Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha , iTunes , Spotify . Getty Images Good morning! Here's the latest in trending: Tech earnings: AMD ( AMD) shares are falling despite results and outlook topping estimates. Alphabet ( GOOGL ) and Qualcomm ( QCOM ) due later today. On the Hill: The House passed legislation to fund most of the government for the rest of the fiscal year, ending the four-day partial shutdown . Tensions simmer: The U.S. Navy shot down an Iranian drone near its aircraft carrier in the Arabian Sea, but nuclear talks likely to move forward . Making history Walmart ( WMT ) has become the first traditional retailer to achieve $1T market capitalization, joining the quadruple-comma club that includes its rival Amazon ( AMZN ). WMT shares hit a record high on Tuesday, just two days after John Furner took the reins from longtime CEO Doug McMillon. Notably, Walmart is only the second non-tech firm to join the trillion-dollar ranks, after Warren Buffett's Berkshire Hathaway ( BRK.B ). Looking back: Sam Walton and his brother Bud Walton opened the first Walmart store in 1962 in Arkansas. The retailer capitalized on its low-cost supply chain, merchandise assortment, value pricing, and expansion into underserved markets to reach $1B in sales by 1980 . Walmart went public in 1970 at $16.50/share - first listed as OTC before moving onto the NYSE in 1972. For those who bought in at the IPO, the effect of 12 stock splits since 1972 would turn a single original share into a conservative $500,000 today (this does not include reinvested dividends or a 3:1 split in Feb. 2024). Walmart now operates 4,600 locations across the U.S. The Waltons, the world's wealthiest family, are the largest shareholders of the retail chain, with a combined net worth exceeding $470B. Betting on tech: The retail giant's ambitious transition into e-commerce prompted a move to the tech-heavy Nasdaq 100 late last year. To better c...

Colin Anderson Productions pty ltd/DigitalVision via Getty Images Ocular Therapeutix, Inc. ( NASDAQ: OCUL ) is a biopharmaceutical company founded in 2006, focused on developing and commercializing innovative therapies for retinal diseases, glaucoma, and ocular inflammation. Using a proprietary bioresorbable hydrogel-based formulation technology (ELUTYX™), they aim to provide sustained drug delivery, reducing the burden of frequent eye drops or injections. The single most important asset it has is AXPAXLI™ (Axitinib intravitreal hydrogel) which is in Phase 1 for non-proliferative diabetic retinopathy (NPDR). Most importantly, it is in two Phase 3 trials, SOL-1 and SOL-R for wet age-related macular degeneration (wet AMD). SOL-1 Topline results are coming Q1 2026, and it is the single most important binary catalyst for the stock in 1H 2026. As such, the current analysis will: 1. Explain why SOL-1 Topline results are likely positive based on scientific data. 2. Explain why SOL-1 Topline results are likely positive based on trial design 3. Valuation based on SOL-1 Topline results. AXPAXLI™, Wet AMD, SOL-1 AXPAXLI™, synonymous with OTX-TKI, is an investigational, bioresorbable intravitreal hydrogel implant, developed by Ocular Tx, designed to deliver the tyrosine kinase inhibitor (TKI) Axitinib for the treatment of wet AMD, and diabetic retinopathy. Wet AMD is already a huge market, with current entrants like Eylea from Regeneron and Vabysmo from Roche bringing in 1B+ each quarter. So this is a proven market already with ~10B annual revenue, and it is growing as well, making AXPAXLI™ extremely valuable if eventually approved for Wet AMD. AXPAXLI™ is being evaluated in SOL-1, which is a pivotal Phase 3 clinical study evaluating the safety and efficacy of AXPAXLI™ for the treatment of wet AMD. The trial aims to establish the implant's ability to maintain vision while significantly reducing the frequency of eye injections, and it is designed to be a superiority trial. More ...

Broadcom Inc logo on phone and site-by Majahid Mottakin via Shutterstock Broadcom (AVGO) is one of the world’s leading technology companies specializing in semiconductor infrastructure software. The company works on everything, from data centers and networking gear to wireless devices and cybersecurity solutions. Broadcom’s cutting-edge chips and systems enable faster internet, AI innovations, and secure enterprise operations for tech giants. Founded in 1991, the company is headquartered in Palo Alto, California, with operations spanning across 25 countries. Broadcom Stock Report Broadcom’s stock has shown mixed performance lately as the stock reacts to market volatility with a drop of 3% over the previous five days and a negative 7% return over a month. Year-to-date (YTD), the stock reflects broader tech pressure, sliding over 6% while being down 11% in the last three months. However, on a longer time frame, like 52 weeks, it provides a 48% return, which further increases to 164% in two years. Compare this to the S&P 100 ($ONE) index, which outperforms Broadcom on the near side as it maintains a flat performance while Broadcom struggles, while the S&P 100 loses out heavily in the longer timeframe, where it provided a 17% return in 52 weeks and 46% in two years. Broadcom Results Shines Broadcom posted stellar Q4 2025 results on Dec. 11, 2025, with adjusted earnings reaching $1.95 per share, topping analyst estimates of $1.87. Revenue for the quarter reached a record $18.0 billion, up 28% year-over-year (YoY) while beating analyst forecasts of $17.6 billion. Looking into the company’s financials, adjusted EBITDA totaled $12.2 billion, spiking 34% YoY with free cash flow growing 36% to $7.5 billion, taking the full-year FCF to $26.9 billion. Semiconductor revenue hit $11.1 billion, increasing 35% YoY, citing accelerated AI demand. Operating margin touches 66.2% with expenses rising 16% to $2.1 billion with heavy R&D work while cash reserves stood firmly at $16.2 billi...

Why This Analyst Just Raised Their Price Target on Broadcom Stock Yahoo Finance

Alexey_Fedoren/iStock via Getty Images Introduction When I started my career in finance, I asked myself one big question: "How can I deliver value in a business that is about predicting the future when no human on earth can predict the future?" After all, when you spend some time in culinary school, odds are you can cook great meals. If you go to a trade school to become a carpenter, odds are you can be pretty useful at a construction site. However, you can spend more than a decade learning everything there is to know about stocks and markets and still lose money. As we can see below, while the top 20 hedge funds, on average, beat the market last year, it's a very rare occurrence. The average performance of the entire hedge fund basket is even worse. Needless to say, if there's anyone we should expect to beat the market, it's these people who tend to have the best access to information and the best salaries. RIABiz The thing is, when I realized I could not predict the future, it didn't end my career, as nobody can predict the future. I believe that in order to get ahead, we need an edge that allows us to build a strategy with a good long-term risk/reward around it. For me, as most of my readers may know, that's investing with a long-term horizon in areas with favorable valuations and attractive fundamental tailwinds. While I would obviously like to outperform the market every year (it would be great for my ego), I don't care much for it. I want to beat the market over time without losing sleep and trading every day. On top of that, I want to see my dividends grow over time while I wait for my thesis to work out. To me, that's the ultimate "cheat code" of making money in a market that may be way too focused on short-term returns. I discussed all of this in a November article when I introduced my new slogan, which I may have to print on a cup someday: "Time is the edge, quality is the filter, valuation is the trigger." In this article today, I'll share my view on two ...

Faina Gurevich/iStock Editorial via Getty Images Introduction Verizon ( VZ ) reported Q4 earnings and saw their shares rally as a result. Beating on both their top and bottom lines, their new CEO seems to be making good on his promises. Expecting higher growth for 2026, any further upside will likely depend on the company continuing to execute. If so, I suspect VZ can see above $50 a share by the end of 2026. In this article, I discuss their latest earnings, fundamentals, and why Verizon could see more upside in 2026 and beyond. Previous Buy Thesis I last covered Verizon this past November in an article titled: Upside Hangs On CEO's Execution. As a result of their low valuation, safe dividend, and new CEO's aggressive approach, I thought Verizon was a solid buy for income-focused investors. Moreover, the near 20% upside to their price target of $47.52 also made them attractive. Seeking Alpha During Q3 earnings, results were mixed with modest growth year-over-year and headwinds continued in their Broadband segment. EPS managed to beat by $0.02, while their top line missed estimates by a sizable $470 million. But due to their Q4 post-earnings price rally, the stock is up over 12% at the time of writing. As a result, it has significantly outpaced the S&P ( SP500 ), up a little over 2% over the same period. Solid 2025 Verizon's Q4 earnings report allowed the company to come into 2026 with solid momentum. Any further significant upside will likely depend on how the company executes going forward. But so far, so good. VZ managed to beat analysts' estimates on both top and bottom lines. This is refreshing as their previous quarter's results were mixed with a sizable miss on their top line. EPS amounted to $1.09, a beat by $0.03. Revenue amounted to $36.4 billion, an impressive $200 million beat. As a result, their top line grew from $35.7 billion to $36.4 billion, driven by 2% growth in Wireless Service revenue. This increased $0.3 billion year-over-year to $21 billion. EP...

vlado85rs/iStock via Getty Images Digital Turbine ( APPS ) reported solid results in the third quarter, leading to an unsurprising surge in its share price. Despite this, parts of Digital Turbine's business are still struggling and growth is predominantly coming from the company's international expansion. Profitability continues to improve though, supported by a normalization of operating expenses, and the valuation is still quite low. I previously suggested that Digital Turbine's turnaround was accelerating, despite investor scepticism. While I remain positive on Digital Turbine's prospects, I would not be surprised if the stock loses momentum in the short-term, as there is a recent history of positive reactions to earnings followed by significant declines in the following weeks. Market Conditions Digital Turbine's advertising market reportedly grew at a mid to high single digit rate in the December quarter. While the demand environment appears to be solid, some adtech companies have been under pressure due to shifts in the competitive landscape, which stems largely from privacy changes and AI. Software more broadly is also under enormous pressure at the moment, although this is based more on speculation about the longer-term impact of AI than any immediate threat. Share price declines have been indiscriminate, with many companies that will be AI beneficiaries also seeing sharp pullbacks. Adtech companies haven't been immune to this, even in cases where the business is dependent on data and has a heavy infrastructure component. Once the initial wave of fear has passed and investors consider barriers to competition, many software companies are likely to rebound. AI isn’t a near-term threat to Digital Turbine’s business but it could lead to growth in the number of applications, and a subsequent increase in user acquisition spend. Figure 1: 2026 YTD AdTech Company Share Price Performance (source: Seeking Alpha) Digital Turbine Business Updates While Digital Turbine's ...

Sorapop/iStock via Getty Images By William Smith & Timothy Kurpis, CFA As the AI revolution rolls on, careful security selection could allow credit investors to benefit. Artificial intelligence (AI) is one of the defining technological shifts of our time, but realizing its full potential requires capital, and plenty of it. To meet burgeoning funding needs, hyperscalers—large cloud-service and infrastructure providers—are increasingly turning to the bond markets. How credit investors navigate today’s AI build-out could help determine tomorrow’s outcomes. Capex Is Real—but So Are the Risks As the AI build-out picks up steam, massive amounts of AI capital are being funneled toward the picks and shovels of the industry—data centers, power infrastructure and networks. According to S&P, AI spending could top $1 trillion by 2029 ( Display ). AI Spending Is Expected to Exceed $1 Trillion by 2029 Estimated Global IT Spending on Artificial Intelligence Historical and current analyses do not guarantee future results. As of December 31, 2025 (Source: International Data Corporation, S&P and AllianceBernstein (AB)) Eventually, hyperscalers hope to monetize these investments, turning AI’s large-scale learning models into long-lasting profit centers. Until then, we expect investors to face uncertainty and periodic market disruptions. Diversification is one of the best ways to manage risk, and investments in AI are no exception. Fortunately for investors, AI credit issuers include not only tech behemoths but also utilities, grid operators, construction contractors and engineering companies—the first firms to benefit from the AI build-out. But infrastructure providers earn returns only if assets are used and contracts are honored. These same firms could face real pain if AI adoption disappoints, demand gets misaligned, assets become stranded, or technology reaches obsolescence faster than expected. Active managers can help determine which companies are best positioned to weather this...

Here’s a rundown of six best-places lists in the U.S. and two global ones.

Delivers Strong Consolidated Annual Earnings Operating highlights: Three months ended Year ended December 31 December 31 2025 2024 2025 2024 Revenues (millions) $ 1,383.4 $ 1,365.3 $ 5,497.5 $ 5,216.9 Adjusted EBITDA (millions) (note 1) 137.6 137.9 562.8 513.7 Adjusted EPS (note 2) 1.37 1.34 5.75 5.00 GAAP Operating Earnings 85.9 89.6 338.1 337.5 GAAP EPS 0.85 0.71 3.17 2.97 TORONTO, Feb. 04, 2026 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today announced fourth quarter and full year results for the year ended December 31, 2025. All amounts are in US dollars. Consolidated revenues for the fourth quarter were $1.38 billion, a 1% increase relative to the same quarter in the prior year. Adjusted EBITDA (note 1) was $137.6 million, in-line with the fourth quarter of 2024, and Adjusted EPS (note 2) was $1.37, a 2% increase over the prior year quarter. Operating Earnings for the quarter were $85.9 million, relative to $89.6 million in the prior year period. Diluted EPS was $0.85 per share in the quarter, compared to $0.71 for the same quarter a year ago. For the year ended December 31, 2025, consolidated revenues were $5.50 billion, a 5% increase relative to the prior year, driven by the contribution of recent tuck-under acquisitions. Adjusted EBITDA was $562.8 million, up 10%, and Adjusted EPS was $5.75, a 15% increase versus the prior year. Operating Earnings were $338.1 million, versus $337.5 million in the prior year. Diluted earnings per share was $3.17, compared to $2.97 in the prior year. “Our fourth quarter results were largely in-line with expectations provided on our prior quarterly call and we are pleased to have capped off a year of solid growth and strong earnings performance,” said Scott Patterson, Chief Executive Officer of FirstService. “I am proud of how our operating leaders and teams executed with discipline and resilience in challenging environments throughout 2025. Looking forward, as market conditions normalize, we are confi...

RICHMOND, VA, Feb. 04, 2026 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, has been recognized by TIME Magazine as one of America’s Most Iconic Companies. The project, created in partnership with Statista Inc., marks the 250th anniversary of the United States and honors 250 companies that have become enduring symbols of American business, culture, and identity. This positive recognition reaffirms CarMax’s decades-long dedication to providing a transparent and customer-centric experience. CarMax is honored to be included among other automotive brands, including Ford Motor Company, General Motors, and Tesla. CarMax’s commitment to innovation and iconic customer experiences has helped make the company the nation's largest retailer of used cars. As the original disruptor of the automotive industry, CarMax’s "no-haggle" prices transformed car buying and selling from a stressful, dreaded event into the honest, straightforward experience all people deserve. Today, customers can shop and sell their way, whether that's online, in the store, or a seamless combination of both. “We’re incredibly proud to be included on this list among some of the most enduring and beloved brands in America,” said Sarah Lane, SVP and Chief Marketing Officer, CarMax. “This recognition is a testament to the trust CarMax has built with customers over more than three decades. CarMax continues to set the standard for car buying by empowering customers at every step.” About America’s Most Iconic Companies 2026 List TIME and Statista evaluated companies using a multi-dimensional methodology designed to capture not just performance, but cultural and emotional resonance. The study is based on an independent survey of more than 10,000 members of the U.S. general population, which was completed in the summer of 2025. Additional in-depth research was conducted to verify companies’ eligibility criteria and market presence. Criteria

Enphase rises after Q4 boost, software sell-off rattles investors, and more... Breakfast News: Enphase Pops 20% On Bright Future February 4, 2026 Tuesday's Markets S&P 500 6,918 (-0.84%) Nasdaq 23,255 (-1.43%) Dow 49,241 (-0.34%) Bitcoin $76,482 (-2.43%) 1. Enphase Soars as Q1 Guidance Raised Enphase Energy (ENPH +41.01%) climbed more than 20% in early hours trading – despite reporting a 24% earnings drop year over year (YoY) in the fourth quarter to $0.71. But that was well ahead of the expected $0.54. "Q1 marks the low point ... with improvement expected through 2026": CEO Badrinarayanan Kothandaraman said the solar energy specialist expects underlying demand to grow in the second half, though Q1 revenue guidance of $270-$300 million is still ahead of the analyst consensus. CEO Badrinarayanan Kothandaraman said the solar energy specialist expects underlying demand to grow in the second half, though Q1 revenue guidance of $270-$300 million is still ahead of the analyst consensus. U.S. revenue contributed 89% of total: Domestic demand led the way, "driven by increased solar and battery installation ahead of the expiring section 25D tax credit." The company saw a non-GAAP gross margin of 46% in Q4, even after a 5% reciprocal tariffs impact. 2. The Best of the Rest From After-Hours Earnings AMD AMD 13.96% ) Chipotle CMG +0.69% ) Lumentum LITE +7.79% ) Nvidia NVDA 1.77% ) 3. What to Make of the Software Sell-Off? The S&P 500's software sector fell 6% yesterday, with investors spooked by fears of AI eclipsing more traditional software products. PayPal (PYPL 0.41%) plunged 20% on the day, with a number of other Fool favorites also suffering. So what do Fool analysts think of it all? "I believe AI might not be as transformative as we once hoped": Lou Whiteman, of Team Hidden Gems, does think AI "will still incrementally improve processes and remove many headaches," but is focused on hardware, adding "the next 20 [years] could be about using AI to help create new physical ...

今日，面壁智能开源新一代全模态旗舰模型MiniCPM-o4.5，作为原生全双工的全模态大模型，MiniCPM-o4.5让人机交互再上新台阶，通过边看、边听、主动说的全模态能力，成为行业首个即时自由对话的大模型。此外，基于统一系统软件栈FlagOS的跨平台能力，MiniCPM-o4.5在天数智芯（HK9903）、华为昇腾（886058）、平头哥、海光、沐曦等6款芯片上均获得端到端推理性能提升。(蓝鲸新闻)

*Other Operating Data Consensus Source: Bloomberg More on T. Rowe Price T. Rowe Price: Structural Issues Aren't Easy To Fix T. Rowe Price: An Undervalued, Debt-Free Dividend Aristocrat T. Rowe Price Q4 2025 Earnings Preview First Abu Dhabi Bank partners with T. Rowe Price across the GCC Seeking Alpha’s Quant Rating on T. Rowe Price

Electra Battery Materials ( ELBM ) said that chief financial officer Marty Rendall has informed the company of his intention to resign from his position at the end of February to pursue an executive opportunity with a larger organization. Rendall will remain with Electra through February to support a smooth transition. Electra Battery has commenced a formal search for a permanent successor. Meanwhile, David Allen, who previously served as Electra’s CFO from 2023 to late 2024, will return as interim chief financial officer, effective February 28, 2026. ELBM --3% premarket to $0.9408 Source: Press Release More on Electra Battery Materials Corporation Seeking Alpha’s Quant Rating on Electra Battery Materials Corporation Historical earnings data for Electra Battery Materials Corporation Financial information for Electra Battery Materials Corporation

格隆汇2月4日｜据市场消息，纳斯达克正提议推出“快速纳入”规则，以加快新上市大型公司的纳入速度。该修订计划允许新上市公司在前15个交易日后加入纳斯达克100指数，远短于当前至少三个月的等待期。此举旨在让指数更及时地反映市场。预计今年将进行首次公开募股（IPO）的公司包括SpaceX，其1.3万亿美元的潜在估值将使其成为纳斯达克100指数中市值最大的公司之一。

In this article TXN SLAB Follow your favorite stocks CREATE FREE ACCOUNT Signage at the Texas Instruments (TI) semiconductor wafer plant in Sherman, Texas, US, on Wednesday, Dec. 17, 2025. Desiree Rios | Bloomberg | Getty Images Texas Instruments on Wednesday agreed to buy chip designer Silicon Laboratories in a deal valued at $7.5 billion, expanding its footprint in wireless connectivity chips used for industrial and consumer applications. Texas, whose core strength lies in analog chips that manage signals and power in electronic equipment, will deepen its push into internet-of-things markets by adding Silicon Labs' wireless technology. As part of the deal, Texas will acquire Silicon Labs for $231 per share, implying a premium of about 69% to Silicon Labs' last unaffected closing price on Tuesday, when the talks were first reported. Unlike AI chip firms Nvidia and AMD , TI focuses on foundational chips used in everyday devices such as smartphones, cars and medical devices, giving it a large client base that includes Apple , SpaceX and Ford Motor .

格隆汇2月4日｜美国共和党参议员汤姆·蒂利斯：沃什是美联储主席的绝佳人选。鲍威尔调查结束后，将支持沃什。

格隆汇2月4日｜据树脂资讯，国内PVC市场主流成交价格大幅度调涨。估价对比来看：其中华北地区上涨60-100元/吨，华东地区上涨100元/吨，华南地区上涨100-110元/吨，东北地上涨50元/吨，华中地区上涨50元/吨，西南地区上涨50元/吨。上游PVC生产企业出厂价格开始继续上调，各家调价幅度不同，调涨多在50-80-100元/吨，厂家报价积极性较高。现货价格的大幅上涨，使得PVC市场行情走势表现淡季不淡，在春节临近的工作日中，价格却表现良好。

2月4日，A股市场探底回升，沪指重返4100点，深成指翻红，创业板指午后跌幅收窄。截至收盘，沪指报4102.20点，当日上涨0.85%，深证成指上涨0.21%，创业板指下跌0.40%。 与此同时，黄金、白银价格自高位急跌后迎来强势反弹。截至发稿，COMEX黄金报5095.2美元/盎司，涨超3%；COMEX白银报89.2美元/盎司，涨超7%。 回顾1月，A股行情迎来“开门红”，沪指一度向4200点发起冲击，市场交投活跃。1月12~14日，A股成交额连续三个交易日刷新历史成交记录，其中1月14日成交额逼近4万亿元大关。板块方面，据Wind数据，有色金属、石油化工、传媒板块1月涨幅分别达到20.97%、21.35%、15.98%。 1月底以来，伴随国际金属价格剧烈调整，市场情绪也有所回落，沪指一度重挫2.48%。临近春节假期，A股将如何演绎？机构对于2月行情有何展望？ 多家券商认为，近期海外市场波动较大，有色金属板块自高位回落步入震荡调整，整体冲击可控。建议关注科技板块包括AI上游算力硬件以及下游应用的主题投资机会。与此同时，临近春节假期，消费板块近期政策利好不断释放，可关注旅游、免税、餐饮等行业。 据Wind数据统计，截至2月3日发稿，已有33家券商发布2月金股推荐，共推荐297只股票。其中，腾讯控股被推荐次数最多，被9家券商同时推荐，中际旭创、紫金矿业等热门股，相较上月推荐数量有所减少。与此同时，贵州茅台作为消费股的代表，时隔5个月重回券商推荐榜单。 博时基金首席权益策略分析师陈显顺对时代周报记者表示，春节前后关注日历效应影响，全年看剩余流动性变化。历史上的一月，是预期重塑、机构重整、信心重建的时间。结合A股日历效应，春节前一个月上证50相对较好，春节后切向中小成长风格。当前各类领先指标均清晰指引2026年盈利进一步修复的方向确定。行业方面可关注行业盈利周期位置变化下的投资机会。 有色板块回调，1月券商“踏空”传媒股？ 贵金属行情无疑是近期市场最大的热点。1月2日~29日，黄金、白银价格一路“狂飙”，不断刷新历史高点，COMEX黄金、COMEX白银区间涨幅分别超过22%、60%。1月30日，黄金、白银价格巨震，当日分别急跌9.30%、26.37%，引发市场恐慌抛售现象。 A股有色板块同样经历剧烈波动，1月券商推荐金股中，不乏多只有色板块个股，其中紫金矿业、洛阳钼业、云...

Thomas Barwick/DigitalVision via Getty Images The Voya Infrastructure, Industrials and Materials Fund ( IDE ) is a closed-end fund that aims to provide its investors with a very high level of current income by investing in the common equities of companies in the infrastructure sector. This is an area in which many investors have very little exposure, as the companies in this sector only account for a relatively small proportion of the S&P 500 Index ( SP500 ) or most other broad-market indices. Despite their relatively small representation in the indices, however, the companies in this sector are critical for the modern lifestyles to which we are all accustomed. As such, they tend to have relatively stable cash flows, which they use to fund dividends to their owners. By investing in these companies, the Voya Infrastructure, Industrials and Materials Fund is able to provide its investors with a very attractive 8.99% yield at the current price. This is a high enough yield to be attractive to most income investors, but we should never purchase a fund based solely on its yield, so let us take a closer look at it and see if purchasing this fund’s shares might make sense today. The Voya Infrastructure, Industrials and Materials Fund Versus The Benchmark Indices The website for the Voya Infrastructure, Industrials and Materials Fund states: [The fund] seeks to build a diversified portfolio of equity securities of companies that may potentially benefit from spending in six areas: power, construction, materials, communications, transportation and water. As we can see, the website explicitly describes IDE as an equity fund. The website confirms that the fund is mostly invested in common equities, as it states that 97.24% of the fund was invested in such securities as of December 31, 2025: Voya This is rather nice given that it is almost certain that equities will do a much better job at preserving wealth than fixed-income securities will going forward. Indeed, fixed-income sec...

爆款的出现往往伴随着题材风口的爆发。 2026年漫剧赛道的开门红，由一部异军突起的作品提前锁定。 2026年第一个月，漫剧市场就迎来了首部爆款作品——《从赖皮蛇开始吞噬进化》，1月20日上线，一周内播放总量破2亿，成为当周抖音端原生漫剧播放增量第一的新漫剧，也是今年第一部破2亿的新上线精品漫剧。 DataEye-ADX行业版显示，截至2月1日，该漫剧已经连续在榜12天，连续霸榜红果漫剧榜榜首9天，最高红果热度为5458W。 该漫剧的爆火还直接带动了漫剧“神兽进化”题材内容的爆发。例如1月22日红果漫剧热榜中，一天内就有5部与“蛇”相关的新漫剧闯入TOP30，其中2部闯入TOP4。 看似偶然的爆款背后，藏着哪些可复制的行业逻辑？广告代理厂商跨界入局，为何能快速跑通漫剧全链路？结合DataEye研究院数据与作品拆解，我们试图揭开2026漫剧赛道的爆款密码与产业新趋势。 蛇元素爆发：漫剧赛道的新变量，还是短期风口？ 题材红利的集中释放，是《赖皮蛇》能够快速破圈的重要前提，但这并非单纯的“跟风偶然”，而是赛道需求迭代的必然结果。截至1月28日，“蛇”元素在播的漫剧共223部，其中今年1月上线的“蛇”元素漫剧达50部，占22.42%。 今年首部超2亿作品出现 从播放总量来看，“蛇”元素相关的漫剧中超1亿的共3部，而从热度值来看，共6部“蛇”元素相关漫剧热度超4000W。 深入分析这些爆款作品不难发现，其底层逻辑高度统一：均以“底层弱兽逆袭”为核心主线，通过系统任务升级、吞噬进化等设定，持续输出“逆袭爽感”，精准匹配当下用户的情绪价值需求。但《赖皮蛇》能从同类作品中突出重围，核心在于三点：剧情节奏的精准把控、视觉呈现的精品化，以及世界观背后的情感共鸣——相较于单纯的“升级爽剧”，该剧加入了人与人、人与兽的情感流动，以及家国情怀的表达，更能触动国内用户的深层情感需求。 请输入图说 但能够在同类漫剧中突出重围，需要的不仅仅是剧本内容本身能够抓住用户心理对于逆袭感的追求，在漫剧画面方面能够给观众带来的视觉冲击力和“动物拟人化”的猎奇感，更多的是剧本身的世界观能从深层情感上打动观众。 爆款拆解：《赖皮蛇》的3个可复制亮点 DataEye研究院拆解完《从赖皮蛇开始吞噬进化》（下称“赖皮蛇”）发现，其不仅在剧情节奏上“爽感拉满”，画风也做得比较精细，沉浸感十足，不少观众都在评论区表示，“希...

He said at the time that users of government-run website TrumpRx would be able to get Wegovy and Zepbound from $350 (£255) per month on average and that this would to drop to $250 a month. He added that Medicare prices of Ozempic, Wegovy, Mounjaro and Zepbound will be $245.

猪肉摊起家的钱大妈，走到港交所门前。 1月12日，社区连锁生鲜钱大妈正式递交招股书，这是继2021年上市传闻后，钱大妈首次公开上市计划。 作为社区生鲜领域的知名品牌，钱大妈主打“不卖隔夜肉”的折扣日清策略。第三方咨询机构灼识咨询的数据显示，以生鲜产品商品交易总额（GMV）计算，钱大妈已连续五年（2020-2024年）位居行业第一，2024年整体GMV达到148亿元。 翻开招股书，能看到这个社区生鲜一哥的真实底色。 利润主要靠省 从招股书看，钱大妈的营收正在承压。2025年前三季度，营收为83.59亿元，同比下降4.25%；2024年营收为117.88亿元，同比增长0.37%，近乎停滞。 与营收乏力形成鲜明对比的是，其盈利能力却在显著提升：2024年，经调整净利润同比增长66.02%至1.93亿元；2025年前三季度已达2.15亿元，超2024年全年，同比增幅达48.28%。 然而，壹览商业发现钱大妈的净利润增长并非来自市场扩张，而是源于毛利率提升与费用的大幅削减。 首先，成本结构大幅度优化。钱大妈毛利率从2023年的9.78%持续攀升至2025年前三季度的11.29%，直接得益于销售成本同比下降5.30%，且降幅大于营收降幅。 拆解来看，2025年前9个月，已售存货成本同比下降5.03%，劳工成本下降7.34%，折旧及摊销大幅削减26.12%，其他成本也下降了16.23%。这表明，利润增长源于采购管控、人力优化以及资本开支的收缩，而非产品溢价能力或供应链效率的实质性提升。 同时，高毛利的线上服务及加盟支持等“其他收入”占比从2024年前9个月的1.08%提升至2025年前9个月的1.31%，也对整体毛利产生了微弱拉动，但不足以成为核心增长动力。 其次，期间费用被大幅压缩，市场投入转为保守。 销售及营销开支从2024年前9个月的4.50亿元下降至4.27亿元，同比下降约5.3%，占总收入的比例从5.16%降至5.10%。 其中，广告及推广开支下降幅度最大，从2024年前9个月的1417.7万元下降至1029.6万元，同比下降约27.38%，表明其已放缓烧钱换市场的策略；物流开支从2.16亿元减少至2.08亿元，同比下降4.06%，与营收下降相匹配，应该与提高效率无关；劳工成本也从1.43亿元下降至1.35亿元，同比减少5.10%。 行政开支大幅下降，从3.27亿元下降...

Svenska Handelsbanken AB (publ) press release ( SVNLY ): Q4 GAAP EPS of SEK3.01. Revenue of SEK7.68B. More on Svenska Handelsbanken AB (publ) Svenska Handelsbanken: Even Cost Control Cannot Save This Valuation Svenska Handelsbanken AB (publ) (SVNLY) Discusses Impact of Regulatory Changes and Deposit Requirements Ahead of Interim Report Transcript Seeking Alpha’s Quant Rating on Svenska Handelsbanken AB (publ) Historical earnings data for Svenska Handelsbanken AB (publ) Dividend scorecard for Svenska Handelsbanken AB (publ)

Women in Iran can now formally obtain a licence to ride a motorcycle, local media reported on Wednesday, ending years of legal ambiguity surrounding two-wheelers. Previously, the law did not explicitly prohibit women from riding motorbikes and scooters, but in practice authorities refused to issue licences. Due to the grey area, women have been held legally responsible for accidents even when they are victims. Advertisement Iran’s First Vice-President Mohammad Reza Aref signed a resolution on Tuesday aimed at clarifying the traffic code, which was approved by Iran’s cabinet in late January, the country’s Ilna news agency reported. The resolution obliges traffic police to “provide practical training to female applicants, organise an exam under the direct supervision of the police, and issue motorcycle driver’s licences to women”, Ilna said. Maryam Talaie leads Iran’s first official women’s motorcycle training near Tehran, in October 2018. Photo: EPA-EFE The change follows a wave of protests across Iran that were initially sparked by economic grievances but which grew last month into nationwide anti-government demonstrations.

2025年，当中国零售业的内卷进入极致，零食量贩业态基本进入饱和，当县城的每一条街道都至少拥挤着两家红黄招牌的零食店时，所有的目光都不可避免地投向了同一个方向—— 东南亚出海 。 逻辑似乎完美无瑕：6亿人口的红利、年轻化的人口结构、正在经历的消费升级、以及看似落后的零售业态。很多人都在喊出口号： “把中国的零食量贩重做一遍，这就是降维打击！” 但是，作为行业观察者，我有责任在狂热中泼一盆冷水，甚至是一盆冰水。 我们必须透过表象，去审视商业模式成立的底层土壤。如果你仔细拆解过中国零食量贩崛起的每一个关键要素，再将其与东南亚的现实一一比对，你会发现： 这是一场巨大的错位。 所谓的“降维打击”，极有可能变成“踩空摔死”。 中国零食量贩业态，是基于中国特殊的工业产能、物流基建和人口居住密度生长出来的特有物种。它不仅不适合出海，甚至可以说， 如果照搬该模式去东南亚，大概率会面临全军覆没。 以下，我将用六个维度的深度拆解，告诉你为什么。 商业模型的原罪：你赚的到底是谁的钱？ 要判断一个业态能不能移植，首先要搞清楚它在国内是怎么活下来的。 国内零食量贩（硬折扣）的核心公式是： 极致低价 = 供应链溢出 + 极低履约成本 + 高周转效率 请注意，这里的低价不是靠烧钱烧出来的，而是靠挤压出来的。 1. 挤压品牌溢价： 也就是我们常说的“白牌化”。利用湖南、福建、河南等地极其成熟甚至 产能过剩 的代工厂，通过现金采买，把原本给三只松鼠、良品铺子等的代工产能，直接转化为了量贩店的自有低价货。 2. 挤压渠道层级： 绕过KA卖场极其高昂的进场费、条码费、堆头费，直接F2C（工厂到消费者）。 这套逻辑成立的前提是： 这片土地上，必须先有一个“产能过剩且极度成熟”的上游。 但在东南亚，这个前提 不存在 。 东南亚没有“白牌红利” 东南亚（以印尼、越南、泰国为例）的食品工业结构与中国截然不同。 中国：蚂蚁雄兵。 有无数个中小工厂，为了生存愿意把毛利压到3%跟你合作。 东南亚：巨头垄断。 在印尼，Mayora（迈大集团）、Indofood（印多福）掌控着绝对话语权；在菲律宾，Universal Robina（URC）只手遮天；在泰国，CP（正大）系无处不在。 这些巨头不仅拥有品牌，更掌控了上游的原材料（糖、棕榈油、面粉）和下游的分销网络。你作为一个外来的渠道商，想去找它们做“去品牌化”的低价定制？...

据深交所官网披露，数码喷印墨水生产商深圳市墨库新材料集团股份有限公司（下称“墨库股份”或“公司”）到创业板上市（IPO）进入“已问询”阶段。公司于2025年12月提交IPO申请，不久便被问询，IPO进展神速。 不过，墨库股份存在IPO前大额分红、应收账款逐年增加、国际贸易摩擦风险等问题。公司终能否上市还有待观察。本次IPO，墨库股份拟募资7.2亿元，用于扩大产能、总部研发中心建设、补充流动资金。 01 公司控制权转出又转入 墨库股份主要从事数码喷印墨水的研发、生产与销售。随着墨库股份IPO，公司与数码喷印材料行业龙头纳尔股份（002825）之前的股权交易也被曝光。 据《招股书》披露，墨库股份由陈静、王创、王晓3人于2006年9月发起成立。其中，陈静为公司实控人之一王首斌的前妻，王创为王首斌的姐姐，王晓为王首斌的妹妹。本次IPO前，陈静已从墨库股份退出，王首斌、张雨洁夫妇合计控制公司55.81%的表决权，二人为墨库股份的控股股东、实控人。 纳尔股份对墨库股份的收购始于2018年。据公告，2018年12月，纳尔股份以4433.33万元认购墨库股份的新增注册资本357.14万元，对应持股16.67%。2019年，纳尔股份又通过3次交易，以9132.67万元购买墨库股份34.33%的股权。 自此，纳尔股份的持股比例达51%，并取代王首斌、张雨洁夫妇成为墨库股份的第一大股东，王首斌、张雨洁夫妇及深圳匠台合计持有剩余49%的股份 。 纳尔股份主要生产数码喷印材料、汽车功能膜、光学及电子功能膜等。Wind数据显示，纳尔股份2025年前三季度的营收、净利润分别为14.68亿元、1.44亿元。 但2022年5月，纳尔股份又将其持有墨库股份12%的股权转让给了三家投资机构，交易对价合计1.2亿元。交易完成后，纳尔股份在墨库股份的持股比例降为39%。王首斌、张雨洁夫妇凭借49%的表决权，重新成为墨库股份的实控人。 此后，纳尔股份继续减持。有数据统计，经过几次减持，纳尔股份累计套现超过2亿元。本次IPO前，纳尔股份在墨库股份还持股27.19%，是除王首斌、张雨洁夫妇外，最大的外部股东。其他股东包括深创投、宝安产投等。 02 IPO前分红超9000万元 除了减持套现，纳尔股份作为股东之一，还享受了分红福利。 财报显示，2022年至2025年前9个月（下称“报告期内”），墨库股份的营收分别为5...

Yum! Brands ( YUM ) gained in early trading on Tuesday after posting a mixed fourth-quarter earnings report. Worldwide system sales grew 5% for the quarter that ended on December 31, excluding foreign currency translation, with KFC up 6% and Taco Bell 8% higher. Pizza Hut sales were down 5% for the quarter. The restaurant operator also pointed to strong digital system sales, topping $11 billion with a digital mix of nearly 60%. Same-store sales growth was positive for Taco Bell (+7% vs. +5.5% consensus) and KFC (+3% vs. +2.2% consensus), but fell for Pizza Hut (-1% vs. -1.3% consensus). The Habit Burger Grill Division same-store sales were flat for the quarter. Overall, comparable sales rose 3% to top the consensus expectation of +2.4%. On the development front, unit growth was up 3% for the quarter, including 1,814 gross new units. Yum! Brands' ( YUM ) core operating profit rose 11% across the company, led by the Taco Bell division. Adjusted EPS was reported at $1.73 vs. $1.76 consensus and $1.61 a year ago. "We enter 2026 with a clear strategic focus on accelerating long-term growth, embodied in our multi-year Raise the Bar priorities. I’m more convinced than ever that the combination of our global scale, unrivaled culture and talent, and world-class franchise partnerships creates a unique and unbeatable competitive advantage," highlighted CEO Chris Turner. Shares of Yum! Brands ( YUM ) edged 0.5% higher in premarket trading on Tuesday to $159.50 vs. the 52-week range of $129.55 to $163.30. More on Yum! Brands Yum! Brands: Don't Count On Pizza Hut Sale To Boost This Indebted Business Yum! Brands, Pizza Hut And The Billion-Dollar Slice: A Sale Could Unlock Tremendous Value Yum! Brands: Tasty Fundamentals, But Valuation And Technicals Are Unappetizing Yum! Brands Non-GAAP EPS of $1.73 misses by $0.03, revenue of $2.51B beats by $60M Yum! Brands Q4 2025 Earnings Preview

格隆汇2月4日｜瑞杰金融集团将超微电脑目标股价从50美元下调至35美元。