fadfebrian/iStock via Getty Images Recent IPOs are driving securities lending revenues, with upcoming US listings likely to rebalance activity and support continued growth. Recent initial public offerings (IPOs) have played a notable role in shaping securities lending activity, with a small number of high-profile listings exerting a disproportionate influence on borrowing demand, fee levels and overall revenue generation. The pattern observed over the past 12–18 months suggests that IPO-driven “specials” have become an increasingly important contributor to lending revenues, particularly where supply is constrained and positioning demand is elevated. Recent IPO Activity Among recent examples, CoreWeave ( CRWV ) stands out as a defining case. Following its 2025 listing, the stock generated substantial securities lending revenues, with approximately $759 million recorded in the last twelve months. Demand to borrow the stock intensified around key corporate events, including lock-up expirations, with borrowing fees rising sharply during periods of limited availability and strong investor positioning. This dynamic highlights how IPOs with limited free float and concentrated investor ownership can generate elevated fee environments, even if these conditions prove temporary. A similar, albeit less pronounced, effect has been observed in other IPOs such as Circle Internet Group Inc. ( CRCL ), along with additional new listings linked to digital assets, technology infrastructure, and energy transition themes. Market data indicates that several recent IPOs, including CoreWeave and Circle, ranked among the top U.S. equities by securities lending revenue during 2025, reflecting concentrated demand for short exposure or hedging activity. This clustering of revenue around a limited number of newly listed securities has reinforced the importance of event-driven opportunities in supporting lending income. In parallel, Asia-Pacific markets have emerged as a significant driver of glo...

PM Images/DigitalVision via Getty Images Market overview U.S. equities finished mixed to mostly lower in the first quarter of 2026, with the S&P 500 Index dropping 4.33%. Growth stocks broadly declined as highlighted by the Russell 1000 Growth Index's -9.78% return. Value and small-cap securities held up better, with the Russell 1000 Value Index gaining 2.10% and the Russell 2000 Index eking out a positive 0.89% return. Markets moved higher to kick off the year, as continued economic resilience and strong corporate earnings outweighed geopolitical headlines around the U.S. ouster of Venezuela's president and President Trump's public desire to claim Greenland. Expectations for a continued strong economy and broadening earnings growth helped fuel a rotation into more cyclical and smaller-cap companies. Artificial intelligence (AI) remained in the spotlight, as its perceived potential to disrupt existing software companies weighed on these names. Additionally, there was ongoing focus on the Mag 7 stocks and the level of capital expenditures they were undertaking, with some market participants questioning the return on investment (ROI) of these investments. Top holdings (% of net assets) as of March 31, 2026 Verizon Communications 4.03 Constellation Brands 3.83 Epam Systems 3.78 Salesforce.com 3.64 American Tower 3.45 Freeport-McMoRan 3.45 Lowes Companies 3.32 CVS Health 3.18 Williams Companies 3.10 AES 3.04 Click to enlarge Top holdings exclude short-term holdings and cash, if applicable. Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top five contributors - Effect on return (%) as of March 31, 2026 TechnipFMC 1.34 Corning 1.25 Verizon Communications 0.82 Chevron 0.80 Marathon Petroleum 0.78 Click to enlarge Top five detractors - Effect on return (%) as of March 31, 2026 Epam Systems -1.22 Salesforce.com -1.09 Wells Fargo -0.38 Centene -0.37 Qualcomm -0.37 Click to enlarge The major st...

Fines might be needed to deter travellers from grabbing hand luggage, says official from airlines body Iata Business live – latest updates Air passengers are increasingly putting lives at risk by filming emergencies and retrieving bags instead of evacuating planes, industry experts have said, with some suggesting fines could be needed. Passenger aircraft are designed to be fully evacuated in 90 seconds in an emergency – but people reaching for hand luggage can significantly increase that time, blocking exits and aisles as well as damaging slides or causing injury. Continue reading...

File photo: Workers build piers for a high-speed rail transit bridge at a railway infrastructure construction site in Changsha, Hunan province. Photo: VCG China’s economic engine has long relied on local governments to spend their way to growth, but recent data suggests this machinery is stalling. The slowdown in fixed-asset investment in April 2026 is not merely a blip; it exposes a profound structural shift in how local governments manage their finances, deploy capital and grapple with mounting debt. A closer look at local investment figures reveals a stark divergence. In April, fixed-asset investment growth across Chinese municipalities decelerated, with only a handful of regions — such as Beijing, Shanghai, Hubei and Xizang — managing to maintain positive momentum. The primary culprit is a sharp contraction in infrastructure spending, particularly in provinces burdened by heavy debt and sluggish revenue, such as Qinghai, Hunan and Tianjin.

格隆汇6月9日｜高盛发表报告指，云端与数据中心子行业仍然是该行在2026年下半年最看好的领域，主要推荐标的仍为：阿里巴巴(列入亚太区确信买入名单)、万国数据、世纪互联及金山云。尽管第一季度现有产能扩张及进驻速度低于预期，该行预期云端服务涨价/持续的Token扩张将推动云端增长与利润率扩张，而超大规模云端营运商的资本支出亦会提升。该行现估计字节跳动、百度、阿里及腾讯(BBAT)在2026年全年资本支出为1000亿美元，下半年比重较高，将支撑数据中心在下半年加速的季度增长。 同时，季度至今的宏观经济/消费趋势疲软，使该行将游戏与娱乐的投资优先级提升至第二位，网易为新推荐标的，与腾讯并列。该行将电子商务与出行移动下调至第三位，重申京东为2026下半年的主要推荐标的，预期下半年营收与利润将实现按年复苏。在AI模型公司方面，该行特别点出MiniMax，因其年度经常性收入(ARR)具备上行潜力，风险回报倾向上行。

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Xi has wrapped up a two-day visit to Pyongyang, his first official trip to North Korea since 2019.

今日，泡泡玛特官宣旗下甜品品牌POP BAKERY全国首店即将开业。据悉，该店位于秦皇岛阿那亚，6月17日单日试运营、6月19日正式开业，店内产品包括现烤面包、特调饮品、甜品等。（财联社）

小米集團－Ｗ(01810)出現大手買入26.02萬股，成交價$27.32，涉資710.866萬 AASTOCKS.com

騰訊控股(00700)出現大手賣出1.24萬股，成交價$458.8，涉資568.912萬 AASTOCKS.com

Rescuers searched the rubble on Tuesday of a collapsed building in the southern Philippine city of General Santos, the worst hit by a powerful earthquake that has killed at least 37 people and injured hundreds, to reach two people still believed to be trapped inside. Regional fire officer Edgar Tanawan, who was leading the operation, said two people had been pulled out ‌alive from the commercial building, housing a grocery store and other businesses, but a third was found dead. Scanners had so...

格隆汇6月9日丨阿斯麦、英飞凌、意法半导体、ASMI、贝仕涨幅在0.6%至2.8%之间。

6月9日，江丰电子收盘上涨16.18%，最新收盘价报224.88元/股，创历史新高（前复权），最新A股市值逼近600亿元。

格隆汇6月9日｜伊以局势缓和，石油主题LOF今日大幅回调，嘉实原油LOF、原油LOF易方达、南方原油LOF均跌超7%，石油基金LOF、华宝油气LOF双双跌超4%，全球油气能源LOF跌超3%。

国防部新闻发言人张晓刚大校6月9日下午就近期涉军问题发布消息。记者：据报道，国防部长董军近期应邀访问南非。请问发言人如何评价中南（非）两军关系？张晓刚：此次董军部长应邀访问南非，是中国国防部长时隔12年再次访问，与南非国防和退伍军人部部长举行会谈，就持续深化全方位务实合作达成共识。“同志加兄弟”是中南关系的本色。中南两军将在两国元首战略引领下，加强战略沟通，完善机制建设，开展专业交流，深化教育培训，打造全球南方国家军事合作典范。（国防部）

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格隆汇6月9日｜上证指数收涨1.28%，收复4000点；创业板指大涨3.93%。半导体、算力硬件产业链大幅反弹，硅片、PCB、晶圆、光刻机方向领涨；锂矿、人形机器人、稀土永磁、光伏、AI应用概念股活跃。煤炭、油气板块走弱。 今日半导体、通信TMT、科创新材料、亚太跨境科技板块全线暴力拉升，半导体产业链成为全场绝对领涨主线，5G、港股科技同步走强： 半导体全产业链板块：中韩半导体ETF华泰柏瑞（513310）大涨9.99%，涨停领涨全市场，科创半导体ETF华夏（588170）上涨8.37%，半导体设备ETF国泰（159516）上涨8.23%，半导体设备ETF招商（561980）上涨6.71%，半导体材料、设备、跨境芯片题材集体爆发。科创高端材料板块：科创新材料ETF博时（588010）上涨7.47%，科创新材料赛道同步跟涨。通信&5G&TMT板块：5GETF博时（159811）上涨6.18%，通信ETF国泰（515880）上涨5.87%，TMTETF景顺（512220）上涨5.74%，通信设备、5G、全赛道科技传媒通信品种同步走高。跨境海外科技板块：亚太精选ETF南方（159687）上涨7.31%，港股通信息技术ETF华宝（159131）上涨5.77%，亚太、港股科技跨境T+0品种大幅上行。 今日油气、煤炭能源周期板块集体深度回调，红利、央企宽基小幅走弱，资源周期赛道成为盘面主要拖累： 海外油气&国内能源煤炭板块：标普油气ETF富国（513350）大跌6.48%领跌全市场，能源化工ETF建信（159981）下跌3.14%，能源ETF汇添富（159930）下跌2.82%，能源ETF广发（159945）下跌2.72%，石油ETF鹏华（159697）下跌2.34%，煤炭ETF国泰（515220）下跌2.09%，油气ETF汇添富（159309）下跌1.98%，石油ETF国泰（561360）下跌1.49%，海外油气、A股石油煤炭周期资源全线重挫。央企红利宽基板块：央企共赢ETF国泰（517090）下跌1.09%，港股红利低波ETF景顺（159569）下跌0.96%，高股息红利、央企宽基小幅调整。

最新数据显示，伊拉克与阿联酋高度依赖波斯湾航运，两国正加快推进输油管道扩建计划，以此弥补霍尔木兹海峡停运造成的运力缺口。 上周，伊拉克内阁批准方案，提速通过库尔德斯坦 — 土耳其管道网络的原油出口。该管道现有日输送量为 22 万桶，扩建后将增至 77 万桶，运力提升两倍以上。 这条运输线路经库尔德斯坦地区，连通土耳其地中海沿岸的杰伊汉港，可作为备选运输通道。世界银行数据显示，2025 年石油产业占伊拉克实际国内生产总值的 53%，石油经济对该国至关重要。该管道满负荷运转后，将有效缓解伊拉克的经济压力。 经济情报机构量化立方提供的数据显示，受地理区位限制、过度依赖霍尔木兹海峡影响，自战事爆发以来，伊拉克整体出口业务近乎停滞。 量化立方科技的监测指标统计了驶离伊拉克和阿联酋港口船舶的载重吨位，以此估算船舶所载货物的重量。 量化立方公司高级经济学家艾伦・勒芒南在接受美国消费者新闻与商业频道采访时表示：“伊拉克的处境要复杂得多，因为该国绝大部分（甚至全部）石油都需经霍尔木兹海峡外运。” 伊拉克于 5 月 16 日召开新闻发布会称，该国 4 月经霍尔木兹海峡出口石油 1000 万桶，而战前这一数值为 9300 万桶。 与此同时，阿布扎比正加快建设通往富查伊拉的全新东西向输油管道，力求提升石油出口能力，绕开霍尔木兹海峡这一航运咽喉。 该项目预计 2027 年投入使用，届时阿布扎比国家石油公司的石油出口能力将提升一倍。 5 月 15 日，阿布扎比王储要求加快这条管道的建设进度，以应对全球不断增长的能源需求。 阿联酋仍可通过其他港口出口石油，这在一定程度上缓解了霍尔木兹海峡停运带来的冲击。 勒芒南补充道：“受地理位置限制，且无法改换运输线路，伊拉克的处境明显比阿联酋和沙特阿拉伯更为艰难。” “阿联酋坐拥富查伊拉港口。即便该港口在冲突中受损，理论上其现有基础设施与运油船只，仍可支撑大规模石油出口。” 不过，现有的替代运输线路也并非高枕无忧。沙特东西输油管道在 4 月遭到袭击，富查伊拉港口也多次受到伊朗无人机攻击，导致原油出口码头的装油作业被迫中断。 国际能源署指出，沙特连接波斯湾沿岸炼油设施与红海出口枢纽的东西输油管道，以及阿联酋通往富查伊拉港的输油管道，合计日输油能力约为 350 万至 550 万桶。而沙特方面在 3 月称，其管道当前日输油量可达 700 万桶。 但即便两条管道全力...

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约70亿元服务业发展资金重点支持加快培育消费新增长点 中央财政一项专项转移支付将延期三年，以支持服务业发展，促进消费。 近日，财政部 商务部公开了修订后的《服务业发展资金管理办法》（下称《新办法》），明确了服务业发展资金实施期限至2028年。而根据此前的老办法（财建【2023】9号文），这笔资金在2025年到期。显然，根据财政部、商务部等评估后，这笔专项转移支付延期三年至2028年。 所谓服务业发展资金，是指通过中央财政安排的，立足畅通国内大循环和实施扩大内需战略，主要用于支持现代商贸流通和现代服务业发展及促进消费的专项转移支付。财政部数据显示，2025年服务业发展资金规模约73亿元，而2026年这一资金预算数约69亿元。 第一财经记者对比2023年老办法与《新办法》发现，修订后的新办法对服务业发展资金支持范围作出调整，侧重促进消费。 根据《新办法》列出的三项服务业发展资金支持范围，排在首位的是加快培育消费新增长点。这主要包括促进服务消费提质惠民、激发下沉市场消费活力、推动人工智能等新兴技术在消费领域的普及应用等。相比于老办法相关条款，这是一个新提法，体现了这笔资金支出重点正在调整。 今年1月底，国务院办公厅关于印发《加快培育服务消费新增长点工作方案》（下称《方案》），要求聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场服务、入境消费等重点领域，和演出服务、体育赛事服务、情绪体验式服务潜力领域，加快培育服务消费新增长点，促进服务消费提质惠民，为经济高质量发展提供有力支撑。 为此上述《方案》在强化财政支持上，要求统筹利用现有资金渠道支持发展服务消费、培育服务消费新增长点。显然，今年约70亿元服务业发展资金将重点支持培育服务消费新增长点。 在财政收支矛盾较大的当下，各地为了推动当地经济社会发展，都会积极争取服务业发展资金，而这笔资金分配方法备受地方关注。此次《新办法》对于这笔资金中引导地方统筹推进服务业优质高效发展的支持事项分配方法（因素法），做出了调整。 根据《新办法》，上述测算因素和权重包括服务业发展及相关工作开展情况（权重60%左右），预算执行与资金管理使用情况（权重30%左右），地区倾斜（权重10%）等。这不同于此前的老办法中相关测算因素和权重，即工作基础权重20%，发展指标权重30%，绩效考核结果或资金使用情况权重30%，其他相关因素权重20%。 另...

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格隆汇6月9日｜德国DAX30指数跌0.24%，英国富时100指数跌0.28%，法国CAC40指数跌0.24%，欧洲斯托克50指数涨0.01%，西班牙IBEX35指数涨0.16%，意大利富时MIB指数涨0.18%。

格隆汇6月9日｜A股三大指数今日集体走高，截至收盘，上证指数涨1.28%报4010点，深证成指涨3.02%，创业板指涨3.93%，科创50指数涨4.17%。全市场成交额2.67万亿元，较前一交易日缩量1567亿元，超3300股上涨。 盘面上，玻纤制造板块走高，中国巨石、山东药玻等多股涨停；MLCC板块走强，利和兴等多股涨停；全球70%PPE树脂供应中断，PCB板块爆发，生益科技等十余股涨停；半导体设备、中芯概念、存储芯片板块活跃，富创精密、沪硅产业等多股20CM涨停；CPO概念拉升，天通股份涨停；蓝宝石、碳化硅及氦气概念等涨幅居前。另外，油气股走低，通源石油跌逾9%；煤炭股走弱，大有能源跌停；白酒、啤酒股震荡下行，金徽酒领跌；退税商店、肉鸡养殖及零售等板块跌幅居前。(格隆汇)

格隆汇6月9日丨国内商品期货多数收跌，焦煤跌超6%，燃料油跌超4%，BR橡胶、多晶硅跌超3%，原油、工业硅、烧碱、苯乙烯跌超2%。涨幅方面，碳酸锂、集运欧线涨超3%，氧化铝涨超2%，生猪、鸡蛋、淀粉涨超1%。

格隆汇6月9日丨日月光投控5月销售额630.3亿元台币，同比增长28.6%。

欧洲主要股指开盘多数下跌，欧洲斯托克50指数涨0.01%，英国富时100指数跌0.27%，法国CAC40指数跌0.24%，德国DAX指数跌0.23%。

Editor's note: Seeking Alpha is proud to welcome Income Retriever as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » Kirpal Kooner/iStock via Getty Images Investment Thesis NexPoint Residential Trust ( NXRT ) is currently trading well below its peers with a discount of around 40% to the NAV and a P/FFO of around 9-10x. Recent management presentations on the REITweek 2026 continue to show a substantial gap between market price and underlying asset value, supporting the view of a persistent NAV discount. While the pipeline of new completions in Sunbelt will decrease starting from 2026 onwards, NXRT's focus on the Value-Add program continues to deliver double-digit returns for newly purchased properties or existing ones. At the same time, NXRT is a highly cyclical REIT, since the current supply in Sunbelt is high, as well as the interest costs. But at least the supply of new apartments is decreasing in a meaningful way from 2026 to 2028. Due to the fact that the company mainly relies on floating interest rates and their hedging expires this year, leasing spreads are increasingly under pressure. So, the valuation discounts reflect these upcoming structural risks, but they also indicate a significant rerating potential. Sector and Company Overview NXRT is, for me, one of the most interesting but also one of the riskiest stocks in the Sunbelt residential market. The company owns 36 Class B properties with 13,305 units in different regions like South Florida or Las Vegas. Supported by strong employment growth, migration trends, and the affordability advantage over Class A properties, NXRT's structural position in the Sunbelt remains intact, although there currently is a significant surplus of housing in the region. With an average rent of 1.485 USD per unit and 93.5% occupancy, the operati...

William Barton/iStock Editorial via Getty Images GSK ( GSK ) has agreed to acquire U.S. biopharmaceutical company Nuvalent ( NUVL ) in a deal valued at approximately $10.6B. Under the agreement, GSK will launch a tender offer within ten business days to acquire all outstanding Nuvalent Class A and Class B shares for $124 per share in cash, representing a 40% premium to Nuvalent's closing price on Monday and a 26% premium to its 30-day volume-weighted average price. After accounting for Nuvalent's cash balance, GSK expects its net investment in the transaction to be approximately $9.4B (£7.1B). The acquisition adds three lung cancer assets to GSK's oncology pipeline, including late-stage investigational therapies zidesamtinib and neladalkib, which target ROS1- and ALK-positive non-small cell lung cancer (NSCLC), respectively. Both candidates are currently under FDA review, with potential U.S. approvals expected in 2026. GSK said the acquisition aligns with its strategy of acquiring companies with validated drug targets and therapies that address efficacy and tolerability limitations of existing treatments. The company expects the deal to be accretive to sales and core operating profit in 2027 and to core EPS by 2029, including anticipated synergies and portfolio optimization benefits. There is no change to GSK’s 2026 full-year guidance range of 7-9% core operating profit and core EPS growth. GSK will account for the transaction as a business combination. GSK will also assume Nuvalent’s existing revenue-sharing arrangements of low-single-digit royalties payable to Royalty Pharma and Deerfield. More on GSK, Nuvalent GSK plc (GSK) Presents at Jefferies Global Healthcare Conference 2026 Transcript GSK plc (GSK) Discusses Bepirovirsen Phase III Data and Advances in Hepatitis B Treatment Transcript GSK plc (GSK) Discusses Bepirovirsen Phase III Data and Advances in Hepatitis B Treatment - Slideshow GSK in talks to buy Nuvalent for over $9B - report Three studies used to ju...