Tramino/iStock Unreleased via Getty Images Investment Thesis The Iron Dome, Israel's air defense system, played a critical role in protecting its cities from short-range missiles and drones coming from Lebanon, Iran, and Gaza in the recent war. However, the conflict revealed significant shortcomings in the air defense system, including the costs of ammunition. Israel found itself using high-tech Tamir missile interceptors with an estimated price between $40,000 and $50,000 each to shoot down a low-tech drone costing a fraction of that. Ammunition levels were also running low. nLIGHT ( LASR ) has been working with Israel and the DoD to fix this problem - a directed laser beam that burns through short-range missiles and drones. It's cheaper than current alternatives, and as long as it's plugged into an electric source, ammunition is essentially unlimited. Sales are ramping up, and militaries are exploring opportunities for wider adoption. However, the ticker is up 36% YTD and 354% in the past 12 months, suggesting that a lot of optimism has already been baked into the share price. This is a high-risk, high-reward opportunity to gain exposure to a potentially fundamental shift in air defense hardware. I rate nLIGHT a speculative Buy, balancing its high valuation with the significant future opportunities. What Does nLIGHT Do? nLIGHT designs and manufactures high-powered lasers, laser systems, and components across the hardware stack, from semiconductors to complete beam systems. nLIGHT Their Beam Delivery systems are now being tested on US military vehicles, such as the Stryker combat vehicle, under the DE M SHORAD program, which incorporates a 50 kW laser beam mounted on the armored vehicle. nLIGHT nLIGHT is a participant in multiple other defense programs, including Israel's Iron Beam, a 100 kW laser air defense system, and HELSI-2, the second phase of the DoD laser air defense program that aims at developing a 1 mW directed laser weapon as part of President Trump's G...

After days of embarrassing stories about Winter Olympic medals cracking, snapping, and even breaking in two after falling in the snow, organisers say they have finally fixed the problem. Officials have also promised to repair any of the medals that were awarded in the opening three days of competition in Milano Cortina, after identifying on Monday that the issue stemmed from the medal’s cord, which is fitted with a breakaway mechanism required by law. The system is designed to release automatically if pulled with force, preventing the wearer from being choked. However it led to problems that began on Saturday when the American downhill skiing champion Breezy Johnson revealed that her gold medal had fallen off her ribbon as she jumped in celebration. Speaking at the daily Milano Cortina briefing, spokesman Luca Cassasa said: “Following reports of issues affecting a small number of medals, the organising committee immediately reviewed the matter, working closely with the State Mint, which produced the medals. “A solution has been identified, and a targeted fix has been put in place,” he added. “Athletes whose medals have been affected are encouraged to return them through the appropriate channels so that they can be promptly repaired and returned. “Milano Cortina 2026 remains fully committed to ensuring that medals, which represent the pinnacle of every athlete’s journey, meet the highest standards of quality and care.” Other athletes have also reported problems, including the Sweden cross‑country skier Ebba Andersson, who said that her medal “fell in the snow and broke in two” – while the US figure skater Alysa Liu also posted on Instagram that the ribbon had come off her team gold medal. Cassasa admitted that he did not know the precise number of medals that had been broken or damaged. “But it is important to stress that, as a precaution, we are rechecking all the medals to make sure that the athletes’ joy can really be 360 degrees when they conquer something which ...

2026年推动所有省份开通职工医保个人账户跨省共济 2026-02-10 20:47:07 来源： 同花顺7x24快讯 分享 国家医保局2月10日发布医保领域“高效办成一件事”2026年度第一批重点事项清单，其中明确，所有省份开通职工医保个人账户跨省共济。(人民财讯)

格隆汇2月10日｜QuestMobile今日发布最新数据，在新春活动启动首日(2月6日)，千问App的日活跃用户(DAU)实现了727.7%的增长，达到5848万，比前一天多出超5100万。最早启动现金红包活动的元宝在活动首日(2月1日)的DAU规模则为2399万，较前一日仅增长2.1倍。这一数据不仅让千问App的DAU高出元宝3449万，也将其与“领头羊”豆包的DAU差距缩小至仅2275万。

McKinsey & Co. agreed to hand control of its $20 billion investment arm to Neuberger Berman , after decades of managing the fortunes of the consulting firm’s current and former partners in sophisticated hedge fund and alternative strategies. The deal marks a significant expansion for Neuberger and a new chapter for the consulting giant best known for advising blue-chip companies and governments. McKinsey had been reviewing options for the fund manager, known as MIO Partners , for about a year. As part of the transaction, which is subject to regulatory approval, MIO’s financial advisory business and about 280 employees are expected to join Neuberger and will operate as a unit of that firm, according to a statement. Financial terms weren’t disclosed. “We’re doing this because we think it’s really special and unique, and we’re highly confident that everyone is getting married for the right reasons,” Neuberger Chief Executive Officer George Walker said in an interview. “There are opportunities for us to do a better job for our clients taking some of their know-how and for them to do a better job serving their partners and alumni.” The core of the $20 billion being absorbed by Neuberger is parked in alternative strategies, namely a flagship special situation strategy that seeks to pick stocks, bonds and other assets to beat benchmark indexes. MIO’s total assets also include about $6 billion invested in passive index funds. Neuberger, which manages $563 billion, might eventually consider opening the core MIO strategies to new clients, Walker said. MIO, with roots dating back to the mid-1980s, became an independent manager for McKinsey’s wealthy executives in 2000. While it has a separate board and management, it has remained a subsidiary of the consulting firm. “Considering its significant growth and product expansion, McKinsey has decided it was no longer the best and most natural owner of such a large investment and advisory firm, particularly as it’s so far from our co...

格隆汇2月10日｜据一财，梳理各地政府工作报告发现，“着力稳定房地产市场”、“强化住房保障”、“好房子”、“加快构建房地产发展新模式”、“大力推进城市更新”等提法高频出现，“稳市场、去库存、强保障、促更新”为主要方向。在稳市场方面，河南、云南、江苏、山东、辽宁、吉林等地都提出，鼓励收购存量商品房用于保障性住房等。房地产行业专家表示，地方两会中关于房地产市场的基调与“十五五”总体规划高度一致，包括明确构建房地产新模式、风险防范，以及“好房子”建设等，同时各地又结合区域实际，提出差异化的目标和举措，预计未来随着各项政策的落地见效，房地产市场有望筑底企稳，行业转型加速推进。

近日，中国领先的户外箱式电力设备集成服务商、“创业板第一股”特锐德（300001.SZ）发布公告称公司拟申请在香港联交所主板上市，启动“A+H”双平台资本战略，以进一步推进公司全球化战略布局，打造国际化资本运作平台。 早在2020年和2022年，特锐德就曾两次宣布拟将分拆旗下的充电桩龙头“特来电”上市，可惜均无疾而终。去年，特锐德两次回购特来电的股权，也被部分外界人士认为是在为特来电独立上市铺路。 图源：微博截图 结果特锐德还是没能在资本市场多摘一个“果子”，反而是带着特来电一起奔赴港股二次上市；值得一提的是，友商万帮数字能源近期也在剥离了“星星充电”后宣布赴港上市。 这个曾在风口上的充电桩生意，如今成了资本市场上的“烫手山芋”？ 01.“充电桩一哥”的压力 特锐德自2004年在青岛成立以来，始终深耕电力设备与新能源领域，并于2009年在深交所创业板上市，成为“创业板第一股”。 随着新能源汽车行业快速发展，特锐德在2014年提出了“二次创业”，成立子公司“特来电”进军新能源充电行业。特锐德董事长于德翔表示，公司要实施“一机两翼”战略，“机体”是设备制造业，“两翼”分别是充电生态网和新能源微网，“两翼”是特锐德腾飞的两个引擎。目前， 特锐德已形成智能箱式电力设备为主的“智能制造+集成服务”业务以及电动汽车充电网业务两大业务板块 。 自特来电成立以来，特锐德一直不吝投入，于德翔曾透露，在特来电成立的五六年时间里，公司累计投入了超过50亿元人民币。 “中国电动汽车充电基础设施促进联盟”数据显示，截止到2025年12月，全国充电运营企业所运营充电桩数量TOP3分别为：特来电（89.9万个）、星星充电（73.2万个）、云快充（70.0万个），三者合计占据50%左右的市场份额。 此后，于德翔萌生了分拆特来电独立上市的想法。2020年，特锐德启动特来电分拆上市计划，当年12月，特锐德已完成上市辅导备案，最终却止步于IPO门前；2022年，特锐德发布分拆特来电至科创板上市预案，但最后同样不了了之。 资本市场兴趣寥寥，充电桩到底是不是一门“好生意”？ 充电桩服务运营的商业模式并不复杂，企业在前期通过重资产投入“跑马圈地”，后期就能通过充电服务费用、合作伙伴分成以及出售充电桩等方式盈利，还可以通过提升桩位利用率、提供增值服务等手段，寻找更多元的收入模式。 看似是一门“躺赚”的生意，但业...

Janice Chen/iStock Editorial via Getty Images LATAM Airlines (NYSE: LTM ) stock has doubled since I marked the stock a top airline pick in May 2025 sharply outperforming the S&P 500 and airline peers. The stock has now returned 137% since I upgraded the stock from hold to buy showing that its restructuring has been a success. In this report, I discuss LATAM’s Q4 2025 earnings as well as the guidance and I update my price target. LATAM Airlines Execution Is Impressive LATAM Airlines (Q4 2025 Earnings Presentation) LATAM booked 16.3% growth in revenues to $3.95 billion including a 20.3% growth in passenger revenues and a 9.6% decline in cargo revenues. Unit revenues increase 11.7% while capacity expanded 7.7%. On the domestic Brazilian market, capacity increased 12.2% while unit revenues increased 14.1% in USD and 9.8% in BRL. So, we are seeing a positive currency effect as well as a more dominant position for LATAM in Brazil as other carriers in the country have continued to struggle. In the Spanish speaking countries, capacity reduced by 2.3%, but unit revenues increased 19.9% in local currency and 23% in USD while load factor improved. International capacity rose 8.5% while unit revenues increased 6%. Overall, we are seeing growth in unit revenues as well as capacity and we are actually seeing unit revenues growing faster than capacity growth providing a boosted revenue set up. Total adjusted expenses increased 12.1% to $3.3 billion driven by 31.2% growth in wages and overall cost inflation has continued. We also see that back in the unit cost excluding fuel which increased by 7.9%. So, capacity additions could not offset inflationary cost pressure and the strength is primarily derived from unit revenue strength. Adjusted EBITDAR margin increased 3.1 points to 28.6% while operating income margins rose to 16.7%. The company’s liquidity rose slightly from $3.53 billion to $3.73 billion driven by an increase in cash and cash equivalents of around $200 million to $2.15...

deepblue4you/iStock via Getty Images Overview During the fourth quarter, the benchmark Russell Microcap® Index rose 6.25% on the back of outsized returns in biotechnology and pharmaceuticals stocks. Most other areas of the micro cap market faced headwinds, with utilities and financials the only sectors of the Index outside of health care to produce a significant gain. The Wasatch Micro Cap Value Fund—Investor Class lagged the benchmark and finished the quarter with a return of 0.11%. Lack of exposure to biotechnology companies and underweight positioning in the pharmaceuticals industry accounted for most of the Fund’s underperformance relative to the benchmark. Because these firms typically burn cash and generate binary outcomes, they rarely align with our value mandate and preference for self-funded companies with commercially viable products. Consistent with this discipline, the Fund’s holdings in these industries typically have been minimal. Stock selection within the financials sector also impacted performance. While financials in the Index advanced during the quarter, the stocks of some of the Fund’s holdings posted declines. Even so, we continue to seek dynamic, growing financial companies where we believe fundamentals can drive the creation of long-term value. On the positive side, zero exposure to energy, communication services, materials and real estate stocks enabled the Fund to sidestep lackluster returns in these sectors. Holdings in the consumer-discretionary and consumer-staples sectors were additional sources of strength against the benchmark. A speculative environment for equities had been especially unfavorable for our bottom-up investment approach during much of the year. As the focus of investors began to shift from thematic momentum to company fundamentals, positive business developments at our consumer companies led to their stocks being significantly rewarded. Details Of The Quarter The strongest contributor to Fund performance for the quarter ...

Kering Erupts After Gucci Sales Beat Estimates, Igniting "Turnaround Hopes" French luxury group Kering jumped as much as 14% in Paris trading, the biggest intraday move in almost six years, after better-than-expected fourth-quarter sales at its Gucci unit. The UBS Luxury basket (UBXELUX) rose nearly 2%, driven largely by hopes of a turnaround at the luxury house. Fourth quarter sales showed revenue fell about 10%, slightly better than the Bloomberg Consensus estimate of a 10.4% decline. It was Kering's smallest decline in two years, reinforcing Wall Street analysts' view that trends are stabilizing and the pathway to recovery may be near. This matters because Gucci still accounts for about 60% of Kering's profits, so even a marginal improvement carries outsized weight. RBC analyst Piral Dadhania told clients results "confirmed modest further improvements," and the focus now shifts to "the extent to which Kering can engineer a return to growth in a still fairly challenging luxury environment." At UBS, analyst Justinus Steinhorst told clients that Kering's results "boosted hopes of a turnaround," lifting the UBXELUX basket. Here's more from Steinhorst: The UBS Luxury basket {UBXELUX} is up 1.9% on Kering results after Q4 sales fell less than anticipated, boosting hopes of a turnaround. Positioning exacerbating the move, Kering scored as a 2 sigma crowded short. The Luxury basket scores as a 0.5 sigma crowded short down from neutral at the start of the year. Jefferies analyst James Grzinic said the results were likely "fractionally" better than the buy side expected. He added the latest numbers "confirm gradually reducing pressures at a time of more supportive industry conditions." Deutsche Bank analyst Adam Cochrane said the earnings should be enough to remind investors of the "direction of travel," citing a decent sequential improvement from Q3 to Q4. Cochrane highlighted management's expectation of returning to growth and improving margins, though there was no expli...

(RTTNews) - Xylem Inc. (XYL) reported a profit for its fourth quarter that Increases, from the same period last year The company's earnings totaled $335 million, or $1.37 per share. This compares with $326 million, or $1.34 per share, last year. Excluding items, Xylem Inc. reported adjusted earnings of $348 million or $1.42 per share for the period. The company's revenue for the period rose 6.2% to $2.397 billion from $2.256 billion last year. Xylem Inc. earnings at a glance (GAAP) : -Earnings: $335 Mln. vs. $326 Mln. last year. -EPS: $1.37 vs. $1.34 last year. -Revenue: $2.397 Bln vs. $2.256 Bln last year. Commenting on the Q4 net profit, the company said: “These results are driven by strong operational performance and a reduction in the estimated loss on the sale of businesses, partially offset by increased restructuring and realignment costs.” The Board will pay a first-quarter dividend of $0.43 per share, an increase of 8 percent, on March 24, to shareholders of record as of February 24. Looking ahead, for the full year, Xylem expects a rise in earnings and revenue. For fiscal 2026, the company anticipates adjusted profit of $5.35 to $5.60 per share, with revenue of around $9.1 billion to $9.2 billion. For fiscal 2025, Xylem has posted an adjusted profit of $5.08 per share, with revenue of $9 billion. XYL was down by 4.09% at $134.48 in the pre-market trade on the New York Stock Exchange. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

According to the Competition and Markets Authority (CMA), the tech giants have committed to not giving preferential treatment to their own apps and will be transparent about how others are approved for sale, among other agreements.

Indonesia, home to one of the world’s largest unbanked and underbanked populations , is pushing to enhance financial inclusion. “In Indonesia, the role of digitalisation is essential,” said Kartika Wirjoatmodjo, chairman of the board and president commissioner at PT Bank Rakyat Indonesia, at the China Conference: Southeast Asia 2026 in Jakarta on Tuesday. PT Bank Rakyat Indonesia is the oldest bank in the country and has made expanding financial inclusion in the Southeast Asian nation a top priority. Advertisement His remarks came after Indonesia’s Financial Services Authority outlined three policy priorities earlier this month: strengthening the resilience of the financial services sector, developing a contributive financial services ecosystem and deepening sustainable finance. Meanwhile, across Asia, owners of small and medium-sized enterprises are taking advantage of digital financial services to borrow money, settle payments and establish digital profiles, according to business representatives from Singapore-based financial technology firm Ant International and Hong Kong-based insurance company FWD , who spoke on the same panel. Advertisement According to Ant International, it had solidified its Asian user base through “digital footprints” and drew on experiences in China and beyond. China, it noted, had “the largest sample size in terms of population”.

格隆汇2月10日｜据每经，在全球金融局势波谲云诡的2026年开年，现年84岁的“商品大王”吉姆·罗杰斯给出了他的生存指南。这位传奇投资家26岁只身闯荡华尔街，早在上世纪80年代就以精准抄底奥地利股市而一战成名，并曾准确预测1987年全球股灾和2008年美国次贷危机。在访谈中，他详细阐述了自己对潜在危机的看法、具体的避险策略以及看好金属的底层逻辑。面对潜在的危机，吉姆·罗杰斯透露，他已经清空了全部美股持仓，转而将黄金、白银和铜等实物商品视为“完美的保险单”，并计划将其作为遗产留给后代。

本周开局相对平静后，周二这两大加密货币再度开始下跌，看空情绪打压数字资产。 自10月大幅抛售以来，以太坊跌幅超过比特币，此次一度大跌6%，至1994美元。截至纽约时间早上6点25分，以太坊下跌5%，交投于2014美元附近。 比特币一度下跌2.4%，触及68666美元。此前周末期间，比特币在7万美元附近震荡，周一跌破该关口；上周五，这一加密货币鼻祖曾险些跌至6万美元，随后出现反弹。 比特币刚经历了极为惨烈的一周，回吐了2024年底特朗普连任美国总统以来的全部涨幅。外界普遍认为，这一对加密货币友好的政府是行业利好，但近期比特币却创下了2018年以来最长的月度连跌纪录。 Mercuryo联合创始人兼首席执行官Petr Kozyakov表示：“上周抛售的冲击波仍在持续发酵，加密货币市场似乎仍在寻找明确方向，比特币当前交投于7万美元下方。这让加密市场分析师们试图从蛛丝马迹中研判市场短期走向。” 尽管从上周低点有所反弹，但市场对这两大加密货币的风险偏好依然低迷。看空信号仍困扰着比特币衍生品市场。比特币永续合约的资金费率持续为负，表明交易员仍在布局做空，押注价格下行。 自10月初暴跌以来，这两种加密货币对应的ETF均出现数十亿美元的资金净流出。以太坊ETF已有32亿美元资金撤离，其中仅今年就流出4.62亿美元；同期比特币ETF流出79亿美元，今年以来流出18亿美元。 BTC Markets分析师Rachael Lucas表示：“以太坊在跌破2800–3000美元区间后，整体仍处于看空结构。”她补充称，本轮抛售是由宏观层面避险情绪与全市场加密货币普跌共同推动的。 责任编辑：李肇孚

国家发改委等部门发布加快招标投标领域人工智能推广应用的实施意见；阿里千问推出新一代图像生成基础模型Qwen-Image-2.0。 ①国家发改委等部门发布加快招标投标领域人工智能推广应用的实施意见； ②知情人士：Pony Alpha神秘模型是智谱即将发布的GLM-5； ③阿里千问推出新一代图像生成基础模型Qwen-Image-2.0； ④字节又一新模型Seedream 5.0上线，对标Nano Banana Pro； ⑤北京人形机器人创新中心发布具身天工3.0； ⑥亚马逊拟推出内容交易平台，出版商可向AI公司出售内容； ⑦千问APP接入大麦，测试AI买电影票能力； ⑧首个产业级2Bit量化新突破，腾讯混元推出0.3B端侧模型； ⑨阿里达摩院开源具身大脑基模RynnBrain； ⑩万里扬机器人六款新品下线。

格隆汇2月10日｜雷军表示，小米汽车工厂第一个特点是高度智能化，工厂里面有六七百台机器人，可以做到组装的所有环节是百分之百自动组装的，也是做到了百分之百的自动检测，智能化程度非常高。整个厂房的屋顶都铺设了自发电的光伏板。工厂的用电全部来自于屋顶的自发电的光伏板。

(RTTNews) - Marriott International, Inc. (MAR) said, for full year 2026, it expects worldwide RevPAR to rise 1.5 to 2.5 percent, net rooms growth of 4.5 to 5 percent, adjusted EBITDA growth of 8 to 10 percent and more than $4.3 billion of capital returns to shareholders. The company expects full year adjusted EPS in a range of $11.32 to $11.57. For the first quarter, the company projects adjusted EPS in a range of $2.50 to $2.55. Fourth quarter earnings totaled $445 million, or $1.65 per share. This compares with $455 million, or $1.63 per share, last year. Adjusted EPS was $2.58, compared to $2.45. Revenue rose 4.1% to $6.690 billion from $6.429 billion last year. In pre-market trading on NasdaqGS, Marriott shares are up 2.65 percent to $340.00. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

(RTTNews) - Incyte Corporation (INCY) announced earnings for its fourth quarter that Increased from last year and beat the Street estimates. The company's bottom line totaled $299.3 million, or $1.46 per share. This compares with $201.2 million, or $1.02 per share, last year. Excluding items, Incyte Corporation reported adjusted earnings of $367.9 million or $1.80 per share for the period. Analysts on average had expected the company to earn $0.5 per share. Analysts' estimates typically exclude special items. The company's revenue for the period rose 27.8% to $1.506 billion from $1.178 billion last year. Incyte Corporation earnings at a glance (GAAP) : -Earnings: $299.3 Mln. vs. $201.2 Mln. last year. -EPS: $1.46 vs. $1.02 last year. -Revenue: $1.506 Bln vs. $1.178 Bln last year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

格隆汇2月10日｜巴西财长Haddad：我们昨日发行了30年期美元计价债券，收益率达到投资级水平。这意味着外界对巴西的看法比国内自身的评估更为乐观。

As expectations for measurable performance and compliant data practices rise, the market is moving beyond traditional media buying models toward diversified, omnichannel, and privacy-aligned execution. In this environment, competitive advantage will increasingly depend on partnering with platforms that can deliver integrated reach, transparent measurement, and flexible commerce-linked capabilities setting the tone for how the broader ecosystem is expected to evolve. Australia's digital advertising market is undergoing a structural transition as platform dynamics shift, regulatory expectations tighten, and investment intensifies across retail media and video ecosystems. Brands are moving away from channel-led planning toward integrated, privacy-aware execution, with commerce-linked measurement, CTV, AI-driven optimisation, and sustainability reporting increasingly shaping buying decisions. The market is consolidating around strategies that balance performance with compliance, and advertisers that modernise their infrastructure, data partnerships, and accountability frameworks will be better positioned as expectations for measurable outcomes continue to rise. Australia's digital advertising landscape is entering a period of structural change, shaped by regulatory tightening, the rapid expansion of retail media, and continued platform innovation. Global tech players still anchor scale, yet domestic retailers, broadcasters, and martech providers are gaining competitive ground by offering data-rich, accountable environments. Dublin, Feb. 10, 2026 (GLOBE NEWSWIRE) -- The "Australia Digital Ad Spend Market Size & Forecast by Spend Value Across 100+ KPIs by Type of Advertising Channel, Format & Media, Platforms, Pricing Models, Industry, Digital Ecosystem, and Media Buying Method - Databook Q1 2026 Update" report has been added to ResearchAndMarkets.com's offering. The digital ad spend market in Australia is expected to grow by 12.7% annually, reaching US$16.88 billion by 2...

格隆汇2月10日｜巴西财长Haddad：我坚信2026年的财政结果将会改善。当前的实际利率无法通过财政初级盈余来抵消。目前尚未向巴西总统卢拉提交任何内容。

(RTTNews) - Saia Inc. (SAIA) reported a profit for fourth quarter that Dropped, from last year The company's bottom line came in at $47.51 million, or $1.77 per share. This compares with $76.10 million, or $2.84 per share, last year. The company's revenue for the period rose 0.1% to $789.95 million from $788.95 million last year. Saia Inc. earnings at a glance (GAAP) : -Earnings: $47.51 Mln. vs. $76.10 Mln. last year. -EPS: $1.77 vs. $2.84 last year. -Revenue: $789.95 Mln vs. $788.95 Mln last year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

一月，“老登”白酒再度雷声阵阵，洋河，口子窖，顺鑫农业，金种子接连发布业绩预警，净利润同比分别下跌62%、50%、150%，金种子则延续亏损，亏损金额为1.5亿左右。 更关键的是，整个行业的景气度也跌到了谷底。 国家统计局数据显示，2025全年白酒产量为354.9万千升，同比下滑12.1%。更直观一点的看，整个行业的产量已经没有2016年的零头多了（2016年为1358.4万千升）。 即便曾稳坐行业龙头宝座、看似不受周期波动影响的贵州茅台，也在市场压力下难以独善其身，飞天茅台的一批价一度跌破零售价。 在市场的倒逼之下，稳了十多年的贵州茅台也开启了一场宏大的改革之旅。 作为高端白酒的价格锚点、需求中枢，更是占据上市酒企利润半壁江山的 "定海神针"，茅台的每一步变革都可谓牵一发而动全身，对未来白酒行业格局会产生深远影响。 那么，茅台究竟推行了哪些改革举措？这些举措又将给行业带来怎样的连锁反应？这或许是每个从业者都要解答的问题。 白酒接着“过冬”，茅台已到“夏威夷” 茅台的改革，表面上看，只是在自营平台"i 茅台"上线了1499元/瓶的飞天茅台。 但实际上，没有看起来那么简单，渠道份额变化的内核，是覆盖产品线、厂商合作、消费者关系的系统性改革： 一、产品线 改革前，茅台的产品矩阵以飞天茅台为核心衍生展开：向上延伸出生肖茅台、精品茅台、陈年茅台等高端产品；向下布局茅台 1935、贵州大曲、"三茅四酱"（华茅、王茅、赖茅、汉酱、仁酒、茅台王子酒、茅台迎宾酒）等系列酒。 在茅台的规划当中，其本意是覆盖全价格带、触达不同消费人群。 但实际运营中，飞天茅台价格的剧烈波动导致整个产品体系有些混乱。高端衍生产品价格与飞天高度重合，而中低端系列酒多依赖搭售模式销售，经销商因飞天茅台的暴利空间，完全缺乏推广中低端产品的动力，使得产品线规划形同虚设。 这也正应了那句著名的“潮水褪去才知道谁在裸泳”，飞天的暴利掩盖的问题，在飞天的价格回归之后，都浮了上来。 改革也因此而来。 在APP直销放量1499的茅台， 给飘忽不定的产品体系加上了一道“拦河大坝”，用来调节上下游的价格体系。 改革后的产品线就非常清晰了，系列酒500以下，1935（800元），飞天茅台（1499元），精品茅台（3299元），分别对应日常消费，高端，超高端。 说白了，以往是飞天承担了所有，其他产品齐刷刷躺平就行了，一切都交给飞...

格隆汇2月10日｜标普：由于预期盈利将持续低迷，将斯泰兰蒂斯(STLA.US)评级下调至“BBB-”。

长期以来，美国农业部（USDA）一直是全球作物预估领域的 “黄金标准”。但在经历大规模人员流失、并对玉米收获面积做出大幅向上修正后，其数据可靠性正受到农民、谷物交易商和经济学家越来越多的质疑。 全球各地的农民、交易商和食品制造商都密切关注美国农业部每月发布的产量、供应和需求报告，以此预判价格走势和库存变化。 去年，作为特朗普总统缩减联邦政府规模计划的一部分，美国农业部有数千名员工离职。专家担忧，人员缩减已严重削弱该机构生成准确、及时数据的能力。 美国农业部 1 月发布的 2025 年玉米种植与收获面积最终预估，较 6 月初始预估出现史无前例的上调。本已低迷的粮价因此再跌超 5%，而此时农户正艰难维持盈利。 咨询公司 StoneX 首席大宗商品经济学家阿兰・苏德曼表示：“上月公布的美国农业部数据，似乎反映出该机构陷入混乱。” 他指的是种植面积及其他预估数据的大幅变动。 负责发布种植面积预估的美国农业部国家农业统计局（NASS）高级官员兰斯・霍尼格称，此次数据修正已促使该局启动内部审查。 美国农业部前代理副部长斯皮罗・斯特凡努（已于去年秋季辞职）表示，农业部另一分支农场服务局（FSA）因人员削减，去年夏季无法及时处理种植数据并提交给统计部门，导致统计部门无法及时掌握完整的种植面积情况。 “国家农业统计局可依据的信息变少了，” 斯特凡努说，“这必然会降低其预估的可靠性。” 去年夏天，特朗普曾因美国就业市场数据表现不佳解雇一名劳工部高级官员，引发外界对联邦政府数据质量的担忧。 作物预估大幅调整 玉米是美国第一大作物，用于喂养数百万家畜、生产乙醇，以及为番茄酱、冰淇淋等食品提供甜味剂。 上月，农户和分析师普遍预计，美国农业部对已创 1930 年代以来最高水平的收获面积预估几乎不会调整。但结果是，美国农业部将其上调至 9130 万英亩，较此前预估上调 1.3%，较 6 月初始预估上调 5.2%。 资深分析师西德・洛夫表示：“突然间，各地的种植面积数据都在大幅上调。” 小幅修正属常态，且通常为下调 —— 恶劣天气会减少农户实际收获面积。路透社分析显示，过去 15 年，从 6 月到次年 1 月，玉米收获面积预估平均下调约 0.7%。 但上月的意外上调推高了美国农业部的玉米产量预估，导致期货价格暴跌 5.4%。 内部审查 霍尼格介绍，美国农业部 6 月的种植面积预估基于对近 6.8 ...

U.S. stock markets have been struggling to break out of their recent plateau, with the still largely unchanged over the past month as a healthier level of gains from sectors beyond tech limits gains for the benchmark and weighs on overall performance. “For the broader market to make sustainable progress, renewed tech participation will likely be essential,” Turquist said.

立足经济监督定位，依法全面履行审计监督职责。 上海市委审计委员会会议今天上午举行。市委书记、市委审计委员会主任陈吉宁主持会议并强调，要深入学习贯彻习近平总书记关于审计工作的重要指示精神，紧紧围绕推动习近平总书记考察上海重要讲话精神和党中央决策部署落地落实，立足经济监督定位，依法全面履行审计监督职责，勇于担当、积极作为，以高质量审计监督护航“十五五”开好局、起好步。 市委副书记、市长、市委审计委员会副主任龚正出席会议并讲话。 会议指出，做好今年审计工作，要始终围绕中心、服务大局，提高政治站位，聚焦重点领域，不断提升审计监督的精准性和有效性，更好服务上海高质量发展和社会主义现代化建设。结合中央巡视整改工作，找准审计监督的切入点和突破口，加强资金监管，跟踪资金运行，评估使用效率，促进政策效应充分释放。持续跟踪成本预算绩效管理改革进展、常态长效机制建立情况，推动优化完善财政支出标准和结构。严格落实过紧日子要求，督促严肃财经纪律，完善监督体系，提升财务管理能力。要服务重大战略走深走实，聚焦科技金融、服务业创新发展、开发区管理制度改革等重点工作，充分发挥审计职能作用。强化穿透式监管，有针对性地开展延伸审计，及时发现苗头性倾向性问题，助力防范化解重大风险。围绕树立和践行正确政绩观，紧盯权力规范运行，加强与纪检监察、巡视巡查、组织人事、出资人监督等各类监督有效配合，建立健全国资外部监督、境外检查等工作机制，强化对“关键少数”的监督。要扎实做好审计整改“下半篇文章”，加强审计成果运用，形成系统性解决方案，从“解剖一个问题”上升到“解决一类问题”。深化审计智能化建设，为信息深度分析和风险研判提供技术支撑。 会议传达学习了全国审计工作会议精神，听取2025年度审计工作总结和2026年度工作要点汇报，审议有关项目计划和报告等。会议还听取了市国资委关于深化我市境外国有资产检查工作情况汇报。 市领导迟耀云、吴伟、华源、宗明出席会议。

Source: Bloomberg, 0:00

格隆汇2月10日｜Spotify、Datadog盘前涨超10%，Shopify涨近5%，Unity涨超4%，Applovin、Snowflake涨近4%，Palantir涨超2%。