六福集團上季零售收入，按年增長一成九。 截至今年三月底止第四季度，香港、澳門及海外零售收入，上升四成二。內地增長百分之8。期內整體同店銷售增長三成三，當中香港升四成四，澳門增長三成四。內地自營店的同店銷售，則下跌百分之1。 集團表示，對內地業務中長線前景審慎樂觀，適當時機將會擴展內地市場，明年亦會加快拓展海外市場。

Earlier this week, Amazon.com announced an expanded partnership with Anthropic that includes an immediate US$5 billion investment and the potential for up to US$25 billion in total funding, while Anthropic committed to spend more than US$100 billion over the next decade on Amazon Web Services technologies and custom AI chips. This long-term AI infrastructure agreement deepens AWS’s role at the center of Anthropic’s Claude platform and reinforces Amazon’s position as a core provider of...

随着美国与伊朗和平谈判的希望消退，日本股市早盘走低。日经指数下跌0.4%，报59，115.50点。汽车和金属类股领跌。 丰田汽车 下跌2.2%，住友金属鈜山下跌3.3%。投资者正在关注中东局势的发展，此前副总统JD·万斯取消了前往巴基斯坦与伊朗就结束战争进行讨论的计划。 责任编辑：王永生

ASMPT上季度按年多賺兩倍，純利2.53億元。經調整盈利3.35億元，增長1.9倍。期內銷售收入超過39億元，增長三成二。 預期今季度銷售收入，將介乎5.4億至6億美元，以中位數5.7億美元計，按年增長三成七。

美國富商馬斯克旗下的SpaceX表示，取得今年稍後時間，以600億美元收購AI初創公司Cursor的權利。 SpaceX透過網上社交媒體發文，表明正與Cursor緊密合作，打造全球最佳的程式編寫，與智識工作AI。SpaceX除了擁有Cursor的收購權，亦可以支付100億美元，作為雙方的合作項目費用。 SpaceX發布貼文前，《紐約時報》曾報道，SpaceX同意以500億美元，收購Cursor。

据伊朗塔斯尼姆通讯社21日晚报道，伊朗方面拒绝出席原定于22日在巴基斯坦首都伊斯兰堡举行的伊美第二轮会谈， 原因主要是美方多次违背承诺。 报道援引消息人士的话说，伊美在本月上旬达成停火协议仅几天后，美国就开始违背承诺。美国没有向以色列提出在黎巴嫩停火的要求，给伊美谈判造成严重障碍。 报道指出，巴基斯坦最初介入调解，是基于伊朗提出的10点框架进行斡旋。在首轮伊斯兰堡会谈中，美国提出许多违反这一框架的过分要求，导致会谈陷入僵局。 报道还说，在美国迫于形势要求以色列在黎巴嫩落实停火后，伊朗宣布在达成的停火框架内开放霍尔木兹海峡，允许商船通行。但美军对进出伊朗港口的海上交通实施封锁。过去几天，美方坚持提出侵犯伊朗人民权利的过分要求，致使双方沟通不能取得任何实质性进展。 报道说，在当前情况下，伊朗参与谈判纯属浪费时间。伊方通过巴基斯坦方面宣布其决定。为了维护伊朗人民的权利，伊方将不会前往巴基斯坦。

This Ryzen powerhouse for compact PC builds just hit an all-time low price for 2026 XDA

周三公布的数据显示，受全球需求坚挺、商品价格上涨提振，日本出口实现连续第七个月增长，中东地缘冲突引发的供应链扰动目前尚未对其造成重大冲击。数据显示，3月日本出口总额同比增长11.7%，高于市场预期中值11%的增幅。其中，对美出口同比增长3.4%，对中国出口同比增长17.7%。3月日本进口同比增长10.9%，远超市场预估的7.1%增幅。受此影响，日本3月实现贸易顺差6.67万亿日元（折合41.8亿美元），低于市场预期的1.1万亿日元顺差规模。尽管霍尔木兹海峡航运受阻导致海湾能源运输中断、全球供应链紊乱，但出口商品价格走高仍对日本贸易形成支撑。不过制造业业内担忧情绪持续升温：能源价格暴涨，以及原油及各类原材料供应受阻，后续终将拖累日本出口走势。 责任编辑：王永生

Cochlear Ltd. shares plummeted the most in more than 30 years after the Australian company cut its fiscal year profit guidance. The stock was down as much as 39% in early Sydney trading Wednesday, the biggest drop since its initial public offering in 1995. Cochlear forecast underlying full year profit of A$290 million ($208 million) to A$330 million. It had previously seen a low end of A$435 million to A$460 million.

Beyond Meat (NASDAQ: BYND) has a big problem. Investors are well aware of the problem, too, since the stock is now squarely in penny-stock territory. In fact, the company recently received a notice that it could be delisted because its share price is so low. That troubling notice comes as management attempts to make a big business shift. When Beyond Meat held its initial public offering, investors were very excited about the concept of plant-based meat alternatives. The stock price rocketed higher on strong demand from consumers and restaurants. It seemed like everyone wanted to try Beyond Meat's products. After trying, however, many customers decided they preferred real meat. Image source: Getty Images. Continue reading

Crypto tycoon Li Lin is moving an entire trading team of about 20 people from his single-family office to Bitfire Group Holdings Ltd. , a wealth manager in which he owns a 30% stake, to help the firm tap more private banking clients. Bitfire is acquiring the team and their trading system from the mogul’s Avenir Group, the Hong Kong-listed firm’s Chief Executive Officer, Livio Weng , said in an interview. Avenir manages the wealth of Li, a Chinese crypto entrepreneur who made his early fortune from Huobi Group. The family office held more than $900 million in Bitcoin ETFs as of Dec. 31 and says it is Asia’s biggest institutional holder of the security. Li is also the biggest shareholder in Bitfire, which until a few weeks ago was known as Sinohope. The deal will transfer professionals spanning investment research, trading and risk control. They specialize in an AlphaBTC strategy that seeks to exceed the standard performance of holding Bitcoin by using options contracts, according to Weng. That will help Bitfire add more institutions and high-net-worth investors who are considering upping their exposure to crypto, Weng said. Avenir confirmed the deal. Jacob Zhong, Avenir managing partner of strategic investment and partnerships, said the transaction will accelerate Bitfire’s growth by integrating Avenir’s investing team with Bitfire’s product and service capabilities. “With this acquisition, Bitfire is primed to deliver the best in class digital asset solutions to its clients,” Zhong said. The deal allows Avenir to focus on managing its own funds, while Bitfire leads external asset management, Weng said. Read More: Chinese Crypto Mogul Li Sells Stake in Exchange Firm Huobi (1) With the new team coming on board, Bitfire has received about $500 million in initial investment interest from family offices and listed companies, he said. Bitfire launched its private banking business in August last year, and has seen about 300 new clients since, mainly family offices, listed ...

格隆汇4月22日｜据外媒，苹果下一任首席执行官约翰·特纳斯在履新之际面临一项重大挑战：在历史性的人员变动时期留住顶尖人才。在经历数年的相对平静后，苹果公司最近遭遇了一波离职潮——既有高管层，也有基层工程师。将于9月接替蒂姆·库克出任CEO的特纳斯，其任务就是稳定员工队伍。去年年底，备受赞誉的芯片业务主管约翰尼·斯鲁吉告诉库克，他正在认真考虑离开苹果公司。苹果最近通过向斯鲁吉提供新的薪酬方案以及更广泛的职位——公司首位首席硬件官，成功留住了他。特纳斯将需要解决继任问题以及其他高管可能离职的问题，包括迈克·洛克威尔以及几位即将退休的长期领导者。

Alexander Shapovalov/iStock Editorial via Getty Images Two months after my previous analysis , we have seen how Macy’s, Inc. ( M ), hit its four-month low of $16.90. And despite the rebound attempts of the stock price, technical risks are still present. I can’t blame the market considering the increased macroeconomic risks that may weaken its performance further. Valuation is still quite cheap, while fundamentals are still robust. However, these don’t seem enough to justify upside. Q4 2025: Challenges Persist, But It’s Surviving As we all know, retailers are among the first ones to experience the direct impact of macroeconomic volatility amid stubborn inflation and tariff wars. Softer consumer spending and weaker purchasing power continue to hammer growth opportunities in this industry. Even an established name like Macy’s, Inc. could not avoid the situation despite having a strategic target market and pricing. Yet, its structural and operational efficiency allow it to stay afloat. This was evident in its most recent report. In Q4 2025, its operating revenue amounted to $7.9B , down by 1.1% YoY from $8.0B. This reflected the mounting impact of stubborn inflation that continued to squeeze M’s pricing flexibility and consumer spending. This YoY decrease was also weaker than in my previous coverage, with a YoY decrease of only 0.2%. This happened despite the Fed’s efforts to boost economic activity and offset the impact of inflation. On a lighter note, other revenue rose by 17% to $277M versus $239M YoY. Both components increased, which showed that the policy easing cycle was not totally futile. Credit card revenues net rose by $30M. M’s client base was also still solid as marketing and advertising-related revenues increased. Other Revenues (M Q4 ) Meanwhile, COGS and SG&A expenses decreased, which can tell us that the decrease in revenue was also due to M’s decision to lower its capacity or volume. That way, it can avoid unnecessary expenses amid the rising prices. Wh...

Cursor is aSilicon Valley startup using AI to automate coding as Elon Musk’s firm seeks foothold in the AI market SpaceX said it has secured an option to either acquire code-generation startup Cursor for $60bn later this year, or pay $10bn for their new partnership, as it pushes deeper into the lucrative market for AI developer tools. Along with OpenAI and Anthropic, Cursor is one of several Silicon Valley startups that has drawn waves of developers by using artificial intelligence to automate coding, a business where AI companies have found early commercial traction. Continue reading...

SpaceX表示，已达成一项协议，将有权在今年晚些时候要么以600亿美元收购人工智能（AI）编程初创公司Cursor，要么为双方合作支付100亿美元。 SpaceX在社交媒体平台X上宣布了这项交易，并称两家公司“目前正密切合作，打造全球最好的编程和知识工作AI”。 SpaceX计划今年晚些时候IPO，近期与马斯克旗下的人工智能公司xAI完成合并。马斯克曾表示，xAI在编程工具方面落后于竞争对手，并誓言要从头重建这家公司。今年3月，他下令进行了一轮裁员。马斯克一直在延揽工程人才，曾从Cursor招募员工。 媒体此前报道称，Cursor在与投资者洽谈，计划在新一轮融资中筹集约20亿美元，对公司的估值将超过500亿美元（不含本轮融资）。 SpaceX团队“拥有庞大的算力资源，我们认为双方可以共同扩大模型研发力度，我们对此非常兴奋”。Cursor总裁Oskar Schulz表示。“我们非常喜欢他们的团队。” 责任编辑：王永生

Kash Patel, director of the Federal Bureau of Investigation (FBI), during a House Intelligence Committee hearing on worldwide threats in Washington, DC, US, on Thursday, March 19, 2026. Daniel Heuer | Bloomberg | Getty Images A federal judge in Houston on Tuesday dismissed a 2025 lawsuit by FBI Director Kash Patel that alleged he was defamed by former FBI official Frank Figliuizzi, who had said Patel has "been visible at nightclubs far more than he has been on the seventh floor of the Hoover building." The lawsuit is not related to the new defamation lawsuit that Patel filed Monday against The Atlantic magazine over an article that alleged he has abused alcohol. "The Court finds that Figliuzzi's statement is rhetorical hyperbole that cannot constitute defamation," U.S. District Court Judge George Hanks Jr. wrote in the decision. "Accordingly, Dir. Patel has failed to state a claim against Figliuzzi, and his lawsuit must be dismissed." :The Court finds that Figliuzzi's statement, when taken in context, cannot have been perceived by a person of ordinary intelligence as stating actual facts about Patel. As alleged, Figliuzzi's statement about Patel — again, made in response to a question about Patel's decreased visibility as Director of the FBI—was that 'he's been visible at nightclubs far more than he has been on the seventh floor of the Hoover building,' " the judge wrote. "A person of reasonable intelligence and learning would not have taken his statement literally: that Dir. Patel has actually spent more hours physically in a nightclub than he has spent physically in his office building," Hanks wrote. "By saying that Patel spent "far more" time at nightclubs than his office, Figliuzzi delivered his answer "in an exaggerated, provocative and amusing way," employing rhetorical hyperbole. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Perma-Pipe International (NASDAQ: PPIH) stock is a little-known microcap stock (market cap under $300 million) that has huge growth potential stemming from 3 main catalysts: Image source: Perma-Pipe International. The United States-Israel war against Iran, which began on Feb. 28, expanded to include much of the Middle East. Prior to the recent, temporary ceasefire, Iran had been striking U.S. military bases and other targets located in Middle Eastern countries that it considers to be complicit with the U.S. and Israel. Continue reading

美联储主席提名人凯文·沃什周二表示，他没有向美国总统特朗普做出任何关于降息的承诺，并试图向正在考虑是否确认他领导美联储的美国参议员们保证，他将在推行广泛改革的同时，独立于白宫行事。 在他的提名听证会上，沃什表示，在他与特朗普就这份工作进行的谈话中，“总统从未要求我承诺降息……他没有提出这样的要求……总统从未要求我承诺做任何此类事情，我也不会这样做。” 特朗普提名沃什担任美联储主席，并多次表示，如果沃什获得确认，他相信沃什会降低利率。在周二听证会前接受采访时，特朗普还表示，如果沃什最终未能获得确认，他会感到失望。 沃什的任命被认为很有可能获得确认，但美国参议院何时批准仍不明朗。共和党参议员汤姆·蒂利斯一反常态地利用听证会时间，没有向沃什提问，而是详细阐述了他为何要推迟沃什的任命，直到特朗普政府放弃对现任美联储主席杰罗姆·鲍威尔就美联储总部大楼翻修一事展开的刑事调查。 蒂利斯的反对可能导致沃什的提名无法获得确认，鲍威尔即使在5月15日任期结束后仍将继续担任美联储主席。 面对民主党委员会成员提出的一系列旨在凸显这位提名人与特朗普之间潜在分歧的问题，沃什拒绝就特朗普政府向美联储施压的种种举措发表评论，包括对鲍威尔的调查以及试图解雇美联储理事丽莎·库克一事（该案目前正由美国最高法院审理）。 他还拒绝就特朗普是否输掉2020年大选发表评论，也拒绝就这位共和党总统呼吁将利率降至1%（通常只有在应对经济衰退时才会出现如此低的利率水平）是否在当前经济仍在增长、失业率仍然相对较低的情况下具有经济意义做出回应。 沃什还表示，如果获得美联储主席一职，他将坚持出售超过1亿美元个人资产的计划，但根据与道德官员达成的协议，他不会透露这些资产的具体内容、出售方式以及出售对象。他表示，所得款项将投资于“普通”资产。 不过，沃什确实就他呼吁对美联储进行“强有力的改革”给出了一些大致的解释。 他将新冠疫情后持续冲击美国家庭的通胀飙升归咎于鲍威尔领导下的美联储。他表示，考虑到人工智能对就业和物价的影响，他将迅速采取行动，探索新的数据工具能否更好地洞察通胀，并阻止政策制定者对利率走向做出过多预测。 这位前美联储理事表示：“美联储需要改革其框架和沟通方式。”他还补充说，他宁愿政策会议“更加混乱”，让更多分歧在会上得到讨论，而不是事先发表过多公开评论。 “太多美联储官员对利率应该如何设定发表意见……这毫无益处。...

中莫提升关系为新时代命运共同体;国内油价今年来首次下调 美伊冲突最新动态： 美国总统特朗普应巴基斯坦请求宣布延长停火， 以伊朗政府内部分裂为由，要求伊方提交统一谈判方案，期间美军维持海上封锁并保持高度战备。美方同日扩大对伊制裁名单，财长称将持续极限施压， 副总统万斯取消赴巴行程。 伊朗正式拒绝出席在巴基斯坦伊斯兰堡的第二轮和谈， 称美方阻挠实质协议，停火延期毫无意义， 海上封锁等同敌对，必要时将以武力破封、不开放霍尔木兹海峡。伊军方警告海湾邻国勿协助美军，并表态将发动强力反击。 4月21日， 美国参议院银行委员会举行美联储主席提名听证会， 提名人沃什强调美联储货币政策独立性，明确表示绝不会成为特朗普 “提线木偶”， 否认曾被要求作出降息承诺。沃什提出美联储需 “体制变革”，包括建立新通胀框架、减少官员沟通频次，认为AI或为降息创造空间，并称美联储对美国 “K 型经济” 分化有责任，主张缩表。此外， 他支持加密货币纳入金融体系， 而参议员 Tillis 因鲍威尔调查明确反对其提名，其提名关键在于双方让步。 美股方面， 三大指数集体下跌， 纳指跌0.59%，道指跌0.59%，标普500跌0.63%。 大型科技股多数下跌， 苹果跌2.52%，特斯拉跌1.55%，谷歌跌1.52%，英伟达跌1.08%，Meta跌0.31%；微软涨1.46%，亚马逊涨0.66%。 纳斯达克中国金龙指数跌2.6%， 热门中概股普遍下跌。 拼多多跌5%，蔚来跌3.45%，阿里巴巴跌3.42%，百度跌3.33%，小鹏集团跌3.31%，网易跌2.88%，京东跌2.71%，理想汽车跌1.12%。 全球资产表现上， WTI原油期货收涨2.52美元，涨幅2.81%，报92.13美元/桶。布伦特原油期货收涨3美元，涨幅3.14%，报98.48美元/桶。现货黄金跌0.04%，报4717.91美元/盎司。现货白银涨0.12%，报76.74美元/盎司。 受伊朗拒绝出席第二轮和谈影响， 4月22日，布伦特原油涨3.68%，报98.99美元/桶。 1. 宁德时代双重大突破：神行三代6分钟快充+钠离子电池年内量产 宁德时代2026超级科技日接连发布两大核心技术成果。首席科学家吴凯院士表示，公司坚持多化学体系发展布局，钠离子电池已攻克制造环节核心问题，将于年内大规模量产，在高温、极寒出行及储能领域应用前景广阔。同时第三代神...

这些要求之间本身就是矛盾的，理论上，任何老业务都有可能被AI颠覆，那就只有没有老业务的全新创业公司才符合要求。而创业公司往往都处在亏损之中，又不符合市场对盈利的要求。 在全球大厂里，找出一家AI概念股，有任何难度吗？ 这个问题听起来十分荒诞，AI是全世界科技的主流叙事，怎么会难找？不应该遍地都是AI吹起来的泡沫吗？ 但其实在当下，它很有难度。对全球大厂来说，AI正在从泡沫，变成估值杀手。 01 从AI概念股，变成AI价值毁灭股 AI概念股似乎遍地都是，但一个个公司数过去，就像曹操和刘备“煮酒论英雄”一样，每个公司在市场（曹操）眼里，好像都有点问题，导致他们担当不起“AI概念股”的英雄名号。 西雅图的微软？ 它是全世界第一大模型公司OpenAI的股东。这家公司还有Copilot+Office生态，理论上和AI有极好的结合度。 事实也的确如此，全世界的大厂里，微软是第一个靠AI应用赚到大钱的。在其他大厂那，AI可能是泡沫，但在微软这，AI就是印钞机。在老客户那随随便便借着AI涨个价，加一种服务，就是业绩增长。 这一商业模式早在2023年就得到了验证。此后也没有失效，在最新的财报里，微软收入同比增长17%，净利润同比增长60%。微软这种体量，这个增长已经算很好了。 如此好的结合度，当下的微软似乎理所应当称得上AI概念股，应该获得30倍以上的PE，成为资本的热宠。 但很可惜，当下的微软并不是AI概念股。非但不是AI概念股，市场还认为它可能被AI颠覆，它的估值被AI杀的厉害。比如SaaStr的创始人认为，在AI的影响下，传统SaaS正在消亡。美银的分析师也发文表示，AI正在替代人类和SaaS，这对微软的市场估值是不利的。 年初发布财报之后，微软正在经历大幅度的下跌，利润却不断上涨，此消彼长下，动态PE已经跌到了10年以来的最低数字。 那以军方业务起家的Palantir呢？ 2025年，它的舆论热度几乎压过了英伟达。它虽然不是个传统AI公司，但它的智能系统与AI有极好的结合度。最新的财报里，收入在AI的赋能下同比增长70%。 这样一家炙手可热的公司，一定是AI概念股了吧？ 很遗憾，当下的它也不是AI概念股。相反，它正在被AI杀估值。因为Palantir是个软件公司，而当下的市场认为，AI替代的不是程序员，而是程序本身。如果AI本身就把软件的活干了，还需要软件公司干嘛？ “大空头...

Cleo Fields from Louisiana’s 6th district invests in Taiwan Semiconductor Manufacturing Company Ltd. By Investing.com Investing.com Australia

格隆汇4月22日｜澳大利亚S&P/ASX200指数开盘下跌46.10点，跌幅0.52%，报8903.30点。

Astera Labs CEO Mohan Jitendra disposes of $57.8m in stock Investing.com Canada

The "Great Rotation" out of growth and artificial intelligence (AI) stocks and into value stocks has proved to be short-lived, and the tech-heavy Nasdaq Composite index is once again leading the market's charge upward. There has been some nervousness around the conflict with Iran and AI infrastructure spending, but the technology looks like it is still in its early stages. AI models are only getting better, and agentic AI is still in its infancy. Although the infrastructure hardware sellers are getting much of the buzz, I think two of the companies doing a lot of the spending are well positioned to be huge AI winners over the long haul. That's why I would be buying Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) and Amazon (NASDAQ: AMZN) right now. Alphabet has the most complete AI stack of any company. This starts with its Tensor Processing Units (TPUs), which are custom chips it began developing more than a decade ago. It has optimized its entire hardware and software ecosystem around these application-specific integrated circuits (ASICs), and has continually improved upon them throughout the years. The chips are now in their seventh generation, and their eighth generation arrives later this year. Continue reading

美东时间4月21日周二，美股三大指数在盘初冲高后尾盘突发直线跳水，最终全线收跌。此前由强劲企业财报与 人工智能 热潮带动的市场乐观情绪，被中东局势骤然升级的阴霾彻底覆盖，伊朗拒绝出席原定第二轮伊美谈判的消息，成为当日市场转向的核心导火索。 截至收盘，道琼斯工业平均指数跌293.18点，跌幅0.59%，报49149.38点；纳斯达克指数跌144.43点，跌幅0.59%，报24259.96点，盘初一度创下历史新高；标普500指数跌45.13点，跌幅0.63%，报7064.01点。 本轮市场异动的核心，来自中东和平进程的突发逆转。据央视新闻与新华社报道，当地时间21日晚，伊朗谈判团队通过巴基斯坦中间人向美方宣布，不会出席4月22日在巴基斯坦首都 伊斯兰 堡举行的伊美第二轮会谈，目前也没有参与谈判的计划。伊方披露的拒绝参会原因直指美方违约，称巴基斯坦最初介入调解是基于伊朗提出的10点框架，而美方在首轮会谈中便提出诸多违反框架的过分要求，导致谈判陷入僵局，后续不仅未推动以色列在黎巴嫩停火，还持续对伊朗 港口 实施海上封锁，始终未兑现首轮会谈中的相关承诺，伊方认为在当前局面下参与谈判纯属浪费时间。 消息公布后，原本市场近几周因和平协议有望达成的上涨逻辑骤然生变，三大指数尾盘加速跳水。美国白宫随后确认，副总统万斯原定当日启程前往巴基斯坦的谈判行程已被取消，且未就后续面对面会谈的安排释放更多信息，地缘谈判的前景陷入高度不确定。尽管盘后美国总统特朗普发布声明，称应巴基斯坦陆军参谋长及总理的请求，美方将延长对伊朗的停火期限，暂缓军事打击，等待伊朗方面先提出统一的谈判方案，同时指示美军维持对伊朗的海上封锁与战备状态，但这一表态并未完全化解市场担忧。伊朗方面随后明确回应，并未请求延长停火，认为美方的停火延期毫无意义，本质是为发动突袭争取时间，并称将以军事手段回应美方的持续封锁，中东局势的尾部风险依然高悬。 能源板块成为最大赢家。随着中东局势紧张推高原油价格，能源股集体走高，标普500能源板块收涨1.31%。康菲 石油 、西方石油均涨超3%，埃克森美孚、雪佛龙也录得不同程度上涨。油价方面，WTI原油 期货 结算价收涨2.81%，报92.13美元/桶；布伦特原油期货收涨3.14%，报98.48美元/桶，逼近百元大关。 科技股则整体承压。苹果下跌2.5%，成为大型科技股中跌幅最大的个股。此前公司...

中信证券指出，从行业数据和已发布的年度业绩看，美妆行业尽管面临需求疲弱、国际品牌市占率阶段性反弹等不利因素，但其经营质量均在2025年发生了正向变化：各自定位更为明晰，大单品及系列心智和规模进一步夯实，普遍在品类拓展上实现一定突破。技术升级、场景延展、风口迁移推动2026年成为各品牌的上新大年，产品端增长驱动力明晰。医美行业当前处于上游注册证快速增加的阶段，竞争较为激烈，但结构性机会持续存在：新品红利仍存，营销获客、医学推广、产品组合、渠道运营等综合能力强的上游品牌有望在竞争中胜出。（界面新闻）

今年以来，中国互联网行业可以用列宁的那句话来概括：有时候几十年里什么都没发生，有时候几周就发生了几十年的事情。 三月，OpenClaw横空出世，大厂倾巢出动，腾讯推出龙虾全家桶，阿里成立Token Hub，和人民群众一起在疾驰的时代列车上补了张站票。 往前的二月，春节AI大战的风头盖过四千点保卫战，阿里千问豪掷三十亿现金，腾讯元宝红包在群里刷屏，除夕夜豆包春晚走穴，一个春节过去，人人都交上了一份祥和美满的周报。 字节跳动无疑是最大的赢家。春节前，字节发布视频生成模型Seedance2.0，急疯了没有+86手机号的老外；春节后，豆包日活用户依然断崖式领先。 字节跳动对人工智能的投入相当激进。它有MiniMax闫俊杰口中最强的AI人才储备[2]，是GPU采购大战里的常客。年初梁文锋署名的两篇新论文，均引用了字节Seed团队的基础研究作为理论基线。 DeepMind创始人哈萨比斯锐评中国人工智能，话到嘴边脱口而出的也是“ByteDance”[3]。 卧榻之侧岂容豆包酣睡，眼见诸侯并起的格局逐渐向“字节跳动和其他”发展，巨头一轮暴起，混战随之展开。 只是，这轮人工智能大战对外写满了大搞AI的勃勃雄心，对内写满了怕被AI搞的本能恐惧。凶悍如字节跳动，成为了一个具象的参照系。 人工智能仍在未来已来和泡沫一团之间摇摆，中国最顶尖的互联网公司已经站在变革的关口，迎来一场关于路径依赖的集体考验。 拳打包租公 春节AI大战打得血肉模糊，但其实这轮混战的起点是更早前的豆包手机。 去年12月，“豆包手机”借壳上线，中兴出硬件，字节出软件[4]，一个豆包助手，就能绕开各家应用的产品界面，直接帮你完成查商品、叫外卖、订车票、打出租车等复杂操作。 尽管销售页面写满了“谨慎购买”等劝退提示，三万台样机依然迅速售罄，还引发了一场行业应激性追杀，轻则弹窗提醒，重则闪退登出[5]。 豆包手机领先人类的日薪水平 友商对豆包手机的空前警惕，源于它展示的一种可能性： 拆解巨头多年打造的生态围墙，收缴超级入口的流量分发权。 互联网产品的商业模式高度依赖用户的注意力。各大App想尽办法抢占使用时长，把用户留在自家后花园，然后通过广告、电商等方式实现流量的货币化。 因此，中国互联网公司对“超级入口”有一种病态的痴迷。理论上，用户规模与时长是税源，货币化水平是税率，超级入口本身就是一台永不停歇的印钞机，先烧钱圈地、后...

格隆汇4月22日｜今天，财政部将在香港特别行政区发行2026年第二期人民币国债，发行规模为155亿元，具体发行安排将在香港金融管理局债务工具中央结算系统公布。