Core Viewpoint - The construction of Shanghai International Financial Center is entering a new phase, emphasizing the importance of enhancing asset management functions to support high-quality development and adapt to global economic changes [1][2]. Group 1: Importance of Asset Management - Asset management is a core function of financial centers, crucial for asset valuation, allocation, and risk management [1]. - The integration of stock and incremental asset management is essential, focusing on revitalizing "dead" assets and transforming ineffective assets into effective ones [2]. - The role of mergers and acquisitions (M&A) is highlighted as a strategic tool for activating stock assets and expanding the asset management industry's business scope [2]. Group 2: Traditional vs. Emerging Asset Management - The fusion of traditional and emerging asset management is necessary, especially with the rise of new asset forms driven by technological advancements and green development [3][4]. - Attention must be given to managing traditional assets while also integrating new asset types, such as intellectual property and data assets, into the asset management framework [3][4]. - The management of carbon assets is emphasized as a strategic direction for supporting green finance and industry transformation [4]. Group 3: Domestic and International Asset Management - The importance of balancing domestic and international asset management is underscored, with a focus on enhancing the capability to manage international assets priced in RMB [6]. - The development of an international financial asset trading platform is crucial for facilitating the integration of domestic and international markets [6]. Group 4: Ecosystem Development for Asset Management - Emphasis on institutional development and regulatory coordination is necessary for building a global asset management center [7]. - The impact of technology, particularly AI, on asset management is recognized as a transformative force [7]. - Enhancing the capabilities of the asset management industry is vital for deepening asset management functions [7].

Core Insights - The innovative drug funds have emerged as the leading performers in the fund industry this year, with a significant number of fund managers heavily investing in this sector [3][4][5] - As of June 13, 2023, 63 funds have achieved over 50% returns, with 56 of them focusing on innovative drugs, representing nearly 89% of the top performers [3] - Notable fund managers such as Zhang Wei, Liang Furui, and others have shown exceptional performance by investing in innovative drugs, with some funds achieving returns exceeding 99% [5][6] Fund Performance - The top-performing funds include: - Huatai-PB Hong Kong Advantage Selection A (Zhang Wei) with a return of 99.50% - Great Wall Pharmaceutical Industry Selection A (Liang Furui) with 87.73% - Yongying Pharmaceutical Innovation Smart Selection A (Shu Kefa, Dan Lin) with 79.79% [3][5] - The performance of funds focusing on Hong Kong innovative drugs has been particularly strong, with significant interest in the STAR Market's innovative drugs as well [3][4] Fund Manager Strategies - Some fund managers, like Zhang Wei, have adopted a value investment approach and began investing in innovative drugs early, leading to substantial returns [5][6] - Zhang Wei's fund has a high concentration of holdings in innovative drug stocks, with a notable shift in focus beginning in Q1 2023 [6][7] - Other managers, such as Jin Xiaofei, recognized the potential of innovative drugs as early as Q4 2022 and have since adjusted their portfolios accordingly [8][9] Emerging Fund Managers - New generation fund managers like Liang Furui and Zheng Ning have quickly risen to prominence, with Liang's fund achieving a return of 87.73% and Zheng's fund reaching 79.30% [14][15] - Liang Furui's strategy focuses on disruptive innovation and companies with strong commercial potential, while Zheng Ning maintains a diversified portfolio across various pharmaceutical sectors [14][15][16] - The performance of these emerging managers highlights a shift in the fund management landscape, with younger managers capitalizing on new opportunities in the innovative drug sector [13][14]

Core Insights - LHV Group experienced significant growth in its loan portfolio in May, with a consolidated increase of EUR 104 million, while deposits decreased by EUR 34 million [1][3] - The company reported a consolidated net profit of EUR 10.3 million for May, with a return on equity of 17.3% [2] - The number of customers for LHV Pank grew by 2,800, surpassing 470,000, indicating strong customer acquisition [3][8] Loan and Deposit Performance - The loan growth was robust at EUR 83 million, with EUR 51 million from corporate loans and EUR 32 million from private loans [3] - The overall quality of the loan portfolio remains strong, with a resolution found for one of the largest non-performing loans, leading to a reduction in provisions [3] - Corporate banking deposits decreased less than expected, while retail banking deposits increased by EUR 88 million [3] Subsidiary Performance - AS LHV Pank earned a net profit of EUR 10.5 million, while LHV Bank Ltd, LHV Kindlustus, and LHV Varahaldus reported net profits of EUR 28 thousand, EUR 339 thousand, and EUR 297 thousand respectively [2] - LHV Kindlustus continued stable revenue growth, concluding new insurance contracts worth EUR 3.15 million, with a total of 274,000 valid contracts by the end of May [5] - LHV Varahaldus saw its larger pension funds grow by 1.2% and 2.3%, with the LHV Pensionifond Indeks increasing by 5.6% [6] Market Developments - LHV Bank launched its initial retail customer offer in the UK, allowing customers to use the bank app and perform various banking functions [4] - The company issued AT1 bonds worth EUR 50 million in April, with EUR 15 million called back in May, and increased share capital by EUR 366,721.30 through a share option program [7] Company Overview - LHV Group is the largest domestic financial group in Estonia, with key subsidiaries including LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited [8] - The group employs over 1,150 people and serves 471,000 banking customers, 111,000 pension fund customers, and 176,000 insurance customers [8]

// 债市综述 // 1. 公开市场操作 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 央行公告称，6月16日以固定利率、数量招标方式开展了2420亿元逆回购操作，操作利率1.40%。Wind数据显示，当日1738亿元逆回购到期，据此计算， 单日净投放682亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行公开市场再度净投放，存款类机构隔夜质押式回购利率下行超2个bp，目前位于1.39%附近，七天质押式回购利率则上行超2个bp。 海外方面，最新美国隔夜融资担保利率为4.28%。 （IMM） 全国和主要股份制银行一年期同业存单最新成交在1.67%附近，较上日变化不大。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 2年期主力合约涨0.02% 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 多数上涨 30年期主力合约涨0.05% 10年期主力合约涨0.01% 5年期主力合约持平 （*数据来源：Wind-国债期货） ...

浙江证监局网站发布关于对杭州迦明资产管理有限公司采取出具警示函措施的决定。经查，该公司在开 展私募基金业务中存在以下行为：一、管理的部分基金投资范围不符合基金合同约定；二、向托管人提 供非实际履行的投资协议。根据有关规定，浙江证监局决定对该公司采取出具警示函的监督管理措施， 并记入证券期货市场诚信档案。 ...

Core Insights - Keefe, Bruyette & Woods, Inc. announces index rebalancing for the second quarter of 2025, specifically affecting the KBW Nasdaq Premium Yield Equity REIT Index [1][2] - The rebalancing will take effect before the market opens on June 23, 2025, with SITE Centers Corp. being dropped from the index [2] Company Overview - KBW is a leading independent authority in the financial services sector, established in 1962, and is a wholly owned subsidiary of Stifel Financial Corp. [4] - The firm specializes in research, corporate finance, mergers and acquisitions, as well as sales and trading in equities securities of financial services companies [4]

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America. TORONTO, June 13, 2025 (GLOBE NEWSWIRE) -- Picton Mahoney Asset Management (“Picton Mahoney”) announced that, effective today, it has renamed the funds set forth below in order to streamline the names across its fund family. Mutual FundsPrevious NameNew NamePicton Mahoney Fortified Equity FundPICTON Global Equity FundPicton Mahoney Fortified Income FundPICTON Income FundPicton Mahoney Fortified Core Bond Fun ...

Core Insights - BlackRock (BLK) aims to raise $400 billion in private markets fundraising by 2030, with the private credit market projected to grow from $1.6 trillion in 2023 to $4.5 trillion by 2030 [1][8] - The company targets to double its adjusted operating income to $15 billion and market capitalization to $280 billion by 2030, with an annual revenue target exceeding $35 billion, indicating a compound annual growth rate of 10% [2][8] - BlackRock expects organic base fee growth of 5% or more and adjusted operating margins of 45% or more by 2030 [3][8] Private Market Expansion - Over the past year, BlackRock has committed nearly $28 billion to acquire private-asset firms, including the acquisition of Global Infrastructure Partners for $12.5 billion and HPS Investment Partners for $12 billion [4][5] - Following the HPS acquisition, BlackRock anticipates managing approximately $220 billion in private credit client assets, in addition to over $225 billion in private equity, infrastructure, and real estate [5][8] - The acquisition of Preqin for $3.2 billion represents a strategic move to enhance BlackRock's Aladdin technology business in the private markets data segment [6][8] Product Diversification and Client Offerings - BlackRock is collaborating with Partners Group to create a diversified portfolio of private assets for retail clients, integrating private equity and credit investments into pre-built portfolios [7][8] - The company claims this offering is the first of its kind in the asset management industry, catering to the rising demand among individual investors [7][8] Financial Performance and Market Position - BlackRock's inorganic expansion strategy is expected to bolster its presence in alternatives and private equity assets, contributing to top-line growth and assets under management [8] - The combination of acquisitions and enhanced data capabilities is projected to drive solid revenue growth for BlackRock [9][8] - Over the past year, BlackRock shares have increased by 28.5%, outperforming the industry growth of 16.9% [10]

Group 1: Bond Market Trends - The bond market has experienced significant fluctuations in issuance scale, with a notable decrease of 32.59% in the issuance scale from May 24 to 30, totaling 1.49 trillion yuan, primarily due to a sharp decline in government bonds (-59.25%) and financial bonds (-46.98%) [2] - The issuance of Sci-Tech Innovation Bonds also saw a substantial drop of 72.5%, amounting to 34.848 billion yuan, although the cumulative issuance has reached 365.211 billion yuan, with banks being the main contributors, holding over 50% of the market share [2] - The low interest rate environment has prompted various financial companies to increase their bond investment ratios, leading to a transformation in traditional bond research and trading models [2] Group 2: AI Technology in Bond Market - Chinese AI companies have made breakthroughs in foundational technologies, establishing a critical basis for vertical applications in the bond sector [3] - Innovations by teams like DeepSeek have redefined the deployment path of AI large models, achieving a 98% reduction in deployment costs and nearly doubling processing speeds through memory compression techniques [3] - The collaboration mechanism has been upgraded to an "expert consultation" model, significantly enhancing the efficiency of complex problem-solving by over 800 times [3] Group 3: Demand for Intelligent Tools - The rapid development of the Chinese bond market has created an urgent demand for intelligent tools, with bond custody balances reaching 183 trillion yuan by the end of 2024 and foreign institutional holdings increasing to 4.5 trillion yuan [4] - The low interest rate environment expected in 2025 is intensifying the pressure on financial institutions to leverage AI for improving interest rate predictions, risk assessments, and research efficiency [4] - Current applications of AI large models in the bond sector focus on three core scenarios: interest rate prediction and strategy optimization, credit risk assessment, and intelligent research and trading assistance [4][5] Group 4: Challenges in AI Implementation - Despite the gradual implementation of AI applications, structural challenges remain, including data acquisition and quality control issues, as well as limitations in model capabilities [5][6] - The complexity of interest rate predictions requires multi-factor analysis, and existing models face "hallucination risks" in high-order logical reasoning, necessitating the use of retrieval-augmented generation (RAG) technology and human verification for reliability [5][6] - Compliance and security challenges also exist, as financial data privacy regulations and transparency requirements push models towards interpretable architectures [6] Group 5: Emerging Players and Solutions - Various participants have emerged in the market, with firms like Zhongxin Securities' Bond Copilot focusing on the entire bond investment banking process, while Weijing Technology's Dealrisk offers integrated tools for pre-investment, investment, and post-investment phases [6][7] - Weijing Technology's systems are localized and tailored to the Chinese market, ensuring compliance with domestic regulations and meeting the requirements of the latest Basel III agreements [7] - The industry consensus indicates that future AI large models in the bond sector will exhibit trends such as technological path differentiation, deepening business scenarios, and regulatory-technology collaboration [8]

Investors might want to bet on DigitalBridge (DBRG) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The pow ...