Delphine Dirat LSEG 政府关系与监管战略高级经理 Elena Philipova LSEG 可持续发展金融总监 David Harris LSEG 可持续发展金融总监 欧洲委员会已公布针对其可持续发展金融议程关键要素的全面改革方案，以简化欧盟的各项要求并提升欧洲 的竞争力。委员会提出的综合方案提议大幅减少受披露规则约束的公司数量，并力求简化与该披露相关的技 术性要求。 尽管报告中的削减方案以及聚焦于更具实质性数据的提案已得到广泛支持，但综合方案中的豁免条款也使投 资者可获取的企业可持续性信息的数量和全面性有所降低。 我们一直密切关注相关进展，并与监管机构及其他利益相关方保持紧密合作，以确保金融专业人士能够获取 所需数据，从而更有效地管理风险并履行监管报告义务。我们最近提出了一系列改革建议，并正在组织讨 论。接下来， 我们将深入探讨这些提案对投资者和发行人的影响，以及LSEG是如何帮助他们应对这些变化 所带来的不确定性。 综合提案背景 近年来，欧盟的可持续发展金融战略已推出多项举措，旨在引导资本投向欧盟所设定的环境目标。这些举措 包括： 欧盟分类法（EU Taxonomy） 该分类法明确了哪些 ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金（Managed Positions）在当地期货市场的各种部署，继而反 映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚 过去的周二（如果过去一周原本工作日是假日的话数据出炉会延期）。 概要 上周美股出现股灾，金价（像之前担心那样）在流动性紧张的时候被获利。纵使这周美股或会暂 时回稳，但任何回稳/回升都可能是做空的机会。特别是在市场预期5月有近一半机率减息的期望 下，联储局如果维持偏鹰的立场会再触发大跌市——如果联储局不想办法"维持体面"，市场就会 帮联储"维持体面"。 市场原本是估计联储6月减息，但随着上周的美股暴跌，市场认为5月减息的几率增加至近半，就 连减息幅度也有所增加；最乐观的情况（目前机率尚低），已经有资金猜美国今年减息从多达8次 增加至10次。 预期减息的风险是在于联储——要是美国4、5月份的通胀居高不下 ，便是笔者早在疫情时便预测 联储总有一天要在保经济/就业和保美元二者之能选择一者，而我担心联储选择的会是后者。 即使 联储 ...

以下文章来源于远川投资评论 ，作者张婕妤 远川投资评论 . 看更好的资管内容 2025 年的一季度，贝莱德上了两次热搜。 第一次是 2 月底，这家全球最大的资产管理公司，断供了上海两栋写字楼 7.8 亿人民币的贷款。要知 道贝莱德 2024 年末的资产管理规模达到 11.6 万亿美元，体量之大可以位列全球第三大经济体。仅计 算它所持有中国科技巨头——腾讯、比亚迪、美团、阿里、小米的股票，价值就接近 3000 亿人民币。 与此同时，贝莱德整个 2024 年的净利润接近 64 亿美元，显然不是因为没钱才当的"老赖"。 毕竟，反手贝莱德又以买家的身份出现在了巴拿马运河的世纪交易案中，228 亿美元的开价，差不多是 贝莱德过去四年的利润总和。 如果你在生活中遇到一个税后可以存下 200 万的小红书金领，刚刚拿出四年的积蓄溢价买入一套市中 心黄金地段的老房子，却告诉别人自己供不起一只入门级 LV 的消费贷，你一定觉得匪夷所思。 但当一个富可敌国的超级资本集团，做出这种看似矛盾的取舍时，它一定是把自己的算盘抠到了旁人无 法企及的高度。 在金融世界的食物链中，中小机构可以只活在金融周期里，大型机构会被迫活在经济周期里，而超 ...

2025 年的一季度，贝莱德上了两次热搜。 第一次是 2 月底，这家全球最大的资产管理公司，断供了上海两栋写字楼 7.8 亿人民币的贷款。要知 道贝莱德 2024 年末的资产管理规模达到 11.6 万亿美元，体量之大可以位列全球第三大经济体。仅计 算它所持有中国科技巨头——腾讯、比亚迪、美团、阿里、小米的股票，价值就接近 3000 亿人民币。 与此同时，贝莱德整个 2024 年的净利润接近 64 亿美元，显然不是因为没钱才当的"老赖"。 毕竟，反手贝莱德又以买家的身份出现在了巴拿马运河的世纪交易案中，228 亿美元的开价，差不多是 贝莱德过去四年的利润总和。 如果你在生活中遇到一个税后可以存下 200 万的小红书金领，刚刚拿出四年的积蓄溢价买入一套市中 心黄金地段的老房子，却告诉别人自己供不起一只入门级 LV 的消费贷，你一定觉得匪夷所思。 但当一个富可敌国的超级资本集团，做出这种看似矛盾的取舍时，它一定是把自己的算盘抠到了旁人无 法企及的高度。 在金融世界的食物链中，中小机构可以只活在金融周期里，大型机构会被迫活在经济周期里，而超级财 团则必须活在政治周期里。 混乱即阶梯 众所周知，贝莱德崛起的关键转折是 ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported total net sales of $1.2 billion, slightly up from the prior year due to the addition of ESG [31] - Full year net sales reached $5.1 billion, generally in line with 2023, with a gross margin of 21.7%, which is 120 basis points lower year-over-year [35] - Earnings per share for the year was $6.11, marking the second highest in the company's history [37] - Free cash flow for the quarter was $129 million, down from $135 million in Q4 2023, while full year free cash flow was $190 million, a decrease from the previous year [34][38] Business Line Data and Key Metrics Changes - AWP sales for the year were $3 billion, representing a 3% growth compared to 2023, with an operating margin of 11.6% [38] - MP full year sales were $1.9 billion, down 14.6% from the prior year, with a solid operating margin of 13.6% despite lower volume [41] - ESG achieved a 21.9% operating margin on net sales of $228 million, indicating significant growth and profitability improvement [43] Market Data and Key Metrics Changes - Approximately 25% of revenue now comes from waste and recycling markets, characterized by low cyclicality and steady growth [14] - The company noted a generally weak economic environment in Europe, while emerging markets like India and Southeast Asia showed increasing adoption of their products [19] Company Strategy and Development Direction - The company is focused on integrating ESG into its operations and expects to deliver at least $25 million in operational run rate synergies by the end of 2026 [14][25] - The revised strategy emphasizes evaluating the global footprint, reducing fixed costs, and improving operational performance [22] - The company anticipates significant infrastructure investments in the U.S. and is optimistic about the long-term growth outlook despite current macroeconomic challenges [20][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of elevated interest rates and uncertainty around the Fed's outlook as macro headwinds, but noted strong public sector spending on infrastructure [16] - The sentiment improved following the U.S. elections, with expectations for regulatory easing and growth encouragement from the new administration [17] - For 2025, the company expects net sales of approximately $5.4 billion and EBITDA of roughly $660 million, with a segment operating margin of about 12% [51] Other Important Information - The company maintained a solid balance sheet with a year-end leverage ratio of 2.6 times and plans to deleverage in future periods [45] - The current backlog stands at $2.3 billion, with a healthy $520 million for ESG and $1.8 billion for legacy businesses [48] Q&A Session Summary Question: Comments on ESG margin sustainability and share performance - Management confirmed strong ESG performance and indicated that margins are expected to remain robust moving into 2025, with no significant changes anticipated [65][68] Question: Impact of tariffs on sourcing and manufacturing - Management discussed the company's ability to adapt to potential tariff changes, emphasizing a strong U.S. manufacturing base and optionality in production [74][75] Question: AWP order trends and customer fleet management - Management noted a return to normal seasonal patterns for AWP, with expectations for strong order intake and healthy fleet utilization [84][85] Question: Outlook for Europe and demand dynamics - Management expects Europe to remain soft in 2025, with some signs of improvement in specific markets, but overall demand is anticipated to be weak [92] Question: ESG growth expectations and synergy capture - Management reiterated confidence in ESG's performance and the expected synergies from the acquisition, with no changes to the initial guidance [162] Question: Clarification on decremental margins and operating performance - Management clarified that while Q1 may see lower margins, they expect to return to within the 25% decremental margin target for the remainder of the year [133][138]