智通财经5月15日电，据报道，美国监管机构准备在未来几个月降低补充杠杆率。 ...

美国监管机构准备在未来几个月降低补充杠杆率。 （英国金融时报） ...

1Q25 SEA 收入为 48.4 亿美元，同增 29.6%，略低于 VA（Visible Alpha） 一致预期（口径下同）的同增 31.2%，我们认为主因游戏递延收入较多和电 商收入略低于预期。经调整 EBITDA 9.5 亿美元，好于一致预期的 7.0 亿美 元。管理层维持 2025 年电商 GMV 增长 20%的指引，并表示游戏板块 2025 年活跃用户数和预定量有望实现双位数增长。建议关注规模效应逐渐显现后 的利润持续改善趋势。"增持"。 证券研究报告 SEA (SE US) 利润好于预期，电商规模效应显现 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 15 日│美国 | 互联网 | 电商：业务规模扩张推动利润率改善明显，广告工具渗透稳步提升 1Q25 电商收入同增 28.3%至 35.2 亿美元，略低于一致预期的同增 30.3%。 板块经调整 EBITDA 为 2.6 亿美元，对应经调整 EBITDA 利润率 7.5%，同 比改善 8.3pp，管理层表示利润改善主因规模扩张、成本优化和变现率提升。 1Q25 电商订单量 ...

Core Insights - The real estate development sector is experiencing a performance bottoming phase in 2024 due to declining gross margins and increased impairment losses, with no significant improvement observed in Q1 of this year [1] - Companies focusing on core cities and property leasing have shown performance growth despite the overall sector challenges [1] Group 1: Financial Performance - Sample real estate companies are projected to achieve revenues of 4.03 trillion yuan in 2024, a year-on-year decline of 19%, with a net loss of 371.9 billion yuan, an increase in losses by 281.1 billion yuan compared to 2023 [1] - The gross margin for sample companies is expected to decrease by 2.2 percentage points in 2024, with A-share companies recording an additional impairment of 63.5 billion yuan compared to the previous year [1] Group 2: Leverage and Debt Structure - The overall asset-liability ratio for sample companies is expected to be 71.6% by the end of 2024, a decrease of 0.3 percentage points from the previous year, with state-owned enterprises showing a more significant reduction [2] - A-share development companies saw a 0.9 percentage point decrease in interest-bearing debt ratio in Q1 2025 compared to the end of the previous year, indicating a marginal improvement in debt structure [2] Group 3: Market Dynamics and Investment Confidence - The sales concentration of the top 100 real estate companies is declining, with total sales expected to be 3.08 trillion yuan in 2024, a year-on-year decrease of 27.4%, while the market share is projected to drop by 4.9 percentage points to 36.3% [3] - Despite a 31% year-on-year decline in land acquisition amounts for the top 100 companies, there was a 42% increase in land acquisition amounts in the first four months of this year, indicating improved investment confidence [3] Group 4: Strategic Recommendations - Companies with a focus on core city development, property management, and related sectors are recommended, including A-share companies such as Binjiang Group and China Merchants Shekou, as well as Hong Kong-listed companies like Beike and Yuexiu Property [4]

可以看到，当前金融对需求端的居民消费支持力度是非常大的，银行消费金融类产品不断丰富创新，居 民消费融资便利度明显上升；不过，对应的结果是居民部门杠杆率也比较高，一些银行的消费贷款还出 现过度竞争，甚至是发放的消费贷款利率已经低于本行保本点。 ...

Group 1: Overview of David Rubenstein - David Rubenstein is best known for co-founding the private equity giant Carlyle Group, which manages $453 billion in assets for various institutional investors [1] - As of May 13, 2025, Rubenstein's net worth is $3.9 billion [1] Group 2: Early Life and Education - Rubenstein was born in 1949 in a low-income neighborhood in Baltimore, Maryland, as the only child of a homemaker and a World War II veteran [2][3] - He graduated high school at 16 and later attended Duke University on a scholarship, followed by the University of Chicago Law School [3] Group 3: Career Path - After obtaining his law degree, Rubenstein worked at the law firm Paul, Weiss, Rifkind, Wharton & Garrison and later served as chief legal counsel to Senator Birch Bayh [4][8] - He was involved in Jimmy Carter's presidential campaign and served as a domestic policy advisor in the White House [8] Group 4: Founding of Carlyle Group - In 1987, Rubenstein co-founded Carlyle Group with two partners, initially raising $5 million to start the firm [11] - Carlyle's first buyout fund raised $100 million by 1990, and the firm has since raised billions for over 100 different funds [11][12] Group 5: Declaration Capital - In 2017, Rubenstein transitioned to a role as co-executive chairman of Carlyle and founded Declaration Capital, focusing on venture capital and growth equity [12] - Declaration Capital has $2.2 billion in assets under management and invests in growth equity and real estate [18] Group 6: Family Involvement - Rubenstein's daughter, Alexa Rachlin, leads Declaration Partners LP, focusing on strategic investments [13][15] - Another daughter, Gabrielle (Ellie) Rubenstein, co-founded Manna Tree, a private equity firm focused on health and nutrition [17] Group 7: Recent Transactions - In 2024, Declaration Partners completed a secondary market transaction, packaging minority stakes in 11 assets valued at approximately $90 million [21] - Rubenstein led a group to acquire the Baltimore Orioles for about $1.7 billion in March 2024 [22] Group 8: Philanthropy and Other Roles - Rubenstein is a prolific author with five published books and hosts several television programs [25] - He is also a significant philanthropist, having pledged to donate over half of his wealth to charitable causes [27]

KinderCare Learning Companies (KLC) Q1 2025 Earnings Call May 13, 2025 05:00 PM ET Company Participants Olivia Kirrer - VP - Growth Finance and M&APaul Thompson - Chief Executive OfficerTony Amandi - CFORonan Kennedy - Vice President Conference Call Participants Toni Kaplan - AnalystAndrew Steinerman - Equity Research Analyst - Business & Info ServicesJeffrey Meuler - AnalystGeorge Tong - AnalystJeff Silber - Senior AnalystJoshua Chan - Director, Equity Research Analyst Operator It is now my pleasure to int ...

文章来源 本文摘自：2025年5月13日发布的 双降之后，长债交易降温 唐元懋 ，资格证书编号： S0880524040002 报告导读： 上周资金市场整体升温，银行间债市杠杆率略降，一级市场国开和农发债热度 分化，二级市场基金和农商行大举加仓短债，超长债交易继续降温。理财规模增幅较弱。 资金市场：资金交易升温、杠杆率略降。 过去一周资金市场整体升温。主要融入方净融入金额上升，主要 融出方净融入金额下降。银行间总融入融出回购余额上升，银行间债市杠杆率略降。分机构看，商业银行 / 政策性银行、保险公司杠杆率下降，证券公司、非法人产品杠杆率上升。隔夜回购占比下降。 一级市场：新发债热度分化。 4/29-5/9 期间，有 2 只 10Y 国开债和 1 只 10Y 其他政金债（农发债） 发行。国开债全场倍数上升，其他政金债全场倍数下降。国开债一二级价差收窄、其他政金债一二级价差 走阔。一致性预期方面，国开债和其他政金债边际倍数均下降。 二级市场：基金和农商行大举加仓短债，超长债交易活跃度继续减弱。 过去一周二级市场短债交易活跃度 向好，长债超长债交易活跃度走弱。 30 年国债换手率下降，中长期纯债型基金久期平均数上升 ...

证券研究报告·固定收益·固收深度报告 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《继续围绕转债核心稀缺资产进行抢 筹配置》 固收深度报告 20250513 债券"科技板"他山之石：从海外经验看我 国科创债市场建设（发展历程篇） 2025 年 05 月 13 日 证券分析师 李勇 2025-05-12 《债券"科技板"启航：一文读懂科 创类债券的前世今生》 2025-04-16 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 美国科创债发展历史：1）20 世纪 50 至 60 年代：科技企业尚处于萌芽 阶段，新兴产业中有大量中小企业需要外部融资，但仅依赖银行贷款等 传统融资渠道难以满足融资需求，因此 1958 年，美国中小企业管理局 （SBA）设立小型企业投资公司（SBIC）项目，旨在通过 SBIC 模式设 立政府引导型基金来为美国的小型创新企业提供融资和管理支持。2） 2 ...

5月12日沪指上涨0.82%，市场两融余额为18087.53亿元，较前一交易日增加47.42亿元。 具体到个股来看，融资余额出现增长的股票有1960只，占比53.41%，其中，346股融资余额增幅超过5% 。融资余额增幅最大的是拓斯达，该股最新融资余额4.42亿元，较前一交易日增幅达143.87%；股价表 现上，该股当日上涨20.01%，表现强于沪指；融资余额增幅较多的还有登康口腔、奥雅股份，融资余 额增幅分别为72.92%、61.68%。 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 872895 | 花溪科 技 | 333.19 | -42.08 | 5.09 | 机械设备 | | 838810 | 春光智 | 178.50 | -38.24 | -1.39 | 机械设备 | | | 能 | | | | | | 833454 | 同心传 | 785.37 | -33.50 | 14.53 | 汽车 | | | 动 | | | ...