-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：TROW公布了2026年第一季度调整后每股收益为2.52美元，较上年同期的2.23美元增长13%，高于我们此前预测的2.50美元和市场普遍预期的2.35美元。然而，持续的结构性不利因素掩盖了这一业绩。净流出资金达137亿美元，其中226亿美元来自股票基金，反映出投资者正持续从主动型股票策略转向被动型策略。由于资金流出和522亿美元的市场贬值，资产管理规模下降659亿美元至1.7万亿美元。与此同时，费率持续走低，从上年同期的40.0个基点降至38.4个基点。尽管费率下降，投资咨询费仍增长5.3%至16.8亿美元。与此同时，运营支出仅增长0.8%至11.8亿美元，表明在裁员7.1%的情况下，公司仍保持了严格的成本控制。我们认为，TROW在主动管理型股票上的47%权重使其极易受到行业整体向被动型投资转变的影响。尽管公司在成本控制方面表现稳健，并进行了必要的技术投资，但仍面临着持续的长期挑战。
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