来源：经济观察网 经济观察网 黑石集团（BX.N）2月19日股价下跌分析。当日股价大幅下跌6.14%，收盘价报124.74美 元，成交量约287万股。此次下跌逆转了前一交易日的上涨势头。 股票近期走势大幅下跌：2026年2月19日，黑石集团股价单日下跌6.14%，收盘价报124.74美元，盘中振 幅达4.37%。成交量约287万股，成交金额3.64亿美元，量比1.36显示交投活跃。对比前一日：前一交易 日（2月18日）股价收于132.90美元，单日涨幅1.25%。此次下跌逆转了短期上涨势头。 股价异动原因美联储政策分歧：2月19日公布的1月美联储会议纪要显示，官员对利率路径存在显著分 歧。部分官员认为若通胀持续高于目标可能需加息，另一些则支持降息。这种不确定性引发市场对高估 值资产的抛压，尤其影响对利率敏感的金融和资产管理板块。板块拖累：当日资产管理板块整体下跌 2.97%，黑石作为龙头股受到波及。同期美股三大指数均收跌（道指跌0.52%，纳指跌0.19%），市场避 险情绪升温。 2月19日的下跌主要受美联储政策不确定性引发的市场抛售驱动，叠加地缘风险及板块整体走弱。黑石 长期基本面稳健，但短期股价对利率敏感 ...

核心要点 本文涉及股票：ORCC 周四盘前交易中，私募市场及另类资产管理公司蓝猫头鹰资本股价下跌近 3%。此前该公司出售了旗下 三只私人债务基金持有的14 亿美元贷款资产。 蓝猫头鹰周三宣布，已与四家北美养老及保险投资者达成出售协议，贷款按 票面价值的 99.7% 转让。 规模最大的资产出售来自蓝猫头鹰资本二号基金（OBDC II），这是一只面向美国零售投资者的半流动 性私人信贷策略基金。 OBDC II 出售了6 亿美元贷款，约占其17 亿美元投资组合的 34%。 蓝猫头鹰宣布一项重大调整：交易完成后，OBDC II 将停止向投资者提供常规季度流动性兑付。 截至美国东部时间上午 8：06，该股盘前下跌 2.8%。 这家专注于向美国中型市场企业提供私人信贷的业务开发公司，将转而采用不定期派息模式，资金来源 为资产出售、盈利、贷款偿还及其他战略性交易。 这一调整大幅收紧了投资者的流动性与资金赎回能力。在私募资产管理公司与另类投资基金持续进军流 动性更高的零售财富领域背景下，此举凸显了私募市场在流动性与透明度方面面临的挑战。 彭博报道，近期蓝猫头鹰旗下部分业务开发公司的赎回请求有所上升。 去年 11 月，蓝猫头鹰 ...

岁律更新，春祺已至。值此马年新春佳节来临之际，我谨代表山证（上海）资产管理有限公司，向长期以来信任、支持我们的广大投资者，致以最诚挚的 新春祝福和最衷心的感谢！祝愿大家龙马精神、马到功成，阖家幸福、万事顺遂！ 从投资前景来看，马年资本市场机遇与挑战交织，结构性机会凸显，值得重点布局。在政策引导与产业升级的双重驱动下，科技创新领域的人工智能、高 端制造、生物医药等领域，将持续受益于技术突破与政策支持，成为长期投资的核心主线；绿色低碳领域随着"双碳"目标推进，新能源、节能环保等产业 迎来发展黄金期，相关投资机会持续涌现；消费复苏与内需扩大背景下，品质消费、服务消费等领域有望焕发新活力。 面对新的市场环境，山证资管将坚守"以终为始，追求卓越"的工作方法论，立足160万亿元中国资管生态，深挖自身资源禀赋，聚焦特色化和差异化，推 动核心竞争力从直接投资能力向资产配置能力提升；加快产品创新步伐，围绕投资者多元化需求，推出更多适配不同风险偏好的产品，构建覆盖全生命周 期的财富管理服务体系；坚守合规风控底线，完善风险防控机制，强化投资者权益保护，以更规范的运作、更专业的服务回报投资者信任；积极融入"十 五五"发展大局，紧扣资 ...

Core Viewpoint - The article emphasizes the resilience and growth of the Chinese economy and capital markets, highlighting the achievements of the public fund industry and the commitment of Dongfanghong Asset Management to high-quality development and investor interests [3][4][6]. Group 1: Economic and Market Context - The year 2025 marked the successful completion of the "14th Five-Year Plan" and was crucial for the reform and high-quality development of the capital market [3]. - China's economy is focused on high-quality development, showcasing resilience and vitality despite global economic challenges [3]. - The public fund management scale exceeded 37 trillion yuan, indicating strong market performance and the effectiveness of policy reforms [4]. Group 2: Company Strategy and Achievements - Dongfanghong Asset Management adheres to the principles of political and social responsibility in finance, aligning with national strategies and focusing on investor interests [4][5]. - The company achieved a public fund management scale of over 200 billion yuan in 2025, reflecting market recognition of its research and investment capabilities [4]. - The firm actively participates in fee reform, introducing innovative fee structures to align the interests of fund managers and investors [5]. Group 3: Future Outlook - The year 2026 is seen as a pivotal year for the "15th Five-Year Plan," with expectations for further reforms and improvements in the capital market [6]. - Dongfanghong Asset Management aims to enhance its investment research management system and diversify its product strategies to meet varying client needs [6]. - The company is committed to becoming a more influential and respected asset management institution, focusing on high-quality development and contributing to national economic strategies [6].

我们坚守"长期主义"理念，践行价值投资之道，致力于实现客户、公司与社会的共生共赢。2025年，公 司公募管理规模重回两千亿元台阶，这不仅是市场对我们投研实力的认可，更包含了万千投资者的信 任。每一份信任都弥足珍贵，我们唯有勤勉尽责、不负所托。 我们秉持"金融为民"初心，积极履行让利惠民责任。在行业费率改革进程中，东方红资产管理主动探索 机制创新，成功发行两只采用分档收费模式的浮动费率基金，通过收益共享、风险共担的设计，切实追 求基金管理人与持有人的利益一致性，让更多人公平分享金融发展成果。 我们坚持守正创新、前瞻布局，在巩固主动权益、固收+等传统优势领域的同时，稳步推进指数量化、 FOF等战略性业务发展，并持续深耕机构客户与集合资产管理服务，不断完善多元化产品线与资产配置 策略，全面满足不同客群的差异化需求。 2026年是"十五五"规划的开局之年，是中国经济在新起点上谋突破、开新局的关键之年，更是资本市场 深化改革、提质增效的重要之年。我们坚信，中国经济底盘实、韧性足，资本市场改革的纵深推进将释 放更多制度红利，中国资产的全球吸引力必将持续提升，居民财富通过公募基金共享国家发展成果的大 趋势不可逆转。新的一年 ...

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].

来源：经济观察网 经济观察网 根据截至2026年2月19日的公开信息，普信集团（T. Rowe Price Group Inc., TROW.O）近期 财报及展望中，以下事件可能值得关注： 财务状况 股票资金流压力：公司预计股票资金流将持续承压，投资者需关注季度资金流入/流出数据是否改善。 费率趋势：年化有效费率从2025年第三季度的39.1基点降至38.8基点，若进一步下降可能影响盈利能 力。 行业与风险分析 市场波动与竞争：目标日期基金领域的激烈竞争、市场波动以及潜在的人工智能颠覆性技术可能对公司 策略构成挑战。私人信贷市场变化：私人信贷市场的动态若调整，可能影响普信集团的投资策略和收 益。 以上内容基于公开资料整理，不构成投资建议。 战略推进 混合型与目标日期产品开发：公司计划继续扩展其混合型和混合目标日期产品线，以应对退休储蓄市场 的需求变化。代币化探索：普信集团正探索代币化在效率、产品和分销方面的应用潜力，可能将私募市 场整合到401(k)解决方案中。 公司状况 战略合作进展：与高盛、阿布扎比第一银行等机构的合作伙伴关系预计将促进业务增长，需关注后续落 地成效。 ...

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]