Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “Emerging Markets Growth Strategy.” A copy of the letter can be downloaded here. The fourth quarter of 2025 marked a strong divergence from the market. Market leadership by AI beneficiaries and revival of cyclical sectors dominated the market, while quality growth strategies faced challenges. In Q4 2025, the portfolio returned 0.8% (Gross) and 0.6% (Net) compared to the MSCI EM Net TR Ind ...

Manufacturing and services data is on tap, in addition to the ADP employment reportMatch kicks off next week with plenty of economic data on tap, including manufacturing and services readings, as well as employment data. The Federal Reserve will monitor those reports closely for clues into the health of the economy, as the future of interest rates remains unclear.Earnings season carries into the new month, with reports to come from Abercrombie & Fitch (ANF), American Eagle (AEO), AutoZone (AZO), Bath & Body ...

Hayden Capital, an investment management firm, released its fourth-quarter 2025 investment letter. A copy of the letter can be downloaded here. 2025 proved how unpredictable markets can be in the short term. Markets displayed broad strength, highlighting their resilience. U.S. equities saw double-digit gains, while international markets performed even better. Remarkably, international stocks outpaced their U.S. counterparts for the first time since 2017. The firm had a productive 2025, especially as invest ...

DDlightek Unlockcommerce.withoutborders 2026印度尼西亚电子商务行业报告 出品方 前言 印度尼西亚（以下简称印尼）作为东盟最大的经济体，贡献了该地区约36%的GDP 并展现出约5%的稳健增长韧性。依托2.85亿的庞大人口基数及30.4岁的年轻化结 构，印尼已实现80.66%的互联网渗透率，且移动端用户占比高达98.7%。这种高 度的移动化特征与日益成熟的数字支付基础设施，共同构成了印尼数字经济发展的 坚实底层支撑。 SERATUSR GA 12026印度尼西亚电子商务行业报告 东南亚最大经济体，GDP约占东盟整体36% 作为东南亚最大的经济体及东盟（ASEAN）创始成员国， 印尼的经济规模约占东盟整体的36%。在全球经济环境不 确定性增强的背景下，印尼展现出稳健的增长韧性，除 印尼2025年的增长预期由4.7%上调至4.8%，进一步彰 4.86% 显了国际机构对该国经济增长前景的信心。 印尼经济增长主要由两大支柱驱动：一是资源优势，印尼 在棕榈油、煤炭等大宗商品领域拥有坚实的国际竞争优势， 更是全球第一大镍生产国和第二大生产国，在新能源电 池革命中地位关键；二是内需拉 ...

When investors evaluate MercadoLibre (NASDAQ: MELI), the focus usually falls on growth rates. To this end, revenue is still expanding at an impressive clip. Fintech adoption continues rising. Engagement remains strong across Latin America. But heading into 2026, a more important question is emerging: Has competition permanently changed the economics of MercadoLibre's business? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indisp ...

最近，随着美股13F文件的披露，多家私募机构2025Q4最新调仓情况浮出水面。之前的文章，证星研究院已经分享了段永平和景林最新美 股的持仓动向。 大家可以回顾文章： 1.段永平，加仓巨头超1110% 2.景林最新出手加仓了！ 今天的文章，我们最后再来梳理一下高瓴HHLR、喜马拉雅（李录）、伯克希尔，这三家机构Q4美股的持仓动向。 （HHLR25Q4前十大持仓） 从调仓动向来看，HHLR在第四季度显著加大了对互联网电商板块的配置。拼多多与阿里巴巴构成持仓的"双核心"，成为基金持仓的大 头。 具体而言，第一大重仓股拼多多获得HHLR大幅增持，持仓市值攀升至12.16亿美元，环比增幅达24.77%，持仓占比也从上个季度的 27.76%提升至39.17%，接近总持仓的四成。 第二大重仓股阿里的增持力度也十分强劲，持仓市值达7.96亿美元，环比增幅高达65.07%，持仓占比从14.37%跃升至25.65%。 以下为主要内容： 一、高瓴资本： 根据文件披露，高瓴旗下专注二级市场投资的HHLR基金，2025年第四季度末持仓总市值为31.04亿美元，上一季度少24%。整体持仓展现 出"聚焦核心、收缩边缘"的投资策略。 其中， ...

届时，TikTok Shop将占据全球电商平台市场份额的14.6%，推动约1万亿美元的销售额。 近期，数字商务咨询公司Flywheel飞未发布的一份前瞻性报告在业界引发关注。报告预测，到2030年，TikTok Shop的中国母公司字节跳动有望跻身涵盖所有 品类的全球零售商前三强。 美国时尚媒体《女装日报》网站报道，TikTok Shop业务在全球增长迅速。 Flywheel Ventures首席执行官Deren Baker表示，TikTok Shop的价值不仅存在于品牌认知层面，也通过电商体现了规模化运作的优势，其光环效应更是可以使 平台上推广的产品品牌搜索量、产品页面访问量和销售速度出现可衡量的提升。 Flywheel还在同期发布的TikTok Shop白皮书中称："TikTok Shop已经爆发式增长为一个重要的电商渠道。这里的受众、文化和算法都以不同的方式运作，而 破解这种机制的品牌正在取得巨大成功，并且每天都在扩大领先优势。" 据公开信息，TikTok Shop最初于2021年上线，经过近5年发展，已进入全球17个市场，包括美国、欧洲及东南亚多国，以及墨西哥、巴西、日本等。 TikTok Shop在 ...

Group 1 - Sea Limited (NYSE:SE) has entered a strategic partnership with Google to develop AI tools for e-commerce and gaming in Southeast Asia [1][2] - The partnership will focus on creating an AI agentic shopping prototype on Sea Limited's Shopee platform, which will enhance user experience by autonomously managing shopping tasks [2][3] - Google's AI will also support game development on Sea Limited's Garena, indicating a broader application of AI beyond traditional uses [2][3] Group 2 - This collaboration aligns with Google's strategy to monetize AI by expanding its applications beyond chatbots, leveraging Sea Limited's dominance in Southeast Asia's e-commerce market [3] - The AI enhancements are expected to provide Shopee with a competitive advantage over its rivals in the region [3]

Core Insights - Coupang (CPNG) experienced a significant data breach affecting over 33 million customers, attributed to inadequate cybersecurity measures by the Korean regulator [1] - Following the breach, Coupang's shares plummeted by 50%, indicating a swift market reaction to the incident [1] Company Overview - Coupang is a major player in the e-commerce sector in South Korea, known for its rapid delivery services and extensive product offerings [1] - The company has been under scrutiny for its cybersecurity practices, which have now been highlighted as a critical area of concern following the data breach [1] Market Reaction - The immediate impact on Coupang's stock price reflects investor sentiment regarding the company's ability to manage cybersecurity risks effectively [1] - A 50% drop in share value suggests a loss of confidence among investors, which could have long-term implications for the company's market position [1]

Key Takeaways The Zacks Consensus Estimate pegs MELI's Q4 2025 revenues at $8.52 billion, suggesting 40.55% Y/Y growth.MercadoLibre faces elevated investment, shipping subsidies and fierce competition, pressuring margins.The Zacks Consensus Estimate for Q4 2025 EPS is pegged at $11.77, indicating 6.66% Y/Y decline.MercadoLibre (MELI) is slated to report fourth-quarter 2025 results on Feb. 24.The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $8.52 billion, suggesting year-over-year growth ...