Partnership and Collaboration - Securitize announced its collaboration with Uniswap to facilitate the trading of the BUIDL fund on the DeFi platform [1] - BlackRock plans to purchase Uniswap tokens (UNI) following the deployment of BUIDL on Uniswap, although the specific amount has not been disclosed [1] Group 2: Market Impact and Access - The initial impact of adding BUIDL to Uniswap may be limited due to the requirement of a qualified institutional whitelist for participation in DeFi trading [1] - The whitelist will include long-term cryptocurrency liquidity providers such as Wintermute to enhance trading [1] - Access to BUIDL is restricted to qualified purchasers, defined as individuals or entities with assets of $5 million or more [1]

Core Insights - BlackRock is entering the decentralized finance (DeFi) space by bringing its Treasury-backed digital token BUIDL onto Uniswap, a leading DeFi platform, indicating a significant convergence between traditional finance and crypto [1][3] - The partnership with tokenization firm Securitize marks a milestone for the DeFi sector, which is seen as a valuable application of cryptocurrency, with approximately $100 billion currently on DeFi platforms [2] Company Developments - BlackRock's BUIDL token, launched in 2024, has a total market value of around $1.8 billion, showcasing the firm's confidence in the DeFi market [3] - The arrangement involves creating a whitelist of eligible institutions for trading BUIDL, with access restricted to qualified purchasers who have assets of $5 million or more [4] Industry Impact - The initial impact of adding BUIDL to Uniswap is expected to be minor due to the limited number of traders able to participate, but it serves as a test case for future DeFi trading of traditional assets [5] - Securitize's CEO noted that while the current focus is on qualified purchasers, the infrastructure being developed will also support retail products in the future [6] Market Dynamics - The collaboration between BlackRock and Uniswap highlights the contrasting positions of traditional finance and the crypto industry, with BlackRock representing established Wall Street practices and Uniswap embodying innovative DeFi solutions [7]

证券研究报告 | 专题研究 | ESG 及绿色金融 专题研究 报告日期：2026 年 02 月 11 日 经济修复不及预期；ESG 相关政策推行不及预期；市场情绪与偏好波动风险。 分析师：祁星 执业证书号：S1230524120002 qixing@stocke.com.cn 全球 ESG 基金 2025 海外市场回顾: 4 万亿在望，欧美监管张力下 规模仍稳中有进 ——全球 ESG 基金 2025 第四季度市场点评 核心观点 2025 年全球 ESG 基金市场录得 840 亿美元净流出，是 2018 年来的首次年度净流出。 但我们认为，市场不必对该数据过于悲观。流量数据的阶段性转负体现的是欧美监管 张力下不同的市场情绪，欧洲市场更多呈现"反漂绿下的脱虚向实"，而美国市场则仍 受制于政治极化。 ❑ 市场总量：全球 ESG 基金规模向 4 万亿美元迈进，欧洲市场仍占据主导地位 截至 2025 年底，全球 ESG 基金市场规模突破 3.90 万亿美元，较三季度末 3.75 万 亿美元规模上涨约 4%。受益于资本市场整体抬升，年初以来全球 ESG 基金市场 规模持续增长。相较 2018 年底大约 6000 亿美元的 ...

Group 1 - BlackRock China predicts a "slow bull" market for Chinese assets in 2026, supported by fundamental and policy resonance, with conditions such as liquidity and profit improvement necessary for the bull market's continuation [1][2] - The global investment landscape in 2026 will be driven by the AI wave, with the U.S. economy showing resilience and a shift from consumption-led growth to a balance of AI investment and consumption [1][2] - The Chinese economy is expected to maintain a significant global position, with strong export performance as a key growth driver and an improved environment for the Hong Kong stock market [2] Group 2 - Dynamic asset allocation is essential in the current high-volatility market, with active rebalancing strategies showing better long-term results than static approaches [2][3] - The 2025 performance of the CSI 300 index saw an increase of nearly 18%, driven by valuation expansion, indicating a sentiment-driven bull market [2][3] - Four conditions are necessary for the continuation of the bull market: ample liquidity, a transition to profit realization in the stock market, supportive policy measures, and a reduction in geopolitical risks [2] Group 3 - The negative correlation between traditional asset classes, particularly stocks and bonds, is weakening, necessitating a focus on expected returns and risk trade-offs [3] - ETFs are highlighted as a flexible investment tool suitable for capturing structural opportunities in the A-share market, reflecting a trend towards more sophisticated investment products [3][4] - The bond market is expected to exhibit "corridor-style" fluctuations, with limited volatility due to ongoing economic recovery and supportive monetary policy [3][5] Group 4 - Approximately 50 trillion yuan in deposits are set to mature this year, with expectations that some will flow into the capital markets, potentially influencing asset prices [4] - The Chinese bond ETF market, currently at 830 billion yuan, has significant growth potential compared to the total bond market size of nearly 200 trillion yuan, indicating room for innovation in bond strategies [5] Group 5 - Gold is expected to maintain its long-term hedging value due to factors such as global central bank purchases, potential dollar weakness, and persistent geopolitical uncertainties [5][6] - The investment landscape is shifting towards themes of financial stability, energy, technology, and national defense, with commodities closely linked to these themes [6] Group 6 - The trend in global pension investments is moving from defined benefit (DB) plans to defined contribution (DC) plans, reflecting the need for individuals to take on more retirement responsibility [7] - BlackRock aims to localize overseas strategies for the Chinese market, focusing on adapting investment approaches to align with local risk preferences and improving client investment behavior [7]

证券研究报告 | 固定收益 gszqdatemark 2026 02 11 年 月 日 固定收益点评 详解股债恒定 ETF——产品特征、海外经验与国内前景 ETF 具有显著的配置工具属性，且在过往几年里成为关注度最高、发展 最快的基金品种之一，国内 ETF 制度体系近年来持续完善。2022 年提 出"支持成熟指数型产品做大做强，加快推动 ETF 产品创新发展"。 2024 年，"新国九条"正式出台，首次在国家层面建立"ETF 快速审批 通道"，并将指数化投资提升至战略高度；同年还通过引导中长期资金 入市等配套改革，巩固 ETF 配置优势。2025 年，监管进一步优化注册流 程，并在销售费用新规中为 ETF 提供了赎回费差异化安排。 预期首批股债恒定类 ETF 将很快落地。2025 年《促进资本市场指数化投 资高质量发展行动方案》则首次明确提出"研究推出多资产 ETF"，为 股债恒定类产品提供了直接的政策依据。与此同时，中证指数公司与中 债金融估值中心自 2024 年起陆续发布多条股债恒定比例指数。 股债恒定类 ETF 是指以预设固定比例（如 20/80、30/70 等）配置股 票与债券资产的被动型交易所交易基 ...

Core Viewpoint - The recent loan wipeout by BlackRock's HPS to a telecom entrepreneur highlights the inherent risks present in the rapidly growing private-credit sector [1] Group 1 - The incident underscores that even sophisticated investors are not immune to losses in the private-credit market [1] - The private-credit business has been experiencing significant growth, attracting various investors seeking higher returns [1] - The failure of this loan raises questions about the due diligence processes employed by investors in this sector [1]

Core Viewpoint - OpenAI, Samsung Electronics, and SK Hynix are set to begin construction of data centers in South Korea starting in March, as announced by Science Minister Bae Kyung-hoon during a parliamentary hearing [1] Group 1 - OpenAI, Samsung Electronics, and SK Hynix are collaborating on the development of data centers [1] - The construction is scheduled to commence in March [1] - The announcement was made by Science Minister Bae Kyung-hoon at a parliamentary hearing [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]