《科创板日报》1月27日讯（记者 史士云） 今日晚间，阳光诺和（688621.SH）发布公告称，公司决定终止发行股份及可转换公司债券购买资产并募集配套资金暨关联交易事项并撤回申请文件，即终止通过发行股份及可转换公司债券方式购买江苏朗研生命科技控股有限公司（以下简称“朗研生命”）100%股权，并向不超过35名特定投资者发行股份募集配套资金。 对于终止交易的原因，阳光诺和方面称， 鉴于市场环境变化等因素所致 ，为切实维护公司及全体股东利益，经审慎研究，董事会同意公司终止本次重组事项，撤回本次重组相关申请文件。 值得一提的是，阳光诺和宣布终止收购朗研生命，早在2022年就已经上演过一次。 2022年10月，阳光诺和宣布收购朗研生命并停牌，不到一年后，阳光诺和于2023年8月以市场环境变化、结合自身资本运作及战略规划为由，又宣布了终止该次重组并撤回相关申请文件。 但阳光诺和对收购朗研生命并未“死心”，2025年4月，其又发布公告称，拟全额收购朗研生命100%股权，并计划向不超过35名特定投资者发行股份募集配套资金。 根据阳光诺和其后发布的交易修订稿显示，上述交易的对价为12亿元，交易方为利虔、朗颐投资等38名朗研生命全体股东。 对于上述收购是否为溢价收购，在阳光诺和的2025年第三季度业绩说明会上，阳光诺和董事长利虔曾对《科创板日报》记者表示：“收购朗研生命12亿元估值基于收益法评估结果（评估基准日2025年6月30日），核心参数包括：2025-2030年预测营业收入从4.67亿元增长至8.50亿元，净利润从7912.53万元增长至1.46亿元，净利润率稳定在16%-18%，折现率12.35%，符合医药制造业优质企业估值水平。” 值得关注的是，利虔直接持有朗研生命32.84%股权，系其控股股东及实际控制人，而利虔同时为阳光诺和实控人，此次交易构成阳光诺和对实控人旗下资产的收购。 这也曾引发了市场上对于该交易存在“左右倒右手”的质疑。 对此，阳光诺和方面此前表示，本次交易已建立多重机制保障公允性，不存在向实控人“输送利益”或“套现”情形。比如， 设置了业绩补偿机制，业绩承诺方以获得的股份及可转债优先补偿，补偿上限为交易对价总额 ，同时，还需承诺朗研生命2025-2028年度净利润分别不低于7486.86万元、8767.28万元、11080.79万元、13110.66 万元， ...

pookpiik/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund ( PTA ) is a closed-end fund that has seen its discount widen materially since our prior write-up in October 2025 . CEF share prices can trade wildly different from their underlying net asset value per share based on supply and demand principles. This is unlike exchange-traded funds or traditional mutual funds. ETFs have creation/redemption mechanisms to help keep them tethered to their underlying NAV price; traditional mutual funds are bought and sold at the end of the day at NAV. With that can come a unique opportunity, but also potential risk for CEFs, making them a relatively unique asset wrapper. PTA Basics 1-Year Z-score: -0.91 Discount/Premium: -6.77% Distribution Yield: 8.23% Expense Ratio: 1.68% Leverage: 34.22% Managed Assets: $1.77 billion Structure: Term (anticipated liquidation of October 27th, 2032) PTA's investment objective is quite simple: "high current income." They also have a secondary objective that is similarly simple: "capital appreciation." To achieve this, they will invest "at least 80% of its managed assets in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter." They will also "seek to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund." Like nearly all the ( CNS ) closed-end funds, the fund operates with leverage, and that leverage comes with additional costs. That takes the fund's total expense ratio up to 2.86%. However, like the leveraged CNS CEFs, the fund was largely hedged with interest rate swaps. That kept the fund from truly experiencing the peaks of the higher rate environment. PTA Leverage Facts (Cohen & Steers) On the other hand, the variable-rate financing costs are ...

Dutch Uber Technologies Inc. drivers are independent contractors and not employees, the Amsterdam Court of Appeal ruled Tuesday in a long-running dispute between labor unions and the ride-hailing app. The individual circumstances of Uber drivers differ too much to determine whether they should all be classed as employees, the court said in a statement . Labor union FNV had argued that drivers, as employees, should be paid according to the country’s Collective Labor Agreement for Taxi Transport. The union said it’s “disappointed” by the outcome but “emphatically doesn’t see this as the end of the battle.” It plans to explore the possibility of appealing the court’s ruling and of initiating legal proceedings for individual drivers. Read More: Uber Dispute Heads to Dutch Top Court for Gig Worker Ruling (1) Tuesday’s decision overturns a 2021 decision by the Amsterdam District Court which had ruled that the legal relationship between Uber and its drivers met all of the characteristics of an employment contract. Uber had appealed the decision, saying the majority of drivers wished to remain independent. The ruling confirms drivers’ “right to work independently and choose when, where and for how long they work,” an Uber spokesperson said in an emailed statement. The case is one of several challenges the San Francisco-based ride hailing app and rivals including Deliveroo and Bolt Technology OU have faced to their business models in recent years. Labor unions in several European markets have argued for more stringent employment rights for the millions of delivery couriers and drivers who get work from the platforms, while the companies warn that stricter rules risk putting drivers out of work. Some individual countries including the UK and Spain have already implemented tighter legal frameworks for gig economy workers. However, the European Union’s subsequent effort to regulate workers’ rights in the gig economy failed to get sufficient support, leading to a watered-down pl...

TLDR Microsoft received unanimous approval Monday for 15 data centers in Mount Pleasant, Wisconsin worth over $13 billion The facilities will occupy almost 9 million square feet on land originally intended for a failed Foxconn plant Construction work is projected to provide jobs for approximately 10 years Water usage will stay within existing allocations of 8.4 million gallons annually from Racine Microsoft can now file building permits and submit final engineering plans Microsoft scored a major win Monday evening in Mount Pleasant, Wisconsin. The village board unanimously approved the tech giant’s proposal for 15 new data centers. Microsoft Corporation, MSFT The vote clears the way for a $13 billion development. It marks one of the largest projects in the region’s history. Microsoft purchased the land from Mount Pleasant and private sellers between 2023 and 2024. The two lots sit northwest of an existing Microsoft facility. Plans include almost 9 million square feet of building space. Three substations will power the operations. The expansion addresses Microsoft’s growing need for computing power. The company competes with Amazon, Google, and Oracle to build AI infrastructure. These facilities house Nvidia chips that train and run generative AI models. Microsoft has already booked revenue from OpenAI and other clients that requires this capacity. Building on Foxconn’s Failure The project sits on land with a troubled past. Foxconn announced plans in 2017 for a $10 billion manufacturing plant. The device maker promised 13,000 jobs. Then-President Donald Trump championed the initiative. Mount Pleasant bought land using state funds. The village invested in infrastructure improvements. Foxconn delivered far less than promised. By 2023, the company employed only 1,000 workers statewide. Mount Pleasant faced over $250 million in debt. Microsoft’s project offers redemption for the area. Six residents spoke in support during Monday’s public comment period. Three raised conc...

Boeing reported a surprisingly large fourth-quarter profit and beat revenue expectations by a wide margin.

UPS reported fourth-quarter earnings per share of $2.38 from sales of $24.5 billion. Wall Street was looking for EPS of $2.20 from sales of $24 billion.

格隆汇1月27日｜ADP周度就业报告：截至2026年1月3日的四周里，私人部门雇主平均每周增加7750个就业岗位。

（示意图/Pixabay） 一项新研究发现，长期暴露于空气污染中，可能不仅增加罹患运动神经元疾病（俗称渐冻症）的风险，还会加速其病理进程。 新华社报道，瑞典卡罗琳医学院日前发布新闻公报指出，运动神经元疾病是一类严重的神经系统疾病。患者控制自主运动的神经细胞会逐渐退化直至停止工作，最终导致肌肉萎缩和瘫痪。其中，肌萎缩侧索硬化症（俗称渐冻症）最为常见，约占所有病例的85%至90%。尽管这些疾病的具体病因尚不完全清楚，但环境因素长期被认为是重要的影响角色。 公报介绍，这项研究涵盖瑞典1463名确诊运动神经元疾病的患者。研究人员回溯评估了他们在确诊前最长10年间居住地的空气污染水平，指标包括PM2.5、PM10等颗粒物及二氧化氮的年平均浓度。确诊后，研究人员对患者进行了最长八年的随访。 此外，研究还设置了两组对照人群：1768名来自患者家庭的兄弟姐妹，以及7000余名基于普通人群的匹配对照组，并对相关数据进行了比较分析。 研究结果显示，即使空气污染处于低浓度水平，长期暴露也会使运动神经元疾病的发病风险增加20%至30%。更甚者，居住在空气污染水平较高地区者，在确诊疾病后，其运动功能和肺功能恶化速度更快，需要接受有创呼吸机治疗的可能性更大，死亡风险也更高。当研究人员将分析范围限定在渐冻症患者时，所得结论几乎一致。 研究人员称，既往研究已表明空气污染会导致神经系统炎症反应和氧化应激。这项研究虽然揭示了空气污染与运动神经元疾病之间的关联，但尚未阐明这种关联背后的具体机制。 相关研究论文已发表于《美国医学会杂志·神经病学卷》月刊。

ADP：截至1月3日的四周，美国私营部门就业人数平均每周增加7750人。

格隆汇1月27日｜交通运输部召开党组会。会议强调，要全面深刻准确领会和把握党的二十届四中全会的战略部署，深入分析国际形势、新一轮科技革命和产业变革等新变化对交通运输的影响，深刻认识“十五五”时期综合交通运输体系推进方式、发展动能、增长模式的新特点，聚焦完善现代化综合交通运输体系主攻方向，着力推进“一网四化”，因地制宜发展交通运输领域新质生产力，深入推进“人工智能+交通运输”行动，推动科技创新和产业创新深度融合。

ICFSGET 互動股市圖表 | ICE FactSet Global Green Energy 股市 Yahoo 財經

bluestocking/E+ via Getty Images Market Review Fixed Income Market Review Yields and Spreads 09/30/2025 12/31/2025 2 Year U.S. Treasury Yield 3.61% 3.48% 10 Year U.S. Treasury Yield 4.15% 4.17% 2-10 U.S. Treasury Yield Spread 54 69 Bloomberg U.S. Corporate Investment Grade Bond Index Spread (OAS) 74 78 ICE BofA U.S. High Yield Constrained Index Spread (OAS) 280 281 Returns QTD (As of 12/31/25) YTD (As of 12/31/25) Bloomberg Aggregate Index Return 1.10% 7.30% Bloomberg U.S. Corporate Investment Grade Bond Index Return 0.84% 7.77% Bloomberg U.S. CMBS Index Return 1.44% 7.80% Bloomberg U.S. ABS Index Return 1.25% 5.93% Bloomberg U.S. MBS Index Return 1.71% 8.58% ICE BofA U.S. High Yield Constrained Index Return 1.35% 8.50% Morningstar LSTA US Leveraged Loan Index 1.22% 5.90% ICE BofA U.S. Convertible Index Return 1.97% 17.98% Click to enlarge Source: FactSet. As of 12/31/2025. Past performance is not a reliable indicator or guarantee of future results. Due to market volatility, the market may not perform in a similar manner in the future. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. The index data provided is not representative of any Lord Abbett product. U.S. fixed income markets finished the year on a strong note, registering solid returns across various sectors. The bullish narrative surrounding markets centered on additional easing from the U.S. Federal Reserve (Fed) and a resilient macroeconomic and consumer backdrop. The Fed delivered an additional 50 basis points (bp) of rate cuts during the quarter, including a 25 bp December cut that occurred despite market odds falling sharply late in November. Real GDP grew at a +4.3% annualized rate in the third quarter, supported by strong consumer spending. Other tailwinds included better-than-expected corporate earnings and revision trends, sustained hyperscaler investment supporting the AI theme, and an improvement in trade dynamics. However, sever...

iPhone 17 Pro sales boost will push AAPL Q1 despite App Store weakness AppleInsider

Zephyr Minerals ( ZFR:CA ) on Tuesday announced that it has increased the size of its previously announced non-brokered private placement to an aggregate of 5,200,000 units at a price of $0.05 per unit, for gross proceeds of up to $260,000. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one additional share at a price of $0.10 per share for a period of two years from the date of issuance. Proceeds received from the private placement will be used for general working capital purposes and to advance permitting on the Dawson Gold project. It is anticipated that certain insiders of the company will participate in the private placement. Source: Press Release More on Zephyr Minerals Ltd. Seeking Alpha’s Quant Rating on Zephyr Minerals Ltd. Financial information for Zephyr Minerals Ltd.

Representative Nancy Pelosi (D-California) recently sold shares of Apple Inc. NASDAQ: AAPL. In a filing disclosed on January 23rd, the Representative disclosed that they had sold between $5,000,001 and $25,000,000 in Apple stock on December 30th. Representative Nancy Pelosi also recently made the following trade(s): Purchased $250,001 - $500,000 in shares of NVIDIA NASDAQ: NVDA on 1/16/2026. on 1/16/2026. Purchased $500,001 - $1,000,000 in shares of Amazon.com NASDAQ: AMZN on 1/16/2026. on 1/16/2026. Purchased $500,001 - $1,000,000 in shares of Alphabet NASDAQ: GOOGL on 1/16/2026. on 1/16/2026. Purchased $100,001 - $250,000 in shares of Vistra NYSE: VST on 1/16/2026. on 1/16/2026. Sold $1,000,001 - $5,000,000 in shares of Walt Disney NYSE: DIS on 12/30/2025. on 12/30/2025. Sold $250,001 - $500,000 in shares of PayPal NASDAQ: PYPL on 12/30/2025. on 12/30/2025. Sold $1,000,001 - $5,000,000 in shares of Alphabet NASDAQ: GOOGL on 12/30/2025. on 12/30/2025. Sold $5,000,001 - $25,000,000 in shares of Apple NASDAQ: AAPL on 12/24/2025. on 12/24/2025. Sold $1,000,001 - $5,000,000 in shares of Amazon.com NASDAQ: AMZN on 12/24/2025. on 12/24/2025. Sold $1,000,001 - $5,000,000 in shares of NVIDIA NASDAQ: NVDA on 12/24/2025. Get Apple alerts: Sign Up Apple Trading Up 3.0% Shares of Apple stock opened at $255.41 on Tuesday. The firm's 50 day moving average is $269.21 and its 200 day moving average is $250.65. The firm has a market capitalization of $3.75 trillion, a PE ratio of 34.19, a price-to-earnings-growth ratio of 2.31 and a beta of 1.09. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $288.62. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 1.06. Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.11. The firm had revenue of $102.47 billion for the quar...

Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,640 shares of the company's stock, valued at approximately $664,000. Other hedge funds also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC increased its holdings in Palantir Technologies by 2.5% during the third quarter. Belpointe Asset Management LLC now owns 75,406 shares of the company's stock valued at $13,756,000 after buying an additional 1,826 shares during the period. NWF Advisory Services Inc. boosted its position in Palantir Technologies by 57.4% during the 3rd quarter. NWF Advisory Services Inc. now owns 26,409 shares of the company's stock valued at $4,818,000 after acquiring an additional 9,626 shares in the last quarter. Chilton Capital Management LLC increased its holdings in shares of Palantir Technologies by 28.5% in the 3rd quarter. Chilton Capital Management LLC now owns 748 shares of the company's stock valued at $136,000 after acquiring an additional 166 shares during the period. Alta Advisers Ltd increased its holdings in shares of Palantir Technologies by 6.5% in the 3rd quarter. Alta Advisers Ltd now owns 11,422 shares of the company's stock valued at $2,084,000 after acquiring an additional 700 shares during the period. Finally, Fortis Capital Advisors LLC raised its position in shares of Palantir Technologies by 0.7% in the 3rd quarter. Fortis Capital Advisors LLC now owns 54,478 shares of the company's stock worth $9,938,000 after acquiring an additional 401 shares in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors. Get Palantir Technologies alerts: Sign Up Palantir Technologies News Summary Here are the key news stories impacting Palantir Technologies this week: Analysts Set New Price Targets...

印度和歐盟達成自由貿易協定，歐盟形容是歷史性。 經過近二十年談判，印度總理莫迪、歐盟委員會主席馮德萊恩，和歐洲理事會主席科斯塔，在印度新德里見證。簽署結束談判的文件預計完成相關程序後，會在今日內正式簽署，明年初生效。 這項協定旨在改善市場准入，減少貿易壁壘，並為雙方企業提供更穩定的長期規劃和規則，被認為是要抗衡美國關稅，和減低對中美依賴。 印度和歐盟亦同意，加強在防衛和安全的合作。 歐盟在烏克蘭問題上對俄羅斯強硬，但美國財長貝森特指，歐盟一直有透過印度買俄方石油，稱是極為諷刺。

华尔街对 特斯拉 公司的态度正释放出矛盾信号。分析师对这家电动汽车制造商今年的盈利潜力愈发持怀疑态度，但其对特斯拉股票的目标价却在不断上调。 “特斯拉在资本市场上的定位堪称独一无二。” 数据探索研究公司联合创始人尼古拉斯・科拉斯表示，“它的属性更像是一家风投支持的初创企业，而非传统上市公司。只要其愿景足够宏大，市场估值的锚点就会落在愿景上，而非盈利与现金流表现。” 过去 12 个月里，分析师对特斯拉 2026 年净利润的平均预期大幅下修 56%，从 141 亿美元降至 61 亿美元。然而同期内，特斯拉股票的 12 个月平均目标价却从 337.99 美元攀升至 409.49 美元。在此期间，特斯拉股价累计上涨 7%，周二收盘价报 435.20 美元，远超华尔街对其一年后的价格预期。 科拉斯指出，这种走势 “极为反常”，因为通常情况下，目标价上调往往与盈利预期改善同步出现，而非在盈利预期恶化时逆势走高。特斯拉将于周三发布四季度及全年业绩报告。特斯拉发言人未回应置评请求。 特斯拉股价曾在去年 12 月飙升至历史高点，随后有所回落，当前动态市盈率超过 195 倍（基于未来 12 个月预期盈利计算）。在 “科技七巨头” 中，这一估值水平遥遥领先，而该组合的整体预期市盈率仅约 29 倍。相比之下，组合中与特斯拉估值最接近的 苹果 、 谷歌 、 微软 和 亚马逊 ，其预期市盈率均处于 25 至 30 倍区间。 特斯拉的市盈率在整个标普 500 指数成分股中也高居第二位，仅次于被列为收购目标的 华纳 兄弟探索公司，大幅领先于排名第三的帕兰提尔科技。 “若特斯拉的估值能向同行靠拢，我们或许会认为其风险收益比具备吸引力。” 汇丰银行分析师迈克・廷德尔本月初在给客户的研报中写道。但他补充称，其他 “科技七巨头” 成员拥有 “更高的利润率和更充沛的现金流”，估值却远低于特斯拉。 要理解特斯拉的 “异类” 程度，不妨参考一组数据：过去一年，“科技七巨头” 所有成员的目标价均有所上调，但只有特斯拉的盈利预期在同步恶化。 特斯拉股价中蕴含的高预期，已成为投资者之间的争议焦点。显然，其股价走势已不再与电动汽车销量预期挂钩，而是主要取决于首席执行官埃隆・马斯克提出的人形机器人与无人驾驶汽车愿景。尽管这些领域确实具备未来增长潜力，但特斯拉尚未在这些业务中实现实际盈利。 本周三下午，特斯拉发布财报后，马...

Ethiopia’s Capital Markets Authority is reviewing 66 prospectus submitted by companies seeking approvals for various issuances in the Horn of Africa nation. More than 45 of the applications are from the financial services industry — banks, insurers and micro-lenders, Director General Hana Tehelku said. “We have thousands of existing companies and we want to bring them to the market by listing by introduction,” she said. The regulator has approved two applications for issuance, two more will get approval this week, and another one or two will be considered each week going forward, she said in an interview in the Kenyan capital, Nairobi. The Horn of Africa nation launched its stock market last year, part of initiatives by Prime Minister Abiy Ahmed to attract foreign capital into an economy that has been largely closed to foreign investment for decades. The nascent exchange commenced equities trading in July with two listed lenders, Wegagen Bank SC and Gadaa Bank SC. It’s maiden initial public offering — in Ethio Telecom — sold only 10% of the stock that was up for sale. Ethiopia Debuts Stock Trade Six Months After Opening Market (1) Ethiopia Sells 10% in Its Maiden IPO That Was Open for 121 Days

格隆汇1月27日｜上期所沪锡期货涨近5%，报456500元/吨；伦锡日内涨幅扩大至6.00%，现报57360.00美元/吨。

JHVEPhoto Invesco ( IVZ ) shares advanced 4.1% in Tuesday premarket trading after the investment management firm amassed more assets than Wall Street expected, helped by net market gains and non-management fee-earning products, while it controlled its expenses. Q4 net long-term inflows of $19.1B, primarily from its ETFs and Index business and its China joint venture, compared with $28.9B of inflows in the previous quarter. The influx of assets in Q4 2025 beat the Visible Alpha consensus of $18.9B. Ending assets under management of $2.17T, just topping the Visible Alpha consensus of $2.16T, rose 2.1% Q/Q and 17.5% Y/Y. Net market gains increased AUM in Q4 by $10.7B, and foreign exchange rate movements reduced AUM by $1.7B. Invesco ( IVZ ) recorded inflows of $11.7B from non-management fee-earning products and outflows of $0.3B from money market funds during the quarter. Q4 adjusted EPS of $0.62, beating the average analyst estimate of $0.58, increased from $0.61 in Q3 and $0.52 in Q4 2024. Q4 net revenue of $1.26B, topping the $1.25B consensus, climbed from $1.19B in the previous quarter and $1.16B in the year-ago period. Adjusted operating expenses of $801.1M, lower than the Visible Alpha estimate of $807.8M, rose from $780.2M in Q3 and $767.1M in the prior year's Q4. Adjusted operating margin of 36.4% widened from 34.2% in the prior quarter and 33.7% a year ago. "We generated another quarter of positive operating leverage with strong revenue growth and good expense management," said President and CEO Andrew Schlossberg . "This translated to significant improvement in our operating margin. We strengthened the balance sheet through further reductions in preferred stock and repayment of debt, while continuing to repurchase common shares as we prioritize deleveraging the balance sheet and returning capital to shareholders." Conference call at 9:00 AM ET. More on Invesco Invesco: Asset Manager Hits Ceiling Of Fair Value Invesco Ltd. (IVZ) Presents at Goldman Sachs 2025 ...