Core Insights - The U.S. leveraged loan funds experienced an inflow of $6.5 billion, marking the largest single-week inflow in history [1] Group 1 - The significant inflow indicates strong investor interest in leveraged loans, reflecting a favorable market sentiment [1] - This record inflow could suggest a shift in investment strategies, with more capital being allocated to higher-risk assets [1] - The trend may impact the overall credit market, potentially leading to increased competition among lenders [1]

转自：新华财经 近期美债的大幅抛售扰乱了全球市场，引发了人们对推动这种波动的力量的质疑。尽管通胀预期和美联 储政策仍是主要的长期驱动因素，但近期动荡背后可能有一个更为直接和技术性的因素：被称为"基差 交易"的杠杆对冲基金策略的大规模平仓。这种交易的机制是如何运作的，它为什么会瓦解，以及它是 如何导致债券和股票同时下跌的，本文将回答这个问题。 基差交易：美债市场套利 所谓基差交易，是对冲基金常用的一种相对价值策略，尤其是那些从事固定收益套利的对冲基金。这种 交易包括在现货市场买入美债，同时卖出等价的美债期货合约。其目的是从两种金融工具之间的价差 或"基准点"中获利。 在正常的市场条件下，美债期货和标的债券价格应该在期货合约到期时趋于一致。然而，价格上的些微 偏差——通常是由于资金、流动性或交割期权的差异——会创造套利机会。这些定价效率低下的情况通 常很小，因此交易严重依赖杠杆来产生有价值的回报。 为了购买美债现券，对冲基金利用回购市场，以相对较低的利率借入债券。这就形成了一个高度杠杆化 的头寸，只有在基差保持可预测和稳定的情况下才能盈利。 在过去的几个月里，美债市场的波动性明显增加。这在一定程度上是由于持续的通 ...

如果 特朗普试图通过制造经济衰退来降低利率 ，以缓解36万亿美元国债压力，那么现在看来， 这个计划可能已经失败，并将带来灾难性的后果。 来源 | 华尔街见闻 | 4.430 +0.170 (+ 3.99%) | | --- | | 北京 | 图表 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1m | 5m | 15m | 30m | 1H | 4H | 1D | 1W | 1M | | | | रे | | 4.500 | | | | | | | | | | | | | | 4.400 | | | | | | | | | | | | | | 4.300 | | | | | | | | | | | | | | 4.200 | | | | | | | | | | | | | | 07:45 | | 12:00 | | | 16:16 | | 20:30 | | 00:45 | 05:00 | 10:00 | 14:1 | " 美债市场正在崩溃 "， ...

英国央行：全球发展带来了额外风险，尤其是对于一些高杠杆的企业借款人。 ...

美债正在面临超级大抛盘！ 美国国债连续第三天大幅杀跌，美国10年期国债收益率今天一度逼近4.5%。其他期限国债收益率亦大幅飙升。这意 味着，美国国债正在被抛弃。 在此背景之下，美股期指继续走低，纳斯达克指数期货下跌2.3%，道指期货跌超2%，标普500指数期货下跌近 2.3%。 值得注意的是，日本长期限国债也面临巨大抛盘，日本40年期国债收益率上涨32个基点，至2007年首次发行以来最 高水平。日本30年期国债收益率上行25.5个基点至2.75%，创2004年8月以来新高。 有市场传言指出，日本银行正在出售美国国债。此前，日本有议员呼吁日本考虑出售其持有的美国国债，作为对美 国所谓"对等关税"的应对措施。美国国债是日本巨额外汇储备的一部分。日本 财务大臣 加藤胜信表示，日本政府并 不认为日本的外汇储备过多，并称对于适当的规模没有预设标准。他说，释放日本外汇储备也意味着出售外国资产 以换取日元，这相当于购买日元进行货币干预。加藤补充道："无论此类行动的规模如何，我们都应该谨慎采取此类 措施。" 另一个重要原因 近期，美国国债拍卖疲软可能才是其杀跌的主要原因。 今天，美债收益率持续攀升，30年期收益率一度上行20 ...

编译 | 华尔街大事件 如我对 Nvidia（纳斯达克股票代码： NVDA ）的评级历史所示 ，过去一年中，我撰写了 8 篇有关 NVDA 的文章，每次都大力推介它，累计收到超过 1,000 条读者评论，其中大多数，嗯...... 至少可以 说是负面的。 作 者 | Shot_Caller | Stock Covered | NVDA | | --- | --- | | Analyst's rating at publication | STRONG SELL | | Price at publication | $123.51 | | Change | -23.64% | | Total Return | -23.63% | | S&P 500 change | -14.98% | 竞争对手也声称，微软 "损害"了行业利益， 而也有新闻报道称，微软首席执行官在播客中表示，他尚 未看到 人工智能以工业革命式的增长速度创造现实世界的价值 （目前尚不清楚他所寻求的确切增长率 和基础，但总体感觉是，他觉得这方面有些不尽如人意）。虽然这些报道没有明确的结论，但人们可以 感觉到，如果有的话，微软目前并没有强调人工智能对 ...

Core Viewpoint - The impact of the U.S. reciprocal tariff policy on the global economic and political landscape is significant, but it may only result in a one-time shock to the A-share index, which is primarily driven by domestic policies and economic cycles [1][2][11] Short-term Impact - The tariff policy is expected to have a considerable impact on the global economy, but its effect on the A-share index may be less severe than anticipated. Historical events, such as the COVID-19 pandemic, show that while global shocks can be significant, the A-share market's performance remained relatively stable [2][3] - The previous trade conflicts between the U.S. and China indicate that domestic economic cycles have a more substantial influence on the stock market than export data. The A-share market's resilience during the 2018-2019 trade tensions exemplifies this [6][9] Medium-term Impact - The influence of exports on the stock market is expected to be less significant than that of domestic economic cycles. The recovery of social financing and the end of the real estate downturn are anticipated to bolster domestic economic strength by 2025, which will be more impactful than export fluctuations [6][9] Long-term Impact - The optimal combination of technology, labor, and capital is crucial for economic growth, with trade policies serving as a means to achieve this. Historical patterns show that countries can develop through various means, not solely through traditional free trade [9][11] - China's manufacturing advantages suggest that the economy has moved beyond relying solely on exports for growth, allowing for a balanced approach in the current environment [11] A-share Strategy - The tariff shock is likely to prolong the current market volatility but is not expected to alter the overall bullish trend of the A-share market. The market's upward trajectory is supported by policy and valuation cycles, as well as the ongoing deleveraging in the real estate sector [1][11] - Current market conditions favor small-cap and low-price strategies, but historical trends indicate that these strategies may lose effectiveness as the market transitions into a new upward phase. A shift towards large-cap stocks is anticipated as the market stabilizes [14]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on improving cash flow and strategic business adjustments to enhance future performance [1][2][5]. Financial Performance - In 2024, the company achieved operating revenue of 7.821 billion, a year-on-year decrease of 32.08%, and a net profit attributable to shareholders of -2.983 billion, down 34.61% [1]. - For Q4 2024, the company recorded operating revenue of 1.716 billion, a decline of 39.57%, but net profit attributable to shareholders improved to -1.097 billion, an increase of 34.32% [1]. - The comprehensive gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year [4]. Business Segments - Self-operated and leasing income for 2024 was 5.360 billion, down 21.0%, accounting for 68.5% of total revenue, with an average occupancy rate of 83.0% in self-operated malls [2]. - Commissioned management income was 1.460 billion, a decrease of 28.1%, with an average occupancy rate of 82.5% [2]. - Revenue from construction and decoration services was 0.332 billion, down 11.44 billion, due to industry contraction and project delays [2]. - Other business income was 0.669 billion, a decrease of 5.56 billion, primarily due to reduced joint marketing and commercial planning revenue [3]. Strategic Initiatives - The company is expanding its "3+Star Ecosystem" strategy, focusing on integrating home appliances and home decoration to create a new consumer ecosystem [3]. - Plans to establish 100 high-end home appliance stores nationwide over the next two years, with a focus on smart appliances [3]. - The company has engaged with 25 automotive brands, expanding its footprint in 26 cities with a total operating area of 164,000 square meters, a year-on-year increase of 60,000 square meters [3]. Cost Management - The company’s expense ratio for 2024 was 58.21%, an increase of 11.62 percentage points year-on-year, with significant increases in sales and management expenses [4]. - In Q4 2024, the expense ratio rose to 70.61%, reflecting a 24.81 percentage point increase year-on-year [4]. Future Outlook - The company aims to implement a "light asset, heavy operation, and reduced leverage" strategy, with expectations of revenue growth in the coming years [5][6]. - Projected revenues for 2025-2027 are 8.385 billion, 8.780 billion, and 9.122 billion, with corresponding net profits expected to improve gradually [6].

每个人都渴望一夜暴富，但真相很残酷： 致富本质是少数人的特权游戏， 普通人 仅靠工资想要 突破 阶层结界太难了 。 如何才能让我们的勤劳不再是资本机器的燃料？DeepSeek给出了普通人的致富建议，句句干货！ 先泼一盆冷水： "勤劳致富"是最大的谎言，工地搬砖一天500块看似高薪，实则是用命换钱的死亡循环。真正的致富 靠的是 认知碾压+资源杠杆 ，下面用底层逻辑撕开致富真相。 一、99%普通人踩的致命陷阱 1. 跟风陷阱 - 案例：外卖小哥自学Python爬虫，帮餐馆抢美团黄金展位月入3万+ - 操作： 死磕一门技术（编程/设计/剪辑），用技术吃行业信息差 ，别去和体力劳 动者内卷 。 看见奶茶店排队就加盟，看见股市涨了就梭哈，结局都是被割韭菜。 真相：所有肉眼可见的暴利行业，入场即红海，早被资本吃干抹净。 2. 暴富陷阱 "0基础月入10万"的课程，本质是教你怎么用PS伪造收入图骗下一个人。 真相：合法赚大钱只有三种：垄断、信息差、规模化，普通人只能玩后两种。 3. 消费陷阱 用花呗买最新iPhone，贷款买BBA装逼，工资全填进消费主义黑洞。 真相：开保时捷送外卖的可能是负债老哥，穿拖鞋收租的才是真大佬。 ...

AAR Corp. (NYSE:AIR) Q3 2025 Earnings Conference Call March 27, 2025 5:00 PM ET Company Participants Denise Pacioni - Director of Investor Relations John Holmes - Chairman, President and Chief Executive Officer Sean Gillen - Senior Vice President and Chief Financial Officer Conference Call Participants Kenneth Herbert - RBC Capital Markets Louie DiPalma - William Blair Michael Leshock - KeyBanc Capital Markets Scott Mikus - Melius Research Joshua Sullivan - The Benchmark Company Michael Ciarmoli - Truist Se ...