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 ...

Core Conclusions - The report highlights the simultaneous release of ESG disclosure guidelines by three major exchanges on April 12, 2024, and the ESG disclosure guide on January 17, 2025, mandating disclosure for 319 companies, with state-owned enterprises (SOEs) accounting for over half [3][10]. - The guidelines consist of two parts: "General Requirements and Disclosure Framework" with 21 topics and "Addressing Climate Change" with 22 indicators [3][11]. - Disclosure requirements are categorized based on the financial and impact significance of the topics, with a four-step method for determining the importance of issues [3][15][19]. - The report outlines a comprehensive ESG evaluation system for SOEs, emphasizing financial significance, consisting of six primary indicators and 48 secondary indicators [4][53]. - A four-step method is proposed for evaluating SOE ESG performance using a PROMPT template, enhancing efficiency in generating ESG performance evaluation reports [4][75]. Section Summaries 1. How Should Listed Companies Disclose ESG Reports? - The guidelines provide a framework for mandatory disclosure, with a focus on financial and impact significance [3][10]. - Companies must disclose four key elements: governance, strategy, management of impacts, risks, and opportunities, and metrics and targets [3][16][17]. 2. Building the SOE ESG Evaluation System: Emphasizing Financial Significance - The evaluation system is based on the "Chinese Characteristics ESG" framework, covering nearly 200 SOEs across seven industries [4][51]. - The system includes governance structure indicators, importance assessment indicators, environmental indicators, climate change response indicators, social indicators, and governance indicators [4][53][54][56][58][65][67]. - New indicators focus on financial importance assessment, impact importance assessment, ecological protection, and circular economy [4][58][61][66]. 3. Evaluating SOE ESG Performance Based on Large Models: Constructing PROMPT Templates - The report details a five-element PROMPT template for generating ESG evaluation reports, which includes time range, information sources, operational steps, content requirements, and format requirements [4][75]. - The use of AI in generating ESG performance evaluation reports is emphasized, although it notes the need for manual verification due to potential discrepancies in model outputs [4][76].

Group 1 - The market is shifting towards stable assets, with a preference for those with risk-averse characteristics, as evidenced by the Shanghai Composite Index's dividend yield surpassing the 10-year government bond yield since January 2023 [3][4][5] - High-quality development companies in the A-share market are seen as having greater investment value in the current complex financial environment, with a notable increase in gold index prices indicating a shift towards safer assets [3][5] - The integration of ESG factors into investment strategies is becoming increasingly important, as policies are encouraging long-term capital to enter the market, promoting sustainable investment practices [10][11][12] Group 2 - Large-cap companies with low volatility and low controversy are considered more stable, with significant opportunities for sustainable development, particularly in state-owned enterprises [43][44] - The performance of large-cap stocks has improved significantly, with the market favoring these companies over smaller ones, reflecting a shift in capital flow towards larger, more stable entities [44][46] - The combination of low volatility and improved ESG sentiment has led to noticeable excess returns, with various sectors showing substantial increases in cumulative returns when ESG factors are integrated [3][5][10] Group 3 - ESG investment strategies are categorized into three main types: screening strategies, integration strategies, and engagement strategies, each focusing on different aspects of ESG performance [34][35] - Screening strategies involve selecting or excluding investments based on ESG criteria, while integration strategies combine ESG factors with traditional financial metrics for a comprehensive evaluation [34][35] - Engagement strategies allow investors to influence corporate governance and promote ESG practices within companies, enhancing the overall impact of ESG investments [42][43]

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]