Core Insights - A collaboration has been established between Verra and S&P Global Commodity Insights to enhance carbon market infrastructure and transparency [1][2] - The partnership aims to develop a next-generation registry that will improve the integrity, accessibility, and performance of carbon markets [2][4] Company Overview - Verra is recognized as the leading standards body for climate action and sustainable development, focusing on reducing greenhouse gas emissions and promoting sustainable practices [7] - S&P Global Commodity Insights is a prominent provider of commodities and benchmark information, facilitating informed decision-making in global energy and commodity markets [8][10] Technological Advancements - The new registry will utilize S&P Global's Environmental Registry software, which will centralize verification documentation and enhance traceability for carbon credits [3][4] - The integration will feature transaction-ready APIs for automated transfers and retirements, streamlining processes for market participants [6] Implementation Timeline - The rollout of the new registry will occur in two phases, with the foundational phase expected to launch within six months and the second phase in 2026 [4][5] Market Impact - The collaboration is anticipated to foster greater trust and growth in carbon markets by improving transparency, credibility, and credit tracking efficiency [4][6] - Verra will provide support and training to users of the registry to ensure a smooth transition to the new system [5]

Core Viewpoint - The article discusses the importance of multi-asset products in the context of China's regulatory push for high-quality development of public funds, emphasizing the need for long-term absolute return capabilities in fund products [2][9]. Group 1: Overview of Multi-Asset Products - The U.S. multi-asset index market has evolved significantly since the Pension Protection Act of 2006, which established target date funds as default investment options for retirement plans [4][12]. - Various types of multi-asset indices have emerged, including constant proportion, risk parity, target risk, target date, and macro rotation indices, each with distinct methodologies and asset allocation strategies [14][18][20]. Group 2: Current State of Multi-Asset Products in China - Domestic actively managed multi-asset products are characterized by an increase in quantity but lack significant scale, indicating a disconnect between fund managers' intentions and investors' acceptance [5][6]. - Performance issues have contributed to low investor acceptance, with many active multi-asset products underperforming their benchmarks over the past two and a half years [5][6]. Group 3: Future Development Paths - The article suggests that "indexation" could be a viable strategy for the development of multi-asset products in China, which could reduce the complexity of benchmark selection and management pressure [5][6]. - Future development may involve enhancing the diversity of underlying indices and promoting the adoption of multi-asset index products, primarily focusing on constant proportion and target risk index products [6][20]. Group 4: Performance Analysis of U.S. Multi-Asset Indices - The article highlights that the best-performing U.S. multi-asset indices in terms of risk-adjusted returns include the S&P MARC 5% Index, S&P MAESTRO 5 Index, and S&P PRISM ETF Tracker, with the latter achieving an annualized return of 9.7% since 2010 [20][22]. - The performance of these indices varies significantly based on market conditions, with risk parity indices often outperforming in volatile years and macro rotation indices excelling during periods of high inflation [20][21].

Core Viewpoint - The article suggests that if the Federal Reserve lowers interest rates, S&P Global (NYSE: SPGI) is well-positioned to benefit from this change due to its strong business fundamentals and market position [1]. Company Analysis - S&P Global is identified as a durable company with economic resilience, pricing power, and capital efficiency, making it a potential long-term compounder [1]. - The company operates in sectors such as Technology, Industrials, and Financials, focusing on scalable business models and mission-critical offerings [1]. - The analysis emphasizes the importance of capital allocation strategies, margin trajectories, and unit economics in assessing the sustainability of growth and returns for S&P Global [1]. Investment Thesis - The article aims to present a high-quality investment thesis for S&P Global, highlighting its intrinsic value creation engine rather than relying on market timing [1]. - The focus is on empowering readers to understand how S&P Global operates, including its incentives and long-term potential [1].

Group 1 - The Trump administration has significantly expanded the scope of tariffs on steel and aluminum products, imposing a 50% tariff on over 400 product categories, including firefighting equipment, machinery, construction materials, and specialty chemicals made from steel and aluminum [1] - The U.S. Department of Commerce stated that the new measures cover 407 new product categories, aiming to close loopholes and support the revival of the U.S. steel and aluminum industries [1] - Experts predict that the impact of these tariffs will be extensive, with the current steel and aluminum tariffs covering at least $320 billion in imported goods, which is expected to further increase inflationary pressures in the Producer Price Index (PPI) [1] Group 2 - S&P Global indicated that the substantial revenue generated from the broad tariff policy will largely offset the recent significant tax cuts and spending reductions, maintaining the U.S. long-term sovereign credit rating at AA+ [2] - The report warns that if the U.S. deficit continues to expand over the next two to three years without effective spending control or addressing the fiscal gap caused by tax cuts, there may be a downgrade in the rating [2] - Despite the increase in customs tariff revenue, the federal budget deficit still widened by approximately 20% during the same period [2]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the growing adoption of crypto assets, which is expected to enhance revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq Inc., and Cboe Global Markets [1][2] - The industry is focusing on non-trading revenue sources, including market technology and information services, to create stable cash flows and reduce reliance on trading income [4][5] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading stocks, options, bonds, and commodity contracts, generating revenue from fees and providing data services [2] - The industry is experiencing increased adoption of crypto assets, but faces challenges due to regulatory compliance [2] Trends Shaping the Industry - Trading volume is driven by volatility, with a projected market size of $49.6 billion by 2028, growing at a CAGR of 12.1% [3] - Companies are diversifying into recurring revenue sources to stabilize income amidst fluctuating market volumes [4] - Mergers and acquisitions are on the rise, helping companies expand their market reach and product offerings [5] - Continuous investment in technology, particularly AI and blockchain, is enhancing operational efficiency and competitiveness [6][7] Industry Performance - The Zacks Securities and Exchanges industry ranks 24, placing it in the top 10% of Zacks industries, indicating strong near-term prospects [8][9] - The industry has outperformed the broader Zacks Finance sector and the S&P 500, gaining 15% year-to-date compared to 10.7% and 9.5% respectively [12] Valuation Metrics - The industry is currently trading at a trailing P/E of 26.32X, higher than the S&P 500's 22.85X and the sector's 16.89X [15] Company Highlights - **Nasdaq**: Focused on maximizing non-trading revenue and technology services, with a projected EPS growth of 17.4% and 11.5% for 2025 and 2026 respectively [19][20] - **S&P Global**: Positioned to benefit from growing demand for business information services, with EPS growth estimates of 9.2% and 11% for 2025 and 2026 [22][23] - **Intercontinental Exchange**: A leading operator with a strong portfolio and expected EPS growth of 15% and 10.8% for 2025 and 2026 [25][26] - **CME Group**: The largest futures exchange, focusing on expanding product offerings, with EPS growth estimates of 8.6% and 3.8% for 2025 and 2026 [28][29] - **Cboe Global Markets**: Expanding product lines and geographic reach, with EPS growth projections of 11.5% and 5.9% for 2025 and 2026 [32][33]

Core Insights - S&P Global and Maestro have formed a strategic partnership to enhance portfolio monitoring for private equity firms, integrating Maestro's platform with S&P Global's iLEVEL system for automated data entry and value creation measurement [1][2][3] Group 1: Partnership Overview - The partnership aims to improve transparency and decision-making for private equity firms by combining iLEVEL's financial data infrastructure with Maestro's workflows [2][3] - This integration allows firms to directly link revenue growth, cost optimization, and margin expansion to specific value creation activities, thereby accelerating decision-making processes [2][3] Group 2: Market Impact - Maestro clients have shown a nearly 4x advantage in fundraising over the last two years, with 75% successfully raising capital compared to the 20% industry average [3] - The partnership is expected to empower private equity firms with enhanced transparency and coordination with their portfolio companies, addressing an unmet need in the market [3][5] Group 3: Client Feedback - Leading firms, such as Bregal Sagemount, have reported improved visibility into operational performance and increased efficiency in business growth due to the integration of iLEVEL and Maestro [4]

Core Viewpoint - S&P Global (SPGI) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, indicating a positive earnings outlook that may lead to increased stock prices [1][3]. Earnings Estimates and Stock Price Impact - Changes in a company's future earnings potential, as reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements, influenced by institutional investors [4]. - Rising earnings estimates and the subsequent rating upgrade for S&P Global suggest an improvement in the company's underlying business, which could drive the stock price higher [5]. Zacks Rank System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The Zacks rating system maintains an equal proportion of "buy" and "sell" ratings across its universe of over 4,000 stocks, ensuring that only the top 20% receive a "Strong Buy" or "Buy" rating [9][10]. Specifics on S&P Global - For the fiscal year ending December 2025, S&P Global is expected to earn $17.14 per share, with no year-over-year change, while the Zacks Consensus Estimate has increased by 1% over the past three months [8].

Core Insights - The 41st annual Asia Pacific Petroleum Conference (APPEC) will be held from September 8 to 11, 2025, in Singapore, focusing on navigating trade, technology, and energy transition [1][2] - The conference will gather around 1,500 industry leaders and experts from 65 countries to discuss critical issues in the oil and gas sector, including energy transition and sustainability strategies [2][4] Event Details - APPEC 2025 will feature over 200 speakers, including insights from S&P Global's energy specialists on geopolitical influences, market trends, and pricing outlooks [3][4] - The event will consist of a three-day program, including a strategic conference and concurrent sessions covering various themes such as chemicals, carbon markets, biofuels, and shipping [5][6] Key Themes - Discussions will include global oil demand, trading dynamics, and the impact of geopolitical factors such as tariffs and sanctions [6] - The conference will explore financing for low-carbon transitions, opportunities in emerging markets like the Americas, China, India, and Southeast Asia, and the role of critical minerals in energy [6][14]

近日，标普全球中国区主席黄直在接受中国证券报记者专访时表示，作为在华耕耘超过30年的全球知名 金融信息服务机构，标普全球的业务已从信用评级、数据服务，到指数编制、可持续发展评估等多个领 域深度融入中国市场。 未来，公司将持续深耕中国市场，通过专业服务衔接全球资本与中国企业的可持续发展需求，参与并见 证更多产业变革与市场开放进程。 可持续发展实践全球领先 黄直作为标普全球代表参加第三届中国国际供应链促进博览会期间，与全球企业CEO共同考察了中国可 持续发展实践。 链博会上看中国： 她表示，中国在可持续发展领域的理念、技术及实践已处于全球领先水平。从实地走访来看，中国绿色 能源基础设施的系统性建设给人留下深刻印象，光伏、风能、水能、氢能等领域不仅规模领先，还形成 了完整产业链。 以氢能产业为例，黄直表示："有氢能产业园以60%的甲醇加40%的水可转化为氢能，用于发电、供 暖。尽管目前成本较高，但技术迭代正在加速，未来有望像天然气一样，通过技术进步解决安全性顾 虑，成为日常能源的重要组成部分。" 黄直认为，作为能源消耗大国，中国的绿色能源转型不仅关乎能源保障，更是推动全球气候治理的重要 力量。"中国的实践为全球提供 ...

Core Insights - Global supply chain activity declined in July as U.S. manufacturers reduced purchases of materials and components after building inventories in June ahead of the end of the 'tariff pause' [1][2] - The GEP Global Supply Chain Volatility Index fell to -0.35 from -0.17 in June, indicating increased spare capacity worldwide, primarily driven by the U.S. [2][6] - U.S. manufacturers are preparing for lower demand, as evidenced by a significant reduction in input purchases [3][6] Regional Key Findings - North America's index dropped to -0.33 from -0.06, reflecting a pullback in orders [2][6] - Asian factory purchasing activity remains slightly below trend, with notable weakness in Japan and South Korea, while Taiwan's factories experienced an accelerated downturn [7] - Europe's industrial recovery stalled, with the index declining to -0.30 from 0.01, highlighting the fragile nature of the recovery, particularly in Germany [7] Inventory and Labor Insights - Safety stockpiling has eased, suggesting limited concern over supply bottlenecks or price surges [8] - Staffing capacity and transportation costs remained stable, with no signs of inflationary pressure from these sources [8]