<ul>
<li><em>標普全球推出 “合作伙伴視角”，這是一個新倡議，匯聚領先組織為投資者提供在不斷變化的市場環境中可信的見解</em></li>
<li><em>首份標普全球合作伙伴視角報告與先鋒集團合作開發，探討了指數、固定收益和私募市場的關鍵結構趨勢</em></li>
</ul>
<p>, /PRNewswire/ -- 標普全球（NYSE: SPGI）今天宣佈推出_合作伙伴視角_，這是一個新的思想領導倡議，匯聚領先機構以審視塑造全球市場的趨勢。</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>由標普全球的前瞻委員會贊助，_合作伙伴視角_提供前瞻性分析，幫助市場參與者應對不確定性，識別機會並預測未來。</p>
<p>第一卷，<em>合作伙伴視角：資本市場的未來——解鎖潛力</em>，與先鋒集團共同製作，探討了全球市場結構的變化，從指數多樣化和固定收益的韌性到私募市場創新的加速。</p>
<p>該期刊今天在紐約證券交易所的標普全球 - 先鋒集團聯合活動中推出，研究見解通過小組討論的形式突出，探討了指數、固定收益和私募市場的結構趨勢。該活動性質為信息性，並未討論標普全球的業務表現或披露任何重要的非公開信息。</p>
<p><strong>研究亮點：</strong></p>
<p><strong>指數：</strong></p>
<ul>
<li><strong>市場領導地位演變，但廣泛基準依然韌性十足</strong>：美國股票集中度已達到六十年來的最高水平，但廣泛基準仍能吸收市場領導地位的變化。</li>
<li><strong>指數基金演變：從單一基準到多樣化選擇的格局：</strong> 在首個標普 500 指數基金推出五十年後，各種因子、行業、區域和多市值策略為投資者提供了更精確、低成本的投資組合選擇。</li>
</ul>
<p><strong>債券市場：</strong></p>
<ul>
<li><strong>發行者和投資者在碎片化中展現韌性</strong>：儘管地緣政治緊張和利率上升，全球債券市場依然堅韌，得益於靈活的發行者、穩定的需求和日益增長的 ETF 驅動流動性。</li>
<li><strong>債券指數基金：精確跟蹤需要複雜管理</strong>：由於固定收益市場的結構，複製債券基準仍然複雜，需要精細的抽樣、多因素風險對齊和成本控制。</li>
</ul>
<p><strong>私募市場：</strong></p>
<ul>
<li><strong>私募信貸：資產基礎融資成為下一個增長引擎</strong>：自 2020 年以來，私募信貸的資產管理規模已翻倍，預計到 2029 年將超過 3.3 萬億美元，資產基礎融資推動了行業擴張的不斷增長。</li>
<li><strong>私募股權：儘管短期面臨挑戰，長期前景依然積極：</strong> 儘管借貸成本上升和退出速度放緩，私募股權仍保持強勁的長期前景，但管理者選擇和成本至關重要。</li>
</ul>
<p>“隨着指數的演變、債券市場的韌性和私募市場的擴展，市場參與者需要的不僅僅是數據。他們需要可信的、高質量的觀點和更深入的見解，將複雜性轉化為明確的決策，”<strong>標普道瓊斯指數首席執行官凱瑟琳·克萊（Catherine Clay）</strong> 表示。“通過合作伙伴視角，標普全球與包括先鋒集團在內的領先機構共同將嚴謹的研究轉化為可操作的指導，以便投資者能夠應對波動，堅定配置，併為持久的長期結果做好投資組合佈局。”</p>
<p>“與標普全球的合作結合了深厚的專業知識，以解鎖能夠幫助投資者理解行業動態變化的見解，”<strong>先鋒集團總裁兼首席投資官格雷格·戴維斯（Greg Davis）</strong> 表示。“當投資者在股市估值被拉伸、固定收益重新強勁以及私募市場快速創新之間進行導航時，嚴謹的分析和長期視角比以往任何時候都更為重要。我們的目標是幫助投資者穿透噪音，理解正在進行的結構性變化，並專注於推動持久結果的因素。”</p>
<p>標普全球前瞻委員會匯聚了來自組織內的領先專家，提供研究以闡明長期趨勢和變革性市場變化。</p>
<p>要閲讀完整報告： http://spglobal.com/en/research-insights/special-reports/look-forward/partner-perspectives/unlocking-potential-ahead-with-vanguard</p>
<p><strong>媒體聯繫：</strong></p>
<p>亞歷克西斯·維克利（Alexis Weakley）</p>
<p>標普全球</p>
<p>alexis.weakley@spglobal.com</p>
<p>法漢·侯賽因（Farhan Husain）</p>
<p>標普全球評級與道瓊斯指數</p>
<p>farhan.husain@spglobal.com</p>
<p><strong>關於標普全球</strong></p>
<p>標普全球（NYSE: SPGI）為企業、政府和個人提供可信的數據、專業知識和技術，以便做出堅定的決策。我們通過世界領先的基準、數據和客户所需的見解，推動基本智能的發展，使客户能夠自信地規劃、果斷地行動，並在快速變化的全球環境中蓬勃發展。</p>
<p>從幫助客户評估資本和商品市場的新投資，到指導他們應對能源擴張、人工智能加速以及公共和私募市場的演變，我們使全球領先的組織能夠解鎖機會、解決挑戰，併為明天做好規劃——今天。瞭解更多信息，請訪問 www.spglobal.com</p>
<p><strong>關於先鋒集團</strong></p>
<p>創立於 1975 年，先鋒集團是全球領先的投資管理公司之一。該公司為全球數千萬個人投資者提供投資、諮詢和退休服務——直接提供、通過工作場所計劃以及通過金融中介。先鋒集團採用獨特的投資者擁有結構，先鋒基金的股東擁有這些基金，而這些基金又擁有先鋒集團。因此，先鋒集團遵循一個簡單的宗旨：為所有投資者發聲，公平對待他們，併為他們提供最佳的投資成功機會。欲瞭解更多信息，請訪問 vanguard.com。</p>
<p>所有投資均存在風險，包括可能的本金損失。私人投資涉及較高的風險，因此僅應由能夠評估和承擔此類投資所代表風險的潛在投資者進行。私人股本投資者通常必須滿足某些最低財務資格，這可能使其不適合特定市場參與者。</p>
<p>來源：標普全球</p>

標普全球

<p>標普全球推出了 “合作伙伴視角”（Partner Perspectives）這一新舉措，旨在為投資者在市場變化中提供洞察。首份報告與先鋒集團（Vanguard）共同製作，討論了指數、固定收益和私募市場的趨勢。主要發現包括儘管市場集中，廣泛基準的韌性依然存在；指數基金的演變；以及私募信貸的增長。該舉措旨在提供可操作的指導，幫助投資者在動盪的環境中做出明智的決策。該報告在紐約證券交易所的聯合活動中發佈</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>標普全球推出 “合作伙伴視角”，這是一個新倡議，匯聚領先組織為投資者提供在不斷變化的市場環境中可信的見解</em></li>
<li><em>首份標普全球合作伙伴視角報告與先鋒集團合作開發，探討了指數、固定收益和私募市場的關鍵結構趨勢</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/ -- 標普全球（NYSE: SPGI）今天宣佈推出_合作伙伴視角_，這是一個新的思想領導倡議，匯聚領先機構以審視塑造全球市場的趨勢。</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>由標普全球的前瞻委員會贊助，_合作伙伴視角_提供前瞻性分析，幫助市場參與者應對不確定性，識別機會並預測未來。</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>合作伙伴視角：資本市場的未來——解鎖潛力</em>，與先鋒集團共同製作，探討了全球市場結構的變化，從指數多樣化和固定收益的韌性到私募市場創新的加速。</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>該期刊今天在紐約證券交易所的標普全球 - 先鋒集團聯合活動中推出，研究見解通過小組討論的形式突出，探討了指數、固定收益和私募市場的結構趨勢。該活動性質為信息性，並未討論標普全球的業務表現或披露任何重要的非公開信息。</p>
</div><p><strong>Research highlights:</strong></p>
<div class="lb-trans"><p><strong>研究亮點：</strong></p>
</div><p><strong>Indexing:</strong></p>
<div class="lb-trans"><p><strong>指數：</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>市場領導地位演變，但廣泛基準依然韌性十足</strong>：美國股票集中度已達到六十年來的最高水平，但廣泛基準仍能吸收市場領導地位的變化。</li>
<li><strong>指數基金演變：從單一基準到多樣化選擇的格局：</strong> 在首個標普 500 指數基金推出五十年後，各種因子、行業、區域和多市值策略為投資者提供了更精確、低成本的投資組合選擇。</li>
</ul>
</div><p><strong>Bond Markets:</strong></p>
<div class="lb-trans"><p><strong>債券市場：</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>發行者和投資者在碎片化中展現韌性</strong>：儘管地緣政治緊張和利率上升，全球債券市場依然堅韌，得益於靈活的發行者、穩定的需求和日益增長的 ETF 驅動流動性。</li>
<li><strong>債券指數基金：精確跟蹤需要複雜管理</strong>：由於固定收益市場的結構，複製債券基準仍然複雜，需要精細的抽樣、多因素風險對齊和成本控制。</li>
</ul>
</div><p><strong>Private Markets:</strong></p>
<div class="lb-trans"><p><strong>私募市場：</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>私募信貸：資產基礎融資成為下一個增長引擎</strong>：自 2020 年以來，私募信貸的資產管理規模已翻倍，預計到 2029 年將超過 3.3 萬億美元，資產基礎融資推動了行業擴張的不斷增長。</li>
<li><strong>私募股權：儘管短期面臨挑戰，長期前景依然積極：</strong> 儘管借貸成本上升和退出速度放緩，私募股權仍保持強勁的長期前景，但管理者選擇和成本至關重要。</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>“隨着指數的演變、債券市場的韌性和私募市場的擴展，市場參與者需要的不僅僅是數據。他們需要可信的、高質量的觀點和更深入的見解，將複雜性轉化為明確的決策，”<strong>標普道瓊斯指數首席執行官凱瑟琳·克萊（Catherine Clay）</strong> 表示。“通過合作伙伴視角，標普全球與包括先鋒集團在內的領先機構共同將嚴謹的研究轉化為可操作的指導，以便投資者能夠應對波動，堅定配置，併為持久的長期結果做好投資組合佈局。”</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>“與標普全球的合作結合了深厚的專業知識，以解鎖能夠幫助投資者理解行業動態變化的見解，”<strong>先鋒集團總裁兼首席投資官格雷格·戴維斯（Greg Davis）</strong> 表示。“當投資者在股市估值被拉伸、固定收益重新強勁以及私募市場快速創新之間進行導航時，嚴謹的分析和長期視角比以往任何時候都更為重要。我們的目標是幫助投資者穿透噪音，理解正在進行的結構性變化，並專注於推動持久結果的因素。”</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>標普全球前瞻委員會匯聚了來自組織內的領先專家，提供研究以闡明長期趨勢和變革性市場變化。</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>要閲讀完整報告： 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>媒體聯繫：</strong></p>
</div><p>Alexis Weakley</p>
<div class="lb-trans"><p>亞歷克西斯·維克利（Alexis Weakley）</p>
</div><p>S&amp;P Global</p>
<div class="lb-trans"><p>標普全球</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>法漢·侯賽因（Farhan Husain）</p>
</div><p>S&amp;P Global Ratings &amp; Dow Jones Indices</p>
<div class="lb-trans"><p>標普全球評級與道瓊斯指數</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>關於標普全球</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>標普全球（NYSE: SPGI）為企業、政府和個人提供可信的數據、專業知識和技術，以便做出堅定的決策。我們通過世界領先的基準、數據和客户所需的見解，推動基本智能的發展，使客户能夠自信地規劃、果斷地行動，並在快速變化的全球環境中蓬勃發展。</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>從幫助客户評估資本和商品市場的新投資，到指導他們應對能源擴張、人工智能加速以及公共和私募市場的演變，我們使全球領先的組織能夠解鎖機會、解決挑戰，併為明天做好規劃——今天。瞭解更多信息，請訪問 www.spglobal.com</p>
</div><p><strong>About Vanguard</strong></p>
<div class="lb-trans"><p><strong>關於先鋒集團</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>創立於 1975 年，先鋒集團是全球領先的投資管理公司之一。該公司為全球數千萬個人投資者提供投資、諮詢和退休服務——直接提供、通過工作場所計劃以及通過金融中介。先鋒集團採用獨特的投資者擁有結構，先鋒基金的股東擁有這些基金，而這些基金又擁有先鋒集團。因此，先鋒集團遵循一個簡單的宗旨：為所有投資者發聲，公平對待他們，併為他們提供最佳的投資成功機會。欲瞭解更多信息，請訪問 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>所有投資均存在風險，包括可能的本金損失。私人投資涉及較高的風險，因此僅應由能夠評估和承擔此類投資所代表風險的潛在投資者進行。私人股本投資者通常必須滿足某些最低財務資格，這可能使其不適合特定市場參與者。</p>
</div><p>SOURCE S&amp;P Global</p>
<div class="lb-trans"><p>來源：標普全球</p>
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標普全球推出新的合作伙伴視角計劃，並與先鋒集團合作發佈研究合集 | SPGI 股票新聞