Group 1 - The core viewpoint of the report is that markets outside the US present better investment opportunities due to attractive valuations and supportive fiscal spending and central bank policies [1] - Despite ongoing trade disputes, geopolitical tensions, expanding fiscal deficits, and rising interest rates, the market is approaching historical highs, indicating a recovery from recent lows [1] - Investors are reassessing the market, with expectations that risk factors will have limited impact, focusing instead on positive elements such as stable corporate earnings and increasing fiscal spending [1] Group 2 - Prudential has reduced its underweight allocation to large US stocks due to balanced upside and downside risks surrounding tariff negotiations [2] - The company maintains an underweight allocation to bonds due to increased supply needed for US fiscal policy and potential inflation threats from tariffs that could raise US interest rates [2] - Prudential has decreased its underweight allocation to growth stocks relative to value stocks, driven by renewed enthusiasm for AI investments [2] Group 3 - The company continues to favor short-duration bonds as the short end of the yield curve is constrained by Federal Reserve policies, while the long end has more upside potential [2] - Prudential maintains a high allocation to inflation-linked bonds and Asian credit [2] - The company also holds a high allocation to cash for its attractive yield and to limit duration risk, although some cash has been reallocated to equity risk [2]

2025年7月16日，中证鹏元公布评级报告，深圳市招商平安资产管理有限责任公司2025年度第二期中期 票据信用评级（25招商平安MTN002B）为"AAA"，评级展望稳定。 中证鹏元表示，本次等级的评定是考虑到深圳市招商平安资产管理有限责任公司是经深圳市人民政府批 准设立，并经原中国银监会核准的深圳市首家具有金融机构不良资产批量收购处置业务资质的地方资产 管理公司，在区域内具有较强的竞争优势；股东综合实力强，在业务协同等方面给予公司较大支持。同 时中证鹏元也关注到，本期债券设置有后偿等条款，可能加大债券投资者的潜在投资风险；受资本市场 波动影响，公司业绩稳定性有待加强；涉房出险项目回收处置难度加大；资产负债率较高，面临一定的 流动性风险管控压力等风险因素。 公司业务布局较为多元，股东综合实力强，中证鹏元给予公司稳定的信用评级展望。 资料显示，公司成立于2017年3月，是经深圳市人民政府批准设立，并经原银监会核准的深圳市第一家 具有金融机构不良资产批量收购处置业务资质的地方资产管理公司，初始注册资本30亿元，招商局金融 控股有限公司、中国平安人寿保险股份有限公司、深圳市投资控股有限公司和中证信用增进股份有限公 ...

在资金大量流入的推动下，香港资产管理行业总资产规模去年激增13%，达到35.1万亿港元(约合4.5万 亿美元)，突显这座亚洲金融中心正强劲复苏。根据香港证监会的一项调查，2024年全行业的净资金流 入跃升81%，达到7050亿港元。其中，资产管理及基金顾问业务的资金流入大增571%，达3210亿港 元。私人银行与财富管理业务的资产规模则增长15%，达10.4万亿港元，得益于3,840亿港元的净流入。 ...

Group 1 - The core view is that the US economy remains the cornerstone of the global financial market, with a "soft landing" scenario being the most likely outcome at 65% probability, indicating a moderate slowdown without entering recession [1] - Economic growth in the US is expected to continue at a steady pace, supported by strong real income growth driven by government fiscal support, despite uncertainties from government policies [2] - The labor market will be a key factor in reassessing economic outlooks, particularly with the recent rise in initial jobless claims [2] Group 2 - The European Central Bank has acknowledged that the interest rate cut cycle is nearing its end, with limited rationale for further cuts due to improving economic growth and increasing fiscal stimulus [2] - The UK economy shows signs of a slowing labor market and cooling inflationary pressures, with market expectations for the final benchmark interest rate to remain relatively high, presenting investment opportunities [2] Group 3 - The company maintains a neutral stance on overall bond duration but favors a steepening yield curve strategy, expecting shorter-term bonds to outperform longer-term bonds [3] - A downgrade has been made on the US CDX high yield index due to diminished valuation advantages, while maintaining a negative outlook on overall investment-grade bonds due to high valuations [3] - US government agency mortgage-backed securities are viewed as a preferred choice in fixed income asset allocation due to higher yields and lower volatility compared to US investment-grade corporate bonds [3]

励正集团首席执行官Antonio Simes表示： "通过此次合作，励正集团将受益于更多元化的年金资产配置 渠道，并通过为全球客户开发更复杂的投资解决方案，推动资产管理业务的增长。" 黑石总裁兼首席运营官Jon Gray表示： "黑石在将私募市场投资优势带给保险公司、个人及机构投资者 方面一直处于行业前沿。此次与励正的强强联合，结合双方卓越的规模和专业优势，将为私募债权市场 带来创新解决方案。" （文章来源：新华财经） 据了解，励正集团的年金业务将借力黑石的私募债权发起平台，接入以美国市场为主的多元化投资级资 产池。励正拟将其未来新增年金业务资金流的10%投入此项合作。这将为黑石当前管理的2370亿美元第 三方保险资产平台（涵盖投资级私募债权、流动性债权及其他策略）注入新的资金来源。 此外，励正集团资产管理部门还将推出公开与私募混合债权解决方案，这一策略将整合黑石领先的私募 债权平台优势及其自身顶尖的主动固定收益管理能力。此举将有助励正集团加速拓展极具吸引力的全球 财富管理及分销渠道，推动其战略目标的实现。 新华财经北京7月16日电（王菁）新华财经获悉，黑石（纽约证券交易所代号：BX）和励正集团 （L&G, ...

Group 1 - The perception of finance as a lucrative and stable career path is prevalent among students and parents, driven by a long-standing "halo effect" associated with the industry [1][12][14] - A recent survey by CFA Institute indicates that students believe finance offers the best career prospects, with confidence in the field increasing over the past year, contrasting with declining confidence in STEM and healthcare fields [3][4][13] - Despite the positive perception, finance graduates face significant challenges in securing jobs compared to graduates from other disciplines, highlighting a disconnect between confidence and reality [6][18][22] Group 2 - The job market for recent graduates is tightening, with the unemployment rate for this group rising to 5.8% in Q1 2025, the highest since 2021 [20] - Data from the New York Federal Reserve shows that finance graduates have a higher unemployment rate compared to graduates in fields like nutrition, art history, and philosophy, which perform better in job placement [22][23] - The finance profession encompasses a wide range of roles, and the job market is evolving, with demand for specialized skills in areas like quantitative finance and fintech, while traditional roles face automation threats [24][26] Group 3 - The rise of AI is reshaping the job landscape, with firms like BlackRock seeking graduates from humanities backgrounds, emphasizing the value of soft skills over technical skills [35][36][38] - The demand for critical thinking, problem-solving, and communication skills is increasing, as these are seen as irreplaceable by AI [37][41][47] - The financial industry is recognizing the need for a new type of talent that combines strong foundational knowledge with the ability to adapt and understand human behavior [43][54] Group 4 - Students interested in finance are advised to look beyond the surface and understand the diverse opportunities within the field, including areas impacted by AI [50][51] - Developing a strong foundation in finance, data analysis, and communication skills is crucial for future success, as is cultivating a sense of ethical responsibility [52][54] - The future of finance may lie at the intersection of finance and other disciplines, creating new opportunities that require a blend of knowledge and skills [53][55]

受亚洲大客户赎回520亿美元拖累，贝莱德二季度业绩表现不佳，股价暴跌6%。 周二，因业绩表现不及预期，全球最大资产管理公司贝莱德股价从前一日的历史高点暴跌5.9%，盘中 一度跌至两周新低。最新财务数据显示，贝莱德二季度营收54.2亿美元，低于分析师平均预期的54.5亿 美元。 Edward Jones分析师Kyle Sanders表示，市场担心这家亚洲客户可能还会继续撤资，这种不确定性打压了 股价表现。 净利润稳健增长，大力拓展私募业务 尽管受到客户大额撤资冲击，贝莱德二季度仍实现了680亿美元的净客户流入，推动总管理资产规模同 比增长18%至创纪录的12.53万亿美元。 这一业绩缺口主要由净流入资金减少所致。据报道，二季度，一家亚洲机构客户从贝莱德指数基金 中"部分赎回"了520亿美元，拖累了公司的净流入表现。 受益于此，叠加美股创新高的支撑，贝莱德二季度净利润从上年同期的15亿美元增至15.9亿美元，涨幅 6.5%；剔除一次性支出后的每股收益达12.05美元，超过市场预期的10.78美元。 贝莱德正大力进军私募市场以推动费收增长。 "我们最近完成的HPS收购将帮助我们在进入传统上最强劲的下半年时与客户建立 ...

具体来看，地方资产管理公司可以开展收购、管理和处置不良资产，受托管理和处置不良资产，担任破产管理人或清算组成员，提供咨询顾问服务，对已持 有资产追加投资，开展市场化债转股等业务。同时，《办法》严格限制了地方资产管理公司的经营行为，禁止其与转让方约定本金保障或固定收益、帮助金 融机构虚假出表、收购虚构资产、违规为融资平台融资等行为。 在风险管理方面，《办法》强化了多项监管要求。规定地方资产管理公司对单一客户和同一集团客户的股权、债权等投融资余额不得超过自身净资产的10% 和15%；持有的优质流动资产应不低于未来30天内的净资金流出；对全部关联方的债权余额不得超过上季末净资产的50%。此外，还规范了外部融资行为， 要求融入资金余额不得超过净资产的3倍，防范风险外溢。 《办法》进一步明确了监管职责分工，要求省级地方金融管理机构对本地区地方资产管理公司的监督管理和风险处置负总责，金融监管总局及派出机构加强 与地方的监管信息共享和工作协同，共同引导行业规范健康发展。 《办法》的出台旨在夯实地方资产管理公司可持续发展基础，推动其更好发挥服务防范化解区域性金融和实体经济风险的作用。金融监管总局表示，将指导 联动地方金融管理 ...

Economic Data - The GDP of China for the first half of the year reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% [1] - The National Bureau of Statistics released this preliminary calculation on July 15 [1] Policy Changes - The Ministry of Commerce, in collaboration with the Ministry of Science and Technology, announced adjustments to the "Catalog of Technologies Prohibited from Exporting and Restricted from Exporting" [1] - This adjustment aims to address concerns regarding technology export restrictions [1] Industry Developments - The eleventh batch of national organized drug procurement has been initiated, with 55 varieties included in the procurement range [2] - The new policy in Beijing allows for the direct payment of rent using housing provident fund, with an increase in payment frequency to quarterly [4] Fuel Pricing - Domestic retail prices for refined oil have been reduced for the sixth time this year, with a decrease of 0.1 yuan per liter for 92-octane gasoline [7] - The price adjustments are based on the average international crude oil prices over the previous ten working days [7] Financial Regulation - The National Financial Regulatory Administration has released the "Interim Measures for the Supervision and Management of Local Asset Management Companies" to enhance oversight and promote healthy industry development [8]

Core Viewpoint - The article discusses the implementation of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" by the Financial Regulatory Bureau, aimed at standardizing the operations of local asset management companies (AMCs) and enhancing their focus on core responsibilities while effectively serving local needs [1][2]. Regulatory Framework - The new measures are a significant step in establishing a unified regulatory framework for local AMCs, addressing previous issues of fragmented management and regulatory oversight [3][4]. - The provincial financial management institutions are designated as the primary supervisory bodies for local AMCs, ensuring accountability and coordination with the Financial Regulatory Bureau [4]. Business Scope and Restrictions - The measures delineate the business scope for local AMCs, allowing them to engage in the acquisition, management, and disposal of non-performing assets, while prohibiting activities outside this scope [7][8]. - Five key operational restrictions are established, including prohibitions against guaranteeing principal and fixed returns, facilitating false reporting for financial institutions, and engaging in illegal debt recovery practices [9][10]. Risk Management Requirements - The measures introduce specific risk management requirements, including limits on concentration risk, liquidity risk, and related party transactions [11][12][14]. - Local AMCs are required to maintain a minimum level of high-quality liquid assets to cover net cash outflows for the next 30 days [13]. Industry Outlook - The importance of local AMCs is highlighted, with projections indicating that the scale of non-performing asset management will reach RMB 16,877 billion by 2029, with a compound annual growth rate of 14.8% from 2024 to 2029 [6].