理财产品权益配置符合风险管理策略 近期全球资本市场大幅震荡，多机构、部门重磅发声打出政策组合拳稳定市场，银行理财公司也在积极 行动，表达对资本市场未来发展的坚定看好。渤银理财王栋认为理财公司入市要将客户画像、产品定位 和投资运作相匹配。不过，三者匹配是长期目标，目前存在很多短期制约。 南财理财通课题组陈子卉广州报道 4月30日，南方财经全媒体集团、21世纪经济报道、南财理财通成功举办了第十期策略会。在主题圆桌 论坛上，来自兴银理财、平安理财、广银理财和渤银理财的投资大咖就理财资金入市、多资产多策略探 索、大类资产展望等多个议题展开讨论，现身分享了高波动环境下银行理财市场的投资机会，为投资者 拨开迷雾，提供资产配置参考。 渤银理财固定收益部负责人王栋建议投资者要理性看待市场短期波动，不要轻易为市场情绪买单，而应 回归朴素的常识，拥抱有稳定现金流的资产和产品。 分析今年以来的全球市场震荡，王栋指出，年初至今，全球市场高度震荡，美国股债商汇齐跌，中国资 产表现稳健，"东升西落"的宏观叙事成为市场主流认知，黄金一枝独秀疯狂上涨，让原有恒纪元里的泡 沫接连破灭，更深层次的是全球债务赤字扩张的乏力和企业盈利的稀缺，而这也 ...

Group 1 - Sezzle's shares have shown significant volatility, reflected in a high two-year beta of 4.41 [1] - The company has a high short interest of 10.75% and a small free float, indicating potential market concerns [1]

本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 证券分析师 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 2025 年 05 月 09 日 东证融汇魏江：三维量化选股增强， 做长周期下的成长+Alpha ——基金经理研究系列报告之六十六 白皓天 A0230123070002 baiht@swsresearch.com 联系人 蒋辛 (8621)23297818× jiangxin@swsresearch.com 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 股 票 基 金 相关研究 - ⚫ 东证融汇魏江：上海财经大学金融工程硕士，2015 年开始从事金融行业相关工作，具有 9 年量化投研工作经验，其中 7 年量化投资经验。曾任通联数据股份公司量化研究员， 负责多因子模型、风险模型的研发，曾任财通证券资产管理有限公司投资经理助理，负 责指数增强类策略的开发与"固收+"产品的实盘管理。现任东证融汇证券资产管理有限 公司公募量化负责人，管理 ...

U.S. Global Investors (GROW) Q3 2025 Earnings Call May 09, 2025 08:30 AM ET Company Participants Holly Schoenfeldt - Director of Marketing, Editor of the Investor Alert newsletterFrank Holmes - CEO & Chief Investment OfficerLisa Callicotte - Chief Financial Officer Holly Schoenfeldt Good morning, everyone, and thank you for joining us today for our webcast announcing U. S. Global Investors Results for the Third Quarter of Fiscal Year twenty twenty five. As you can see on Slide number two, the presenters for ...

Financial Data and Key Metrics Changes - The company reported assets under management of $1.4 billion and operating revenues of $2.1 million for the quarter, with a net loss of $832,000, translating to a loss of $0.03 per share, which is an unfavorable change compared to a net loss of $35,000 in the same quarter last year [65][68] - Operating revenues decreased by $490,000 or 19% from $2.6 million in the same quarter last year, primarily due to decreases in assets under management, particularly in the JET ETF [66] - Operating expenses were $3 million, a decrease of $85,000 or 3%, mainly due to lower fund expenses [67] Business Line Data and Key Metrics Changes - The operational earnings consist of advisory services and other earnings, which are subject to market fluctuations [66] - The operating loss for the quarter was $893,000, an unfavorable change of $405,000 compared to the same quarter last year [67] Market Data and Key Metrics Changes - The company experienced a significant decrease in assets under management, which impacted overall revenues [66] - Despite the challenges, the company maintains a strong balance sheet with high levels of cash and securities, and no long-term debt [68] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, which requires rigorous backtesting [13] - There is a strategic focus on increasing exposure to the Bitcoin ecosystem, with plans to deploy capital back into Bitcoin and Hive shares due to their growth potential [17][26] - The company is committed to stock buybacks and increasing dividends as part of its strategy to enhance shareholder value [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the airline industry transitioning from a cyclical to a growth business, citing strong performance from airlines like United [18][23] - There is a belief that gold will continue to perform well as a safe haven asset, especially with increasing central bank purchases and regulatory changes favoring physical gold [30][34] - The company acknowledges current market apathy but remains confident in the long-term growth potential of its products and strategies [45][59] Other Important Information - The company has been actively engaging with shareholders through various platforms, including social media and video content [70][73] - Upcoming participation in industry conferences to connect with potential shareholders and enhance market presence [71] Q&A Session Summary Question: What is the outlook for the airline industry? - Management believes the airline industry will transition from being cyclical to a growth business, supported by strong demand and pricing power [18][23] Question: How does the company plan to address current market challenges? - The company plans to focus on stock buybacks and increasing dividends while maintaining a strong balance sheet to weather market volatility [49][51] Question: What is the company's stance on gold investments? - Management remains bullish on gold, citing its historical performance and the increasing interest from central banks as key factors for future growth [30][34]

2025 年 05 月 09 日 重塑基金业绩衡量体系：另辟蹊径 探索定量选基新思路 ——基金投资策略研究系列报告之八 相关研究 《寻找"新"中之"锐"：新锐基金 经理定量业绩追踪体系——基金投 资策略研究系列报告之五》 2024/03/12 《因子选基第一步：三大维度判断选 基因子优势领域——基金投资策略 研究系列报告之三》 2023/08/11 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 在金融行为学研究中，"动量"是一个重要的概念，其广泛应用在各类资产的投资策略 之中。主动基金所谓的"动量"的底层逻辑与其他资产存在区别。在主动基金研究的语 境之下，投资者配置过往业绩表现较好的基金产品，本质是对基金经理投资能力的认可， 而主动基金的动量效应，本质则是基金 ...

Stocks scrambled for direction on Wednesday in a choppy trading session as volatility returned to Wall Street after the Federal Reserve left interest rates unchanged at the end of its two-day policy meeting.Inflation is still high, and the uncertainty over President Donald Trump’s tariffs has raised concerns over the economy’s health. Also, the U.S. economy shrank in the first quarter of 2025. This could keep markets volatile for a longer period.Given this situation, it would be wise to invest in defensive ...

点击小程序查看报告原文 本篇报告，我们参考海外文献的研究思路及方法，并结合自身实践经验， 从Alpha的纯粹度、置信度与异质性维度出发，探寻其底层逻辑原理，并依此提 出及检验选股能力Alpha的多种改进思路，力图提升其延续性及收益预测能力。 开具体讨论与分析。简单总结来看，在不同因子模型中纳入不同数目的潜在因子，绝大多数情形下能够提升截面回归的预测效果；同时，多头组合的相对 风险指标及风险调整后收益也得到同步改善，以FF3为例，纳入kl=1/2/3个潜在因子，信息比率将由截面回归的0.84增加至1.02/1.00/1.24。 图表：时序回归 vs 截面回归 vs 潜在因子Alpha的计算原理 图表：选股能力Alpha的提纯与改进思路框架 资料来源：中金公司研究部 传统时序回归Alpha有何特质？ 1） 历史数据来看，不同因子模型得到具备Alpha获取能力的权益基金数量占比并无明显差异，基本于40%-80%区间浮动， 若进而要求p值显著，比例将大幅降低； 2） 相较累积收益指标而言，具备更佳的延续性； 3） 长期来看，以其构建多头组合能够获取超于市场平均水平 的回报，但因其中杂糅其他并不能够真正刻画基金能力的成 ...

Keros reported a net income of $148.5 million in the first quarter of 2025 as compared to a net loss of $43.1 million in the first quarter of 2024. The increase of $191.6 million was largely due to revenue recognized related to Keros' license agreement with Takeda Pharmaceuticals U.S.A., Inc., partially offset by increased research and development efforts as well as additional investments to support the achievement of Keros' clinical and corporate goals. Research and development expenses were $48.7 million ...

本文来自彭博终端，终端用户可运行DOCV RES SUS6NADWX2PS 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究（Bloomberg Intelligence）就各公司、行业和市场提供全球投研分析以及交互 式数据。BI对ETF的研究覆盖全球市场，以深度、前沿、独特的视角为您展现ETF市场趋势， 分析热门课题，分享专业洞见。 本期主题： 看空但做多：2025年ETF投资者的表现 （彭博行业研究）——尽管年景艰难且美国新关税政策冲击市场，但我们预计大多数ETF投 资者将继续定期定额投资热门ETF，即便他们越来越看空。不过，一些投资者似乎已经通过 在投资组合中增加黄金或现金ETF来进行对冲。 无论看涨还是看跌 ETF投资者都倾向于长期持有 对大量买入并持有的ETF投资者而言，尽管"解放日"以及贸易冲突带来冲击，他们仍料将继 续 定期定额投资VOO和IVV这种"低成本b e t a "基金的惯例。美国上市ETF今年吸纳的3 , 0 0 0 亿美元资金中，仅这两只ETF就占了2 0%。其他吸引大量现金流入的股票ETF还包括VTI和 SPLG。 不过，流入现金和黄金ETF的资金增加表明投 ...