近日，2025年基金一季报渐次披露，券商资管的最新公募管理规模及基金经理观点出炉。 从机构管理规模来看，截至2025年一季度末，共4家券商资管的公募基金管理规模超千亿元，东方红资产管理 （东证资管）、华泰证券资管、中银证券位居前三。 整体来看，多位券商资管的权益类基金经理在一季度产品净值取得正增长，不少基金经理在一季度提高了股票 仓位。展望后市，基金经理普遍保持乐观，有基金经理直言："以AI为代表的科技创新方兴未艾，今年很可能 是AI应用兴起的元年，人们总是担心宏观问题，而忽略了科技进步。也总是高估未来两年即将发生的事情， 而往往低估了十年后会发生什么"。 4家券商资管公募管理规模超千亿元 Wind数据显示，截至2025年一季度末，共有4家券商资管机构的公募基金资产管理总规模超千亿元。东方红 资产管理以1585.59亿元排名第一，华泰证券资管以1352.14亿元排名第二，中银证券、财通证券资管分别以 1313.9亿元、1056.83亿元排名第三、第四。随后是国泰君安资管（786.45亿元）、招商证券资管（582.27亿 元）、中泰证券资管（431.25亿元），分列第五至第七，浙商证券资管、银河金汇、广发证券资 ...

Financial Data and Key Metrics Changes - Invesco Ltd. reported total assets under management (AUM) of $1.84 trillion, nearly flat compared to the end of Q4 2024, but $182 billion or 11% higher than Q1 2024 [47] - Adjusted diluted earnings per share increased by 33% to $0.44 for Q1 compared to $0.33 in the prior year [50] - Adjusted operating income rose by 18%, with operating margins expanding over 330 basis points to 31.5% [61] Business Line Data and Key Metrics Changes - The company generated $17.6 billion in long-term net asset inflows, representing a 5.3% annualized growth rate [9] - The global ETF and index platform recorded 13% annualized organic growth in Q1 [16] - Fundamental fixed income contributed $8 billion in net inflows, while the China JV and India added $2.2 billion [49][24] Market Data and Key Metrics Changes - The Asia Pacific and EMEA regions each accounted for $276 billion in AUM, generating $15 billion in net long-term inflows in Q1 [13] - Money market funds topped $7 trillion in the industry, indicating a shift in client sentiment towards caution [14] - The company observed strong client activity despite market volatility, with significant growth across channels and asset classes [15] Company Strategy and Development Direction - Invesco Ltd. aims to expand its footprint in private markets, particularly in the US wealth management sector, through partnerships with MassMutual and Barings [31] - The company is focused on delivering differentiated private credit-oriented income solutions and product structures [32] - The strategic partnership with MassMutual includes a $1 billion repurchase of preferred stock, enhancing balance sheet flexibility [35] Management's Comments on Operating Environment and Future Outlook - Management noted that investors are adopting a more defensive stance in capital deployment amid market volatility [108] - The diversified nature of Invesco's business is expected to help navigate the current operating environment and capture flows as clarity returns [110] - Positive organic flow growth was observed in China, despite heightened trade tensions impacting the domestic economy [25] Other Important Information - The company plans to continue share repurchases and has increased its quarterly common stock dividend from $0.205 to $0.21 per share [65] - The partnership with MassMutual is expected to facilitate discussions regarding future repurchases of the remaining $3 billion of preferred stock [42] Q&A Session Summary Question: Strategic update on product and distribution opportunities with Barings and MassMutual - Management indicated that the initial phases will focus on private credit opportunities, with a few capabilities set to launch soon [70] Question: Comments on the preferred stock repurchase agreement - Management highlighted the strength of the partnership with MassMutual and the potential for future repurchases based on cash flow and market conditions [76] Question: Economic participation in the partnership with Barings - The partnership will involve shared management fee revenues, with Invesco as the distributor and product operator [120] Question: Differences in local regions due to global tariff negotiations - Management noted that the local profile in Asia Pacific and EMEA has been beneficial, with better asset flow resilience compared to the US [127] Question: Positioning in the retirement market for alternatives - Invesco is focused on creating products for the retirement market, leveraging existing relationships with plan sponsors and consultants [135]

Core Viewpoint - AllianceBernstein Holding L.P. (NYSE: AB) is rated as a Buy for investors focused on capital appreciation and long-term investments, with Q1 earnings expected to be declared on April 24th [1]. Company Summary - AllianceBernstein is anticipated to report its Q1 earnings soon, which is a significant event for investors [1]. - The company is positioned for long-term buy and hold strategies, appealing to capital appreciation-focused investors [1]. Analyst Background - David A. Johnson, the founder of Endurance Capital Management, has over 30 years of investment experience and holds advanced degrees in finance and business administration [1].

在4月以来的市场巨震中，中央汇金首次明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。事实上，根据最新披露的基金 2025年一季报，今年一季度，中央汇金已悄然增持了多只沪深300ETF。 中央汇金持续增持ETF 华泰柏瑞沪深300ETF发布的2025年一季报显示，今年初"机构2"持有该ETF 266.21亿份。根据该ETF的2024年年报，截至去年底，中央汇 金资产管理有限责任公司持有该ETF266.21亿份。 上述数字表明，"机构2"即为中央汇金资产管理有限责任公司。今年一季度，"机构2"增持该ETF 3.63亿份，如下图所示： | 资 | | 持有基金 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 右 | | 份额比例 | | | | | | | 开 | 序号 | 达到或者 | 期初 份额 | 申购 份额 | 应回 份额 | 持有份额 | 份额占比 (%) | | | | 超过 20% | | | | | | | | | 的时间区 | | | | | | | | | 日 | | | | | | | 机 | 1 ...

Core Viewpoint - Trump Media and Technology Group Corp. (TMTG) has signed a binding agreement with Crypto.com and Yorkville America Digital to launch a series of exchange-traded funds (ETFs) under the Truth.Fi brand, marking a significant step in diversifying into financial services and digital assets [1][4]. Group 1: Partnership and Product Launch - The agreement follows a non-binding agreement signed in March, with Davis Polk & Wardwell LLP advising on the development and launch of the products [2]. - The ETFs will include digital assets and securities with a focus on American-made products across various industries, subject to regulatory approval, and are expected to launch later this year [3]. Group 2: Strategic Goals and Financial Commitment - TMTG aims to invest up to $250 million in the ETFs and Separately Managed Accounts (SMAs) using its own cash reserves, as part of its financial services and FinTech strategy [4]. - The partnership is expected to provide global distribution for the Trump Media ETFs, leveraging Crypto.com's platform [4]. Group 3: Company Background - TMTG operates Truth Social, a social media platform aimed at promoting free speech, and Truth+, a streaming platform focused on family-friendly content, alongside the new Truth.Fi financial services brand [5]. - Crypto.com, founded in 2016, has over 140 million customers and is recognized for its regulatory compliance and security in the cryptocurrency space [6]. - Yorkville America Digital specializes in branded investment products centered around digital assets and American businesses, catering to specific client needs [7].

Core Insights - Invesco Ltd. has entered into an agreement with MassMutual to repurchase $1 billion of its $4 billion outstanding Series A Preferred Stock, which is expected to close in May 2025 and will be funded through debt financing [1] - The repurchase is anticipated to be earnings accretive starting in the second half of 2025, enhancing Invesco's balance sheet flexibility while allowing for growth investments and shareholder returns [1] - MassMutual remains a significant shareholder in Invesco, holding approximately 18.2% of common shares, and has previously committed over $3 billion in seed and co-investment capital [1] Partnership Developments - Invesco and Barings, a subsidiary of MassMutual, have announced a strategic product and distribution partnership aimed at U.S. Wealth channels, with MassMutual committing $650 million to support this initiative [2][3] - The partnership will focus on providing differentiated private credit solutions, leveraging both firms' expertise in global private credit and public fixed income [3][4] - Over the long term, the collaboration aims to meet clients' income needs across various investment vehicles in the U.S. Wealth market [4] Strategic Goals - The partnership is expected to enhance Invesco's ability to deliver unique income solutions for the U.S. Wealth segment, while also improving its overall leverage profile and financial flexibility [5] - MassMutual's collaboration with Invesco and Barings is designed to strengthen its global asset management capabilities and expand product and distribution opportunities [6] - Barings aims to scale its alternative asset capabilities in the U.S. wealth market, partnering with Invesco to enhance access to private markets for wealth investors [6]

21世纪经济报道记者 易妍君 广州报道 资管行业一则传闻已久的高管变动最终落地。近日，国信证券公告称，公司董事会同意成飞先生辞去公 司副总裁职务；不再委派成飞先生担任国信证券资产管理有限公司董事。 21世纪经济报道记者了解到，成飞或将加盟东方红资管，并担任总经理一职。 此前，4月3日，张锋因个人原因离任东方红资管总经理职务。随后，张锋又卸任了东方红睿玺三年持有 期基金、东方红产业升级灵活配置基金、东方红启恒三年持有期基金等产品的基金经理。 对此，东方红资管表示，经过多年积累和发展，公司已经形成了统一的企业文化价值观，拥有较为健全 的投研体系、销售服务体系和产品创新体系，建立了科学的人才培养和团队发展机制，张锋先生离职不 会对公司的正常运作及经营管理产生影响。同时，东方红资管对张锋为公司发展所做出的重要贡献表示 衷心感谢。 成飞接任 作为东方证券的全资子公司，东方红资管是国内首家获准设立的券商系资产管理公司，也是业内首家获 得公募基金管理业务资格的券商资管。东方红资管自成立以来，始终对标公募基金公司，主动权益产品 为该公司的一大特色。 而成飞有着丰富的券商资管任职经历。其能否带领这家老牌资管公司步入新的发展阶段 ...

4 月 16 日日，第二二届融资租赁资产证券化高高质量发展大大会暨年度中国融资租赁行行业年度 创新融资奖——"金金泉奖"颁奖大大会在上海陆家嘴隆重召开。申万宏源资管凭借多年在融 资租赁行行业的深耕细作，荣膺 2024 年度 最佳融资租赁行行业资产管理机构奖 ，这也是 我司继 2023 年后再次荣获此项殊荣，充分体现了租赁业协会和公开市场对我司在服务 租赁行行业客户所作贡献的肯定和认可。资管公司总经理袁锦代表公司出席会议并登台领 奖。 申万宏源资管坚持金金融报国理念，践行行金金融服务实体经济的初心心使命，近三年来共担任 40 余单租赁类 ABS 的计划管理人人 / 销售机构，总规模达到 229.85 亿元。作为央企 金金融机构，申万宏源资管通过携手手融资租赁企业，充分发挥"融资 + 融 物 " 的 双 重 优 势，持续为实体经济发展"输血血造氧"，以金金融力力量助力力实体经济腾飞飞，为推动经济社会 高高质量发展、全面面建成社会主义现代化强国贡献金金融力力量。 背景资料：中国融资租赁行业年度创新融资奖 ——金泉奖 风险揭示： 本材料不作为任何法律文件。本材料中包含的内容仅供参考，不构成任何投资建议或承诺，不代表任 ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $1.2 billion for the quarter, with distributable earnings increasing 11% year-over-year to $1.4 billion or $1.09 per common share [6][7][48] - Fee-related earnings grew 9% year-over-year, reaching $1.3 billion or $1.03 per share, marking one of the best quarters in the company's history [7][47] - Total assets under management (AUM) rose 10% year-over-year to nearly $1.2 trillion, with $199 billion of inflows over the last 12 months [8][47] Business Line Data and Key Metrics Changes - The private credit business expanded significantly, with $465 billion in assets, up more than 2.5 times in the past four years, and inflows of $113 billion over the last 12 months [25] - The private wealth channel saw AUM grow to over $270 billion, with fundraising in this area increasing by nearly 40% year-over-year to $11 billion in Q1 [19][34] - The infrastructure platform's AUM increased 36% year-over-year to $60 billion, with strong performance in its strategies [39] Market Data and Key Metrics Changes - The company raised $62 billion in inflows during Q1, the highest level in three years, reflecting broad-based momentum across various channels [8] - The firm noted that construction starts in U.S. logistics and apartments have fallen to their lowest levels in over a decade, which could support real estate values [15] - The insurance AUM grew 18% year-over-year to $237 billion, indicating strong traction in the insurance channel [31] Company Strategy and Development Direction - The company aims to leverage its $177 billion of dry powder to capitalize on investment opportunities arising from market dislocations [13][66] - A strategic alliance with Wellington and Vanguard was announced to enhance access to public-private investment solutions, reflecting the company's commitment to democratizing private markets [20][21] - The firm continues to focus on areas with high conviction, investing $36 billion in Q1, with a commitment of $13 billion to new deals benefiting from long-term secular tailwinds [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current turbulent market, emphasizing the strength and stability of the firm [12][22] - The company highlighted the importance of a fast resolution to tariff uncertainties to mitigate risks and maintain economic growth [11][56] - Management noted that the firm is well-prepared to take advantage of opportunities arising from market volatility, with a focus on long-term value creation [57] Other Important Information - The company reported a significant increase in net realizations, up 22%, contributing to the growth in distributable earnings [48] - The firm emphasized its asset-light model and minimal net debt, which provides flexibility to respond to changing market conditions [13][72] Q&A Session Summary Question: Deployment opportunities with $180 billion of dry powder - Management indicated that periods of dislocation often present attractive deployment opportunities, with a focus on sectors like digital infrastructure and energy [60][66] Question: Characteristics of private market solutions - Management highlighted the resilience of their model during stress periods, allowing them to generate excess returns by leaning into market dislocations [70][72] Question: Outlook for North American institutional channel - Management noted that while there may be a slowdown in decision-making, there is a long-term commitment to private assets among clients [82][85] Question: Expansion of global wealth management business - Management discussed the potential growth in the wealth management sector, particularly through the partnership with Wellington and Vanguard [87][94] Question: Direct first-order tariff impact on the portfolio - Management defined direct first-order impact as limited, with a focus on second-order effects related to capital markets and economic slowdown [98][100] Question: Investment-grade private credit opportunities - Management emphasized the flexibility and bespoke solutions offered to borrowers, which are more challenging to execute in public markets [110][113] Question: International backdrop and deployment ability - Management acknowledged questions from global investors regarding geopolitical issues but noted that their businesses continue to operate normally [120][122] Question: Wealth flows and asset class preferences - Management reported no pullback in sales in the wealth channel, indicating strong investor interest in alternatives [126][128] Question: Real estate fundraising appetite - Management observed improved conversations with institutional LPs regarding real estate, although some hesitance remains due to recent market conditions [134][135]

黑石集团第一季度每股可分配收益1.09美元。 第一季度管理资产规模1.17万亿美元，预估1.15万亿美元。 ...