Heat pump installer Richard Wilkins from Lotus Energy, screws in pipes to a Vaillant aroTHERM plus heat pump, that is being installed in a residential property in Farnham, Surrey, southwest of London, on June 2, 2025. Justin Tallis | Afp | Getty Images The U.K. government on Tuesday introduced new rules requiring developers to install heat pumps and solar panels in all new homes across England, in policymakers' latest response to the economic fallout of the Iran conflict. U.K. ministers say the Iran war and the largest supply disruption in the history of the oil market reinforces the need to leverage clean power as an energy security tool. The Future Homes Standard — a set of new-build regulations for England from 2028 — will establish requirements to ensure homes are built with on-site renewable electricity generation, the majority of which is expected to be provided by solar power. The rules will also see homes built with low-carbon heating, such as heat pumps and heat networks. The government added that plug-in solar panels, which homeowners can install on balconies, would be available within shops over the coming months. "The Iran War has once again shown our drive for clean power is essential for our energy security so we can escape the grip of fossil fuel markets we don't control," Britain's Energy Secretary Ed Miliband said in a statement. "Whether through solar panels fitted as standard on new homes or making it possible for people to purchase plug-in solar in shops, we are determined to roll out clean power so we can give our country energy sovereignty," he added. Secretary of State for Energy Security and Net Zero Ed Miliband arrives in Downing Street to attend a meeting of Cabinet ahead of the Spring Statement announcement in London, United Kingdom on March 03, 2026. Wiktor Szymanowicz | Future Publishing | Getty Images The guidance was broadly welcomed by energy industry players, while some campaigners called on the U.K. government to go further to reduc...

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A KKR logo displayed on the floor of the New York Stock Exchange on Aug. 23, 2018. Brendan McDermid | Reuters Moody's Ratings on Monday downgraded a private credit fund run by KKR and Future Standard to junk amid rising bad loans and a string of weak earnings. The ratings firm lowered the debt ratings of FS KKR Capital Corp by one notch to Ba1 from Baa3 — pushing it into "junk" territory — saying that the fund's underlying asset quality had worsened more than its peers. Non-accrual loans, meaning borrowers who have stopped making payments, rose to 5.5% of total investments at the end of 2025, one of the highest rates among rated BDCs, according to the report. "The downgrade reflects FSK's continued asset quality challenges, which have resulted in weaker profitability and greater net asset value erosion over time relative to business development company (BDC) peers," Moody's said. The move by Moody's is the latest sign of distress in the private credit world. Retail investors have been rushing to withdraw funds, running into gates amid concerns about upcoming credit losses, especially related to software loans. Funds like FS KKR issue debt to help juice returns, so the Moody's downgrade could increase its borrowing costs and, therefore, lower future returns. Moody's also flagged other aspects of the fund that could expose it to greater losses over time, including higher leverage, a higher proportion of payment-in-kind loans, and a lower percentage of first-lien loans than peers. FS KKR posted a net loss of $114 million in the fourth quarter alone and earned just $11 million in net income for all of 2025, according to Moody's. The fund didn't immediately return a request for comment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

格隆汇3月24日｜周二的一项调查显示，英国本月的零售销售额出现了自2020年4月以来的最大降幅。英国工业联合会表示，3月CBI零售销售差值降至-52，而企业预计4月份这一指标仅会小幅改善至-49。英国工业联合会首席经济学家Martin Sartorius表示：“零售商们表示，经济形势不佳仍在抑制家庭消费，整个分销领域的活跃度也明显下降。”他还指出：“中东地区的这场冲突有可能加剧物价压力，并挤压家庭预算。这凸显出政府有必要采取进一步措施，以降低分销企业运营成本。”

菲律宾宣布国家能源紧急状态。(CCTV国际时讯)

The Hercules military transport plane crashed minutes after take-off near Colombia's southern border with Peru.

patpitchaya/iStock via Getty Images Market Environment The bond market delivered a solid total return with low volatility in the fourth quarter, closing out a generally positive year for the asset class. Fixed-income assets remained supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely held below 3%, and accommodative US Federal Reserve (Fed) policy. The Fed enacted two-quarter point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet. Additionally, investors appeared to anticipate that the Fed was likely to continue easing in 2026. These developments, in combination, fueled positive returns across all major segments of the market. Performance Review The Fund underperformed its benchmark during the quarter, 1.06% (IS share class) vs. 1.16%. An overweight allocation to High Yield Corporates was additive to performance, as was Investment Grade Corporates. A US Treasury underweight was a drag on performance for the quarter. Overall, strategy risks for the Fund declined during the quarter. Corporate bond risk declined slightly and remains near 50% of risk budget. While spreads widened during the quarter they remain narrow and the investment grade risk premium is also at the low end of the range. Lack of bottom-up opportunities heading into year-end provided the team room to reduce risk. Commercial mortgage-backed securities (CMBS) risk continues to be allocated in the lower half of our risk budget. Asset-Backed Securities (ABS) risk remained steady, using about one-third of risk budget. Contributors Security name Period return Portfolio impact BREX 2024-1 A1 144A 6.05 USD 07/15/2027 +1.20% +1.0 bps CAIXABANK SA 144A W/O RTS 4.634 USD 07/03/2029 +1.45% +1.0 bps CARNIVAL CORP USD 144A W/O RTS 5.75 USD 03/15/2030 +2.20% +1.0 bps FHMS K531 AS 4.53858 USD 09/25/2029 +1.24% +1.0 bps GSMS 2012-BWTR A 144A 2.954 USD 11/05/2034 +3.36% +1.0 bps Click to enlarge Country/Sector P...

歡迎收看《世界觀》。 法國是歐盟成員國的唯一核大國，也是除了美國之外，唯一擁有核動力航空母艦的國家。總統馬克龍日前宣布啟動新一代核動力航母建造工作，背後有何戰略考量？ 被法國寄予厚望的新一代核動力航母，自由法國號可以搭載大量無人機，並引入新裝備、電磁彈射系統，大幅提升艦載機的升空效率，令總統馬克龍更有信心，讓法國擴大核威懾能力，加強歐洲防務合作。 法國總統馬克龍稱：「新航母名字是自由法國號，此名承載著那些奮起對抗野蠻行徑，團結一心拯救祖國，矢志捍衛我們國家理念的記憶，正是解放祖國的戰友。此名為未來印證承諾，保持自由，我們必定令人懼怕、令人懼怕，我們必定強大、強大，我們必定準備加倍努力。」 新航母排水量約8萬噸，艦身長約310米，可搭載約30架戰機，全艦搭載約二千名官兵，比法國現時唯一航母戴高樂號大得多。服役至今25年的戴高樂號，排水量約4萬2千噸，長約261米。至於全球最大航母是美國福特號，排水量超過10萬噸，艦身長約334米。 法國國防部形容新航母，代表三項重大發展，包括戰機演進、數碼化作戰和能源革命，會是歷來最複雜的軍事系統之一，將成為一座會移動的海上飛機基地、軍事指揮中心，以及可以在各地行動的海上航空部隊核心。 新航母預計耗資近一百億歐元，折合約九百億港元，為法國創造就業崗位，有利當地企業發展，預計於2036年在海上試航，並於2038年投入使用，屆時戴高樂號將會退役。 法國早於2018年開始研究新航母項目，去年年底宣布落實興建，早前部分左翼國會議員提出，考慮到財政問題，馬克龍政府應推遲建造新航母。但有軍事專家認為若果推遲計劃，在戴高樂號退役後，法國可能面對沒有航母的「真空期」，令法國的海外利益、海外軍事基地承受著壓力。 對於馬克龍選擇在美國、以色列、伊朗戰事期間，高調宣布啟動新航母的建造工作，分析認為顯然超越了單純公開軍事裝備更新的範疇。 法國希望向外界展示在全球地緣政治局勢緊張之際，堅持保著能長期使用的海權工具。另外，相對於擁有11艘航母的美國，歐洲的航母和海軍作戰實力，整體仍然有限，法國打造新一代核動力航母，被視為推動歐洲戰略與防衛自主的重要一環。 路透社評論指出，新航母是法國維持獨立遠洋航空戰力關鍵，因為失航母就失去戰略自主，但由於電磁彈射系統要向美國採購，意味法國在部分核心系統上，仍要與美國保持合作。 我們明天繼續《世界觀》，觀世界。 點擊重溫其他集數

3月16日，深圳市人民政府印发《深圳市住房公积金管理办法》。除国家规定的五类强制缴存单位外，其他单位、个体经营者及自由职业者等灵活就业人员，均可按规定缴存、提取和使用公积金；同时，个人缴存比例可自愿提高。 同日，鄂尔多斯市发布2026年住房公积金10项惠民政策，将公积金使用范围扩大至物业费、取暖费、住宅专项维修资金、购房契税及租房等领域，并降低组合贷款首付比例、延长购房提取及贷款期限。 今年以来，上海、成都、沈阳、银川、厦门、福州、太原、郑州、西安、桂林、长春等数十个城市，已对住房公积金相关政策进行调整，部分城市调整力度明显超出市场预期。 全国主要城市密集调整公积金政策并非偶然。2025年底召开的中央经济工作会议提出“深化住房公积金制度改革”；2026年全国两会，这一表述被正式写入政府工作报告，为各地政策调整提供了明确方向。 一位地方公积金中心负责人对经济观察报表示，尽管多地已扩大贷款额度和使用范围，但公积金的制度属性决定，其在实际运用中仍面临多重约束，难以取代商业贷款成为住房按揭的主流工具。 方向 从各地政策动向看，本轮公积金制度改革主要集中在四个方面。 首先，提高贷款额度与支持力度。 2月25日，上海“沪七条”落地，将家庭首套住房公积金贷款最高额度由160万元提升至240万元；叠加多子女家庭、绿色建筑等因素，单笔最高贷款额度可达324万元，成为全国上限最高的城市。 3月9日，成都市就公积金新政公开征求意见，提出单缴存人最高贷款额度由60万元提高至80万元，双缴存人由100万元提高至120万元；购买现房或城市更新拆迁住房的，额度还可上浮20%。 此外，太原将公积金贷款到期年龄由65岁延长至68岁；沈阳将“商转公”比例由60%提高至80%，并将新市民贷款限额提升至基础额度的1.3倍；郑州对装配式商品住宅的贷款额度上浮20%。 其次，拓宽提取与使用场景。 鄂尔多斯推出的10项新政，使其成为提取场景覆盖最广的城市之一。公积金除用于房贷和房租外，还可用于物业费、取暖费、契税及住宅专项维修资金，并覆盖夫妻双方父母及子女。 福州新政新增装修提取，购房满6个月、5年内可按1500元/平方米一次性提取；购买车库、车位提取取消时间限制；建造、翻建、大修提取期限延长至三年。 成都则将城市更新出资、重大疾病支出纳入提取范围，覆盖配偶、父母及子女，并通过系统联网实现材料简化。 东吴证券测...

格隆汇3月24日｜据市场消息，伊朗方面称，在巴格达的美军总部传出爆炸声。

星环科技公告，2025年营业收入4.48亿元，同比增加20.47%；归属于上市公司股东的净亏损2.45亿元，同比减亏3.43亿元。公司2025年度利润分配预案为：因公司截至2025年12月31日的母公司未分配利润为负，2025年度公司不向股东进行现金分配，也不实行资本公积金转增股本。

Windows 11 自 2021 年发布以来，因任务栏功能缩水、UI 不统一、强制网络登录以及更高的硬件门槛，成为用户集中吐槽的焦点。再加上近来微软猛推 AI 功能，Copilot 的入口几乎无处不在，让不少人直呼功能更新“过于激进”。 随着 2025 年 10 月 14 日 Windows 10 官方支持结束，不少用户不得不被迫升级到 Windows 11。然而当前一提到这款最新的操作系统，各大社交媒体平台充斥着大量负面反馈。 眼看 Windows 11 的评价持续走低，微软终于坐不住了。 近日，Windows 负责人 Pavan Davuluri 发布了一份公开声明——《我们对 Windows 质量的承诺》，并抛出一系列整改计划：从任务栏体验回归，到精简 Copilot 功能，几乎都是用户呼吁多年的改进。 不过，这波“诚意整改”，用户是否买账，还要打个问号。 整改第一弹：任务栏终于能自由摆放了 如果说 Windows 11 最被诟病的设计，那固定在底部的任务栏绝对能排上前列，这引得无数用户怒批它“连 Windows 10 的基础功能都不如”。 时下，微软终于松口，称将在 4 月底前向 Windows Insider 测试用户推送任务栏自定义更新，顶部、左侧、右侧的摆放位置有望全部回归。 这一改动可以说精准戳中了用户痛点，不管是大屏办公还是笔记本日常使用，宽屏能更省空间，老用户也终于能按自己的习惯来调整任务栏位置。 减少 Copilot 出现的频次 除了任务栏，Copilot 的“过度植入”也是 Windows 11 的一大槽点。 从记事本、截图工具到照片应用，甚至连输入法都能看到 Copilot 的入口，不少用户表示“打开个简单的软件，先被 AI 入口晃眼，完全没必要”。 这次微软明确表示要“将 AI 融入真正有价值的场景，并保持精致与专注。” 官方的核心动作就是砍掉不必要的 Copilot 入口，首批整改就瞄准了截图工具、照片、小组件和记事本这四款高频应用。 不再强制安装更新 另一项值得关注的变化，是更新机制的松绑。微软希望用户能够更自由地掌控系统更新，而不是在没有注意的情况下被动升级。 微软表示，系统更新应该是可预测、易于安排的体验，因此会赋予用户更多控制权。譬如： 你可以在设备初始设置时跳过更新，更快进入桌面； 也可以在不安装更新的情况下直接重启或关机；...

G. Willi-Food press release ( WILC ): FY GAAP EPS of $2.04. Revenue of $191.41M (+6.0% Y/Y). Cash and cash equivalents balance of NIS 124.2 million (US$ 38.9 million) as of December 31, 2025. More on G. Willi-Food Financial information for G. Willi-Food

小米集團2025年營收首破4000億，經調整淨利同增44%亦創新高，汽車業務首度全年盈利｜業績見聞 富途牛牛

The singer, 89, said she was 'truly humbled' by the letters she had received during her 70-year career.

最近 Token 这个词热度很高，聊数字经济、人工智能基本绕不开它。但因为概念偏技术，再加上 “货币化”“激励” 这类说法，很多人下意识就把它和虚拟货币、股权混在一起，越听越糊涂。 先把最基本的概念说清楚：Token 原本只是数字世界里的基础计量单位，和我们常说的 “字符” 完全不是一回事。字符是文字、字母、标点这类最小文本单位，只代表内容本身。 而 Token 是 AI 系统用来核算工作量、算力消耗、交互成本的单位，更像是数字世界里的计量颗粒，用来衡量模型处理了多少信息、消耗了多少资源。 所谓 Token 货币化，就是给这个原本只用来计数的单位赋予实际价值，让它在数字生态里具备计价和流通的意义。 Token 是数字世界里的 “度量衡” 单位 其实不用被复杂定义绕晕，你可以把 Token 理解成数字世界的最小计量单位。就像买菜按斤、加油按升，在 AI 运算、算力调用、内容生成的过程里，Token 就是衡量工作量和资源消耗的基本标尺。 简单说，它就是数字世界里的 “度量衡” 单位。 AI 写一段文字、做一次分析、生成一张图片，都会消耗 Token。它一开始只是个统计符号，和手机步数、打字字数差不多，本身并没有实际价值。但放到真实使用场景里，价值就立刻体现出来了。 比如现在人手一个 AI 助手，不管是日常用豆包还是元宝，其实都在消耗 Token。只是目前个人基础功能处于免费阶段，算力成本由平台承担，用户不用付费。 从行业趋势来看，个人端大概率会长期保留基础免费额度，只对高阶功能按需收费；但企业批量调用、API 接入、私有化部署这类场景，基本都会按 Token 用量收费，这也是当前行业最主流的商业化模式。 在英伟达创始人黄仁勋看来，数字世界的算力和 AI 服务都有真实成本，芯片、服务器、电力、运维都需要投入，而 Token 是最适合承载这些成本的载体和表现形式。 Token 货币化，就是不再把它当成单纯的计数器，而是给它定价，让它可以衡量、支付、兑换数字服务，成为数字世界里的价值凭证。 简单说，就像加油站按 “升” 收费，Token 就是 AI 服务里的 “升”，用多少算力就消耗多少 Token，可购买、可兑换，这就是货币化的本质。 大厂已经把 Token 货币化落地 概念并不抽象，阿里和谷歌的实际动作，已经让 Token 货币化从趋势变成了现实。 阿里巴巴于 2026 ...

格隆汇3月24日｜有消息称峰学蔚来创始人、考研名师张雪峰心脏骤停，正在苏州抢救。潇湘晨报记者就此事联系到张雪峰公司合伙人，对方表示“暂时无可奉告”。其助理称，自己人正在成都，不太清楚此事。有网友反馈，今日18时，“张雪峰讲升学规划”“张雪峰讲家庭教育”等相关抖音账号都在直播，但18时30分，这些账号都停止了直播。

格隆汇3月24日｜据广发期货，截至今日下午收盘，上海能源交易所原油期货主力合约下跌8.2%，报739.1元/桶，报662元/桶，日减仓1305手。核心逻辑在于美总统特朗普释放强烈的缓和战事的信号，市场认为战争烈度已经达峰，恐慌情绪与能源担忧降温，原油回吐前期部分涨幅。从近一个月走势观察，每当 WTI 油价触及100美元/桶关口，美国便会频繁出手干预：要么释放战略石油储备，要么由特朗普通过公开舆论喊话降温，多次有效平抑油价上行势头。这一规律背后折射出清晰的政策底线—对美国而言，将油价控制在100美元/桶内，或是当前地缘冲突背景下“可承受的战争代价”，也是兼顾国内通胀、民生与选举压力的现实选择。需警惕的是，当前和谈相关消息主要来自美以单方面表态，伊朗均快速予以否认，局势仅暂时解除进一步恶化风险，因此油价在快速下跌后逐步企稳，重回宽幅震荡格局。

315前后，反催收黑产伺机而动、再度活跃。 从5家平台被约谈，到《个人贷款业务明示综合融资成本规定》发布，不法分子先是将反催收大军导向5家平台，继而又将战火扩大到所有平台。 然而，雷声虽大，雨点却小。各方力量正在形成围剿之势，反催收黑产已然走到末路。 01 “反催收”摇旗呐喊 据柒财经观察，近期的“反催收”活跃潮，出现在3月13日5家助贷平台被约谈的消息被释出后，反催收黑产迅速将矛头调向这5家平台，喊出的口号是“破鼓万人捶”，号召负债人到各大平台投诉，“兄弟姐妹们，报仇的时候到了”。 这波反催收行动的指导思路是，一方面，平台被约谈后，姿态和行为都将大幅收敛，容易被负债人拿捏，另一方面，他们已经成为违规典型，投诉平台、监管部门对他们会严加审视惩处，所以负债人一定不能错过了这大好时机。 “他们现在就犹如惊弓之鸟，树倒猢狲散，墙倒众人推，你之前有被他们欺负过，有被骚扰过的，拿着证据找监管部门投诉举报就好了，你就锤就完事了”，有债务优化师在短视频中，慷慨激昂地向负债人们喊话，怂恿负债人去夺回自己此前被平台拿走的“血汗钱”。 还有部分债务优化师，则进一步暗示负债人不还钱，“只要是你欠了这5家平台的钱，咱不能说放心大胆地逾掉，至少在逾期之后的催收，你可以很好地应对，他们已经不敢那么嚣张了。” 但5家平台能提供的展业空间不大，这些债务优化中介，几乎都对马上要到来的315晚会充满期待，纷纷预测以监管约谈5家为前奏，315当天会有更多性质更严重的网贷平台被曝光，他们建议所有的负债人都保持密切关注。 然而，他们的希望落空了，整场晚会没有点名任何一家贷款平台，取而代之的是，当天国家金监总局和央行联合发布了《个人贷款业务明示综合融资成本规定》（下称“综合融资成产本规定”）。该规定覆盖了各种类型的贷款，并非针对互联网贷款，于今年8月1日正式实施。 但尽管如此，反催收黑产仍然发起了新一波舆论战，将战火引向所有网贷平台。 综合融资成本规定提出，贷款人开展个人贷款业务时，应当向借款人展示综合融资成本明示表，同时，贷款人在与合作机构签署的合作协议中，应当明确各方落实综合融资成本明示要求的责任和义务。 这是一种“主体责任穿透”的监管思路，意味着金融机构要对助贷平台等合作方的违规收费行为负责。 而部分反催收黑产则据此断定，8月1日是很多不合规平台的大限，反催收的思路也随之变为“网贷要变天”，呼吁负债人利...

Good morning . Fighting in the Middle East continued unabated. US investigators are examining the black box from the LaGuardia crash. And why Red Lobster’s recovery plan may be faltering. Listen to the day’s top stories . — Marcus Wright Market Snapshot S&P 500 Futures 6,629.00 -0.1% Nasdaq 100 Futures 24,402.25 -0.0% Bloomberg Dollar Spot Index 1,207.65 +0.2% Market data as of 07:15 AM ET. Data is subject to provider delays. Fighting between Iran and the US-Israeli alliance continued unabated , a day after Donald Trump claimed talks are under way to end the conflict. Saudi Arabia has indicated it’s closer to joining the attacks on Iran , the Wall Street Journal reported. Stocks struggled for direction and oil rose, as traders grappled with a wide range of possible outcomes . US investigators are decoding the black box from the Air Canada Express plane that collided with a fire truck at LaGuardia to determine what caused the first deadly accident at the airport in more than 30 years. And read our account of how panic set in as air-traffic controllers helped the fire truck navigate a rain-slicked tarmac in the moments before the crash. Bessent’s Longshot Deficit Goal Undercut by War and Tariff News Read more More signs of stress in the world of private credit. Apollo capped withdrawals from one of its largest non-traded funds for retail investors. And a fund run by Future Standard and KKR was cut to junk by Moody’s, a rare occurrence in the $1.8 trillion market. Senators from both parties signaled optimism about a deal to fund the DHS and end the five-week partial shutdown, which has increasingly snarled air travel across the country. Separately, the Senate voted 54-45 to confirm Markwayne Mullin as DHS secretary, putting the Oklahoma senator and former mixed martial arts fighter in charge of Trump’s immigration crackdown . Nintendo is cutting Switch 2 production after demand for the $450 gaming console trailed expectations , particularly in the US. And if you were s...

作为虹桥国际开放枢纽的动力源与核心承载区，虹桥商务区不仅实现了经济能级的量质齐升，更在进博会溢出效应承接、新型国际贸易制度创新、区域协同发展等领域交出亮眼答卷。 2021年2月和2023年7月，经国务院批复同意，国家发展改革委先后印发了《虹桥国际开放枢纽建设总体方案》和《关于推动虹桥国际开放枢纽进一步提升能级的若干政策措施》，擘画了虹桥国际开放枢纽建设的蓝图。刚刚审议通过的国家“十五五”规划纲要，再次明确“提升虹桥国际开放枢纽辐射能级”。作为一种全新的开放形态，国家对虹桥国际开放枢纽寄予厚望。 五载耕耘奋进，虹桥国际开放枢纽实现跨越式蝶变。经济总量迈上新台阶，“一核两带”地区生产总值从2.3万亿元增长到3.3万亿元，实现万亿级跨越，以长三角不到2%的区域面积贡献了近10%的经济总量，经济密度达4.7亿元/平方公里，是长三角的4.9倍。2025年，全国范围内地区生产总值超3万亿的城市仅有上海、北京、深圳、重庆、广州和香港6座，如果将虹桥国际开放枢纽看做一个城市，其地区生产总值已超过广州和香港，排在全国第五位。 作为虹桥国际开放枢纽的动力源与核心承载区，虹桥国际中央商务区（下称“虹桥商务区”）不仅实现了经济能级的量质齐升——税收收入突破500亿元、外贸进出口额突破1000亿元，更在进博会溢出效应承接、新型国际贸易制度创新、区域协同发展等领域交出亮眼答卷。它连接着全球资源配置的“大写意”，也连接着区域同城生活的“工笔画”；既是全球资源要素“引进来”的第一站，也是长三角企业“走出去”的始发港。站在五周年的节点回望，这份答卷不仅关乎一座商务区的成长，更关乎中国式现代化语境下，一个开放枢纽如何从“流量入口”进化为“价值高地”。 功能淬炼：“四大功能”协同塑造核心引擎 “大交通”十路通衢。 日均115万人次、年客流4.22亿人次——虹桥枢纽的数据早已超越单一交通枢纽的范畴，成为“枢纽经济学”研究样本。这里的“十路通衢”并非修辞：航空线路、京沪高铁、沪宁城际、沪苏通铁路、沪宁沿江高铁、沪昆高铁、沪苏湖高铁、市域（郊）铁路、城市轨道交通、高速公路，十种交通方式在151平方公里内高密度叠加。上海市域铁路机场联络线通车运行，浦东、虹桥两场实现40分钟高效通勤；上海示范区线、嘉闵线等加快建设，市域（郊）铁路网络不断织密，半小时通勤圈、1小时生活圈、2小时商务圈的时空压缩效应正在形成。 “大...

科技巨头应该走出为自家生态版图服务的固化思维，进而为所有组织、所有人服务。 今年以来，开源AI智能体工具OpenClaw（俗称“龙虾”）迅速走红，成为年度现象级“开源奇迹”。它引发用户争相体验，也吸引国内科技大厂加速布局业务生态。 近期，阿里巴巴推出全球首个企业级AI原生工作平台“悟空”并内置到钉钉，字节跳动旗下飞书紧随其后发布多款企业级Agent产品，腾讯也推出微信插件支持接入OpenClaw。 在开源热潮与产业竞争的双重驱动下，企业级AI智能体正成为科技大厂竞争的新焦点。产品密集落地之际，笔者深度体验了代表性产品，并与教育、中小企业、行政办公等领域的早期使用者进行了交流。不谈概念，不做过度解读，只基于真实使用体验，聊聊这类产品的价值、局限，以及折射出的行业公共性困境。 安全与效率：企业级智能体的两块基石 在个人消费端，AI智能体的竞争围绕趣味、生成速度与交互体验展开。而在企业场景，所有讨论的起点只有一个：安全。 当前主流企业级智能体普遍构建了多层递进安全体系，数据权限全程可追溯。文件运行在独立沙箱环境中，未经授权，本地文档无法被读取。平台明确用户数据不用于模型训练，从根源上阻断了信息外泄风险。 多位企业使用者将其总结为：解决了开源智能体的“龙虾式”隐患。 所谓“龙虾式”隐患，源于开源智能体的开放特性——权限边界模糊、数据流向不可控、外部调用链路复杂，极易造成敏感信息泄露。这类产品的核心价值，是把不可控的开放能力，装进企业可管理、可追责的框架里。 对企业而言，这种确定性比功能创新更重要。 安全之外，这类产品普遍提供了围绕办公场景的实用能力：一键快速出图、文档智能管理、精准化文件操作、“一人团队”模式，均以结果为导向，不追求概念包装。 其中，“一人团队”模式从任务拆分、进度跟进，到执行落地与节点提醒，可独立完成全流程托管。对人力有限的小微企业、单人项目负责人而言，它能弥补团队规模不足的短板，让单人承担多角色工作成为可能。 这些功能不追求颠覆性叙事，以实用为导向。用户从最初的疑虑转向认可，核心原因在于：AI没有增加额外负担，而是实实在在减少了工作量。 生态壁垒：公共性的第一道障碍 在实际使用与用户访谈中，一个结构性问题反复出现，且指向更深层的行业困境：生态封闭。 具体来说，此类产品在自家生态体系内运行流畅，响应速度与功能完整性均保持稳定。但跳出体系，调用外部工具、接入...

阵痛 最近，国务院发展研究中心社会和文化发展研究部部长卓贤，在《财经》 2026 年首刊发表万字长文《 AI 、就业和社保》，撕开了这个时代最深刻的焦虑。 这是一份来自真正高层智囊的 “刺耳预警”。 文中着重论述了几个有些反常识的现象： 1. 投资与就业分离； 2. 技术进步与人力资本提升分离； 3. 工资与生产率分离； 4. 长期稳定雇佣关系的基础瓦解，社保体系的基石开始松动…… 可以说，技术革命从未像今天这样，直指人之于社会存在的意义。 01 三重脱钩 从蒸汽机到互联网，过去两个多世纪的工业文明时代，有一条坚固的因果链： 投资建厂 / 搞研发→创造就业岗位→人力资本升值→生产率提升带动全社会工资上涨。 即： 经济繁荣 = 充分就业。 现在，这种因果关系，明显已经不成立。 相关原因，每个人都有自己的想法。不过在本文，还是跟着《 AI 、就业和社保》的思路，去看待这件事。 首先是投资与就业的脱钩。 过去，任何企业要新增业务线、资本支出，必然要大张旗鼓招人。 而现在，资金流向呈现出了非常明显的 “劳动力稀薄”特征。 根据 Business Insider 和 RBC Capital Markets 的最新测算： 2026 年，微软、亚马逊、谷歌和 Meta 这四大巨头的资本支出总额，预计将飙升至 6000 亿美元。 比全球绝大多数国家的 GDP 还要高。 但这些财富去哪了？绝大部分都流向了英伟达的 GPU 、海力士的 HBM 内存、核电站和数据中心的冷却水管。 唯独没有流向 HR 部门的招聘预算。 不仅没有，科技圈还掀起了前所未有的大裁员，与 资本狂欢形成 鲜明 对比 。 一边是股价连创新高、营收两位数增长；另一边却是冻结应届生招聘、狂炒老员工。 资本扩张的底层逻辑从 “人才是核心资产”，变成“人力是亟待优化的运营成本”。 这就是第二个点， 技术进步与人力资本提升脱钩。 投资圈有个词叫 “早期孵化”，经济学里也有个词叫“干中学”。 新手程序员靠修 Bug 涨手感，分析师靠贴发票和整理 Excel 拿入场券，初级律师靠给大佬翻卷宗攒经验…… 无论在哪里，给前辈 “打杂”都 是 职场新人积累经验、向上爬的阶梯 。 但这个阶梯，现在还有存在的必要吗？ 大语言模型最擅长的就是文档审查、基础代码生成和数据清洗。 买几个 API Key 一年才几个钱？养一个初级员工还要交五险一金...

格隆汇3月24日｜航运数据显示，沙特阿拉伯延布港的原油出口量在最新一周升至近400万桶/日，而伊朗战争前约为100万桶/日。

航运数据显示，沙特阿拉伯延布港的原油出口量在最新一周升至近400万桶/日，而伊朗战争前约为100万桶/日。（财联社）

格隆汇3月24日｜巴西央行：需更长时间实施更严格的货币紧缩政策。

6381380/iStock Editorial via Getty Images Investment thesis ProFrac ( ACDC ) is among the largest U.S. completions players. It offers hydraulic fracturing (fracking) services, supplies proppant/sand, and owns a controlling stake in Flotek ( FTK ), a listed company with a focus on production chemicals. As a measure of ProFrac's competitive position, DrillSource sizes the U.S. frac market at $16 billion annually. ProFrac's frac revenue of $1.5 billion is almost 10% of it. For the last 20 days or so, the only energy news you would see has been the closure of the Strait of Hormuz. Make no mistake - this is an unprecedented event that, by some estimates, already resulted in 10 million bbl/d of forced production shut-ins. Oil markets are notoriously inelastic in the short term, so taking offline 10% of global supply is already causing extremely high prices. These events aren't bullish for oilfield services names (or OFS) with exposure to the GCC (Gulf Cooperation Council) region. Saudi Aramco is reported to have suspended much of its drilling activity, and this is negative for companies like Nabors ( NBR ) or Weatherford ( WFRD ). Conversely, OFS players with a U.S. focus, such as ACDC or Patterson-UTI ( PTEN ), moved up, likely on hopes that U.S. exploration and production (E&P) companies will ramp up investment. Data by YCharts The market's assessment isn't incorrect. While I don't expect public E&Ps to ramp up by much, one-third of U.S. production is still run by private companies that are more responsive to oil price changes. However - and that is important for the durability of the investment thesis - the U.S. completions market had already bottomed before the escalation with Iran, likely somewhere between Q3/Q4 of last year. This was confirmed by ProFrac's Q4 report and is due to longer-term factors that are discussed below. U.S. completions activity has bottomed Completions fleets (or frac spreads) have been on a steady downtrend for a few years now, but the metric...

Getty Images I last covered leading Mexican discount airline Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ( VLRS ), more commonly known as Volaris, back in December. At the time, I downgraded shares to a sell, arguing that the market was not sufficiently accounting for macroeconomic headwinds . That turned out to be inopportune timing. Just days after I published that article, Volaris announced that it was planning to merge with VivaAerobus, Mexico's third-largest airline. This sent shares up from $8 to as high as $10.80 per share in the coming weeks, and understandably so, given that this merger could dramatically improve Volaris's profitability picture. However, the merger-related bump has now ended; Volaris shares have dropped 30% in recent weeks: Data by YCharts This leaves the stock in an interesting place. Had I known about the pending merger news, I wouldn't have taken a bearish view on Volaris. That said, macroeconomic headwinds are certainly asserting themselves. In addition to the concerns I had about Mexico's economic outlook for 2026, we now have the war in Iran and the ensuing surge in jet fuel prices. So, where does that leave things today? Recent Earnings Weren't Great Volaris reported its Q4 earnings on February 24th. These were fairly uninspiring. EPS of 4 cents fell from 40 cents in the year prior and missed expectations by 23 cents. Revenues of $882 million grew 5.6% year-over-year but missed the consensus estimate by $34 million. The company's EBITDAR was flat, but margins fell as the company's revenue growth didn't translate into increased profitability. I don't think Q4 was a huge driver for the stock price, despite the soft results. That's because analysts had already been expecting a challenging 2026 for Volaris, and the recent rebound in the share price was more tied to long-term market dynamics than any immediate factors. When we look at the EPS forecasts going forward, analysts are quite cautious, forecasting outright losses in ...

Andrii Yalanskyi/iStock via Getty Images M&A activity is now heating up again in the REIT sector ( VNQ ). Public Storage ( PSA ) just announced that it would acquire its smaller peer, National Storage Affiliates Trust ( NSA ), in a multibillion-dollar transaction, paying a 34% premium in the process. Data by YCharts Earlier this year, Brookfield Asset Management Ltd. ( BAM ) also acquired Peakstone Realty Trust ( PKST ), paying a steep 34% premium, as well as National Storage REIT ( NTSGF ), again with a nice 26% premium for its shareholders: Data by YCharts Brookfield And these are not isolated cases. Blackstone also attempted to acquire Big Yellow Group Plc ( BYLOF ) in late 2025, after already acquiring Retail Opportunity Investment (ROIC) earlier that year. It also acquired tens of billions of dollars worth of REITs in earlier years, including American Campus Communities (ACC), Tricon REIT (TCN), and Apartment Income REIT (AIRC), always paying steep premiums in the process. Blackstone The reason why all these M&A deals are happening is simply that REITs are today trading at steep discounts relative to their net asset values. They have suffered a multi-year bear market, and it is not uncommon to find REITs trading at a 20%, 30%, or even 40% discount relative to the fair market value of their assets: Principal As such, these sophisticated private equity players see an opportunity in REITs to acquire high-quality real estate at a discount. Even after paying a 20-30% premium, they still think that they are getting a good deal. And given that valuations remain low, I would expect many more deals later this year. These three REITs could be next in line: Shurgard Self Storage Ltd ( SSSAF ) Shurgard is the leading self-storage REIT in Europe (SHUR.BR). I think that a buyout is likely because the REIT trades at a steep discount relative to American self-storage peers, despite enjoying faster long-term growth prospects. Shurgard Moreover, Public Storage, the biggest self-...

Alithya (TSX: ALYA) is pleased to announce the expansion of its collaboration with Shamrock Technologies, a global leader in specialty additives manufacturing. Following the successful deployment of Microsoft Dynamics 365 Finance & Supply Chain Management within the company's U.S. operations, Alithya will now lead the implementation at the company's European headquarters in Belgium.