来源：环球市场播报 特朗普周四在椭圆形办公室表示："这项举措是应美国患者的诉求推出的。这些患者饱受剧痛、不治之 症、恶性肿瘤、癫痫及神经系统疾病等病症折磨，其中包括众多因服役受伤的退伍军人，还有深受慢性 疾病困扰、生活质量严重下降的老年群体。" 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国核心通胀意外放缓至逾四年新低 经济学家怀疑数据因停摆而失真 美国11月核心通胀同比增幅创2021年初以来最低水平，通胀形势意外出现改善；美国联邦政府先前的停 摆加大了此份报告的解读难度。 美国劳工统计局周四公布的数据显示，11月剔除波动性较大的食品和能源的核心消费者价格指数 （CPI）同比上升2.6%，11月整体CPI同比涨幅为2.7%。 1、美国核心通胀意外放缓至逾四年新低 经济学家怀疑数据因停摆而失真 2、特朗普下令放宽大麻管制 行业获重大监管利好 3 、微软、谷歌等24家公司加入美国政府的人工智能"创世使命" 4 、美光科技涨超10%：人工智能存储需求飙升，公司直言产品已全面售罄 5、卢特尼克面临民主党议员审查 数据中心项目关联引发争议 6、特朗普称赞沃勒和鲍曼 称将在未来几周内公布美联储主席人选 美国联邦政府 ...

Core Viewpoint - CBRE Group has experienced a significant stock price increase of 22.3% year-to-date, outperforming the industry growth of 17.9%, indicating strong market performance and potential for continued growth [1][2]. Company Overview - CBRE Group is the largest commercial real estate services and investment firm based on 2024 revenues, leveraging extensive knowledge of both domestic and international real estate markets to maintain a competitive edge [3]. - The company has adopted a more balanced and resilient business model, shifting towards a diversified and contractual revenue base, which has allowed it to achieve a net revenue growth of 14% in Q3 2025, surpassing the 13% growth in transactional businesses [4]. Growth Strategies - CBRE Group is focusing on strategic infill acquisitions to expand its global reach and service offerings, including the acquisition of Pearce Services, LLC for approximately $1.2 billion in cash, and two other acquisitions totaling around $31 million in the first nine months of 2025 [5]. - The Building Operations & Experience (BOE) segment is positioned to benefit from the trend of real estate occupiers outsourcing operations, with a reported revenue growth of 12.6% year-over-year in Q3 2025, and an estimated total revenue increase of 14.5% for 2025 [6]. Financial Position - As of September 30, 2025, CBRE had total liquidity of $5.2 billion and a net leverage ratio of 1.23X, significantly below its primary debt covenant of 4.25X, indicating strong financial flexibility to capitalize on growth opportunities [8].

Core Insights - CBRE Group's shares have increased by 22.3% this year, outperforming the industry's growth of 17.9% [1][7] - The company is positioned for growth due to its diverse range of real estate products and services, healthy outsourcing business, and strategic investments in technology [1][8] Business Model and Performance - CBRE has adopted a more balanced and resilient business model, shifting towards a diversified and contractual revenue base, resulting in a net revenue growth of 14% in Q3 2025 [3] - The Building Operations & Experience (BOE) segment reported a revenue growth of 12.6% year-over-year in Q3 2025, with expectations for a 14.5% increase in total revenues for 2025 [5][7] Strategic Acquisitions - To enhance its global reach and service offerings, CBRE has focused on strategic infill acquisitions, including the acquisition of Pearce Services, LLC for approximately $1.2 billion in cash [4] - In the first nine months of 2025, CBRE completed two in-fill business acquisitions totaling approximately $31 million, which are expected to drive growth alongside organic expansion [4] Financial Position - As of September 30, 2025, CBRE had total liquidity of $5.2 billion and a net leverage ratio of 1.23X, well below its primary debt covenant of 4.25X, indicating strong financial flexibility [9] - The company is expected to continue deleveraging through the end of the year, positioning it to capitalize on growth opportunities [9]

Key Takeaways JLL's shares have climbed 50% in six months, far outpacing the industry's 21.2% rise.Stronger outsourcing trends, tech investments and diversified services are supporting JLL's growth.JLL raised its 2025 adjusted EBITDA outlook and reported higher liquidity in Q3 with lower net debt.Shares of Jones Lang LaSalle Incorporated (JLL) , popularly known as JLL, have gained 50% in the past six months, outperforming the industry’s upside of 21.2%.JLL is expected to gain more from the continued strengt ...

Core Insights - The Federal Housing Finance Agency (FHFA) has set lending caps of $88 billion each for Fannie Mae and Freddie Mac, totaling $176 billion for multifamily loans in 2026, an increase from $73 billion each in 2025 [6] - The decision is expected to enhance capital availability in the multifamily market and indicates a focus on housing affordability [3][4] - The multifamily market is projected to face nearly $90 billion in maturing debt in 2026, with a significant portion from a lower-rate environment, positioning Fannie and Freddie as viable refinancing options [5] Lending Caps - FHFA has established lending caps of $88 billion for each GSE, allowing a total of $176 billion in multifamily loans for 2026, up from $146 billion in 2025 [6] - The caps for 2024 were set at $70 billion each, and for 2023 at $75 billion each [6] - Loans financing workforce housing will be excluded from next year's limits, with a requirement that at least 50% of GSE multifamily business be mission-driven, affordable housing [6] Market Outlook - The FHFA's decision is seen as a signal for increased multifamily lending activity in 2026 compared to the current year [4] - Industry experts anticipate that the expanded caps will enable GSEs to better support the multifamily market amid conservative lending from banks and non-bank lenders [5]

Company Overview - Offerpad Solutions Inc. (OPAD) shares increased by 29.9% to close at $5, with a notable trading volume compared to typical sessions, and a total gain of 196.2% over the past four weeks [1] - The company is expected to report a quarterly loss of $0.29 per share, reflecting a year-over-year change of +40.8%, with revenues projected at $139.05 million, down 33.2% from the previous year [3] Investor Sentiment - Increased investor optimism is linked to the company's announcement to enhance its HomePro program, aimed at improving efficiency for real estate agents, and hopes that the Federal Reserve may lower interest rates [2] - The consensus EPS estimate for Offerpad Solutions has remained unchanged over the last 30 days, indicating that stock price movements typically do not sustain without trends in earnings estimate revisions [4] Industry Context - Offerpad Solutions operates within the Zacks Real Estate - Operations industry, where Newmark Group (NMRK) also operates, having closed 2.2% higher at $19.24, with an 8% return over the past month [4] - Newmark Group's consensus EPS estimate for the upcoming report is $0.41, representing a +24.2% change from the previous year, and it currently holds a Zacks Rank of 1 (Strong Buy) [5]

Core Insights - Shares of Jones Lang LaSalle Incorporated (JLL) have increased by 28.1% over the past three months, significantly outperforming the industry average gain of 12% [1][10] - The company is expected to benefit from the strength of its resilient business lines and favorable outsourcing trends, with a focus on data-driven technology leading to increased client engagement [1][4] - JLL's strategic investments aimed at market consolidation are anticipated to yield positive results [1] Financial Performance - For Q2 2025, JLL reported adjusted earnings per share of $3.30, up from $2.55 in the same quarter last year, reflecting a year-over-year revenue increase [2] - The company has raised its 2025 adjusted EBITDA guidance to a range of $1.30-$1.45 billion, compared to the previous guidance of $1.25-$1.45 billion [5][10] Business Segments and Trends - JLL's Real Estate Management Services segment is well-positioned to capitalize on the growing trend of outsourcing real estate services, particularly in the post-pandemic environment [6] - The company is experiencing strong growth in its Workplace Management and Project Management sectors, which are driving revenue increases [2][10] - New contract wins and service expansions with existing clients are expected to enhance JLL's performance in the near future [7] Financial Health - As of Q2 2025, JLL maintained $3.32 billion in corporate liquidity and a net leverage ratio of 1.2X, indicating strong balance sheet strength [8][11] - The company holds investment-grade ratings of Baa1 from Moody's and BBB+ from S&P Global, which supports its ability to borrow at favorable rates [11]

Core Insights - JLL has launched Prism AI, an artificial intelligence capability integrated into its building operations platform, Prism, aimed at enhancing property management efficiency and reducing costs [1][9] Technology and Features - Prism AI provides predictive operational intelligence for building operations, ensuring security with a reliable infrastructure and automatic data backups [2] - The AI converts property documents into a searchable knowledge base, automating administrative tasks and improving workflows, which helps property teams enhance tenant satisfaction through insightful recommendations [3] - It promotes efficiency, compliance, and significant cost savings throughout the property management lifecycle [4] User Experience - Users can interact with Prism AI through a conversational interface, receiving instant answers and relevant recommendations while maintaining data privacy and separation [5] Management Commentary - JLL's leadership emphasizes that Prism AI enhances decision-making capabilities and elevates property management standards, focusing on meeting evolving client expectations and setting new industry benchmarks [6] Company Overview - JLL is positioned as a tech-driven commercial real estate company, leveraging over 200 years of industry expertise to drive digital transformation in real estate [7] - The company has experienced strong growth and cash levels, supported by strategic acquisitions and ongoing investments in its business [8] Market Performance - JLL's shares have increased by 26.1% over the past three months, outperforming the industry average rise of 13% [10]

Core Viewpoint - TPG RE Finance Trust reported quarterly earnings of $0.24 per share, matching the Zacks Consensus Estimate, but down from $0.28 per share a year ago, indicating a decline in profitability [1][2] Financial Performance - The company posted revenues of $36.2 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.9% and down from $39.3 million year-over-year [2] - TPG RE Finance Trust has not surpassed consensus EPS estimates over the last four quarters, indicating consistent underperformance [2] Stock Performance - TPG RE Finance Trust shares have decreased by approximately 1.5% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26, with expected revenues of $38.14 million, and for the current fiscal year, the estimate is $0.98 on revenues of $150.43 million [7] - The estimate revisions trend for TPG RE Finance Trust was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting potential outperformance in the near future [6] Industry Context - The Real Estate - Operations industry, to which TPG RE Finance Trust belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, which may negatively impact stock performance [8]

Core Insights - CBRE Group Inc. reported second-quarter 2025 core earnings per share (EPS) of $1.19, exceeding the Zacks Consensus Estimate of $1.05, and reflecting a year-over-year increase of 46.9% [1][9] - The company's shares rose over 8% following the earnings report, driven by strong revenue growth across most business segments, except for Real Estate Investments [2][9] - Total revenues for the quarter increased by 16.2% year over year to $9.75 billion, surpassing the Zacks Consensus Estimate of $9.37 billion [2][9] Revenue Breakdown - Adjusted net revenues rose 14% (12.9% in local currency) year over year to $5.67 billion, with core EBITDA increasing by 30.3% (28.9% in local currency) to $658 million [3] - The Advisory Services segment saw a revenue increase of 14.4% (13.8% in local currency) to $2 billion, while global leasing revenue grew by 14% (13% in local currency) [4] - Global property sales revenues grew by 20% (19% in local currency), with notable growth in the U.S. (25%), APAC (24%), and EMEA (19%) [5] - The Building Operations & Experience segment reported an 18.7% (17.5% in local currency) revenue increase to $5.76 billion, with facilities management revenues rising by 17% (16% in local currency) [6] Segment Performance - Project Management segment revenues increased by 14.3% (12.9% in local currency) to $1.79 billion, driven by growth from Turner & Townsend and CBRE's legacy business [7] - The Real Estate Investments segment experienced a revenue decline of 7.3% (9.1% in local currency) to $215 million [7] Financial Position - As of the end of Q2 2025, assets under management increased by $6.2 billion to $155.3 billion, aided by favorable foreign currency movements [8] - CBRE's cash and cash equivalents rose to $1.40 billion, with total liquidity increasing to $4.7 billion due to new financing activities [9][10] - The company's net leverage ratio was 1.47X, significantly below its primary debt covenant of 4.25X [10] Future Outlook - For 2025, CBRE raised its core EPS guidance to a range of $6.10-$6.20, compared to the previous guidance of $5.80-$6.10, with the Zacks Consensus Estimate currently at $5.94 [11]