报告摘要 一、市场回顾 本周农业指数上涨，其中种植指数领涨。1.本周，申万农业指数上涨了0.4%，同期，上证综指上涨0.83%，深成指上涨1.11%，农业板块表现略逊于大市；2.细分到二级子行业，除了饲料和动保下跌以外，其他子行业指数上涨。其中，种植和农产品加工指数上涨了4.13%和3.99%，涨幅领先；3.前10大涨幅个股主要集中在种植板块，前10大跌幅个股集中在养殖板块。涨幅前3名个股依次为福建金森、海南橡胶和万辰集团 二、核心观点 1、养殖产业链 1）生猪：猪价旺季反弹，幅度有所收窄 猪价旺季反弹。本周末，全国生猪出厂均价12.97元/公斤，较上周涨0.19元；主产区15公斤仔猪出栏均价28.03元/公斤，较上周涨2.89元； 上市公司出栏量增速放缓，下游屠宰开工率下降。本周末，全国规模以上屠宰企业开工率为36.48%，较上周降2.1个百分点，较上年同期降24.63个百分点；上上周，16省市规模屠宰企业生猪宰后均重89.71公斤/头，较之前一周略增，较上年同期增0.11公斤；2025年12月，16家养猪上市公司生猪出栏量合计为1790万头，环增2.9%，同增1.35%。 行业扭亏为盈，产能去化速度放缓。近期我国养猪行业产能持续去化，速度有所放缓。据统计局数据，截至25年12月底，全国能繁母猪存栏3961万头，较去年1月减少116万头，下降2.9%，是正常保有量的101.6%。预计，在“疫情风险上升+政策施压”的多重压力下，我国养猪业产能有望继续去化：1）猪价短期反弹，中期或持续低迷。预计，随着节日旺季因素消退，猪价或再度低迷，行业或再度亏损；2）疫情压力：冬季1-2月份气温偏低，北方猪场非洲猪瘟疫情防控压力仍然加大，风险上升；进入4-5月份南方雨水偏多，不利于猪场防控，疫情风险较高；3）政策压力：自6月份以来，相关部门密集召开会议释放减产能的明确政策信号，目前临近政策成效检验时点，养猪行业产能调节所面临的政策压力值得重视。 个股估值处于历史低位，长期投资价值凸现。目前，大多数养殖上市公司头均市值（对应2025年预估出栏量）仍处于历史底部区间，距离历史均值有较大上升空间，长期投资价值凸显。 2）白鸡：行业产能水平较高，鸡价中期或震荡 鸡苗和毛鸡价格元旦后回落至历史同期中位水平：本周末，烟台鸡苗均价2.54元/羽，较上周跌0.29元，处于历史同期中位水平；主产区白...

报告导读： 摘要： 1. 中国人民银行的“三目标制”货币政策分析框架。从具体的操作工具来看，当前人民银行在“量”的投放方面主要运用两类工具，分别是由质押贷款类、央行资产购买类和回笼类长期主动投放工具，正逆回购、SLF、国库定存等短期主动投放工具，和外汇占款及财政存款（抵扣）等被动投放工具构成的主要基础货币投放工具，以及通过改变货币乘数来影响基础货币需求的降准工具。通过配合实施这两类操作工具进行“量”的投放从而影响对7天逆回购利率这一政策利率的价格调控，并间接传导至MLF利率、LPR利率和M2增速，最终实现上述三项长期货币政策目标。 2. 房地产市场调整叠加化债，信用融资需求内生性收缩。纵观全球主要经济体，在货币宽松与房地产市场之间往往存在周期性循环，经济面临严重问题的阶段通过大幅宽松能够在短期内迅速刺激起地产泡沫，泡沫刺破后的阵痛期又再次开启宽松周期意图稳定内需，正如上世纪八十年代的日本。2022年伊始，随着一线城市为避免房地产市场过度泡沫化而骤然收紧的需求调控政策落地以及新冠疫情对实体经济的持续冲击，此前房企“预售——举债——拿地”的高杠杆高周转模式宣告失灵，房地产市场迎来至今仍未完成的有史以来最深度调整，与之密切相关的居民杠杆也由此开始快速收缩。而原本在《资管新规》的约束之下，2015年货币大幅宽松刺激内需阶段积累下的实体经济难以靠自身消化的过量杠杆已经处于化解过程，但又因新冠疫情过程中和疫后经济重建阶段基建投资“以工代赈”的重要作用，地方债务杠杆累积的风险最终到了不得不被中央腾挪接手后，基建投资的去杠杆序幕终于慢于房地产市场拉开。至此，居民和企业同步加速去杠杆的阶段正式开启，货币政策的目标也从抑制泡沫转向了防范房地产市场风险和地方债务风险向金融和实体经济进一步传播，“适度宽松”的导向正式被确立。 3. 中国人民银行的货币政策抉择。公开市场国债净买入和降准工具或为2026年值得考虑的流动性投放工具，我们预计若商业银行净息差趋稳，2026年全年或有一次50BP的降准，三四季度或为较好的时间窗口；全年可能有1-2次全面降息，每次10BP幅度。 4. 国债期货行情跟踪与展望。我们在上周末提示“短期推荐30-10利差压缩交易与多头替代，中期持续推荐逢高套保与做多跨期、正套”。周二盘中快评我们再次提示30-10利差缩窄套利机会，该策略当前已迅速兑现。 当前我们认为，随着T...

投资要点 本周核心观点：1）高载重与可回收推动火箭发射降本，推进剂、发射特气需求刚性，价值量与价值占比长期提升。火箭发射经济性成为未来火箭发射向高密度、标准化转型的重要因素。火箭发射降本路线清晰，高载重和可回收成为核心途径，液态甲烷作为推进剂优势凸显，占比提升。在高载重与可重复使用背景下，推进剂特气需求与发射次数高度相关且成本占比提升。可重复使用技术显著压缩了制造成本在单次发射中的占比，但并未降低推进剂消耗，回收过程甚至需要额外燃料储备。基于当前时点，我们测算猎鹰9号单次发射推进剂与特气需求合计成本约80万美元，根据《“猎鹰”9火箭的发射成本与价格策略分析》（2022），考虑火箭可回收，火箭成本从5000万美元下降至1500万美元，推进剂与特气需求刚性保持单次80万美元，单次发射成本占比从1.6%提升至5.3%。推进剂与特气需求逐步成为最稳定、最可预测的价值环节。重点推荐九丰能源，深度卡位商业航天特燃特气供应，打造九丰航天特气专业品牌，航天特燃特气供应价值量与份额长期提升。2）全国冬季用电负荷首破14亿千瓦。2026年全国用电负荷三创冬季新高，冬季负荷首次突破14亿千瓦，最高达14.17亿千瓦，单日用电量首次在冬季突破300亿千瓦时 行业核心数据跟踪：电价：2026年1月全国平均电网代购电价同比下降8%。煤价：截至2026/1/23，动力煤秦皇岛5500卡平仓价685元/吨，周环比减少9.03%。水情：截至2026/1/23，三峡水库站水位169.85米，2022、2023、2024、2025年同期水位分别为170.14米、157.85米、166.94米、168.24米，蓄水水位正常。2026/1/23，三峡水库站入库流量7530立方米/秒，同比增长15.8%，三峡水库站出库流量9180立方米/秒，同比增加12.8%。用电量：2025M1-11全社会用电量9.46万亿千瓦时（同比+5.2%），其中，第一产业、第二产业、第三产业、居民城乡用电分别同比+10.3%、+3.7%、+8.5%、+7.1%。发电量：2025年M1-11累计发电量8.86万亿千瓦时（同比+2.4%），其中火电、水电、核电、风电、光伏分别-0.7%、+2.7%、+8.1%、+9.6%、+24.8%。装机容量：2025M1-11新增装机容量，火电新增7752万千瓦（同比+63.4%），水电新增912...

腰果术语词汇表和SPS定义 等级产量：产出的籽粒等级（最高36级）。 传统：未经有机或公平贸易认证生产的食品。 在shell中：作为收获的坚果。 KOR:核仁出油率是西非地区常不正确使用的术语，用来描述切割试验的结果，这并不能反映实际的出油率。正确使用KOR是出油率和等级产率的组合。 有机：一种不使用化学品并涉及环境可持续方法的生产系统。 产出：从单位量的带壳坚果中产生的果仁重量通常以每80公斤袋多少磅来报价，也以百分比值表示。通常用于切割测试的语境，而不是描述加工商的实际产量。 处理去除外壳、通过剥皮去除种皮、对所得腰果进行分级，并包装腰果以供销售的制造工艺。RCN:原生的腰果通常被称为带壳腰果。“原生”一词用于描述烹饪前的腰果。RCN可以是“干燥的”（通常含水量<9%）或“未干燥的”（通常在农场时含水量>9%，通常在15%到20%的范围内）。 烤箱：用于零售或批发贸易的腰果仁加工和包装商。该术语通常用于描述所有向零食贸易供应烤（和/或盐）腰果仁的买家。 测试：花生仁壳。去壳后，去掉种皮以露出花生仁。 我们所说的卫生与植物卫生（SPS）措施是什么？旨在保护人类、动物和植物生命健康，免受添加剂、污染物、毒素或致病生物体所产生风险的规则、措施和法规。它们确保食品适合食用。卫生是指活动物、动物源食品以及这些食品的副产品。植物卫生是指植物、植物产品、水果和蔬菜。 我们所说的卫生和植物卫生实践是什么意思？对措施在生产及出口贸易中如何实施的具体说明。为什么SPS措施和实践很重要？它们保护消费者、动物和植物免受健康和安全风险。通过增加透明度、提供有关出口产品的更多信息以及确保进口食品产品安全，它们可以通过改善出口商的市场准入来促进降低贸易成本。 SPS措施涵盖哪些内容？世界贸易组织的协定规定，SPS措施涵盖“所有相关法律、法令、法规、要求和程序，包括但不限于最终产品标准；工艺和生产方法；检验、鉴定、认证和批准程序；检疫处理，包括与动物或植物运输相关的相关要求，或与运输期间其生存所需的材料相关的相关要求；关于相关统计方法、抽样程序和风险评估方法的规定；以及与食品安全直接相关的包装和标签要求。”

简介 人工智能治理对于实现可扩展性至关重要随着生成式AI成为新的现实、企业正通过人工智能驱动的创新来抢占先机。但其中的关键问题仍在于：您的AI是否得到了充分治理？ 要回答这个问题、就需要将安全性和弹性通过设计融入组织的DNA中、而不仅仅是在政策中加以说明。为此、需要提供持续、可证明的证据、以证明控制措施正按预期运行、而不是仅仅依赖年度合规性检查。此类持续保证对于满足当今的监管要求以及应对不断变化的风险态势均至关重要。 治理是确保企业所有基于AI的创新理念都未偏离正轨、且符合全球道德与监管标准的关键所在。 有了治理作为安全网、就没有理由在充分发挥AI潜力方面退缩。 本电子书将帮助您了解更多有关人工智能治理的原则、并让您的企业走上发展的快车道。

2025年，中国肩颈按摩仪市场在社交媒体上展现出显著的活跃度与动态变化。本报告旨在通过对全年社媒声量、互动量及⽤户讨论的深度分析，勾勒出⾏业整体趋势，剖析头部品牌的营销策略，并揭⽰消费者在选购过程中的核⼼考量因素

概况 2025年四季度， 沈阳甲级写字楼市场无新增供应入市 ， 总存量维持在 136.9万平方米。 本季度， 全市录得净吸纳量为 -5,470平方米， 全年累计净吸纳量为 20,875平方米。 空置率环比上升0.4个百分点至33.5%， 市场整体表现较为平稳；全市租金水平环比下降2.7%至每月每平方米人民币55.1元。 从成交行业上看， 本季度前三大成交行业占比表现较为平均 。 贸易类成交延续了之前的良好表现 ， 尽管占比下降至23%， 但仍位居首位； TMT及专业服务类成交占比22%和21%， 分列二、 三位；金融类成交占比 16%， 位列第四位

刘波：对以色列更有利的“修正主义”叙事将几乎所有责任都归咎给巴方，这在历史学和国际法上是难以成立的，偏颇的叙事也会加重现实伤害。 FT中文网公共政策主编 刘波 自2023年10月7日开始的新一轮巴以大规模冲突持续至今，已造成灾难性的城市毁灭和人员伤亡。据估计加沙80%以上的建筑物已经受损，医院和卫生设施基本瘫痪，医疗服务严重不足。据加沙卫生部门统计，已有超过7万名巴勒斯坦人死亡。世界卫生组织确认加沙部分地区出现饥荒，大量人口面临严重营养不良和粮食短缺。虽然这场冲突中最激烈的阶段已经结束，总的停火协议依然存在，但局势仍然高度不稳定，加沙几乎每天都有更多人死亡，同时各方围绕未来加沙治理安排存在严重分歧，大规模冲突随时可能重燃。加沙仍然位于火山口上。 中国舆论场上围绕巴以冲突的争论也在持续。传统上中国在巴以冲突问题上的官方历史叙事对巴方更为有利。但在近20年左右的时间里，一种对以色列的说法更为有利的“修正主义”历史叙事也在中国民间舆论场中流传，尤其是在情感上亲以的群体中流传。这种历史叙事将几乎所有巴以冲突的责任都归咎给巴方，认为巴勒斯坦伊斯兰抵抗运动（哈马斯）甚至整个巴勒斯坦民族要为巴以冲突的持续负责。无论根据中国还是全球历史学和国际法学界的主流观点，这种巴以冲突问题上高度偏袒以色列的“修正主义”史观都是难以成立的。 同时这种史观和理解框架很可能导向“反巴勒斯坦主义”（Anti-Palestinianism），即对巴勒斯坦人的系统性偏见和歧视，否认巴勒斯坦人作为一个民族或群体的存在、尊严和平等权利，将对巴勒斯坦人的暴力和压迫行为合理化，甚至认为是巴勒斯坦人自身所谓的“过错”或“历史责任”导致其“不可避免地”要在今天承受这样的命运。这种“反巴勒斯坦主义”往往将巴勒斯坦人本质化，不考虑巴勒斯坦人所处的具体历史环境以及不同巴勒斯坦人群的差异，把巴勒斯坦人描述为具有特定性格或行为倾向的人，描述为与世界其他地方的居民不同的人。显然“反巴勒斯坦主义”对以色列宣传其立场和政策高度有利，但无论对巴以冲突的缓解、公平的实现还是对世界和平而言，这种歧视性的视角和世界观都是高度不利的。 巴以冲突可以追溯到19世纪末20世纪初，持续时间长久，相关争议众多，几乎在任何具体历史事件上，巴以双方都各持一说，针锋相对。对以色列有利的一套“修正主义”叙事也几乎涵盖了巴以冲突的全部过程。我们不可能对所有这些...

贝以理表示2023年10月7日开始的战争对以色列而言是一场生死存亡之战。以色列对哈马斯的强力反击削弱了后者的领导层、基础设施及作战能力。 FT中文网专栏作家 王英良 【本文是全球政要“百人百访”系列高端对话的最新一篇。】 以色列驻华大使贝以理（Eli Belotsercovsky）于2025年6月4日正式履新，他在以色列外交部任职超过30年，担任过多个职务。贝以理曾任以色列驻南非大使、驻乌克兰大使、驻摩尔多瓦和亚美尼亚大使（非常驻）、与印度和中国经济关系司司长、以色列驻印度大使馆公使、以色列驻塞浦路斯大使馆公使以及以色列驻新加坡大使馆公使。贝以理拥有耶路撒冷希伯来大学国际关系与远东事务学士学位（主修中国研究），以及波士顿大学国际管理硕士学位。 以下是访谈实录。 贝以理（Eli Belotsercovsky） 问： 经过旷日持久的军事行动和艰难的外交协调，以色列最终成功使幸存人质重返家园。你认为此次成功归结于哪些因素？在此过程中，以色列与美国之间的战略协调将对以、美两国关系产生何种影响？ 贝以理： 正如FT中文网的读者所知，加沙战争由哈马斯于2023年10月7日的残暴袭击所挑起，超过1200名以色列人惨遭杀害，包括婴儿、儿童和老人。哈马斯恐怖分子实施了骇人听闻的强奸和酷刑，有些父母被迫目睹子女遭受折磨后被杀害，随后他们自己也遭杀害。 当日，哈马斯从以色列绑架251人至加沙地带，其中包括儿童。最年幼的受害者是9个月大的婴儿克菲尔（Kfir），他与4岁的哥哥阿里埃尔（Ariel）、母亲希里（Shiri）以及父亲亚登（Yarden）一同被劫持。母亲和两个孩子在被囚禁期间惨遭哈马斯杀害。 自那一天起，以色列便为解救所有人质、摧毁哈马斯组织而奋战，确保该组织永远不再对以色列构成威胁。以色列对哈马斯的强力反击削弱了哈马斯的领导层、基础设施及作战能力。此外，美国总统特朗普施加的密集外交压力对确保所有幸存人质获释至关重要，并促成了当前停火协议的达成。这项由美国主导、地区伙伴协助促成的停火协议，为愿意与以色列和平共处的加沙民众带来了和平的机遇。 战争期间，以色列与美国始终紧密协作。美国在解救人质以及协助以色列自卫方面发挥了关键作用。以、美之间坚不可摧的伙伴关系在这两年中得到体现，并将在未来继续保持。 问： 以色列总理内塔尼亚胡明确拒绝承认巴勒斯坦国，但以色列与加沙已达成临时停火。以色列...

英国政府计划加强对中国在其“外国影响登记制度”覆盖范围内的活动的审查，同时寻求深化中英关系。 英国政府计划加强对中国在其“外国影响登记制度”(FIRS)覆盖范围内的活动的审查，但不会将中国与俄罗斯和伊朗归为同一层级。英国首相基尔•斯塔默(Keir Starmer)目前正寻求深化中英关系。 部长们避免将中国与俄罗斯和伊朗一同纳入该制度的“增强层级”。该制度旨在对被视为构成国家安全风险的外国势力活动增强对英国公众的保障。 官员们目前正在制定计划，预计将于今年晚些时候公布。该计划可能仅涉及将与最敏感领域相关的某些中国政府控制实体纳入“增强层级”，而不会将整个中国政府纳入其中。 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►

行业观点： 1)上周（1/19-1/23）大消费板块表现分化。纺织服饰、社会服务、商贸零售、美容护理、家用电器、食品饮料周涨跌幅分别为+4.48%、+3.20%、+2.16%、+1.98%、-0.02%、-1.41%。食品饮料、家用电器、纺织服饰、商贸零售、社会服务、美容护理各板块领涨的个股分别是好想你（+19.59%）、澳柯玛（+12.48%）、*ST天创（+29.16%）、新华百货（+22.00%）、苏试试验（+13.44%）、延江股份（+22.94%）；领跌的个股分别是岩石股份（-11.49%）、立达信（-14.51%）、美尔雅（-4.30%）、三江购物（-12.27%）、ST东时（-9.11%）、*ST美谷（-3.21%）。 2)龙头财报亮眼，黄金珠宝板块迎旺季催化行情。近期黄金珠宝板块迎来多重利好共振，国际金价高位企稳，春节、情人节旺季备货需求升温，叠加板块前期股价回调充分消化估值，行业配置价值凸显。从龙头最新财报看，板块业绩已呈现明确回暖态势。周大福2026财年三季报零售额同比增18%，内地/港澳市场分别增17%/23%，定价首饰同店销售额增53%，贡献率升至40%，管理层上调全财年盈利指引，毛利率目标上修至31.5%-32.5%。六福集团同期零售值增26%，内地品牌店同店增31%，港澳同店增16%，定价黄金产品成核心驱动力，港澳业务受益于价差扩大持续发力。潮宏基2025年归母净利同比增125%-175%，剔除减值后主业净利中枢约6.55亿元，全年净增门店163家，渠道扩张与单店效益提升形成双支撑。当前金价再创新高，足金饰品价突破1500元/克，头部品牌通过产品结构优化对冲金价波动风险。旺季备货下，马年生肖、文创联名等新品密集上市，叠加高端化与出海战略推进，龙头份额有望持续集中。当前板块估值经前期回调已具吸引力，旺季消费弹性与业绩韧性有望推动板块估值修复。 3)12月社零同比+0.6%，持续关注服务消费板块。12月社零总额同比+0.9%，环比下降0.4pct，除汽车外同比+1.7%。按消费类型看商品零售额同比+0.7%，限额以上商品零售同比-2.0%；餐饮同比+2.2%，限额以上餐饮零售同比-1.1%。按品类看，必选消费保持韧性，12月粮油食品、饮料、日用品分别同比+3.9%、+1.7%、+3.7%环比下滑2.2pcts、下滑1.2pct、上升4.5pc...

The Magnificent Seven, as a whole, may still be great long-term bets, especially now that most of their members have fallen under enough pressure to see their valuation metrics compress. That said, the Mag Seven seem to be breaking apart, with three members in Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and Meta Platforms (NASDAQ:META) sinking, while two ... Forget the Mag 7. It’s All About the Magnificent 2 and They’re Still Buys

creuxnoir/iStock via Getty Images Goldman Sachs expects the recent equity market broadening to continue in early 2026, but the magnitude and duration of that rotation will ultimately prove limited, according to Ben Snider, chief U.S. equity strategist and managing director at Goldman Sachs. Snider pointed to an improving economic outlook and favorable Federal Reserve policy as near-term tailwinds, though he cautioned that several factors will constrain how far this trend can extend. Building on momentum from late 2025, U.S. small-caps and mid-caps and non-U.S. markets have generally outperformed the headline U.S. equity indices ( SP500 ), ( COMP:IND ), ( DJI ) in the first few weeks of 2026, with the Russell 2000 ( IWM ) returning 10% year-to-date and outperforming the S&P 500 ( SP500 ) on each of the first 14 trading days of the year. From a fundamental perspective, the improvement in market breadth reflects a broadening in the opportunity set facing investors, driven by an improving economic growth outlook and friendly Fed policy, according to Goldman Sachs. US equity market breadth has improved sharply since October (FactSet, Goldman Sachs Global Investment Research) The shift also reflects continued portfolio diversification among investors, with the strategists emphasizing that “a rotation of 1% of S&P 500 ( SP500 ) market cap to the Russell 2000 ( IWM ) would represent 19% of market cap for the small-cap index.” While strong economic growth in the first half of 2026 creates larger near-term tailwinds for smaller and more cyclical stocks, the firm’s economists expect GDP growth will return to roughly trend in the second half of the year, limiting the runway for cyclical broadening. Goldman Sachs analysts also noted that valuations for the average S&P 500 stock are already elevated versus both history and fundamentals, presenting another constraint on extended outperformance. Snider identified three historical paths to extended broadening—a “catch down” in mega-...

美国最大的区域电力市场运营商PJM电网公司预测冬季用电需求将创纪录。Dominion Energy弗吉尼亚辖区电价跃升，寒潮期间人工智能驱动的数据中心负荷加剧了涨幅。参与者正努力应对剧烈价格波动，电网运营商启动燃油发电并采取措施避免轮流停电。 责任编辑：张俊 SF065

美国财政部于周一宣布，已终止与博思艾伦咨询公司签订的 31 份总价值 2100 万美元的合同，并指控该公司未能妥善保护敏感数据，涉及美国国税局的相关信息也包含在内。 美国财政部长斯科特・贝森特在周一发布的一份声明中表示：“博思艾伦咨询公司未能落实充分的防护措施以保障敏感数据安全，其中包括其通过与美国国税局签订的合同获取的纳税人保密信息。” 博思艾伦咨询公司前承包商查尔斯・利特尔约翰于 2024 年承认，曾向新闻媒体泄露美国国税局掌握的特朗普总统及其他人士的税务信息，他最终被判处五年监禁。 美国财政部发布的公告显示，美国国税局经核查认定，此次数据泄露事件波及超过 40 万名纳税人。 责任编辑：郭明煜

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Fed meeting likely to be overshadowed by threats to central bank's independence Reuters

Image source: The Motley Fool. Tuesday, July 29, 2025 at 8 a.m. ET CALL PARTICIPANTS President and Chief Executive Officer — J. Powell Brown Executive Vice President and Chief Financial Officer — R. Andrew Watts Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Total Revenue -- $1.285 billion, up 9.1%, driven by both organic expansion and acquisitions. -- $1.285 billion, up 9.1%, driven by both organic expansion and acquisitions. Organic Revenue Growth -- 3.6% consolidated, with deceleration attributed to property rate pressure and lower new business in Retail. -- 3.6% consolidated, with deceleration attributed to property rate pressure and lower new business in Retail. Adjusted EBITDAC Margin -- 36.7%, an increase of 100 basis points, supported by incremental interest income and underlying margin expansion. -- 36.7%, an increase of 100 basis points, supported by incremental interest income and underlying margin expansion. Adjusted Diluted Earnings Per Share -- $1.03, up 10.8% on a higher share base. -- $1.03, up 10.8% on a higher share base. Retail Segment -- Organic growth of 3%, total revenue up 7.9%; margin decreased by 50 basis points to 27.5% due to Quintes revenue seasonality. -- Organic growth of 3%, total revenue up 7.9%; margin decreased by 50 basis points to 27.5% due to Quintes revenue seasonality. National Programs Segment -- 4.6% organic growth; total revenue up 6.1%; EBITDAC margin expanded by 320 basis points to 52.8%, aided by a contingent commission true-up. -- 4.6% organic growth; total revenue up 6.1%; EBITDAC margin expanded by 320 basis points to 52.8%, aided by a contingent commission true-up. Wholesale Brokerage Segment -- Organic growth of 3.9%, total revenue up 14.5%; margin increased by 80 basis points to 34.1%, with higher contingent income and acquisition mix impact. -- Organic growth of 3.9%, total revenue up 14.5%; margin increased by 80 basis points to 34.1%, with higher contingent income and acquisition mix i...

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Shares of GPU titan Nvidia (NASDAQ:NVDA) may have been stuck in a sideways channel for the past six months, but a lot has been going on behind the scenes amid the intense sideways action. Of course, Nvidia isn’t solely to blame for the recent consolidation. In fact, the Magnificent Seven players have really run out ... NVIDIA Just Made a Bigger Push Into AI Drug Discovery

Image source: The Motley Fool. Thursday, July 24, 2025 at 1 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — James Eugene Beckwith Executive Vice President and Chief Financial Officer — Heather Christina Luck Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Net Income -- $14.5 million with reported earnings per share of $0.68. -- $14.5 million with reported earnings per share of $0.68. Return on Average Assets -- 1.37% for the quarter as disclosed in prepared remarks. -- 1.37% for the quarter as disclosed in prepared remarks. Return on Average Equity -- Reached 14.17% during the period. -- Reached 14.17% during the period. Net Interest Margin -- Expanded 8 basis points to 3.53% from the prior quarter. -- Expanded 8 basis points to 3.53% from the prior quarter. Cost of Total Deposits -- Declined by 2 basis points sequentially to 2.46%. -- Declined by 2 basis points sequentially to 2.46%. Efficiency Ratio -- Management cited a ratio of 41.03% for operating expenses to revenues. -- Management cited a ratio of 41.03% for operating expenses to revenues. Loans Held for Investment -- Increased by $136.2 million, equating to a 15% annualized rate. -- Increased by $136.2 million, equating to a 15% annualized rate. Total Deposit Growth -- Rose $158.3 million, representing a 17% annualized increase. -- Rose $158.3 million, representing a 17% annualized increase. Nonperforming Loans -- Represented 6 basis points of total loans, with an increase of $0.5 million attributed to one commercial real estate loan placed on nonaccrual status. -- Represented 6 basis points of total loans, with an increase of $0.5 million attributed to one commercial real estate loan placed on nonaccrual status. Dividend Declaration -- Board approved a $0.20 per share cash dividend, with payment anticipated in August. -- Board approved a $0.20 per share cash dividend, with payment anticipated in August. Commercial Real Estate Loan Portfolio -- Grew by $125.4 mill...

Specialty chemicals producer Archroma is readying for talks over an extension to its debt stack, as its results are improving following a period of weakness in its industry. The SK Capital -backed company released a preliminary earnings update last week, showing some signs of a gradual recovery in profits and cash flow generation, said people familiar with the matter, speaking on the condition of anonymity. On the back of that, Archroma is considering starting formal discussions in coming weeks to amend and extend its term loans due in June 2027, said the people. The company has €555 million ($658 million) of euro loans and a $340 million dollar tranche maturing next year, according to data compiled by Bloomberg. The euro-denominated tranche is currently quoted at around 89 cents on the euro, after reaching a low of 74 in October, according to price data compiled by Bloomberg. Archroma held a non-deal roadshow in December, one of the people said. It has also had informal conversations with creditors about extending maturities, some of the people said. Among the options floated was raising second-lien debt the company could use to pay down some of the term loan, lowering first-lien leverage, they added. There is no guarantee that a deal will come together in coming weeks, and the company could also opt to address the maturities next quarter. A spokesperson for Archroma declined to comment. SK Capital did not respond to a request for comment. Headquartered in Switzerland, Archroma provides chemicals to the textiles, packaging and paper industries. Although the term loan doesn’t mature for over a year, it’s common for borrowers to seek to refinance their facilities well in advance of the redemption date. Those who don’t can face pressure from ratings agencies. In December, S&P Global Ratings slashed its credit score for Archroma to B-, flagging that it was expecting challenging market conditions in the chemicals space to last through 2026. The European chemicals indust...

Investing.com -- Micron Technology (NASDAQ:MU) stock fell 2% Monday following reports that Samsung Electronics (KS:005930) is close to securing certification from Nvidia (NASDAQ:NVDA) for its latest high-bandwidth memory chip, potentially becoming the first manufacturer to ship the product. According to Bloomberg, Samsung has entered the final qualification phase with Nvidia after supplying initial HBM4 samples in September. The South Korean tech giant is preparing for mass production in February and will be ready to ship soon after, though exact timing remains unclear. Samsung shares gained as much as 3% in Seoul trading before trimming gains, while rival SK Hynix saw its stock decline. The development suggests Samsung could gain ground in the high-bandwidth memory market currently dominated by SK Hynix, potentially affecting Micron’s competitive position in supplying memory for AI accelerators. Mizuho TMT analyst Jordan Klein noted that Samsung’s qualification progress doesn’t necessarily mean reduced opportunities for competitors. "My point is that selling HBM4 to NVDA or AMD is NOT A ZERO SUM GAME. Demand exceeds supply. Pricing is set to be a lot higher in HBM4 vs HBM3e. All three memory suppliers will qualify and ship HBM4 to NVDA this yr," Klein stated. The analyst added that Nvidia’s next-generation Rubin server design remains on track to begin initial shipments around mid-year, with volumes increasing in the third and fourth quarters. The HBM market has become increasingly important as artificial intelligence applications drive demand for high-performance memory solutions used in advanced computing systems. Related articles Micron stock falls after Samsung nears HBM4 certification for Nvidia 5 reasons why Jefferies thinks Meta’s pullback is a buying opportunity Wolfe Research outlines eight risks that could spark stock declines in 2026

JHVEPhoto/iStock Editorial via Getty Images Shares of Baker Hughes Company ( BKR ) have been a solid performer over the past year, gaining 18%, thanks to growth in its industrial & energy technology (“IET”) unit. Additionally, shares have been given a boost by regime change action in Venezuela, which has sparked hopes for a significant rebuilding of that country’s oil infrastructure, a potential boon for its legacy oilfield services business (“OFSE”). I last covered shares of Baker Hughes in July when I downgraded them to a Hold, given my view that optimism about LNG and data center demand had been priced in. In fact, there was more upside with shares gaining nearly 18% while the market has added just 8%. With updated financials, now is a good time to revisit BKR. Seeking Alpha In the company’s fourth quarter , Baker Hughes earned $0.78, beating estimates by $0.11. Revenue was flat from a year ago at $7.4 billion, but adjusted EBITDA gained 2% to $1.337 billion. We have seen the company on a multiyear journey to improve margins via cost cuts and increased scale at its IET unit; these benefits are becoming increasingly tangible for investors. For the full year, the company earned $2.60; in July, I was targeting $2.42-$2.52, and the beat was aided by a lower tax rate. Overall, this was a solid year and a solid quarter as secular growth drivers helped to offset weak oil capex at its legacy business. Weak Oil Prices Are an Ongoing Headwind Drilling into segment results, in its OFSE unit, revenue fell by 8% to $3.6 billion, driving a 14% drop in EBITDA to $647 million. With $2.6 billion in full-year EBITDA, OFSE is still BKR’s largest segment, but that will likely flip in 2026. Q4 Orders were actually higher thanks to strength in its subsea business. Well construction revenue (the most exposed to near-term oil price movements) remains weak, and those challenges are unlikely to dissipate soon. Its European business fell by 16%, driving most of the revenue decline as lower...

Image source: The Motley Fool. Thursday, February 6, 2025 at 10 a.m. ET Call participants President and Chief Executive Officer — Richard Wayne Chief Financial Officer — Richard Cohen Chief Operating Officer and Chief Credit Officer — Patrick Dignan Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Total Loan Volume -- $361 million for the quarter, including $14 million invested on approximately $15 million of unpaid principal balance in purchased loans. -- $361 million for the quarter, including $14 million invested on approximately $15 million of unpaid principal balance in purchased loans. Loan Originations -- $246 million originated, marking a record for the company. -- $246 million originated, marking a record for the company. SBA Loan Origination -- $100.3 million originated, with $64.5 million sold, generating a gain of $5.6 million. -- $100.3 million originated, with $64.5 million sold, generating a gain of $5.6 million. Net Income -- $22.4 million, the highest quarterly result outside the third quarter of fiscal 2021. -- $22.4 million, the highest quarterly result outside the third quarter of fiscal 2021. Net Interest Income -- $45.6 million, setting another record for the bank. -- $45.6 million, setting another record for the bank. Tangible Book Value Growth -- Increased by $4.49 per share, or 9% since September 30, comprising $2.74 from earnings and $1.75 from stock sales above book value. -- Increased by $4.49 per share, or 9% since September 30, comprising $2.74 from earnings and $1.75 from stock sales above book value. SBA Business Composition -- Loans sold carry an 85% guarantee for balances under $150,000, with the bank retaining 18%-20% of each loan. -- Loans sold carry an 85% guarantee for balances under $150,000, with the bank retaining 18%-20% of each loan. Loan Capacity -- $856 million, as measured by capital at quarter-end. -- $856 million, as measured by capital at quarter-end. Asset Quality: Non-Performing Loans -- No...

受极端低温挤压天然气供应并推高需求影响，得州工业运营受到扰乱。 埃克森美孚 （XOM）关闭部分贝敦（Baytown）炼油装置，化工与芯片设施也缩减产能。埃克森美孚周一早盘下跌0.4%。 责任编辑：张俊 SF065

Luis Alvarez The American Academy of Pediatrics updated immunization schedule for children and adolescents recommends the COVID-19 and flu vaccines, in contradiction to CDC guidelines. In January, the agency formally changed those guidelines, reducing the number of routine vaccines suggested for children and adolescents to 11 from 17. The COVID and flu shots were among those axed. Per CDC policy, COVID and flu vaccines are available to children, but only after " shared clinical decision-making" with a healthcare provider. The AAP recommendations are for each vaccine for children starting at six months old. Moderna ( MRNA ), Pfizer ( PFE )/BioNTech ( BNTX ), and Novavax ( NVAX ) manufacture COVID shots. Sanofi ( SNY ), GlaxoSmithKline ( GSK ), and CSL Seqirus ( CSLLY ) make flu vaccines. More on Moderna, Pfizer Pfizer: Expect Another Double Beating For Q1 (Earnings Preview) Pfizer: Rebound Has Just Started Pfizer: The Most Intriguing Value Play Of 2026 Notable healthcare headlines for the week: J&J, Moderna, Bristol Myers in focus Moderna cutting R&D on vaccines amid U.S. pushback: CEO