巴拿马最高法院当地时间星期四（1月29日）裁定，香港首富李嘉诚旗下长和集团对两个战略要地港口的运营合约违宪。 （路透社） 香港首富李嘉诚旗下长和集团拟向国际财团出售海外港口业务的交易再添变数，巴拿马最高法院裁定，长和对两个战略要地港口的运营合约违宪。 综合彭博社、法新社报道，巴拿马最高法院于当地时间星期四（1月29日）在社媒Instagram公告上述裁定。长和集团所获对巴拿马运河两座港口的运营权合约违宪，对集团正在进行的港口业务出售计划造成打击。 长和可以申请对巴拿马最高法院的裁定进行澄清，但不能提出上诉。公司也可以寻求国际仲裁。 这两座港口正处于中美权力博弈的焦点。美国总统特朗普去年初指巴拿马运河已被中国控制、誓言收回美国所有后，长和去年3月宣布，以228亿美元，将包括巴拿马运河两个港口在内的43个海外港口业务，出售给由美国资产管理巨头贝莱德（BlackRock）、意大利亿万富翁阿蓬特（Aponte）家族旗下地中海航运公司组成的国际财团。 此举引起北京不满，中国国家市场监管总局随后介入上述交易，并进行审查。长和随后表明，引入中国国有企业中远集团加入买房财团，获得中国监管机构和部门批准才会进行交易。 也是因为中远集团的介入，使得港口出售计划进展缓慢。长和上周刚传出，拟将交易拆分成多个部分，并采用不同的所有权结构，来推动交易谈判继续进行。 长和自1997年开始运营上述两个巴拿马港口，合同于2021年获得续签。 巴拿马总统穆利诺（Jose Raul Mulino）曾多次强调，运河归巴拿马运营，国家对其拥有完全主权。 巴拿马审计长总审计长弗洛雷斯（Anel Flores）去年对长和的合约续签提起诉讼，称该合约使巴拿马损失超过10亿美元（12.6新元）的税收，并指长和旗下的巴拿马港口公司（Panama Ports Co.）在续签合约时未获得适当批准。

在隔夜国际黄金、白银巨震的影响，再加上近期多家黄金概念股发布风险提示公告，A股和港股的有色金属板块开盘大幅下跌，紫金矿业A股一度跌近6%，创逾三个月盘中最大跌幅。算力硬件股盘中拉升，CPO、光通信方向领涨，此前微软与Meta等科技巨头释放AI算力紧张信号。 1月30日，A股早盘低开低走，三大股指震荡下跌，沪指、深成指均跌超1%，创业板指探底回升上演“深V”，此前一度跌超1%。算力硬件概念逆势爆发，有色金属板块集体下跌，盛达资源、西部矿业等多股跌停。港股低开低走，恒指、恒科指双双跌超1%，科网股集体调整，有色金属板块大跌。 债市方面，国债期货震荡分化。商品方面，国内商品期货大面积下跌，铂金跌超9%，钯金跌8%，沪金、沪银、沪铝等金属期货全线走低。核心市场走势： A股 ：截至发稿，沪指跌1.19%，深成指跌0.96%，创业板指涨0.80%。 港股 ：截至发稿，恒指跌1.78%，恒科指跌1.79%。 债市 ：国债期货震荡分化，截至发稿，30年期主力合约跌0.11%，10年期主力合约涨0.03%，5年期主力合约涨0.01%，2年期主力合约持平。 商品 ：国内期货主力合约多数下跌，铂、碳酸锂跌近10%，钯跌超8%，沪锡跌超6%，多晶硅跌超5%，铝合金、沪金跌超3%，沪镍、沪铝、沪银跌近3%，国际铜、氧化铝、苯乙烯（EB）跌超2%。涨幅方面，SC原油、聚氯乙烯（PVC）、燃油、焦煤、焦炭涨超1%。 12:04 盘面上，科网股普跌，快手、小米、阿里巴巴跌超2%，百度、联想、腾讯、京东、哔哩哔哩跌超1%。 黄金股大跌，赤峰黄金跌超13%。 近期多家黄金概念股发布风险提示公告，指出股价涨幅显著偏离大盘指数，存在交易异常波动情形。监管机构如上海期货交易所上调保证金比例，试图为市场降温，这些措施反映出当前投机氛围浓厚，短期风险积聚。 11:58 盘面上，个股跌多涨少，沪深京三市超3900股飘绿，上午半天成交1.95万亿。沪深两市半日成交额1.93万亿，较上个交易日缩量800余亿。板块方面，农业、CPO、旅游、煤炭等板块领涨；贵金属、锂矿、稀土永磁、光伏设备等板块领跌。 具体来看，算力硬件股盘中拉升，CPO方向领涨，天孚通信大涨超10%创出历史新高，此前微软与Meta在最新财报中均表示，AI算力供应紧张态势贯穿2026年。 农业股逆势走强，登海种业、敦煌种业等多股涨停。 下跌方面，贵金属、...

格隆汇1月30日｜2年期日本国债收益率下跌2.5个基点，至1.225%。

金价在两周内飙升20%，站上5536美元/盎司。这种涨速在过去五十年里只出现过几次，而每一次，市场都走到了一个岔路口。 追风交易台消息，1月29日德意志银行分析师Michael Hsueh指出，黄金两周涨幅20%是一条历史分界线，它区分了金价后续是继续冲锋还是就地休整。 （黄金的两周涨幅达到了20%） 当黄金两周涨幅越过20%的门槛，金价未来六个月内继续上涨的概率骤降至38%。平均涨幅只有11%。而下跌的概率达到62%，平均跌幅为1%。 半个世纪的数据显示，类似的急速上涨大多集中在1970年代和1980年代。那是一个通胀肆虐的年代，金价波动与通胀周期紧密捆绑。但今天的情况不同。Hsueh在报告中写道： 当前通胀并非核心矛盾，投资者买入黄金的动机也更复杂。历史剧本不一定能重演。 涨幅越急后续表现越差 德银认为随着黄金两周涨幅的加速，金价进一步上涨的概率呈现下降趋势。 10-15%涨幅区间表现 ：当黄金两周涨幅在10-15%区间时，6个月后价格更高的概率为63%，平均涨幅21%；12个月后价格更高的概率为67%，平均涨幅31%。这一区间显示出相对健康的后续走势。 15-20%涨幅区间表现 ：当涨幅扩大至15-20%区间，6个月后价格更高的概率降至60%，平均涨幅16%；12个月后概率降至50%，平均涨幅35%。后续上涨概率已明显下降。 20-25%涨幅区间表现 ： 一旦突破20%涨幅进入20-25%区间，情况急转直下。 6个月后价格更高的概率骤降至38%，平均涨幅仅11%；12个月后概率更是跌至33%，平均涨幅仅2%。这意味着在当前价格水平，黄金在未来6-12个月内下跌的概率超过60%。 值得注意的是，在下跌情况下，10-15%涨幅区间的6个月平均跌幅为3%，12个月平均跌幅达21%；而20-25%涨幅区间的6个月平均跌幅为1%，12个月平均跌幅为14%。 急速拉升本身往往意味着动能的过度消耗。历史上看，涨幅越大，后续续涨的概率越低。 德银报告中对2026年第四季度的平均金价预测仍维持在6000美元。对于持有黄金多头仓位的投资者，当前可能是考虑适度获利了结的时机。对于观望者而言，等待价格回调后的介入机会可能更为明智。 ~~~~~~~~~~~~~~~~~~~~~~~~ 以上精彩内容来自 追风交易台 。 更详细的解读，包括实时解读、一线研究等内容，请加入【 追风交易台▪年度...

财联社1月30日讯（记者 武超） 中国创新药出海BD再获里程碑式突破，今日新诺威（300765.SZ）及其间接控股股东石药集团（1093.HK）相继公告，与全球制药巨头阿斯利康签署就创新长效多肽药物的战略合作与授权协议。若后续所有研发及销售里程碑均达成，石药集团方面有权获得总计高达185亿美元的款项，这使其成为石药集团迄今为止规模最大的BD交易。 不过，二级市场的即时反应不佳，今日早盘，新诺威、石药集团股价均大幅下挫，新诺威一度跌逾17%，石药集团一度跌逾10%。 根据协议，石药集团、新诺威、巨石生物（新诺威控股子公司）、中奇制药（石药集团控制的企业）共同作为许可方，授权阿斯利康在全球范围内（不含中国内地及港澳台地区）独家开发、生产与商业化八个创新长效多肽药物项目，包括一个临床准备就绪的项目SYH2082（长效GLP1R/GIPR激动剂，正推进至I期临床），以及三个处于临床前阶段、具备不同作用机制的研发项目，双方还将就另外四个新增项目开展合作。 阿斯利康将向许可方支付合计12亿美元的总首付款，并根据许可区域范围内的开发、上市和销售等情况，将向许可方累计支付最高35亿美元的开发里程碑款项、最高138亿美元的销售里程碑款项。另外，阿斯利康应根据本协议约定的许可区域内所有许可产品的净销售总额对应的特许权使用费费率（最高双位数）向许可方支付相应的特许权使用费。 与阿斯利康的此次合作，是石药集团在不到一年时间内与同一伙伴达成的第二项重大授权协议，其交易体量呈跳跃式增长。2025年6月，双方曾就AI驱动的口服小分子药物达成授权合作，那笔交易的总潜在价值超过53亿美元，其中包含1.1亿美元首付款。相比之下，本次合作不仅12亿美元的首付款金额增逾10倍，总潜在金额更是此前协议的近3.5倍。 据财联社记者不完全统计，本次交易也刷新了中国药企BD交易总金额最高纪录，超过了此前启德医药与Biohaven&AimedBio达成的一笔130亿美元交易。本次交易总金额在2025年中国创新药BD出海总金额1366.8亿美元中占比约13.5%，凸显头部交易的分量。 本次创纪录的交易核心，直指全球医药市场最炙手可热的领域之一——代谢疾病治疗。SYH2082是石药集团与阿斯利康本次战略合作中唯一已进入临床阶段的核心资产，也是撬动此次创纪录交易的关键支点。SYH2082的核心定位是长效体重管理药物，其靶...

Blackstone Inc. is considering selling Interplex’s information and communications technology unit amid interest from other private equity firms and industry players, according to people familiar with the matter. Blackstone is working with a financial adviser on a potential sale, the people said, asking not to be identified because the deliberations are private. A transaction might value the ICT business at more than $1 billion, they said. Considerations are preliminary and no final decision has been made, the people said. A representative for Blackstone declined to comment. Interplex didn’t immediately respond to a request for comment. Blackstone acquired Singapore-based Interplex for an undisclosed amount in 2022 from Baring Private Equity Asia, which is now part of EQT AB . Interplex makes components used in electric vehicles, autonomous driving, medical and life sciences, and cloud computing. The ICT business offers solutions for areas such as networking enclosures, servers, disk drives, wearables and mobile devices, Interplex’s website shows.

受人工智能相关成本攀升，以及投资者关注美联储新任主席上任后美国降息可能性的影响，亚洲股市走低，科技板块领跌大盘。MSCI亚太指数一度下跌1.2%， 台积电 、 阿里 巴巴 和腾讯领跌。投资者对人工智能板块涨势的可持续性持观望态度， 苹果 、 微软 等企业发布的相关业绩消息也加剧了市场对高成本问题的担忧。与此同时，美国总统唐纳德・特朗普表示，将于周五上午公布美联储主席提名人选，市场普遍认为鹰派抗通胀代表凯文・沃什获提名的概率极高。Pepperstone研究策略师 Dilin Wu表示：“若由沃什执掌美联储，其大概率会采取更为谨慎、渐进的货币政策立场，而非激进的降息举措。那些已提前计入快速降息预期的市场板块 —— 尤其是高估值科技股 —— 或将面临承压。” 责任编辑：王永生

格隆汇1月30日｜恒隆地产2025年营收为99.5亿港元，市场预估103亿港元；净利润为18.1亿港元，市场预估29.3亿港元。

The controversy over mandatory seat belts in Hong Kong has intensified after a former lawmaker said a government statement failed to specify that the rule only applied to new buses registered from January 25 this year, and called on authorities to clarify their approach to enforcement as passengers worried about unwittingly breaking the law. Doreen Kong Yuk-foon, a member of the subcommittee that examined the proposed legislative amendment last year, told the South China Morning Post on Friday that a government press release on January 8 had caused confusion by stating that passengers had to wear seat belts regardless of whether the vehicles were newly registered, contradicting what was written in the law. She was referring to the new regulation that took effect on Sunday, which requires passengers on public buses to put on seat belts. Advertisement Kong said lawmakers who scrutinised the proposal last September had been told that the new rule would only apply to new vehicles registered on or after January 25 this year, and that the government’s January 8 press release had “wrongly interpreted” the law. “The press release was wrong in saying that ‘drivers and passengers occupying the seats of these vehicles (whether newly registered or not), where seat belts are fitted, are required to wear them.’ It obviously does not match the clauses [in the law],” Kong said. Advertisement “People will have to ask those who wrote this press release why they did this. I do not understand.”

格隆汇1月30日｜石药集团(1093.HK)今日放量大跌，截至半日收盘跌12.54%报9.35港元，成交额放大至超38亿港元。据最新消息，石药集团宣布与阿斯利康签订战略研发合作与授权协议，以利用石药集团专有的缓释给药技术平台及多肽药物AI发现平台开发创新长效多肽药物。根据该协议的条款，石药集团将与阿斯利康在创新多肽分子的发现和长效递送产品的开发方面开展全面战略合作。除持续推进现有临床前长效多肽管线之外，石药集团亦将为阿斯利康发现和开发其他创新长效多肽产品。

Hiroshi Watanabe/DigitalVision via Getty Images Overview abrdn Total Dynamic Dividend Fund ( AOD ) operates as a closed-end fund that can provide investors with global exposure to high quality equities, while also providing a high dividend yield. When I previously covered AOD, I issued a hold rating due to the high price-to-NAV valuation at the time. The fund has delivered excellent performance since my last coverage as U.S. uncertainty increased, causing capital to flow into other regions of the world. Since my last coverage, AOD has released an updated annual report for 2025, which prompted me to revisit the fund's value proposition now that we've crossed into the new year. Looking at the performance over the last twelve months, we can see that AOD's share price has increased by about 14.8%. The fund has demonstrated its ability to participate in the positive market momentum over the last few quarters. When including all distributions that were paid out to shareholders, the total return jumps up to 30.6% over the same time frame. AOD now offers investors a starting dividend yield of ~12.1% while issuing payouts on a monthly basis. After reviewing the latest annual report, I believe that AOD is positioned to support its current rate of distributions over the next twelve months. Data by YCharts However, the fund continues to trade at one of the highest price-to-NAV valuations over the last ten years. Therefore, it may not be the best time for new capital to be added to this fund. However, I see no compelling reason for existing shareholders to sell out of a position. While there are some structural things that can be improved within the fund, AOD is still positioned to be a great long-term holding for investors that want global exposure and a reliable stream of dividend income. So let's start by taking a look at the underlying strategy that AOD implements to generate its earnings. Fund Strategy According to the latest fact sheet , AOD has total net assets of $1.1B t...

People’s Party has extended its lead over Thailand’s ruling Bhumjaithai Party with just nine days to go before an election that’s likely to produce another divided parliament. Support for the opposition party rose to 34.2% from 30.5% earlier this month , according to a Jan. 23-25 survey by the National Institute of Development Administration. Prime Minister Anutin Charnvirakul ’s conservative Bhumjaithai Party trailed with 22.6%, little changed from 22.3%, the survey published Friday showed. The Feb. 8 election is essentially a race between reformist People’s Party, whose predecessor won the last election but was blocked from forming a government, and its conservative rival that’s seen as having the backing of the royalist-military establishment. No party is expected to win a majority, making coalition bargaining inevitable in a system that has struggled to produce stable governments since the 2023 election. Pheu Thai, backed by former premier Thaksin Shinawatra , is polling third at about 16.2%, positioning it as a potential kingmaker, while the country’s oldest political bloc, Democrat Party, follows with 13.2%. The poll of 2,500 voters nationwide also showed People’s Party leader Natthaphong Ruengpanyawut as the most preferred prime minister candidate, with 29.1% support, ahead of Anutin’s 22.2%. The share of undecided voters has shrunk, suggesting opinions are solidifying as election day approaches. A separate survey by Suan Dusit University echoed the trend, putting People’s Party on 36% support among more than 26,000 respondents. However, the poll showed Pheu Thai in second place and Bhumjaithai coming in third. Thai Parties Agree on Cost-of-Living Crisis, Diverge on Solution Thailand Sours on Rampant Cannabis Industry Ahead of Election Thai Ex-Premier Abhisit Seeks Return as Anti-Scammer Kingmaker Thai Ruling Party Vows to Resolve Cambodia Row as Election Nears Thai Reformist Party Pledges to Revive ‘Fifth Tiger’ Economy Thaksin Nephew Faces Balancing Act to ...

格隆汇1月30日｜港股三大指数集体调整，截至午间收盘，恒生指数跌1.78%报27471.27点，国企指数跌2.08%，恒生科技指数跌1.79%。盘面上，教育股逆势上涨，中国春来暴涨近70%，新东方绩后涨3.6%；金银价格深度回调，贵金属、有色金属板块大跌，赤峰黄金跌13.7%，山东黄金跌近13%；应用软件、电力设备、香港零售股表现低迷。

【有線新聞】立法會衞生事務委員會，有議員關注中大醫院如果未能如期向政府還款，當局會否收回醫院營運，醫務衞生局局長盧寵茂說所有方案都有考慮。 中大醫院獲政府貸款近40億元發展，須於2028年起還款，醫院行政總裁鍾健禮早前稱還款難度相當高，有議員表示關注。莊豪鋒：「局長有否想過，如果中大醫院再不能如期還款，就收回來以私家症形式營運，就像瑪麗醫院一樣？」 盧寵茂：「暫時沒有收到中大醫院關於他們能否履行承諾的進一步消息，也沒有要求再次延長。至於你問我有否想過收回中大醫院的方案，我會說所有的方案我們都會考慮，回答你的問題『有或沒有』，肯定是有的。」 至於公營醫療新收費下，現時75歲或以上長者同時領取長者生活津貼可獲豁免收費，有議員建議將年齡下調至65歲。周浩鼎：「如果真的這樣做，其實跟目前覆蓋人數差距有多大，會否可以了解一下。如果不是差太遠，不妨下調界線，幫助更多有需要的長者。」 盧寵茂：「年齡去到65歲，其實會減低我們今次收費改革能夠做到的資源集中。20年後，65歲以上人口會去到36%，即超過三分一人超過65歲，所以我們考慮劃線時都要做一個小心決定。」 有議員指出當局未有制定方案監管私營醫療機構加價，盧寵茂說沒有任何數據顯示私營醫療收費因公營收費改革而有調整，當局會密切監察。

Expedia Group has become the latest tech company to join the round of layoffs that have been keeping the market abuzz with unease and instability. LinkedIn was flooded on Wednesday, Jan 28, with posts from laid-off employees who had set their profile pictures to 'Open to Work.' In November, Expedia ...

Art Wager/E+ via Getty Images iShares Floating Rate Bond ETF ( FLOT ) is designed to generate regular cash flow in a non-dramatic way. The idea is to provide an income while keeping interest-rate risk low. This also curtails price volatility - giving rise to the typical sawtooth pattern in the price chart. FLOT holds a large and diversified portfolio. It almost entirely consists of investment-grade floating-rate notes from banks and other entities. There are hundreds of individual securities, with limited issuer concentration because there are literally hundreds of names there. This is a good way to understand that FLOT is selecting IG-only issuers, but their entire focus is to mechanize income. The most defining feature of FLOT is that coupons reset with short-term rates. So, on the one hand, FLOT’s income changes with policy rates, and on the other, it avoids getting penalized when rates rise, unlike with fixed-rate bond funds with long-duration exposure. The way this helps is that it keeps FLOT’s price highly rangebound, and almost all the returns go into cash distributions rather than into NAV. Because of this specific design, the fund comes with a) low price volatility, b) monthly distributions, and c) minimal duration exposure. That last point ensures you do not need to gaze at your crystal ball in order to figure out rates - you don’t need to. That’s because changes in interest rates already change the income; they don't also need to change the price. The price stays rangebound; income varies. Therefore, do not buy FLOT because of rate changes you think are going to happen. Buy it because it provides an income that adapts to rate changes. Income quality vs. yield optics At FLOT, yield keeps changing - ranging from low single digits to the mid-5% area in the past couple of years. This change tracks changes in short-term rates; it is not a portfolio risk - yet investors tend to dismiss FLOT because of this variability. They forget that income quality, not artif...

宏福苑大災｜中醫師涉偽造2.5萬元捐款收據扣稅被捕 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】一名39歲男子涉嫌偽造2.5萬元向大埔宏福苑火災捐款記錄，向庫務署申請扣稅後被捕。 警方於1月15日接獲報案，懷疑有人向庫務署提交虛假捐款收據以申請稅務扣除，被庫務署職員發現收據上的文字是AI生成，經銀行查證後確認沒有任何捐款記錄。警方周四以涉嫌行使虛假文書拘捕涉案39歲本地男子，報稱職業為中醫師，正被扣留調查。

来源：金十数据 1月30日，因市场传言美联储或迎来更趋鹰派的主席人选，周五 黄金 价格一度暴跌逾4%。但在地缘政治与经济压力持续背景下，投资者纷纷涌入这一避险资产，金价仍有望创下自1980年以来最强劲的月度涨幅。 KCM首席交易分析师蒂姆·沃特表示：“一位可能不那么鸽派的美联储主席人选、美元的反弹以及黄金自身超买状况的逆转，共同导致了贵金属价格的 下跌 。”StoneX高级分析师马特·辛普森称：“关于凯文·沃什将接替鲍威尔出任美联储主席的传言在亚洲交易时段打压了黄金。”此外， 白银 同样大幅下挫，日内一度大跌6%，前一交易日曾触及每盎司121.64美元的历史高点。白银本月迄今已飙升56%，有望创下有史以来最佳月度表现。

(RTTNews) - hilltop holdings inc. (HTH) revealed earnings for its fourth quarter that Increased, from last year The company's earnings came in at $41.58 million, or $0.69 per share. This compares with $35.52 million, or $0.55 per share, last year. The company's revenue for the period rose 9.6% to $329.89 million from $301.07 million last year. hilltop holdings inc. earnings at a glance (GAAP) : -Earnings: $41.58 Mln. vs. $35.52 Mln. last year. -EPS: $0.69 vs. $0.55 last year. -Revenue: $329.89 Mln vs. $301.07 Mln last year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

今天（30日），国家水网的重要组成部分，南水北调中线引江补汉工程输水总干线出口段工程提前贯通。在湖北丹江口的群山深处，随着最后一段岩壁被破除，全长5085米的输水隧洞标段实现贯通。作为引江补汉工程全线194.7公里隧洞中首个贯通的标段，它的贯通，为这条国家水网的新动脉按下了加速键。（央视新闻）

受存储涨价影响，千元机市场阵营开始失守。 全球存储芯片价格持续走高，智能手机厂商开始率先感受到成本涨价带来的“寒意”。 1月29日晚，深圳传音控股股份有限公司（688036.SH）发布2025年年度业绩预告，预计全年实现营业收入约655.68亿元，同比下降约4.6%；归属于母公司股东的净利润约25.46亿元，同比大幅下降54.11%。这也是该公司上市以来首次出现净利润“腰斩”。 传音在公告中称，受供应链成本上升影响，存储等元器件价格上涨较多，对产品成本和毛利率造成一定影响，导致报告期内公司整体毛利率出现下滑态势，叠加销售费用和研发投入增加，拖累了整体盈利表现。截至30日午间收盘，传音控股股价为57.79元，跌4.50%，距近一年高点，跌幅达到44%。 传音业绩预告截图 存储涨价对手机市场尤其是中低端手机的利润侵蚀已经开始显现。 去年前三季度，传音净利润同比下降44.97%，呈现出典型的“增收不增利”态势。当时，该公司表示正在通过调价和产品结构调整来应对存储芯片涨价的影响。 除了传音外，小米相关管理人员也曾在去年下半年表示，尽管手机产品价格有所上调，但仍难以完全覆盖因存储元件成本大幅上涨所带来的压力。而从印度市场起家的realme也在去年年底回归OPPO，这一动作被外界视为供应链压力下厂商选择的避险方式之一。 而在30日凌晨举行的财报电话会议上，苹果也对外释放了压力信号，认为存储价格的上涨将在未来对公司毛利率产生影响，内部正在评估应对方案。 有手机供应链厂商负责人对第一财经记者表示，目前手机厂商正在通过减产的方式进行供应链调解。“对千元机的影响最大，目前我们已经在看今年二季度的规划，暂时不太乐观，而对中高端手机市场的影响也在发酵。” 在分析机构看来，与高端机型相比，存储成本上涨对千元机等中低端产品的冲击更为直接。由于产品售价和利润空间有限，存储等核心元器件成本在整机物料成本中的占比上升，会迅速侵蚀厂商的盈利能力。 瑞银在去年年底发布的一份行业报告中测算，到2026年第四季度，内存成本在中低端智能手机BOM（物料清单）中的占比预计将升至34%，明显高于2024年第四季度的22%和2025年第四季度的27%。 单台手机的内存成本价值预计将同比增加约16美元，增幅达37%，这一增量成本相当于中低端手机平均售价的约6%，其影响显著高于高端手机约2%的成本冲击。 瑞银称，在这一...

Birol Dincer /iStock via Getty Images By Min Joo Kang , Senior Economist, South Korea and Japan Tokyo inflation cooled more than expected, while retail sales and production declined. The Bank of Japan will wait to see if wage growth and prices increase before tightening again - most likely in June. Government measures and base effects pulled down inflation Tokyo's consumer inflation slowed to 1.5% year-on-year in January, dropping below 2% for the first time since October 2024. This was mainly due to lower food and energy prices. Utility subsidies and fuel tax cuts contributed to falling energy costs, while fresh food prices fell sharply by 7.9%, largely due to base effects. Core-core inflation, excluding fresh food and energy, eased to 2.4% as entertainment prices softened while housing prices rose. Headline inflation is expected to decline for an extended period this year, but the BoJ should prioritise core-core and underlying inflation trends. If core-core inflation remains above 2% and wage growth is steady, a policy rate adjustment is likely. Today's labour market data supports this outlook. The unemployment rate has held at 2.6% for five consecutive months. The job-to-application ratio increased slightly to 1.19, indicating tight labour market conditions. We’ve argued that the Bank of Japan probably won’t be in a hurry to hike rates when inflation is decelerating. To do so, it needs strong evidence that underlying inflationary pressures are still firming. In that sense, the Shunto wage negotiation results and April CPI are quite important to watch. We expect another 5% increase in wage growth and a strong pick-up in April CPI. This could support the BoJ’s 25 bp hike in June. Inflation is likely to decelerate throughout 2026 due to stablizing energy and food prices Source: CEIC Monthly activity softened, suggesting a modest rebound in 4Q25 GDP Retail sales dropped more than expected in December by 2.0% month-on-month, seasonally adjusted (vs. revised 0.7% in No...

Key Points Meta Platforms plans to spend $115 billion-$135 billion on capital expenditures this year, much of which will go to AI. It's the clearest signal from a hyperscaler this year that the AI boom will accelerate. CoreWeave looks like one of the companies poised to benefit. 10 stocks we like better than CoreWeave › Meta Platforms (NASDAQ: META) kicked off Big Tech earnings season in fine form on Wednesday, topping estimates on the top and bottom line, and issuing better-than-expected guidance for the first quarter. While doubts about the AI boom have lingered after concerns about a bubble sent AI stocks falling briefly toward the end of last year, from Meta's perspective, the boom is alive and well. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Revenue jumped 24% in the quarter to $59.9 billion and full-year revenue topped $200 billion, up 22% from the year before. However, the biggest news out of the tech giant, at least for AI investors, was the company's spending forecast for this year. Meta said that capital expenditures in 2026 would climb to $115 billion-$135 billion with year-over-year growth driven by investments in Meta Superintelligence Labs -- in other words, AI -- and its core business, meaning its family of apps and advertising. That capex forecast represents 73% growth from the year before at the midpoint of the range, up from $72.2 billion in capex in 2025, which itself jumped 84% from $39.2 billion in 2024, meaning Meta's infrastructure spending is set to triple in just two years. That's the clearest sign yet so far this year that the AI bonanza will only accelerate in 2026, and investors are clearly happy with the overall report, as the stock was trading up 8% after-hours. Image source: Getty Images. Who wins when Meta spends? Meta's blockbuster capex forecast is meaningful for the social media giant, but it could be even bigger news for other corners of th...

格隆汇1月30日｜万马股份在互动平台表示，公司研发生产的海底电缆用绝缘层、海缆用超光滑半导电屏蔽料，已成功应用于多个国内外重大海底电缆输电项目。未来公司将继续依托核心技术，推进高压海缆材料的国产化进程，增强产品竞争力。

Stacy Smith, Executive Chairman at Kioxia, discusses the memory maker's business strategy and the outlook for AI memory demand. He speaks with Shery Ahn on The Asia Trade. (Source: Bloomberg)

1月29日，振石股份（601112.SH）登陆上交所主板高开168.78%，盘中震荡回落，收盘报24.78元/股，较发行价（11.18元/股）上涨13.60元，涨幅121.65%。1月30日开盘，振石股份低开，截至发稿市值约为400亿元，市盈率约50倍。 根据振石股份网上发行结果公告，此次网上发行1.28亿股，网上投资者弃购股份数量为52.86万股，仅占其网上发行总股数的0.41%。 战略配售方面，明阳智能、三一重能、中国石化资本、中国船舶集团投资有限公司、中国保险投资基金及员工资管计划等9家机构参与其中。其中，员工资管计划获配2610.55万股，占比最高达10%，紧随其后的是中国保险投资基金和明阳智能，获配股数约占本次初始发行数量的比例分别为4.23%、3.90%。 振石股份发行定价11.18元/股，若以1月29日盘中最高价（31.00元/股）卖出计算，打新股民中一签能赚9910元。有中签股民在开盘时对振石股份抱有冲高期望，但随着股价持续震荡回落最终选择当日下午卖出，其对时代财经表示“后悔早上没卖，少赚一两千块。”截至当日收盘，振石股份换手率已达67.83%。 1 供应商集中度高，关联方为第一大供应商 振石股份成立于2000年9月，注册资本14.79亿元，是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业，公司的控股股东为桐乡华嘉，实际控制人为浙商张毓强和张健侃，双方系父子关系。 作为我国首批向全球主要风电叶片及风电机组制造企业供应纤维增强材料的供货商之一，振石股份的国内客户包括明阳智能、远景能源、中材科技、时代新材、艾郎科技、三一重能等，国外客户包括维斯塔斯（Vestas）、西门子歌美飒（Siemens Gamesa）、迪皮埃（TPI）、德国恩德（Nordex）等，直接或者通过风电叶片制造商覆盖了全球前十大风电机组生产企业。 然而，振石股份供应商集中度却较高，根据招股书，自2022年以来，其前五大供应商采购金额占采购总额的80%以上，其中张毓强、张健侃长期担任董事的中国巨石既是其关联方，亦是其第一大供应商，每年采购金额超过15亿元，占比在七成左右。 根据中国玻璃纤维工业协会统计，振石股份2024年全球风电玻纤织物领域的市场份额超过35%，位列全球第一，产销规模全球领先；而随着风电叶片大型化、轻量化升级和海上风电技术发展，公司在国内市场率先...

Earnings Call Insights: SkyWest, Inc. (SKYW) Q4 2025 Management View CEO Russell A. Childs began by highlighting net income of $91 million or $2.21 per diluted share for Q4 2025 and full year net income of $428 million or $10.35 per diluted share. He noted, “our model converted a growth of 15% in production to a 31% increase in pretax income, reflecting the strong operating leverage within our model.” Childs announced multiyear contract extensions for 40 E175s with United and 13 E175 with Delta, emphasizing, “these agreements continue to strengthen our partnerships and demonstrate the ongoing long-term demand for our product.” He stated the company has no major E175 contract expirations until late 2028, and ongoing investments in fleet diversity position SkyWest to adapt to market demands. He addressed operational challenges in Q4, citing a government shutdown and mandatory flight reductions, resulting in more canceled flights than major partners and a modest impact from the shutdown. Childs stated the company’s debt has been reduced by $1 billion over the past three years, reinforcing its position of long-term strength and flexibility. CFO Robert Simmons reported, “Total Q4 revenue of $1 billion is down seasonally from $1.1 billion in Q3 2025 and up 8% from $944 million in Q4 2024.” He added, “Q4 revenue includes contract revenue of $803 million down from $844 million in Q3 2025 and up from $786 million in Q4 2024. Prorate and charter revenue was $167 million in Q4, flat with Q3 2025 and up from $126 million in Q4 2024.” Simmons highlighted $85 million in share repurchases for 2025, nearly doubling the investment from 2024. Chief Commercial Officer Wade Steel announced, “We now have no contract expirations on E175s until the back half of 2028. During the quarter, we took delivery of 5 new E175s for United. We currently have 69 E175s on firm order with Embraer, including 16 for Delta, 8 for United, 1 for Alaska.” Outlook Simmons stated, “For 2026, we now expect to s...

最近关于腾讯元宝派的讨论甚嚣尘上。 业界看法不一，有人吹捧有人嗤之以鼻，我体验一番后结合自己的体感，连夜古法手敲一篇。 从产品和逻辑的角度聊一聊我的7个冷思考—— 1. 被过度解读是大厂新品的宿命，元宝派也不例外 元宝派在2026年初这个时间节点推出，的确有点微妙。 毫无疑问，豆包、千问都在加码，DeepSeek在憋大招，Kimi、MiniMax们也没闲着，说元宝没有压力，那当然是不客观滴。 业界在等着元宝出招。 所以，当元宝派出来的时候， 作为腾讯AI的桥头堡，媒体和行业的过度解读几乎是必然的。 一种声音将其捧上神坛，“定义AI+社交的下一代范式”、“人-人-AI三角关系的奠基者”、“颠覆微信群聊”......各种虎狼之词。 另一种声音则一棒子打死，认为这不过是以前QQ群里的小冰或者是微信群里的群助手的升级版，是新瓶装旧酒。 这两种论调，我都反对。 反对捧杀，是因为目前看到的元宝派，更多是腾讯在CSIG（云与智慧产业事业群）接手元宝后一次步子不小的AI探索。 它并没有从底层颠覆社交关系，微信依然是那个拥有13亿月活的基础设施，而元宝派更像一块可以探索各种可能性的试验田。 元宝派最终能长成什么样，还得经过市场检验。 至于一棒子打死的论调，只要稍微对这个行业理解的深一些的从业者，就知道这东西和QQ群里加小冰不是一回事。 你不能因为诺基亚能发短信，就说当年能互发短消息的新产品微信只是炒冷饭。 这么说有些粗暴，但逻辑就是这个逻辑。 如果我们仔细研究它的产品——DeepSeek R1+混元的AI底座、腾讯会议底层音视频技术、新的产品形态、打通微信和QQ的关系链，是有点真东西的。 我们不要忘了，2015年的微信红包，最初也被很多人看作是个娱乐产品，但最终改变了移动支付的格局。 所以，对于元宝派，我的建议是：回到产品本身，讨论具体的问题。 它是腾讯在AI C端战场的一次差异化出击，一个充满变数的新变量。 2. 元宝派的场景是真需求还是伪需求？ 这是所有关于元宝派的争议中，最核心的一个问题。 很多产品经理信奉奥卡姆剃刀，认为社交就是人与人的连接，加入一个AI是画蛇添足，是干扰。 在讨论元宝派的场景是真需求还是伪需求之前，我们来看一个小的场景—— 我开车送孩子上学，闺女总会冒出一些天马行空的问题，而当我也不知道的时候，我就会呼叫车上的AI：NOMI。 在这个封闭的车内空间里，我、娃...

美国科技巨头苹果公司假日季在中国市场强劲反弹。得益于新机型iPhone 17的畅销，该公司自2021年底以来首次在该地区实现了250亿美元（316.8亿新元）级的季度销售额。图为消费者在上海黄浦区一家苹果店内浏览展示的iPhone 17。 （法新社） 美国科技巨头苹果公司假日季在中国市场强劲反弹。得益于新机型iPhone 17的畅销，该公司自2021年底以来首次在该地区实现了250亿美元（316.8亿新元）级的季度销售额。 据彭博社星期五（1月30日）报道，在截至12月27日的三个月中，苹果大中华区营收飙升38%，达到255亿美元，远超华尔街平均预期的218亿美元，也远远超过了整体销售额的增速。 这些数字呈现出苹果公司的意外复苏景象。此前，该公司一直难以重振作为旧日强劲引擎的中国业务。苹果当季实现了大中华区史上第二高营收，接近四年前创下的假日季纪录258亿美元。 苹果首席执行官库克将这一表现，归功于智能手机升级换代用户激增。他还表示，从其他平台转到苹果手机的用户数量，也实现了两位数百分比的增长。这使得大中华和大陆的在用设备量创下历史新高。 库克表示：“这是iPhone大中华区史上最佳季度”，并称iPhone 17是主力军。该公司最新产品阵容包括iPhone 17 Pro和Pro Max，以及更纤薄的iPhone Air。 库克补充说，中国零售店的客流量也实现了两位数的增长。此外，在中国购买Apple Watch、iPad和Mac之类产品的消费者，大多是这些非iPhone产品的新用户。