黑岩及旗下基金面临政策与市场多重影响，管理费收入或受波及

Industry Policy and Environment - The nomination of Kevin Warsh as the Federal Reserve Chairman by Trump is expected to lead to a hawkish policy stance, potentially affecting the global liquidity environment and structurally impacting the asset scale managed by BlackRock, particularly in interest rate-sensitive products [1] Company Fundamentals - BlackRock's Global Growth Fund continues to benefit from the commercialization of AI, with major tech holdings like Nvidia and Microsoft. Nvidia is set to announce its earnings on February 25, which may serve as a significant catalyst for the performance of the tech sector and the net asset value of funds heavily invested in this sector [2] Fund Flows - There has been a recent trend of capital flowing from broad market index ETFs into thematic ETFs focused on technology and AI computing. The net inflow situation of BlackRock's iShares series technology-themed ETFs, such as those related to semiconductors and artificial intelligence, should be closely monitored as changes in their scale directly relate to BlackRock's management fee income [3] Industry and Risk Analysis - The Trump administration has announced a 15% import tariff on global goods and is accelerating the 301 and 232 reviews. An escalation in trade tensions could disrupt global supply chains, affecting BlackRock's asset allocation efficiency in sectors like technology and energy [4] Business Progress - BlackRock has recently increased its investments in the AI sector through private markets, such as investing in Anthropic. The changes in post-investment valuations and exit progress in the primary market may influence the fund's portfolio return elasticity through a linkage effect between the primary and secondary markets [5] Recent Events - In the first quarter of 2026, major technology industry events such as CES in Las Vegas and Nvidia's GTC conference will take place, where new products and technological advancements may lead to revisions in the fundamental expectations for the tech stocks heavily held by BlackRock [6]