据港交所文件：Zaihui Inc.向港交所提交上市申请书。

We Are/DigitalVision via Getty Images Introduction: Execution is fine, Valuation isn’t Main Street Capital Corporation ( MAIN ) has always been a quality company. Its NAV per share has been growing for 13 consecutive quarters. Q4 2025 NAV is estimated to be around $33.29–$33.37, up roughly 1.5–1.8% quarter over quarter. Full-year annualized return estimates on equity exceed 17%, according to management . One more positive: distributable net investment income easily covers the regular dividend. On the other side of this story, MAIN shares trade around $61–62, so roughly 1.8-1.9x NAV. That’s around 40-50% higher than the BDC sector median and also well above MAIN’s own long-term average price-to-book multiple. In other words, this is premium pricing for a quality company that leaves no margin of error in execution. So, the market assumes that MAIN will be able to reliably deliver income, just not a lot of price appreciation. Returns will come mostly from dividends, and even modest multiple compressions will hurt. Now, MAIN’s estimated forward dividend yield comes to 6.9-7.0%, with an annual payout of ~$4.30 per share. This goes to support the yield and is paid monthly. Compared to the broad financial sector, this yield is attractive enough. However, it is below MAIN’s own historical average. This means today’s investors are willing to pay more for a lower yield only because it has proven to be durable. Earnings estimates, on the other hand, are flat to slightly negative overall, according to street consensus. Estimated EPS growth through 2027 is close to zero. That again means that future returns are likely primarily dividend-driven. This brings us to the MAIN problem: this BDC can keep on performing well. It can originate first-lien loans, realize profits, issue equity at a premium to NAV, and pay dependable monthly dividends. It can do all these positives—but they are all baked into its current price. So it will only be able to deliver mid-single-digit total returns...

美国财政部长斯科特・贝森特于周五表示，国会应在今年春季通过一项为数字资产制定联邦监管规则的法案，并将其提交给总统唐纳德・特朗普签署成为法律。 贝森特在接受采访时，被问及近期加密货币行业暴跌背景下该法案的进展。他称，这项名为《数字资产市场清晰法案》的法案，能在市场剧烈波动之际“极大安抚市场情绪”。 他补充道，加密货币企业曾试图阻挠该立法，但目前有一个跨党派议员团体希望推动法案通过。贝森特警告，如果民主党在11月掌控众议院，这一跨党派联盟可能会瓦解。 责任编辑：李肇孚

bluestocking/E+ via Getty Images Summary We favor equities over credit heading into 2026—tight spreads and AI-related leverage create asymmetric risk in corporate bonds, while equities benefit from a supportive cyclical backdrop and elevated capital returns. Above-consensus US growth should persist as the tariff drag fades, fiscal support from the One Big Beautiful Bill Act (OBBBA) flows through, and the Fed eases toward short-term rates of 3.00% to 3.25%. AI is pivoting from infrastructure buildout to monetization and value creation—we’re positioning to capture this transition through hyperscalers (where strong gross margins cushion capex) and AI users capturing productivity gains. We believe the cyclical backdrop should dominate valuation concerns—real long rates support current multiples, elevated capital returns make equities an effective inflation hedge, and underlying business quality justifies premium pricing for growth. Our sector positioning balances offense and defense—financials benefit from yield curve steepening and regulatory tailwinds; healthcare provides a hedge against technology, given record negative correlations with momentum. Commentary continues page 2… Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower. You can obtain performance data current to the most recent month end by visiting www.calamos.com. The funds' gross expense ratios as of the prospectus dated 2/28/2025 are as follows: A Shares 1.05%, C Shares 1.80%, I Shares 0.80% and R6 Shares 0.73%. Class I shares ( CGIIX ) are offere...

格隆汇2月13日｜据两位知情人士透露，美联储预计将任命兰德尔·奎恩（Randall Guynn）为新任监管事务主任，这位与银行业关系深厚的华尔街资深人士将执掌行业监管大权。奎恩曾为Davis Polk & Wardwell律师事务所合伙人，代表过多家美国大型银行。他将接替在美联储任职逾三十年后于去年7月宣布退休的迈克尔·吉布森。自2025年5月起，奎恩一直担任美联储理事兼监管事务副主席鲍曼的顾问。据消息人士称，奎恩的任命计划仍须经美联储七人理事会投票表决。目前未能确定此次闭门投票的具体时间。其履新后将继续向鲍曼汇报工作。选择奎恩担任监管事务主任将标志着美联储人事安排的重大转变，至少自1977年以来，该职位一直由长期任职的美联储内部职员担任。

Catherine Delahaye/DigitalVision via Getty Images Article Thesis The current earnings season is well underway, and many retail companies are about to report their earnings results in the next couple of weeks. In this article, I will take a look at the industry to see how consumers are doing, what trends are in place, and what investors can expect from the upcoming reports. The Retail Industry In The Current Macro Environment Of course, not all companies in a single industry are performing the same, as there are always companies that fare better due to a better strategy, stronger brands, better pricing, more efficient operations, and so on. Still, there are often at least some similarities among companies from the same industry, which is why taking a look at the macro items that impact a specific industry makes a lot of sense, I believe. When it comes to the retail industry, macro items of note are consumer sentiment, employment, disposable income, etc. Looking at the most recent consumer sentiment reading, we see the following: Data by YCharts According to the Consumer Sentiment Index in the US, consumer sentiment is a little worse today compared to one year ago, although it is better than last fall and in spring, when both markets and consumers worried a lot about tariffs. In the last couple of months, consumer sentiment has been improving, which is good . M omentum is positive, and if that trend continues, we could see substantially better consumer sentiment not too far from now. Looking at employment, we see the following: Data by YCharts Over the last half year or so, employment has been reliably positive . N ew jobs are being created in the United States. While there were some ups and downs, with better employment change numbers in some months and less new job creation in others, employment clearly keeps expanding, which should naturally be good for both economic growth in general and also for the retail industry. After all, more people having jobs means more p...

Watch as Australia's Josie Baff wins gold in the women's snowboard cross at the 2026 Winter Olympics.

This Taiwan Semiconductor Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Friday Benzinga

(RTTNews) - The Labor Department released a highly anticipated report on Friday showing consumer prices in the U.S. increased by slightly less than expected in the month of January.

iQoncept/iStock via Getty Images Amid heightened market volatility, the healthcare sector ( XLV ) has become a battleground for short sellers, with biotechnology and healthcare services emerging as the primary targets. At the center of this bearish siege is Hims & Hers ( HIMS ), which led the industry with a staggering short interest as of January 31, 2026. Hims & Hers Health ( HIMS ) leads the bearish list with a 32.95% short interest following the launch of their $49/month oral semaglutide . Investors are betting that the FDA will soon tighten restrictions on compounded weight-loss drugs, now that branded versions like Wegovy and Zepbound are back in full supply. At the same time, CRISPR Therapeutics ( CRSP ) is the second-most shorted stock in the sector at 22.81%. In contrast, some healthcare giants like BrightSpring Health Services ( BTSGU ) and Regencell Bioscience ( RGC ) have very low short interest at 0.10% and 0.19%, respectively. They are joined by industry leaders Medline ( MDLN ), Eli Lilly ( LLY ), and Johnson & Johnson ( JNJ ), all of which maintain short interest levels well below 1%, because they are seen as much safer bets during uncertain times. Healthcare stocks are outperforming the broader market so far this year. The Health Care Select Sector SPDR® Fund ETF (NYSEARCA: XLV ), which tracks the health care sector and holds a weightage of 12.12% in the S&P 500 index, has gained 0.78% in 2026. This stands in contrast to the S&P 500's overall 0.19% decline, signaling investor preference for healthcare over growth sectors. Here are the top 5 most shorted mid- to mega-cap healthcare stocks (as a % of shares outstanding) as of January 30: Hims & Hers Health ( HIMS ) - Health Care Services sector, short interest 32.95% CRISPR Therapeutics ( CRSP ) - Biotechnology, short interest 22.81% Viking Therapeutics ( VKTX ) - Biotechnology, short interest 21.75% Soleno Therapeutics ( SLNO ) - Biotechnology, short interest 21.36% TransMedics Group ( TMDX ) - Healt...

图片分享平台 Pinterest 表示，受关税带来的不确定性影响，美国大型零售商削减广告支出，使其季度收入预期承压。受此消息影响，该公司股价在周五盘前交易中暴跌超20%。 Pinterest上月裁员比例不到15%。首席财务官Julia Donnelly表示，随着Pinterest重建面向市场的团队，此次重组可能会对短期业绩造成干扰。这一预警进一步加剧了该业务本已因零售广告疲软而承受的压力。 今年1月，Meta强调其电商广告增长势头强劲，而TikTok在面临法律与政治压力后得以继续在美国运营。与此同时，OpenAI也加入战局，在美国推出ChatGPT广告位，使得争夺同一营销预算的参与者进一步增多。 Pinterest股价预计将以2020年4月以来的最低水平开盘。 谷歌 加大了电商布局力度，为其Gemini聊天机器人与AI搜索推出多项购物相关更新，在Pinterest等规模较小的公司面临更严峻环境的同时，进一步巩固了科技巨头对数字广告市场的掌控。 伯恩斯坦分析师在报告中表示：“我们可能很快就会看到Meta、OpenAI和 亚马逊 推出由AI驱动、类似Pinterest的产品。” 至少有16家券商下调了Pinterest的目标股价。若盘前跌幅保持不变，其125.2亿美元的市值将蒸发超20亿美元。 该公司当前估值为未来12个月预期盈利的9.49倍，相比之下， Snap 为9.42倍，Reddit为29.99倍，Meta为21.41倍。 去年，Pinterest宣布将收购广告技术公司tvScientific，这家社交媒体企业正借此向电视广告库存领域拓展，服务其核心的消费品与零售广告客户。 责任编辑：李肇孚

格隆汇2月13日｜道富宏观策略主管Michael Metcalfe评美国CPI数据指出，对利率市场和股市来说，重要的结论是反通胀趋势仍在持续。这进一步印证了那种认为我们已度过通胀担忧高峰的观点。这描绘出一幅通胀前景持续改善的图景，将为今年晚些时候的降息铺平道路。

格隆汇2月13日｜美股三大指数集体低开，纳指跌0.16%，道指跌0.04%，标普500指数跌0.01%。 纳斯达克中国金龙指数跌超1%，世纪互联跌8.30%，百度跌3.91%，金山云跌3.30%，陆金所控股跌3.26%，阿里巴巴跌3.09%。 应用材料涨超11%，公司第一财季业绩高于预期。 Rivian大涨26%，此前公司预计2026年交付量增长53%。 体育博彩运营商DraftKings跌12.0%，2026年收入展望不及预期。

财联社2月13日讯（编辑 牛占林） 当地时间周五，美国劳工部公布的数据显示，美国1月消费者物价涨幅低于市场预期，过去几年深受物价飙升之苦的美国消费者迎来一定程度的缓解。而随着企业在年初上调价格，加之劳动力市场趋于稳定，这些因素可能使美联储在一段时间内维持利率不变。 数据公布后，美元指数短线下挫近20点，非美货币普涨，现货黄金短线拉升超20美元，标普500指数、纳斯达克100指数期货转涨。交易员预计今年第三次美联储降息的概率为50%。据芝商所FedWatch工具显示，交易员将6月降息的概率上调至约83%。 具体数据显示，美国1月未季调CPI年率录得2.4%，创2025年5月以来新低，低于市场预期的2.5%；1月季调后CPI月率录得0.2%，低于预期的0.3%，前值为0.3%。 需要指出的是，本次同比数据的回落部分源于基数效应——2025年1月的高通胀读数已不再计入最近12个月的同比计算区间。 剔除食品和能源成本的核心CPI同比上涨2.5%，创2021年3月以来新低，预期值为2.5%，前值为2.6%；美国1月季调后核心CPI月率录得0.3%，预期值为0.3%，前值为0.2%。 分析师表示，这份周五公布的报告显示通胀正在降温，但需要注意的是，疫情后食品、汽油和公寓租金等价格曾大幅上涨，目前整体消费者价格水平较五年前仍高出约25%。 美国劳工统计局指出，1月二手车价格环比大幅下跌1.8%，对核心通胀形成明显拖累。能源方面，1月汽油价格环比下降3.2%，为过去四个月中的第三次下跌，同比下降7.5%。食品方面，1月杂货价格环比上涨0.2%，此前12月曾大幅上涨0.6%；同比涨幅为2.1%。 由于上周美国联邦政府曾短暂停摆三天，本次报告发布略有延迟。去年一次更长时间的政府停摆曾导致10月价格数据未能采集，引发CPI数据异常波动。经济学家此前预计，这种波动将在1月数据中消退。 部分经济学家指出，去年10月住房成本数据缺失，可能人为压低了2025年部分时期的住房通胀估算。不过，这一问题并不会影响近期的环比通胀数据。 近年来，每年1月公布的核心CPI数据往往高于预期。经济学家指出，美国劳工统计局用于剔除季节性波动的模型，未能完全消化年初一次性价格上调的影响。 1月价格上涨很可能既反映了年初的一次性提价，也体现了美国总统特朗普全面加征关税带来的成本传导效应。 经济学家预计，今年通胀可能在...

北京时间2月13日晚，美股周五开盘涨跌不一。随着人工智能担忧情绪再度笼罩股市并使物流与房地产等行业遭到抛售，投资者显得焦虑不安。美国核心CPI创近5年新低。 道指涨0.27点，报49452.25点；纳指跌49.38点，跌幅为0.22%，报22547.77点；标普500指数涨1.25点，涨幅为0.02%，报6834.01点。 应用材料 公司因强劲的财报和令人鼓舞的展望，其股价大涨。 爱彼迎 股价走高，投资者对该公司的乐观指引表示欢迎。 Pinterest 公司公布的第四季度业绩不及预期，并发布了疲软的展望。 美股周四全线下跌，市场对人工智能颠覆影响的担忧情绪蔓延至各个板块，尤其是房地产、卡车运输和软件行业。标普500指数下跌近1.6%，纳指下跌约2%。道指下跌近670点，跌幅1.3%。 “科技七巨头”周四悉数收跌。 思科 系统因令人失望的指引而股价重挫12%，拖累了大盘。 苹果 公司在常规交易时段下跌5%，创下自2025年4月以来的最大单日跌幅。 景顺全球市场策略师Brian Levitt表示：“就人工智能泡沫而言，现实情况是，随着市场试图确定赢家和输家，并变得更加挑剔，某些股票的狂热情绪正在消退。” 他补充道：“但 道琼斯 工业平均指数接近50000点，标普500指数接近6900点……虽然表面之下显然有一些惨烈的下跌，但总体而言，这不是人工智能泡沫。市场表现得非常稳健。” 瑞银 策略师在周五早间的报告中表示：“虽然对这些行业和个股的全面影响尚待观察，但我们认为这验证了人工智能的货币化潜力，最新进展也凸显了人工智能的变革性，这使其成为投资者投资组合的关键组成部分。” 他们补充说，仅关注美国信息技术板块“不太可能完全抓住人工智能的直接受益者”，并建议投资者跨行业和地域进行多元化投资。 韦德布什证券全球技术研究主管丹·艾夫斯周五在采访时表示，尽管一些软件股将成为人工智能崛起的牺牲品，但投资者不应全盘否定整个板块。 “ Adobe 是潜在输家吗？像 UiPath 这样的纯软件股呢？是的，”他说，“但是 Salesforce 、ServiceNow呢？不——我认为它们将成为人工智能革命和应用案例的核心部分。” 艾夫斯认为，华尔街错误地估计了人工智能将带来的“遍及整个科技领域的连锁效应”。 “我认为你在这里看到的是一个巨大的错位，”他在谈到软件股抛售时说，“我想说，在我的职业生...

Millicom (Tigo) notice of fourth quarter 202 5 results and video conference

大股东滥用股东权利、违法利用证券公司融资、侵蚀证券公司利益；证券公司亦突破合规底线、配合股东违法违规 【财新网】 为满足原民营大股东武汉当代科技产业集团股份有限公司（下称“当代集团”）的融资需求，天风证券在多年间突破合规底线，暗中“输血”，最终引来监管重罚。 2月13日晚间，天风证券与当代集团双双发布公告，披露收到了湖北证监局下发的《行政处罚事先告知书》。经证监会调查，2020年至2022年期间，天风证券违法为当代集团提供融资逾85亿元，并在财报中未按规定披露与当代集团关联交易。因此，湖北证监局拟对天风证券和当代集团处以2500万元顶格罚款，对当代集团实际控制人艾路明、天风证券时任董事长余磊以及时任天风证券和当天集团的董监高王琳晶、翟晨曦、易仁涛、陈海淳等人合计处以3480万元罚款。

美国1月通胀数据整体偏“温和”，CPI同比回落至2.4%且低于预期，核心CPI同比降至2.5%，创2021年以来最低水平，但月度核心通胀在服务价格带动下仍有韧性。 周五，美国劳工统计局（BLS）公布数据显示，1月CPI环比上涨0.2%，低于路透调查经济学家预期的0.3%，同比从12月的2.7%放缓至2.4%，同样低于预期的2.5%。 剔除食品和能源的核心CPI环比上涨0.3%，与预期一致，略高于前值0.2%，这是自去年8月以来较高的月度增幅之一。核心CPI同比为2.5%持平预期，较12月的2.6%回落，为2021年以来最低水平。 1月通胀数据意外降温，为市场对美联储年内降息的预期再添支撑。 尽管劳动力市场仍显韧性，但零售销售疲弱、房地产低迷等信号交织，进一步强化了政策转向预期。与此同时，1月实际平均周薪同比增长1.9%，创2021年3月以来最快增速，显示居民购买力有所修复。 数据公布后，市场反应迅速。美股期货短线拉升，纳指期货涨0.13%，标普500期货涨0.12%，道指期货涨0.06%；美元指数小幅走低，日内跌0.03%。利率期货市场显示，交易员目前预计今年第三次降息的概率约为50%。 住房与食品价格拉高1月通胀，能源分项延续跌势 1月CPI环比上涨主要受住房成本推动，该分项指数当月上行0.2%。其中，业主等值租金和主要租金指数均录得0.2%的环比增幅。食品价格亦环比上涨0.2%，家庭食品与外出就餐价格分别上升0.2%和0.1%。 与此同时， 能源价格走弱在一定程度上对冲了上述涨势 ，1月能源指数整体下跌1.5%。从同比来看，能源价格在过去12个月内微降0.1%，而食品价格同期累计上涨2.9%。值得注意的是， 核心商品通胀仍显疲软 ，这与近期消费者调查所反映的高通胀预期形成明显反差。 结构性分化：服务价格加速上行，商品通缩压力犹存 1月核心CPI显示服务业价格加速上行，主要受航空票价飙升推动。数据显示，航空票价指数环比跳涨6.5%，成为该分项最大拉动项。其他服务类价格亦普遍走强：个人护理环比上涨1.2%，娱乐和通讯指数均录得0.5%的涨幅，医疗保健指数整体上行0.3%，其中医院服务价格环比上涨0.9%，医生服务价格同步走高0.3%，而处方药价格当月持平。 相比之下，商品类通胀则持续疲软。主要耐用品类中，二手车和卡车指数环比下跌1.8%，新车价格仅微增0.1%；家庭...

纳斯达克金龙中国指数盘初跌1.1%。 阿里巴巴跌3.7%。 世纪互联跌8%，阿里巴巴跌3.7%，万国数据跌3.6%，百度跌3.6%，金山云跌3.4%，阿特斯太阳能跌3.4%，晶科能源跌2.9%，理想跌2.3%。 百胜中国涨2.3%，网易有道涨2.9%，嘉银科技涨3.7%，再鼎医药涨6.9%。

Extending his England men’s team contract until 2028 means increased stability and a less relentless form of pressure Thomas Tuchel was supposed to be here for a good time, not a long time. It was win or bust when he signed up to become England’s head coach in October 2024. The target was clear – lead the side to glory at the 2026 World Cup – and it came with an acceptance that the German was nothing more than a very expensive gun for hire. An 18-month deal, which began on 1 January 2025, saw to that. Tuchel talked about it giving him focus. He said it streamlined the role. “It’s a little bit of a step into the unknown for me,” he said. Tuchel would have to adapt. He loves being out on the training pitch, working with his players, honing their understanding of his tactics. Wouldn’t he get bored during the long months without a game? Wouldn’t he get itchy feet as soon as he saw a job open up at a big club? Continue reading...

These AI stocks have big potential over the next three years.

Key PointsBroadcom has a huge opportunity with custom AI chips.

Key PointsReal estate investment trusts are designed to distribute income to investors through large dividends.

Reality is setting in for high-flying quantum computing stocks.

Key PointsRigetti may have potential, but third-quarter revenue was less than $2 million.

Apple Inc (NASDAQ:AAPL) could be in for an exciting 2026 with the release of new smartphones and celebrating record financial results. The company will also reach a half century in business in 2026. Here's what CEO Tim Cook said about the potential to celebrate the company's 50th anniversary. Apples' 50th Anniversary Apple memorabilia is hitting auction records in early 2026 as auction houses and collectors search for pieces of history of the technology company ahead of its 50th anniversary. The

Apple CEO Tim Cook Says Company Doesn't Usually Look Back, But Will Celebrate 50th Anniversary: 'I Promise' Yahoo Finance

We take a look at striking images from day seven of the Games, including in bobsleigh, snowboard cross and cross-country skiing Continue reading...

primeimages The consumer staples sector is staging one of its strongest short-term rallies in decades, further expanding the list of eye-catching market developments seen in recent weeks. On a rolling five-week basis, the consumer staples sector has climbed 17%, marking one of the strongest bursts of momentum since 1990. According to Kevin Gordon, Head of Macro Research and Strategy at Charles Schwab, comparable five-week gains have occurred only a handful of times over the past three and a half decades — specifically in April 2020, April 2000, November 1998, and February 1991. The historical context underscores the magnitude of the current move. Each of those prior periods coincided with notable inflection points in broader market or economic conditions, making the present rally particularly noteworthy for investors monitoring sector rotation and defensive positioning. The strength is not limited to a short-term spike. On a year-to-date basis, consumer staples is ahead 15.3%, reflecting sustained buying interest in companies traditionally viewed as defensive plays. Over the past month alone, the sector has advanced 13.1%, highlighting an acceleration in momentum. The sharp rally suggests investors may be gravitating toward stability amid ongoing uncertainty, reinforcing consumer staples’ reputation as a haven during volatile stretches. Consumer Staples ETFs: ( XLP ), ( VDC ), ( IYK ), ( FSTA ), ( KXI ), and ( RSPS ). More on markets Dividend Roundup: Chevron, Microsoft, Meta, Hyatt, and more From growth to value: 2026 market rotation redefines leadership What Will Drive The S&P 500 Over 7,000? Recession odds fade according to prediction markets Magnificent 7 in overdrive: ProShares seeks approval for new 3X leveraged ETF

交易商协会自律处分显示，同量基金协助相关发行人“自融”，并以推介服务费名义收取发行人提供的财务资助 近日，银行间市场交易商协会公布了2026年首份针对私募基金的自律处分。图：IC photo 【财新网】 近日，银行间市场交易商协会（下称“交易商协会”）公布了2026年首份针对私募基金的自律处分。被处罚对象是来自上海的私募——上海同量私募基金管理有限公司（下称“同量基金”）。 据交易商协会2026年2月12日公告，经查，同量基金通过安排相关资产管理产品，协助相关发行人“自融”发行债务融资工具，并以推介服务费名义收取发行人提供的财务资助。相关行为违背了发行公平、公正、公开的原则，影响市场发行秩序。根据银行间债券市场相关自律规定，经交易商协会2025年第27次自律处分会议审议，对同量基金予以严重警告。