primeimages/E+ via Getty Images Market Overview The March quarter started off well as January and February were strong opening months for the U.S. equity market. Key drivers of the market were favorable, including: strong economic growth, robust earnings (especially for small caps), the Federal Reserve's rate cutting cycle, tax cuts (as the so called Big Beautiful Bill became effective in 2026), expanded deregulation, the ISM PMI Manufacturing index entering expansion territory (above 50), and inflation gradually easing along with long-term interest rates. These positives outweighed negatives such as the stalled labor market and growing concerns about private credit. As a result, through February, equities were up for the year, market breadth expanded and small caps outperformed large caps. Then on February 28th, the US & Israel launched strikes on Iran, initiating the Iran War. This was in response to growing potential threats by the Iranian regime and the recent brutal attacks on its own people. The Iran War The Iran War has dramatically changed the equity market environment for the time being. Equities fell sharply in the month of March as the price of crude oil nearly doubled, interest rates rose, the US dollar rallied, economic uncertainty spiked and investor sentiment plunged. WTI crude oil increased from $65 two days before the war to over $100 by the end of March just over a month later. Other key global crude oil benchmarks, such as, Brent, Oman, and Dubai were even higher. On most individual trading days in March, the price of crude oil was the critical factor. Favorable war headlines caused the price of crude oil to fall and equities to rally in an inverse relationship. However, the opposite was true on most days, where negative war headlines and higher crude prices caused equity multiples to compress. Overall, the fog of war remains thick. As of one week into April, the US and Iran have agreed to a two-week ceasefire. The ceasefire is a clear positive th...

道通科技公告，预计2026年第一季度营业收入为12.8亿元至13.05亿元，同比增长17.03%至19.31%。预计归属于母公司所有者的净利润为1.9亿元至2.1亿元，同比变动-4.76%至5.27%。上年同期营业收入为10.94亿元，归属于母公司所有者的净利润为1.99亿元。

UK power stocks dropped after Chancellor of the Exchequer Rachel Reeves said the government was drafting plans to delink gas prices from electricity costs, raising concerns that lower power prices would hurt earnings for generators. SSE Plc shares dropped as much as 6.6% on Friday, the biggest decline since September 2022, while Centrica Plc fell as much as 5.8%, the steepest in two months. Drax Group Plc and Ørsted A/S also declined, down as much as 3.6% and 1.4%, respectively. Reeves told reporters in Washington that the government is working on measures to shield British households from another surge in energy-driven inflation. More details were expected in the coming days, she said, while a person familiar with the matter told Bloomberg the proposals could be unveiled as soon as next week. Read More: UK Government Looks at Delinking Gas and Electricity Prices In the UK, wholesale electricity prices are typically determined by the costliest generator needed to meet demand. So even as the share of gas in the country’s power mix is shrinking, the system has at times allowed lower-cost renewable producers to benefit from the higher prices set by gas. Weakening that link could lower power prices, but also reduce revenues for generators. Gas-fired power plants set UK electricity prices about two-thirds of the time in March. Analysts at Jefferies estimate that a £5 per megawatt-hour decline in power prices could translate into a roughly 2% to 3% hit to net income for UK power companies, highlighting the sensitivity of earnings to even modest shifts. However, with no details on the plan, the analysts said it was difficult to predict the exact impact. Separately, the government also said on Thursday that it would scrap a carbon tax on gas-fired power plants, a move aimed at reducing consumer bills that could also weigh on profitability across the sector. Read More: UK to Scrap Carbon Tax on Gas Plants to Cut Power Bills

中国餐饮品牌出海正在集体提速。中国连锁经营协会近日发布的“2026中国餐饮/新茶饮出海品牌50”显示，上榜的50个品牌中，有24个品牌的海外首店是在2023年之后开业的。这也意味着，48%的上榜品牌，出海经历不过3年。 “出海是成为世界品牌的必经之路。”艺康集团快捷休闲餐饮事业部国际业务副总裁刘红医表示，经常有人说中国市场已经是全球竞争最激烈的市场之一，既然品牌能在中国市场获得成功，到海外市场也能无往而不胜，但事实并非如此。 作为全球水、卫生、感染预防解决方案和服务领域的可持续领导者，艺康集团（纽交所代码：‌ECL‌）目前服务于“2026全球餐饮品牌价值25强榜单”中的22个品牌，占比高达88%。“从我们的观察来讲，从中国品牌到世界品牌，就好像游戏升级，一级更比一级难。”刘红医说，餐饮品牌出海存在五大挑战，而艺康，则是要在全球充满不确定性的变量中，做餐饮出海的“确定性常量和增值赋能”。 “不只是清洁，我们提供合规且总成本最优的食品安全全球一致性解决方案。”刘红医说。 从中国品牌到世界品牌 国家统计局数据显示，2025年全国餐饮收入达57982亿元，同比增长3.2%，占社会消费品零售总额的11.6%，较上年提升0.2个百分点。 随着行业发展增速趋稳，出海逐渐成为不少餐饮品牌寻找成长增量的必选项。 “2026中国餐饮/新茶饮出海品牌50”榜单显示，截至2025年底，上榜的50个品牌海外在营门店总数已达6801家，其中9个品牌的海外门店数突破百家，展现出强劲的规模化出海能力。其中，蜜雪冰城以4153家海外门店的绝对优势位居榜首，其海外门店数量甚至超过了第2至第10名品牌的总和。 尤其是，茉莉奶白、沪上阿姨、茶乙己等品牌在2024年才迈出出海第一步，但其门店数量已快速跻身榜单中上游。 从纽约时代广场单日售出3500+杯的茶饮，到遍布东南亚的火锅店，伴随着中国餐饮从“产品出海”转向“品牌出海”，中国品牌不仅输出了美食，更输出了文化与生活方式，在全球价值链中占据更核心的位置。 与诸多中国餐饮品牌的开疆拓土同步，海外中餐市场呈现快速扩张的趋势。国际中餐市场规模2020年为2330亿美元，红餐产业研究院预计，2027年将达到4499亿美元。 但出海这一步的跨越，并非一蹴而就的坦途。 红餐产业研究院联合中申连锁外服发布的《中国餐饮品牌出海发展报告2026》显示，随着中国餐饮品牌海外布...

格隆汇4月17日丨国际油价走低，WTI原油期货跌幅扩大至3%，报88.4美元/桶。布伦特原油期货价格跌2.38%，报97.029美元/桶。

格隆汇4月17日丨有媒体报道“山大二院医生李某将患者引荐到私立医院就诊”的消息，引发网络关注。我院对此高度重视，第一时间开展核查工作。现将初步调查情况通报如下：经核实，网络反映问题基本属实，涉事医生李小峰系我院退休返聘人员。依据《医疗机构管理条例》及医院管理制度，我院已立即停止其在院内的所有诊疗活动并终止其聘用协议。同时，医院已安排专人与患者家属沟通对接，妥善做好后续工作。我院对违规引荐行为始终持“零容忍”态度，下一步，将深入开展医疗质量安全专项治理，持续规范医疗服务行为，切实维护患者就医合法权益。

Wachiwit/iStock Editorial via Getty Images Netflix ( NFLX ) again posted a good quarter. But the market reacted negatively to the guidance going forward. This is beginning to reflect the reality of potentially valuing the future too high for the current growth rate. The last article and the articles before that have long warned that the "party may be over". Netflix Common Stock Price History And Key Valuation Measures ( Seeking Alpha Website, April 16, 2026 ) As shown above, so far, the market is willing to pay roughly 34 times earnings for a company that is projected to grow roughly 13% for the rest of the fiscal year. Even if that estimate is beaten, it is not going to be doubled the way things have been going for some time now. But what is different is that the market is beginning to react negatively to the good news. Sooner or later, these stocks change from a story stock to one that is valued based upon operations. Clearly a stock that is projected to grow anywhere in the teens for the foreseeable future should not be priced at 34 times earnings. A far more reasonable assumption would be that a return in the teens should have a price-earnings ratio in the teens. The other consideration is that a company this large will at some point reach its maximum size. That maximum does not depend upon the size of the market. Instead, it depends upon the ability of management to grow and manage a growing company. Along with the recent announcement and guidance is the statement that Reed Hastings, who cofounded the company, will be stepping down as Chairman. Replacing someone as valuable as a cofounder successfully is something that few managements manage to do. Combine that with the fact that the replacement is going to have to be able to manage a very large operation that was not there when the company was founded. Yet the stock price at 34 times earnings will likely allow for no missteps (let alone a lower growth rate than the price-earnings ratio). One can easily see why...

Source: Bloomberg, 15:37

口水战背后折射出的是两家公司在业绩压力下的战略选择，以及市场份额此消彼长的深层焦虑。 就在空调行业即将进入旺季前夕，格力电器和海信空调的一场“口水战”再次把行业的争议摆到了台面上。 4月14日晚间，格力电器CMO朱磊在微博发文喊话海信空调，直言其在上海家博会传播中盗用格力“真铜实料”营销主张，同时喊话海信自查旗下产品铝线电机、铝管应用情况。 对此，海信空调国内营销中心品牌总监杨万手发布视频回应称，“早在2016年，就有媒体报道过家电企业坚持‘真铜实料’，其中有提及海信、长虹、创维等，但不包括格力，究竟是谁剽窃了‘真铜实料’的概念尚无定论。在其看来，“真铜实料”这四个字，不姓格也不姓朱，而是属于所有中国人。 格力CMO朱磊和海信空气事业部品牌总监杨祥玺在社交媒体上你来我往，围绕广告语归属、技术路线乃至能效标准展开，前后形成了三个回合激烈交锋，场面一度十分火爆。 他还进一步提及，既然格力拒绝“铝代铜”，却又于去年3月加入“强化铝应用工作组”一事，“又当又立”。 格力CMO朱磊在与《BUG》栏目沟通时回应称，中国企业应讲体面，海信不应“搬运”格力通过全国媒体传播的“真铜实料”概念。他表示，海信作为经典国品，有众多创造，没必要抄袭格力的宣传词，对此感到无语。 对于“又当又立”的指责，朱磊则解释，格力加入的是铝强化应用研究工作组，与倡议“铝代铜”是两回事，研究铝代铜和倡议铝代铜完全不同。 海信和格力，两家空调行业巨头的“口水战”，表面上是围绕“真铜实料”这一宣传口号的归属权之争，实则是空调行业在成本压力与技术路线选择上的深层博弈。看得出来，双方都在试图定义行业标准，并争夺市场话语权。 早在2016年，海信、长虹等品牌就用真铜实料宣传，或许早就为今日原创之争埋下了伏笔。格力董事长董明珠作为全铜派的坚定拥护者，她曾多次公开表示，在没有100%把握之前，格力空调不会铝代铜，强调铜在导热性、耐腐蚀性上的优势。而海信则是更倾向在成本和技术间寻求平衡，试图将自身拉回行业主流阵营。 01 从“真铜”归属到“能效”罗生门 这场争论的导火索始于4月14日，格力电器CMO朱磊在社交媒体发文，直指海信空调在上海家博会上“盗用”了格力原创的“真铜实料”营销主张。 朱磊强调，这四个字背后代表的是格力坚持的四大核心部件（蒸发器、冷凝器、风机、压缩机）全铜用料标准，并暗指部分企业在低价机型中偷偷改用铝线电...

If history rhymes, prospective SpaceX IPO investors will be sorely disappointed.

Key PointsSpaceX is preparing to go public and will likely be the largest initial public offering (IPO) in stock market history.

鲍泰利先生曾写道：“在我从事过的所有工作中，‘中国’的工作是我最感兴趣，最有成就感的，也是要求最高的，那是一种改变人生的经历” 资料图：鲍泰利。图：世界银行 几天前通过邮件收到噩耗：世界银行前驻华首席代表、经济学家、中国问题专家鲍泰利先生（Pieter Bottelier）于2026年4月8日在华盛顿家中逝世，享年88岁。 去年3月5日，当我按照多年惯例给鲍泰利先生传去“两会”政府工作报告、财政部报告和发改委报告时，回复我邮件的是他的夫人Grace Bottelier。她在信中写道，鲍泰利先生左侧肋骨骨折并发尿路感染，正在住院治疗，已经好转，一两天即可出院，并请她转告我，他已在《中国日报》（China Daily）上读了李强总理的报告摘要，并将“非常感兴趣地通读三份报告”。

巴西总统卢拉16日在接受媒体采访时批评美国总统特朗普，反对美国动辄以战争威胁他国。卢拉说，特朗普不能动辄以战争威胁其他国家，任何国家都无权损害他国领土完整。任何国家都必须尊重他国主权。卢拉还说，特朗普政府持续采取的干涉政策可能加剧全球紧张局势。美国对伊朗进行军事打击已导致部分非洲和拉丁美洲国家民众受到影响，不得不承受粮食和生活成本上涨的代价。卢拉谴责美国对古巴进行数十年的经济封锁，称这种做法“不合理且不人道”。他表示，巴西愿向古巴提供药品和粮食援助，支持古巴实现经济自主。(新华社)

格隆汇4月17日丨中国证券监督管理委员会发布行政处罚决定书。2023年8月以来，胡博控制使用新浪微博“杰克船长宏观策略”“杰克船长宏观策略八卦”等账号编造、传播涉资本市场监管动态、监管政策的虚假信息或误导性信息，扰乱证券市场。根据当事人违法行为的事实、性质、情节与社会危害程度，依据《证券法》第一百九十三条第一款，我会决定：对胡博处以80万元罚款。鉴于当事人胡博的违法行为情节严重，我会决定：对胡博采取3年证券市场禁入措施。

格隆汇4月17日｜东兴证券研报指出，新和成业绩稳健增长，新项目新产品提供发展新动能。全年实现营业收入222.51亿元，YoY+2.97%，归母净利润67.64亿元，YoY+15.26%。公司是国内优质的精细化工合成龙头，产业链一体化和产品系列化推动公司逐渐成长为精细化工龙头。公司从医药中间体起家，成功将业务拓展到维生素、香精香料、新材料、蛋氨酸等领域。未来公司新项目的逐步建设有望进一步丰富公司产品体系。基于公司2025年年报，相应调整公司2026~2028年盈利预测。预测公司2026~2028年归母净利润分别为78.02、85.09和91.06亿元，对应EPS分别为2.54、2.77和2.96元，当前股价对应P/E值分别为15、14和13倍。维持“强烈推荐”评级。

AI is transforming medicine by improving diagnostics, personalized treatments, and operational efficiency. Key opportunities include AI-powered drug discovery, precision medicine, wearables for real-time monitoring, and predictive analytics. These innovations target chronic and genetic diseases, fueling market growth despite challenges like data privacy. AI in Medicine Market AI in Medicine Market Dublin, April 17, 2026 (GLOBE NEWSWIRE) -- The "AI in Medicine Market, till 2040: Distribution by T

格隆汇4月17日｜帝尔激光(300776.SZ)今日20CM涨停，换手率11.65%，成交额18.88亿元。龙虎榜数据显示，深股通买入1.21亿元，卖出3908万元，净买入8156万元；游资“屠文斌”位列买二席位，净买入1.09亿元；“量化打板”位列买三席位，净买入6439万元。上榜席位全天买入4.08亿元，卖出2.59亿元，合计净买入1.5亿元。(格隆汇)

格隆汇4月17日｜美银将拉夫劳伦的目标价从400美元上调至450美元，维持“买入”评级。(格隆汇)

Source: Bloomberg, 0:00

香港國際七人欖球賽一連三日在啟德體育園主場館舉行，不少觀眾一早入場感受比賽氣氛。 七欖賽事開鑼，適逢今年五十周年，當然要盛裝打扮。一家大小、三五知己，一起觀賽，連「自由神像」與「山姆大叔」也遠道而來欣賞賽事。 美國旅客Stefan表示︰「我們很興奮來到這裡，香港是巡迴賽中傳奇一站，真的非常期待。」 美國旅客Karan說︰「我過往會裝成自由女神像，但這次我們決定交換造型，希望能為香港之行增添樂趣，亦帶來更多活力。」 大朋友、小朋友樂在其中。 彭先生指出︰「氣氛很開心，大家都積極參與比賽。平時周五下午才開始(比賽)，大家開心、盡興。」 七欖賽事一連三日舉行，首日將會關上天幕作賽。爭取衞冕銀劍賽的港隊男子、女子隊會在傍晚亮相，分別迎戰中國及丹麥隊。

记者获悉，中投公司、印尼投资局、阿塞拜疆国家石油基金联合发起中国-东盟合作基金，基金已完成首关募集，约5.2亿美元，目标总规模为10亿美元，银河证券境外子公司银河海外担任基金GP。该主权基金主导平台有望助力中国-东盟资本有序流动与产业协同，聚焦工业、医疗健康、消费、科技等领域，稳定长期资本注入。既支持中国企业拓展东盟市场，尤其是有志于在东南亚发展的优质企业，也助力东盟企业对接中国技术、供应链与人才。（财联社）

天利科技公告，2025年营业收入4.88亿元，同比下降4.99%。归属于上市公司股东的净亏损359.18万元，上年同期净利润165.79万元。公司经本次董事会审议通过的利润分配预案为：以1.98亿为基数，向全体股东每10股派发现金红利0.5元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。

新消费还有价值吗?从自由现金流、护城河深度、增长空间三个维度审视,答案是有。它们的问题不在于价值消失，而在于资本市场还没有找到合适的标尺去丈量。估值模型天然滞后，因为它依赖历史数据外推，而真正的价值创造发生在未来。 最近，资本市场的情绪，在新消费上反转又反转。 交出一份光鲜年报的泡泡玛特，股价却单日下跌22%，引得市场一片哗然。同一个月，还有新茶饮赛道，比如霸王茶姬等也在财报上被议论纷纷。 要知道，2025年，摩根士丹利、高盛等国际投行密集唱多中国资产，新消费作为还是“四大金刚”之一，泡泡玛特冲出5000亿估值巅峰，新茶饮们上市即暴涨。 但是这几天，热衷分享的段永平频频提及泡泡玛特，最后甚至将它加入了自己的投资标的。泡泡玛特的股价也逐渐从低谷反弹回来，4月14日港股单日涨幅近7%。财报发布后，霸王茶姬的股价也在慢慢回升，摩根大通等投行也上调了它的评级。 不到一年，资本市场以及舆论对这些明星公司的讨论从不间断，“变脸”之快令人瞠目。 对这些明星公司，市场的情绪为何如此不稳定？还是说，资本市场的估值标尺，根本没能跟上这些企业的进化速度？ 估值模型为什么总是滞后？ 最近，段永平上演了一场与泡泡玛特的“转粉”戏码。 2025年，他明确表示“看不懂这门生意、不会碰”。转折点出现在泡泡玛特2025年年报发布后。3月30日，他宣布“收回不投资泡泡玛特的说法”。4月9日，他说“泡泡玛特保险公司正式开张”，通过卖出看跌期权的方式建仓。 从“看不懂”“看懂”到“买入”，段永平用了一年。如果他代表着市场上最理性的一类投资者，那么大多数投资者对新消费的理解，只会更慢、更滞后。有人戏称，是“老登”“中登”们看不懂“小登”生意。 这种估值模型的认知时差，在霸王茶姬身上同样上演。 2025年外卖价格战最激烈时，市场舆论盯着霸王茶姬单店数据，用传统零售的框架给出悲观定价。但很少有人注意到，它是六家上市茶饮公司中唯一拒绝参战的品牌。 管理层在业绩会上直言，短期补贴不可持续，参战虽能提升GMV，但会损害加盟商利润，也与品牌中高端定位相悖。 4月2日，在财报发布后，摩根大通将霸王茶姬的评级从“中性”上调到“超配”，目标价格同步上调。当日，霸王茶姬的股价涨幅达到了10.15%。 多数时候，市场情绪容易反复，被一时的信息、表面的数据牵着走。但在互联网、新能源、新消费这些年轻的明星企业面前，市场需要更多耐心，...

NVIDIA, Apple and Coca-Cola lead Zacks research spotlight, with AI growth, services expansion and pricing strength shaping outlooks amid key risks.

格隆汇4月17日｜开源证券研报指出，电投能源铝业务量价齐升助业绩稳增，分红比例大幅提升。维持“买入”评级。2025年全年实现营业收入301.15亿元，同比+0.86%；实现归母净利润54.19亿元，同比+1.45%；业绩增长主要得益于铝产品销量及售价增加，同时原材料成本下降。分季度看，2026年Q1公司实现营业收入84.13亿元，同比+11.62%，实现归母净利润20亿元，同比+28.35%。公司拟每10股派发现金红利10元（含税），叠加2025年中期分红，全年分红比例达53.77%，股东回报显著提升。考虑到公司绿电铝项目稳步推进，叠加白音华资产注入预期，上调2026-2027年并新增2028年公司盈利预测，公司长期价值凸显，维持“买入”评级。

以色列及黎巴嫩為期十天的停火生效後，大致維持。以色列指有機會與黎巴嫩政府達成和平協議，並尋求解除真主黨武裝。美國總統特朗普，有意邀請以黎兩國領袖到白宮會談。 黎巴嫩同以色列達成停火後，黎巴嫩南部奈拜提耶，有之前流離失所的民眾駕車重返家園。居民在道路兩旁，揮舞真主黨和伊朗旗幟歡迎。 停火在當地周五凌晨生效，首都貝魯特有民眾鳴槍和放煙花慶祝。黎巴嫩軍方其後一度發聲明，指以軍違反停火，黎巴嫩南部多條村莊仍遭到間歇性炮擊，呼籲民眾暫時不要返回南部地區。 美國總統特朗普當地周四在網上帖文，指跟以色列總理內塔尼亞胡，黎巴嫩總統奧恩通電話之後，以黎雙方決定，在美國東岸時間周四下午五時，開始為期十日的停火。 又稱已指示副總統萬斯，國務卿魯比奧，美軍參謀長聯席會議主席凱恩，同以黎雙方合作，實現兩國持久和平。 特朗普在白宮見記者，稱很快會邀請內塔尼亞胡和奧恩到白宮會談，他對以黎同意停火感到興奮，又說真主黨亦會停火。 美國總統特朗普說：「真的很興奮，已經48年了，我們會跟(以色列總理)內塔尼亞胡，及黎巴嫩總統會面。我這天跟兩人有精彩通話，他們將會實現停火，(停火)包括真主黨在內。」 內塔尼亞胡稱，相信以色列有機會，與黎巴嫩達成歷史性的和平協議。黎巴嫩總理薩拉姆指停火，有助緩解以黎兩國的敵對關係。 來自真主黨的黎巴嫩議會議員穆薩維，指該組織將會謹慎遵守黎以雙方的停火協議，前提是協議具有全面性，並確保以軍停止針對真主黨的行動。 在停火生效之前，以色列國防部公開打擊黎巴嫩賓特朱拜勒地區的片段，宣稱襲擊當地70個真主黨設施。 以軍早前炸毀多條，橫跨黎巴嫩利塔尼河的橋樑，稱要在黎巴嫩南部，由以、黎邊境至利塔尼河之間，大約30公里的地區，設立緩衝區，防止以色列北部受到真主黨襲擊。 以黎停火後，以軍說將繼續部署在黎巴嫩南部，要求黎巴嫩居民不要返回利塔尼河以南地區。

The Indian government has issued a notification on gold and silver imports, after confusion over policy had held up the precious metals at customs, just days before a Hindu festival when buying bullion is considered auspicious. The government listed banks that are authorized to bring in bullion in the release on Friday. The notice resolved the import problems, according to Surendra Mehta, national secretary at the India Bullion and Jewellers Association . Gold buying in India is closely tied to religious festivals and weddings. Festivals such as Akshaya Tritiya, which falls on April 19 this year, drive spikes in demand as households buy gold jewelry, coins and bars for cultural and investment purposes. However, consumption in India has softened in recent months as high prices deter consumers. The situation does not seem to have been intentional “or any outright bullion ban, but a temporary glitch and administrative delays,” said Madhavi Arora , economist at Emkay Global Financial Services Ltd.

成都燃气公告，2025年实现营业收入53.51亿元，同比增长1.46%；净利润4.81亿元，同比下降1.54%。公司销气量较上年同期减少5.67%，全年向经营区域供应燃气共计17.01亿立方米。公司拟以总股本（利润分配实施时股权登记日的总股本为准）为基数，向全体股东每10股派发现金红利3元（含税），不进行资本公积转增股本。

RobsonPL/iStock Editorial via Getty Images Here's something to note about the tobacco giant Philip Morris International Inc. ( PM ). The absolute daily average change in its stock price over the past year is 1.17%. By comparison, the average change on the day of its results release has been 3.8%. In three of the four result events in the past year, the change was greater than the annual average. Next week, the company releases its Q1 2026 earnings. The trends over the last year indicate a high probability of a trading opportunity. My estimates for the forthcoming numbers further confirm the likelihood, as they can deliver an upside surprise. This is only supported by the stock's medium-to-long-term potential. Estimating key Q1 2026 figures Philip Morris has an edge over the rest of the tobacco companies in that it has definitively left all others behind, with the smoke-free business [SFB] bringing in over 40% of its revenues. If there's a jump in this contribution from SFB in Q1 2026, that alone is a reason for a rise. Company guidance for 2026 forms the base But there's more, as my estimates indicate, which, in turn, can reflect an above-average price increase this time around too. To lay the groundwork for the estimates for Q1 2026, here's a quick look at the company's key outlook figures for 2026: Organic revenue growth is expected to be at 6% at the midpoint of the guidance range, a slight slowing down from the 6.5% increase seen last year. At the midpoint, organic operating profit growth is seen at 8%, down from 10.6% in 2025, and growth in adjusted diluted EPS is expected to cool off to 12.1% at the midpoint, from 14.8% last year. Source: Philip Morris Estimates for Q1 2026 To get to the figures for Q1 2026, I've assumed, first, that both the revenue and the adjusted EPS will grow at the midpoint of the company's guidance range. And second, the quarterly figures will be the average of the percentage contribution seen in the past three years during the quarter....

格隆汇4月17日｜摩根大通将西部数据的目标价从320美元上调至400美元，维持“增持”评级。(格隆汇)