惠誉评级：土耳其大型私营银行的风险调整资本充足率仍高于国有银行。 ...

2025 年 06 月 29 日 美财长提议移除 899 条款，全球市 场风险偏好继续修复 ——全球资产配置每周聚焦 (20250620-20250627) 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 相关研究 - 大 类 资 产 配 置 ⚫ 本周（20250620–20250627）。本周美国财长贝森特表示，请求国会山从"大而美"税收草案中删除 899 条款，即备受争议的"资本税"条款。在美方同意取消特朗普税案中的第 899 条"报复性税收"提案 后，美国公司将被豁免于部分由其他国家征收的税项。全球地缘政治持续缓和，本周权益市场涨幅靠前， 而商品普遍收跌。1）利率方面，到 2025 年 6 月 27 日，10Y 美债收益率下降 9BPs 来到 4.29%，美元指 数仍在 100 以下，目前为 97.3。2） ...

大 类 资 产 配 置 相关研究 - 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230123070009 tujw@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 23 日 通胀预期升温，全球权益多数回调 ——全球资产配置每周聚焦 (20250614-20250620) 请务必仔细阅读正文之后的各项信息披露与声明 略 研 究 证 券 研 究 报 告 策 ⚫ 本周（20250614–20250620）。本周美联储维持利率不变符合市场预期，但是联储将今年个人消费支 出价格指数涨幅的预测中值从 3 月份的 2.7%升至 3%，显著高于美联储 2%的 ...

还记得北京冬天下雪的夜晚，在街头漫长地等待出租车的经历吗？打车APP的出现，改变了数亿人的出行方式。这背后，是移动互联网技术孕育的创新产 品，是破釜沉舟的创始团队，加上极具耐心的资本，共同书写了这样的传奇。相比财务报表上抽象的数字，这种真切改变生活的温度，更让我心动。 近期，家办新智点推出「家办100人」访谈栏目，通过与家办领域资深从业者深度对话，探索家办的治理、运营及资产配置的理念，以促进从业者的成 长、行业的成熟。 家办新智点访谈了一位家办从业者安序（化名），她的投资生涯始于互联网巨头战投，参与了拼多多、小红书、同程艺龙等多家明星互联网企业的早期投 资。此后，她加入了香港一家老牌家族办公室，负责全球科技领域私募股权的投资。 本文，安序分享了自己的职业成长之旅，以及对于AI投资、如何筛选优质GP的独到见解。 从战投到家办：我的职业"无限游戏" 我的职业生涯分为三段：起点在四大会计师事务所，从事审计与交易咨询；2015年，加入一家互联网巨头，做战略投资；2020年，从斯坦福商学院毕业 后，我误打误撞迈入了家族办公室的大门。 无论是职场还是人生，我都希望它是一场"无限游戏"，拓展边界，让精彩生长。每一次面临选择 ...

Crown Castle (CCI) 2025 Conference June 04, 2025 02:45 PM ET Speaker0 Well, good afternoon. I'm Mike Rollins, and I cover the communication services and infrastructure categories for Citi Research. It's a pleasure to be back at NAREIT REIT week and to host today's discussion with Crown Castle. Joining us today from the company is interim CEO, Dan Schlanger, and CFO, Sunit Patel. Dan and Sunit, great to see you. How are you today? Speaker1 Great. Thanks. Thanks for doing this, Mike. Speaker0 Great. Well, tha ...

Financial Data and Key Metrics Changes - The company ended 2024 with approximately $440 million in cash, outperforming cash flow projections, and expects to burn about $110 million in 2025 [49] - The company aims to achieve cash flow breakeven by 2027, with several levers to pull, including contracting and cost control [50][52] Business Line Data and Key Metrics Changes - The company operates in two programs: Medicare Advantage (MA) and ACO REACH, with ACO REACH showing about $150 million in savings and a 13% gross savings rate [8] - Quality scores in the Medicare Advantage program are above 4 stars, with year two plus markets running at 4.25 or better, which is a key differentiator [6][7] Market Data and Key Metrics Changes - The company has seen a consistent cost trend of approximately 7% in 2023 and 2024, with a projected 5.3% for 2025 [30][31] - Utilization trends have remained consistent, with inpatient spend being a significant driver, particularly in oncology drugs [55] Company Strategy and Development Direction - The company is focused on transitioning from fee-for-service to value-based care, emphasizing the importance of the primary care physician-patient relationship [4][10] - The company is being measured in its growth strategy, with a reduction in new member classes for 2025 to 20,000, while planning for 30,000 to 45,000 in 2026 [15][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging macro environment but notes strong demand from physician groups and payers for the move to value-based care [14][19] - The company is focused on improving performance and reducing volatility, having exited two partnerships last year [41][46] Other Important Information - The company has reduced its Part D exposure from 70% to 30% of its membership for 2025, aiming to further decrease this by 2026 [44] - The company is implementing a new financial data pipeline to enhance revenue and claims information accuracy [34] Q&A Session Summary Question: What are the implications of the current risk adjustment process? - The company emphasizes the importance of the PCP-patient relationship and has a robust risk adjustment process in place, including a 100% chart review process [22][24] Question: How is the company managing utilization trends? - Utilization trends are consistent with expectations, with inpatient spend being a significant driver, particularly in oncology [55] Question: What is the company's strategy for physician partnerships? - The company maintains high net promoter scores from physicians, indicating strong engagement and satisfaction with the value-based care model [59][63]

Oscar Health (OSCR) Q1 2025 Earnings Call May 07, 2025 08:00 AM ET Company Participants Chris Potochar - Vice President - Investor RelationsMark T. Bertolini - Chief Executive OfficerScott Blackley - CFOJohn Ransom - Managing Director, Director of Healthcare ResearchJoshua Raskin - Partner - Managed Care & ProvidersDavid Windley - Managing Director Conference Call Participants Michael Ha - Senior Research AnalystStephen Baxter - Senior Equity Research AnalystJonathan Yong - AnalystJoanna Gajuk - Equity Rese ...

Financial Data and Key Metrics Changes - The company reported total revenue of $1.53 billion for Q1 2025, down from $1.6 billion in Q1 2024, primarily due to market and partnership exits, partially offset by premium growth [21][22] - Medical margin for Q1 2025 was $128 million, compared to $157 million in Q1 2024, reflecting elevated medical costs driven by increased utilization and flu-related expenses [21][22] - Adjusted EBITDA for Q1 2025 was $21 million, down from $29 million in Q1 2024, impacted by ongoing elevated cost trends [23] Business Line Data and Key Metrics Changes - Medicare Advantage membership at the end of Q1 2025 was 491,000, a decrease from 523,000 in Q1 2024, due to a cautious approach to membership growth and partner exits [19][20] - ACO REACH membership for Q1 2025 was 114,000, down from 131,000 in Q1 2024, primarily due to exiting an underperforming partnership [20] Market Data and Key Metrics Changes - The Medicare Advantage market continues to expand, with CMS data showing a year-over-year growth trend of 3.9% [10] - Overall market trends in 2025 remain consistent with the prior year, with a full-year trend expected at 5.3% [9] Company Strategy and Development Direction - The company is focused on disciplined growth, reducing exposure to costs outside of its control, and enhancing clinical and operational capabilities [7][11] - Investments in technology are seen as a key competitive advantage, aimed at improving automation, efficiency, and clinical outcomes [13][14] - The company aims to reduce Part D exposure and improve economic terms for Part C, with a focus on quality incentives [12][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 2026 environment, citing a favorable final rate notice from CMS and supportive comments from administration officials regarding value-based care [8][17] - The company anticipates clearer signals from Congress regarding Medicare policy as the year progresses [8] - Management remains cautious about ongoing utilization pressures and is taking a conservative approach to assumptions for 2025 [25][66] Other Important Information - The company ended Q1 2025 with $369 million in cash and marketable securities, expecting to use approximately $110 million of cash in 2025 [28] - The company is targeting cash flow breakeven by 2027 while maintaining a disciplined approach to capital allocation [28] Q&A Session Summary Question: Impact of V-28 risk model transition on value-based care companies - Management indicated that the risk adjustment perspective for 2025 is in line with expectations, with a 2% net increase year-over-year, inclusive of a 3% headwind from V-28 [33][34] Question: Contribution from previously exited areas - Management noted that unfavorable development from exited markets would not impact 2025 significantly, with minimal remaining IBNR for those service dates [38][39] Question: Clarity on 2026 MA final rate notice - Management confirmed that 40% of membership was repriced for January 2025, with expected benefits from the average 9% increase across the network [42][43] Question: Expectations for 2026 MA bit cycle - Management expressed optimism about the 2026 environment, with a focus on quality incentives and clinical cost-saving initiatives [60][61] Question: Visibility on completed claims and medical cost trends - Management highlighted improved visibility through a new financial data pipeline, which provides detailed member-level revenue and claims data [67][70] Question: Potential membership reduction into 2026 - Management stated that they do not anticipate a reduction in membership due to ongoing efforts to reduce Part D exposure and improve economic terms [76][77] Question: Impact of Humana's star ratings decline - Management acknowledged the potential headwind from Humana's star ratings but emphasized the company's strong quality performance as a differentiator [96][100] Question: Development of clinical programs - Management confirmed that while 2025 is an investment year for new clinical programs, benefits are expected to materialize in 2026 and beyond [107]

Financial Data and Key Metrics Changes - The company reaffirmed its full-year guidance, indicating a strong start to 2025 with Q1 results ahead of plan [5][14] - Adjusted EPS guidance for the year is approximately $16.25, with an expected insurance segment benefit ratio of 90.1% to 90.5% [15][14] - G&A costs for the quarter were slightly better than expectations, attributed to the timing of costs expected in the second and third quarters [11][14] Business Line Data and Key Metrics Changes - The Medicare product and experience maintained membership guidance for 2025, with strong performance in the Open Enrollment Period (OEP) [8] - CenterWell and Medicaid businesses showed robust patient and membership growth, with 30 new centers added through acquisition and partnership [12][14] - The company reported a 30% to 50% reduction year over year in members with weight refills due to medication adherence campaigns [11] Market Data and Key Metrics Changes - The company is seeing strong year-to-date performance in markets with high concentrations of members, particularly in Florida, Illinois, and Texas [41] - Medicaid membership growth is on track, with approximately 100,000 growth year-to-date, aligning with the expected annual growth of 175,000 to 250,000 [74] Company Strategy and Development Direction - The company is focused on operational efficiencies, increasing flexibility, and operating leverage while making investments to improve member outcomes [14] - The integration between the insurance segment and CenterWell is aimed at delivering better health outcomes and improving STARS performance [58][60] - The company is committed to returning to a 3% pre-tax margin in Medicare Advantage (MA) by 2027, with ongoing focus on quality and operational excellence [48][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying progress of the business despite external challenges, emphasizing control over medical costs and operational efficiencies [50][52] - The company is monitoring changes in consumer behavior due to the Inflation Reduction Act (IRA) and is prepared for potential impacts on future performance [6][14] - Management highlighted the importance of navigating regulatory headwinds while focusing on controllable factors [51][52] Other Important Information - The company is actively working through STARS strategy and bids, with a focus on balancing membership and margins [32][33] - Recent fulfillment agreements with multiple companies are expected to contribute positively to growth [12][63] Q&A Session Summary Question: How much of your investments moved out of Q1? - Management indicated that most of the impact of incremental investments flowed through the MLR in Q1, with expectations for higher levels in the second through fourth quarters [20] Question: Update on the path to the 3% MA margin target? - Management reiterated focus on achieving the 3% margin, with timing tied to STARS outcomes, and no significant changes from previous communications [23] Question: Update on STARS initiatives and bids? - Management expressed confidence in progress made on STARS initiatives and ongoing work on bids, emphasizing a balanced approach to membership and margins [27][32] Question: Experience in Part D relative to expectations? - Trends in the business are consistent with expectations, with mid-single-digit growth on the medical side and low double-digit growth on the pharmacy side [36] Question: Visibility on risk adjustment and Group MA? - Management reported strong membership changes and visibility into risk adjustment, with no significant behavioral changes noted in Group MA [41][43] Question: Comments on Medicaid visibility and utilization? - Medicaid is performing in line with expectations, with strong growth and positive trends in member engagement and outcomes [75][76] Question: Clarification on GAAP EPS and valuation adjustments? - Management clarified that the adjustment in GAAP EPS guidance is unrelated to structural impairment and is part of a complex calculation [93]

SLR Investment (SLRC) Q4 2024 Earnings Call February 26, 2025 10:00 AM ET Company Participants Michael Gross - Chairman, President & Co-CEOShiraz Kajee - CFO, Treasurer & SecretaryBruce Spohler - Co-CEO, COO & Interested DirectorErik Zwick - Managing Director, Equity ResearchMelissa Wedel - Vice President, Equity ResearchPaul Johnson - Vice President Conference Call Participants Casey Alexander - Senior Vice President & Research Analyst Operator Good day, everyone, and welcome to the Q4 twenty twenty four S ...