北京时间5月11日晚，美股周一小幅低开。市场继续关注美伊局势的最新发展。特朗普拒绝伊朗提议后油价攀升。霍尔木兹海峡基本仍处于关闭状态，引发供应担忧。 道指跌23.96点，跌幅为0.05%，报49585.20点；标普500指数跌10.39点，跌幅为0.14%，报7388.54点；纳指跌81.559点，跌幅为0.31%，报26165.518点。 上周标普500指数和 纳斯达克 指数上周五均创历史最高收盘纪录。 市场继续关注美伊局势的最新发展。伊朗向美国谈判代表提交了一份新提议，核心内容是结束持续数月的冲突。伊朗半官方通讯社塔斯尼姆通讯社援引知情人士的话称，这份反提议强调需要结束所有战线的战争，并解除对德黑兰的制裁。 作为回应，特朗普在社交媒体平台Truth Social上发帖称，他不喜欢伊朗的回应，并补充说该协议“完全不可接受的！” 特朗普拒绝伊朗的提议后，原油期货攀升。作为国际油价基准的布伦特原油突破每桶103美元。 上周，由于市场预期这场已持续十周的冲突即将结束，从而允许石油通过霍尔木兹海峡通行，两大原油合约均录得6%的周跌幅。 Phillip Nova高级市场分析师Priyanka Sachdeva表示：“石油市场目前仍像一台地缘政治头条新闻机器，价格根据华盛顿和德黑兰发出的每一条评论、每一次拒绝或每一个警告而剧烈波动。” 沙特阿美首席执行官阿明-纳赛尔周日表示，过去两个月全球已损失约10亿桶石油，即使石油流动恢复，能源市场也需要时间才能稳定下来。 Kpler的航运数据显示，上周又有三艘载有原油的油轮在关闭跟踪器的情况下驶出霍尔木兹海峡，以避免伊朗的袭击，这凸显了为维持中东石油出口而出现的一个日益增长的趋势。 澳新银行分析师在周一的一份报告中写道：“即使到2026年底，严重的石油冲击有所消退，但霍尔木兹海峡再次中断的持续风险、库存枯竭以及政策协调减弱，预计仍将导致价格中蕴含地缘政治风险溢价。” 澳新银行分析师预计，随着需求增长恢复和库存逐步重建，布伦特原油在2026年全年将保持在每桶90美元以上，进入2027年将维持在每桶80至85美元左右。 尽管如此，一些市场观察人士预计，尽管存在不确定性，美国市场仍将保持韧性。 贝莱德 全球固定收益首席投资官里克-里德表示：“由于伊朗战争及随后的油价冲击，经济可能会较此前的路径有所放缓。但是，有许多大得多的结构性因素应该会让整...

游戏引擎与关卡设计、玩法机制一样，都是游戏作为一种艺术形式的重要组成部分。 一 1991年夏季的一天，在路易斯安那州什里夫波特，id Software的湖边办公室聚集了一群来自美国各地的游戏开发者。他们坐在转角沙发上，表情茫然地盯着眼前的几块白板——在白板上，id用潦草的文字写下各种奇思妙想，还画了一些晦涩难懂的图表。 大约6个月前，id推出的《指挥官凯恩》（Commander Keen）震惊业界，成为了有史以来首款能够在PC端流畅运行的横版滚轴平台游戏。在《指挥官凯恩》开发期间，id采用了一种被称为“自适应图块刷新”的技术，从而确保它不会像更古早的横版滚轴游戏那样，运行时出现屏幕卡顿、画面不连贯，甚至直接卡死等情况。 《指挥官凯恩》销量不俗，不过，联合创作者约翰·罗梅洛还想向其他开发者推销制作那款游戏的技术。按照罗梅洛的说法，id曾经在短短1小时内，围绕《指挥官凯恩》的初始概念构建了首个可运行原型。“有了想法后，我们只花不到1小时就让游戏跑了起来。”罗梅洛告诉来到id参观的开发者，“这就是游戏引擎的力量。如果你们想要获得引擎的使用授权，我们愿意提供。” 《指挥官凯恩》某种意义上是游戏引擎的技术启蒙之一 1993年，《生化威胁》（Bio Menace）成为历史上首款基于授权引擎开发的游戏。这是一款横向卷轴平台游戏，由吉姆·诺伍德采用《指挥官凯恩》引擎的一个商用授权版本制作，Apogee Software发行。随着时间推移，引擎授权业务逐渐发展成为一门生意，某些公司甚至不制作任何游戏，而是专注于研发引擎技术，帮助开发者将抽象愿景变成可运行的软件。就连罗梅洛也充分认可第三方引擎的价值，他的工作室正在基于“虚幻5”开发一款全新FPS游戏，“‘虚幻5’是制作游戏的最佳引擎。”罗梅洛说。 近年来，“光环”“巫师”“古墓丽影”等热门游戏系列的开发团队纷纷用“虚幻”引擎打造新作，许多游戏公司放弃了内部研发的定制技术，转而使用上手即用的工具。然而，仍有超过40%的游戏由开发者使用专有技术制作。这引出了一个问题：既然“虚幻5”可以被用于制作几乎所有品类的游戏，为什么很多工作室还要开发自己的工具？对开发者来说，自有引擎究竟如何帮助他们做出更符合创作愿景，质量更出众的游戏？ 二 Saber Interactive并不总是使用自有引擎，不过，《雪地奔驰》《僵尸世界大战》等游戏的诞生离不开其...

Travel + Leisure Co. ( NYSE: TNL ) on Monday said it launched a private offering of $900 million in senior secured notes due 2031, subject to market and customary conditions. The company said it plans to use the proceeds to redeem all outstanding 6.625% secured notes due July 2026, repay borrowings under its revolving credit facility, and for general corporate purposes. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons in offshore transactions under Regulation S, the company said. Travel + Leisure said the notes have not been registered under the U.S. Securities Act or state securities laws. Source: Press Release More on Travel+Leisure Travel + Leisure: Delinquency Fears Appear Overdone Travel + Leisure Co. (TNL) Q1 2026 Earnings Call Transcript Travel + Leisure: Positive Momentum Continues Travel + Leisure is defended by Mizuho after its post-earnings stumble Travel + Leisure reaffirms 2026 EBITDA of $1.03B-$1.055B while expanding multi-brand VOI mix toward 10%

美股三大指数涨跌不一，标普500指数跌0.18%，道指涨0.05%，纳指跌0.44%。大型科技股方面，亚马逊跌1.11%，Meta跌1.23%，谷歌A跌2.03%，微软跌2.31%。中概股方面，理想汽车涨5.81%，小鹏集团涨2.98%，京东涨1.06%，蔚来涨1.03%，携程跌2.22%，阿里巴巴跌2.36%。

格隆汇5月11日｜在市场预期更炎热的夏季天气将随着空调使用量增加而推动电力行业需求之际，美国天然气期货走高。NatGasWeather.com在一份报告中表示，虽然美国北部很快将迎来”60多度至80度出头的完美最高气温，采暖度日数低于正常水平“，但美国南部“将变得相当炎热，90多度的高温天气覆盖范围将增加，局部地区甚至达到100多度“。该预报机构补充说，这一天气趋势可能被视为对天然气价格有利，表明季初的高温很快将影响美国大部分地区。纽约商交所天然气期货上涨3.3%，报每百万英热单位2.848美元。

whitemay/iStock Unreleased via Getty Images In my initial analysis of Greggs ( GGGSF ) ( GGGSY ), I highlighted that the popular food-on-the-go chain offers an attractive valuation for long-term investors. Since then the shares have fallen another 11.57%, representing a negative total return of 8.63%. I get excited whenever quality companies become even cheaper, and I continue to buy the shares traded in London under the ticker symbol GRG, as they offer higher liquidity than the OTC shares in the U.S. Greggs now represents 5.07% of my portfolio and I will keep adding on any weakness. I'm a big fan of Peter Lynch's "If you like the store, you'll love the stock" concept; the issue is there aren't any Greggs stores in my country. So, in order to find out if I still love the stock, I needed to head to the UK, and that's exactly what I did. I just came back from London and I fell even more in love with Greggs, the stores as well as the stock. Busy Greggs Store (My London Trip May 2026) In my previous article , I argued that the "peak Greggs" fears were overblown, as many smaller towns don't even have a store yet. In this article, I am going to elaborate on this by comparing Greggs with another strong local brand: Tim Hortons. Greggs is trading at 12x last year's earnings with a 4.65% dividend yield. The company holds a small cash position. One could argue that a strong brand with a long history of growing earnings and cash flows is attractive at these valuation levels, and you would be right, especially in the current exuberant market environment . However, if we strip out the growth capex to arrive at Warren Buffett's favorite "owner earnings", the shares become an even better deal. I will provide the calculations later on. Needless to say, Greggs remains a compelling "Buy". Peak Greggs Fears Are Overblown Over the last year, there has been a lot of chatter about peak Greggs . If you're selling a million sausage rolls a day, how much room for growth actually remains? Fi...

【風口解讀】百濟神州一季度扭虧爲盈，產品收入增長 富途牛牛

格隆汇5月11日｜美国中央司令部称，部队已使62艘商船转向，并击沉4艘。

Image source: The Motley Fool. Friday, May 8, 2026 at 10 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

Image source: The Motley Fool. Thursday, May 7, 2026 at 9 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

Why Microsoft (MSFT) is a Top Stock for the Long-Term Yahoo Finance

Investors are flipping back into buy mode, which has been a boon to the equity funds we hold at my CEF Insider service--especially on the tech side.

According to the average brokerage recommendation (ABR), one should invest in Apple (AAPL). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?

Is Apple (AAPL) a Buy as Wall Street Analysts Look Optimistic? Yahoo Finance

JHVEPhoto/iStock Editorial via Getty Images Micron's ( MU ) stock has absolutely exploded, up 162% year-to-date, as the extremely tight memory chip market is driving huge price increases for Micron's products, boosting the firm's revenue growth and profitability to dizzying heights. The memory super-cycle we are witnessing doesn't have a precedent in history, as demand for AI data centers continues to soar and memory chips play their inevitable part, hand-in-hand with Nvidia's ( NVDA ) AI chip infrastructure. The questions now are: Does this super-cycle have more room to run? Is the memory shortage fully priced into the stock? Will the build-out of additional capacity lead to overcapacity and trigger another downcycle? Let's answer these questions. Data by YCharts Micron's Price Catalyst Wow! In a span of 12 months, Micron's stock is up 7.7x, as the demand for memory chips—DRAM and NAND—isn't showing any signs of exhaustion. Reminds me of Nvidia in early 2023, when the demand for Hopper AI chips well exceeded the supply capacity. Congratulations to those who bought into Micron early enough. I am not the one, but the more research I do, the more convinced I am there is still room to run. Micron's main catalysts are three things: 1. shortage of memory chips, 2. lack of production capacity, and 3. soaring prices. A perfect combination. Memory chips are basically a commodity, with very limited differentiation from peers like Samsung ( SSNLF ) or SK hynix. When demand exceeds the supply, prices skyrocket. Though, when demand decreases, prices can drop 50-70%. Don't forget, in 2023, Micron reported -$5.8B in losses, just 3 years before the super-cycle. From my experience, commodity business is underpinned by the dynamic of demand/supply. In times when demand exceeds supply, all players are heavily investing in additional capacity to capture the benefit of soaring prices. Though, as extra capacity is built and demand is satisfied, prices decline. In extreme cases, prices d...

Michael Vi/iStock Editorial via Getty Images Palantir Is In Unfamiliar Territory Palantir shareholders ( PLTR ) have entered an unfamiliar phase. As compared to the previous blistering rally where they used to rule the roost. Recall those days when PLTR used to be the hottest stock not only in software but also in the market. When high valuation multiples never seemed to matter. However, that came to an abrupt stop since late last year. PLTR performance (Seeking Alpha) Don’t get me wrong. If we zoom out over a three-year period, PLTR still posts an outstanding 3Y total return exceeding 1,600%. Therefore, if there’s an enterprise AI company that has clearly benefited from the AI boom, Palantir sits among the pantheon of these software legends. Palantir management commentary on competition from OpenAI and Anthropic (Palantir First Quarter Earnings Conference) Yet, the somber mood over SaaS disruption also appears to have threatened its thesis in recent times. Anthropic and OpenAI have started to implement the "DeployCo" go-to-market to try and replicate a key enterprise strategy that has arguably underpinned Palantir’s success with forward deployed engineers. FDE, in short, are highly trained, specialized Palantir employees who are sent to be embedded into their enterprise customers. For those of us familiar with Palantir’s implementation, they don’t quite operate like a typical SaaS company that curates success simply by selling seats, okay? Palantir is a so-called success-oriented company. And mission success is deeply ingrained into its ethos, I believe. And that’s not something that I narrate from thin air or use as a figment of my imagination. As I highlighted in my previous Palantir writeup , I enunciated why the company’s battle-tested systems aren’t bedtime stories. Yet, Palantir's Q1 Debunked Fears Of Software Doom Afflicting It Palantir Q1 2026 Earnings Highlights (Palantir) Instead, if there’s one firm that’s being held in extremely high regard by the Depar...

Michael Vi/iStock Editorial via Getty Images Palantir Is In Unfamiliar Territory Palantir shareholders ( PLTR ) have entered an unfamiliar phase. As compared to the previous blistering rally where they used to rule the roost. Recall those days when PLTR used to be the hottest stock not only in software but also in the market. When high valuation multiples never seemed to matter. However, that came to an abrupt stop since late last year. PLTR performance (Seeking Alpha) Don’t get me wrong. If we zoom out over a three-year period, PLTR still posts an outstanding 3Y total return exceeding 1,600%. Therefore, if there’s an enterprise AI company that has clearly benefited from the AI boom, Palantir sits among the pantheon of these software legends. Palantir management commentary on competition from OpenAI and Anthropic (Palantir First Quarter Earnings Conference) Yet, the somber mood over SaaS disruption also appears to have threatened its thesis in recent times. Anthropic and OpenAI have started to implement the "DeployCo" go-to-market to try and replicate a key enterprise strategy that has arguably underpinned Palantir’s success with forward deployed engineers. FDE, in short, are highly trained, specialized Palantir employees who are sent to be embedded into their enterprise customers. For those of us familiar with Palantir’s implementation, they don’t quite operate like a typical SaaS company that curates success simply by selling seats, okay? Palantir is a so-called success-oriented company. And mission success is deeply ingrained into its ethos, I believe. And that’s not something that I narrate from thin air or use as a figment of my imagination. As I highlighted in my previous Palantir writeup , I enunciated why the company’s battle-tested systems aren’t bedtime stories. Yet, Palantir's Q1 Debunked Fears Of Software Doom Afflicting It Palantir Q1 2026 Earnings Highlights (Palantir) Instead, if there’s one firm that’s being held in extremely high regard by the Depar...

JHVEPhoto/iStock Editorial via Getty Images Micron's ( MU ) stock has absolutely exploded, up 162% year-to-date, as the extremely tight memory chip market is driving huge price increases for Micron's products, boosting the firm's revenue growth and profitability to dizzying heights. The memory super-cycle we are witnessing doesn't have a precedent in history, as demand for AI data centers continues to soar and memory chips play their inevitable part, hand-in-hand with Nvidia's ( NVDA ) AI chip infrastructure. The questions now are: Does this super-cycle have more room to run? Is the memory shortage fully priced into the stock? Will the build-out of additional capacity lead to overcapacity and trigger another downcycle? Let's answer these questions. Data by YCharts Micron's Price Catalyst Wow! In a span of 12 months, Micron's stock is up 7.7x, as the demand for memory chips—DRAM and NAND—isn't showing any signs of exhaustion. Reminds me of Nvidia in early 2023, when the demand for Hopper AI chips well exceeded the supply capacity. Congratulations to those who bought into Micron early enough. I am not the one, but the more research I do, the more convinced I am there is still room to run. Micron's main catalysts are three things: 1. shortage of memory chips, 2. lack of production capacity, and 3. soaring prices. A perfect combination. Memory chips are basically a commodity, with very limited differentiation from peers like Samsung ( SSNLF ) or SK hynix. When demand exceeds the supply, prices skyrocket. Though, when demand decreases, prices can drop 50-70%. Don't forget, in 2023, Micron reported -$5.8B in losses, just 3 years before the super-cycle. From my experience, commodity business is underpinned by the dynamic of demand/supply. In times when demand exceeds supply, all players are heavily investing in additional capacity to capture the benefit of soaring prices. Though, as extra capacity is built and demand is satisfied, prices decline. In extreme cases, prices d...

格隆汇5月11日｜ST文峰(601010.SH)公告称，公司控股股东江苏文峰集团有限公司终止筹划控制权变更事项。停牌期间，文峰集团与意向受让方就控制权转让事宜进行了充分沟通，但因所涉事项较多，相关交易方经慎重考虑后终止筹划。目前，公司各项业务经营情况正常，终止筹划本次控制权变更事项不会对公司经营业绩和财务状况产生重大不利影响。公司股票将于2026年5月12日（星期二）开市起复牌。

东百集团公告，全资子公司平潭信汇资产管理有限公司拟将持有的福建烜达丰胜实业发展有限公司100%股权转让给北京云硅信息技术有限公司。本次交易基准日为2025年12月31日，暂定股权转让价款为人民币3.35亿元，后续将依据交割日烜达丰胜经审计的部分资产及负债变化等情况进行调整。本次交易完成后，公司不再持有烜达丰胜任何股份，烜达丰胜不再纳入公司合并报表范围。

Intel Corporation (INTC) Appoints Qualcomm Executive to Manage its PC and Physical AI Business Insider Monkey

Sumala Chidchoi Lincoln International ( LCLN ), an investment bank headquartered in Chicago, is targeting up to $421M in its initial public offering of class A shares. The company is selling 20,604,046 class A shares, while 445,942 shares will be sold by certain existing stockholders. The selling stockholders are Dominique Lecendreux and Eric Wijs, according to the prospectus filed with the U.S. Securities and Exchange Commission. The IPO price is currently estimated at between $18.00 per share and $20.00 per share. The shares are expected to be listed on the NYSE under the ticker symbol LCLN. Net proceeds are intended to be used to purchase 20,604,046 newly issued common units from LILP at a purchase price per unit equal to the IPO price. LILP Non-controlling Partners holds the company's class B shares, representing ~6% of the voting power of the outstanding capital stock. The class C shares, representing ~87% of the voting power, are also held by LILP. More on Lincoln International, Inc. Lincoln International Begins IPO Process On Impressive Profitability Financial information for Lincoln International, Inc.

The Peruvian government on Monday authorized Petroperu to take on private loans in order to alleviate the liquidity crisis at the ailing state-owned oil firm. An emergency decree allowed the Finance Ministry to assume contingent commitments with domestic or international entities of as much as $2 billion to support Petroperu’s operations, as well as $500 million in short-term obligations. Details were published in Peru’s official gazette , weeks after Petroperu sounded the alarm on its liquidity situation. Petróleos del Perú SA , as the company is formally known, is struggling due to debts incurred in the construction its new Talara refinery, which opened in 2023 after years of delays and a total cost of more than $6 billion, twice its initial budget. Petroperu issued bonds in international markets to finance the project. With nearly $7.9 billion in debt as of February, Talara is on the verge of shutting down, former Chairman Roger Arévalo told a congressional committee last month. Petroperu has required about 17 billion soles ($4.9 billion) in state rescue packages over the past five years. Previous governments have floated restructuring plans, but none have yet been implemented. The new private bailout authorization meets what Petroperu requested last month, as the company navigates high global fuel prices due to war in the Middle East. Read More: Petroperu Needs to Borrow $2 Billion-Plus to Avert Fuel Shortage Peru’s interim president, José María Balcázar , had conditioned approval of new financing on a board shake-up. The company on May 3 appointed Edmundo Lizarzaburu as its new board chair, replacing Arévalo and becoming the fourth person to lead the company this year.

ST文峰公告，公司控股股东江苏文峰集团有限公司终止筹划控制权变更事项。公司股票将于2026年5月12日开市起复牌。公司于2026年5月7日收到控股股东文峰集团通知，控股股东正在筹划公司股份转让事宜，该事项可能导致公司的控制权变更，因此公司股票自2026年5月8日开市起停牌。停牌期间，控股股东与意向受让方就控制权转让事宜进行了充分沟通，但因所涉事项较多，相关交易方终止筹划本次控制权变更事项。目前，公司各项业务经营情况正常，终止筹划本次控制权变更事项不会对公司经营业绩和财务状况产生重大不利影响。

【导语】 最近在做 Multi-Agent（多智能体）投研系统时，我遇到了一个极其抓狂的问题： 一份真正复杂的研报，经常要跑几个小时，甚至整整一晚上。 当 Tokens 消耗到数万级别之后，响应时间会急剧上升，复杂任务甚至可能卡到一小时以上。 尤其是在以下场景同时发生时，延迟会变得格外明显： 多 Agent 协同 工具链调用 长上下文推理 结构化对抗分析 一开始，我以为问题只是单纯的“算力不够”，准备咬牙升级LLM的套餐，但是我的套餐的请求符合并没有打满，也没有链接的报错。问题可能AI面对超长Context导致的系统级别的阻塞，而且可能已经不是 GPU 本身了。 而是：“内存”，更准确地说，是大模型卡在了“数据搬运（Data Movement）”。 而最近资本市场和 AI 基础设施的变化，其实已经开始提前反映这一点。 一、AI 产业正在进入一个诡异的新阶段 过去两年，整个市场都在疯狂购买 GPU。 但现在，一线工程师发现了一个非常微妙的变化： 在很多 AI 系统里，GPU 的算力还没跑满，内存已经先崩了，于是Context管理成为了Harness Engineering的重要组成。 这背后其实意味着，AI 的核心瓶颈，正在发生历史性转移： 从 Compute-centric（以计算为中心） 转向 Memory-centric（以内存与数据移动为中心） 如果说 2023-2025 的主线是“GPU 算力革命”； 那么 2026-2028 很可能进入“内存架构革命（Memory Architecture Revolution）”。 而这场革命最重要的关键词，就是： CXL（Compute Express Link） 。 二、为什么 AI 突然开始“极度缺内存”？ 2026年5月，整个华尔街都被"存储芯片"的疯狂暴涨彻底打蒙了。 美光科技（MU）：过去12个月股价狂飙 700%，市值一举突破8400亿美元；西部数据（WDC）：一年内暴涨 900%；闪迪（SNDK）：更是上演了上市以来狂涨 3300% 的终极造富神话，单日暴涨16%直接突破1560美元。 无数踏空的投资者在深夜懊悔：曾经错过了英伟达，为什么错过了这波利润更丰厚的内存狂欢？ 答案很简单，思维依然停留在 "AI = 算力 = GPU" 的旧共识里。 这波存储股的彻底爆发，只是向市场揭开了一个残酷真相的冰山一角：...

The stock market is rewarding companies that seek out secular growth opportunities and don’t just rely on financial engineering to drive shareholder returns.

Since January 2007, Apple (NASDAQ:AAPL)’s flagship has been one product: the iPhone. For 19 years it defined the company, the cash flows, and the strategic narrative. In 2026, that center of gravity is shifting. The flagship is now a head-mounted ambient computing platform built around the Vision series and the upcoming Ray-Ban-style smart glasses, with ... For the first time in 19 years, Apple’s flagship isn’t a phone

Market participants are increasingly betting that the Federal Reserve may need to tighten monetary policy again over the next year, even as expectations for near-term changes remain limited. According to CME’s FedWatch Tool, markets currently expect the Fed to keep its benchmark interest rate within the 3.50% to 3.75% range through much of 2026. Probabilities tied to the June, July, and September 2026 meetings overwhelmingly favor the current policy band, signaling investors believe policymakers are still taking a cautious approach as they monitor inflation and broader economic conditions. Further out, however, expectations begin to shift. By the Federal Reserve’s April 2027 meeting, markets are implying nearly even odds of rates moving into the 3.75% to 4.00% range, highlighting growing concerns that inflation pressures could remain persistent or potentially reaccelerate. The evolving market outlook suggests traders are becoming less certain that the next major policy move will be a rate cut. Instead, investors increasingly see a scenario where resilient economic growth, firm labor market conditions, and stubborn inflation could push Federal Reserve officials toward another round of tightening later in the cycle. Market Tracking ETFs: ( DIA ), ( DDM ), ( DOG ), ( DXD ), ( SDOW ), ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( QQQ ), ( QQQM ), ( TQQQ ), ( QID ), and ( SQQQ ). Fixed Income ETFs: ( TLT ), ( TLH ), ( IEF ), ( IEI ), ( SHY ), ( SGOV ), ( SCHO ), ( BIL ), ( AGG ), ( BND ), ( VCIT ), ( MUB ), ( MBB ), ( JNK ), ( LQD ), ( HYG ), ( VTIP ), ( TIP ), ( SCHP ), ( STIP ), ( TIPX ), ( SPIP ), ( WIP ), ( GTIP ), ( LQDI ), and ( RINF ). More on markets RBC Capital raises S&P 500 year-end target to 7,900 as it sees more upside ahead Trump gives the EU a July 4 deadline to finalize a trade deal and warns of higher tariffs Goldman Sachs flags Amazon and Alphabet for inflating S&P 500 earnings growth figures AI startup surge ignite...

财联社5月11日讯（记者 朱万平） 在今日举行的 贵州茅台 （600519.SH）召开2025年度及2026年一季度业绩说明会上，公司管理层回应了投资者关心的去年业绩下滑、代售模式、渠道改革、分红回报、股东购酒等问题。 针对2025年业绩表现，公司管理层在业绩会上表示，受市场环境变化等因素的影响，去年白酒行业面临较大挑战，公司为保全渠道韧性主动战略性收缩。去年Q4茅台酒市场价格波动加剧，为防止价格体系紊乱，公司果断牺牲短期业绩，暂停向社会渠道分销货品，导致Q4单季业绩下降。 此外，茅台系列酒2025年运营充满挑战，Q3和Q4公司连续收缩投放、加速动销。而依托政策托底，去年底市场渠道韧性得到修复，稳住了茅台系列酒的市场“基本面”。去年公司还严打海外“回流酒”乱象，对不合规渠道暂停供货，影响了海外营收表现。 进入今年一季度，贵州茅台营收同比实现正增长，但净利润增速明显低于收入增速。对此，公司表示，主要源于产品结构、价格体系、运营模式改革等因素扰动。今年Q1公司产品投放以“普茅”（53度、500ml飞天茅台）为主，精品茅台、陈年茅台等进行了降价，并以自营渠道投放为主，这导致今年Q1每吨酒的利润同比有所下降。 针对运营模式改革，近期全新上线的茅台代售模式备受投资者关注。所谓代售，是指经销商无需买断囤货、无需垫付资金，仅需缴纳保证金即可参与运营；消费者通过i茅台专属二维码下单，经销商按销售额抽取约5%服务费并按月结算，但这一模式也导致公司合同负债规模缩减。 图片来源：财联社记者 朱万平/摄 业绩会上，贵州茅台管理层透露，今年Q1贵州茅台基本未投放“代销”产品。从第二季度开始，代售模式逐步在全国多地落地。不过，据财联社记者了解，此前因多方面因素，代售模式一度在全国多地处于“实质性”暂停状态。 “我们代售的产品都处于缺货状态，最近都没有到过货。”一位四川地区的茅台经销商今日对财联社记者表示。 业绩会上，有投资者问及代售业务的后续规划。贵州茅台代总经理王莉表示，公司会根据i茅台、自营店等各渠道销售情况，同时会根据社会渠道的市场承载能力，综合统筹、动态调节产品投放，保持市场稳定有序。 近期，有业内企业追溯调整财报，有投资者问及贵州茅台相关问题。对此，公司管理层强调自身会计口径严谨，财报真实、准确、完整，公司严格遵循财政部《企业会计准则第14号——收入》的要求，即在客户取得相关商品控制...

格隆汇5月11日｜纽约期银突破86美元/盎司，日内涨6.35%。