近日，资管巨头贝莱德（BlackRock）递交了截至2025年12月31日的2025年第四季度美股持仓报告 （13F）。 这家管理规模约14万亿美元的资管巨头，旗下ETF产品是美股重要的被动资金来源之一。因此，贝莱德 的13F持仓在相当程度上映射出美股市值结构的变化，其动向往往被视为美股市场风向标。 数据显示，截至2025年末，贝莱德美股持仓总市值达5.92万亿美元，较上季度增加约2100亿美元，环比 增加3.67%。 减持方面，前五大减持标的依次为标普500ETF-SPDR看涨期权、ServiceNow、Strategy、AT&T、 Kellanova。其中，标普500看涨期权权重降幅最大，ServiceNow、Strategy、AT&T等持仓亦小幅回落。 截至2025年末，贝莱德前十大重仓股格局整体稳定，分别为英伟达、苹果、微软、亚马逊、谷歌-A、 博通、谷歌-C、Meta、特斯拉以及礼来，合计占其总市值的30.41%。 其中，英伟达以超6%的组合权重继续独占鳌头，持股超19亿股，季末持仓市值约3625亿美元，较上季 度相比增加约1455万股。苹果、微软分列二、三位，季末持仓市值分别约3139亿美元和29 ...

Core Insights - The outflow of approximately $8.5 billion from US-listed spot Bitcoin exchange-traded funds since October 10 indicates a significant decline in institutional interest in Bitcoin [1][17] - Bitcoin's price has dropped over 40% despite other asset classes like stocks and precious metals gaining traction, highlighting a unique market dynamic [1][17] - The shift in market dynamics has seen American retail and institutional capital become the marginal price-setter, replacing retail traders on offshore exchanges [2][17] Market Dynamics - Futures exposure on the Chicago Mercantile Exchange has decreased by about two-thirds from its late-2024 peak, now standing at roughly $8 billion [1][17] - The demand for borrowed exposure on the CME is at its lowest since mid-2023, indicating a lack of leverage and fewer forced buyers during price increases [7][17] - The institutional wave has been characterized by mechanical trading strategies, such as basis trades, which have lost their rationale as spreads compressed below Treasury yields [8][9] Structural Issues - The institutionalization of Bitcoin has not eliminated volatility but has instead reallocated it, concentrating risk in ways that become apparent during market shifts [12][18] - Many ETF investors are currently below their average cost basis, leading to selling pressure during price bounces as they seek to break even [13][18] - The introduction of products like BlackRock's IBIT has created localized stabilization in Bitcoin prices, but these structures can exaggerate price movements when significant catalysts occur [14][18] Market Sentiment - The market has lost its ability to respond positively to good news, as evidenced by the quick fade of enthusiasm following announcements like BlackRock's product tied to Uniswap [18] - The breakdown of market structure on October 10 has led to unprecedented drawdowns, surpassing those seen in previous downturns [17][18]

（来源：吴说） 据 SoSoValue 数据，昨日（美东时间 2 月 20 日）比特币现货 ETF 总净流入 8804.22 万美元。单日净流 入最多的比特币现货 ETF 为贝莱德 (Blackrock） ETF IBIT，单日净流入为 6445.66 万美元，目前 IBIT 历史总净流入达 613.03 亿美元。以太坊现货 ETF 总净流入 1.72 万美元。昨日单日净流入最多的以太坊 现货 ETF 为贝莱德（Blackrock） ETF ETHA，单日净流入为 178.26 万美元，目前 ETHA 历史总净流入 达 118.75 亿美元。 MACD金叉信号形成，这些股涨势不错！ ...

从微信支付、美团外卖到宁德时代电池生产线，从中国银行的股东名册到巴拿马港口的收购案，这家管理着超过10万亿美元资产的华尔街巨头，正以一种前 所未有的方式编织着它在中国的资本网络。 贝莱德早在2006年便在中国市场落子布局，入股中银基金，迈出进军中国市场的第一步，当时这看似是试探性投资，如今看来更像是一场经过深思熟虑、精 心谋划的战略侦察。 2020年4月，中国证监会宣布全面取消证券公司、基金管理公司的外资股比限制，政策闸门打开仅四个月后，贝莱德就在2020年8月递交了全资公募基金公司 设立申请。 金融圈内流传着一个令人不安的数字，3000亿美元，这个数字并非某省的年GDP，也不是某个巨型央企的市值，而是全球最大资产管理公司，美国贝莱德集 团，他们通过复杂金融网络在中国市场布局的资产规模。 贝莱德投资版图广泛，在新能源汽车领域，其投资贯穿从电池制造到整车生产，再到充电桩建设与智能驾驶系统等产业链关键环节，于互联网行业，它是腾 讯第四大股东、百度第二大股东，还持有约6.5%的阿里巴巴股份。 这些投资并非简单的财务投资，而是通过基金嵌套、董事会席位等方式，获得了远超股权比例的影响力。 | 贝莱德(BlackRock ...

港交所：2月16日，贝莱德持有的药明生物H股多头头寸从5.22%降至4.51%。 来源：滚动播报 ...

Group 1 - Saba Capital Management, a significant shareholder, supports the proposed combination of BlackRock Throgmorton Trust plc and BlackRock Smaller Companies Trust plc [1] - The announcement includes several shareholder-friendly initiatives for the combined company, such as reduced management fees [1]

The market cap for BlackRock's BUIDL money market fund on @solana is up ~200% over the past week.The BUIDL fund is tokenized by @Securitize. https://t.co/R59MSRGntp ...

Core Viewpoint - BlackRock, Inc. is a leading investment management firm with a market capitalization of $166.4 billion, serving a diverse range of clients including institutional and individual investors [1] Financial Performance - BlackRock's shares have underperformed the broader market over the past year but outperformed in 2026, with stock growth of 11.7% over the past 52 weeks and 2.1% year-to-date [2] - The company reported $7 billion in revenue for Q4 2025, exceeding Wall Street projections, with an adjusted EPS of $13.16, also surpassing estimates [6] - Analysts expect BlackRock's EPS to grow 11.5% year-over-year to $53.64 for the year ending December 2026, with a strong earnings surprise history [7] Analyst Ratings and Price Targets - Among 19 analysts covering BlackRock, the consensus rating is a "Strong Buy," with 12 "Strong Buy" ratings, three "Moderate Buys," and four "Holds" [7] - Barclays analyst Benjamin Budish maintained an "Overweight" rating for BlackRock and raised the price target from $1300 to $1350, indicating a 21.3% premium to current price levels [8] - The mean price target of $1,324.50 suggests a potential upside of 21.3%, while the Street-high target of $1,550 indicates a potential upside of 41.9% [8]

888、666、188……专属炒股靓号来了！新年定制福利，开启马年投资好运>> 据 SoSoValue 数据，美东时间 2 月 18 日，比特币现货 ETF 总净流出 1.33 亿美元。昨日单日净流出最多 的比特币现货 ETF 为贝莱德 (Blackrock） ETF IBIT，单日净流出为 8419.49 万美元。以太坊现货 ETF 总净流出 4182.74 万美元，昨日单日净流出最多的以太坊现货 ETF 为贝莱德（Blackrock） ETF ETHA，单日净流出为 2993.43 万美元。 （来源：吴说） ...

RT Mario Nawfal (@MarioNawfal)Joshua Fink, son of BlackRock CEO Larry Fink, was dating a model whose visa was controlled by MC2, a modeling agency funded by Epstein and run by Jean-Luc Brunel, who was later charged with trafficking and rape.When Fink reached out to Brunel about a billing issue, Brunel forwarded it straight to Epstein, who demanded: "Talk to me first please."The woman was also forwarding her private conversations with Fink directly to Epstein.Epstein was the one really pulling the strings.He ...