格隆汇6月12日｜午后证券板块全线拉升，证券ETF天弘(159841)标的指数大涨3.68%，成分股全线走强，财达证券触达涨停，中银证券此前涨停，国金证券涨超7%。 证券ETF天弘(159841)近20个交易日获资金净流入3.82亿元，最新流通规模为104.19亿元，在深市同标的产品中规模居首，其紧密跟踪中证全指证券公司指数(399975)，覆盖A股49家上市券商，权重股汇聚了东方财富、中信证券、国泰海通、华泰证券、招商证券等核心资产，其场外联接基金(A类：008590，C类：008591)。 催化剂上，三条主线齐发力： ① 增量资金入场信号：新开户重回高增长 上交所披露，2026年5月A股新开户276.53万户，同比+77.76%、环比+11%，扭转4月下滑态势，叠加两融余额已回到2.887万亿元附近，杠杆资金活跃与成交量中枢上移，利好券商经纪、信用与自营弹性。 ② 券业"并购整合年"加速：集中度提升，利于龙头ROE修复 中金公司吸收合并东兴证券、信达证券的多项议案已获股东大会通过，万亿级"汇金系"券商整合再下一城，市场开始定价"竞争格局改善→利润率抬升"。地方国资主导的重组同样提速：东吴证券拟作价115.19亿元收购东海证券83.68%股权；东方证券拟收购上海证券100%股权；年内券商并购案例已增至8起。 ③ 业绩底已验+估值处历史低位：财报与估值剪刀差 Wind口径，42家上市券商Q1营收1511.27亿元，同比增长31.4%、归母净利608.45亿元同比增长16.46%，投行与自营弹性兑现。而证券公司指数PE-TTM约13.96倍，处于近十年0.78%分位，即估值低于近十年99%的历史时间。
Philip Steury/iStock via Getty Images • The fund posted returns of 3.73% (Institutional shares) and 3.64% (Investor A shares, without sales charge) for the first quarter of 2026. • The fund's outperformance of its benchmark was primarily driven by macro-thematic insights, followed by sentiment insights, with additional support from quality and valuation measures. Asian markets, particularly Taiwan...
Philip Steury/iStock via Getty Images • The fund posted returns of 3.73% (Institutional shares) and 3.64% (Investor A shares, without sales charge) for the first quarter of 2026. • The fund's outperformance of its benchmark was primarily driven by macro-thematic insights, followed by sentiment insights, with additional support from quality and valuation measures. Asian markets, particularly Taiwan, contributed strongly, while India and Thailand also benefited relative returns. • The fund remained largely sector neutral. However, there were slight overweight allocations to the information technology ( IT ) and communication services sectors, and underweight exposures to the consumer discretionary and materials sectors. From a country perspective, there were slight overweight holdings in Taiwan and Thailand, and underweight positions in Brazil and India. Contributors Macro-thematic insights were the strongest contributor, particularly industry-based thematic measures. These helped to capture strong trends across emerging markets and supported an overweight position in the IT sector, which was especially beneficial in Taiwan. Sentiment insights also added to returns. Measures analyzing market positioning and trading activity helped to identify momentum trends that led to effective positioning in countries such as Taiwan and Korea. Elsewhere, quality insights contributed as measures identifying companies with stronger financial discipline and favorable pricing supported stock selection in countries including China. Detractors Certain quality-related insights struggled, especially those linked to environmental and corporate policy measures, which led to less effective positioning in some emerging markets. Additionally, macro insights looking at region-specific positioning did not perform as expected. Elsewhere, sentiment insights weighed on relative performance, particularly those tracking fund flows and momentum signals, which were less effective in a volatile environme...
England midfielder Jude Bellingham stresses the importance of needing to 'feel loved' as he looks to help the Three Lions enjoy World Cup success this summer.
England midfielder Jude Bellingham stresses the importance of needing to 'feel loved' as he looks to help the Three Lions enjoy World Cup success this summer.
mikkelwilliam/iStock via Getty Images Performance assessment Advanced Micro Devices ( AMD ) has done excellently since I flipped my bias from bearish to bullish : Performance since Hunting Alphas' Last Article on AMD (Seeking Alpha) Elevator pitch Even after the >50% rally in AMD stock, I still believe it is poised to outperform: Tailwinds in the server processor market can boost revenue growth an...
mikkelwilliam/iStock via Getty Images Performance assessment Advanced Micro Devices ( AMD ) has done excellently since I flipped my bias from bearish to bullish : Performance since Hunting Alphas' Last Article on AMD (Seeking Alpha) Elevator pitch Even after the >50% rally in AMD stock, I still believe it is poised to outperform: Tailwinds in the server processor market can boost revenue growth and improve margins AMD's latest GPU is seeing better than expected interest from key customers Rising competition in the consumer PC market is a key risk monitorable AMD's earnings growth rate seems high enough to justify a premium valuation AMD is in an obvious, strong uptrend Tailwinds in the server processor market can boost revenue growth and improve margins AMD is massively upgrading its data center server CPU growth expectations as inferencing and agentic AI compute demands exceed prior expectations: Inferencing and agentic AI are increasing the need for server CPU compute, as these workloads require additional CPU processing for orchestration, data movement and parallel execution, in addition to serving as the head nodes for GPUs and accelerators. ...At our Financial Analyst Day in November, we outlined a server CPU market growing at approximately 18% annually over the next 3 to 5 years. Based on the demand signals we are seeing today and the structural increase in CPU compute requirements driven by agentic AI, we now expect the server CPU TAM to grow at greater than 35% annually, reaching over $120 billion by 2030. ...we now expect server CPU revenue to grow by more than 70% year-over-year in the second quarter, with robust growth continuing through the second half of 2026 and into 2027 as we ramp our next-generation EPYC processors. - CEO Lisa Su in the Q1 FY26 earnings call Some industry commentary also notes that AMD is capturing market share from Intel ( INTC ). AMD reportedly has a 27.4% unit share and 46.2% revenue share in the server CPU market in Q1 FY26. Now...
mikkelwilliam/iStock via Getty Images Performance assessment Advanced Micro Devices ( AMD ) has done excellently since I flipped my bias from bearish to bullish : Performance since Hunting Alphas' Last Article on AMD (Seeking Alpha) Elevator pitch Even after the >50% rally in AMD stock, I still believe it is poised to outperform: Tailwinds in the server processor market can boost revenue growth an...
mikkelwilliam/iStock via Getty Images Performance assessment Advanced Micro Devices ( AMD ) has done excellently since I flipped my bias from bearish to bullish : Performance since Hunting Alphas' Last Article on AMD (Seeking Alpha) Elevator pitch Even after the >50% rally in AMD stock, I still believe it is poised to outperform: Tailwinds in the server processor market can boost revenue growth and improve margins AMD's latest GPU is seeing better than expected interest from key customers Rising competition in the consumer PC market is a key risk monitorable AMD's earnings growth rate seems high enough to justify a premium valuation AMD is in an obvious, strong uptrend Tailwinds in the server processor market can boost revenue growth and improve margins AMD is massively upgrading its data center server CPU growth expectations as inferencing and agentic AI compute demands exceed prior expectations: Inferencing and agentic AI are increasing the need for server CPU compute, as these workloads require additional CPU processing for orchestration, data movement and parallel execution, in addition to serving as the head nodes for GPUs and accelerators. ...At our Financial Analyst Day in November, we outlined a server CPU market growing at approximately 18% annually over the next 3 to 5 years. Based on the demand signals we are seeing today and the structural increase in CPU compute requirements driven by agentic AI, we now expect the server CPU TAM to grow at greater than 35% annually, reaching over $120 billion by 2030. ...we now expect server CPU revenue to grow by more than 70% year-over-year in the second quarter, with robust growth continuing through the second half of 2026 and into 2027 as we ramp our next-generation EPYC processors. - CEO Lisa Su in the Q1 FY26 earnings call Some industry commentary also notes that AMD is capturing market share from Intel ( INTC ). AMD reportedly has a 27.4% unit share and 46.2% revenue share in the server CPU market in Q1 FY26. Now...
Brandon Moser SpaceX ( SPCX ) is reportedly allocating a smaller-than-expected portion of its blockbuster initial public offering to retail investors. The Elon Musk-led company plans to direct a percentage in the low 20s of the offering to retail buyers, including international individual investors, online brokerages, and private-bank clients, according to CNBC. The allocation is below earlier exp...
Brandon Moser SpaceX ( SPCX ) is reportedly allocating a smaller-than-expected portion of its blockbuster initial public offering to retail investors. The Elon Musk-led company plans to direct a percentage in the low 20s of the offering to retail buyers, including international individual investors, online brokerages, and private-bank clients, according to CNBC. The allocation is below earlier expectations that roughly 30% of the deal would be reserved for retail investors. Separately, shadow markets are pricing a blockbuster SpaceX ( SPCX ) stock debut, indicating a pop of at least 35% for Musk’s rocket, satellite, and AI company. Derivatives offered by online brokerage IG International pointed to a market value of $2.4T Friday morning in Singapore, implying a gain of more than 35% from a price of $135 a share and a valuation of $1.77T in the initial public offering, as per Bloomberg. More on SpaceX SpaceX IPO Preview: Placing It In Context SpaceX May Crash Back Down To Earth Market Brief: What You Need To Know Before The SpaceX IPO SpaceX IPO set to deliver multi-billion dollar windfalls for Founders Fund, Andreessen Is $1.77T SpaceX IPO already priced for decades ahead? Wall Street voices
South Korea's ousted President Yoon Suk Yeol and his former defense minister were sentenced to 30 years in prison Friday in a case alleging Yoon ordered drone flights over Pyongyang in 2024 to heighten tensions with North Korea and justify declaring martial law at home. (Image credit: Ahn Young-joon)
South Korea's ousted President Yoon Suk Yeol and his former defense minister were sentenced to 30 years in prison Friday in a case alleging Yoon ordered drone flights over Pyongyang in 2024 to heighten tensions with North Korea and justify declaring martial law at home. (Image credit: Ahn Young-joon)