机构认为，长假效应显现，资金避险行为导致市场交投相对清淡，活跃度有所降低。“横盘略强”仍是主基调，维持春节前指数震荡筑底的判断。 【财经日历】 国新办就《现代化首都都市圈空间协同规划（2023—2035年）》有关情况举行新闻发布会 商务部举行新闻发布会，介绍近期商务领域重点工作有关情况 戛纳世界人工智能峰会 新股上市：海圣医疗（北交所） 财报：联想集团、华虹半导体 ►►据新华社，2月11日，国务院以深化拓展“人工智能+”、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决策部署，全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力，推动高质量发展。 ►►据新华社，国务院国资委日前召开中央企业“AI+”专项行动深化部署会。国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资，推进“算力+电力”协同发展，提升全链条数据治理能力，不断夯实人工智能产业基础底座。此次会议上，国务院国资委提出央企要强化自主创新，着力突破关键核心技术，持续攻关“大模型”技术，推动更多自主创新成果从样品变成产品、形成产业；要强化场景培育，加强人工智能与主责主业、产业需求的精准对接，在高适配、高价值、高可靠上下更大功夫，推动人工智能规模化落地应用。 ►►中国人民银行发布2025年金融市场运行情况。2025年末，上证指数收于3968.8点，较2024年末上涨18.4%；深证成指收于13525.0点，较2024年末上涨29.9%。2025年，两市日均成交额17045.4亿元，较2024年增加61.9%。 ►►国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》，系统谋划了全国统一电力市场未来5—10年的目标任务。《实施意见》提出到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户全部直接参与电力市场，市场化交易电量占全社会用电量的70%左右。跨省跨区和省内实现联合交易，现货市场全面转入正式运行，市场基础规则和技术标准全面统一，市场化电价机制基本健全，公平统一的市场监管体系基本形成。到2035年，全面建成全国统一电力市场体系，市场功能进一步成熟完善，市场化交易电量占比稳中有升。跨省跨区和省内交易有机融合，电力资源的电能量、调节、环境、容量等多维价值...

2026年春节9天超长假期为民宿市场注入强心剂，三大平台各显神通。本文深度拆解春节民宿市场的三足鼎立格局，揭示差异化竞争如何共同做大行业蛋糕。 2026年春节假期从2月15日至2月23日，共计9天，因此今年也被称为“史上最长春节档”。 宽裕的假期时长为民宿市场提供了订单突破的天时地利，木鸟民宿在报告中提到，今年春节有望成为最热春节，目前春节假期民宿订单较去年同期上涨79.6%。途家民宿也同样提到连住三天订单增长35%。 今年春节的民宿市场值得期待。 备“货”齐全：连住优惠，多人模式，网红优惠 目前来看，木鸟民宿肯定是26年春节档最稳的那个。 考虑到木鸟民宿在先期发布的春节预测报告中给出了接近80%的订单增长预期，即使在节后有所变化，保持高增长率问题应该不大。 从产品设计来看，笔者发现APP在房源细分类型上给出了“网红民宿”“今日优选”“闪订”的专属设计，也侧面说明了产品重心。网红民宿的特色体验以及凸显品价比的平台优选，能够精准覆盖平台优势的95后群体与家庭游用户的品质需求，对春节档整体订单增长形成稳定支撑，符合春节档“全市场覆盖”的核心诉求。在春节专题活动上，木鸟民宿仍然给出了平台优惠+常规优惠的二重礼，平台优惠为110元满减券包，用户登录即可领取，全平台可用。 但当春节档的核心需求调整为家庭游用户，以往95后用户为主的一居室订单结构是否会影响订单持续增长？目前来看这种人群变化虽然并未在产品设计上有所体现，但木鸟民宿在春节预测报告中给出了65%的两居室占比，推测木鸟的全龄层用户认可度也较高。 途家民宿的卖点则由两部分组成：连住优惠、多人整租。作为途家推出的春节专题活动，从优惠和产品侧途家都给出了核心内容。在优惠上，途家一贯“会包装”，这次春节活动途家推出的所谓连住优惠，仍然为此前各平台都有的连住常态化优惠内容，途家把它做成了节日专属。 笔者对比后发现，点开途家民宿的连住优惠包，随机选择的北京民宿连住两晚折后价位1322，连住优惠239元，计算为95折。同样两床的loft房型，木鸟民宿日常两晚连住优惠340，折后价为1360元，计算为8折。而美团同样选择朝阳区的民宿房源，多为医院、传媒学校周边日租一居室房，两晚价格多在200元以下，环境一般。适合有床就行的低需求用户。 多人整租则是途家近年来的核心打法，主要瞄准商旅用户的全家出游度假需求，比较符合途家一贯的人群定位，或...

GEO時代的暴利、暗礁與合規生死線：從「百度一下」到「問問AI」 富途牛牛

大疆掌控的那片安静的天空，突然热闹了起来。 曾经被仰望的巨人，身边开始出现一些身影，它们不再只是仰望，而是走近了，甚至开始伸手触碰大疆的边界。 不知道你发现没，以前聊无人机或者手持相机，聊来聊去最后只能聊到一个名字：大疆。在那个圈子里，大疆就像个不食人间烟火的孤独求败者，它出新品，友商就集体保持沉默，或者默默改个发布日期，避其锋芒。 但现在，风向变了。 就在最近，手机圈的 vivo 坐不住了，媒体报道显示vivo已经立项了 Vlog 相机项目，摆明了要和手持云台相机 Pocket 系列正面硬刚。 在此之前，影石的创始人刘靖康，更是直接在朋友圈发长文，言辞犀利，甚至有点直接拆台的味道。这在以前的科技圈挺少见。 说实话，这种感觉挺微妙。 大疆还是那个大疆，技术代差依然摆在那里。可为什么以前那些相敬如宾的对手，现在都敢亮剑了？ 换句话说，大疆的敌人，为什么忽然变多了？ 1、那些不按套路出牌的对手 以前大家怕大疆，是因为大疆把硬核的产品做到了极致。 你想想看，避障算法、自研图传、无刷电机，这些东西大疆研究了十几年，护城河深得像马里亚纳海沟。这种逻辑下，如果你想做无人机，你得先比大疆飞得稳、飞得远。 结果呢？大家都死在了半路上。 但现在的对手聪明了。他们不跟你比飞行性能，他们跟你比好不好玩。 影石就是一个典型的例子。刘靖康出来怼大疆，背后折射出的其实是两种产品哲学的对抗。大疆做产品像个老派的精英，追求物理世界的绝对掌控。 而影石呢？它更像个互联网原住民。 影石发现，大众用户其实不在乎你的图传能飞 15 公里还是 20 公里。大家真正在乎的是：能不能一键拍出那种火爆全网的短视频。 结果挺意外。影石通过全景影像技术，实现了先拍摄后取景。这对大疆那种追求精确对焦、精确构图的传统摄影逻辑，简直是侧翼突围。 你想想看，当一个新手拿大疆还得练习如何运镜时，影石的用户只要把机器举在天上，剩下的交给算法就行。 这时候，大疆那套引以为傲的硬核技术，反而成了阻碍普通人入场的门槛。发现没？大疆在卷性能极限，对手在卷使用门槛。 2、从飞行的相机，到好拍的相机 先来看一组数据。 根据调研机构 Drone Industry Insights 的报告，全球民用无人机市场规模正在稳步扩张。但这里有个细节：增长最快的不是那些万元以上的专业机型，而是三千元左右、主打轻量化和社交分享的入门级产品。 大疆的优势是让...

“宇宙第一消费股” 可口可乐（KO）于北京时间 2025 年 2 月 10 日晚间美股盘前发布了 2025 年第四季度财报（截止 2025 年 12 月）。 1、价格增长不及预期。 4Q25 可口可乐实现表观营收 118.2 亿美元，同比增长 2.4%，不及预期。其中公司内生营收（Organic revenue）增长 5%，量价拆分看，浓缩液销量同比增长 4%，但如果和单位箱销量（体现终端消费需求）1% 的增速结合一起去看，海豚君推测主要是瓶装商提前备货所致。 价格端作为公司此前内生增长的核心引擎，Q4 仅增长了 1%，核心在于去年同期依靠通胀被动提价的红利消退 ， 逐步回归温和增长 。 2、亚太和 EMEA 地区为主要拖累。 从地区上看， 由于经济压力带来的消费降级以及货币逆风影响，亚太和 EMEA 地区明显降速，而大本营北美地区受益于公司及时的健康化转型，抵消了传统高糖饮料的需求疲软，表现相对不错 。 3、无糖可乐持续高增。 从品类上看， 随着全球零糖趋势的加速叠加公司在四季度节日特饮的推出，无糖可乐仍然在所有区域保持高速增长 ，同比增长 13% ， 其他含糖碳酸饮料和果汁持续下滑。 此外，伴随可口可乐 “全饮料” 战略的推进， 和健康相关的品类包括即饮茶（Fuze Tea）、运动饮料、增值乳制品的增速均高于大盘平均水平。 4、盈利能力小幅提升 ： 虽然高端化、健康化的高溢价产品组合仍在持续提升，但伴随原材料&包材成本的抬升叠加促销力度的加大 ， Q4 毛利率整体持平。 费用端，随着 AI 与各项业务结合更加紧密，公司内部经营效率及费用投放效率均有所改善 ，最终剔除 BodyArmor 商标带来的 9.6 亿美元非现金减值影响，可比经营利润率小幅提升 0.4pct 达到 24.4%。 5、业绩指引 ：公司预计 2026 年全年实现内生增长 4%-5%，略低于市场预期。 6、财务指标一览 海豚君整体观点： 单就可口可乐 Q4 的业绩本身而言， 不及预期的核心原因在于汇率逆风和 BodyArmor 商标带来的一次性减值影响 ，但二者实际上对公司的内生增长影响并不大。 拉长周期来看，可口可乐希望达到的是量价的均衡增长（各自贡献 2%） ， 而去年同期，受到通胀的冲击，可口可乐进行了一轮快速的单方面价格上涨实际上并不健康，因此在高基数下，伴随通胀的放缓，Q4 价格端增长...

格隆汇2月12日｜据中新经纬，2月11日，国产射频龙头卓胜微发布公告，公司于近日收到实际控制人之一许志翰先生的通知，其与ZHANG YU（张昱）女士经友好协商，已解除婚姻关系，并就离婚财产分割事宜做出相关安排。根据两人签订的《分割协议》，许志翰将其直接持有的公司无限售条件流通股份1715万股（占公司总股本的3.21%），分割至张昱名下。许志翰现为卓胜微董事长、总经理，2024年从公司获得的税前报酬总额312.08万元。截至11日收盘，卓胜微最新市值402亿元，按此计算许志翰将价值12.9亿元的股票分给了前妻。

美股市场一夜之间画风突变。在经历高开后，三大指数全线遭遇空头反扑，纳斯达克指数盘中一度大跌近1%，以小盘股为主的罗素2000指数更是跌超1%。截至收盘，主要指数集体收跌，其中软件板块成为重灾区，iShares扩展科技软件行业ETF（IGV）收跌2.55%，ServiceNow大跌超5%，Salesforce跌超4%。 市场分析认为，投资者对 人工智能 （AI）冲击实体经济的担忧正在加剧，尤其是软件行业面临被AI驱动的工作流程“蚕食”的风险，这直接打击了该板块的估值倍数。与此同时，加密货币市场也遭遇猛烈抛售，比特币一度跌破6.6万美元大关，跌幅超4%，截至发稿跌幅收窄至1.74%；以太坊、SOL均大跌超3%。CoinGlass数据显示，最近24小时全球共有144,691人被爆仓，爆仓总金额高达4.58亿美元。 消息面上，美国非农就业数据远超预期，直接导致交易员大幅减少对美联储今年降息的押注。美东时间2月11日，美联储内部“鹰派”声音再起：堪萨斯城联储行长杰夫·施密德表示，由于对通胀持续过高的担忧，美联储应将利率维持在“略带限制性”的水平，进一步降息可能导致高通胀顽固存在。不过，美联储理事米兰则持相反观点，认为仍有多种理由需要降低利率。 在货币政策前景不明之际，美元资产遭遇了来自顶级资管机构的“背刺”。 管理资产规模高达2.8万亿欧元（约合人民币23万亿元）的欧洲最大资产管理公司——东方汇理（Amundi）明确表示，将继续减少美元资产风险敞口，转向欧洲和新兴市场。据新华社及英国《 金融时报 》报道，东方汇理首席执行官瓦莱丽·鲍德松警告，如果美国经济政策不改变，“我们将继续看到美元走弱”。 “在过去12个月至15个月，我们一直大力推动投资多元化。”鲍德松表示，“今后一年，我们仍将建议客户减持美元资产，实现投资组合多样化。”这一转向并非孤例，瑞典最大私人 养老 基金阿莱克塔养老基金此前也因“美国政府的不可预测性及债务增长”出售了大部分美债。 顶级机构的转向正在引发连锁反应。Morningstar Direct数据显示，今年1月，投资者向国际股票ETF净流入516亿美元（约合人民币3567亿元），月度流入规模自2024年底以来大幅跃升。分析指出，这标志着投资者正押注美国市场的领先优势将收窄，转而追逐估值更具吸引力的海外资产。 东方汇理在研报中给出了看空美元资产的三大结构性理由...

"The most important thing to me has always been my family, but now I am able to give so much more of myself to it. Before I was living almost on the surface of it," he says.

Wolterk/iStock Editorial via Getty Images Introduction Mattel, Inc. ( MAT ) just reported its Q4 and full-year results , which disappointed investors to put it lightly. The shares plunged 25% on weak guidance as the company navigates a harsh tariff environment and transitions towards being a more digitized company. I think the company is getting a lot more interesting now, but I remain cautious as I would like to see how the management executes on the transition plans. By the Numbers Mattel recorded $1.766B in sales, up 8% y/y, but missed estimates by around $68m. Sales in the North American region increased by 5%, while sales internationally increased by 11%. Gross billings for the quarter came in at around $2B, an increase of 8%, but if we look at the full-year performance, gross billings came in essentially flat at $6.079B vs $6.033B last year. Barbie brand tailwinds have more or less evaporated by now, and looking at the full-year performance of the brand, we can see sales were down around 11% to $1.2B vs $1.35 last year. Hot Wheels helped offset the Barbie sluggishness by growing at around 11% for the year. Moving on to the company’s profitability for the year, gross margins took a massive hit, coming in at 45.9%, a decrease of a whopping 480 bps for the fourth quarter, and for the full year, gross margins were 48.7%, down 210 bps. The management said that even as international operations performed quite well, the December sales in the U.S. came in as quite a surprise to all. Shoppers were a lot more cautious this holiday season, and that spooked investors quite a bit. Let’s take a look at the balance sheet at the end of the year. MAT finished the year with around $1.24B in cash and equivalents, against $2.3B in long-term debt. Even with somewhat lackluster operational performance, the debt outstanding isn’t a big issue in my opinion. The company’s interest coverage ratio is around 6x for the year, which is well above the 2x that analysts say is healthy. Cash f...

Earnings Call Insights: Penske Automotive Group (PAG) Q4 2025 Management View Roger Penske, Chairman & CEO, opened by emphasizing strong profitability despite market challenges, highlighting the acquisition of Penske Motor Group and recent Toyota and Lexus dealership additions: "The recent strategic acquisitions of Toyota and Lexus dealerships combined with our existing diversification provide a solid foundation for future growth and improved profitability." Penske reported PAG delivered 485,000 new and used vehicles and nearly 19,000 commercial trucks in 2025, generating $31 billion in revenue, $1.3 billion in earnings before taxes, $935 million in net income, and earnings per share of $14.13. The company acquired two Toyota, two Lexus, and one Ferrari dealership during 2025, with two more Lexus dealerships planned for Q1 2026 in Orlando, representing $2 billion in estimated annualized revenue. Strategic divestitures totaling $700 million in revenue generated $200 million in proceeds, with an additional $140 million in divestitures planned for 2026. The 21st consecutive quarterly dividend increase was announced, raising the dividend to $1.40 per share and a forward yield of 3.4%. Share repurchases totaled 1.2 million shares for $182 million. Fourth quarter performance was impacted by weaker premium sales in the U.S. and U.K., BEV pull-forward, stop sale effects, and the Land Rover cyber incident resulting in 800 fewer unit sales. Automotive same-store units delivered declined 8% and used units declined 4%. Gross profit per retail unit in Q4 was $4,689, up $47 sequentially. Michelle Hulgrave, EVP & CFO, stated: "We remain committed to our diversification strategy, a strong balance sheet and a flexible and disciplined approach to capital allocation while implementing efficiencies to lower costs." Outlook Management anticipates a recovery in the commercial truck market and a stronger macro environment in the U.S. for 2026. Penske stated: "The Big Beautiful Bill, tax r...

日本30年期国债收益率下跌5.5个基点至3.44%，首相高市早苗获得历史性选举胜利后，相关财政担忧有所缓解。 责任编辑：王永生

matejmo/iStock via Getty Images Quarterly review The fund underperformed its benchmark, the MSCI Emerging Markets Index (Net), over the three-month period that ended December 31, 2025. The fund outperformed its benchmark over the 12-month period. The largest contributors to quarterly performance included Korea, Saudi Arabia, information technology ( IT ), and health care, while the largest detractors included Singapore, China, communication services, and industrials. Market review The MSCI Emerging Markets Index ( NET ) increased 4.73% in the quarter, capping the best year for the asset class since 2017. Demand for artificial intelligence infrastructure, interest rate cuts, resilient earnings, and emerging markets' improving relative risk profile were market drivers. In October, AI capital expenditure lifted Korea and Taiwan, politics and macroeconomics were headwinds in Brazil, and China paused ahead of a late-month meeting with the U.S. and sluggish growth. In November, investors reassessed the outlook for AI capital expenditure, weak oil prices pressured Gulf countries, and Brazil's lower inflation increased expectations for rate cuts. In December, the soft U.S. dollar was a tailwind, AI optimism returned, growth and inflation prospects boosted Latin America, and soft oil prices were a headwind to the Middle East. Emerging market currencies fell 0.90% versus the U.S. dollar during the quarter, as U.S. growth and inflation forced investors to temper rate cut expectations. Eleven of 24 emerging market currencies rose, and the currencies of Colombia and Egypt increased the most. Index performance was broadly strong as 6 of 11 sectors and 19 of 24 countries rose. The largest outperformers versus the benchmark included IT, materials, Korea, Chile, and Hungary, while laggards included consumer discretionary, health care, Saudi Arabia, China, and Turkey. Fund performance and attribution Top Contributors and Detractors to Quarter-end Fund Performance Contributors SK hyni...

The government's preferred approach is for the tax to be calculated as a proportion of the cost of the accommodation being provided, as opposed to a flat rate, and it says local mayors "should consider the right level for their area."

今日热点导览 小米集团涨超5%，雷军透露新一代SU7预计4月份上市 市场监管总局通报对51家3C认证机构检查情况 永辉超市CEO发全员信致歉：偏离了创业初心，欲望超越了能力 雅诗兰黛起诉沃尔玛销售假冒美容产品 SpaceX劳资纠纷管辖机构变更 OpenAI奥特曼：在ChatGPT中更新了GPT-5.2 TOP3大新闻 胖东来创始人于东来宣布年后退休，社交账号改名“傻坏蛋” 胖东来创始人于东来2月11日在社交平台发文宣布，过年后正式退休，将转为顾问，胖东来工作由胖东来决策委员会主持。 公开资料显示，于东来1966年出生于河南许昌，今年59岁，现任河南胖东来商贸集团董事长。这并非于东来首次宣布退休，2023年6月他就曾官宣退休，当时已放手80%的企业经营事务，将精力放在生活理念的建设与传播上，2025年他还卸任了公司总经理职务，逐步推进权力交接。 此外，2024年于东来自曝做过胃癌手术，坦言自己肺、肝脏、结肠曾被判“死刑”，肾脏状况也极差，身上几乎没有健康的器官，未来两年仍需继续手术。 记者注意到，于东来官宣退休后不久，个人账号昵称改为“傻坏蛋于东来”。据了解，于东来曾多次在公开场合自称“傻坏蛋”，因为自己年轻时候太调皮捣蛋。（齐鲁壹点、极目新闻） 北京市消费者协会依法约谈华住会 2月11日，针对华住会会员服务协议中涉嫌存在不公平格式条款的问题，依据《中华人民共和国消费者权益保护法实施条例》第四十条“消费者协会可以就消费者投诉的损害消费者合法权益的行为开展调查，与有关经营者核实情况，约请有关经营者到场陈述事实意见、提供证据资料等”规定，按照中国消费者协会《消协组织消费维权约谈经营者办法（试行）》，北京市消费者协会对其运营方——汉庭星空（上海）酒店管理有限公司进行约谈，明确指出该公司相关条款中涉嫌存在排除、限制消费者主要权利的情况，损害消费者的合法权益，并要求其进行全面自查和限期整改。（央视新闻） 缅甸出现一处新的诈骗园区，内部照片曝光 马来西亚某公益组织负责人胡杰良曾表示，他们发现缅甸出现一处新的诈骗园区“青松园区”（也有称泰和园区），并指当地疑有一名马来西亚通缉犯，涉嫌诱骗至少150名马来西亚人前往当地从事诈骗活动。 据悉，此园区就在距离KK园区5公里的后山。胡杰良11日对记者表示，电诈产业正在经历一场危险的“变异升级”，“正在从过去的集中式园区，转变成分散化、碎片化...

日经225指数开盘上涨0.4%，报57864.74点，受能源股带动。 韩国综合股价指数（KOSPI）开盘上涨1.3%，报5425.39点。 责任编辑：王永生

查看最新行情 当企业需要融资时，通常有两种选择：发行股票或发行债券。面对持续烧钱的AI投资谷歌选择了后者。谷歌母公司Alphabet近日启动年内第二次大规模债券发行计划，拟在全球多币种市场布局融资，其中最引人关注的便是计划在英国市场发行的100年期英镑债券，规模为10亿英镑。这一罕见的“世纪债券”迅速获得市场响应，认购规模已接近发行额的10倍。这是近30年来科技行业首次涉足百年期债券市场，上一次“百年债券”还需追溯至1997年的摩托罗拉。 认购火爆 据悉，谷歌发行的英镑债券品种包括期限为3年至32年以及100年期。瑞郎债券的期限包括3年、6年、10年、15年和25年。同时，Alphabet同步推进的美元债券发行也迎来市场疯抢，原本计划筹资150亿美元，最终因认购规模突破1000亿美元，将发行额度上调至200亿美元。 据彭博数据，Alphabet在去年11月刚刚进入欧元债券市场，筹集了65亿欧元（77亿美元）。加上年初的发行，该公司成为2025年欧元市场最大的借款人。 不同市场、不同期限的广泛布局意味着能够吸引各类投资者。有资产管理公司和对冲基金，也有偏好长期债券的养老金和保险公司。同时，此次发行涵盖多个期限，最短的3年期债券定价较英国国债高出45个基点，而100年期债券的利差仅为1.2个百分点。 分析师Alex Lawrence称，英国退休基金和保险公司对Alphabet的100年期英镑债券需求强劲，其认购规模达到95亿英镑。他表示，即使增加了债务发行，Alphabet的信用指标依然出色。该公司拥有高质量的持久资产，并且在整个技术栈的AI领域都执行得非常好。 不过，此次谷歌发行的百年期债券，在非政府类发行人中极为罕见。从财务角度看，超长期债券虽能锁定当前低利率，但也意味着公司需承担长达一个世纪的付息义务。尤其是身处快速发展的科技行业，让超长期债券具有高度不确定性。 目前，百年期债券市场主要由政府和大学等机构主导。而对企业而言，潜在收购、商业模式过时及技术淘汰风险使此类交易极为罕见。然而，鉴于目前全球科技企业为保持人工智能能力建设领先地位所需巨额融资，就连这类极罕见的交易也正卷土重来。 KBRA欧洲宏观策略师Gordon Kerr表示：“他们（谷歌）希望挖掘从结构化金融投资者到超长期投资者的每一种潜在投资者。”他指出，百年期债券的主要买家将是保险公司和养老基金，而且“...

On Wednesday, a fossil-fuel lobbying group called the Washington Coal Club awarded President Trump a trophy that named him the "Undisputed Champion of Clean, Beautiful Coal." Trump took advantage of the opportunity to take his latest shot at reviving the fortunes of the US's most polluting source of electricity: an executive order that would make the military buy it. Coal is the second most expensive source of power for the US grid, eclipsed by gas, wind, solar, hydro—everything other than nuclear power. It also produces the most pollution, including particulates that damage human lungs, chemicals that contribute to acid rain, and coal ash that contains many toxic metals. It also emits the most carbon dioxide per unit of energy produced. Prior to Trump's return to office, the US grid had been rapidly moving away from its use, including during his first term. Despite the long-standing Republican claims to support free markets, the second Trump administration has determined that the only way to keep coal viable is direct government intervention. Its initial attempts involved declaring an energy emergency and then using that to justify forcing coal plants slated for closure to continue operations . The emergency declaration relied on what appears to be a tenuous interpretation of the Federal Power Act, and the administration was already facing a lawsuit challenging these actions. Read full article Comments

Source: Bloomberg, 35:01

福特汽车出现2008年以来最大年度亏损。 当地时间2月10日，美国传统汽车巨头福特汽车发布了2025财年全年财报。财报披露，公司2025年全年营业收入达到约1873亿美元，连续五年实现年度营收增长，较上一年略有增加。 尽管营收创新高，但公司在2025财年整体净亏损达到约81.8亿美元，远低于2024年净利润58.8亿美元；2025年经调整息税前利润（AdjustedEBIT）为68亿美元，较2024年的102亿美元亦有明显下滑，反映出公司利润率压力持续存在。 福特方面表示，这一巨额亏损主要源于一系列非常规费用、资产减值以及电动汽车业务的重大亏损。 福特管理层强调，多项重大战略及一次性事件拉高成本共同导致了2025年的亏损。 电动汽车业务方面，福特的电动汽车部门Ford Model e全年实现营收约67亿美元，但业务继续亏损，亏损总额达到约48亿美元。尽管亏损比前一年度有所收窄，但仍对整体业绩造成了沉重负担。而福特方面已经明确表示，公司电动汽车业务还将至少亏损3年。 更严重的是，公司在电动化相关资产上计提了约107亿美元的资产减记和项目取消费用，其中大部分与取消某些电动汽车项目、停止产能扩张及战略调整有关。 面临同样问题的不仅福特一家。多家外媒指出，当下，多家汽车巨头正在对电动化战略重新评估，在市场需求未如预期、成本高企和补贴减少的大环境下，压缩部分电动车项目规模。 据华尔街日报统计，为缩减电动汽车业务，福特、通用汽车和Stellantis目前已宣布了合计超过500亿美元的支出。 与此同时，福特在2025年还面临来自美国贸易政策的额外成本。 福特方面介绍，由于关税豁免项目的适用时间调整，公司增加了约20亿美元的关税支出，显著拉低利润率。 此外，原材料供应端也出现波动。例如铝供应商发生事故造成生产中断，福特因而承担了数亿美元的供应链损失，这进一步压缩了本已不宽裕的盈利空间。 在电动车战略上，福特已经宣布对旗下部分车型进行战略性调整，包括停止部分电动车生产并将资源转向混合动力或增程式车型，以期改善盈利性。 福特管理层指出，这一转变是对市场需求现实与产品路线回调的回应，未来将把资本和技术投向利润更稳健且市场更具弹性的动力系统。 展望未来，福特方面有较为乐观的预期，预计2026年调整后息税前利润将提升至约80亿至100亿美元，经调整自由现金流预计为50亿至60亿美元。 但市场...

格隆汇2月12日｜日经225指数开盘上涨215.78点，涨幅0.37%，报57866.32点。

美国劳工统计局周三发布了延迟发布的1月份就业报告，显示美国经济在 2026 年的第一个月新增了 13 万个就业岗位，超出经济学家的预期 但穆迪首席经济学家马克·赞迪表示，不要因这些乐观的数据而产生错觉，要保持警惕。 这一数字远远高于经济学家所预期的 75000 个就业岗位，但赞迪并不认为这种增长趋势会持续下去。 赞迪此前就曾多次警告称，美国经济基础脆弱，有可能陷入衰退。周三他在X上发贴称，最新的就业数据丝毫未能缓解他的担忧。 他说：“就业市场依然脆弱且极易受到冲击。没错，1月份的就业人数增加了 13 万，但考虑到对历史数据的大幅下修，自去年 4 月（解放日）以来就没有出现过就业增长了。” 赞迪还指出，1月份的就业增长几乎全部来自医疗保健行业，而他认为这一情况对整个美国经济而言并非好兆头。 他表示：“如果没有医疗保健，经济将会大量减少就业岗位，失业率也会进一步上升。医疗行业能创造就业机会这一点是有充分理由的，但这也表明，如果医疗行业出现问题，或者招聘速度放缓，那么就业市场和经济将会变得多么脆弱。” 这并非他唯一担忧的问题。赞迪还警告称，脆弱的劳动力市场可能会因人工智能的影响而进一步受损，他认为这种情况正在迅速加剧。虽然人工智能的影响尚未体现在宏观数据中，但赞迪认为这种情况很可能会在不久的将来发生改变。 这位经济学家补充说，他认为企业裁员数量的增加将是劳动力市场开始出现裂痕的最明显迹象。像 亚马逊 、Meta 和 Pinterest 这样的公司近期都宣布了大规模裁员计划，而整个经济领域的裁员人数上个月达到了自 2009 年以来的最高水平。 赞迪称：“衡量裁员情况的最佳实时指标是每周首次申请失业保险的人数。目前这一数字接近 22.5 万，处于较低水平。如果每周申请人数持续超过 25 万，那么就业市场就会出现问题。” 责任编辑：于健 SF069

格隆汇2月12日｜现货白银回落至82美元/盎司下方，日内跌2.75%。

Parents whose children are taken into care should receive trauma-informed support to reduce the risk of harm to any further babies they have, according to child protection experts. A national child safeguarding review, launched after the death of baby Victoria Marten, said that if “destructive cycles of harm are to be interrupted” there needed to be more focus on parents, as well as their vulnerable baby or unborn infant. Victoria died in January 2023 after her parents, Constance Marten and her convicted rapist partner, Mark Gordon, took her to live in a tent in wintry conditions to evade social services. The child’s decomposed remains were found by police officers in March that year. The pair, who were jailed last September for 14 years for killing their newborn baby, had fled authorities to prevent Victoria being taken into care, as four older siblings had been previously, their Old Bailey case heard. A review, published by the national child safeguarding practice review panel, said the baby girl’s birth “was the last within her family of a rapid series of pregnancies, births and removals into care that by the time she was conceived had become a repeating pattern with devastating consequences”. Given this family history, the review said the professionals who dealt with the couple “needed to contemplate the prospect of Victoria being conceived and born well in advance, to have a better chance of engaging more productively with her parents”. Sir David Holmes, the chair of the panel, said: “Whereas the death of baby Victoria wasn’t predictable, her conception arguably was.” Holmes said it was difficult to know whether better professional engagement with baby Victoria’s parents would have prevented her death, but added: “There needs to be better engagement with families where there are risks of children being removed, so that we can try and interrupt the repeating cycle of children being removed and then another baby born and then that child being removed.” The review...

One in 14 children who died in England in a four-year period had parents who were close relatives, according to “stark” figures revealed by the first study of its kind. The figures, published by the National Child Mortality Database (NCMD), based at the University of Bristol, analysed all 13,045 child deaths in England between 2019 and 2023. Of these, 926 (7%) were found to be of children born to consanguineous parents, meaning the mother and father are close blood relatives, such as first cousins. Although the exact number of children with consanguineous parents across England is unclear, the data clearly shows their overrepresentation within mortality statistics and requires “urgent action”, according to researchers. The largest geographical estimate of consanguinity currently available is from a large study following the lives of 13,000 babies born in Bradford. It found that one in six of these children had parents who were first cousins, most of whom come from the city’s Pakistani community. “This is the first analysis of its kind globally looking at consanguinity-related child deaths across a whole country and over a number of years,” said Prof Karen Luyt, the director of the NCMD and lead author of the study. “The NCMD’s dataset is unique: it is timely, complete and comprehensive, and it gives us a clearer insight than we have ever had of the impact of consanguinity on child mortality.” She added: “Seven per cent of child deaths over the period were of children born to consanguineous parents. These children might have died from any cause, but the data shows us very clearly that they are overrepresented in mortality statistics. Action is urgently required to improve outcomes for this group.” The report also revealed stark ethnic and socioeconomic disparities in child mortality and consanguinity. Of the deceased children with parents who were close relatives, four in five (79%) were from an Asian ethnic background, with the most common ethnicity being Pakistani,...

There are “tentative signs” that the housing market in England and Wales is recovering from a months-long slowdown after uncertainty around the autumn budget and economic pressures, estate agents and surveyors have reported. The Royal Institution of Chartered Surveyors (Rics) said its members were feeling more optimistic about the year ahead than at any time since December 2024, as inquiries from new buyers, agreed sales and house prices became less negative in January. A monthly survey of chartered surveyors in England and Wales showed a net balance of 35% of Rics members expect an increase in house sales over the next 12 months. The index measures the difference between the share of agents reporting rising and falling optimism. Demand from new buyers was still down, however, with a net balance of -15% of respondents saying they had seen a further decrease in inquiries in January, but Rics said this figure showed “diminished negativity”, after a reading of -21% in December and -29% in November. Similarly, the volume of agreed sales improved, with net balance of -9%, which was the least negative reading since June 2025. House prices have also reached a “potential turning point”, the Rics survey said. Although more agents reported falling rather than rising house prices over the past three months, with the house price gauge standing at -10%, this was up from a low of -19% in October. Simon Rubinsohn, the chief economist at Rics, said: “There are early signs that market conditions may be improving after a challenging period, although activity levels are still subdued, meaning any recovery is likely to be gradual.” Estate agents and surveyors had reported that activity in the housing market slowed considerably in the months leading up to the autumn budget at the end of November, due to uncertainty over what taxes may be applied to property transactions. This included fears of changes of stamp duty and capital gains taxes being paid on some primary residences, although ...

Courtauld Gallery, London This quietly tremendous exhibition gathers more than half of the pointillist painter’s works, all depicting the Channel coast and sea, full of blizzards of light and a quivering sense of import Georges Seurat died young. His two most famous paintings, both extremely large and innovative in their composition and technique, were completed while he was still in his mid-20s. As it was, Seurat painted approximately 45 paintings before his death, probably from diphtheria, in March 1891 when he was 31. More than half these works depict the Channel coast and sea and were completed on his summer trips between 1885 and 1890. Seurat and the Sea at the Courtauld is the first exhibition to be devoted entirely to these images. Twenty-three paintings and smaller oil studies, and three drawings hang in two rooms. It is a quietly tremendous exhibition. Even if one takes on board the artist’s claims to science, objectivity and his adherence to theories about colour and perception which distance him from impressionism, Seurat’s paintings are peculiar and strange. Sometimes his line is very odd and stiff, yet his drawings themselves – tonal studies worked in conté crayon on textured, laid paper, are among the most marvellous I can think of. It is clear Seurat knew what he was doing; who knows what he might have gone on to achieve? Continue reading...

格隆汇2月12日｜韩国KOSPI指数开盘上涨69.47点，涨幅1.3%，报5423.96点。