<ul>
<li><em>标普全球推出 “合作伙伴视角”，这是一个新倡议，汇聚领先组织为投资者提供在不断变化的市场环境中可信的见解</em></li>
<li><em>首份标普全球合作伙伴视角报告与先锋集团合作开发，探讨了指数、固定收益和私募市场的关键结构趋势</em></li>
</ul>
<p>, /PRNewswire/ -- 标普全球（NYSE: SPGI）今天宣布推出_合作伙伴视角_，这是一个新的思想领导倡议，汇聚领先机构以审视塑造全球市场的趋势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2842604/SP_Global_Logo.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="400" height="155" original-src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2842604/SP_Global_Logo.jpg"/></p>
<p>由标普全球的前瞻委员会赞助，_合作伙伴视角_提供前瞻性分析，帮助市场参与者应对不确定性，识别机会并预测未来。</p>
<p>第一卷，<em>合作伙伴视角：资本市场的未来——解锁潜力</em>，与先锋集团共同制作，探讨了全球市场结构的变化，从指数多样化和固定收益的韧性到私募市场创新的加速。</p>
<p>该期刊今天在纽约证券交易所的标普全球 - 先锋集团联合活动中推出，研究见解通过小组讨论的形式突出，探讨了指数、固定收益和私募市场的结构趋势。该活动性质为信息性，并未讨论标普全球的业务表现或披露任何重要的非公开信息。</p>
<p><strong>研究亮点：</strong></p>
<p><strong>指数：</strong></p>
<ul>
<li><strong>市场领导地位演变，但广泛基准依然韧性十足</strong>：美国股票集中度已达到六十年来的最高水平，但广泛基准仍能吸收市场领导地位的变化。</li>
<li><strong>指数基金演变：从单一基准到多样化选择的格局：</strong> 在首个标普 500 指数基金推出五十年后，各种因子、行业、区域和多市值策略为投资者提供了更精确、低成本的投资组合选择。</li>
</ul>
<p><strong>债券市场：</strong></p>
<ul>
<li><strong>发行者和投资者在碎片化中展现韧性</strong>：尽管地缘政治紧张和利率上升，全球债券市场依然坚韧，得益于灵活的发行者、稳定的需求和日益增长的 ETF 驱动流动性。</li>
<li><strong>债券指数基金：精确跟踪需要复杂管理</strong>：由于固定收益市场的结构，复制债券基准仍然复杂，需要精细的抽样、多因素风险对齐和成本控制。</li>
</ul>
<p><strong>私募市场：</strong></p>
<ul>
<li><strong>私募信贷：资产基础融资成为下一个增长引擎</strong>：自 2020 年以来，私募信贷的资产管理规模已翻倍，预计到 2029 年将超过 3.3 万亿美元，资产基础融资推动了行业扩张的不断增长。</li>
<li><strong>私募股权：尽管短期面临挑战，长期前景依然积极：</strong> 尽管借贷成本上升和退出速度放缓，私募股权仍保持强劲的长期前景，但管理者选择和成本至关重要。</li>
</ul>
<p>“随着指数的演变、债券市场的韧性和私募市场的扩展，市场参与者需要的不仅仅是数据。他们需要可信的、高质量的观点和更深入的见解，将复杂性转化为明确的决策，”<strong>标普道琼斯指数首席执行官凯瑟琳·克莱（Catherine Clay）</strong> 表示。“通过合作伙伴视角，标普全球与包括先锋集团在内的领先机构共同将严谨的研究转化为可操作的指导，以便投资者能够应对波动，坚定配置，并为持久的长期结果做好投资组合布局。”</p>
<p>“与标普全球的合作结合了深厚的专业知识，以解锁能够帮助投资者理解行业动态变化的见解，”<strong>先锋集团总裁兼首席投资官格雷格·戴维斯（Greg Davis）</strong> 表示。“当投资者在股市估值被拉伸、固定收益重新强劲以及私募市场快速创新之间进行导航时，严谨的分析和长期视角比以往任何时候都更为重要。我们的目标是帮助投资者穿透噪音，理解正在进行的结构性变化，并专注于推动持久结果的因素。”</p>
<p>标普全球前瞻委员会汇聚了来自组织内的领先专家，提供研究以阐明长期趋势和变革性市场变化。</p>
<p>要阅读完整报告： http://spglobal.com/en/research-insights/special-reports/look-forward/partner-perspectives/unlocking-potential-ahead-with-vanguard</p>
<p><strong>媒体联系：</strong></p>
<p>亚历克西斯·维克利（Alexis Weakley）</p>
<p>标普全球</p>
<p>alexis.weakley@spglobal.com</p>
<p>法汉·侯赛因（Farhan Husain）</p>
<p>标普全球评级与道琼斯指数</p>
<p>farhan.husain@spglobal.com</p>
<p><strong>关于标普全球</strong></p>
<p>标普全球（NYSE: SPGI）为企业、政府和个人提供可信的数据、专业知识和技术，以便做出坚定的决策。我们通过世界领先的基准、数据和客户所需的见解，推动基本智能的发展，使客户能够自信地规划、果断地行动，并在快速变化的全球环境中蓬勃发展。</p>
<p>从帮助客户评估资本和商品市场的新投资，到指导他们应对能源扩张、人工智能加速以及公共和私募市场的演变，我们使全球领先的组织能够解锁机会、解决挑战，并为明天做好规划——今天。了解更多信息，请访问 www.spglobal.com</p>
<p><strong>关于先锋集团</strong></p>
<p>创立于 1975 年，先锋集团是全球领先的投资管理公司之一。该公司为全球数千万个人投资者提供投资、咨询和退休服务——直接提供、通过工作场所计划以及通过金融中介。先锋集团采用独特的投资者拥有结构，先锋基金的股东拥有这些基金，而这些基金又拥有先锋集团。因此，先锋集团遵循一个简单的宗旨：为所有投资者发声，公平对待他们，并为他们提供最佳的投资成功机会。欲了解更多信息，请访问 vanguard.com。</p>
<p>所有投资均存在风险，包括可能的本金损失。私人投资涉及较高的风险，因此仅应由能够评估和承担此类投资所代表风险的潜在投资者进行。私人股本投资者通常必须满足某些最低财务资格，这可能使其不适合特定市场参与者。</p>
<p>来源：标普全球</p>

标普全球

<p>标普全球推出了 “合作伙伴视角”（Partner Perspectives）这一新举措，旨在为投资者在市场变化中提供洞察。首份报告与先锋集团（Vanguard）共同制作，讨论了指数、固定收益和私募市场的趋势。主要发现包括尽管市场集中，广泛基准的韧性依然存在；指数基金的演变；以及私募信贷的增长。该举措旨在提供可操作的指导，帮助投资者在动荡的环境中做出明智的决策。该报告在纽约证券交易所的联合活动中发布</p>

<ul>
<li><em>S&amp;P Global unveils 'Partner Perspectives,' a new initiative that convenes leading organizations to deliver trusted insights for investors navigating evolving market conditions</em></li>
<li><em>The inaugural S&amp;P Global Partner Perspectives report, developed in collaboration with Vanguard, explores key structural trends across indexing, fixed income, and private markets</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>标普全球推出 “合作伙伴视角”，这是一个新倡议，汇聚领先组织为投资者提供在不断变化的市场环境中可信的见解</em></li>
<li><em>首份标普全球合作伙伴视角报告与先锋集团合作开发，探讨了指数、固定收益和私募市场的关键结构趋势</em></li>
</ul>
</div><p>, /PRNewswire/ -- S&amp;P Global (NYSE: SPGI) today announced the launch of <em>Partner Perspectives</em>, a new thought-leadership initiative that convenes leading institutions to examine the trends shaping global markets.</p>
<div class="lb-trans"><p>, /PRNewswire/ -- 标普全球（NYSE: SPGI）今天宣布推出_合作伙伴视角_，这是一个新的思想领导倡议，汇聚领先机构以审视塑造全球市场的趋势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2842604/SP_Global_Logo.jpg" alt="" original-src="https://mma.prnewswire.com/media/2842604/SP_Global_Logo.jpg"/></p>
<p>Sponsored by the S&amp;P Global's Look Forward Council, <em>Partner Perspectives</em> delivers forward-looking analysis that helps market participants navigate uncertainty, identify opportunities and anticipate what's ahead.</p>
<div class="lb-trans"><p>由标普全球的前瞻委员会赞助，_合作伙伴视角_提供前瞻性分析，帮助市场参与者应对不确定性，识别机会并预测未来。</p>
</div><p>The first volume, <em>Partner Perspectives: The Future of Capital Markets—Unlocking Potential Ahead</em> <em>,</em> jointly produced with Vanguard, explores shifts in global market structure, from index diversification and fixed income resilience to accelerating private market innovation.</p>
<div class="lb-trans"><p>第一卷，<em>合作伙伴视角：资本市场的未来——解锁潜力</em>，与先锋集团共同制作，探讨了全球市场结构的变化，从指数多样化和固定收益的韧性到私募市场创新的加速。</p>
</div><p>The journal was introduced today at a joint S&amp;P Global-Vanguard event at the New York Stock Exchange, where insights from the research were highlighted through panel discussions exploring structural trends across indexing, fixed income and private markets. The event was informational in nature and did not include any discussion of S&amp;P Global's business performance or disclose any material non-public information.</p>
<div class="lb-trans"><p>该期刊今天在纽约证券交易所的标普全球 - 先锋集团联合活动中推出，研究见解通过小组讨论的形式突出，探讨了指数、固定收益和私募市场的结构趋势。该活动性质为信息性，并未讨论标普全球的业务表现或披露任何重要的非公开信息。</p>
</div><p><strong>Research highlights:</strong></p>
<div class="lb-trans"><p><strong>研究亮点：</strong></p>
</div><p><strong>Indexing:</strong></p>
<div class="lb-trans"><p><strong>指数：</strong></p>
</div><ul>
<li><strong>Market Leadership Evolves, but Broad Benchmarks Remain Resilient</strong>: U.S. equity concentration has reached six‑decade highs, yet broad benchmarks continue to absorb shifting market leadership.</li>
<li><strong>Index Fund Evolution: From a Single Benchmark to a Landscape of Choice:</strong> Fifty years after the first S&amp;P 500 index fund, a diverse range of factor, sector, regional, and multi‑cap strategies now gives investors more precise, low‑cost portfolio options.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>市场领导地位演变，但广泛基准依然韧性十足</strong>：美国股票集中度已达到六十年来的最高水平，但广泛基准仍能吸收市场领导地位的变化。</li>
<li><strong>指数基金演变：从单一基准到多样化选择的格局：</strong> 在首个标普 500 指数基金推出五十年后，各种因子、行业、区域和多市值策略为投资者提供了更精确、低成本的投资组合选择。</li>
</ul>
</div><p><strong>Bond Markets:</strong></p>
<div class="lb-trans"><p><strong>债券市场：</strong></p>
</div><ul>
<li><strong>Issuers and Investors Prove Resilient Amid Fragmentation</strong>: Global bond markets remain durable despite geopolitical tensions and higher rates, supported by adaptable issuers, steady demand, and rising ETF‑driven liquidity.</li>
<li><strong>Bond Index Funds: Precision Tracking Requires Sophisticated Management</strong>: Replicating bond benchmarks remains complex due to the structure of the fixed income markets, requiring sophisticated sampling, multifactor risk alignment and cost discipline.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>发行者和投资者在碎片化中展现韧性</strong>：尽管地缘政治紧张和利率上升，全球债券市场依然坚韧，得益于灵活的发行者、稳定的需求和日益增长的 ETF 驱动流动性。</li>
<li><strong>债券指数基金：精确跟踪需要复杂管理</strong>：由于固定收益市场的结构，复制债券基准仍然复杂，需要精细的抽样、多因素风险对齐和成本控制。</li>
</ul>
</div><p><strong>Private Markets:</strong></p>
<div class="lb-trans"><p><strong>私募市场：</strong></p>
</div><ul>
<li><strong>Private Credit: Asset‑Based Finance Emerges as the Next Growth Engine</strong>: Private credit AUM has more than doubled since 2020 and may surpass $3.3 trillion by 2029, with Asset‑Based Finance driving a growing share of industry expansion.</li>
<li><strong>Private Equity: Positive Long‑Term Outlook Despite Near‑Term Headwinds:</strong> Despite higher borrowing costs and slower exits, private equity maintains a strong long‑term outlook, but manager selection and costs are critical.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>私募信贷：资产基础融资成为下一个增长引擎</strong>：自 2020 年以来，私募信贷的资产管理规模已翻倍，预计到 2029 年将超过 3.3 万亿美元，资产基础融资推动了行业扩张的不断增长。</li>
<li><strong>私募股权：尽管短期面临挑战，长期前景依然积极：</strong> 尽管借贷成本上升和退出速度放缓，私募股权仍保持强劲的长期前景，但管理者选择和成本至关重要。</li>
</ul>
</div><p>&#34;As indexing evolves, bond markets remain resilient and private markets scale, market participants need more than data. They need trusted, high‑quality perspectives and deeper insights that translate complexity into clear decisions,&#34; said <strong>Catherine Clay, CEO of S&amp;P Dow Jones Indices.</strong> &#34;Through Partner Perspectives, S&amp;P Global—together with leading institutions including Vanguard—turns rigorous research into actionable guidance so investors can navigate volatility, allocate with conviction, and position portfolios for durable, long‑term outcomes.&#34;</p>
<div class="lb-trans"><p>“随着指数的演变、债券市场的韧性和私募市场的扩展，市场参与者需要的不仅仅是数据。他们需要可信的、高质量的观点和更深入的见解，将复杂性转化为明确的决策，”<strong>标普道琼斯指数首席执行官凯瑟琳·克莱（Catherine Clay）</strong> 表示。“通过合作伙伴视角，标普全球与包括先锋集团在内的领先机构共同将严谨的研究转化为可操作的指导，以便投资者能够应对波动，坚定配置，并为持久的长期结果做好投资组合布局。”</p>
</div><p>&#34;This collaboration with S&amp;P Global combines deep expertise to unlock insights that can help investors make sense of shifting industry dynamics,&#34; said <strong>Greg Davis, President and Chief Investment Officer, Vanguard</strong>. &#34;As investors navigate stretched valuations in equities, renewed strength in fixed income, and rapid innovation across private markets, rigorous analysis and long‑term perspective are more essential than ever. Our goal is to help investors cut through the noise, understand the structural shifts underway, and stay focused on the factors that drive durable outcomes.&#34;</p>
<div class="lb-trans"><p>“与标普全球的合作结合了深厚的专业知识，以解锁能够帮助投资者理解行业动态变化的见解，”<strong>先锋集团总裁兼首席投资官格雷格·戴维斯（Greg Davis）</strong> 表示。“当投资者在股市估值被拉伸、固定收益重新强劲以及私募市场快速创新之间进行导航时，严谨的分析和长期视角比以往任何时候都更为重要。我们的目标是帮助投资者穿透噪音，理解正在进行的结构性变化，并专注于推动持久结果的因素。”</p>
</div><p>The S&amp;P Global Look Forward Council brings together leading experts from across the organization to deliver research that illuminates long-term trends and transformative market shifts.</p>
<div class="lb-trans"><p>标普全球前瞻委员会汇聚了来自组织内的领先专家，提供研究以阐明长期趋势和变革性市场变化。</p>
</div><p>To read the full report: http://spglobal.com/en/research-insights/special-reports/look-forward/partner-perspectives/unlocking-potential-ahead-with-vanguard</p>
<div class="lb-trans"><p>要阅读完整报告： http://spglobal.com/en/research-insights/special-reports/look-forward/partner-perspectives/unlocking-potential-ahead-with-vanguard</p>
</div><p><strong>Media Contact:</strong></p>
<div class="lb-trans"><p><strong>媒体联系：</strong></p>
</div><p>Alexis Weakley</p>
<div class="lb-trans"><p>亚历克西斯·维克利（Alexis Weakley）</p>
</div><p>S&amp;P Global</p>
<div class="lb-trans"><p>标普全球</p>
</div><p>alexis.weakley@spglobal.com</p>
<div class="lb-trans"><p>alexis.weakley@spglobal.com</p>
</div><p>Farhan Husain</p>
<div class="lb-trans"><p>法汉·侯赛因（Farhan Husain）</p>
</div><p>S&amp;P Global Ratings &amp; Dow Jones Indices</p>
<div class="lb-trans"><p>标普全球评级与道琼斯指数</p>
</div><p>farhan.husain@spglobal.com</p>
<div class="lb-trans"><p>farhan.husain@spglobal.com</p>
</div><p><strong>About S&amp;P Global</strong></p>
<div class="lb-trans"><p><strong>关于标普全球</strong></p>
</div><p>S&amp;P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape.</p>
<div class="lb-trans"><p>标普全球（NYSE: SPGI）为企业、政府和个人提供可信的数据、专业知识和技术，以便做出坚定的决策。我们通过世界领先的基准、数据和客户所需的见解，推动基本智能的发展，使客户能够自信地规划、果断地行动，并在快速变化的全球环境中蓬勃发展。</p>
</div><p>From helping our customers assess new investments across the capital and commodities markets to guiding them through the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com</p>
<div class="lb-trans"><p>从帮助客户评估资本和商品市场的新投资，到指导他们应对能源扩张、人工智能加速以及公共和私募市场的演变，我们使全球领先的组织能够解锁机会、解决挑战，并为明天做好规划——今天。了解更多信息，请访问 www.spglobal.com</p>
</div><p><strong>About Vanguard</strong></p>
<div class="lb-trans"><p><strong>关于先锋集团</strong></p>
</div><p>Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.</p>
<div class="lb-trans"><p>创立于 1975 年，先锋集团是全球领先的投资管理公司之一。该公司为全球数千万个人投资者提供投资、咨询和退休服务——直接提供、通过工作场所计划以及通过金融中介。先锋集团采用独特的投资者拥有结构，先锋基金的股东拥有这些基金，而这些基金又拥有先锋集团。因此，先锋集团遵循一个简单的宗旨：为所有投资者发声，公平对待他们，并为他们提供最佳的投资成功机会。欲了解更多信息，请访问 vanguard.com。</p>
</div><p>All investing is subject to risk, including possible loss of principal. Private investments involve a high degree of risk and, therefore, should be undertaken only by prospective investors capable of evaluating and bearing the risks such an investment represents. Investors in private equity generally must meet certain minimum financial qualifications that may make it unsuitable for specific market participants.</p>
<div class="lb-trans"><p>所有投资均存在风险，包括可能的本金损失。私人投资涉及较高的风险，因此仅应由能够评估和承担此类投资所代表风险的潜在投资者进行。私人股本投资者通常必须满足某些最低财务资格，这可能使其不适合特定市场参与者。</p>
</div><p>SOURCE S&amp;P Global</p>
<div class="lb-trans"><p>来源：标普全球</p>
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标普全球推出新的合作伙伴视角计划，并与先锋集团合作发布研究合集 | SPGI 股票新闻