估值难载其重 液冷赛道是过去一年A股热度最高的AI核心赛道叙事之一。 B200强制液冷落地、英伟达放开供应商合作权限、谷歌TPU直接采购，每一轮关键催化，都推动资金加速涌入该赛道。 英维克股价从27元一路攀升至121元，市值逼近1200亿元，跻身“千亿级液冷龙头”行列。4月20日财报披露当日，公司股价涨停，创出121.74元的历史新高。 然而当日晚间，一季报正式出炉：公司净利润大幅下滑82%，仅录得865.76万元，业绩表现较主流机构预测值偏差超九成。 次日该股一字跌停，海量抛盘集中涌出、资金难以出逃。随后四个交易日内，公司市值累计蒸发超250亿元。 从历史高点到连续大跌，一份财报，为何直接击碎了火热的液冷行业叙事？ 01、 利润暴雷 2025年，英维克营收60.68亿元，同比增长32.2%，数字看着不差。但归母净利润只有5.22亿元，增速15.3%，不到营收增速的一半。 增收不增利的信号，如同液冷赛道投资者眼里的一根刺。 逐季拆开看，盈利走弱趋势更为明确。2025年二季度利润增速38%，那是全年的高点。但到了三季度骤降至8%，四季度又进一步环比下滑33%，而到了2026年一季度，只剩865万元。 一个季度比一个季度要冷。 再看毛利率。从2023年的32.35%，断崖式降到2026年一季度的24.29%。如果拉长时间线回到2014年，英维克毛利率曾经是38.61%。 翻看财报，利润的下滑，实际有四重因素叠加。 第一，成本波动。 公司4月20日公告披露套期保值计划，明确写道：“主要原材料包括铜、铝、不锈钢等，相关大宗商品价格波动对产品毛利及经营业绩影响显著。” 2025年上期所铜价从年初7.35万元/吨升至年末9.93万元/吨，涨幅超35%。成本涨了，但售价传导不出去，毛利两头受挤。 其次，收入结构变了。 公司一季度不同毛利率水平的产品占比发生了调整，一季度订单充沛，但未能实现更高的发货和收入确认。 也就是说，收入确认节奏偏慢，产品结构的波动放大了毛利压力。 其三，一季度财务费用（同比）暴增7761% 。从去年同期的-26万飙升到2006万元。人民币升值带来汇兑损失，短期借款从年末7.36亿元增至一季度末9.39亿元，利息支出跟着水涨船高。 其四，一季度信用减值（同比）增至4倍 ，从去年同期的753万增至3016万元。应收账款回款越来越慢，坏账计提不得不加码。 再看资...

格隆汇4月26日｜阿联酋将设立一项价值10亿迪拉姆(2.7亿美元)的国家基金，用于增强工业韧性。

过去一个月市场对于确定性的追逐具有宏观合理性，但投资者应当为下一场景的交易做好准备：市场终将认识到能源的约束与价格中枢的上移，由此带来中国新旧能源以及制造业的机遇。内需消费在这个过程中也将受益于出口景气带来的资金回流。 摘要 1 市场的位置：回到冲突之前，AI硬件的确定性溢价共振 自4月初美伊冲突进入谈判、阶段性缓和之后，全球权益市场的宽基指数大多都已经回到甚至超过了冲突爆发之前的位置，但海峡仍然未能有效恢复，背后有几大驱动因素：第一，本轮中东原油接近断供之后，全球原油库存反而下降速度较慢，这延缓了市场对于主要经济体遭遇的供给担忧，这是由两方面原因导致：一方面有很多美伊冲突爆发之前还未到港的原油陆续到港，补充了库存；另一方面原油的消费也在同步下降，以东南亚国家为代表的地区率先承受了这一轮油价上涨带来的对需求的破坏，让渡出了大量需求。第二，由于特朗普和美国政府在社交媒体、舆论上的影响力，以及不断释放的和谈信号，让市场认为通航可以被解决，于是市场并不定价远期库存耗尽的场景。第三，实力较强的政府本身也在通过寻找其他原油供给、释放战略库存等方式，保证其国内生产的稳定。从宏观意义上，美国的科技需求是这一轮中最不受冲击的需求，而中国供给是本轮中最稳定的供给，自然以AI硬件（光模块、PCB等）就成为了这轮A股宏观确定性溢价与产业趋势共振的板块。另外一侧，主流商品仍未回到冲击前，显示市场担忧仍在。 2 但随着时间的推移，对于不确定性的定价或许正在开始增长 但随着时间不断往后推移，确定性溢价是否持续存在，需要更多思考。首先，对科技股高景气的业绩交易窗口可能正在逐步过去，未来需要寻找到新的催化。而实际上典型个股的业绩开始低于市场预期，由此带来了板块内部的股价表现分化。其次，美伊谈判虽然还未彻底“关闭”，但市场已经开始因为不断的反复“失去耐心”，市场对于美伊在五月底前结束整个战争的概率从4月17日最高的74%下降至目前的35%。最后，如果中东原油持续处于接近断供的状态，库存终将耗尽，带来产业链供应极大的不确定性，新兴市场能够进一步让渡的需求也已经有限。经过我们的测算，基于可得数据，全球石油可用库存天数平均水平是约37天。而实际上，供应链的影响已经在欧洲制造业有所显现：4月欧元区PMI分项中供应商的交货时间已经延长至2022年年中以来的最大值，制造业的投入成本也以自2022年年底以来最快的...

Kercheville Advisors LLC Purchases 2,615 Shares of Tesla, Inc. $TSLA MarketBeat

格隆汇4月26日｜据央视，墨西哥政府25日说，上周在该国死于车祸的两名美国安全机构人员并未获得在墨西哥行动的授权。墨方正与地方政府和美驻墨大使馆联合调查此事。该事故发生在本月19日，事发地奇瓦瓦州政府也是在野党执政的州政府称，州调查局与美安全机构人员合作，在结束一次针对非法毒品实验室的行动后，车队发生车祸导致4人死亡，其中两人为美方人员。据美国方面此前消息，这两名美国人是中央情报局特工。墨西哥总统辛鲍姆22日说，需查明相关合作是否符合国家安全法规定。她表示，美国总统特朗普曾多次提出向墨西哥提供更多支持，甚至建议美军人员参与打击毒贩的相关行动。但墨方均明确表示“不需要”，因为此举违反墨西哥宪法和相关法律。

Ethereum is perhaps the only cryptocurrency that touches everything else in the sector.

Key PointsEthereum is one of the few cryptocurrencies that has survived over time.

Soho theatre, London Christopher Brett Bailey reads his surreal novella and freewheels his way through extreme vice, erotic tension and dulled indifference No one tells a story like Christopher Brett Bailey. One minute he’s buying eggs at a gas station and the next he’s careening down the highway with the devil, the car deliberately swerving to increase their body count. Though it doesn’t quite match the motor-mouthed intensity or blinding climax of his 2014 beat-poet monologue, This Is How We Die , this live reading of his surreal 2023 novella is a free-wheeling piece of storytelling, vividly and viciously told. There’s no music nor much set. It’s just Brett Bailey reading from his script at a table, slurping and hissing and whispering into the microphone as he weaves a story of modern America and a man literally dancing with the devil. In a fringed leather jacket with snakeskin boots and his signature freshly electrocuted hair, Brett Bailey recounts with eerie calmness an accidental road trip with his overheated companion in small town America, “two miles north of hell”. Continue reading...

Any investor who's going to be 73 years old or older at any point in 2026 probably already knows they're required to take taxable distributions from ordinary IRAs and 401(k) accounts . You've got the entire calendar year to facilitate this required minimum distribution, however, and if it's your first one -- for the year in which you turn 73 -- you've got until April 1 of next year to get it done. And this begs the question: Is now a smart time to get this year's RMD out of the way? It depends. Continue reading

中国汽车产业正告别草莽时代。 2026年4月24日，北京国际汽车展览会正式启幕。总展出面积38万平方米，超2000家企业参展，展车1451辆，全球首发车型181款——三项指标均创历史新高。 比空前规模更引人瞩目的是，展馆内外正在发生的深刻变化——自主品牌集体冲击高端市场、合资阵营背水一战、供应链企业从幕后走向台前，以及那些在淘汰赛中悄然发生的整合与退出。 第一财经记者观察，北京车展表面上新车型与黑科技争奇斗艳，暗地里却是淘汰赛加速、价格与价值双重绞杀，每家车企都在为下一张入场券拼尽全力。多位车企掌门人在本届车展前后的发言也正在传递出淘汰赛愈发紧迫的强烈信号。 “到2030年，汽车集团能活下去的起步门槛是300万辆。300万~500万辆只能说是活得下去。500万~800万辆是能够过日子。但要成为全球领先的企业，年销量要达到800万~1000万辆以上。”中国长安汽车集团董事长朱华荣于4月21日在全球战略发布会上给出这一判断。他的依据来自对产业格局的观察——全球排名前15至20名的汽车集团已占据70%~80%的市场份额，马太效应正在持续兑现。 零跑汽车创始人朱江明也表达了相似逻辑：“全球前十大车企至少做到350万到400万辆以上。做车企必须做全球化，有规模才可能生存。” 当300万辆成为行业公认的“生死线”，中国汽车产业正告别草莽时代，进入拼规模、拼效率、拼全球生存能力的终局之战。 300万辆成为全球市场入局门槛 300万辆，这个数字并非凭空而来。 据2025年全球车企销量排名，丰田以约1132万辆居首，大众集团898.4万辆排名第二，现代汽车集团、通用汽车和Stellantis分别以727.4万辆、618.2万辆和548.4万辆位列其后。中国车企中，比亚迪以460.2万辆排名第六，上汽集团450.8万辆排名第七，吉利控股411.6万辆排名第九。 这意味着全球前十“入场券”约为350万辆，前五名均超过500万辆。对于志在2030年跻身全球前十的长安汽车而言，从300万辆级迈向500万辆，年均复合增长率需达11%-12%，挑战巨大。 更严峻的是，在迈向规模目标的过程中，“增收不增利”已成行业共性难题。 国家统计局数据显示，2025年，中国汽车行业利润率为4.1%，同比下滑0.2个百分点，创历史最低水平。2026年1~2月，中国汽车行业利润率进一步下滑至2.9%。据第一财经近...

A selection of winning images from the 11th edition of the All About Photo awards – The Mind’s Eye. The 2026 winners receive $5,000 in cash prizes. First Place was awarded to Matt McClain Continue reading...

Intel vs AMD just got real and investors are picking sides in the chip war right now MEXC

Key PointsWall Street is worried that artificial intelligence (AI) will shrink the workforce and make popular software products extremely easy to replicate.

一、 申請人資格 身份限制：必須是年滿18周歲，並持有有效中華人民共和國居民身份證的內地居民。 車主身份：申請人必須是該申請車輛的登記車主。 實施範圍：初期首批覆蓋廣州、珠海、江門、中山四個城市。根據計劃，2026 年中旬有望進一步推廣至廣東省其他地市。 二、 車輛資格 車輛須符合香港運輸署規定的特定規格，且不能同時持有「粵港常規配額（黑牌）」。 登記地：車輛須在廣東省登記及領有有效牌證。 車輛類型：非營運小型載客汽車（私家車）。 尺寸限制：車長不超過 6 米（部分文件要求 5.8 米），寬度與高度均不超過 2.05 米。 座位數：包括司機在內，座位數不超過 8 座。 三、 指定司機資格 每輛車最多可指定 2 名司機（申請人可為其中之一）： 證件要求：持有內地身份證、往來港澳通行證（及有效赴港簽註）。 駕駛證件： 持有中華人民共和國機動車駕駛證。 必須持有香港正式駕駛執照（准駕車型須包括私家車）。 聯絡方式：需提供有效的香港聯絡地址證明（可為授權地址）及香港流動電話號碼。 四、 申請流程與費用 目前實行「1人1車」及「先到先得/抽籤」預約機制。 驗車：收到通知後，需前往運輸署指定的內地車輛查驗中心驗車（無需親自開車去香港驗車）。驗車費上限約 450 元人民幣。 保險：必須購買符合香港法規的「第三者風險保險」。 證件費：總預算（含保險、香港駕照領取、許可證等）約在 3,000 港元/人民幣左右。 停留限制：獲准進入市區的車輛單次停留時間最長為 3 天。

Vanyar, a specialist consultancy focused on Palantir Foundry and AIP, has launched to support enterprise AI adoption outside Palantir’s largest accounts. The firm is targeting clients across APAC and the Middle East that are looking to operationalise AI on Palantir’s platforms. This development reflects growing third party interest in Palantir’s software beyond direct contracts with NasdaqGS:PLTR. For readers tracking NasdaqGS:PLTR, Vanyar’s launch adds a new layer to the story around...

Vanyar Launch Tests Depth Of Palantir Foundry And AIP Demand Yahoo Finance

4月24日，中国居住服务平台贝壳控股（NYSE:BEKE；HKEX:2423）发布2025年年度报告。报告显示，2025年，贝壳凭借扎实的业务布局和高效的经营管理，实现净收入946亿元，同比增长1.2%；净利润29.9亿元，经调整净利润50.2亿元，毛利率21.4%，较上年的24.6%下降3.2个百分点。尽管利润指标有所承压，但在行业整体调整的大环境下，营收的稳健增长已凸显出贝壳强劲的业务韧性。 从业务结构来看，贝壳正加速从“交易导向”向“服务导向”转型，非房产交易业务表现亮眼，成为驱动公司增长的新引擎。年报显示，业务结构方面： 二手业务：平台全年GTV（交易总额）约为2.15万亿元，链家及贝联门店的二手房交易单量同比增长11%，创历史新高，成为交易业务的稳定器； 新房业务：全年GTV为8909亿元，同比下降8.2%，净收入为306亿元，得益于策略优化，全年新房业务贡献利润率同比提升0.2个百分点至25%； 非房产交易业务：在营收中占比提升至41%。其中，家装业务营收创下历史新高，达到150亿元以上；房屋租赁业务219亿元，在管房源超70万套，同比增长62%； 2025年，贝壳在经营效率方面也获得了持续优化，通过数字化赋能、流程优化等方式，经营费用占营业收入比例同比下降1.4个百分点，实现了“降本增效”的经营目标，为企业的长期可持续发展奠定了坚实基础。 截至2025年年末，贝壳活跃门店数量为58376家，同比增长17.5%；活跃经纪人数量为445632名，与上年基本持平，直营链家主动优化门店网点和经纪人结构，聚焦高效产能与核心城市区域运营，非链家经纪人的年均二手单量也从2022年的不足2单提升至3单以上，第四季度存量房业务的贡献利润率在收入波动背景下实现环比提升1.5个百分点。 年报同时披露了公司核心管理层的薪酬情况，其中公司联合创始人、董事长兼首席执行官彭永东2025年薪酬及捐赠事宜引发行业广泛关注。其全年账面薪酬总额达2.35亿元。薪酬主要由两部分构成：一是限制性股票薪酬，金额为2.26亿元，占薪酬总额的96%；二是现金薪酬，约为937.9万元，占薪酬总额的4%。值得注意的是，这部分限制性股票薪酬并非当年实际发放的现金，而是2022年贝壳港股上市时授予的限制性股票的年度摊销金额，按照会计认定的归属安排，该部分限制性股票的摊销周期为五年，目前已进入摊销中末期，这也...

Nvidia (NASDAQ: NVDA) is up a mind-numbing 21,840% over the last decade. At first glance, it might seem like a stock that was a generational buy rather than one that can still deliver incredible returns. The same goes for its "Magnificent Seven" peers. Here's why Nvidia still has a long runway for growth and why it remains a generational buying opportunity hiding in plain sight. Image source: Getty Images. Continue reading

Segment Wealth Management LLC Cuts Stock Holdings in Oracle Corporation $ORCL MarketBeat

大埔宏福苑居民繼續分批上樓執拾，今日輪到首批宏道閣及宏昌閣高層住戶。 不少居民帶著行李、紙箱等上樓，除了宏昌閣居民，這日亦輪到首批宏道閣居民。有人上樓前巧遇鄰居，互相關心。 她稱無收到自己單位狀況的相。 宏道閣居民潘小姐說︰「沒有收過照片，文字上也沒有，不清楚單位裡面，像開盲盒一樣，三小時一定不足夠，有很多不同的聚會，很多的合照都在屋裡，很多時都在這裡發生我們說好要在家中多拍一次全家福。」 有居民影下單位內環境稱︰「今日26日，4月26日，我見樣樣都正常。」 有居民稱單位內部完好，檢走了貴重物品。 宏道閣居民黃太稱︰「如果可以再回去，再上多一次，執不完，有些電器、大件的物品。看著它很大火的時候，很不開心，現在可以回去，就有希望地拿東西，心情好些。」 不過宏昌閣的單位，就算高層都損毀嚴重，有住戶撐著拐杖，都要親身上樓一次。 宏昌閣居民鄧太表示︰「很難過，都燒光了，沒甚麼可以拿走。辛苦都要上去，想看看自己的屋變成如何，但上到去，都較我想像中燒得厲害。」 宏昌閣居民鄧小姐稱︰「樓層都有長鏟可以借，但都是徒手挖，都變成了灰。找得到出來都是一兩條小金鏈。」 大火無情，但鄰里有情，有人執拾同時帶花悼念鄰居。 宏昌閣居民馬先生表示︰「給一點心意她，在社交媒體的尋人啟事說，她找不回了。三十多歲，是一個媽媽。」 政務司副司長卓永興中午亦到場視察。宏昌閣及宏道閣的居民獲安排執拾至下周二，而宏泰閣及宏建閣的居民，則於下周三開始執拾。

A highly anticipated SpaceX IPO could make Elon Musk a trillionaire and reward any private shareholders of the space company, including Gerber Kawasaki CEO Ross Gerber. In an interview with Benzinga, Gerber says he's likely to sell his SpaceX shares based on extreme valuations being assigned to the company. SpaceX IPO While some may view Gerber as a Tesla Inc critic and villain these days, he assures Benzinga that he's only a critic of Musk. Asked if Musk may keep his promise to give Tesla share

Chinese scientists have developed a method to generate electricity and achieve higher energy efficiency than conventional burning, while producing zero carbon dioxide emissions, by placing coal inside a “battery”. “Coal-fired power” conjures images of heavy pollution, steep carbon footprints and modest efficiency. But a novel, direct coal power technology challenges that stereotype by eliminating combustion entirely and sidestepping the CO₂ emissions that have long defined coal use. A team led...

After menopause, the hormone revitalised Rose’s mind-blowing multiple orgasms, which are a huge turn-on for Jim • How do you do it? Share the story of your sex life, anonymously The connection was instant – when we first held hands, an electric current ran between us – but Jim was married Continue reading...

People across Latin America and the Caribbean find themselves without care as countries bow to US pressure Novlyn Ebanks, 73, had been due to receive the eye surgery she needed free of charge at St Joseph’s hospital in Kingston. But after Jamaica’s unilateral decision in March to end the nearly 30-year agreement with Cuba to provide doctors, she was no longer able to schedule the procedure. The hospital’s ophthalmology centre was mainly staffed by Cuban doctors, many of whom had already left Jamaica. Continue reading...

Tesla chief believes Altman broke company’s founding agreement – and legal battle promises to be explosive The bitter rivalry between two of the tech world’s most powerful men arrives in court this week, as Elon Musk’s lawsuit against Sam Altman and OpenAI heads to trial in Oakland, California. The case is set to feature some of the biggest names in Silicon Valley, and its outcome could affect the course of the AI boom. Musk’s suit, filed in 2024, focuses on the formative years of OpenAI when he, Altman and others co-founded the artificial intelligence company as a nonprofit with a grand purpose. Continue reading...

Men in tuxedos and women in dresses dove under tables, like a scene from a dozen Hollywood movies, but now it was happening to me White House correspondents’ dinner shooting – latest updates Shocking. Unnerving. Unpredictable. Violent. For a decade I have been following the twists and turns of Donald Trump’s America with the privilege of journalistic distance. On Saturday night I felt the darkness come viscerally close. Bang! Bang! What was that? Where was it? At 8.36pm panic and pandemonium reigned in the cavernous ballroom at the Washington Hilton hotel . There were men running and cries of “Get down!” and “Stay down!” Continue reading...

Two female Gen Z snipers in China have drawn attention on the training ground, defying gender stereotypes with their marksmanship and grit. Liu Jiangtao, 26, from Chongqing in southwestern China, serves as a sniper in a mobile unit of the Sichuan corps of the People’s Armed Police (PAP). She began as a scout, but later broke the women’s record in a sniper selection test, firing three rounds through a single hole on a coin-sized target hundreds of metres away. Her rise, however, was met with...

DKosig/iStock via Getty Images Market Brief – Market Consolidates Recent Gains Last week, we noted that after the sharpest rally since May 2025, a correction was likely. Notably, those corrections come in two forms: a price pullback or a sideways consolidation. We got the latter. The S&P 500 ( SP500 ) churned between roughly 7,080 and 7,140 for most of the week. But Friday did make a push to all-time highs. That kind of tight, high-level consolidation following an explosive move is technically constructive. Historically, it suggests the market is digesting gains rather than distributing them. The week’s dominant drama was, again, Iran, but with a different texture than in prior weeks. The original two-week ceasefire was set to expire Tuesday, and markets sold off Monday as the U.S. Navy seized an Iranian container ship in the Gulf of Oman and Iran’s Revolutionary Guard fired on a tanker inside the Strait. Oil surged back above $97, and the S&P fell 0.63%. Then, on Tuesday evening, Trump extended the ceasefire indefinitely. He cited Iran’s government as “seriously fractured” and awaiting a unified Iranian proposal. Markets bounced on Wednesday, oil retreated back toward $88-$92, and the VIX slid below 19. On Thursday, the markets pulled back again, but on Friday, they rallied. It’s enough volatility to make trading difficult. The other institutional event of the week was Kevin Warsh’s confirmation hearing before the Senate Banking Committee for Fed Chair. Warsh told senators he would be “strictly independent” and would not allow Trump to influence rate decisions, a reassuring signal. Mohamed El-Erian assessed his testimony as “very well balanced.” He suggested that Warsh would err on the side of cutting rates earlier if the dual mandate warranted it. Markets took comfort. The 10-year Treasury yield held near 4.30%, and rate hike odds have retreated meaningfully. Earnings are doing the heavier lifting. With 86 S&P 500 companies reporting, Q1 earnings are running 26.1%...