laddawan punna/iStock via Getty Images The views expressed reflect the opinions of BlackRock as of 12/31/2025 and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. Quarterly Highlights All information is as of 12/31/2025 unless otherwise noted Investment Strategy Update: Effective 11/10/2025, the Trust removed its options writing strategy. See BlackRock.com for more details. Performance: BMEZ returned +6.7% on market price and +8.6% on net asset value (NAV) during Q4 2025. The STOXX Global Breakthrough Healthcare Index returned +9.9%.* Distributions: On 9/10/2025, BMEZ announced a change to its monthly distribution, as part of its managed distribution plan, to $0.11 per share, which is 8.8% of the market price as of 12/31/2025. NAV of $17.10 per share plus the $9.50 cumulative distributions paid since inception equals $26.60 per share. See BlackRock.com for more details.** Portfolio: During the quarter, the Trust increased exposure to the pharmaceuticals sub-sector. Elsewhere, the Trust decreased exposure to the health care providers & services subsector. Private Investments: BMEZ held 21 private companies that accounted for 13.4% ($143 million) of the portfolio's NAV. Discount Management Program (DMP): The Trust announced the renewal of the DMP for 2026. See BlackRock.com for more details. The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed or sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Refer to BlackRock.com for current month-end performance. *See page 5 for performance table. Source: Morningstar & BlackRock as of 12/31/25. Returns are shown net of advisory fees paid by the Trust and net of the Trust's...

受美伊暫時停火消息刺激，亞太區主要股市全線向上，恒生指數升超過700點。 市場憧憬地緣局勢有曙光，港股長假期後顯著造好。恒指裂口高開656點，收復250天和20天線。全日在高位橫行。收報25,893點，上升776點，成交3,724億元。全日錄得「北水」淨流出215億元。 大唐資本投資策略部總監盧志明說：「現時暫時停一停，休息一下的話。恒生指數很大機會推上至剛才說的那兩個位置。26,200點，跟著便26,500點至26,600點。應該沒有懸念，除非到星期五，特朗普不願談判變臉，這便另一個版本。如果不是的話，暫時會營造這個反彈，逐級推上。」 金融股造好，渣打升百分之8。滙控升百分之6，一度高見139.3元。中人壽升半成。 科網股亦支撐大市，內地清明及春假帶旺外賣消費。美團上升一成。阿里巴巴升百分之6，騰訊重上500元關口。 金價持續反彈，中國黃金國際升一成。期油價格急挫，中海油和中石油逆市受壓。 晶片及光纖概念股有追捧，中芯國際升一成。長飛光纖上升近一成九，創新高。 亞太區主要股市造好，日本和南韓收市升百分之5至6。兩地股市均連升第四日。 內地四大指數，升幅介乎百分之2至5。滬深京三市成交增加至近2.5萬億元人民幣。

受美伊暫時停火消息刺激，亞太區主要股市全線向上，恒生指數升超過700點。 市場憧憬地緣局勢有曙光，港股長假期後顯著造好。恒指裂口高開656點，收復250天和20天線。全日在高位橫行。收報25,893點，上升776點，成交3,724億元。全日錄得「北水」淨流出215億元。 大唐資本投資策略部總監盧志明說：「現時暫時停一停，休息一下的話。恒生指數很大機會推上至剛才說的那兩個位置。26,200點，跟著便26,500點至26,600點。應該沒有懸念，除非到星期五，特朗普不願談判變臉，這便另一個版本。如果不是的話，暫時會營造這個反彈，逐級推上。」 金融股造好，渣打升百分之8。滙控升百分之6，一度高見139.3元。中人壽升半成。 科網股亦支撐大市，內地清明及春假帶旺外賣消費。美團上升一成。阿里巴巴升百分之6，騰訊重上500元關口。 金價持續反彈，中國黃金國際升一成。期油價格急挫，中海油和中石油逆市受壓。 晶片及光纖概念股有追捧，中芯國際升一成。長飛光纖上升近一成九，創新高。 亞太區主要股市造好，日本和南韓收市升百分之5至6。兩地股市均連升第四日。 內地四大指數，升幅介乎百分之2至5。滬深京三市成交增加至近2.5萬億元人民幣。

恒瑞醫藥(01276.HK)獲美國資本集團增持207.58萬股H股股份，價值約1.24億港元 富途牛牛

恒瑞醫藥(01276.HK)獲美國資本集團增持207.58萬股H股股份，價值約1.24億港元 news.futunn.com

据伊朗塔斯尼姆通讯社今天（4月8日）援引知情人士的话报道说，一些伊朗媒体报道的伊朗谈判代表团团长人选已确定的消息不属实，此事尚未最终敲定。报道说，伊朗最高国家安全委员会秘书处、政府有关部门正在评估谈判的各个方面和必要条件，并将很快发布官方公告。此前，伊朗学生通讯社、光明通讯社等报道说，伊朗伊斯兰议会议长卡利巴夫将率领伊朗代表团在巴基斯坦伊斯兰堡与美国举行谈判，美方由副总统万斯率团参加。（CCTV国际时讯）

美伊同意暫時停火，國際期油價格應聲急挫。金價就持續回升，曾經重上4,800美元關口。 美伊緊張局勢急劇轉變，美國總統特朗普，接受調解方巴基斯坦提出的停火方案，暫停對伊朗作出攻擊，為期兩星期。伊朗亦接受提議，兩星期內，所有船隻可安全通過霍爾木茲海峽。 消息令市場對能源供應中斷的風險迅速減退，國際油價顯著下挫。倫敦期油一度下跌一成六，是自二月底衝突爆發以來，首次回落至100美元以下。紐約期油更一度急挫兩成，創下近六年來最大的單日跌幅。 有分析認為，若中東局勢不再轉趨惡化，期油價格會回歸基本供求因素，有機會進一步回落。 花旗投資策略及環球財富策劃部主管廖嘉豪說：「我們始終覺得局勢會解決，尤其能源供應恢復，油價就會回落，可能在第三、四季，可能回落至每桶70、80美元水平。因為始終能源供應，我們一直強調有供過於求的情況，所以未有這件事時，我們對油價看法都是比較謹慎些，因為供過於求不是立即可解決得到，只不過這段時間，令到供應壓力或擔心出來，扯高了油價。」 期油價格大幅下跌，緩解市場對通脹進一步升溫的憂慮，投資者開始預期，美國聯儲局可能重新考慮減息時間表，降低持有黃金的機會成本。 現貨金價在停火消息公布後，曾經升穿每盎司4,800美元。瑞銀認為，受惠央行繼續增持，金價有機會回升至5,400美元。若私人投資者亦加快對黃金的多元配置，金價更有望升至6,100美元。高盛則認為，黃金已明顯超賣，預計央行增持步伐有機會提速。

美伊同意暫時停火，國際期油價格應聲急挫。金價就持續回升，曾經重上4,800美元關口。 美伊緊張局勢急劇轉變，美國總統特朗普，接受調解方巴基斯坦提出的停火方案，暫停對伊朗作出攻擊，為期兩星期。伊朗亦接受提議，兩星期內，所有船隻可安全通過霍爾木茲海峽。 消息令市場對能源供應中斷的風險迅速減退，國際油價顯著下挫。倫敦期油一度下跌一成六，是自二月底衝突爆發以來，首次回落至100美元以下。紐約期油更一度急挫兩成，創下近六年來最大的單日跌幅。 有分析認為，若中東局勢不再轉趨惡化，期油價格會回歸基本供求因素，有機會進一步回落。 花旗投資策略及環球財富策劃部主管廖嘉豪說：「我們始終覺得局勢會解決，尤其能源供應恢復，油價就會回落，可能在第三、四季，可能回落至每桶70、80美元水平。因為始終能源供應，我們一直強調有供過於求的情況，所以未有這件事時，我們對油價看法都是比較謹慎些，因為供過於求不是立即可解決得到，只不過這段時間，令到供應壓力或擔心出來，扯高了油價。」 期油價格大幅下跌，緩解市場對通脹進一步升溫的憂慮，投資者開始預期，美國聯儲局可能重新考慮減息時間表，降低持有黃金的機會成本。 現貨金價在停火消息公布後，曾經升穿每盎司4,800美元。瑞銀認為，受惠央行繼續增持，金價有機會回升至5,400美元。若私人投資者亦加快對黃金的多元配置，金價更有望升至6,100美元。高盛則認為，黃金已明顯超賣，預計央行增持步伐有機會提速。

和远气体发布业绩快报，2025年度实现营业总收入16.64亿元，同比增长8.55%；净利润6039.22万元，同比下降17.47%。报告期内，公司持续拓展大宗气体市场份额，氧气、氮气、氩气、二氧化碳等销量增长带动销售收入稳步增长。公司持续投建并调试潜江、宜昌两大电子特气及新材料产业园，资产总额增加。同时，新投建装置逐步转固新增折旧及财务费用，导致归属于上市公司股东的净利润及扣除非经常性损益后的归属于上市公司股东的净利润同比减少。

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Norwegian's debt could become increasingly unaffordable if business conditions worsen.

Key PointsRecord bookings have bolstered Norwegian in recent quarters.

These Consumer Goods Could Be First To Vanish As "Supply Shock" Disrupts Asian Factories Goldman analysts warned that the petrochemical supply shock sweeping across Asia is now morphing into a full-blown COGS shock, hitting a range of industries with factories across the region. The immediate consequence is that manufacturers - from sofa makers to apparel producers - are being forced to dial back production and, in some cases, idle plants altogether as soaring petrochemical-linked input costs drive up the price of plastics and other key materials. In the note " Petrochemical Supply Shock Begins Idling Asian Factories " , we laid out earlier on Tuesday how the shock is unfolding. Now, we focus on industries where the COGS shock is already forcing " surging input costs ," which are reducing manufacturing lines or idling plants and leading to possible shortages. " With key raw materials and inputs such as PTA, Caprolactam, polyester, and polyamide up on average 29%, the implied COGS increase amounts to c. +17%, " Goldman analyst Georgina Fraser wrote in a note. Fraser warned, " For a textile manufacturer operating with margins of ~5–15%, it is reasonable to assume that a cost shock of this magnitude could render operations uneconomic, leading to production standstills ." Fraser outlined that the industries most affected by the COGS shock are: Furniture & bedding → costs up ~21% Consumer goods → 20% Healthcare equipment → ~19% Textiles/apparel → ~17% "Even an imminent end to the conflict would not fully unwind the supply chain disruption already in motion," she warned. The note cited new indications that India's textile production has "collectively moved to restrict operations to a single 12-hour shift per day." Taken together, the message is clear: supply-chain snarls may soon erupt across Asia ( first outlined here ). Reducing production lines and idling plants increases the risk of shortages across a broad range of Asian-produced consumer goods, from T-shirts to furn...

Steven Lyons was taken into custody in Indonesia last month after he was stopped at an airport.

​Western Digital Corporation (NASDAQ:WDC) is one of the Unstoppable Technology Stocks to Buy Now. According to a March 26 report by CNBC, memory stocks saw a sell-off after Google unveiled its TurboQuant on Tuesday, March 24. ​Western Digital Corporation (NASDAQ:WDC) has fallen around 17% since Tuesday. The report noted that TurboQuant is a new compression […]

Jasveen Sangha faces decades in jail when she's sentenced on Wednesday over the Friends actor's death.

格隆汇4月8日｜阿联酋方面表示，其防空系统目前正在应对导弹威胁。

fcafotodigital/iStock via Getty Images Overview When I previously covered the Invesco KBW Premium Yield Equity REIT ETF ( KBWY ), I issued a sell rating due to the vulnerability to interest rates and limited upside growth. However, the market has shifted since then, and capital rotated out of high-growth industries like technology and into more value-oriented sectors like real estate. This shift provided a short-lived boost to the real estate sector, but I believe that KBWY's structural flaws still remain. Therefore, I believe that the fund is still unattractive for long-term investors that want a sustainable stream of income and attractive total returns from the real estate sector. Looking at the performance over the last twelve months, we can see that KBWY's share price has declined by about 0.7%. Although the fund has failed to provide any upside growth over the last year, this is just a weakness of the overall REIT market. When including all distributions that were paid out to shareholders, the total return jumps up to nearly 9.3% over the same time frame. KBWY now offers investors a starting dividend yield of 9.8%, but I am still concerned about the overall sustainability of the payouts going forward. Data by YCharts The high rate of distributions is negatively impacting the underlying NAV of the fund. The most up-to-date reporting indicates that earnings are not supporting the distributions, meaning that KBWY is actively paying out more than it earns. Furthermore, the fund's structure means that it is likely to include REITs that have a high yield due to a pullback in share price. So let's start by taking a look at the underlying strategy that KBWY implements to generate its earnings. Fund Strategy According to the latest fund overview , KBWY has total assets under management of $253M that are spread across 31 different positions. KBWY is unique because it aims to invest at least 90% of its assets into small- or mid-cap REITs that have competitive dividend yie...

龙旗科技公告，截至2026年4月7日，公司完成回购股份，通过集中竞价交易方式已实际回购公司股份749.99万股，占公司总股本的比例为1.44%，回购成交的最高价格为人民币42.49元/股，最低价格为人民币37.55元/股，回购均价为人民币39.98元/股，已支付的资金总额为3亿元（不含交易费用）。

Source: Bloomberg, 20:38

格隆汇4月8日｜高盛将KKR & Co的目标价从145美元下调至110美元，维持“买入”评级。(格隆汇)

百濟神州(06160)授出合共1.77萬股美國存托股份受限制股份單位 Moomoo

这两天，我国华南多地高温持续，海南澄迈、屯昌、白沙等地气温突破了40℃。"气象专家指出，未来一周，高温的范围还将继续扩大至华南大部地区。（央视新闻）

格隆汇4月8日｜三安光电公告，公司于2026年4月7日收到重庆市渝中区监察委员会签发的关于本公司副董事长兼总经理林科闯先生被留置、立案调查的通知书。截至目前，公司未收到任何针对公司调查或配合调查的文件。目前，公司对相关工作进行了妥善安排，公司其他董事和高级管理人员均正常履职，董事会运作正常，生产经营、管理情况正常。

China issues new supply chain security rules Chinese Premier Li Qiang signed a State Council decree to publish new regulations on the security of industrial and supply chains, which took effect immediately, according to a Tuesday government statement. The 18-article document outlines working principles, systemic measures, countermeasures, and extraterritorial applications aimed at mitigating security risks, enhancing supply chain resilience, and safeguarding national security and economic stability.

Getty Images Update since 2Q25 Li Auto ( LI ) has performed poorly since my last thesis in mid-2025 . At the time, auto sales in China have been facing headwinds amidst a broader curb of price competition. There were firms that suffered from this, most notably BYD, given its leadership on both the cost and tech fronts. CN Auto stocks have broadly been sluggish since 2H25. Peers Seeking Alpha At the time of my writing, Li Auto was already faced with some slowdown ( see 2Q25 transcript ). But I've been more optimistic than the market has on the basis of its niche and higher-end marketing strategy, providing decent protections against sales headwinds as threats were made to lower subsidies in order to disincentivize further "rat race" among peers. That has been proven wrong, namely that competition between peers is much more fierce and dynamic. The logic of higher-end SUV segmentation is also more nuanced, with most of its revenues actually generated from the mid-tiered L6 models. Focusing on this segment was a great idea. SUVs are naturally great sellers, targeted at larger families with greater willingness to pay. In light of that, many manufacturers have been playing catch-up—players like BYD ( BYDDF ), Geely ( GELYF ), XPeng ( XPEV ), NIO ( NIO ), etc. Battery techs have also been improving, with BEVs imposing more pressure on EREVs. FY25 results Unit sales had dropped by 19% to 400k units for FY25, while revenue had dropped to CNY110 million, down by 23%. Margins were squeezed significantly, with the company operating at a loss in 2H25 amid some phase-outs of subsidies and elevated competition by peers. L6 models were gradually losing their sales momentum . Higher-end models, including L8 and L9, have been experiencing more volatile declines. During the same year, Li Auto's close competitor Aito has been much more resilient, with consumers buying into the AI ecosystem offered by Huawei, ranging from its level of intelligent driving to connectivity with mobile devi...

Pakorn Supajitsoontorn/iStock via Getty Images Greece will ban social media for children under the age of 15 from next year, Prime Minister Kyriakos Mitsotakis announced on Wednesday, making it the latest country to follow Australia's landmark move. In a video message posted on TikTok, Mitsotakis said the ban was necessary to protect children's mental health. "The addictive design of some apps, the profit model that's based on how long you spend in front of your mobile phone screen and takes away some of your innocence and freedom, must end at some point," he said. "Science is clear: when a child is in front of screens for hours, their brain does not rest." The Parliament needs to clear the ban, after which it is expected to become effective on Jan. 1, 2027. "Our goal ​is to ⁠push the European Union in this direction as well," Mitsotakis added. The Greek government has already banned the use of mobile phones in schools. It also set up the "Kids Wallet" app to enable parents to manage and supervise their children's online presence. Australia was the first country to enact a social media ban for children, followed by Indonesia. Countries including the UK, Spain, France, Denmark and Austria are weighing similar bans/restrictions. According to the EU-funded Greek Safer Internet ‌Center, 75% of children using social media in Greece are of primary‑school age. More on social media restrictions Australia mulls legal action against Meta, others over teen ban breaches Meta found guilty by N.M. jury in child safety trial; receives $375M penalty Indonesia to ban social media for children under 16 Czech prime minister backs social media ban for kids under 15 France’s National Assembly OKs social media ban for under-15s

The manufacturing facility will be used for producing processors for AVs, robotics and space-based computing.

Intel to join Elon Musk’s Terafab AI chip initiative Yahoo Finance

笑果文化联合创始人张瑛婕将脱口秀行业安身立命的根本归结为“创作者的基因”。在她看来，守住对创作的敬畏与陪伴，或许就是脱口秀稳健走向下一个十年的底气与能量。 年轻的脱口秀，以线上综艺的形式热播出圈，同时成为线下演出爆发式增长的热门行业。 来自演出行业协会的数据显示，2024年，上海地区脱口秀演出场次突破1.5万场，北京脱口秀演出数量占据所有商演市场的半壁江山。从全国来看，2024年脱口秀演出场次和票房在剧场类演出中上升幅度最大，分别增长53%和48%。2025年上半年，单口喜剧演出场次票房同比增长134.9%，成为仅次于话剧的第二大剧场类演出。 十年前，脱口秀还只是北上广深文艺青年的地下狂欢。今天，“周末去看脱口秀”已成为城市年轻人重要的线下娱乐消费方式和情绪窗口，越来越多的脱口秀剧场也成为城市文化新地标。 笑果联合创始人、CEO张瑛婕是脱口秀行业发展的重要推手。她以内容制作人、产业操盘手和行业引领者的多重身份，参与并塑造了中国脱口秀行业的生态。日前，她与脱口秀演员程璐、赵晓卉、小奇携手出席了小红书REDGALA年度娱乐盛典，第一财经对她进行了专访。 从早年以编导身份参与《‌今晚80后脱口秀‌》和《‌今夜百乐门‌》等先锋喜剧节目，到2014年与叶烽、贺晓曦、李诞共同创立‌笑果文化‌，张瑛婕亲历了脱口秀行业十多年来的跌宕起伏。在她看来，这十年，脱口秀完成的不仅是一场破圈运动，更是一场关于表达、商业与责任的重构。 小众到大众 张瑛婕是《‌脱口秀大会‌》《‌吐槽大会‌》《脱口秀和Ta的朋友们》等核心IP的监制，也是脱口秀出海的推手。2024年，她将梁海源专场《‌坐在角落的人2‌》推向新加坡、澳大利亚、新西兰、日本、加拿大等国，实现中文脱口秀首次规模化海外落地。 接受第一财经专访时，她身上也呈现着行业老兵特有的沉稳与清醒。 今天的脱口秀，成了各行各业跨界创作者的表达舞台。几乎没有一种艺术形式像脱口秀这样，所有表演者都是半路出家的素人。以《脱口秀和Ta的朋友们2》为代表，这一季登上舞台的59组选手，有着各种各样的职业背景。他们代表着不同行业不同年龄层，讲述各自生活与职业的悲喜，呈现出社会生活的千姿百态。 “每一位演员本身就是时代的参与者，他们感受到的生活困扰或瓶颈，是我们大多数人都能感同身受的。”张瑛婕坦言，脱口秀的爆款话题，比如房主任、Echo、小鹿、‌步惊云‌等女性演员，她...