Group 1: Company Overview - Balyasny Asset Management, a subsidiary of American General Insurance, manages over $480 billion in assets for global institutional and individual investors, focusing on risk control and sustainable cash flow returns [3] - The company emphasizes its mission to manage long-term core capital for clients while maintaining a strong commitment to the global asset management sector [3] Group 2: Market Insights - By the end of 2025, the total market capitalization of A-shares exceeded 123 trillion yuan, reflecting a significant growth in market scale and capacity [3] - The electronic industry became the largest sector in A-shares, surpassing the banking sector for the first time, driven by technological innovation and industrial upgrades [3] - Global capital markets showed resilience despite temporary disruptions from international trade tensions, with major economies experiencing a gradual decline in inflation, providing a solid foundation for capital markets [4] Group 3: Future Outlook - The company maintains a strong confidence in the long-term development prospects of the Chinese capital market, supported by the "14th Five-Year Plan" which promotes the acceleration of new productive forces [5] - Structural investment opportunities will continue to emerge in technology innovation, high-end manufacturing, and green economy sectors [5] - The ongoing deepening of capital market reforms and international openness will enhance the attractiveness of A-shares to global long-term capital [5] Group 4: Investment Strategy - In 2026, the importance of asset allocation will become increasingly prominent, with a focus on building a diversified portfolio that balances domestic and international assets [6] - The company recommends selecting high-quality targets driven by industrial upgrades in the domestic market while considering overseas bonds and related assets based on risk preferences [6] - The emphasis will be on sustainable cash flow returns to maintain stability in investment portfolios amid market fluctuations [6]

Core Viewpoint - Recent stock price fluctuations of 瑞威资管 (01835.HK) have been significant, influenced by low trading volume and small capital flow [1][4]. Company Status - 瑞威资管's official website updated on February 6, 2026, highlights past industry activities, including winning the "Carbon Neutrality and Sustainable Development Gold Award" and attending the China Real Estate Fund Investment Management Annual Conference, but these historical events have limited impact on current stock prices [2]. Recent Performance - In the first half of 2025, 瑞威资管 reported revenues of 18.033 million RMB, a year-on-year increase of 25.8%, transitioning from a loss of 3.289 million RMB to a profit of 2.426 million RMB. While fund management service income declined, consulting service income saw significant growth [3]. Recent Events - As of February 18, 2026, there have been no major pre-disclosed events from 瑞威资管, such as financial report releases or shareholder meetings, indicating a need for investors to monitor official announcements for the latest updates [4].

Core Viewpoint - The issuance of 20-year Japanese government bonds will be the first test of demand for ultra-long-term bonds since the Prime Minister's election victory triggered a surge in buying interest [1][4]. Group 1: Market Reaction and Bond Yields - In January, concerns over fiscal policy due to Prime Minister Kishi's plan to cut the food consumption tax for two years led to significant volatility in the Japanese bond market, with yields rising to multi-year highs [1][4]. - The current yield on 20-year Japanese government bonds is around 2.97%, a notable decrease from last month's peak of 3.46%, which was the highest level since 1997 [5]. - The rapid decline in ultra-long-term rates post-election may deter domestic institutional investors, such as life insurance companies, from actively participating in the 20-year bond auction [5]. Group 2: Foreign Investment and Demand Dynamics - As domestic life insurance companies remain cautious and the Bank of Japan reduces its bond purchases, the proportion of foreign investors in the subscription is increasing, amplifying volatility in the Japanese bond market [5]. - Recent declines in ultra-long-term yields appear to be primarily driven by foreign investors, indicating that the upcoming auction will test whether this trend continues after significant yield reductions [5][7]. Group 3: Strategic Insights from Investment Firms - PIMCO favors 30-year Japanese government bonds, while Mark Nash from Jupiter Asset Management is making a long-term strategic bet on rising Japanese bond prices [7]. - The fundamental issue of supply-demand imbalance remains unresolved, with demand for ultra-long-term bonds continuing to rely on foreign investors and pension fund rebalancing [7]. - Investors are awaiting clearer signals on how Prime Minister Kishi will balance the food consumption tax cut with increased defense and strategic industry spending [7].

Strategic Developments - The company plans to expand its hybrid and target date product lines to address changing demands in the retirement savings market [1] - T. Rowe Price is exploring the potential applications of tokenization in efficiency, product, and distribution, which may integrate private markets into 401(k) solutions [1] - Strategic partnerships with institutions like Goldman Sachs and Abu Dhabi First Bank are expected to drive business growth, with attention needed on the effectiveness of these collaborations [2] Financial Condition - The company anticipates continued pressure on equity fund flows, and investors should monitor quarterly inflow/outflow data for improvements [3] - The annualized effective fee rate decreased from 39.1 basis points in Q3 2025 to 38.8 basis points, with further declines potentially impacting profitability [3] Industry and Risk Analysis - Intense competition in the target date fund sector, market volatility, and potential disruptive technologies like artificial intelligence may pose challenges to the company's strategy [4] - Changes in the private credit market dynamics could affect T. Rowe Price's investment strategies and returns [4]

Group 1 - Blackstone-backed mobile advertising platform Liftoff has confidentially resubmitted its IPO application, previously delaying a plan to raise up to $762 million [1] - On February 14, 2026, rumors emerged that Blackstone is considering acquiring Hong Kong property firm New World Development, which led to a 53% year-to-date increase in New World's stock price despite the company stating no agreement has been reached [1] Group 2 - Blackstone reported strong performance for the fiscal year 2025, with assets under management increasing by 13% to approximately $1.27 trillion, and fourth-quarter inflows reaching $71 billion, the highest in three and a half years [2] - The net profit attributable to shareholders for fiscal year 2025 was $30.192 billion, reflecting an 8.74% year-over-year growth, with a return on equity (ROE) of 35.78% [2] Group 3 - Blackstone's stock (BX.N) experienced a price fluctuation of 2.51% from February 13 to 18, 2026, with a high of $134.86 and a low of $126.67, closing at $133.03 on February 18, up 1.25% for the day with a trading volume of $433 million [3] - During the same period, the asset management sector rose by 1.39%, while the Dow Jones and Nasdaq indices increased by 0.22% and 0.72%, respectively [3]

（原标题：瑞士百达资产管理赵俊杰：真正的远方，不在速度，而在坚持，以稳健的步伐和长远的眼 光，开启新征程） 新年启程，祝愿大家安康顺遂，骏业日新，驰骋千里。 在中华文化中，马不仅承载着征途与目标，更寓意着坚定与奋进。 对瑞士百达而言，"马"代表的正是长期主义精神——稳健、恒久、不断前行，在时间的沉淀中积累价 值、成就未来。 首先，乘势而上。 把握全球利率回落与结构转型的机遇，依托人工智能与机器学习赋能投资管理，在量化投资中深挖稳健 的超额回报机会，为中国投资者拓展更高维度的增长空间。 其二，驭马有道。 我们围绕主题股票、多资产、新兴市场和另类投资，专注所长。当前，AI热度持续在线，随着发展遇 到瓶颈，基建、能源、数据中心等板块正成为新的投资热点。而中国以及整个亚洲在AI产业链中扮演 着关键角色，如何精选机遇尤为重要，而非全盘投资。 最后，行稳致远。 除了股票，固收投资中，亚洲美元债券市场犹如投资组合中的"良驹"，波动较小，收益率稳定。区域经 济发展稳健，企业债券质量提升，健康的供需关系有望为国内投资者带来分散投资和长期回报机会。我 们也将持续强化投研能力、优化资产布局，以耐心和负责任投资理念，伴随投资者创造可 ...

（原标题：大道投资管理合伙人杨锐：踏马迎春，共赴新程） 值此丙午马年春节来临之际，我谨代表深圳市大道投资管理有限公司全体同仁，向您及家人致以最诚挚 的问候与祝福。感谢您在过去一年乃至公司创立十余年来的信任与托付。 杨锐（大道投资管理合伙人）：毕业于北京大学光华管理学院，在国有银行、私募股权、私募证券领域 有着20余年丰富且资深的从业经验，对于量化资产配置有着专业且资深的见解，对于专业机构投资者及 个人超高净群体有着丰富的服务经验，现在全面负责大道投资的市场工作及对外事务。 对于2026年，我们在策略层面保持审慎乐观：当前A股市场仍处于交投活跃的周期，两市成交额维持在 中高位，这为量化策略捕捉交易机会提供了有利的土壤。同时，市场个股间的表现分化预计将持续，这 对能够广泛覆盖、严格执行纪律的量化选股模型而言，意味着丰饶的阿尔法源泉。尽管市场阶段性结构 变化可能带来波动，但通过不断进化的模型与严格的风险控制，我们有信心持续累积超越基准的回报。 我们的目标，是在控制整体风险敞口的前提下，让资产净值曲线尽可能独立于市场的短期情绪波动，平 稳穿越周期。 各位投资者，大道投资取名"大道"，"道"之所指科学规律、统计规律；" ...

（原标题：景林资产CEO高云程：买入并持有时代最优秀公司） 各位《中国基金报》的朋友们，大家新年好，我谨代表景林资产在此祝福大家新春快乐、马到成功。 未来，景林既要坚守基本面投资的原则，也要不断迭代学习观察新的技术和商业模式，不急躁也不停滞，和大家一起迎接新的历史机遇。 在此辞旧迎新之际，祝愿大家新年快乐。 旧岁千功皆铸锦，新年万象再更新。春风满径开祥运，福曜临门纳吉辰。 恭祝大家商祺顺遂，财源广聚，岁安人和。 我们刚刚共同度过了一个难忘的蛇年，地缘政治问题复杂且反复，叠加人工智能新技术带来的科技革命，全球格局正在经历再平衡，中美在竞争 中共存的新时代已经到来。 基于实力来制定规则的新国际秩序时代，中国不可能再是规则的接受方。未来将更多地参与国际规则的协商制定，更多的中国企业成为跨国经营 公司是大势所趋。在这样的宏观背景下，我们观察到国际资金在回流中国资产，这个过程才刚开始。当然，现在这种新平衡和过去的全球化时代 是完全不同的，会明显地出现全球两个体系、两套供应链，这也明显增加了企业的经营成本。 在AI人工智能、新能源、智能驾驶、人型机器人等新经济发展的前沿领域，中美各自都在积极投资，相关公司在这个时代大浪潮 ...

大江奔流，永无止息；时代召唤，声声催人。资本市场波澜壮阔，金融强国蓝图徐展，我们心潮澎湃， 更感使命在肩。磐松资产愿作这伟大征程中一颗坚韧的铺路石，以"磐石无转移"的定力，坚守长期主义 的价值方向；以"松柏傲岁寒"的担当，迎接市场周期的风雨洗礼。 让我们携手并肩，驭时代之大势，笃价值之真行，共赴属于理性、耐心、长期主义的星辰大海。 岁序更替，华章日新。值此新春佳节之际，我谨代表磐松资产，向长期以来信任并支持我们的每一位投 资人、合作伙伴，致以最真挚的感谢和最美好的祝福！历史于时序更迭中前行，梦想在砥砺奋进中实 现。站在"十五五"开局的交汇点上，我们回望，是为了更好地铭记初心；我们展望，是为了更坚定地奔 赴未来。 2025，是风起潮涌、格局新塑的一年。国家关于做好金融"五篇大文章"的战略指引，为行业高质量发展 注入不竭动力，一个更加规范、透明、开放、有活力、有韧性的资本市场生态正在形成。随着资本市场 深化改革向纵深推进，市场活力与韧性显著增强，这催生了更加多元化、精细化的资产配置需求。量化 投资这一方法论，以其严谨的系统性与纪律性，日益成为投资者资产配置工具中不可或缺的组成部分， 其社会认知与专业认同亦达到了新 ...

Core Viewpoint - Asset management company Bitwise has submitted an application for a prediction market ETF that will track contracts related to the 2028 U.S. presidential election and the upcoming midterm elections for the House and Senate [1] Group 1 - Bitwise follows Roundhill in the prediction market ETF space, indicating growing interest in this investment vehicle [1] - The proposed product aims to provide exposure to prediction markets, which are gaining significance and scale [1] - Bitwise has launched a new platform called PredictionShares, focusing on offering exposure to prediction markets [1] Group 2 - Bitwise's Chief Investment Officer, Matt Hougan, emphasizes the importance of providing clients with exposure to prediction markets due to their rapid growth [1]