Earnings Call Insights: Daqo New Energy (DQ) Q1 2026 Management View "In the first quarter of 2026, market sentiment across the solar PV industry remained cautious amid seasonal softness and elevated inventory levels" (Deputy CEO Anita Zhu), and she said the slowdown in China was "further exacerbated by rising module prices driven by higher silver, aluminum, and glass costs" and that "persistent industry overcapacity continued to exert downward pressure on polysilicon prices, resulting in quarterly operating and net losses." "As of March 31, 2026, we held a cash balance of USD 559.4 million" and "in total, these assets that can be converted into cash stood at USD 2 billion, providing us with ample liquidity" (Deputy CEO Zhu), adding, "we continue to maintain a robust and healthy balance sheet with 0 debt." "With market prices for polysilicon experiencing a notable decline to be below production cost during the quarter, we adhered to the Chinese authorities' self-regulation guidelines by declining to engage in below-cost sales" (Deputy CEO Zhu). She also said, "our sales volume dropped to 4,482 metric tons," while "average selling price increased 2.3% sequentially to USD 5.96 per kilogram." "Revenues were $26.7 million" (CFO Ming Yang) and he attributed the sequential decline primarily to "a decrease in sales volume as the company reduced sales in light of the relatively low selling prices." Outlook "In light of the current market dynamics, we expect total polysilicon production volume in the second quarter of 2026 to be approximately 35,000 metric tons to 40,000 metric tons" (Deputy CEO Zhu), and "for the full year of 2026, we expect production volume to remain in the range of 140,000 to 170,000 metric tons." "Our understanding should be around June" for updated policy timing (CFO Yang), explaining that authorities are "redoing the cost model for all the different producers" and "the next step would be an updated price guidance." "If there is no price guidance and e...

A weekly, midday program that delivers high-impact, editorially driven coverage of the most important corporate transactions shaping the global market. Today's guests: Pershing Square CEO & Founder Bill Ackman, LionTree Advisors Managing Director Ariel Granoff, Cain Co-Founder & CEO Jonathan Goldstein, Boston Consulting Managing Director & Partner Travel, Transport & Leisure Tom McCaleb, and AstraZeneca CFO Aradhana Sarin. (Source: Bloomberg)

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格隆汇4月30日｜墨西哥外交部：4月28日收到美国政府对几名个人的引渡请求。

Péter Magyar meets EU leaders in Brussels, for the first time since his Tisza party won a landslide election.

Turkiye Garanti Bankasi A.S. press release ( TKGBF ): Q1Net Income of ₺33.61B. Net Interest Income including Swap costs of ₺59.99B. Core Banking Revenue of ₺113.2B. More on Turkiye Garanti Bankasi A.S. ADR Turkiye Garanti Bankasi A.S. ADR (TKGBY) Q1 2026 Earnings Call Transcript Turkiye Garanti Bankasi A.S. ADR 2026 Q1 - Results - Earnings Call Presentation Turkiye Garanti Bankasi A.S. ADR (TKGBY) Q4 2025 Earnings Call Transcript Historical earnings data for Turkiye Garanti Bankasi A.S. ADR Dividend scorecard for Turkiye Garanti Bankasi A.S. ADR

欧洲股市周三收跌，泛欧斯托克600指数下跌0.6%，报602.96点，创近三周新低。市场在美联储利率决议公布前交投谨慎，与此同时，中东局势持续紧张推动国际油价再度飙升。 主要股指方面，法国CAC 40指数下跌0.39%，报8072.13点；德国DAX指数下跌0.27%，连续第七个交易日走低，创2024年以来最长连跌纪录；英国富时100指数表现相对较弱，跌幅达1.16%。 油价成为压制市场的关键因素。随着美伊和谈陷入僵局，特朗普表示可能延长对伊朗港口的封锁措施，布伦特原油价格再度拉升，盘中一度突破114美元/桶。能源成本持续攀升加剧了市场对通胀和欧洲经济增长放缓的担忧。 经济数据方面，欧元区4月经济景气指数降至93.0，为2020年11月以来最低水平，连续第三个月下滑。 个股方面， 空客 因季度业绩超预期上涨5.1%，而科技板块受华尔街隔夜走弱拖累下跌1.9%。 责任编辑：张俊 SF065

With price targets implying moderate upside and the next earnings report likely to set the tone, investors consider the best way to move with SMCI?

Performance Highlights

Derick Hudson Meta Platforms ( META ) is extending the useful life of some of its data center servers from six to seven years due to a "significant server supply deficit" caused by the shortage of memory chips, reported The Wall Street Journal on Wednesday. According to the article , citing two internal memos, Meta said the deficit affecting the company's non-AI servers is expected to last through 2027. "We did not anticipate the hardware demand growth that we are seeing in the industry," the memo said, as per The Wall Street Journal. It added that "looking forward to 2027, the binding constraint includes critical server commodities -- particularly DRAM and HDDs." Meta did not immediately respond to a request for comment. With artificial intelligence rapidly growing, the memory chip business is seeing a boost. However, the prioritization of servers meant for AI systems and cloud service providers has led to shortages for other markets, including PCs, smartphones, as well as Meta's non-AI servers. Meta servers' annualized failure rate is expected to go from 4.8% to 7.4% because of the lengthened service life, WSJ reported, citing the memo. The article added that a separate memo said the changes "do not come without risks" and that projected failure rates at eight years are too high to justify extending the life of its servers that long. Other companies, including Intel and Dell, are also facing a similar memory chip shortage, leading to higher costs for products. More on Meta Meta Q1: AI Ad Thesis Getting Stronger Meta's Stock May Plunge Following Results Meta Vs. Google: In The Age Of AI, The Ad Crown Is Up For Grabs Meta Platforms options traders price ~7% earnings swing European Commission finds Meta fails to keep minors off platform

高盛 集团正积极扩大其在私人信贷领域的风险敞口，以期在这一快速增长但近期面临压力的市场中获取更高回报。 这家华尔街巨头今年第一季度从其融资业务中创纪录地获得了37亿美元净收入，同比增长38%。高盛声称，在这些面向私人信贷公司等市场核心客户的融资活动中，至今“未损失过一分钱”。 然而，这一亮眼表现也引发了外界对风险与回报是否匹配的质疑。高盛向非银行金融机构的贷款余额从2024年底的910亿美元增至去年年底的1180亿美元。根据联邦存款保险公司的一份文件，高盛去年第四季度从剩余1350亿美元贷款中获得了约22.5亿美元的利息收入，年化利率约为6.7%。 这一利率水平与同期高收益债券6.5%的平均收益率相当。尽管高盛首席财务官丹尼斯·科尔曼表示公司对这些客户的“历史损失率为零”，但评论文章指出，利率往往伴随风险，高盛如此高的利率水平与其所宣称的极低风险之间可能存在脱节。 高盛首席执行官大卫·所罗门仍对这一领域表示乐观，称公司对“私人信贷的长期机遇”感到满意。尽管近期多家私人信贷公司面临赎回压力，但高盛财富管理业务全球另类投资主管表示，如果能承受流动性不足的风险，私人信贷确实能带来“真正的超额收益”。 责任编辑：张俊 SF065

摩根大通全球固定收益主管Bob Michele在利率决议后接受采访时表示，美联储显然正迈向更趋对称的政策立场，同时央行正在释放其对价格水平愈发关注的信号。 Michele称，美联储认为美国经济表现良好，政策立场已转向更为鹰派； Michele表示，预期今年不会有任何利率调整； Michele认为，美联储传递的信息某种程度上是向沃什发出信号，即可能出现反对票； Michele表示，这为鲍威尔“和平”离任敞开了大门； Michele称，下一次美联储会议在利率问题上的讨论将更趋双向；他还称，在沃什的领导下，美联储将被妥善掌控。 Wolfe Research首席经济学家Stephanie Roth表示，今年晚些时候降息的可能性应该会下降。 责任编辑：丁文武

United Pilot Reports 737 Struck By "Red, Shiny" Drone On San Diego Approach OSINT accounts on X are circulating ATC audio from theATCapp that allegedly captures a United Airlines pilot reporting a drone strike while the Boeing 737 was on base leg for landing at San Diego International Airport. The pilot of United 1980 told SAN Ground that, at around 3,000 feet, the 737 struck a drone during the base leg, which is right before final approach. Ground asked the United 1980 pilot, "Do you have an approximate size, or how many engines?" The pilot responded, "It was so small I couldn't tell. It was red, shiny. I couldn't tell." United Airlines flight 1980 (Boeing 737) hit a drone over San Diego this morning around 3000 feet. Audio via @theATCapp pic.twitter.com/EFclpROOlL — Thenewarea51 (@thenewarea51) April 29, 2026 "No off-the-shelf consumer drone can get to 3000 feet. I'll be very interested to see how this investigation plays out," one X user stated . Tyler Durden Wed, 04/29/2026 - 15:50

一个由农业、化工、能源等行业组织及多名州总检察长组成的广泛联盟，公开反对 联合太平洋 铁路公司与 诺福克南方 铁路公司提出的850亿美元合并案，称这将严重损害市场竞争并推高运费。 美国农场局联合会指出，此次合并将进一步减少农民的运输选择，“农民的资产负债表已被快速上涨的投入成本挤压至临界点”，铁路运输选项的减少将使其更易受运费上涨影响。美国化学理事会亦致信监管机构，警告合并将削弱美国制造业的全球竞争力。此前，蒙大拿州、田纳西州等七位共和党州总检察长已联名要求司法部严格审查此交易。 若该合并获批，将把美国西部与东部的铁路网连接起来，创建全国首家横贯大陆的铁路公司。两家公司承诺新版申请将展示其增强竞争的能力，并计划于4月30日重新提交给联邦地面运输委员会。该委员会预计将于2027年做出最终裁决。 责任编辑：张俊 SF065

War in Iran and higher oil prices can be expected to keep tourists closer to home, disrupting the travel and hospitality industry and potentially spurring dealmaking. “I think if you’re looking today you can’t avoid geopolitical risk and the impact of the world’s economy of what’s happening at this moment in time,” Jonathan Goldstein , chief executive officer of the investment firm Cain , said Wednesday on the Bloomberg Deals TV show. While he expects the Gulf states to prove their economic resilience as the conflict eases, potential inflation and a possible return to a higher-interest-rate environment have to be taken into account, he said. Tom McCaleb , a Boston Consulting Group partner focused on the travel and leisure sector, said he expects significant M&A activity in the airline industry, a major change from the previous decade. Longer term, online travel agencies are among the businesses that could face consolidation, he said. “It’s probably not going to happen this year, but over the next couple of years there could be some real disruption in those sectors that leads to pressure and a shakeout,” McCaleb said. Ariel Granoff , a LionTree managing director, said she sees opportunities in the sector among small and mid-cap companies, those with $5 million to $20 million in earnings before interest, taxes, depreciation and amortization. The risks for the industry include consumers’ finances, Granoff said. “I’m looking at the health of consumer balance sheets — saving rates are lower, buy-now-pay-later services have higher delinquencies,” she said. “I think it’s going to create a near-term impact where people are going to focus a little more on local and regional.”

格隆汇4月30日｜伊朗动荡不安的东南部地区发生枪击事件，3名警察被枪杀。

The Pentagon estimates the war has cost $25 billion over the past two months. In congressional testimony, Defense Secretary Pete Hegseth did not say when the war might end. (Image credit: Rod Lamkey Jr.)

欧盟委员会周三发布初步调查结果，认定Meta Platforms违反了《数字服务法》，因其旗下Instagram和Facebook未能有效阻止13岁以下未成年人注册和使用其平台。 尽管Meta在服务条款中明确规定用户须年满13岁才能使用这两款应用，但欧盟委员会指出，该公司采取的年龄限制措施“似乎并不有效”。儿童在创建账户时可以通过输入虚假出生日期轻松绕过限制，而Meta缺乏有效的核查机制。 欧盟技术主权事务执行副主席亨娜·维尔库宁表示，Meta“几乎没有采取任何措施”阻止低于年龄限制的儿童访问这些平台。调查显示，欧盟约有10%至12%的13岁以下儿童正在使用Instagram或Facebook。 此外，欧盟委员会还批评Meta的举报工具“难以使用且效率低下”，报告未成年用户需要多达七次点击，且举报后往往缺乏后续跟进。 根据《数字服务法》，若违规最终确认，Meta可能面临最高达其全球年营业额6%的罚款。以Meta去年2010亿美元营收计算，罚款金额可达约121亿美元。Meta可在规定期限内对初步调查结果作出回应并提出整改方案。 责任编辑：张俊 SF065

格隆汇4月30日｜据CME“美联储观察”：美联储到6月维持利率不变的概率为98.6%（决议前为98.8%），累计降息25个基点的概率为1.4%（决议前为1.2%）。美联储到7月维持利率不变的概率为96.5%（决议前为94.6%），累计降息25个基点的概率为3.4%（决议前为5.4%）。美联储到9月维持利率不变的概率为96.1%（决议前为92.7%），累计降息25个基点的概率为3.8%（决议前为7.2%）。

美国总统唐纳德·特朗普对阿联酋决定退出OPEC表示赞赏，表示此举将有助于降低能源价格。伊朗战争爆发后，能源价格大幅上涨。 特朗普周三在白宫被问及此举时表示，“我认为这很好。” “他可能想走自己的路，”特朗普还表示，他指的是阿联酋总统穆罕默德·本·扎耶德·阿勒纳哈扬。“这有助于降低汽油价格，降低油价，降低一切价格。” 阿联酋本周宣布将于下月退出OPEC，在石油行业努力应对美国和以色列对伊朗战争引发的供应中断之际，此举可能削弱该组织对石油市场的影响力。此举也是阿联酋与OPEC领导者沙特阿拉伯多年紧张关系的结果，双方在包括石油产量在内的一系列问题上存在分歧。 责任编辑：丁文武

Justin Paget/DigitalVision via Getty Images The Canadian Real Estate Association (CREA) has downgraded its forecast for home sales in 2026, while the number of homes sold across the country in March fell 2.3% from a year earlier. CREA now

受企业财报表现喜忧参半、经济数据疲软以及中东局势持续动荡等多重因素影响，欧洲股市周三跌至近三周以来最低水平。 泛欧斯托克600指数收跌0.6%，科技板块表现尤为疲软，跌幅达1.9%。主要股指方面，德国DAX指数下跌0.27%，连续第七个交易日走低，创下2024年以来最长连跌纪录；法国CAC40指数下跌0.39%；英国富时100指数表现相对较弱，跌幅达1.16%。 经济数据方面，欧盟委员会公布的数据显示，欧元区4月经济景气指数降至93.0，为2020年11月以来最低水平，远低于市场预期的95.2。该指标连续第三个月下滑，反映出市场对中东冲突带来的经济前景担忧持续升温。 中东局势仍是压制市场情绪的关键变量。美伊和谈陷入僵局，霍尔木兹海峡航运持续中断，推动布伦特原油价格攀升至每桶114美元附近。分析人士警告，能源成本上升将加剧通胀压力，可能影响欧洲央行的政策路径。 个股方面，运动品牌 阿迪达斯 因季度盈利超预期大涨逾8%， 瑞银 集团在公布强劲财报后上涨约5%。与此同时，德国生物技术公司凯杰因下调全年盈利预期暴跌逾10%。 责任编辑：张俊 SF065

格隆汇4月30日｜黎巴嫩议长与伊朗外长通电话，讨论黎巴嫩及地区最新局势。

美国总统特朗普表示，他已敦促俄罗斯总统普京结束俄乌冲突，拒绝了后者提出的协助确保伊朗核材料安全的提议。 特朗普周三在白宫椭圆形办公室对记者表示：“普京告诉我，如果能帮助我们解决问题，他愿意参与铀浓缩方面的事务。我说，‘我更希望你推动结束乌克兰冲突。’” 特朗普称这次与普京的通话“非常好”，并表示他建议俄方在乌克兰冲突中“稍微停火一下”。 对于此次通话，克里姆林宫表示，普京提议在5月9日纪念战胜纳粹德国的“胜利日”实施临时停火。 克里姆林宫外交政策顾问尤里·乌沙科夫称这次通话“友好、坦率且务实”，时间超过一个半小时。根据国家电视台在社交媒体发布的录音，乌沙科夫说两国元首的讨论主要集中在伊朗问题上，俄方提出了一些可能有助于解决德黑兰核问题冲突的建议。但他未就此作具体说明，也没有提及特朗普的回应。 乌沙科夫表示，普京支持特朗普延长与伊朗停火以便为进一步谈判争取时间的决定。 在乌克兰问题上，乌沙科夫未说明拟议停火的持续时间。 周三早些时候，俄罗斯国防部表示，由于“当前作战形势”，今年5月9日的红场阅兵将自2007年以来首次不展示装甲车辆或导弹系统。 责任编辑：李桐

据三位知情人士透露，加拿大宠物食品公司Open Farm正在筹备在多伦多证券交易所进行首次公开募股，最快可能于今年内完成。 Open Farm是一家生产犬猫干粮、鲜粮、零食及营养补充剂的高端宠物食品企业，年销售额超过2.5亿美元。该公司成立于2014年，致力于提供来源可靠的宠物食品。公司总部位于多伦多，2017年在最后一轮融资中由General Atlantic领投，筹集了6500万美元。General Atlantic和Encore Consumer Partners目前为其少数股东。 据悉，Open Farm正在与包括 高盛 和 加拿大皇家银行 在内的投行合作推进上市事宜。不过，Open Farm、高盛和加拿大皇家银行均拒绝置评。 Open Farm若成功上市，将加入一批正在寻求上市窗口期的消费和零售公司行列，包括全球美妆公司Wella、零售商Tailored Brands、汽车碰撞维修公司Caliber Collision以及快餐连锁店Jersey Mike‘s和Inspire Brands等。 随着宠物主人在爱宠身上的支出持续增加，高端宠物食品市场呈现爆发式增长。不过，该领域许多公司仍保持私有状态，如去年被家族企业集团Agrolimen收购的Ollie，以及The Farmer’s Dog。相比之下，Freshpet于2014年上市，目前市值约为32亿美元。 责任编辑：张俊 SF065

Bill Ackman旗下潘兴广场美国（Pershing Square USA Ltd．）开盘价较首次公开募股（IPO）价格下跌16%。此前，这只封闭式基金及Ackman旗下另类资产管理公司合并进行的IPO筹资50亿美元。 潘兴广场美国开盘报每股42美元，低于50美元的发行价；而资产管理公司潘兴广场（Pershing Square Inc．）开盘报24美元。计算显示，考虑到分配的管理公司股票，在IPO中买入五股的投资者整体将亏损约6%。 50亿美元的融资规模仅达到锁定此前已承诺认购28亿美元的早期投资者的最低门槛，远低于潘兴广场约两年前希望的250亿美元高目标。 此次发行采取了优惠措施，包括免费获配资产管理公司潘兴广场股票以及对潘兴广场美国不收取业绩费，这些措施提振了投资者兴趣，但未能引发抢购热潮。 “赠送管理公司股份旨在弥补该基金可能出现的折价，”芝加哥XA Investments总裁Kim Flynn表示，“但这也带来一个问题：那么，在未来六个月或一年内，还有什么能推动二级市场需求、促使投资者继续买入？” 责任编辑：李桐