In this article CVS Follow your favorite stocks CREATE FREE ACCOUNT A pedestrian walks by a CVS store in Greenbrae, California, on July 31, 2025. Justin Sullivan | Getty Images CVS Health on Tuesday reported fourth-quarter earnings and revenue that beat estimates and reaffirmed the 2026 profit guidance that impressed investors, signaling steady progress in the health-care giant's turnaround plan. "'24 was a tough year for the company. So '25 righted the ship," CVS CFO Brian Newman said in an interview. CVS, which operates one of the largest pharmacy chains in the U.S., sees full-year profit coming in between $7 to $7.20 per share. That's in line with the $7.17 per share that analysts were expecting, according to LSEG. Newman also said the company is maintaining its 2026 revenue guidance of at least $400 billion. Analysts expect revenue of $409.77 billion, according to LSEG, though it's unclear if those estimates account for all of the headwinds Newman cited. He said that guidance includes $20 billion in headwinds, roughly half of which is driven by the company's move to exit the Affordable Care Act individual exchange market this year. Newman said the other half reflects the company's retail business adjusting to lower drug prices after the "most favored nation" deals that President Donald Trump struck with more than a dozen pharma companies in recent months. CVS last week said its roughly 9,000 pharmacies are accepting discount cards from the president's newly launched direct-to-consumer platform, TrumpRx, for eligible patients. Newman said CVS shares the Trump administration's goal of reducing costs. He added that the lower prices set a new starting point from which Caremark, the company's pharmacy benefit manager, can negotiate even lower costs for its clients, "so we don't see these as kind of adversarial relationships." CVS previously said it expects growth this year to be driven by the return to target margins at its recovering Aetna insurance business, led by...

Alphabet sold $20bn (€16.8bn) in company bonds on Monday, according to reports. The bond sale was reportedly upsized from the $15bn (€12.6bn) initially planned due to a huge inflow of demand surpassing $100bn (€84bn). The company is now planning to issue bonds across multiple currencies, with a sterling offering that could include a rare 100-year bond. A Swiss franc sale may also be imminent. If confirmed, this would be the first issuance of a century bond by a tech company in almost 30 years. The last one was sold by Motorola in 1997. The US dollar side of the deal is broken up into seven tranches with the longest piece being a 40-year bond maturing in 2066. Originally, it was expected for this debt to trade 1.2% higher than US Treasuries, but the price is forecast to tighten to around 0.95%. The sale saw the strongest demand at the short end, with the three-year bonds being priced at only 0.27% above US Treasuries. JPMorgan, Goldman Sachs, and Bank of America are across Alphabet's bond sales in all three currencies. Multi-currency debt raise There can be several advantages to a multi-currency debt raise, and therefore potential reasons why Alphabet has chosen this strategy. Firstly, it can help diversify the company's investor base, which is particularly important in the current climate — as Big Tech's capital needs to scale AI infrastructure keep soaring. Giant screen with the Google logo at the AI Action Summit in Paris, February 2025 AP Photo By tapping into global markets instead of sticking to dollar markets alone, Alphabet is avoiding creating a supply-demand imbalance that would balloon the price of the company's debt, and consequently lower the yield of its bonds, discouraging investors. Additionally, sterling markets also offer a lower interest rate compared to dollar bonds, which makes the potential century bond more cost-effective, attracting investors. Record year for Big Tech debt Alphabet's borrowing spree comes shortly after the company announced re...

TLDRs; Oracle shares surged nearly 10% after an analyst upgrade eased fears around its OpenAI exposure. Investors are refocusing on Oracle’s plan to raise up to $50 billion in 2026. Heavy AI spending is pushing big tech firms deeper into debt markets. Upcoming earnings will be key for clarity on cloud demand and cash flow. 💥 Find the Next KnockoutStock! Get live prices, charts, and KO Scores from KnockoutStocks.com , the data-driven platform ranking every stock by quality and breakout potential. Oracle shares staged a sharp rebound to start the week, jumping nearly 10% as investor concerns around the company’s exposure to OpenAI eased and attention shifted back to its ambitious plan to raise up to $50 billion in fresh capital. The move snapped a recent stretch of volatility that had been driven by questions over cash burn, cloud spending, and how quickly large AI contracts can translate into durable revenue. The stock closed Monday at $156.59, up 9.7% on the day, after an upgrade from D.A. Davidson helped reframe the market’s view of Oracle’s relationship with OpenAI. The firm argued that earlier fears had pushed sentiment too far in a bearish direction, setting the stage for a relief rally as markets recalibrated expectations. Analyst Upgrade Sparks Relief Rally The catalyst for the bounce was a shift in analyst tone. D.A. Davidson upgraded Oracle to “buy,” saying the market had been assigning an overly negative value to the OpenAI partnership. According to the firm, a better-capitalized OpenAI should remain a reliable customer rather than a credit risk, even as it continues to scale aggressively. Oracle Corporation, ORCL That view helped cool investor anxiety that Oracle might be overexposed to a single AI customer with massive infrastructure demands. Instead, the upgrade reframed OpenAI as a long-term anchor tenant for Oracle Cloud Infrastructure (OCI), with funding visibility improving rather than deteriorating. $50B Funding Plan Takes Center Stage With the Open...

This article first appeared on GuruFocus. Microsoft (NASDAQ:MSFT) backed OpenAI is officially starting to test ads inside ChatGPT, confirming Monday that the first ads will begin appearing today as the company looks to fund its rapidly growing platform. The ads will only show up for logged in adult users on the Free and Go tiers. Paid plans, including Plus, Pro, Business, Enterprise, and Education, will remain ad free. OpenAI said ads won't influence ChatGPT's answers and that conversations won't be shared with advertisers, stressing that trust remains a priority. The move comes at an awkwardly perfect time. Just a day earlier, rival Anthropic aired Super Bowl ads poking fun at OpenAI's plans to introduce advertising. Those spots appeared to resonate, with EDO data showing stronger engagement than OpenAI's own commercials.

赵永升表示，本届特朗普政府“重商主义”思想浓厚，该芯片关税更多的是一种同芯片制造商的博弈手段，而非目的。 有报道称，美国计划在下一轮芯片关税中豁免亚马逊、谷歌和微软等美国科技巨头，原因是这些企业正竞相建设推动人工智能（AI）热潮的数据中心。知情人士透露，美国商务部计划为美国本土超大规模企业提供的关税豁免将与台积电（TSMC）的投资承诺挂钩。 哈佛大学肯尼迪政府学院教授福尔曼（Jason Furman）在近期的一场研讨会上对第一财经记者表示，一方面，特朗普政府以关税威胁为手段，推动更多美国制造业的发展，另一方面，从截至目前的发展看，特朗普政府取消威胁、增加关税豁免的案例比收紧关税的案例要多。 牛津经济研究院也在近期针对全球商业人士的风险调查报告中发现，尽管存在地缘政治风险的担忧，但全球商业界对美国贸易政策全球影响的忧虑已有所缓解，总体而言，企业并未察觉全球增长前景出现明显变化。 分配豁免额度？ 据新华社报道，美国白宫1月14日发布声明说，美国将从15日起对部分进口半导体、半导体制造设备和衍生品加征25%进口从价关税。根据白宫公布的事实清单，英伟达公司H200芯片和超威半导体公司MI325X人工智能加速器芯片均在此次加征关税范围内。 声明称，此次加征关税依据的是《1962年贸易扩展法》第232条款，旨在“应对国家安全威胁”。美国大约消费全球四分之一的半导体产品，而目前完全自主生产的芯片大约只占需求量的10%。美国半导体产能不能满足国防需求和日益增长的商业需求，“对境外供应链的依赖构成严重的经济和国家安全风险”。 白宫同时公布的附件显示，用于数据中心、研发、维修和公共部门等领域的半导体产品不在此次加征关税范围之内，已经被加征关税的乘用车、轻卡、中重型车辆、钢铁、铜铝产品，以及加拿大和墨西哥产品等，将不被重复加征关税。 不过，彼时声明也表示，如果相关出口方未能在该声明发布后180天内通过谈判与美国达成协议，美国总统特朗普可能会采取其他措施以调整进口。 据报道，目前的新方案将允许台积电为其美国客户分配豁免额度，这些豁免额度将与该企业在美国投资规模挂钩。换言之，美国超大规模企业的退税额度将取决于台积电预测其未来在美国可达成的产能规模。这项复杂计划旨在推动芯片制造商将更多产能转移至美国。据报道，台积电已承诺投资1650亿美元在美国扩建产能。 一位了解该计划的美国政府官员提醒称，方...

财联社2月10日讯（编辑 杨斌） 春节将至，年终奖发放成为打工人最期盼的一件事。随之而来的便是巨大的年终奖理财需求，各大理财公司近期都针对年终奖展开了疯狂“争夺”。 从理财公司的营销看，年终奖理财并非单一的产品销售，而是一套综合配置方案。业内认为，理财综合配置方案体现的是银行从“销售导向”到“客户需求导向”，应对财富管理的转型趋势。 一套年终奖理财组合可包括14款产品 工银理财近期开启“薪年心愿“活动，呈上一份年终奖理财规划清单，分短、中、长期规划。其中，短期规划主推“工银理财·天天鑫稳益固收类开放理财产品”和“工银理财·天天鑫添益低波红利策略固收增强开放式产品”，两款产品均为每个交易开放申购。中期规划主推“工银理财·鑫添益14天持盈固收增强开放式理财产品”和“工银理财·恒睿日升月恒30天持盈固收增强开放式理财产品”，设有半个月至一个月的最短持有天数。长期规划同样主推两款固收增强产品，最短持有天数长达3个月至一年。 农银理财发布了“年终奖到账倒计时 新年第一笔财富规划指南”，根据资金用途，分别推荐了“农银匠心·灵动”系列的六款产品，最短持有期涵盖30天、90天、180天、360天、720天。其中“农银进取·灵动180天(多元衡享)”参与全球大类资产配置，“农银匠心·灵动360天(内需优选) ”和“农银匠心·灵动720天”配置80%的固收资产外，还有权益资产配置。 与之类似的还有交银理财，推出“年终有福利，‘薪意’不打烊”活动。按照每日开放、春节持有、长期持有等不同期限，依次推出了交银理财灵动添利和灵动慧利系列的4款理财产品。中邮理财、光大理财等银行理财子公司，近期均发布了相似的年终奖理财活动。 除上述国有或股份行的理财公司，城商行理财子乃至未成立理财公司的银行也加入到年终奖理财的营销中。如苏银理财的年终奖方案一口气推荐了14款产品，其中11款为R2中低风险、3款为R3中风险，期限涵盖1个月以内至3年，有5款多资产多策略产品。大连银行近期上线三款“鲲鹏”系列年终奖专属封闭式净值型理财产品，苏州银行、内蒙古银行也推出了年终奖理财方案。 综合配置方案满足多元化需求 年终奖对于每一个打工人而言都是一笔大额的收入，若没有后续理财规划，这笔收入即成为闲置资金，较为可惜。面对巨大的理财需求，年终奖资金成为了理财产品的“必争之地”。 普益标准的研究认为，对比普通理财产品，年终奖理财...

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, Wesco International, Inc. (WCC) initiated its adjusted earnings and revenue guidance for the full-year 2026. For fiscal 2026, the company projects adjusted earnings in a range of $14.50 to $16.50 per share on sales growth of 5 to 8 percent. On average, analysts polled expect the company to report earnings of $16.42 per share on revenue growth of 22.23 percent to $24.96 billion for the year. Analysts' estimates typically exclude special items. The company also said it plans to increase its annual common stock dividend by over 10 percent to $2.00 per share. Separately, the company announced the upcoming retirement of Dave Schulz, Executive Vice President and Chief Financial Officer, and the appointment of Indraneel "Neel" Dev as Executive Vice President and Chief Financial Officer. Schulz notified the Company that he expects to retire in May 2026, and Dev will join the Company in February 2026 to ensure a smooth transition. Dev served as the CFO and Chief Revenue Officer of Congruex. In Tuesday's pre-market trading, WCC is trading on the NYSE at $286.00, down $15.73 or 5.2 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

JasonDoiy/E+ via Getty Images By Steffan Szumowski The nuclear renaissance is not just taking place in the United States; it is a global movement. The U.K. is in the middle of constructing the multi-gigawatt Hinkley Point C nuclear power plant, with a second massive project, Sizewell C, in active planning. Expanding beyond traditional large reactors, the U.K. has published the Advanced Nuclear Framework in an effort to speed up nuclear development from the nuclear fuel, equipment supply, and reactor construction industries. The U.K.’s Advanced Nuclear Framework The U.K. has published a new nuclear regulatory pathway for enabling the rapid deployment of advanced reactor technology in the country. The new framework draws on lessons learned from the construction of the traditional large reactors built at Hinkly Point C. They are also following up on the reactor developer competition coordinated by Great British Nuclear. The competition was to determine which company would be the first to construct a small modular reactor in the U.K. The domestic industrial juggernaut Rolls-Royce ( RYCEY , RYCEF , RR.LN) won the event . Recognizing that the current regulatory requirements did not support efficient permitting of advanced reactors, the government has overhauled its regulator to dramatically improve the process. The new program will directly benefit U.K. reactor developers, including Rolls-Royce and U.K. nuclear construction companies like Jacobs Solutions ( J ) and Amentum ( AMTM ). Statement on Civil Nuclear Fuel Use Hand in hand with the publishing of the Advanced Nuclear Framework, the U.K. also issued a Statement on civil nuclear fuel use . The government clarified the expectations of their future nuclear fleet and outlined some of their intentions for how they will support expansion of the domestic nuclear fuel and supply chain. The statement highlighted the £300 million investment made to establish a U.K. High Assay Low Enriched Uranium (HALEU) supply chain. While t...

How much power does the Fed chair really have? toggle caption JIM WATSON/AFP via Getty Images President Trump recently nominated Kevin Warsh to become the next chairman of the Federal Reserve's Board of Governors. And it's got us thinking about the power of the Fed chair, and where that power comes from. On paper at least, the chair of the Fed doesn't seem like he or she should be that powerful. The Federal Reserve Act, which created America's central bank, established a bunch of limits on the authority of any one person to shape our economy. The Fed chair, for example, only has one out of 12 votes on the Federal Open Market Committee (FOMC), the crucial decision-making body that sets interest rates. One of 12! It's hard enough for me and a small group of my friends to pick which movie to watch. I can't even imagine trying to convince a majority of eggheads — at least seven — on some fancy committee what the proper interest-rate policy should be to achieve the Fed's dual, sometimes-conflicting mandate of low, stable inflation and a strong labor market. That said, the Fed chair obviously does more than just try and herd cats on this important committee. Sponsor Message And, so, we've been wondering, is the Fed chair actually that powerful? And, if so, why? Princeton University economist Alan Blinder researches and teaches about the Fed (he's been a frequent guest on Planet Money). Blinder served as vice chair of the Fed back in the mid-1990s. That's the Fed's number 2, right behind the head honcho, who was then Alan Greenspan. "He was the boss," Blinder says of Greenspan. And yeah, he says, Fed chairs actually do have "a great deal" of power. "Now, you wouldn't learn that by just reading the Federal Reserve Act." To understand the scope of this "great deal" of power, we first need to make clear what "the Fed chair" job actually entails. The Fed chair is actually the chair of two different bodies — the Board of Governors and the FOMC. They're appointed by presidents a...

Ares Management Corp. is providing $2.4 billion of debt financing to Vantage Data Centers , part of which may be used to fund the build-out of infrastructure supporting Oracle Corp. ’s partnership with OpenAI. The alternative asset manager agreed to commit $1.6 billion to Vantage and has already funded roughly $330 million for the project, Ares said in an emailed statement. The funds will be used to support the development, construction and operation of data centers across Vantage’s North America portfolio as well as refinance existing debt. Ares and other lenders are lining up to provide the vast amounts of capital needed to build infrastructure for the rise of artificial intelligence. The Los Angeles-based firm has said it aims to raise more than $8 billion of equity to back data centers in the near term. The Vantage portfolio includes 17 campuses to power primarily cloud and AI technologies. The assets within the portfolio are leased under long-term agreements with large cloud-computing providers, Ares said. Banks Ready $38 Billion of Debt for Oracle-Tied Data Centers Ares Makes $700 Million Bet on AI With Virginia Buying Spree Vantage is backed by DigitalBridge Group Inc. , which agreed late last year to be acquired by Masayoshi Son ’s SoftBank Group Corp. for about $3 billion in cash. Its portfolio includes digital infrastructure operators Aims Group, AtlasEdge, DataBank, Switch and Yondr Group.

Struggling AI Startups Kept Afloat Despite Never Becoming Profitable Authored by Autumn Spredemann via The Epoch Times (emphasis ours), For years, artificial intelligence (AI) startups have been pitched as the vehicles of the next productivity boom. But as product delivery lags behind the hype, some AI companies are slipping into a quieter, more troubling category: startups that are functional but no longer viable. Illustration by The Epoch Times, Shutterstock Economists and financial institutions describe these firms as “zombie” companies—businesses that can’t cover their debt, operating costs, or generate sufficient returns, yet continue to survive through repeated injections of fresh capital, debt restructuring, or investor reluctance to accept losses. Venture capital, financial, and AI insiders say that signs of these zombie companies are increasingly visible in the AI startup community. AI and machine learning venture capital deals accounted for more than 65 percent of all U.S. venture capital project funding in 2025, totaling $222 billion, according to the National Venture Capital Association. This represents an increase from 47 percent in 2024 and 10 percent in 2015. That’s a lot of money flooding into an investment market with a high rate of failure. Approximately 90 percent of startups fail, according to analysis by data analytics company Demand Sage. While a universally accepted count of U.S.-based AI firms operating as zombies is unavailable, a recent Fortune report put the number of venture capital zombies at 574. An analysis by management consulting firm Kearney reported that the number of zombie companies worldwide has grown by around 9 percent annually since 2010, with a total of 2,370 as of 2024. Concern is no longer limited to investor losses but also broader economic effects, such as misdirected capital and talent being tied up in underperforming companies. Some believe this could slow AI productivity and future innovation. “Typically, unproductive...

央行发布2025年第四季度中国货币政策执行报告。报告提出，把握好利率、汇率内外均衡。深入推进利率市场化改革，畅通货币政策传导渠道。健全市场化利率形成、调控和传导机制，发挥中央银行政策利率引导作用。引导短期货币市场利率更好围绕央行政策利率平稳运行。强化利率政策执行和监督，持续开展对金融机构利率政策和自律约定执行情况的现场检查和评估，提升银行自主理性定价能力。

格隆汇2月10日｜中国人民银行发布2025年第四季度中国货币政策执行报告。其中提出，是加快金融市场制度建设和高水平对外开放。持续增强债券市场功能和服务实体经济能力。高质量建设和发展债券市场“科技板”，用好科技创新债券风险分担工具，支持更多民营科技型企业、民营股权投资机构发债融资。推动公司债券法制建设。加快多层次债券市场发展，持续推进柜台债券业务扩容和规范发展。不断规范发行定价、承销做市等行为，加强重点领域和行业风险监测。

LuxExperience B.V press release ( LUXE ): Q2 €0.05 Revenue of €645.1M (+1.1% Y/Y). Positive Adjusted EBITDA of €13.2 million with an Adjusted EBITDA margin of +2.0% GMV decline of -12.1% reported (-9.4% ex-FX) to €125.3 million in Q2 FY26 as compared to €142.5 million in the prior year period, clear improvement from reported -19.3% decline in Q1 FY26 Gross Profit Margin of 42.8% in Q2 FY26 as compared to 46.2% in the prior year period More on LuxExperience B.V LuxExperience: Selling THE OUTNET May Be The 'Smart Bad Deal' LuxExperience B.V. (LUXE) Q1 2026 Earnings Call Transcript LuxExperience B.V. 2026 Q1 - Results - Earnings Call Presentation LuxExperience B.V GAAP EPS of -€0.61, revenue of €573.5M; updates FY outlook Seeking Alpha’s Quant Rating on LuxExperience B.V

格隆汇2月10日｜克里姆林宫：俄罗斯总统普京与南非总统就乌克兰问题展开讨论。

协鑫集成公告，公司股票在2026年2月4日至2026年2月10日期间，收盘价累计涨幅达52.91%，远超行业及上证指数涨幅，存在市场情绪过热、非理性炒作风险。公司主营业务未发生重大变化，近期资本市场对“太空光伏”等前沿概念关注度提升，公司在该领域尚处技术探索阶段，未具备相关产品生产能力，未获得相关订单，对公司经营业绩未产生实质影响。公司提醒投资者注意股票市场风险，理性决策，避免因概念炒作引发投资风险。预计2025年度净利润为-亿元至-亿元。

格隆汇2月10日｜中国人民银行发布2025年第四季度中国货币政策执行报告。其中提出，推动落地各项金融支持服务消费政策，落实好一次性信用修复政策，引导更多金融资源支持提振和扩大服务消费。着力推动保障性住房再贷款等金融政策措施落地见效，完善房地产金融基础性制度，助力构建房地产发展新模式。

China’s commercial real estate stress will force some Hong Kong banks with significant exposure to the sector to set aside additional reserves for potentially higher non-performing loans, which could weigh on their second-half 2025 earnings, according to Citi. In a report on Tuesday, Citi Research said Bank of China (Hong Kong) (BOCHK), the Hong Kong subsidiary of state-owned Bank of China, and Bank of East Asia (BEA) had the highest exposure to China’s commercial real estate, which is under relentless pressure. BOCHK’s exposure to China’s commercial real estate stood at HK$77.6 billion (US$9.9 billion) at the end of last year, accounting for 4.5 per cent of its total loans, the highest among the Hong Kong banks covered by Citi. BEA’s exposure stood at HK$29 billion, 5.4 per cent of its total loans. Advertisement BOCHK’s profit for the second half of 2025 was forecast at HK$16.6 billion, broadly in line with consensus, Citi said. But its credit costs would be about 11 per cent higher than consensus due to higher impairment charges linked to China commercial real estate exposure, it added. Meanwhile, BEA’s credit costs were likely to be about 2 per cent higher than consensus. Bank of East Asia’s exposure to China’s commercial real estate stood at HK$29 billion last year. Photo: May Tse “China commercial real estate related risks have risen for BOCHK as China Vanke announced [an extension to its] bond maturity, suggesting rising default risks,” Citi said.

*Other Operating Data Consensus Source: Bloomberg More on DuPont DuPont: The Conglomerate Discount Is Dead, Buy The Specialist DuPont Slashes Dividend, And That Might Be Their Best Move For Sustainable Growth DuPont De Nemours' Transformation Is Nearly Complete (Downgrade) DuPont beats Q4 estimates, guides 2026 FY EPS above consensus DuPont Q4 2025 Earnings Preview

格隆汇2月10日｜中国人民银行发布2025年第四季度中国货币政策执行报告。报告提到，下一阶段，深入推进利率市场化改革，畅通货币政策传导渠道。健全市场化利率形成、调控和传导机制，发挥中央银行政策利率引导作用。引导短期货币市场利率更好围绕央行政策利率平稳运行。强化利率政策执行和监督，持续开展对金融机构利率政策和自律约定执行情况的现场检查和评估，提升银行自主理性定价能力。

(RTTNews) - WESCO International, Inc. (WCC), a Fortune 500 supply chain solutions company, on Tuesday, said it has appointed Indraneel Dev as Executive Vice President and Chief Financial Officer. Executive Vice President and Chief Financial Officer Dave Schulz will retire in May 2026. Dev will join WESCO in February 2026 to ensure a smooth transition. Dev most recently served as Chief Financial Officer and Chief Revenue Officer at Congruex LLC. Schulz has served as WESCO's Chief Financial Officer for the past 10 years. In the pre-market trading, WESCO International is 5.88% lesser at $284 on the New York Stock Exchange. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

格隆汇2月10日｜据塔斯社，俄罗斯总统普京与南非总统通电话。

"Every single character in this series, gets their moment, however small it might be, it might be two lines or one line, and that line is thought out, careful, and is given to the actor as something special," he continued.

格隆汇2月10日｜中国人民银行发布2025年第四季度中国货币政策执行报告。其中提出，坚持以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，保持汇率弹性，发挥汇率调节宏观经济和国际收支自动稳定器功能，强化预期引导，防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。拓展丰富中央银行宏观审慎和金融稳定功能，完善宏观审慎和金融稳定管理工具箱，维护金融市场稳定，坚决守住不发生系统性金融风险的底线。

*Other Operating Data Consensus Source: Bloomberg More on Spotify Why Spotify's Recent Dip Is A 'Buy' Signal For Patient Investors Spotify: Buy The Dip As $12.99 Price Takes Hold Spotify: Growth Is Solid, But The Valuation Limits Immediate Upside Spotify GAAP EPS of €4.43 beats by €1.65, revenue of €4.53B beats by €10M Spotify set to report Q4 results amid focus on pricing, margins

格隆汇2月10日｜中国人民银行发布2025年第四季度中国货币政策执行报告。其中提出，进一步完善利率调控框架，强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机制作用，加强利率政策执行和监督，降低银行负债成本，促进社会综合融资成本低位运行。有序扩大明示企业贷款综合融资成本工作覆盖面。发挥好货币政策工具总量和结构双重功能，有效落实好各类结构性货币政策工具，扎实做好金融“五篇大文章”，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。

2025年是“十四五”收官之年，在以习近平同志为核心的党中央坚强领导下，国民经济延续稳中有进发展态势，经济社会发展主要目标顺利实现。全年国内生产总值(GDP)同比增长5%。中国人民银行坚持以习近平新时代中国特色社会主义思想为指导，坚决落实党中央、国务院决策部署，实施适度宽松的货币政策，在执行好存量货币政策的基础上，又推出一揽子货币金融政策组合，强化逆周期调节，有效支持实体经济稳定增长和金融市场平稳运行。 一是保持货币信贷合理增长。综合运用存款准备金率、公开市场操作等多种货币政策工具，保持流动性充裕。引导金融机构加强项目储备和信贷投放，充分满足实体经济有效信贷需求。二是推动社会综合融资成本低位下行。下调政策利率、结构性货币政策工具利率和个人住房公积金贷款利率，有力支持降低社会综合融资成本。强化货币政策执行和监督，完善利率自律管理。三是加大对重大战略、重点领域和薄弱环节的支持力度。丰富完善结构性货币政策工具体系，调整优化信贷结构，支持做好金融“五篇大文章”。增加科技创新和技术改造再贷款、支农支小再贷款额度各3000亿元，创设5000亿元服务消费与养老再贷款、2000亿元科技创新债券风险分担工具。四是保持汇率基本稳定。坚持市场在汇率形成中起决定性作用，发挥好汇率对宏观经济、国际收支的调节功能，综合施策，保持人民币汇率在合理均衡水平上的基本稳定。五是重点领域金融风险持续收敛。整合设立中国人民银行宏观审慎和金融稳定委员会，进一步健全宏观审慎管理和金融稳定保障体系。优化支持资本市场两项货币政策工具，支持发挥汇金公司“类平准基金”作用。稳步推进重点机构和重点区域金融风险处置。 2025年适度宽松的货币政策效果逐步显现。金融总量保持较快增长，年末社会融资规模存量、广义货币供应量(M2)同比分别增长8.3%和8.5%，明显高于名义GDP增速。人民币贷款还原地方化债影响后增长7%左右，信贷支持力度持续较强。社会综合融资成本进一步下行，12月新发放企业贷款利率、个人住房贷款利率均在3.1%左右。信贷结构持续优化，年末科技贷款、绿色贷款、普惠贷款、养老产业贷款、数字经济产业贷款分别同比增长11.5%、20.2%、10.9%、50.5%、14.1%，均保持两位数增长，持续高于全部贷款增速。人民币汇率在复杂形势下保持基本稳定，2025年末，人民币对美元汇率收盘价为6.9890元，较2024年末...