asbe/iStock via Getty Images Fast Facts JPMorgan International Research Enhanced Equity ETF ( JIRE ) is an actively managed fund listed on 06/10/2022 with an objective of long-term capital appreciation. JIRE has a portfolio of 209 stocks, a 12-month yield of 2.97%, a 30-day SEC yield of 2.14%, and an expense ratio of 0.24%. Distributions are paid annually. JIRE had a predecessor mutual fund launched on 10/28/1992. Strategy As described in the prospectus by JPMorgan , the fund seeks to outperform the MSCI EAFE Index with similar risk, in particular country and sector exposure. The fund will primarily, but not exclusively, invest in equities included in the index. Equities that are considered undervalued are moderately overweighted, while those that are considered overvalued are underweighted or excluded. The adviser utilizes proprietary research, risk management techniques and individual security selection in constructing the Fund's portfolio. The fund may hedge some currencies with derivatives on a discretionary basis, but not systematically. The portfolio turnover was 25% in the most recent fiscal year. This article will use as a benchmark the MSCI EAFE Index, represented by iShares MSCI EAFE ETF ( EFA ). Portfolio The portfolio is almost exclusively invested in large- and mega-cap companies (about 97% of asset value), with a focus on Europe (65%). Nonetheless, the heaviest country is Japan (23.4%), followed by the U.K. (17.2%), France (12%), and Germany (11.2%). In accordance with the "risk neutral" approach, the geographical allocation is close to the benchmark's, as plotted on the chart below. JIRE top countries, % of asset value (Chart: author; data: JPM, iShares) The sector breakdown is also very close to that of EFA, in line with the strategy description. The portfolio has significant exposure in financials (25.7%) and industrials (18.6%). Other sectors are below 11%. JIRE sector breakdown, % of asset value (Chart: author; data: JPM, iShares) Company-specific...

DNY59/iStock via Getty Images Iran War And Macro Drivers Fuel Volatility Market volatility has soared as investors exhibit heightened sensitivity to geopolitical developments , oil price swings , shifting interest rate expectations, stubborn inflation, and concerns of an economic slowdown and stagflation. The Cboe Volatility Index ( VIX ), Wall Street’s “fear gauge,” remains at elevated levels after touching highs not seen since the tariff chaos of Liberation Day nearly a year ago. Bloomberg Stocks, gold, and bond prices fell as oil, gas, and fertilizer prices surged over the supply disruptions in the Strait of Hormuz. And, as concerns about energy prices fueling inflation have grown, investor expectations for interest rate cuts have changed dramatically. Bloomberg A month ago, markets expected the Fed to start cutting interest rates later this year. Now, most investors expect no cuts at all – with some even betting on rate hikes starting in April. Although the market rose slightly earlier this week on signs of potential diplomatic progress in the Middle East, lingering uncertainty is likely to weigh on stocks, with investors hard-pressed to assess risks from the ongoing war, according to Paul Stanley, chief investment officer of Granite Bay Wealth Management. “The stock market is in a holding pattern as it waits for the next shoe to drop in the Iran conflict, and it's clear that investors are not yet willing to bet on which direction this conflict may go in next. That's why we expect stocks to remain sideways as the market reads the tea leaves and prices in what's next,” Stanley said. That said, panic selling during market downturns can lead to financial setbacks, as stocks have a history of rebounding after sharp drawdowns and geopolitical shocks dating back to Pearl Harbor – underscoring the importance of positioning portfolios to weather volatility rather than attempting to avoid it. Creative Planning A practical way to help stabilize portfolio performance durin...

jetcityimage/iStock Editorial via Getty Images I last covered packaged foods maker Conagra (NYSE: CAG ) in July 2025. At the time, I wrote that while the company had poor operating results, the firm's sharply discounted valuation offset that fact. With the benefit of hindsight, apparently the valuation wasn't discounted quite enough. CAG stock has produced a negative 15% total return since that point. And, in the bigger picture, the share price has been blown to smithereens, with shares now sitting not all that far above the 2008 financial crisis lows: Data by YCharts I've been covering Conagra for a while. During that time, the central bull/bear debate has been Conagra's low valuation on the one hand countered by its poor business results and the harsh headwinds hitting the U.S. packaged foods sector. With this drop to $15/share, I'm getting more excited about the bullish side of the equation. I am sticking with my buy rating, and I backed that up by purchasing some Conagra shares this week. Conagra's Most Recent Earnings Despite my more upbeat view on the company, I am not especially excited about next week's earnings report. Let's back up a bit for context. Conagra uses a non-standard financial reporting calendar. It issued its fiscal year 2026 Q2 results in December. In those Q2 results , the company reported a large headline loss. This was primarily due to a non-cash impairment charge as Conagra marked down the value of some of its intangible assets. Management said this change reflected "a sustained decline in the company's share price and market capitalization". That's understandable; Conagra would likely receive a lower price in a potential takeover scenario today than it would have a few years ago, and so writing down assets makes sense within that perspective. That said, that sort of accounting loss does not impact the company's cash flow or ability to service debt and pay a dividend. Excluding the impairment, Conagra earned 45 cents per share in Q2, which...

boytsov/iStock via Getty Images As long as I've been invested, the market rarely ever pauses around what we can all agree on as a 'fair value'. Market indices like the S&P 500 ( SPX ) and the Nasdaq-100 ( NDX ) are extremely reactive to both ends of the spectrum. When challenges occur, it's always painted as the end of the world. When times are good, it's always the golden era of wealth creation. The thing that has always annoyed me about the markets is that fear tends to always control the narrative. Doom predictors are popular because fear cannot be disproven, so it requires less bravery to paint negativity in the markets, as opposed to staking an optimistic claim on the outlook of the world. However, I welcome these periods of pessimism because it's where investors get rich. The irony of achieving alpha in the markets is that the seed is typically planted during times like this. The ability to buy into high quality businesses at artificially deflated valuations has always rewarded patience. However, the headlines will have you convinced that we are heading towards the next recession or another great financial crisis. Now, that isn't to say that there aren't authentic reasons why markets are pulling back from their highs. I just want to emphasize that many times these things have very little impact to the fundamentals to a business. The closure of the Strait of Hormuz is just the latest example of this market fear. Crude oil rapidly increased towards $100 a barrel, energy costs are rising, and expansion within the AI data center market has sparked concerns. Combine this with an uptick in unemployment related to AI, a prolonged high interest rate environment, and a selloff amongst the technology sector, we are now in extreme fear territory . Fear & Greed Index (CNN) Looking through the flames of the indices, I wanted to provide some real-time opportunities that growth and income investors can identify at this time. I always wanted to provide some insight reminders ...

SOUTH SAN FRANCISCO, Calif., March 27, 2026 (GLOBE NEWSWIRE) -- Senti Biosciences, Inc. (Nasdaq: SNTI) (“Senti Bio”), a clinical-stage biotechnology company developing next-generation cell and gene therapies using its proprietary Gene Circuit platform, today reported financial results for the fourth quarter of 2025 and full year 2025 and provided a summary of recent pipeline and corporate highlights.

BTCS Reports Full Year 2025 Financial Results

Sun King , the world’s largest off-grid solar company, plans to spend as much as $150 million by 2030 expanding into Ethiopia, Africa’s second-most populous nation. The planned investment, in the form of a memorandum of understanding with the Ethiopian Investment Commission, is part of a broader drive by the Kenya-based company to spend $1.3 billion by 2030 expanding energy access in Africa. Almost 600 million people in Africa, or more than 80% of the global total, have no access to power. That’s led to the continent becoming the focus of rapidly expanding companies that supply and run off-grid electrical equipment such as home solar systems and solar mini-grids. Ethiopia can export power to neighboring states thanks to its construction of the Grand Ethiopian Renaissance Dam on a tributary of the Nile River, yet large swaths of its more than 120 million people remain beyond the national grid. So-called distributed renewable energy systems are a cheaper way of providing electricity access than building transmission lines to remote areas. “The agreement marks Sun King’s formal entry into one of Africa’s most significant untapped solar markets,” Sun King and the EIC said in the statement on Friday. World Bank Says $50 Billion Committed to Africa Power Plans Sun King Seeks $1.3 Billion to Bring Power to 200 Million People A Solar Boom in Rural Nigeria Lights Up Local Economies The company, founded in 2007 as Greenlight Planet by three University of Illinois graduates, supplies an array of equipment including the batteries and small solar panels used across Africa, with Sun King now operating in 14 countries. Its equipment is sold under pay-as-you-go arrangements to make it more affordable. Under the pact, Sun King will establish a local subsidiary and the EIC will liase with government agencies to help the company secure the required permits and licenses. The aim is to reach 2 million households and businesses by 2030. The expansion comes amid a drive to boost electrici...

Concentrix CEO Chris Caldwell joins Bloomberg Intelligence analyst Tamlin Bason to examine how AI is reshaping customer experience. As companies move from pilots to scaled deployment, Caldwell discusses how AI is enabling more personalized, real-time interactions, while introducing risks around consistency, trust and brand control. The conversation also explores the role of incumbents like Concentrix in bringing the scale needed to implement AI effectively, bridging the gap between emerging tech

A recent study conducted by Motley Fool Research asked 2,000 retirees what actually matters when choosing where to live -- then scored every state accordingly. Quality of life carried the most weight at 31%, followed by healthcare, housing, crime, climate, taxes, and cost of living. The result is a ranking that punishes states that are cheap but hollow and rewards ones that deliver across the board. Three states separated themselves from the pack -- and here they are. The tax pitch is the first thing you often hear about Texas, and for good reason: no state income tax or tax on Social Security, pensions, 401(k)s, or IRAs. And there's no estate or inheritance tax either. For retirees living primarily on investment income and distributions, it's one of the most favorable structures in the country. Continue reading

The technology giant plans to support domestic partnerships with Bosch, Qnity Electronics and others through 2030. Its agreement with TDK will bring iPhone sensor production to the U.S. for the first time.

江铃汽车公告，2025年营业收入391.7亿元，同比增长2.07%。净利润11.87亿元，同比下降22.75%。公司董事会审议通过的利润分配预案为：以8.55亿为基数，向全体股东每10股派发现金红利5.56元（含税），送红股0股（含税），不以公积金转增股本。

远东传动公告，2025年营业收入15.69亿元，同比增长22.90%；净利润1.56亿元，同比增长32.01%。公司董事会审议通过的利润分配预案为：以截止2025年12月31日公司总股本7.3亿股为基数，向全体股东每10股派发现金红利3元（含税），送红股0股（含税），不以公积金转增股本。

李强主持召开国务院常务会议 学习贯彻习近平总书记在深入推进雄安新区高质量建设和发展座谈会上的重要讲话精神 听取当前我国服务业发展情况汇报 研究加快建设分级诊疗体系有关政策措施 国务院总理李强3月27日主持召开国务院常务会议，学习贯彻习近平总书记在深入推进雄安新区高质量建设和发展座谈会上的重要讲话精神，听取当前我国服务业发展情况汇报，研究加快建设分级诊疗体系有关政策措施。 会议强调，建设雄安新区是党中央作出的重大战略决策，要把学习贯彻习近平总书记重要讲话精神同贯彻落实党中央关于雄安新区建设发展的一系列部署结合起来，既要保持战略定力和历史耐心，又要有只争朝夕的紧迫感和干劲，以务实有力的举措深入推进雄安新区高质量建设和发展。要聚焦现阶段重点任务集中发力，增强北京非首都功能疏解动力和承接引力，一体抓好高质量建设和高效能治理，集聚京津冀等各方面优势培育现代化产业体系，不断提升内生发展动力。各有关方面要强化大局观、执行力，在政策制度创新、重大平台布局、区域经济合作等方面给予新区更大支持，及时研究新情况、解决新问题，凝聚雄安新区建设发展的更大合力。 会议指出，服务业是现代化产业体系的重要组成部分，关系高质量发展和现代化建设全局。要充分挖掘服务业发展潜力，推进生产性服务业向专业化和价值链高端延伸，促进生活性服务业高品质多样化便利化发展。要聚焦带动性强的重点领域，完善政策配套和体制机制，加大财税、金融、要素保障等支持，扩大服务业市场准入和开放领域，充分释放市场活力。要形成工作合力，构建服务业发展多维度综合评价指标，充分调动各方面发展服务业的积极性、主动性。 会议指出，推进分级诊疗有利于提高医疗卫生服务体系运行效率，更好满足群众就近就便看病就医。要统筹抓好分级诊疗体系建设和医疗卫生强基工程实施，以常见病、慢性病为重点引导群众基层首诊，以增强就医连续性为导向优化转诊服务管理，扎实做好家庭医生签约服务，推动医疗卫生服务下沉和基层能力提升。 会议还研究了其他事项。

Weak demand and global trade pressures hit ouput, with energy price rises expected to bring further drop Business live – latest updates Fewer cars rolled off UK production lines in February in what the industry called an “extremely worrying” slump even before the impact of the Iran war was felt. Vehicle production was 17% lower last month on the same period in 2025, according to the Society of Motor Manufacturers and Traders, as exports dropped sharply. Continue reading...

The European Central Bank would probably have to act if the Iran war isn’t concluded by June, Governing Council member Pierre Wunsch said, urging patience in the meantime as officials assess the scale of the economic fallout. Policymakers, while ready to tighten monetary policy, aren’t rushing to take steps that could look like an overreaction, the Belgian central-bank chief told Bloomberg Television. “If the conflict is not over by June, then we are most probably way above our baseline, and that would warrant some kind of reaction,” Wunsch said Friday, saying he’s “comfortable” with market bets for at least two rate hikes this year. Officials are weighing whether they’ll need to raise borrowing costs to stop surging energy costs spilling from over into inflation more generally. President Christine Lagarde said this week that the ECB will act decisively and swiftly if needed, though for now it’s still monitoring the evolving effects of the war. Policymakers including Bundesbank chief Joachim Nagel have signaled rates may have to be lifted as soon as next month if the price outlook sours further. Others like Finland’s Olli Rehn have urged caution, arguing that the implications over the medium term aren’t straightforward. Weaker economic expansion could end up limiting second-round price effects, Wunsch said. He nevertheless considers a move on rates to be possible as soon as next month. “April is not out of the question,” Wunsch said. “If by April we have solid evidence the shock will be lasting and will lead to a big high and inflation that is likely to have some degree of persistence, we might have to do something. But we still have some time before the April meeting.” Last week’s ECB’s baseline scenario foresees consumer prices advancing 2.6% this year, significantly above the 2% target. In an extreme outcome where disruptions to energy supplies persist, inflation would even hit 6.3%. It’s not clear the ECB would have to react should inflation and growth stay clos...

The sex attack carried out by Ahmad Mulakhil in Nuneaton in July last year led to protests.

碧桂园服务管理层在今日下午的业绩会上表示，公司2025年大物业板块共实现收入331.1亿元，该板块在过去两年持续贡献约70%的收入，与此同时，公司主动压降关联交易，关联方收入占比从2018年的20.3%持续下降，2024年、2025年两年连续保持在1.1%的水平，已摆脱了对单一关联方的依赖，抗风险能力显著增强。（财联社）

格隆汇3月27日｜兴业证券(601377.SH)公告称，公司2025年实现营业收入118.41亿元，同比增长21.03%；归属于上市公司股东的净利润为28.70亿元，同比增长32.64%。公司拟每10股派发现金红利1元(含税)。

claffra/iStock via Getty Images Investment Thesis About to complete a month, there are still a few signs of an agreement to end the war in Iran. Recently, President Trump announced a 5-day truce to carry out negotiations ; however, news coming from the Iranian authorities does not seem to be happy with the terms of the agreement. In this sense, news reports that Iran plans to charge a type of “toll” to guarantee the safety of ships transporting oil through the Strait of Hormuz. My intention in this article is to analyze the possibility of implementing this toll, the impacts on the transport and oil industry, as well as its contribution to a more inflationary scenario. Context Before the conflict in Iran, approximately 100 million barrels of oil were transported per day on various global shipping routes, and approximately 21 million barrels passed through the Strait of Hormuz. This means that for every 5 barrels of oil transported around the world per day, one passes through the Strait. I'm not even accounting for LNG and derivatives, so the Strait of Hormuz is extremely important to the world. Another detail that you should remember, reader, is that 76% of the oil that passes through there goes to Asia, especially China. Strait of Hormuz (US Energy Information Administration) Toll Analysis In this sense, there are several oil transport routes, but undoubtedly the most relevant is the route known as TD3C that takes oil from the Middle East Gulf to China. A VLCC usually takes 25 days to cover this route, and even before the war, shipping costs were around $60,000 per day, so the freight cost is around $1.5 million. Supertanker Earnings Soar (Bloomberg) However, the price of freight has skyrocketed, and it is not even possible to price this freight accurately today, but news reports indicate that the prices exceed $200,000 per day. This means that a freight charge for a VLCC that holds about 2 million barrels of oil has gone from $1.4 million before the war to $5 milli...

Getty Images Last year, on November 28, I recommended IREN Limited (NASDAQ: IREN ) as a buy for aggressive growth investors who can handle high risk. Since then, the stock has dropped about 12% from its March 23 closing price. Looking back, I should have made it clearer just how speculative this stock is. Although I mentioned that the company is transitioning from a Bitcoin miner to a renewable-powered AI cloud and data center company, I overemphasized the potential upside over the long term from its Artificial Intelligence ("AI") infrastructure buildout, and I failed to give enough weight to the near-term risk that the company still generates most of its revenue from Bitcoin mining. IREN Limited Second Quarter FY26 Results Press Release As of the end of IREN's December 2025 quarter, it still generated 91% of its revenue from Bitcoin mining. Since the Bitcoin market has been down around 23% over the last three months, IREN's second-quarter fiscal year ("FY") 2026 earnings results were poor. Data by YCharts The company's second-quarter results missed analyst revenue targets, mainly because Bitcoin mining revenue dropped 28% from the previous quarter, pulling total revenue down by 23%. This decline, caused by a weak Bitcoin market, might lead investors to revalue IREN more as a Bitcoin miner and less as a future AI infrastructure company. The market also reacted negatively to large non-cash charges and substantial costs associated with the company’s major investments in AI cloud services, causing an earnings-per-share miss . The company added insult to injury when it expanded its at-the-market (ATM) equity offering program to $6 billion on March 5—almost half of its market capitalization at the time of the announcement. The market often reacts negatively to ATM announcements because they may indicate a future dilutive event. In spite of the setback, there are still reasons for investors looking for potentially high returns to buy the stock on any dips. First, manageme...

据报道，英国航空公司计划从明年起，推出飞行员节油奖励机制，希望以此来降低燃油消耗。其主要内容是，如果所有飞行员能够实现将二氧化碳排放量较2025年水平减少6万吨的目标，即可获得相当于基本工资1%的奖金。这并非英国航空首次尝试通过考核机制激励飞行员节约燃油。早在2006年，英国航空就曾设立“飞行员省油排行榜”，考核标准是，飞行员携带越少燃油起飞完成航程，排名就越高。不过这一做法曾引发部分飞行员的担忧，他们认为这会危及乘客安全。 (央视财经)

Investing.com -- A sharp selloff in memory names following the debut of Google’s TurboQuant technology is creating an opportunity for investors, according to Bank of America.

In this article DE10Y-DE FR10Y-FR UK10Y-GB Follow your favorite stocks CREATE FREE ACCOUNT Crowds of pedestrians and shoppers walk along Weinstrasse toward Marienplatz in Munich, Germany, on March 14, 2026. Michael Nguyen | Nurphoto | Getty Images European government bonds continued to sell off on Friday, building on a rout that has seen multiple countries' borrowing costs hit multi-decade highs in recent weeks. Thursday saw the yield on Germany's 10-year bund — a benchmark for the euro zone — surge to the highest level since mid-2011 at the height of the euro crisis. On Friday morning, the 10-year bund added a further 6 basis points to trade at 3.1228%, holding above that 15-year high. Bond yields and prices move in opposite directions, and one basis point equals 0.01%. Yields on French government bonds, known as OATs, also extended gains on Friday, with the country's 10-year bond adding 9 basis points to also hover at their highest level since 2011. The previous day, the 10-year OAT surged by around 14 basis points. Last week, U.K. government borrowing costs hit their highest levels since the 2008 financial crisis, with yields on British gilts spiking as investors rushed to price in a resurgence of inflation and bets on more hawkish policy from the Bank of England. Benchmark 10-year U.K. government bond — or gilt — yields were up by another 10 basis points at 5.07% on Friday, having added 83 basis points over the last month. The sharp sell-off followed a speech from European Central Bank chief Christine Lagarde, who said the ECB was prepared to raise its key interest rate even if inflation spikes brought on by the U.S.-Iran war were short-lived. They were also accompanied by sharp moves in bonds issued by other euro zone economies, including Spain, Italy, Portugal, Greece, Poland, the Netherlands and Belgium. In an interview with The Economist published the same day, Lagarde labeled market views of a swift recovery from the Iran war "overly optimistic," telling th...

Guido Mieth Stock index futures were lower before the bell as U.S. President Donald Trump extended the pause on attacks against Iran’s energy infrastructure into April. Target ( TGT ) rose 0.21% in premarket trading amid reports of a new boycott effort. The American Federation of Teachers passed a resolution Thursday calling on its 1.8M members and others to shop at local stores for back-to-school supplies instead of Target. The federation cited concerns over the retailer’s response to Immigration and Customs Enforcement actions in its Minneapolis headquarters city, according to CNBC. Meta Platforms ( META ) fell 0.69% before the opening bell after the company disclosed a significant expansion of its data center investment in El Paso, Texas. The social media giant increased its planned investment to $10 billion from $1.5 billion as it aggressively pours resources into artificial intelligence to compete with rivals Google, Amazon, and Microsoft. Micron Technology ( MU ) dropped 1.71% in premarket trade, extending a six-session slide that has erased roughly 23% from the stock. Shares remained under pressure as investors reassessed the outlook for memory pricing and AI-driven demand, despite Micron’s positioning as a key supplier of high-bandwidth memory used in artificial intelligence workloads. Apple ( AAPL ) was flat in premarket trading as investment firm Wedbush Securities said 2026 is shaping up as a “significant” year for product launches ahead of the tech giant’s annual developers conference. Analysts noted Apple has been focused on launching new products with greater processing performance and stronger memory to capitalize on growing demand for hardware devices capable of running AI. More related stories Apple's 50th Anniversary: A 'Solid Hold' For Wealth Preservation Meta Platforms Down 7%, Google Breaks Key Support - What Comes Next For The Tech Heavyweights? Micron Is Still One Of The Best Stocks In This Current Market Micron under pressure after 23% slide ...

Guido Mieth Stock index futures were lower before the bell as U.S. President Donald Trump extended the pause on attacks against Iran’s energy infrastructure into April. Target ( TGT ) rose 0.21% in premarket trading amid reports of a new boycott effort. The American Federation of Teachers passed a resolution Thursday calling on its 1.8M members and others to shop at local stores for back-to-school supplies instead of Target. The federation cited concerns over the retailer’s response to Immigration and Customs Enforcement actions in its Minneapolis headquarters city, according to CNBC. Meta Platforms ( META ) fell 0.69% before the opening bell after the company disclosed a significant expansion of its data center investment in El Paso, Texas. The social media giant increased its planned investment to $10 billion from $1.5 billion as it aggressively pours resources into artificial intelligence to compete with rivals Google, Amazon, and Microsoft. Micron Technology ( MU ) dropped 1.71% in premarket trade, extending a six-session slide that has erased roughly 23% from the stock. Shares remained under pressure as investors reassessed the outlook for memory pricing and AI-driven demand, despite Micron’s positioning as a key supplier of high-bandwidth memory used in artificial intelligence workloads. Apple ( AAPL ) was flat in premarket trading as investment firm Wedbush Securities said 2026 is shaping up as a “significant” year for product launches ahead of the tech giant’s annual developers conference. Analysts noted Apple has been focused on launching new products with greater processing performance and stronger memory to capitalize on growing demand for hardware devices capable of running AI. More related stories Apple's 50th Anniversary: A 'Solid Hold' For Wealth Preservation Meta Platforms Down 7%, Google Breaks Key Support - What Comes Next For The Tech Heavyweights? Micron Is Still One Of The Best Stocks In This Current Market Micron under pressure after 23% slide ...

4 stocks to watch on Friday: MU, TGT, AAPL, META seekingalpha.com

横店东磁公告，2025年营业收入225.86亿元，同比增长21.70%。净利润18.51亿元，同比增长1.34%。公司以总股本剔除回购专户持有股份后的16.01亿为基数，向全体股东每10股派发现金红利6元（含税），送红股0股，不以公积金转增股本。

3月27日，龙湖集团发布2025年度业绩报告。报告显示，龙湖集团2025年营业收入约为973.1亿元。 其中，地产开发业务收入705.4亿元；运营及服务业务收入为267.7亿元，在集团营业收入中占比达到27.5%，创历史新高；公司拥有人应占溢利为10.2亿元；剔除投资物业及其他衍生金融工具公平值变动影响后，归母核心亏损为17亿元。 龙湖从2022年开始主动调整节奏、压降负债，开发业务占比持续走低。到了2025年，开发业务首次出现盈利亏损，但运营及服务业务实现核心权益后利润接近80亿元，弥补了开发业务下降到来的负面影响。 龙湖董事会主席兼CEO陈序平表示，预计最晚到2028年，龙湖的运营及服务业务的收入就会超过地产开发的收入，成为公司最主要的收入来源。同时，因为地产企业的业务结构与公司的收入、负债结构、现金流来源与节奏、信用体系全部是深入融合的，业务结构与负债结构互为因果，调整后以运营服务收入为主的收入结构，也将意味着龙湖完成了新发展模式的“地基”建设。 龙湖业绩发布会 01 安全度过偿债高峰 债务安全是房地产行业紧缩期企业的第一生命线。期间，龙湖也一直以「不逾期、不展期、不违约」为公司信用底线。 根据龙湖年报数据，截至2025年底，其有息负债降低至人民币1528亿元，平均融资成本降低至3.51%，平均借贷年期拉长至12年以上。有息负债中，银行融资占比近90%，相比2022年末提升约15个百分点，信用债总量和占比持续降低。 龙湖首席财务官赵轶表示，2025年集团层面兑付债务约220亿元，包括135亿人民币的境内债券和92亿港币的境外贷款，今年年内剩余约60亿左右到期债务，其中信用债约25亿元，已经安全平稳地度过了债务高峰。 在降低负债总额的同时，龙湖还在持续调整负债结构。截至去年底，龙湖的境内贷款占比升至83%，境外信用贷款占比降低至6%，供应链融资基本清零，经营性物业贷当年新增约180亿元，总量超过1000亿元，占比提升到66%。 外，龙湖的有息负债中，外币的负债余额也持续降低至150亿元左右，在去年期末占比约为10%。 截止2025年年底，龙湖剔除预收款以后的资产负债率下降到55%，净负债率基本稳定在52%上下，剔除预售监管资金后的现金转债倍数保持在一倍以上，财务状况比较稳健。 2025年是龙湖偿债的最高峰，到期金额约220亿元，之后在2026年、2027年下降至...

财联社3月27日讯（编辑 夏军雄 ）美国化工巨头陶氏化学首席执行官Jim Fitterling警告称，随着伊朗战争造成石化产品短缺和价格飙升，今年剩余时间可能出现由此引发的通胀效应，波及建筑材料、消费品、汽车和航空航天等多个行业。 Fitterling出席了在休斯敦举行的标普全球（S&P Global）CERAWeek大会，他指出，伊朗封锁霍尔木兹海峡之际，当前全球供应冲击的关注重点多集中在石油、天然气、化肥，甚至是半导体所需的氦气，全球近20%的石化产能已经受到影响。 “今年剩余时间市场将如何发展，基本已经定局。这有点像我们在新冠疫情期间看到的供应链解体，”Fitterling表示。“恢复过程可能需要250到275天，这不会是一蹴而就的过程。” 他还指出，霍尔木兹海峡被封引发的供应冲击不仅会加剧所谓的“K型经济”分化，还将进一步扩大西半球与东半球之间的贫富差距。 在西方，以美国为主的基础石化装置主要依赖天然气衍生的乙烷作为原料，而乙烷并未直接受到战争影响。而在亚洲以及欧洲大部分地区，石化生产则依赖以原油为基础的石脑油。 Fitterling指出，亚洲近一半的石脑油供应需要通过霍尔木兹海峡运输。 标普全球能源研究副总裁Kurt Barrow表示，由于无法获得石脑油，许多亚洲工厂已经宣布不可抗力并大幅减产。 Barrow表示：“我们已经看到亚洲工厂纷纷宣布不可抗力，但在像家得宝这样的零售端，还没有看到明显短缺。但这种风险是存在的，因为化学品几乎存在于所有产品之中。” 供应链将如何演变 市场观察人士普遍认为，即使战争结束，也不意味着霍尔木兹海峡会立即恢复正常通航。 Fitterling估计，在霍尔木兹海峡重新开放后，初期预计每天仅有约15艘受护航的船只能够通行，而战争爆发前的日均通行量约为150艘。 恢复过程将优先保障石油和天然气运输，随后可能优先保障农业和食品供应所需的化肥运输。在目前大约430艘滞留船只中，超过300艘是油轮。 Fitterling指出，“石化产品的优先级会相对靠后”，而这些船只运往亚洲通常需要四周时间。 他解释道，正因如此，美国与亚洲之间基础石化产品的价格套利空间已经飙升至1200美元以上，这一数字通常低于每吨500美元。而且，各地的价格仍将继续上涨。 “我们必须在一个‘双速经济’中前行，同时还要应对巨大的地缘政治冲击。目前的波动性已经高到极端水平...

US equity futures were pointing lower before the opening bell Friday, while oil prices moved higher,