Group 1 - The South Korean government plans to raise a total of 44 trillion KRW venture capital fund through a mother fund to strengthen the cultivation of AI and deep tech unicorns, expand regional venture capital, and revitalize the exit market [1] - The Ministry of SMEs and Startups will invest 21 trillion KRW in collaboration with the Ministry of Culture, Sports and Tourism, the Ministry of Oceans and Fisheries, and the Korea Venture Investment Corp [1] - The government will focus 13 trillion KRW on AI and deep tech sectors, promoting the "next-generation unicorn cultivation project" with customized investments and establishing funds for startups and expansions [1] Group 2 - To reduce regional disparities, the government will invest 230 billion KRW in regional growth funds, the highest in history, with participation from local businesses, universities, financial institutions, and local governments [2] - The government aims to establish mother and sub-funds in about four regions annually, targeting a cumulative formation of over 35 trillion KRW in regional sub-fund scale between 2026 and 2030 [2] - The government will significantly enhance the exit market by expanding the secondary market and merger fund investment scale to 120 billion KRW, creating a virtuous cycle of investment, recovery, and reinvestment [2]

美东时间周二，三大指数涨跌不一，标普500指数和纳指均录得下跌，道指小幅上涨，再创收盘历史新高。 道指盘中一度录得连续第三个历史新高，此前已在上周五首次突破5万点大关。 （三大指数日内走势，来源：TradingView） 截至收盘，道琼斯指数涨0.10%，报50,188.14点；标普500指数跌0.33%，报6,941.81点；纳斯达克指数跌0.59%，报23,102.47点。 零售股周二明显承压，好市多下跌逾2%，沃尔玛下跌逾1%。 周二公布的最新零售销售数据显示，美国12月消费者支出环比持平，低于预期的增长0.4%。而11月零售销售曾增长0.6%。 Ameriprise Financial首席市场策略师Anthony Saglimbene表示："当前中低收入消费者承压的另一关键因素，是他们对就业环境的感受，而我们知道他们的信 心正在变得更加不确定。如果1月就业增长不及预期，可能会对市场这种'普涨'主题造成一定冲击。" 金融股周二同样承压，PL Financial暴跌8.3%，嘉信理财下跌7.4%，摩根士丹利跌逾2%。 科技平台Altruist推出了一款基于人工智能（AI）的税务规划工具，引发市场对AI冲击 ...

● 本报记者 王鹤静 2026开年以来，债券市场开始企稳。权益市场热度进一步提高的同时，震荡进一步放大。尤其对于管理 股债组合的"固收+"基金管理人而言，持续面临关键的决策与考验。 华富基金固定收益部基金经理戴弘毅在接受中国证券报记者采访时表示，权益投资方面，涨价链、商业 航天、人工智能（AI）、红利资产均有较大潜力；可转债资产目前估值水平相对较高，现阶段适当调 整可转债敞口很重要。此外，博弈超长债可能是今年重要的投资机会。 股票性价比优于可转债 戴弘毅称，短久期品种企稳主要是因为配置盘较为稳定，而且票息策略又是当前市场的共识，超长债的 走弱则与配置力量的削弱有关，"以往保险资金是超长债的重要配置方，但随着资产的久期缺口慢慢收 敛，叠加负债端收益率降低、权益市场有所起色，这些资金对于超长债的配置需求开始降低"。 戴弘毅注意到，以有色为代表的全球定价类资产已明显涨价，叠加存款搬家、权益市场好转等因素，均 对债市构成压制。戴弘毅认为，虽然超长债的期限利差已经走阔，但依然处于历史中等水位，还有较大 的向上空间。 在戴弘毅看来，博弈超长债可能是今年重要的投资机会，由于经济基本面等拐点难以把握，超长债存在 双向变化的可 ...

For more on the economy ahead of the jobs number tomorrow, let's bring in Evercore ISI vice chairman Krishna Guha. Krishna also the head of economics and central bank strategy at Everore. Krishna, it's great to have you back.Thanks for the time. >> Anytime. >> Um the range on tomorrow's numbers kind of wide.There's actually a couple calls for a negative print. I wonder if the revisions might be. Do you think do you think there's risk tomorrow.So, this is uh one of the numbers where estimates are all over th ...

来源：滚动播报 美国财政部长贝森特周二表示，鉴于人工智能（AI）快速发展，由特朗普提名出任主席的沃什领导下 的美联储将密切监测，确保就业与生产率之间不出现"时间错配"。贝森特指出，按历史经验，生产率繁 荣往往伴随就业增长，美联储将对此密切关注，"以确保两者不出现时间错配"。 ...

据欧洲数据中心协会（EUDCA）最新研究显示，欧洲数据中心行业正步入关键发展阶段，面临AI需求 激增、电力供应受限以及成为重要国家基础设施等多重挑战。 巨额投资计划与增长限制 在其发布的《2026年欧洲数据中心现状报告》中，EUDCA预测2026年至2031年间，该行业将获得累计 1760亿欧元（约2080亿美元）的投资。然而，该协会警告称，未来产能增长将主要受到电网准备程度的 限制，而非资本获取能力。 尽管面临这些限制，EUDCA的调查结果表明，在可持续性和法规合规方面仍在持续取得进展。该协会 估计，欧洲数据中心90%的用电量现在来自可再生能源，突显了能源采购策略如何随行业快速扩张而演 进。 此外，70%的运营商表示他们已达到至少75%可再生能源或小时级无碳能源标准。超过半数（55%）的 运营商报告已实现2030年水资源利用效率（WUE）目标。 增长模式转型 报告显示，欧洲数据中心正快速向传统的FLAP-D枢纽（法兰克福、伦敦、阿姆斯特丹、巴黎和都柏 林）之外的地区扩散，运营商正在二线和新兴市场寻求电力、土地和许可容量。 AI驱动设施变革 针对AI优化的数据中心设施开发步伐正在加快，以满足高密度、计算密集型 ...

Financial Data and Key Metrics Changes - For the quarter ended December 31st, Core Net Investment Income was $0.27 per share, consistent with GAAP net investment income [5][14] - Net realized and unrealized change on investments resulted in a loss of $30 million, with NAV decreasing to $10.49 per share, down 3.1% from the previous quarter [14] - Debt-to-equity ratio was reported at 1.57x, which was reduced to 1.5x after selling assets post-quarter end [15] Business Line Data and Key Metrics Changes - The new joint venture, PSSL II, invested $197 million during the quarter and an additional $133 million after the quarter end, with a total portfolio currently at $326 million [5][6] - The portfolio remains well-diversified, comprising 160 companies across 50 industries, with a weighted average yield on debt investments at 9.9% [15][16] - PIK interest represented only 2.5% of total interest income, indicating a conservative portfolio structure [8][16] Market Data and Key Metrics Changes - The current market environment shows an increase in M&A transaction activity across the private middle market, expanding the pipeline of new investment opportunities [6][7] - Pricing on high-quality first lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points, with leverage around 4.5x EBITDA [7] Company Strategy and Development Direction - The company aims to scale PSSL II to over $1 billion in assets, consistent with existing joint ventures, focusing on generating a steady, stable dividend stream while preserving capital [6][13] - The strategy emphasizes strong private equity sponsor relationships and disciplined underwriting, which are seen as competitive advantages in the current lending environment [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A activity driving repayments of existing portfolio investments and the potential for equity rotation into new income-producing investments [6][24] - The company believes it is well-positioned to cover dividends as the new joint venture ramps up, although this will depend on M&A activity and market conditions [24][25] Other Important Information - The company has invested $8.7 billion in 545 companies, with a loss ratio on invested capital of only 13 basis points annually since inception [12] - The focus remains on core middle market companies, typically those with $10 million-$50 million of EBITDA, which operate below the threshold of high yield markets [11] Q&A Session Summary Question: Why is software such a low exposure within the portfolio? - Management indicated that the low exposure to software (4.4%) is a strategic decision to focus on cash flow loans with reasonable multiples and strong covenant protections, avoiding high-leverage, covenant-lite structures prevalent in the market [19][21] Question: Does the expectation to cover the dividend assume full optimization of the new joint venture? - Management confirmed that the expectation to cover the dividend is based on ramping the joint venture to about $1 billion in assets, with M&A activity being a key driver [22][24] Question: What are the drivers of the unrealized marks in the quarter? - Management noted that most markdowns were related to the 2021 vintage, with some specific companies experiencing softness, but they do not foresee significant additional markdowns in the near term [40][44] Question: What is the mix of loans by vintage year in the portfolio? - Management did not have the exact data on hand but suggested that it would be useful for further analysis [45] Question: Is there a lot of activity around the software sector in M&A? - Management indicated that they are not major players in the software lending space and suggested that M&A activity in the sector may be lower as the market stabilizes [49][51]

Financial Data and Key Metrics Changes - Revenue in Q4 2025 was $708.5 million, a year-over-year increase of 32%, while full year 2025 revenue reached $2.53 billion, reflecting a 20% increase from 2024 [7][9] - EBITDA for Q4 2025 was $160.2 million, up 20% from $133.5 million in Q4 2024, with a full year EBITDA of $557.7 million, an increase of 16.1% [9][10] - Net income for Q4 2025 was $135.1 million, a 15.5% increase compared to $117 million in the prior year, with full year net income at $451.1 million, representing an 11.6% increase [10][11] Business Line Data and Key Metrics Changes - Net new business awards entering backlog in Q4 increased by 39.1% year-over-year to $736.6 million, resulting in a net book-to-bill ratio of 1.04 [7][9] - Ending backlog as of December 31, 2025, was approximately $3 billion, a 4.3% increase from the prior year [7][8] Market Data and Key Metrics Changes - The company reported a backlog conversion rate of 23.6% in Q4, with an expectation that approximately $1.9 billion of backlog will convert to revenue in the next 12 months [8][9] Company Strategy and Development Direction - The company views the overall business environment as adequate and improving, with continued opportunities for growth despite elevated cancellation rates [5][6] - There is an expectation for accelerated hiring in 2026, with a focus on mid to high single-digit growth in headcount to support business growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted that cancellations were elevated in Q4, the highest level in over a year, but does not expect this trend to continue [5][6] - The company anticipates revenue growth in 2026 to be in the range of $2.755 billion to $2.855 billion, representing growth of 8.9% to 12.8% over 2025 [12][13] Other Important Information - The company repurchased 2.96 million shares for $912.9 million in 2025, with $821.7 million remaining under the share repurchase authorization program [11][12] - Management indicated that the impact of AI on productivity is expected to be gradual, with no immediate advantages anticipated in 2026 [55][56] Q&A Session Summary Question: What is embedded in your guidance for revenue growth excluding pass-throughs? - Management does not provide guidance on direct service revenue but expects reimbursable costs to be around 41%-42% of revenue in 2026 [16] Question: What do you expect headcount growth to be in 2026? - Management anticipates hiring in 2026 to be above 25 levels, in the mid to high single-digit growth area [18] Question: Can you unpack the business environment and RFP activity? - Management noted that RFPs were up slightly, but cancellations led to missing expectations [21] Question: Can you provide details on cancellations? - Cancellations were widespread, with no single large project responsible, and were particularly elevated in the metabolic area [27][28] Question: How do you view the competitive landscape? - Management does not perceive a significant change in the competitive dynamics, stating that the same competitors remain active in the space [63] Question: What are your thoughts on AI and its impact? - Management believes that while AI will bring changes, the benefits will take time to materialize, and there may be a net negative impact on staffing needs [55][56]

Financial Data and Key Metrics Changes - Revenue in Q4 2025 was $708.5 million, a year-over-year increase of 32%, while full year 2025 revenue reached $2.53 billion, reflecting a 20% increase from 2024 [7][9] - EBITDA for Q4 2025 was $160.2 million, up 20% from $133.5 million in Q4 2024, with a full year EBITDA of $557.7 million, an increase of 16.1% [9][10] - Net income for Q4 2025 was $135.1 million, a 15.5% increase compared to $117 million in the prior year, with full year net income at $451.1 million, representing an 11.6% increase [10][11] - The EBITDA margin for Q4 was 22.6%, down from 24.9% in the prior year, while the full year EBITDA margin was 22%, compared to 22.8% in the previous year [9][10] Business Line Data and Key Metrics Changes - Net new business awards entering backlog in Q4 increased by 39.1% year-over-year to $736.6 million, resulting in a net book-to-bill ratio of 1.04 [7][9] - Ending backlog as of December 31, 2025, was approximately $3 billion, a 4.3% increase from the prior year [7][8] Market Data and Key Metrics Changes - The company reported a backlog conversion rate of 23.6% in Q4, with an expectation that approximately $1.9 billion of backlog will convert to revenue in the next 12 months [8][9] Company Strategy and Development Direction - The company views the overall business environment as adequate and improving, with continued opportunities for growth despite elevated cancellation rates [5][6] - The company anticipates a revenue growth range of 8.9%-12.8% for 2026, with total revenue expected between $2.755 billion and $2.855 billion [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that cancellations were elevated in Q4, the highest in over a year, but expressed optimism that this trend would not continue [5][6] - The management team highlighted that the competitive landscape remains stable, with no significant changes in dynamics despite increased aggressiveness from top competitors [62][63] Other Important Information - The company repurchased 2.96 million shares for $912.9 million in 2025, with $821.7 million remaining under the share repurchase authorization program [11][12] - The effective tax rate for 2026 is projected to be between 18.5% and 19.5%, with interest income expected to be between $24.3 million and $29.2 million [12][13] Q&A Session Summary Question: What is embedded in your guidance for revenue growth excluding pass-throughs? - Management does not provide guidance on direct service revenue but expects reimbursable costs to be around 41%-42% of revenue in 2026 [16] Question: What do you expect headcount growth to be in 2026? - The company anticipates accelerated hiring in 2026, with growth in the mid to high single-digit range [17] Question: Can you unpack the business environment and RFP activity? - Management reported that RFPs were up slightly, but cancellations impacted net bookings [21] Question: Can you provide details on the cancellations? - Cancellations were widespread and not concentrated in any single project or client [27] Question: How do you view the competitive landscape? - Management sees no significant change in the competitive dynamics despite increased aggressiveness from top CROs [62][63] Question: What are your thoughts on AI's impact on the industry? - Management believes it is too early to assess AI's impact, expecting gradual changes rather than immediate productivity advantages [55][56]

Financial Data and Key Metrics Changes - Revenue in Q4 2025 was $708.5 million, representing a year-over-year increase of 32% [5][6] - Full year 2025 revenue was $2.53 billion, a 20% increase from 2024 [5][6] - EBITDA for Q4 2025 was $160.2 million, up 20% from $133.5 million in Q4 2024 [6][7] - Full year EBITDA was $557.7 million, a 16.1% increase from the prior year [7] - Net income for Q4 2025 was $135.1 million, a 15.5% increase compared to $117 million in the prior year [7][8] - Full year net income was $451.1 million, an 11.6% increase from $404.4 million in 2024 [8] Business Line Data and Key Metrics Changes - Net new business awards entering backlog in Q4 increased 39.1% year-over-year to $736.6 million [5] - Ending backlog as of December 31, 2025, was approximately $3 billion, a 4.3% increase from the prior year [5] - Backlog conversion rate in Q4 was 23.6% of beginning backlog [5] Market Data and Key Metrics Changes - Cancellations were elevated in Q4, resulting in the highest backlog cancellations in over a year [4] - The net book-to-bill ratio was 1.04, lower than anticipated due to increased cancellations [4] Company Strategy and Development Direction - The company rates the overall business environment as adequate and improving [4] - There is an expectation for accelerated hiring in 2026, with a focus on mid to high single-digit growth [15] - The company anticipates a shift in the therapeutic area concentration, with metabolic trials expected to normalize as a percentage of revenue [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the business environment remains reasonably good, with RFPs up slightly [18] - There is no significant change in decision-making or project progression despite elevated cancellations [55] - The company does not foresee a long-term risk from the concentration in the metabolic area [31] Other Important Information - Full year 2026 total revenue is expected to be in the range of $2.755 billion to $2.855 billion, representing growth of 8.9% to 12.8% over 2025 [9] - The company plans to maintain a focus on improving efficiency through technology and AI applications [65] Q&A Session Summary Question: What is embedded in your guidance for revenue growth excluding pass-throughs? - The company does not provide guidance on direct service revenue but expects reimbursable costs to be consistent with previous expectations [12][13] Question: What do you expect headcount growth to be in 2026? - The company anticipates hiring in 2026 to be above 25 levels, in the mid to high single-digit growth area [14] Question: Can you unpack the business environment and RFP activity? - The business environment is reasonably good, with RFPs up slightly, but cancellations led to missing expectations [18] Question: Can you provide details on cancellations? - Cancellations were widespread and not concentrated in any single project or client [24][22] Question: How do you view the competitive landscape? - The competitive landscape remains stable, with no significant changes in dynamics observed [59] Question: What are your thoughts on AI and its impact? - The company believes it is too early to determine the long-term impact of AI, with expectations for gradual changes [51]