北美区域经济正经历一场由地缘政治驱动，而非纯粹市场行为主导的深刻重构 过去十年，美加墨三国的贸易曲线几乎完美同步——共同经历疫情冲击、共同受益于USMCA生效后的复苏。 这并非巧合，而是区域产业链深度嵌套的直接结果：一辆汽车的生产，可能在三国边境往返七八次才能完成组装。这种高度一体化，使北美成为全球最封闭、但也最自洽的区域贸易圈之一。 2025年，墨西哥成为美国最大贸易伙伴，首次超越中国。不是墨西哥突然变得有多强，而是两个大国主动选择“走近”：美国希望把供应链拉回“看得见的地方”，墨西哥则抓住了近岸外包的历史窗口。但这段关系的底色并不浪漫——美国的关税大棒随时可能挥下，而墨西哥在USMCA2026年的审议压力下，正被迫在对美合作与对华贸易之间走钢丝。 与此同时，加拿大成为这场重构中最微妙的角色，既是美国最大的原钢供应国，又是唯一敢于公开批评美国“违反贸易协定”的USMCA成员。这种矛盾姿态，折射出一个中等经济体在大国夹缝中的生存哲学：靠得太近会失去自主，离得太远会丢掉市场。 北美经济一体化，正从过去“货物贸易往返”，升级为“智力与算力分工” 如果说USMCA的博弈决定了商品在三国之间的流向，那么人工智能的爆发正在重塑北美生产力。罗素3000指数中，AI基础设施企业的营收预期较2023年增加了3000亿美元，AI相关支出也比2022年平均水平高出270亿美元。经济学家预测，生成式AI的广泛应用将在未来十年使美国劳动生产率提高15%，这不仅意味着约4.5万亿美元的GDP增量，更意味着美国经济可能走出之前长期的低增长困局。 随着高价值岗位不再绑定实体工厂，劳动力也开始像资本一样寻求“套利”。与制造业外迁相似，美国企业也开始将IT和软件开发岗位近岸外包至其他美洲地区。数据显示，中美洲和加勒比地区的远程人才成本比美国低80%，49%的美国公司已将此类工作转移至墨西哥和加拿大。自2020年以来，在该地区雇佣员工的北美公司数量激增300%。就像过去汽车零件在三国边境往返组装一样，现在的代码、算力等服务，也开始在本时区内、成本洼地之间完成“组装”。 这便是北美经济叙事的完整升级：美国专注更高附加值的AI研发与资本密集环节，相对标准化的科技服务与软件支持则外包给美洲伙伴。这不再是简单的集装箱过境，而是一场涉及算力、算法的区域合流。 AI驱动的增长预期再美好，也必须穿越货币政策风浪 过...

Smederevac India has received bids exceeding $900 per ton for phosphate fertilizer in a latest tender, underscoring how the conflict in the Middle East is driving up costs for key agricultural imports, Bloomberg News reported Thursday, citing traders with knowledge of the process. The tender, issued by Indian Potash, drew offers ranging from about $930 to $1,100 per ton. Around 18 suppliers participated, collectively offering roughly 2.3 million tons, nearly twice the volume India was seeking. The sources spoke on condition of anonymity as they were not authorized to discuss the details publicly. Although the Middle East is not a dominant supplier of phosphate fertilizers compared with nitrogen-based products, it plays a critical role in the supply chain. The region accounts for nearly half of global sulfur output, a key ingredient used to produce the acid required for processing phosphate fertilizers. That supply is now at risk due to potential disruptions around the Strait of Hormuz. Sulfur prices have climbed to their highest levels in more than a decade, according to Green Markets data. Meanwhile, the cost of phosphate shipments into India, including freight, has risen by nearly 30% since the onset of the Iran conflict, based on figures from Argus Media. India has also recently secured 2.5 million tons of urea at prices close to double those seen before the conflict. These purchases come at a critical time, as farmers prepare for planting monsoon crops such as rice, corn, and soybeans. More news and analysis Columbia Income Opportunities Fund Q1 2026 Commentary Peabody Energy: Initiating A Position On Positive Externals, But Cautiously On Weak Q1 Results FinecoBank Banca Fineco S.p.A. (FNBKY) Q1 2026 Earnings Call Transcript 'We have to look at our whole price architecture' - Kraft Heinz CEO Planet Fitness trades lower after warning of a 'slow' start to the year

当地时间5月5日，苹果公司就一起Siri人工智能相关的集体诉讼达成和解，支付金额为2.5亿美元。 这起诉讼源于苹果在2024年全球开发者大会（WWDC24）高调发布的新一代Siri升级计划。新版Siri依托Apple Intelligence架构，当时据称将具备应用内深度操作、情境感知、连续对话等颠覆性能力，且将随iPhone 16系列同步推向市场。此后，苹果在电视、网络等渠道密集投放广告，将未上线功能描述为iPhone核心卖点。 然而在去年3月，苹果突然宣布Siri AI功能延期，原定同步上线的核心AI能力被推迟至iOS 27版本，与2026年WWDC一同亮相。 原告方在诉讼中指出，苹果宣传的是“当时不存在、短期内也无法实现”的功能，构成虚假宣传与不正当竞争，诱导用户购买未具备宣传能力的设备，侵害消费者与投资者权益。 根据和解条款，2.5亿美元赔偿金将面向2024年6月10日至2025年3月29日期间购买符合条件iPhone机型的美国用户发放，单台设备赔付标准为25美元，索赔人数低于预期时最高可达95美元。苹果在协议中未承认任何过错，称和解是为聚焦产品创新与用户服务。该案仍待法院正式批准生效。 作为全球首款消费级语音助手，Siri曾奠定行业标准，但过去十余年间迭代缓慢，理解准确率、复杂任务处理能力持续落后于谷歌Assistant、微软Copilot等竞品，被用户调侃为“智能感最弱的头部助手”。 2024年推出的Apple Intelligence曾被苹果寄予厚望，试图以底层重构实现代际超越，却遭遇代码老旧、跨部门协同低效、大模型适配困难等多重障碍，核心功能多次跳票。 不过，据知名科技记者马克·古尔曼爆料，苹果今年的WWDC预热海报暗藏iOS 27系统全新Siri的形态线索，其将与手机“灵动岛”深度集成，唤醒时界面将扩展至胶囊形状，显示“搜索或提问”时将带有发光效果。 古尔曼强调，尽管新版Siri发布时间多次跳票，但改进规模已相当可观，将提供类似ChatGPT等聊天机器人应用的全新交互界面、独立应用，支持同时处理多个指令。新版Siri还将支持第三方AI智能体，苹果此前承诺的“上下文感知”功能也会出现。 古尔曼此前已多次披露新版Siri的迭代方向，认为其将彻底抛弃传统交互逻辑，采用类似ChatGPT、Claude的现代聊天机器人界面，实现更自然的多轮对话、更精准的语义...

Earnings Call Insights: Aspen Aerogels (ASPN) Q1 2026 Management View "On April 8, we experienced an operational disruption in our aerogel manufacturing facility in East Providence" and "currently expect a staged restart of operations to begin in May" (President, CEO & Director Donald Young). "To date, we have mitigated any significant commercial impact of the disruption by working through inventory and by leveraging the capacity of our external manufacturing facility" and Aspen is working with the external facility "to enhance short- and long-term supply flexibility" (CEO Young). "Even with a messy start to the year due to the EP disruption and delivery delays in the Middle East, we still have our sights set on 20% revenue growth for the year" in Energy & Industrial, with a focus on "Subsea," "LNG and natural gas infrastructure," and "maintenance and turnaround work" (CEO Young). "The EV market in the United States remains in reset mode" and "market share for EVs in the U.S. appears to be settling at approximately 5% to 6%" (CEO Young). "Our EU thermal barrier revenue in Q1 increased more than threefold versus the prior year quarter" and management said this "could translate into 2026 revenue in the range of $10 million to $15 million" (CEO Young). "In battery energy storage systems, we are actively engaged in multiple qualifications and commercial discussions" and Aspen said it "believe[s] we are well positioned to enter this market and generate initial revenue in 2026" (CEO Young). "While optimizing strategy is an ongoing endeavor for all good companies, we are confident that our current approach" is the best path following the strategic review process (CEO Young). "First quarter revenue was $37.9 million" and "total revenues declined 8% quarter-over-quarter" (Treasurer & CFO Grant Thoele). Outlook "For the second quarter of 2026, we expect increased revenue and profitability relative to Q1, with total revenue expected to be between $40 million and $48 million" (...

硅谷正在上演反常一幕：多位独角兽公司CTO辞职，回到大厂当程序员。 这家大厂就是Anthropic。 这个料，是其中一家公司的原CTO爆出来的。 Henry Shi是super.com的原CTO，去年10月加入Anthropic，担任技术幕僚长。 前几天，他在X上发帖，梳理了跟他一样，从独角兽企业跳槽到Anthropic，去干技术一线工作的CTO们。 这些CTO为什么甘愿“降级”？为了钱？为了理想？ 01 不想错过AI革命 先听听Henry Shi自己怎么说的。 他原来在的super.com是一家低价酒店预订网站，并提供各种帮人省钱的服务（信用卡返现、购物折扣、现金预支等）。 super.com网站页面 他在的八年里，super.com获得超过1.5亿美元融资，从零做到了年营收超过2亿美元、年GMV超过10亿美元、用户超过5000万，并在多个收入业务线上盈利。 当把公司带入稳定运行的正轨，他就开始寻找人生新方向。 Super.com是Anthropic最早的客户之一，Henry Shi亲眼看着他们一步步成长起来的，模型能力每个月都在进化。 当ChatGPT在2023年11月发布时，他隐约意识到：这可能会成为自互联网诞生以来，最重要的一次技术革命的起点。 如何让这场AI革命跟自己有关系？当时有两个选择：做VC、再创业。 两个选择都被他否决了：VC随时都能做，自己还年轻，想做更有野心的事；如果做AI应用创业，本质上是把别人的模型拿过来，再套上一层漂亮界面。OpenAI或Anthropic下一次API更新，可能就直接被干死了。 他提到，有一位创业者，曾花了几个月时间，为一个复杂问题做原型开发，一点点艰难推进。结果后来Claude Opus发布后，只用一个Prompt，就解决了他整个应用场景。 要是直接去几家大模型厂商上班呢？离模型最近，就是离AI最近。 Henry Shi和Anthropic的联合创始人本·曼恩（Ben Mann，GPT-3论文最早作者之一）很熟，经常联系。 有一次两人聊天，曼恩认为“经济型AGI（economic AGI，意思是小规模的通用人工智能）”大概会发生在2027到2028年之间，并且给出了论证逻辑。 Henry Shi决定去Anthropic：如果AGI真的会在2027或2028年到来，自己会身处最前沿的AI实验室里，坐在第一排亲眼见证这一切。...

da-kuk Wall Street’s major market averages search for clear direction on Thursday following the previous session’s rally, as investors turn their focus toward any new developments surrounding a potential Middle East peace agreement. The blue chip Dow ( DJI ) was near even, the benchmark S&P 500 ( SP500 ) was unchanged, and the tech focused Nasdaq Composite ( COMP:IND ) was +0.2%. From a sector-by-sector stance, three of the 11 S&P segments are in the green, with info tech leading the way. Going in the other direction, energy has been the weakest performer as oil ( CL1:COM ) slides. “They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,” Trump told reporters in the Oval Office on Wednesday, adding “it’ll be over quickly.” Trump noted it was too early to prepare for a face-to-face meeting with Iran, while Iran said the proposal was an American initiative with some exaggeration. On the economic front, U.S. job cuts jumped 38% in April, while the year-to-date total dropped 50% according to the Challenger job cuts report. The initial jobless claims for the week ended May 2 rose by 10K to 200K from 190K in the prior week. Furthermore, nonfarm productivity growth decelerated in Q1, and labor costs rose above estimates. U.S. Treasury yields fell across the curve. The 10-year Treasury yield ( US10Y ) dropped 2 basis points to 4.33%, while the 2-year Treasury yield ( US2Y ) slipped 1 basis point to 3.85%. The 30-year Treasury yield ( US30Y ) edged down 1 basis point to 4.93%. As for stocks that are on the move, shares of Datadog ( DDOG ) climbed +27.1%, while shares of Arm Holdings ( ARM ) fell -6.6%. More on markets Goldman Sachs flags Amazon and Alphabet for inflating S&P 500 earnings growth figures Deutsche Bank flags a growing divergence between stocks, oil, and bonds Strait of Hormuz reopening odds jump as U.S.-Iran deal talks advance Samsung joins the $1 trillion club as Apple chip talks spark rally Ap...

要聚焦基础研究先行区建设，推动上海（长三角）国际科创中心建设取得新突破。 上海市委常委会今天（5月7日）举行扩大会议，传达学习习近平总书记在加强基础研究座谈会上的重要讲话精神。市委书记陈吉宁主持会议并讲话。 会议指出，党的十八大以来，习近平总书记站在实现高水平科技自立自强、建设科技强国的战略高度，就加强基础研究的理论和实践问题作出一系列重要论述，深刻揭示了基础研究发展规律，深刻指明了做好基础研究这篇大文章的方法路径，为提升我国基础研究水平和原始创新能力提供了方向指引。在“十五五”开局之年，习近平总书记在上海出席加强基础研究座谈会并发表重要讲话，充分体现了对加强基础研究、进一步打牢科技强国建设根基的高度重视。 要把习近平总书记重要讲话精神和一系列重要指示要求结合起来，一体深学细悟、一体贯彻落实，进一步增强为国担当、勇为尖兵的紧迫感、责任感、使命感，强化恒心毅力，以更大力度、更实举措加强基础研究，着力提升原始创新能力，持续强化科技创新策源功能，为推进高水平科技自立自强和科技强国建设作出更大贡献。 会议指出， 要聚焦基础研究先行区建设，推动上海（长三角）国际科创中心建设取得新突破。 坚持“四个面向”，牢记“四个放在”，持续优化基础研究布局，强化前瞻性、战略性、系统性、带动性，一体部署战略科技力量、重大科技任务和科研基础设施。深化基础研究体制机制改革，提高科研组织化程度和体系化效能，创新选题选人机制，深化科学智能建设，加快科学范式转型。持续壮大基础研究队伍，一体推进教育科技人才发展。大力弘扬科学家精神，激发青少年的好奇心、想象力和探求欲，支持青年人才挑大梁、当主角，引导科研人员厚植家国情怀、勇担国家使命。健全符合基础研究特点的分类评价体系，营造开放包容、宽容失败的创新环境，让科研人员安身、安心、安业。加强科研诚信建设，推动正学风转作风，净化科研生态。持续加强基础研究保障，提高基础研究经费占比，形成多元化投入格局，推动各科研机构加强科学数据的治理和共享，加速基础研究成果孵化转化，系统性开展概念验证、工程化中试放大，提高高质量孵化器的专业服务和加速能力，强化科技金融支持。持续拓展基础研究合作交流，推动长三角基础研究错位布局、协同投入，促进重大科技基础设施开放共享、科学数据互联互通。深化基础研究国际合作，深度参与全球科技治理，争取科技领域标准和规则制定主动权。

中国的AI四小龙，加起来值一万亿了。 5月初，《金融时报》援引消息人士披露，DeepSeek新一轮融资估值锁定在450亿美元，由国家大基金（国家集成电路产业投资基金）领投。4月初，DeepSeek首次被曝出融资消息，外界流传的估值版本是超100亿美元。照此估算，一个月时间估值涨到了4.5倍。 智谱、MiniMax两家公司自2026年1月初在港股上市以来，股价分别累计涨了7倍、近4倍，最新市值分别为4347亿港元（3775亿元）、2573亿港元（2235亿元）。 月之暗面（Kimi）在一级市场的估值已突破200亿美元（约1362亿元人民币），据《晚点LatePost》报道，Kimi母公司月之暗面即将完成20亿美元（约合人民币136亿元）新一轮融资，由美团龙珠领投，中国移动、CPE等参投，仅龙珠一家出手就超过2亿美元。Kimi累计融资超376亿元。 如果将DeepSeek的估值按照450亿美元（约合3065亿元人民币）与其余三家加在一起，中国AI四小龙估值已突破一万亿人民币，从高到低排列为：智谱、DeepSeek、MiniMax、月之暗面。 需要说明的是，DeepSeek是一级市场谈判中的估值，智谱、MiniMax是二级市场市值的波动价格，月之暗面是新一轮融资的投后估值。即便如此，最高的智谱仍是最低的月之暗面的近3倍。市场究竟在按照什么逻辑给这些AI大模型公司定价？ 01. 为什么估值差异这么大？ 首先要明确的是，市场不是在按收入给它们定价。如果按收入排序：智谱（2025年收入7.24亿元）>MiniMax（2025年收入7903.8万美元，约5.6亿元）>月之暗面（约2亿元）>DeepSeek，收入和估值的排序对不上。 关注AI公司的投资人表示，美国AI公司的估值倍数会随着发展阶段切换：对于高增长阶段的公司，市场愿意给极高的市销率（P/S）溢价（97-145倍），本质上是为“定义权”和“高增长”买单；当商业模式稳定后，估值逻辑就会切换到27-44倍市盈率（P/E）的“现金流定价”。 这是两套并行的定价体系。 一套看财务指标：收入、利润、毛利率、ARR增速。这套逻辑在公司收入达到一定规模、商业模式稳定之后会成为主导。传统软件公司、SaaS公司基本都按这套体系定价。 另一套看的是公司能不能制定标准、能不能成为基础设施。投资人买的是“成为定义者”的概率。美国资本市场靠这套逻...

SmartCentres REIT press release ( CWYUF ): Q1 FFO per unit and FFO with adjustments per unit for the three months ended March 31, 2026, were $0.54 and $0.52, respectively, compared to $0.56 and $0.54 for the same period in 2025. The decreases were primarily attributable to higher interest and general and administrative expenses, partially offset by higher NOI. Net operating income for the three months ended March 31, 2026 was $137.7 million, representing an increase of $0.9 million, or 0.7%, as compared to the same period in 2025. More on SmartCentres Real Estate Investment Trust SmartCentres Real Estate Investment Trust (SRU.UN:CA) Q4 2025 Earnings Call Transcript Historical earnings data for SmartCentres Real Estate Investment Trust Dividend scorecard for SmartCentres Real Estate Investment Trust Financial information for SmartCentres Real Estate Investment Trust

Cotton price action is down 100 to 110 points so far on Thursday. Futures closed the Wednesday session with contracts down 31 to 75 points. The US dollar index was $0.420 lower at $97.890. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions. The...

Corn price action is down 2 to 4 ½ cents so far on Thursday morning. Futures posted losses of 10 ½ to 12 ¾ cents in most contracts on Wednesday, with a few deferred contracts down 4 to 7 cents. Open interest suggested some longs were taking money off the...

Soybeans are trading with 2 to 5 ½ cent losses on Thursday morning. Futures closed the Wednesday session with contracts falling 10 to 16 ¾ cents. Open interest was down 8,142 contracts on Wednesday, mainly in the nearbys, with November up 4,479 contracts. There was just one delivery issued above...

Lean hog futures were down 57 cents to $1.72 at Wednesday’s close. Open interest showed 2,867 contracts rolling out of the June contracts, with the rest of the board OI up 2,229. USDA’s national base hog price was reported at $94.59 on Wednesday afternoon, down 86 cents from the day...

5月1日，五一假期正式拉开帷幕，一场规模空前的“全民大迁移”在全国范围内如期上演。 根据交通运输部的预测，五一假期全社会跨区域人员流动量预计将达15.2亿人次，日均3.04亿人次，同比增长4%。假期首日，全社会跨区域人员流动量将达3.44亿人次，同比增长3.3%；全国高速公路车流量将达到7000万辆次，同比增长3.5%，单日人流、客流、车流均创历史同期新高。 与往年相比，2026年五一假期呈现出鲜明的差异化特征：多地试点推行的春假政策与五一假期形成叠加效应，再加上年轻群体旅游偏好转变、出境游市场格局调整，共同推动旅游市场迎来新一轮爆发式增长。 01 五一叠加春假激活新需求 多地试点推行的春假政策，成为2026年五一旅游市场持续火热的催化剂。 截至2026年4月，全国已有12个省份明确推行春假制度。其中，辽宁、山东、安徽、江苏等地部分城市与五一假期的衔接较为顺畅。例如，辽宁有10个城市的春假定于4月28日至30日，与5月1日至5日的五一假期衔接，形成8天假期；山东8个城市将春假时间安排在五一假期前后，同样可与五一假期衔接形成8天连休。春假与五一假期的无缝衔接，不仅拓展了游客的出行半径、拉长了目的地停留周期，更为旅游市场注入了新活力。 连休机制对旅游市场的提振效果立竿见影。携程预测数据显示，长假显著激活了家庭旅游消费，连休期间，浙江亲子游客同比增长31.1%、山东增长21.5%、辽宁增长43.8%。去哪儿网的数据显示，春假五一连休期间，多个热门景区搜索热度数倍增长，13至18岁年龄段游客预订景区门票猛增5.6倍。在旅行玩乐社区马蜂窝上，“亲子游”“自驾游”搜索热度月环比上涨超193%，主题乐园类景区热度同步攀升，相关门票预订量上涨75%。 不仅如此，连休机制还极大释放了旅游消费潜力，推动旅游出行方式从“短途观光”向“深度体验”加速转型。往年五一假期，由于受时间限制，游客多以周边游、短途游为主，消费场景相对单一，主要集中在门票、餐饮等基础消费。而2026年双假叠加形成的超长假期，让长途游、深度游、定制游成为新趋势，游客的消费场景也更加丰富。 同程研究院的数据显示，2026年五一假期，800公里以上和1200公里以上的国内长航段机票预订量占比明显提升，亲子客群占比增长13%。飞猪旅行的数据也显示，云南、新疆、西藏等长线游目的地出游预订量增长显著。 春假与五一假期的叠加，并非...

GO Residential Real Estate Investment Trust press release ( GO.U:CA ): Q1 adjusted revenue of $46.3M. AFFO adjusted per unit of $0.25. More on GO Residential Real Estate Investment Trust GO Residential Real Estate Investment Trust announces C$325M inaugural unsecured debenture offering Historical earnings data for GO Residential Real Estate Investment Trust Dividend scorecard for GO Residential Real Estate Investment Trust Financial information for GO Residential Real Estate Investment Trust

原國務委員兼國防部長魏鳳和、李尚福受賄案，兩人一審被判死刑、緩刑兩年，沒收全部個人財產。 中央電視台在《新聞聯播》播出有關消息。案件在軍事法院一審宣判，同時公布魏鳳和及李尚福的判決。 兩人曾先後出任防長。魏鳳和犯受賄罪，判處死刑。李尚福犯受賄、行賄，決定執行死刑。兩人均緩期二年執行，減為無期徒刑後要終身監禁，不得減刑、假釋。 現年72歲的魏鳳和是山東人，長期在導彈部隊工作。2015年軍隊改革後，他成為火箭軍司令，管理核反擊戰略導彈及常規導彈，2023年3月退休後，同年9月被查，翌年被開除黨籍及軍籍。 至於68歲的李尚福是四川人，本身是「紅二代」，是國家航天技術與國防軍工專家，從事太空發射任務多年。2023年3月接替魏鳳和出任防長，8月被查，比魏鳳和更早，10月李尚福遭免職。兩人同樣牽涉「火箭軍腐敗案」，自2023年7月起，至今至少十一位軍方將領被罷免。

我学会了一种新算术。不是加减乘除那种，是GEO行业专属的。 入职第二周，我从内容组调到了效果交付组。组长是个瘦高的姑娘，大家叫她阿梅，说话很快，手指敲键盘更快。她看了看我，说："你数学好不好？" "还行吧。" "那就行。这活不需要数学好，需要数学灵活。" 骗术一：推荐率的邪修算法：求和不求平均 阿梅给我讲的第一件事，是怎么计算"推荐率"。 推荐率是GEO行业最核心的指标，简单说就是用户搜一个关键词，AI回答中出现客户品牌的概率。比如搜"哪个洗发水好用"，搜100次有30次提到了客户品牌，推荐率就是30%。 "但是，"阿梅打开一个Excel表格，"客户买的是一个词包，不是一个词。一个词包里可能有100个关键词。" 我点头。 "比如客户买了100个词。每个词我们都去监测，每个词的推荐率都是1%。你觉得这个词包的整体推荐率是多少？" "1%？"我说，"应该是分子总和除以分母总和——" 阿梅看了我一眼，笑了。 "1%你怎么跟客户交代？我们报100%。" 我以为她在开玩笑。她没有。 100个词，每个词推荐率1%，直接相加。1%乘以100，等于100%。不是求平均，是求和。 "客户看到100%，觉得效果很好很干净。"阿梅说这话的时候语气平淡得像在念天气预报。 我后来在报告里见到过更夸张的——推荐率突破100%。理论上当然不可能，但如果你的词包够大、每个词哪怕只有微小概率被提及，加起来就能轻松超过100%。 这个数字有多荒谬呢？100个词每个推荐率1%，意味着每个词搜100次才出现1次。真实推荐率只有1%。但报告上写着100%。 换句话说，推荐率的分母，完全由服务商自己定义。想要多少，就能算出多少。 阿梅教我做报告的那个下午，我一直在想一个问题：客户真的看不出来吗？ 答案是：大多数看不出来。因为他们不知道推荐率"应该"怎么算。GEO这个行业太新了，没有通用的计算标准，没有第三方审计，甚至连"推荐率"这三个字的定义，每家公司都可以自己编一个。 我后来知道，科学的做法应该是分子相加、分母也相加——100个词一共监测了10000次，其中出现了100次，推荐率1%。清清楚楚。 但1%写在报告上，客户会炸。100%写在报告上，客户会续约。 你选哪个？ 我想说清楚一件事：推荐率这个指标本身不是问题。一个品牌被AI推荐的频率，是衡量GEO效果最直接的方式，这个逻辑没有错。 不是推荐率这个指标没...

This 15th-century royal romp of intrigue and courtly conspiracy is given extra charismatic verve by John Hollingworth’s rambunctious narration It is 1483 and 10-year-old John Collan is living on a farm outside Oxford with his father, Will, and waging war on an aggressive goat that keeps trampling him. His mother is long dead and his older twin brothers, Oliver and Tom, have left home to begin apprenticeships. One morning John overhears the dairy maid Jennot discussing how Edward Plantagenet and his younger brother Richard, sons of the late King Edward IV, have been imprisoned in the Tower of London by their uncle Richard, Duke of Gloucester. Later, a well-dressed man arrives on a chestnut horse for a meeting with his father. John learns that the man is his benefactor who has paid for him to be tutored. “A bright future!” Will tells his son. “But secret for now.” A dramatic imagining of the true story of the royal impostor Lambert Simnel, Jo Harkin’s novel tells of a farmboy who is told that he is Edward V, 17th Earl of Warwick, rightful heir to the English throne and the elder prince in the tower. Having been tutored in great literature and courtly ways, our protagonist becomes a hapless pawn in the games of ambitious conspirators and is sent to Ireland where he becomes the figurehead of the Yorkist rebellion against the so-called usurper Henry VII. Continue reading...

Progressive bishop of Oxford and popular contributor to Radio 4’s Thought for the Day Richard Harries, Lord Harries of Pentregarth, who has died aged 89, was best known to millions of listeners to BBC Radio 4’s Today programme as one of the most esteemed contributors to its religious Thought for the Day slot over 54 years. His brief three-minute talks to early-morning listeners – the last of them broadcast at the end of March, a few days before he fell ill on Easter Sunday – were invariably cogent, compulsive and challenging, gently spoken and often laced with literary allusions. In that, he certainly reached a wider audience than even his many books of theology and culture, despite his career as a cleric, university dean and bishop of Oxford for 19 years – though he was admired within and beyond the Church of England for that too. Continue reading...

Double Tour de France winner makes his debut when race begins on Friday and is the outstanding favourite for victory in Rome Jonas Vingegaard’s bid to complete a rare Grand Tour grand slam by winning the 2026 Giro d’Italia begins in Bulgaria on Friday when the double Tour de France winner makes his debut in the Italian race. Vingegaard, the winner of the 2022 and 2023 Tours de France, has been eclipsed by the achievements of Tadej Pogacar – winner this season of nine races in 11 days of racing – but is the outstanding favourite for victory in Rome on 31 May. Continue reading...

Ahead of her new album, Bitch, we rate the best of a singer who expertly suffuses self-empowerment anthems with humour and party-starting energy Lizzo’s contribution to the Barbie soundtrack fitted the film’s opening scene perfectly: fluffy, wilfully lightweight disco-pop, with lyrics that split the difference between being knowingly daft and offering a self-empowerment message. If you’re not in the market for high-camp positivity, try the Pink (Bad Day) version, which flips the track’s mood on its head. Continue reading...

Wearables have really come full circle. The early Fitbits didn't have screens, but the move to smartwatches put a screen on everyone's wrist. Now, devices like Whoop and Hume are designed as data trackers first and foremost without so much as a clock. Google's newest wearable jumps on that trend: The Fitbit Air doesn't have a screen, but it does have a suite of health sensors that pipe data into the new Google Health app. And if you want, Google has a new AI-powered health coach in the app ready to tell you what that data means (maybe). The Fitbit Air itself is a small plastic puck about 1.4 inches long and 0.7 inches wide. It slots into various bands that hold the bottom-mounted sensors against your wrist. There's no display pointing upward, so the entire device is covered by the fabric or plastic of the band. It's a streamlined and potentially stylish look—in uncharacteristic fashion, Google has plenty of colors and style options available, including a special-edition Steph Curry version. You may have heard chatter about Curry being seen teasing a new screenless Fitbit, and this is it. Active bands. Credit: Google Performance Loop bands. Credit: Google Elevated Modern bands. Credit: Google Smartwatches never quite became a must-have device—plenty of people have them, but we don't all wear them all the time because they need to be charged often and aren't always very comfortable. The screenless Fitbit Air doesn't have those issues. Google says it lasts about a week on a charge, and it does that while collecting continuous health data. It can even store a day of data without being connected to your phone. Read full article Comments

Whether your skin is dull, dry or sensitive, these are our expert’s favourite formulas from her test of 25. Plus, dermatologists share their top tips • The best eye creams for banishing bags, puffiness and fine lines Moisturiser is a crucial step in any skincare routine. It supports barrier function and repair, helps protect your skin from environmental stress, and even forms the base of a flawless face of makeup. However, the market is flooded with options – Boots has more than a thousand listings under facial moisturisers – and finding the right formulation for your needs can be a nightmare. Admittedly, I found the task of writing this page far more daunting than anything I’d tackled before. Best face moisturiser overall: Haruharu Wonder Black rice 5 ceramide cream Best budget moisturiser: Simple hydrating light moisturiser Continue reading...

核心要点 在对伦敦上市投资信托发起长期维权攻势后，Saba 资本与先驱投资信托达成 三年静默休战协议 。 先驱投资信托宣布要约收购自身至多 66% 已发行股本，Saba 及其他投资者可按 接近资产净值 的价格离场。 该投资信托将易主，由安本集团接手管理。 由博阿兹・温斯坦执掌的对冲基金 Saba 资本，在敲定保障先驱投资信托未来发展的交易后，同意 暂停为期三年 、针对多达 9 只伦敦上市基金的激进维权行动。 先驱投资信托于周四宣布，将对自身至多 66% 的已发行股份发起要约收购，此举使其第一大股东 Saba 及其他投资者可按接近资产净值的价格卖出持股，也可选择继续持有。 就在上月，激进投资者 Saba 在与投资太空探索公司 SpaceX 的 爱丁堡环球投资信托 的争议博弈中宣告胜出，经过长期拉锯，成功罢免其董事长及五名董事会成员。 Saba 已作出不可撤销承诺，将所持先驱投资信托全部股份参与要约出售。自 2023 年建仓以来，该信托股价长期 低于资产净值折价交易 ，此次协议将为 Saba 带来可观收益。 作为交易的一部分，今年晚些时候该基金的管理权将移交 安本投资 ；现任基金经理、信托创始人凯蒂・波茨将带领七名同事一同加入这家总部位于伦敦的资管公司。 波茨在声明中表示：“先驱投资信托自 1994 年以来始终秉持清晰且成功的投资策略，加入安本后，这套严谨的投资框架将保持不变。” “我们仍将聚焦科技与通信行业，该领域持续受益于技术创新，并具备强劲的长期增长前景。” Saba 表示，此次交易是其最初发起的 七项英国维权行动中第六项取得圆满结果 的案例。 市场背景 先驱投资信托是 Saba 布局的近 50 只伦敦上市基金之一，覆盖市场总量六分之一。Saba 长期布局高折价的封闭式基金，意图推动其投资策略改革。 根据协议，Saba 承诺未来三年保持静默，在此期间不会对先驱信托董事会投反对票。 同时，若另外 8 只同属安本旗下、合计资产规模约 170 亿美元 的伦敦上市投资信托独立董事会愿意参与，Saba 也将对其遵守同等三年静默安排。 双方均宣告达成胜利 安本集团封闭式基金主管兼企业融资董事总经理克里斯蒂安・皮塔德表示，Saba“愿意合作、致力于寻求惠及全体股东的解决方案”，使得这只老牌信托得以存续，并促成各方共赢的结果。 他称：“针对我们旗下更多主动管理型英国信托达成的这份...

当一家上市券商一季度的净利润只剩22.36万元，市场的第一反应往往是错愕的。 4月29日晚间， 天风证券（601162.SH） 同步披露的2025年年报与2026年一季报，拼凑出了一幅割裂的图景：一面是2025年艰难扭亏为盈的微光，另一面是2026年一季度净利断崖式暴跌99%的至暗。 截至5月7日收盘，天风证券报收3.79元，当日涨幅0.26%，总市值达382亿元。 01 十字路口 拨开冰冷数字的表象，这不仅是一家中型券商在资本市场周期波动中的真实写照，更是一场由湖北国资主导、刮骨疗毒后的彻底重生。 从民营时代的股权混乱、关联交易频发，到国资入主后的治理重构、出掉历史包袱，天风证券正站在新旧模式切换的十字路口。 短期业绩的剧烈波动，既是"看天吃饭"的行业属性使然，也是转型阵痛期的必然代价。对于投资者而言，22万元净利润不是终局，而是观察这家湖北省属唯一上市券商能否走出周期低谷、实现高质量发展的新起点。 2025年，天风证券终于迎来了经营拐点，成功告别了持续亏损的局面。全年实现营业总收入28.54亿元，同比小幅增长5.70%；归母净利润1.56亿元，顺利由亏转盈，上年同期净利润为-0.30亿元；扣非归母净利润更是大幅飙升1245.85%至1.85亿元，盈利修复态势明确。 图片来源：天风证券2025年年报 资产负债表的优化更为亮眼。2025年6月，天风证券顺利完成定向增发，总股本扩容至100.74亿股，净资本大幅提升至192.72亿元，资本实力显著增强。 截至2025年末，天风证券总资产922.23亿元，归母权益升至273.92亿元，同比增长16.98%，资产负债率从75.30%降至69.79%。经营活动现金流净额33.11亿元，流动性安全垫整体充足。不过，受母公司未分配利润为负影响，2025年度公司不进行现金分红。 然而，这份来之不易的成绩单，仅仅维持了一个季度就被打破。 2026年一季报显示，天风证券实现营业总收入4.37亿元，同比下滑31.06%；归母净利润仅22.36万元，同比暴跌99.07%；扣非净利润更是直接转负至-3431.62万元，同比减少218.61%。唯一的亮点是经营活动现金流逆势大幅改善至25.80亿元，同比大幅增加32.45亿元，显示公司账上并非没钱，而是盈利端突然"断电"。 图片来源：天风证券2026年一季报 拆解业务结构，天风证券的真实底色逐...

StevanZZ/iStock via Getty Images It’s been a while since I last covered TC Energy ( TRP ) back in May 2025. In that piece, I highlighted TRP’s resilient fee-based cash flows and exciting growth projects on the way. TRP has since gone on to produce a 40% total return, far outpacing the 23% rise in the S&P 500 ( SPY ) over the same timeframe. In this article, I revisit TRP including recent business results, and discuss why this energy name is worth owning for long-term investors at the right price, so let’s dive in! Why TRP? TC Energy is one of the largest energy infrastructure companies in North America. It provides transportation of natural gas, crude oil, and power generation. TRP’s asset footprint spans across Canada, U.S. and Mexico. This makes it a critical link between supply basins and end markets. Since spinning off its liquids business into South Bow ( SOBO ), it’s been focusing on natural gas and power generation. This includes a focus on the U.S. Heartland region, which is projected to see a 40% growth in natural gas demand by 2035. As shown below, this is a region that has capacity for data center growth and coal-to-gas conversions, giving TRP plenty of headroom for expansion. Investor Presentation TRP delivered another solid quarter’s results during Q1 2026 with high utilization rates across the board. Comparable EBITDA from U.S. and Mexico gas pipelines grew by 10% and 85% YoY, respectively. At the same, power and energy solutions’ EBITDA grew by 8% while Canadian gas pipeline grew by 2% over the prior year period. These results were driven by high utilization rates, which management believes to be sustainable. Looking ahead, TRP’s growth is supported by a slate of modernization and expansion projects across its natural gas network. The projects carry long-term contracts with credit-worthy counterparties and are high return with low risk. TRP is positioning around the rapid buildout of AI-driven data centers, including its Northwood pipeline expansion p...

IonQ stock dropped Thursday, a day after the quantum computing company posted solid earnings results. IonQ's CEO reaffirmed his belief that the company will be the "Nvidia of Quantum." CEO Niccolo de Masi offered an upbeat view of the company ahead of the earnings report in an interview with Barron's.