寧德時代(03750.HK)累計回購1,599萬A股總額43.86億人民幣財經新聞Financial News AASTOCKS.com

寧德時代(03750.HK)累計回購1,599萬A股總額43.86億人民幣- 財經新聞Financial News AASTOCKS.com

寧德時代(03750.HK)累計回購1,599萬A股總額43.86億人民幣- 財經新聞Financial News AASTOCKS.com

寧德時代(03750.HK)累計回購1,599萬A股 總額43.86億人民幣 AASTOCKS.com

Earnings Call Insights: PepsiCo (PEP) Q4 2025 Management View CEO Ramon Laguarta described a multi-vector strategy for category growth, emphasizing accelerated affordability initiatives targeting low- and middle-income consumers. He explained, “this will be a very surgical, very focused on particular brands, particular formats, particular channels, investment. And we -- from the test that we've done at scale in multiple markets, this has very good ROI for us. You should be thinking this on top of space gains, big space games that we're getting through the partnership with our customers because of these investments in price.” Laguarta highlighted ongoing restaging of key brands, including Gatorade and Quaker, with early-year relaunches for Lay’s and Tostitos and major campaigns for Gatorade and Quaker later in the year. CFO Stephen Schmitt noted, “we're playing offense here. And second, we're excited about the initiatives and the benefits that will come both in volume and sales growth. And third, from an overall perspective, this investment is manageable for the business. It's included in our guidance and our productivity progress, as you mentioned, certainly, that's going to help fund the initiatives that we have.” Schmitt also addressed advertising spend: “You're right. It did go down this year. We did get some efficiency from both the working and non-working advertising line. And your assumption that it should go up next year is a good one, too. That's a benefit from -- just from a cost of sales standpoint that we did get in 2025 that we would expect not to get that same benefit.” Outlook Management expects Frito-Lay to grow volume, net revenue, and operating margin in 2026, with volume and net revenue growth anticipated early in the year. Laguarta stated, “we expect Frito-Lay to grow volume, net revenue and operating margin this year. So that should be the framework that we operate in.” The company projects sales to strengthen in the second half as more initiativ...

Welcome to The Brink . We’re Giulia Morpurgo and Luca Casiraghi , reporters in London and Milan following the existential threat to software companies play out in the debt market. We also have news on the changing fortunes of dating site Bumble and bankruptcy demands on the sons of David Barclay. Follow this link to subscribe . Send us feedback and tips at debtnews@bloomberg.net . Software Shock Fears of AI disruptions are hitting software companies worldwide. Prices of their debt are falling in secondary markets, while some deals on the primary block are being put on ice. Investors are concerned that rapid developments in artificial intelligence will soon displace enterprise software companies. Stock markets were the first to raise the alarm last month, and now the credit of software firms is buckling . A wave of debt-backed private equity investment in software companies in recent years has come under scrutiny. From 2015 to 2025, more than 1,900 software companies were taken over by private equity buyers in transactions valued at more than $440 billion, according to data compiled by Bloomberg. Credit investors who bankrolled these investments are rethinking valuations — and how much they stand to recover in a default. The asset-light nature of these businesses means the amounts could be minimal, and that’s amplifying price swings. Read more: Private Equity’s Giant Software Bet Has Been Upended by AI Bonds issued by software firms including ION Platform and CDK Global were among the biggest losers last week. Notes sold by McAfee and Newfold Digital as well as loans by Perforce Software and Cloudera fell into distress. Companies affected operate software for a wide variety of industries, ranging from financial to automotive, and have clients across the world. Short bets against the debt of these software names have also been piling up. Credit strategists at UBS said in a note to clients on Monday that this is a product of ‘disruption risk premium’ playing out in cre...

格隆汇2月3日｜华尔街对软件板块的怀疑已有一段时间，但最近市场情绪从“看空”升级到近乎“末日论”的程度，交易员正在抛售整个行业的公司股票，原因是对人工智能可能对行业带来颠覆性冲击的担忧不断累积。“我们把它称为‘SaaSpocalypse’ —— 软件作为服务（SaaS）股票的末日，”杰富瑞股票交易部门的Jeffrey Favuzza表示。“现在的交易基本就是‘救我出去’式的抛售。”这种焦虑在周二进一步凸显。AI初创公司Anthropic发布了一款面向企业内部法务的效率工具，导致法律软件和出版类公司股价大跌。 整个板块的卖压都很明显：拥有大型数据分析业务的伦敦证券交易所一度下跌7.9%，汤森路透在美国盘前交易中大跌近11%。市场对软件行业的风险担忧已酝酿数月，而Anthropic在1月发布Claude Cowork工具，更是放大了行业被颠覆的担忧。上周，还波及了游戏股，此前Alphabet开始推出Project Genie，该项目可以通过文字或图片提示生成沉浸式世界。整体来看，标普北美软件指数已连续三周下跌，1月累计跌幅达到15%，创下自2008年10月以来最大月度跌幅。

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Quick Summary ChatGPT thinks Apple stock could trade lower over the next 60 days, projecting an average price around $250 by mid-April. Investors looking to trade the stock can build exposure incrementally using commission-free fractional shares on SoFi, starting with as little as $5, and new users can receive up to $1,000 in free stock . Rather than slowly scaling position size through a retail account, some active traders use prop firms like Apex Trader Funding to access funded futures accounts of up to $300,000 after a single evaluation. Shares of Apple traded slightly higher over the past month. The gradual uptick reflects growing anticipation around AI features and resilient services performance amid broader market rotations. Against that backdrop, we ran Apple through an AI price-prediction agent powered by OpenAI’s ChatGPT. The goal was to see how a data-driven model handicaps the next 60 days for a stock that has become shorthand for the entire AI trade. What the AI model is actually predicting The agent was asked to generate a 60-day outlook for Apple, using recent price action and a focused set of technical indicators. At the time of the run, Apple traded at $250.66. For the period through April 20, the model’s base-case projection came out to: Average predicted price: $250.63 Implied move: slightly lower over the next 60 days Signal snapshot: MACD and RSI both neutral The model is saying that, given current momentum and volatility, the most likely path is a grind lower from current levels. Still, broader AI price prediction says that Apple could hit $400 by 2030. If you’re watching that setup and want a straightforward way to trade the stock, SoFi’s own platform lets users start with as little as $5 in fractional shares, and new users can receive up to $1,000 in free stock. Apple’s shift toward recurring services revenue forms the foundation of its growth ...

General Motors (NYSE: GM) has surprised a lot of investors by posting excellent business results and generating strong gains for shareholders. But with the stock at a single-digit P/E ratio and several reasons to be excited about the next few years, could GM be a smart addition to your portfolio right now? *Stock prices used were the morning prices of Jan 29, 2026. The video was published on Jan 30, 2026. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Should you buy stock in General Motors right now? Before you buy stock in General Motors, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and General Motors wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $446,319!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,137,827!* Now, it’s worth noting Stock Advisor’s total average return is 932% — a market-crushing outperformance compared to 197% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of February 3, 2026. Matt Frankel, CFP has positions in General Motors. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy. Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool. The views and opinions...

Source: Bloomberg, 42:05

Dani Burger introduces “Bloomberg Deals”. The program makes its debut on Feb. 4th at 12:00pm ET. The first show of its kind. It tracks the key players, major moves and capital flows driving the deals conversation. (Source: Bloomberg)

Consumer Reports' top 10 best new cars for 2026 all feature one important feature: electric boost. Consumer Reports, the nonprofit consumer advocacy organization that purchases all the equipment it tests and accepts no freebies from manufacturers, said this year's list features cars that either can have a hybrid powertrain or are fully electric. "For the first time, every model on this year's Consumer Reports' best new cars list is either a hybrid, available as one, or is an electric vehicle," Consumer Reports said in its report published Tuesday morning. "While car shoppers can't go wrong with the traditional gas-only versions, their hybrid counterparts often offer quicker acceleration, quieter cabins, and improved fuel economy, which could translate into lower long-term ownership costs." Hybrid sales have been climbing in the US, despite full EV sales dropping after the loss of the federal EV tax credit in the US. Automakers such as Ford (F), General Motors (GM), and Toyota (TM) (the hybrid leader) are looking to offer more hybrid options in the future. Here are the top 10 new vehicles on Consumer Reports' 2026 list: A Honda Civic Hybrid is seen on display after winning the 2025 North American Car of the Year award during media day at the 2025 Detroit Auto Show at Huntington Place in Detroit on Jan. 10, 2025. (Reuters/Rebecca Cook) · REUTERS / Reuters Best small car: Honda Civic (New addition to the list.) Consumer Reports said the Honda (HMC) Civic is an overall excellent sedan, but the hybrid is the best version. "It possesses all the qualities Consumer Reports' automotive experts love about the gas-only sedan, including quick and responsive steering, a comfortable ride, and a spacious interior." Best midsize car: Toyota Camry Consumer Reports noted that the Toyota Camry is now sold exclusively as a hybrid, powered by a 2.5L four-cylinder engine that got 48 mpg overall in CR's testing. "The latest iteration strikes a pleasing balance between ride comfort and cap...

Image source: The Motley Fool. Tuesday, Feb. 3, 2026 at 10 a.m. ET CALL PARTICIPANTS President and Chief Executive Officer — David A. Ciesinski Chief Financial Officer — Thomas K. Pigott Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Consolidated Net Sales -- $518 million, up 1.7%; adjusted net sales (excluding temporary supply agreement) increased 0.1% to $510 million. -- $518 million, up 1.7%; adjusted net sales (excluding temporary supply agreement) increased 0.1% to $510 million. Gross Profit -- $137 million, a 3.4% increase, setting a second-quarter record. -- $137 million, a 3.4% increase, setting a second-quarter record. Reported Gross Margin -- Expanded by 40 basis points; adjusted gross margin grew 80 basis points, excluding non-core sales. -- Expanded by 40 basis points; adjusted gross margin grew 80 basis points, excluding non-core sales. Retail Segment Net Sales -- Decreased 1.1%; prior quarter had 6.3% growth, with decrease attributed to softer demand during the government shutdown. -- Decreased 1.1%; prior quarter had 6.3% growth, with decrease attributed to softer demand during the government shutdown. New York Bakery Frozen Garlic Bread Sales -- Grew 8.4%, gaining 300 basis points of market share for a total of 44.6% in category. -- Grew 8.4%, gaining 300 basis points of market share for a total of 44.6% in category. Sister Schubert's and Texas Roadhouse Frozen Dinner Roll Sales -- Combined growth of 7.1%, lifting market share by 40 basis points to 60.8%. -- Combined growth of 7.1%, lifting market share by 40 basis points to 60.8%. Licensed Chick-fil-A Sauces -- Sales up 6.7%, with 13 basis points increase in share, supported by expanded club channel distribution. -- Sales up 6.7%, with 13 basis points increase in share, supported by expanded club channel distribution. Marzetti Produce Dips -- Sales rose 0.3%, boosting market share by 130 basis points to 75.5%. -- Sales rose 0.3%, boosting market share by 130 basis points ...

Dr Andre Ilbawi, team lead for cancer control at WHO, said the study was "good news" as it showed something could be done and he pointed to the success of countries that have introduced policies to tackle smoking or vaccinate against HPV.

Two Human Rights Watch (HRW) employees who make up the organization’s entire Israel and Palestine team are stepping down from their positions after leadership blocked a report that deems Israel’s denial of Palestinian refugees the right of return a “crime against humanity”. In separate resignation letters obtained by Jewish Currents and the Guardian, Omar Shakir, who has headed the team for nearly the last decade, and Milena Ansari, the team’s assistant researcher, said leadership’s decision to pull the report broke from HRW’s customary approval processes and was evidence that the organization was putting fear of political backlash over a commitment to international law. “I have lost my faith in the integrity of how we do our work and our commitment to principled reporting on the facts and application of the law,” wrote Shakir in his resignation letter. “As such, I am no longer able to represent or work for Human Rights Watch.” The resignations have roiled one of the most prominent human rights groups in the world just as HRW’s new executive director, Philippe Bolopion, begins his tenure. In a statement, HRW said that “the report in question raised complex and consequential issues. In our review process, we concluded that aspects of the research and the factual basis for our legal conclusions needed to be strengthened to meet Human Rights Watch’s high standards. For that reason, the publication of the report was paused pending further analysis and research. This process is ongoing.” Shakir said that his experience illustrates that while public opinion has evolved on Israel in the last several years – with “concepts of apartheid, genocide and ethnic cleansing” increasingly voiced in mainstream circles – the right of return remains a third rail. “The one topic,” he said, “even at Human Rights Watch, for which there remains an unwillingness to apply the law and the facts in a principled way, is the plight of refugees and their right to return to the homes that they wer...

is a senior reviewer with over twenty years of experience. She covers smart home, IoT, and connected tech, and has written previously for Wirecutter, Wired, Dwell, BBC, and US News. Posts from this author will be added to your daily email digest and your homepage feed. All the smart home news, reviews, and gadgets you need to know about As The Verge’s resident robot vacuum reviewer, I don’t have a lot of time (or space) in my life for stick vacs, and frankly, the ones I have used have largely disappointed me. Top-heavy, bulky, always getting clogged or running out of battery — they’re so… manual. But then I met PencilVac Fluffycones, Dyson’s new $599 cordless stick vacuum, and it was love at first lift. The name PencilVac Fluffycones perfectly describes this delightfully overengineered broom. If more vacuums had such whimsical names, my life would be much fuller. It’s very thin and light, like a pencil, and it has fluffy, cone-shaped rollers that glide across floors as if they’re flying. While I do not recommend buying this as a tool to clean your entire home (it doesn’t clean carpets!), with its slim design and easy maneuverability, I’ve found it to be a great complement to a robot vacuum. The robot can do the hard work of vacuuming and mopping your floors, and this lightweight machine, which sits prettily in a magnetic charging dock, can be on hand for touch-ups and when it’s time to tackle stairs and baseboards. PencilVac Fluffycones $ 600 $ 600 A superskinny stick vac, Dyson’s PencilVac is an engineering marvel. While it won’t clean your whole house, it’s a simple. stylish option for quick touchups and other small tasks. Read More $600 at Dyson Touted by Dyson as “the world’s slimmest vacuum cleaner,” the PencilVac fits all its components into its 1.5-inch-diameter handle, which runs the length of the vacuum. Packed in here are the electronics, the battery, the dustbin, and a tiny 28mm-diameter motor that spins at 140,000 RPM to generate 55 air watts of suction....

The acquisition unites finance foresight and IT innovation in the first Microsoft-native Orchestrated Planning environment, helping enterprises plan better and achieve more by turning strategy into aligned execution in real time. TORONTO, February 03, 2026--(BUSINESS WIRE)--Vena, the only complete FP&A platform powered by agentic AI and purpose-built to amplify the Microsoft technology ecosystem, today announced it has entered into a definitive agreement to acquire Managility Pty Ltd, operating as Acterys ("Acterys"), the industry’s leading Power BI–based operational planning and app development platform, subject to customary closing conditions and regulatory approval. This acquisition unlocks a category-defining way for enterprises to combine planning, analytics, and application development within the Microsoft tools they already trust to run their business. By combining Vena’s Excel-native financial planning and analysis (FP&A) capabilities with Acterys’ proprietary Power BI write-back engine and unified analytics within Microsoft Fabric, Vena is creating the first Microsoft-native environment for Orchestrated Planning, an operating model that moves organizations beyond integrated planning into fully orchestrated and agentic AI-powered execution. Orchestrated Planning is the next stage in planning maturity. It harmonizes and automates every component of planning and execution cycles — people, processes, technologies and data — ensuring the entire organization is empowered with insight and foresight, and that decisions and actions align with strategic goals. Where integrated planning connects plans, Orchestrated Planning aligns decisions and actions, turning planning and execution into enterprise-wide performance momentum. Together, Vena and Acterys bring Orchestrated Planning to life by giving Finance and IT a shared, trusted environment to build, extend, and operationalize real-time functional and operational planning and scenario modeling at scale. Vena equips F...

SAN FRANCISCO, Feb. 3, 2026 /PRNewswire/ -- Ares Interactive , a game developer and publisher, today announced a $70 million Series A raise led by General Catalyst , with participation from founder and executive chairman Niccolo de Masi. The round represents one of the largest early-stage investments in a game company in recent years and will support Ares Interactive's vision to build a next-generation, cross-platform free-to-play game company. Mike DeLaet, President of Ares Interactive Anchored by its studios 7th Inning (San Francisco) and Swift Games (Berlin), Ares pairs veteran game-making expertise with AI-enabled development, marketing, and live-ops workflows. This will allow their teams to iterate faster, scale content efficiently, and respond to player feedback in real time. Ares Interactive is led by a veteran team of game industry leaders. It's also supported by an advisory board spanning platforms, publishing, and free-to-play, including Chris Akhavan (former CRO, Glu), Matt Fischer (former VP, Head of Worldwide App Store, Apple), Andrew Stalbow (former CEO, Seriously Digital), and Kent Wakeford (former COO, Kabam). "This round validates our vision, our approach, and the team behind it," said Mike DeLaet, President of Ares Interactive. "Ares Interactive brings together rare operating experience and the discipline to build for the long term, as our leadership team has a long history of developing, scaling, and operating hit free-to-play games for some of the most successful publishers in the industry. In a market where many companies are pulling back, this financing gives us the ability to lean in, grow thoughtfully with exceptional partners, and invest in building games we have always wanted to make, creating experiences and communities that will keep players coming back for years to come." "We believe Ares Interactive is uniquely positioned to build enduring hit gaming franchises by leveraging the power of AI workflows," said Erin Schaefer, COO at General...

Dassault Systèmes and NVIDIA Partner to Accelerate Every Industry Dassault Systèmes, with its OUTSCALE brand, is deploying AI factories as part of its sustainable and sovereign cloud strategy. OUTSCALE AI factories will harness the latest NVIDIA AI infrastructure on three continents, bringing additional capabilities to operate AI models in the 3DEXPERIENCE platform, while guaranteeing data privacy, intellectual property protection and sovereignty of Dassault Systèmes’ customers. "Physical AI is the next frontier of artificial intelligence, grounded in the laws of the physical world," said Jensen Huang, founder and CEO of NVIDIA. "Together with Dassault Systèmes, we’re uniting decades of industrial leadership with NVIDIA’s AI and Omniverse platforms to transform how millions of researchers, designers and engineers build the world’s largest industries." "We are entering an era where artificial intelligence does not just predict or generate, but understands the real world. When AI is grounded in science, physics and validated industrial knowledge, it becomes a force multiplier for human ingenuity," said Pascal Daloz, CEO of Dassault Systèmes. "Together with NVIDIA, we are building industry World Models that unite Virtual Twins and accelerated computing to help industry design, simulate and operate complex systems in biology, materials science, engineering and manufacturing with confidence. This partnership establishes a new foundation for industrial AI, one that is trustworthy by design and capable of scaling innovation across the generative economy." Combining Dassault Systèmes’ Virtual Twin technologies with NVIDIA AI infrastructure, open models and accelerated software libraries will establish science-validated industry World Models, and new ways of working through skilled virtual companions on the agentic 3DEXPERIENCE platform, that empower professionals with new expertise. Platform accelerated by NVIDIA, grounded in science by Dassault Systèmes, expands long-term ...

The Trade Desk combines value and growth investing styles. Finding stocks that can double your money in a short time frame is a lofty goal for investors. The old saying goes, "If you shoot for the moon and miss, you'll end up among the stars," may resonate with investors, but the reality is, you could also end up crashing and burning if you're wrong on a stock. Balancing risk and reward is a skill investors must learn, and each investor's risk tolerance will vary greatly. However, I've identified a stock that could be a strong candidate for doubling your money in 2026: The Trade Desk (TTD 7.85%). It's a rare combination of growth and value, and I think it could double your money by the end of 2026 if everything goes right. The market misunderstands The Trade Desk Part of the reason why I think The Trade Desk could have a strong 2026 is because of how bad its 2025 was. The stock is down nearly 80% from its all-time high established in late 2024, and the stock consistently fell throughout 2025 and even into 2026. However, it has reached bargain-bin valuation levels that investors shouldn't ignore. At a mere 15 times forward earnings, it's an absolute steal. A valuation like that indicates a company that may be shrinking or stagnant at best, but The Trade Desk is still growing at a healthy rate. In Q3 2025, its revenue rose 18%. That's not a sign of a failing company, and it was affected by a lack of political spending. The Trade Desk operates a buy-side ad platform, which helps advertisers find the best places to advertise on the internet. This makes it a huge beneficiary of political spending in election years, which was not a factor in Q3 2025 as it was during Q3 2024. That should help 2026's results, and this is reflected in Wall Street's analysis. Wall Street analysts expect 16% growth next year, and earnings per share (EPS) to come in at $2.09. However, the high end of projections indicates $2.40 of EPS for The Trade Desk. Expand NASDAQ : TTD The Trade Desk Today...

Billion-dollar contracts, U.S. government support, and massive upside potential collide in this deep dive into Oklo's bold future. Oklo (OKLO +5.26%) is emerging as one of the most controversial clean energy stocks today. With major tech partnerships and government-backed programs, the upside is compelling, but execution risk remains high for patient investors. Stock prices used were the market prices of Jan. 26, 2026. The video was published on Feb. 1, 2026.

沈建光：中国如与各国共享超大规模市场，不仅可以筑牢国内经济增长根基，更有助于改善外部环境，在日趋复杂的地缘博弈中占据主动。 FT中文网专栏作家 沈建光 2026年开年，笔者在瑞士达沃斯参加了以“对话的精神”为主题的世界经济论坛年会（即达沃斯论坛）。置身于这场全球政商学界的年度盛会，最直观的感受是国际政治格局正经历深刻变化，旧秩序的裂痕与新动能的崛起交织碰撞。在此背景下，对中国而言，扩大内需、尤其是提振消费已经超越单纯的经济增长诉求，而成为改善国际关系、重塑国际地缘政治格局的战略抓手。 达沃斯论坛两大议题：地缘政治变局与AI崛起 地缘政治格局巨变和人工智能（AI）的颠覆性影响，成为贯穿2026年达沃斯论坛的两大核心议题，背后也反映出当前全球发展面临的深层矛盾和机遇。 本届论坛的一大焦点无疑是全球秩序重构下西方阵营内部出现裂痕。尽管特朗普在演讲中表示“不会使用武力”，但其此前威胁武力夺取格陵兰岛以及对欧洲八国加征关税的阴影依然笼罩论坛——这种基于“美国优先”原则、对盟友强硬施压的姿态，实际上已经动摇了北约共同防御条款的根基，给本来就脆弱的美欧互信造成了沉重打击。 同时，特朗普和其他美国政要在不同场合对欧洲进行了猛烈抨击，尤其是针对经济疲软、能源价格高企、移民失控、监管过度、科技创新领域落伍等问题。特朗普更是直白地表示“美国需要的是强大的盟友，而不是被严重削弱的盟友”，颇有点“哀其不幸，怒其不争”的味道。在笔者看来，美欧关系的转变折射出西方阵营内部裂痕的深化，跨大西洋联盟正面临二战以来最严峻的考验。 美方一系列强硬表态，不仅引发欧洲、加拿大等盟友国家领导人的强烈不满，也让这些国家不得不重新审视其外交战略。加拿大总理卡尼直言，世界进入了大国竞争的时代，基于规则的国际秩序正在消亡，并呼吁中等强国打造“第三条道路”（寻求多边合作、加强战略自主）。部分欧洲领导人也表示，希望加强与中国在AI治理、绿色能源、气候变化等领域的合作，这也是对冲地缘政治格局变化、缓解自身发展困境的理性选择。 在此背景下，中国何立峰副总理的演讲坚定维护全球化和多边主义，高举全球化大旗，提出中国将积极扩大内需、坚定扩大开放，契合了绝大多数国家的发展诉求，为充满不确定性的世界提供了可预期的稳定力量。 人工智能对经济社会的巨大影响成为论坛的另一大焦点。英伟达CEO黄仁勋将AI视为“人类历史上规模最大的基础设施建设...

闫曼：为什么在互联网行业普遍降本增效的背景下，大厂们依然愿意在AI拉新上划出大笔预算？ FT中文网科技与产业主编 闫曼 万万没想到，十多年前在群里拼手速抢外卖红包、网约车红包的那批网民，新的一年又被推回了同一个熟悉的战场。只不过这一次，红包前面多了个“AI”。 2026年春节前后国产AI大模型圈里硝烟弥漫，至少有三款国产大模型产品选择在同一时间窗口集中发布或大规模推广，再叠加春晚这一全年流量最高的超级节点，从巨额补贴到春晚赞助，一场围绕AI入口的交锋已经悄然打响。 字节跳动、腾讯、阿里、百度这几家几乎定义了中国移动互联网上半场格局的巨头，再一次站到了同一条赛道上。 只不过令人唏嘘的是，即便技术演进到大模型和智能体的当下，互联网最底层的增长逻辑依然没变，平台拉新的方式，依然还是最朴素、也最粗暴的那种：烧钱开路，暴力拉新。 从外卖红包到AI红包 首先就是腾讯。过去一年腾讯在AI领域的“佛系”曾一度引发市场热议，相比百度的文心、阿里的千问，和字节的豆包，市场讨论中腾讯似乎都慢了半拍。 但在新的一年，腾讯终于“支棱”起来了。旗下的AI产品元宝开启了激进的现金补贴模式。元宝的打法并不复杂，甚至可以说有些“复古”：春节补贴、红包激励、社交裂变，不少用户调侃，这种拉新方式“仿佛回到了十年前的移动互联网”。但是事实证明，在流量见顶的今天，金钱激励依然最有效。凭借巨额补贴，腾讯元宝2月1日成功登顶App Store免费总榜第一，这还是该产品上线以来的首次。在用户早已被各种应用“薅麻了”的当下，红包依然能够完成最关键的一步：让用户点击下载按钮。 作为互联网补贴大战的鼻祖级玩家，阿里自然不会缺席。从电商、本地生活，到社区团购、即时零售，再到去年与京东、美团的多轮正面交锋，烧钱补贴一直是阿里的舒适区。 因此，在腾讯元宝高调发红包之后，阿里迅速跟进。春节期间，阿里云旗下通义千问推出了大规模补贴计划，覆盖红包、权益、娱乐及生活服务等多个场景。对阿里来说，补贴可能已经成了一种肌肉记忆。 与腾讯、阿里不同，字节跳动把重心放在了春晚。春晚是全年覆盖人群最多、年龄层最广的内容场景，本身就是一个天然的超级入口。通过春晚赞助、互动玩法以及AI相关内容露出，字节跳动试图完成的是一次全民级的认知投放。 模型未分胜负，入口先行争夺 如果只从表面看，国内的互联网巨头们在春节前后的这一系列动作，很容易被理解为一场“...

沙蒂尔：日本国债收益率上升和日元走软可能会对其他市场产生溢出效应。日本央行退出超宽松政策可能会进一步推高国债收益率。 摩根大通高级经济学家 本杰明•沙蒂尔 为英国《金融时报》撰稿 作者是摩根大通(JPMorgan)高级经济学家。 过去几周，日本国债收益率飙升至上世纪90年代以来的最高水平，令东京乃至世界其他地区都感到震惊。表面上看，此次飙升是对政府考虑暂时取消食品消费税的反应。鉴于主食价格持续上涨——大米价格已翻番——对于生活成本在之前二三十年几乎没有变化的日本经济而言，这项减税措施无疑会引起强烈反响。 据我们估计，暂停征收食品消费税可能导致日本每年税收收入减少相当于国内生产总值(GDP)的约1%。单独来看，这或许尚可应对，但在可能削减社会保障缴款、增加国防开支以及其他促进经济增长的政策背景下，挑战性不小。正如其他一些国家政府已经付出惨痛代价所证明的那样，降低消费税容易，但重新提高消费税却并非易事。债券收益率的上升也表明，市场质疑任何减税措施是否真的只是暂时的，这种质疑或许不无道理。 随着时间的推移，日本高企的政府债务意味着利率上升将导致更高的利息支出。因此，日本面临着如何在控制不断增长的利息支出和维持支出之间取得微妙的平衡——正如债券市场的价格走势所显示的那样。我们认为，日本央行(Bank of Japan)退出多年来的超宽松政策可能会进一步推高政府债券收益率。 诚然，日本央行的加息步伐一直十分缓慢。行长植田和男(Kazuo Ueda)用了近两年时间才将政策利率上调至0.75%（尽管这是自上世纪90年代以来的最高水平）。虽然加息步伐缓慢，日本央行却迅速退出了另一项遗留政策。 在多年的量化宽松期间，日本央行积累了大量的日本国债，希望以此来放松货币环境。日本央行正以惊人的速度任由部分债券到期而不进行回购，实际上是将这些债券转移回私营部门投资者手中——这实际上就是量化紧缩。 对于一个直到最近几乎完全由央行控制（且持有约50%的债券）的债券市场而言，这标志着一个重要的转折点。根据我们的估计，日本央行自身的路线图显示，由于用于替换到期债券的购入量减少，其资产负债表今年将再缩减相当于GDP的13%。这对任何一家主要央行来说都是一次大幅缩表；与植田和男谨慎的加息步伐相比，这一举措更加令人瞩目。关键在于，量化紧缩意味着越来越多的政府债务将被私营部门吸收，而这还不包括任何潜在的支出...

该公司是世界最大风力发电机制造商。欧盟依法可阻止获得外国政府补贴的公司参与公共采购、并购，甚至阻止其向单一市场销售商品和服务。 布鲁塞尔方面已启动一项深入调查，以查明中国是否向金风科技(Goldwind)提供了不公平补贴，以支持这家世界最大风力发电机制造商在欧盟的生产和销售活动。 欧盟的《外国补贴条例》允许布鲁塞尔方面阻止获得外国政府补贴的公司参与公共采购、并购，甚至阻止其向单一市场销售商品和服务。 尽管2023年生效的这项欧盟法规并非专门针对中国，但它已被用来对许多中资企业采取行动，其背景是各方日益担忧中国制造企业的供应过剩正在危及欧洲的工业。 成为高端会员，阅读高端专享内容 如您已经是高端会员， 请点击这里登录 成为高端会员►

折叠自行车作为解决城市“最后一公里”出行及户外休闲运动的核心载体，凭借极致的体积压缩与便携收纳特性，实现了与地铁、汽车等多种交通工具的无缝衔接。2024年全球销量已达370万辆，其中中国内地以21.6%的份额位居全球之首。产品技术正通过液压成型、3D整体锻造及精密CNC加工铰链等先进工艺，在保持轻量化材料优势的同时，不断突破便携性与专业骑行性能之间的物理平衡。 市场竞争呈现高度集中的态势，大行（DAHON）与小布（Brompton）合计占据中国内地超过60%的市场份额，分别引领着“生态驱动型”与“溢价驱动型”的商业模式。当前行业呈现显著的“量价齐升”特征，2024年国内中高端产品贡献了约75.3%的零售额，消费者诉求已从单纯代步转向社交属性、健康管理及生活方式资产化。女性骑行者的快速增长及中产阶层的扩容，正成为推动市场结构性升级的核心驱动力。 展望未来，电助力（E-bike）技术的微型化原生集成与大都市“骑行友好”政策的普及，将推动折叠车跨越至高效率的跨区通勤刚需。然而，行业仍面临折叠关节应力疲劳的物理性能瓶颈、专业售后服务网络布局滞后以及国际化标准缺失等严峻挑战。同时，来自电动滑板车等微出行工具的跨界竞争，也迫使整车品牌必须通过持续的技术创新与社群文化建设来建立独特的价值锚点。

富特科技(301607) 投资要点 第三方车载高压电源系统头部企业，迎来业绩高速增长通道。公司成立于2011年，是国内第三方车载高压电源系统头部企业，25年上半年在国内OBC行业市占率达8%，位居行业第四。22-24年公司营收分别为16.50/18.35/19.34亿元，同比+71%/+11%/+5%，随客户拓展而稳定增长。25年受益于小米、蔚来等主要客户的销量增长及海外项目的定点项目放量，根据2025年度业绩预告，25年营收超40亿元，归母净利润达2.1~2.5亿元，同比+122%~+164%，展望2026年，我们认为公司将继续受益于国内外客户的销量增长及新客户拓展，保持高速增长。 高研发投入保持产品力领先，国内销量高增&海外加速放量，车载电源业务实现量利双收。车载电源正向11kW、双向化等趋势迭代，对厂商的技术能力提出更高要求，公司通过持续的研发投入取得产品力的综合领先，通过产品力在国内市场陆续开拓了小米、蔚来、零跑等优质客户并建立了深度的合作关系，我们预计公司将继续受益于主要客户的销量增长，实现国内业务高速增长；在国内业务高增的前提下，公司积极扩展增速更快的海外市场，经测算2030年海外市场空间达425亿元，2025-2030年CAGR达18%。显著高于国内市场的6%，公司在欧洲成功开拓雷诺、Stellantis和主流豪华品牌车企，公司与雷诺的定点项目放量推动海外收入快速增长，25H1公司实现海外收入2.6亿元，占比超过17%，我们预计随着雷诺出货持续上升，Stellantis、欧洲某豪华车企的定点项目有序推进，海外业务将推动公司营收增长的同时提升盈利能力。 HVDC趋势明显，市场空间超千亿，公司依托技术积累有望快速切入赛道。全球AIDC资本开支高增长，驱动行业需求高景气，HVDC方案效率、可靠性更高，有望成为下一代主流方案，经我们测算30年市场空间可达1768亿元，空间显著。公司开发的充电模块与HVDC在输出电压、功率和电路设计上具备高度相通性，且公司在HVDC的重要功率器件SiC上具备丰富的应用经验，拥有天然的先发优势，我们认为公司若能顺利推出产品并打通客户渠道，将成为公司的重要增量。 盈利预测与投资评级：公司在车载高压电源系统行业长期耕耘，近年来持续开拓小米、蔚来、雷诺、Stellantis等行业头部客户。我们预计公司2025-2027年归母净利润2.3...

技源集团(603262) 投资要点 砥砺卅载，技源已成为行业创新引领者。技源集团主营保健品原料及制剂，公司控股股东为TSI HK，实控人为周京石、龙玲夫妇。公司具备强研发背景，董事长周京石曾任职安利、雅芳，担任研发中心科学家、高级科学家；总经理龙玲长期从事化学合成制备领域的产业化研究，为公司多项核心专利的发明人。2024年公司收入/归母净利润为10/1.75亿元，2019-2024年CAGR分别为10%/25%。2024年营养原料与制剂产品收入占比分别为65%/35%。公司未来将继续发力精准营养，以期打通产业链上中游。公司营养原料产品主要有HMB、氨基葡萄糖和硫酸软骨素，2024年收入占比分别29%/18%/9%；公司制剂客户包括澳佳宝、Pharmacare、Herbs of Gold等。 HMB如日方升，应用空间广阔，公司牢据优势位置。HMB学名β-羟基β-甲基丁酸盐，应用场景分为：①特医养护（术后患者修复）；②中老年人肌肉修护（避免支撑度不足而跌倒）；③运动增肌。中国是HMB的主要生产国，以2021年为例，占据了全球HMB原料市场90%以上的份额，技源为HMB行业龙头，2024年在全球范围内的市场份额约53.34%，我们认为公司HMB原料的壁垒在于其专利技术、各国准入以及客户基础。展望未来，现阶段与雅培的合作多集中于医疗营养类目，运动营养及老年人肌肉修复方向仍有较大拓客空间。 保健品行业景气成长，公司守正出新，精准营养扬帆起航。我国保健品行业保持景气成长，老龄化筑底、新人群扩张、新消费驱动，我们预计2025-2027年我国营养保健品行业增速有望维持在高个位数水平。精准营养又称个性化营养，即根据个体特点调整营养建议和干预措施，进而预防和控制慢性病。精准营养为未来保健重要方向，2025年全球市场规模约158亿美元，美国精准营养发展领先，中国市场前景更佳，2024年美国/中国精准营养市场规模分别为45/14亿美元，对标海外，中国人均消费额提升空间较大。国内精准营养经历了三轮迭代，而公司的精准营养业务已储备7~8年，从业务模式、相关技术成熟度（如算法系统、微片剂型等）、商业化落地能力与进展等方面，目前处于全球领先水平。公司精准营养业务2026年有望于海外率先落地、toB模式为主。 盈利预测与投资评级：我们预计2025-2027年公司营收分别为10.83/13.12/15...

事件 微软于2026年1月28日发布2026财年第二季度财报。公司当季实现营收812.73亿美元，同比增长16.7%，环比增长4.6%。营业利润为382.75亿美元，同比增长20.9%，运营利润率同比提升1.6个百分点至47.1%。 投资要点 营收与盈利表现：智慧云核心驱动，季度盈利能力增长强劲 营收端：本财季实现营收812.73亿美元，同比增长16.7%，环比增长4.6%。增长主要由全球付费公司增加、单位用户付费提升以及智慧云业务收入显著提升所驱动。智慧云业务收入达329.07亿美元，同比增长28.9%，是公司核心的增长引擎。 盈利端：当季营业利润为382.75亿美元，同比增长20.9%，营业利润率同比提升1.6个百分点至47.1%。净利润为384.58亿美元，同比增长59.5%。本季度稀释后每股收益为5.16美元，同比增长59.8%。 业务板块：核心板块增速放缓，业务结构向云与AI集中 微软依托核心业务与多元产品生态，持续提升营收规模，夯实市场核心竞争力。公司核心营收稳步增长，本财季实现营收增长主要由智能云、生产力与业务流程两大板块拉动，其中智能云板块营收329.07亿美元，同比增长28.9%，Azure及相关云服务仍是最主要的增长来源，但是同上季度相比回弱1pp，并且下季度增速指引降到37%-38%；生产力与业务流程板块营收341.16亿美元，同比增长15.9%。细分来看，Microsoft365Commercial和Consumer营收分别增长16.1%和26.6%，表明用户粘性持续提升，稳固个人办公软件市场领先地位。值得关注的是，More Personal Computing板块整体增长相对承压，使公司整体增长动能进一步集中于云与AI相关业务，业务结构的集中度有所提升。 产品与技术演进：研发支出加强，短期承压换取长期竞争壁垒 公司持续聚焦AI与云基础设施核心布局，通过加大研发与资本投入强化长期竞争力。在研发投入方面，本财季研发支出85.04亿美元，同比增长7.4%，资金重点投向AI算力建设、核心算法研发、顶尖AI人才储备以及云平台效率优化。同时，公司持续深化与OpenAI的战略绑定，已累计出资117亿美元，持股比例约27%，双方通过技术协同推进AI创新落地。基础设施建设同步提速，本财季新增物业设备支出298.76亿美元，重点用于全球数据中心扩张与服务器容量...

报告摘要 行情回顾：1）大盘方面，本周上证指数、沪深300指数涨跌幅分别为-0.44%、0.08%；中证全债、中证全债（净）指数涨跌幅分别为0.00%、-0.05%。2）板块方面，申万银行指数涨跌幅为0.86%，跑赢沪深300指数0.78pct，在申万一级行业中排名第8；国有行、股份行、城商行、农商行指数涨跌幅分别为0.35%、-0.26%、3.11%、2.06%。3）个股方面，国有行板块中国银行（1.90%）、建设银行（0.81%）、工商银行（0.55%）表现居前，股份行板块招商银行（3.12%）、华夏银行（0.16%）、民生银行（-0.27%）表现居前，城商行板块青岛银行（15.49%）、宁波银行（6.80%）、杭州银行（5.76%）表现居前，农商行板块渝农商行（5.88%）、张家港行（2.24%）、常熟银行（1.67%）表现居前。 数据跟踪：1）估值及交易热度，截至2026年01月30日，银行板块PB-LF估值为0.65倍，位于近5年70.10%分位数水平；个股股息率中位数为4.54%，高出10年期国债到期收益率2.73pct；当周成交额占比为1.42%，环比+0.22pct；当周换手率为2.04%，环比+0.51pct。2)流动性，12月末M1、M2同比分别+3.80%、+8.50%，M1-M2剪刀差为-4.70pct；当周央行净投放资金0.98万亿元，本年累计净投放资金1.31万亿元。3)利率及信用利差，截至2026年01月30日，7天OMO为1.40%，1年期、5年期LPR分别为3.00%、3.50%；10年期国债YTM为1.81%，周环比-1.86bp；5年期AAA级企业债、城投债信用利差分别为14.93bp、17.02bp，周环比分别+1.29bp、-3.47bp。4）社融及信贷收支，12月末社融存量为442.12万亿元，同比+8.30%；12月单月、累计社融增量为2.21、35.60万亿元，同比-0.65、+3.35万亿元；12月末中资银行贷款、存款余额分别为265.21、308.51万亿元，同比分别+6.94%、+9.45%。 板块观点：高成本定期存款到期重定价有望支撑息差企稳，对公领域风险保持稳定，零售领域风险有望在经济复苏下实现缓解；银行板块业绩已步入修复通道，从PB-ROE匹配角度来看具备配置价值。建议关注：1）资本实力雄厚、分红确定性强的...