编者按：近日，国内首部系统介绍全球资产管理公司柏基投资理念的著作出版。柏基成立于1908年，迄 今已有超过110年的历史，其脱胎于爱丁堡一家合伙制律师事务所，机缘巧合进入投资领域，投资方向 也从最初的可转换债券投资，到后来英美市场乃至全球市场的权益投资。近年来，柏基越来越为国人所 知，一方面是因为其在AI时代成功"卡位"，英伟达、阿斯麦、台积电都是其投资标的，另一方面是因为 近10年来其在中国不断投资一批未上市的明星创业企业，如美团、字节跳动、Shein等，截至2024年中 国企业持仓超过100家。这本书剖析了柏基如何成为"耐心资本"——以10年为单位锚定价值，凭第一性 原理洞察技术变革的本质，在不断变化的环境中寻找不确定性中的确定性及其后续影响。 李正、韩圣海/文 过去100多年，资产管理行业见证了众多成功投资机构的成长。伯克希尔-哈撒韦、富达、先锋集团、桥 水基金、文艺复兴科技、贝莱德……它们都用各自的投资哲学在现代资产管理历史中留下了独特印记。 从柏基的投资实践看，成为"耐心的资本"是一项系统工程。由正确信息、长期激励、长久期资金属性、 稳定合伙人架构等因素共同构成的合力，形成了有利于柏基实施长期全球成 ...

Core Viewpoint - The cryptocurrency market has experienced a significant downturn, with Bitcoin and Ethereum seeing substantial price drops, indicating structural weaknesses rather than macroeconomic factors [2][4]. Group 1: Market Performance - Bitcoin fell by 4.6% in a single day, reaching a low of $86,967.04, while Ethereum dropped 6.3% to a low of $2,832.12 [2]. - Over 24 hours, more than $528 million (approximately 3.8 billion RMB) was liquidated across the market, affecting 177,200 investors [2]. - Bitcoin's price has plummeted over $39,000 from its recent peak of $126,251, highlighting a rapid decline [2]. Group 2: Funding and ETF Dynamics - Since November, U.S. listed Bitcoin ETFs have seen a net outflow of $3.5 billion, nearing historical highs, with BlackRock's IBIT experiencing a $2.2 billion redemption in November alone [3]. - A quantitative model from Citigroup indicates that for every $1 billion outflow from Bitcoin ETFs, prices tend to drop by an average of 3.4% [3]. - The lack of new capital entering the market has led to a "self-reinforcing feedback loop," exacerbating the price decline [3]. Group 3: Leverage and Market Structure - High leverage in the market has contributed to the rapid decline, with $19 billion in leveraged bets lost by early October, and current leverage rates remaining historically high [3]. - The perpetual contract funding rate for Bitcoin has decreased to 0.01%, yet open interest remains above $12 billion, 30% higher than the same period last year [3]. - The combination of forced liquidations and liquidity exhaustion has created a cycle of price declines, akin to a snowball effect during a market crash [3]. Group 4: Macroeconomic Context - Despite a 90% probability of a Federal Reserve rate cut in December, which has positively impacted tech stocks, the cryptocurrency market has not benefited from this environment [4]. - The lack of intrinsic value in cryptocurrencies, as opposed to tech stocks that have revenue and profit backing, has led to a disconnect in performance [4]. - The price discovery mechanism in the cryptocurrency market is flawed, leading to significant price distortions during liquidation events [4]. Group 5: Future Outlook - The $80,000 price level is critical; a breach could lead to further declines, potentially targeting $70,000 [5]. - Even with anticipated rate cuts, the trend of ETF outflows and high leverage risks suggest that a recovery to previous highs is unlikely [5]. - The current market dynamics indicate that without addressing liquidity fragmentation and leverage issues, similar crashes may recur [5].

TPF截至2025年10月的净回报为-1.74%。 智通财经APP讯，TRUE PARTNER(08657)发布公告，集团于2025年10月31日的未经审核资产管理规模 约为3.6亿美元。 ...

一、原来联博就是那个AllianceBernstein！ ——偶然的发现，联通了华尔街巨头与中国市场。 博格查数据时经常在海外报告里看到"Alliance"这个名字，看描述好像是一家资产管理巨头，但没深究过。 直到最近研究外资基金，看到"联博"，一查才知道中文"联博"就源自Alliance Capital（联博资本）。 二、探访联博：认识他们的"量化基本面" 最近去上海，我特意去联博办公室交流学习。 顶尖资管公司必有独到之处，才能长期保持领先。 交流中得知，他们专门为中国市场打造了一个策略——量化基本面。 简单说，就是把量化模型的数据处理能力，和基本面研究的深度洞察结合起来选股。 再仔细了解，联博集团（AllianceBernstein, 简称AB）是由华尔街两大传奇——Alliance Capital（联博资本）和Bernstein（伯恩斯坦）合并而来。 2000年，Alliance Capital以35亿美元收购Bernstein，组成了现在的全球资管巨头。 截至2025年9月30日，它在全球管理着8600亿美元（超6万亿人民币）的资产。 还有个冷知识：大名鼎鼎的"木头姐"凯西·伍德，也正是从Allian ...

随着美股进入12月，华尔街交易员们又开始期待起每年一度的"圣诞老人行情"了。 所谓"圣诞老人行情"，是每年12月美股季节性的上涨行情。在每年感恩节之后，美股往往会持续上涨， 且波动性逐渐减弱，从而使得12月通常会成为美股全年表现最为出色的月份之一。 然而今年，一些策略师们表示，"圣诞老人"可能不会现身了。 今年"圣诞老人"不来了？ 每年年底，尤其是在12月的最后一周和1月的头几天，美股经常出现上涨的现象。这种上涨行情往往受 到多重因素的支撑：假日里投资者情绪更为乐观、假期里消费增加，以及年末假期内交易量往往较低， 市场更容易受看涨的散户投资者影响。 然而，加拿大皇家银行资本市场衍生品策略主管艾米·吴·西尔弗曼（Amy Wu Silverman）却预感，今年 的"圣诞老人行情"不会来，因为"今年过去的这些月份的美股表现都不符合季节性规律。" 今年年初至今，各种迹象表明，今年并非一个正常的市场周期：比如2月份，因DeepSeek开源AI模型的 横空出世导致美股科技股一度暴跌；4月份，美国总统特朗普出人意料宣布了广泛征收所谓"对等关 税"，再次引发美股普遍暴跌；还有过去几个月来，市场对人工智能高估值的担忧，为科技股 ...

2025年11月25日，北京金融监管局发布批复称，《英大保险资产管理有限公司关于修订公司章程的请 示》（英大资产发〔2025〕125号）及相关材料收悉。经审核，现批复如下： 一、核准英大保险资产管理有限公司修改后的公司章程。 二、英大保险资产管理有限公司应按照有关规定及时办理变更事宜。 ...

Core Insights - Baillie Gifford, a century-old asset management company, emphasizes a long-term investment philosophy that focuses on tracking technological transformations to identify investment opportunities for the next decade [1][2] Investment Philosophy - The company believes that while new technologies may appear suddenly, they actually have long gestation periods, and continuous observation can reveal future trends today [2] - Baillie Gifford's research agenda, released annually, covers industry themes, technological frontiers, and important economic and governance topics, showcasing a forward-looking and sustainable investment approach [2] Research Agenda Evolution - The evolution of Baillie Gifford's research agenda from 2015 to 2024 highlights its proactive positioning to capture extraordinary returns from technological changes [2] - Key themes from 2015 to 2024 include advancements in technology, energy transition, digital economy, artificial intelligence, and opportunities in China [3][4][5][14] Energy Transition - Baillie Gifford identifies the transition to renewable energy as a necessary trend to mitigate climate change, leading to significant capital cycles and infrastructure upgrades [5] - The company anticipates that capital scarcity and resource competition will favor companies with excellent capital allocation capabilities [5] Digital Economy - The digital economy has been a focal point for investors, with Baillie Gifford investing in major players like Amazon since 2004 [7] - The firm observes a "winner-takes-all" dynamic in technology platform companies, where a few innovative firms dominate and create new growth opportunities [7][8] Artificial Intelligence - Artificial intelligence has rapidly evolved into a standalone research theme for Baillie Gifford, with a focus on its transformative potential for society and the economy [9] - The company invests in key players in the AI supply chain, including Nvidia, ASML, and TSMC, which hold monopolistic positions in their respective fields [9] Transportation Revolution - The transportation sector is a significant area of focus, with Baillie Gifford investing in electric vehicle companies like Tesla and BYD, as well as battery manufacturers [11] - The firm highlights four disruptive forces in the future transportation ecosystem: shared mobility, urban air travel, electrification, and autonomous driving [11] Opportunities in China - China is a critical market for Baillie Gifford, with over 100 holdings in various sectors, including internet, new energy, and advanced manufacturing [14] - The company emphasizes the importance of long-term investment principles in China, recognizing its unique economic development model and innovation capabilities [15][16][17] Conclusion - Baillie Gifford believes that technological change and disruption are key drivers of significant investment opportunities, particularly in renewable energy and artificial intelligence [18] - The firm asserts that the next decade will see growth frontiers based on data and AI, with a shift from a two-dimensional to a three-dimensional internet landscape [18]

TRUE PARTNER发布公告，公司及其附属公司于2025年9月30日的未经审核资产管理规模约为4.32亿美 元。TPF截至2025年9月的净回报为-0.56%。 香港联交所最新资料显示，11月28日，TRUE PARTNER(08657)股东将股票由瑞银证券(香港)转入香港 上海汇丰银行，转仓市值1286.02万港元，占比8.64%。 ...

TRUE PARTNER发布公告，公司及其附属公司于2025年9月30日的未经审核资产管理规模约为4.32亿美 元。TPF截至2025年9月的净回报为-0.56%。 智通财经APP获悉，香港联交所最新资料显示，11月28日，TRUE PARTNER(08657)股东将股票由瑞银 证券(香港)转入香港上海汇丰银行，转仓市值1286.02万港元，占比8.64%。 ...

Group 1 - Global asset management firms are optimistic about the performance of risk assets in 2026, supported by a loose monetary environment and ongoing technological innovation, with a focus on stocks, particularly in the AI sector [1][2] - Fidelity International's Matthew Quigley indicates a positive macro environment for 2026, with resilient economic growth and easing factors that troubled the market in the past year [1] - Schroders' 2026 market outlook predicts strong performance for U.S. stocks, especially the S&P 500, and highlights opportunities in Asian tech, European banks, and industrial stocks [1] Group 2 - Wellington Management maintains an overweight stance on global equities, citing robust earnings fundamentals and a favorable policy environment, with a continued focus on AI investment opportunities [2] - Fidelity International expects the AI investment boom to dominate the market in 2026, emphasizing the need for investors to identify companies that can convert technological advantages into sustainable profits [2] - Haitong International's investment director notes that the Chinese economy is likely to continue its positive trajectory, with Hong Kong stocks expected to attract more global capital as external conditions stabilize [2] Group 3 - Fidelity Fund's manager highlights four main investment themes for the A-share market: AI, commercial aerospace, low-altitude economy, and innovative consumption, each presenting significant opportunities [3] - The AI industry value chain offers rich opportunities across various segments, from upstream chips to downstream applications [3] - The commercial aerospace sector represents a combination of technological advancement and market potential, particularly in satellite internet [3]