来源：华尔街情报圈 全球市场收盘前最后一刻（北京时间周二5:00）传出消息： 以色列第12频道报道称，华盛顿方面正寻求为期一个月的停火以进行谈判。另据《纽约时报》援引知情官员的话报道，美国已向伊朗提交了一份旨在结束冲突的15点计划。 受此消息影响，全球市场在收盘前最后一小时反转——油价暴跌，布伦特原油跌破100美元，美国原油跌破90美元。与此同时，金价、美股 期货 、美国国债跳涨。之前市场在给“灾难”定价，现在只要有一点“不会那么糟”的信号，价格就会剧烈回撤。 市场不是在看战争本身，而是在猜——美国到底是要“谈”，还是要“打”。特朗普似乎在寻求与伊朗进行认真谈判，同时也保留了“随时动手”的选项。用“随时能打”的能力，让谈判变得必须认真。 一边，推动停火、谈判； 一边，派出第82空降师约2000人进中东。 现在不是市场在定价，而是“新闻在做市”，一条“谈判”消息油价暴跌，一条“ 导弹 ”消息随时又能拉回去。 接下来是三种剧本： 快速缓和（停火，谈判，降温）； 可控冲突（打，但不碰能源命门）； 失控升级（霍尔木兹出问题）。 之前油价冲高，是因为市场把“3号剧本”的权重打得太高。 整体而言，可以用三个词概括：假谈判、真博弈、随时误判。真正该盯的不是“停火”，而是是否有持续、稳定通航，是否有正式协议框架（不是放风）。 当前仍旧是“原油和美元上涨，其余一切皆跌”或“原油和美元下跌，其余一切皆涨”模式。即便有谈判，有缓和，有回撤，但冲突结构没有任何改变。不要去预测最终结局（那是上帝的事），要去监测“消息的效力递减”。如果下次传出“谈判”，油价却跌不动了，说明空头平仓已尽，市场开始重新相信“冲突结构未变”。 现在不是趋势行情，是“波动率行情”。价格不再反映现实，而是在反映——下一条消息，会把世界推向哪一种结局。

SK海力士拟赴美上市；"Token"中文名定了! 中东局势新变化！ 美国 增兵 中东与谈判信号交错。 特朗普称伊朗方面 “希望达成协议” ， 伊朗同意永不拥有核武 。 美国拟停火1个月 ，并通过巴基斯坦向伊朗提出一份包含 15 项条件的和谈方案 ，涵盖核计划、导弹能力及地区问题。 巴基斯 坦总理称已准备好主持美伊会谈 ， 特朗普还特意转发巴基斯坦总理倡议 。媒体报 道称， 美伊或最快周四开 启高级别和谈，但仍在等待德黑兰方面的回应。据称， 伊朗偏好与万斯谈判，指责库什纳与威特科夫“背信弃义”。 同时， 美国 正加快向中东地区部署兵力。 美军第 82 空降师师长奉命部署至中东，美海军陆战队也将于 27 日抵达中东地区。 王毅同伊朗外长阿拉格齐通电话 。 中共中央政治局委员、外交部长王毅 24 日应约同伊朗外长阿拉格齐通电话。阿拉格齐感谢中方提供紧急人道主义援助，他表示霍尔木兹海峡对所有人开放，但交战的国家不在考虑之列。 伊朗新任最高领袖军事顾问穆赫辛 ·礼萨伊重申结束战争条件 ， 强调直到伊朗获得所有赔偿、所有经济制裁被解除，直到获得美国不干涉伊朗事务的国际法律保障，伊朗才会停止战争 。 伊朗任命穆罕默德 ·巴盖尔·佐勒加德尔为最高国家安全委员会秘书 ， 接任此前遇害的拉里贾尼，该任命已获伊朗最高领袖穆杰塔巴·哈梅内伊 批准。 伊朗方面称 “非敌对船只”可在与伊朗协调后通过霍尔木兹海峡 。 另外， 伊朗警方逮捕与敌方有关联者 466 人 ，并查获 “星链”设备。 美股方面 ， 中东增兵与谈判信号交错 ，三大指数重拾跌势。 道指跌0.18%，标普500指数跌0.37%，纳指跌0.84%；谷歌、IBM跌逾3%，软件股大幅下挫，赛富时跌超6%，Adobe跌超3%，微软跌超2%。中概股多数下跌，纳斯达克中国金龙指数跌0.43%，禾赛科技跌超14%，汽车之家、哔哩哔哩跌逾3%，理想汽车涨逾3%。 全球资产表现上 ， 国际油价尾盘跳水 ， 日内涨幅抹平。美油、布油盘中均涨超 5% ，最终涨幅大幅 收窄。 亚太盘初，WTI原油日内跌幅达4.0% ，报88.57美元/桶 。 黄金、白银直线爆发。 截至发稿，现货黄金涨逾1.4%，突破4500美元，现货白银涨逾2.3%。而COMEX黄金更是大涨近3%，COMEX白银涨逾4%。 早前 贵金属普遍收涨 ，现货黄金收涨 1.47%， 现货白银...

The National Transportation Safety Board said it has concerns about air traffic controllers who work the midnight shift taking on extra work in an airspace as busy as LaGuardia's. (Image credit: Yuki Iwamura)

Bud Light & Budweiser Continue To Struggle As Dylan Mulvaney Ad Disaster Nears Three-Year Mark Ahead of next week's three-year anniversary of Anheuser-Busch's most epic marketing ad blunder ever, the Bud Light backlash remains intact and should serve as a case study for generations in how far-left wokeism in corporate America can destroy decades of brand-building overnight. What began as a viral TikTok promotion featuring Dylan Mulvaney, a man pretending to be a woman, has since become one of the clearest examples of self-inflicted brand suicide in recent consumer history. The latest beer trends from Goldman suggest the brand has yet to fully recover nearly three years later. In the latest beer trends report, a team of Goldman analysts led by senior consumer analyst Bonnie Herzog tapped its beer distributor contacts, representing around 60 distributors - or roughly 170,000 retail outlets and about 28% of total U.S. outlets that sell alcohol - and found continued dismal Bud Light consumption trends among Americans. " Bud Light's performance continues to level off, even with additional resources being put behind the brand, " Herzog wrote in the note published to clients on Tuesday morning. Herzog continued, " In terms of specific brands, a distributor noted Michelob Ultra is growing, while Bud Light and Budweiser are struggling ." To be fair, beer trends have been declining overall in recent years as consumers shift away from alcohol , either due to health trends or because some are gravitating toward marijuana. The good news for the industry is that 54% of beer distributors expect "a stronger summer selling season," according to Herzog, who added that volumes are expected to decline by about 1% this year, while noting that Constellation Brands is set to be the "clear outperformer." Herzog reiterated a "Buy" rating on Constellation Brands. More details are available in the full Goldman note for professional subscribers . Tyler Durden Tue, 03/24/2026 - 20:10

Source: Bloomberg, 4:44

据知情人士称，Anduril和Palantir Technologies正在合作为美国总统特朗普的“金穹”反导系统项目开发软件。 耗资 1850 亿美元的“金穹”导弹防御项目旨在建造一个能够拦截弹道导弹、巡航导弹和高超音速导弹的天基防御系统，数百家公司竞相参与该系统的研发。 自“金穹”项目启动以来，Anduril和Palantir就一直对参与其中表现出浓厚的兴趣。去年有报道称，这两家公司正在与埃隆·马斯克的SpaceX公司合作开展该项目的多个部分。 此外，Anduril还与其他几家公司一起，在去年 11 月获得了六份“金穹”项目的小型合同，负责建造相互竞争的导弹防御原型。 消息人士补充说，Aalyria Technologies、人工智能初创公司Scale AI和软件公司 Swoop Technologies 也参与了该项目。 洛克希德马丁 、RTX和诺斯罗普格鲁曼公司此前已作为主承包商加入该项目。 该项目负责人上周表示，为加速关键天基能力的研发，项目预算已增加100亿美元，达到1850亿美元。 责任编辑：于健 SF069

记者24日从中国信科集团光通信技术和网络全国重点实验室获悉，该实验室联合鹏城实验室、烽火藤仓光纤科技有限公司，在超大容量实时光传输领域斩获重要技术成果，首次在10.3公里的24芯单模光纤上，实现了2.5拍比特/秒（Pb/s）实时双向传输容量。这是中国信科在“超大容量、超高速率、超长距离”光传输方向实现的又一关键突破。（科技日报）

数据显示，截至24日，2026清明假期国内航线机票预订量超190万张，同比增长约20%；出入境航线的机票预订超59万张，同比增长约12%。2026清明假期前往北京的机票预订量超14万张，同比增长约10%。 华创证券研报指出，对于航空板块，短期油价上升导致股价调整，但高油价预计较难维系很长时间，对27年业绩预期不产生负面影响。中长期维度中，供给端硬核制约，高客座率有望推动价格弹性持续释放。 据财联社主题库显示，相关上市公司中： 春秋航空 2025年运力实现双位数的高速增长，机队规模扩大至134架。 吉祥航空 在册130 架飞机，公司主基地上海是国内第一大国际口岸。公司积极培育九元航空，以广州白云机场主基地航司身份开拓廉航市场。

格隆汇3月25日｜布伦特原油期货下跌约5%，至每桶99.29美元。美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，涵盖核计划、导弹能力及地区问题。据称，美方主要要求包括：拆除现有核能力、承诺不发展核武器、禁止在本土进行铀浓缩、移交约60%高丰度浓缩铀库存、拆除纳坦兹、伊斯法罕及福尔多等核设施，并允许国际原子能机构（IAEA）全面核查等。同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支持，并限制弹道导弹项目的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。

国家电力投资集团有限公司举行2026年第一次新闻通气会。国家电投计划今年投资2000亿元，同比增长17%。其中，一季度要完成投资230亿元，实现同比增长35%。 天风证券指出，当前，我国处于新型电力系统的加速转型期，新型电力系统发展以支撑实现碳达峰为主要目标，加速推进清洁低碳化转型。中央层面，“十五五”规划建议明确新型能源系统重要地位，指引了消纳、韧性、电气化的发展重心。地方层面，多省发文重点提升新能源产业集群竞争力。电力设备行业在政策东风的持续推动下，展现出广阔的发展前景和增长潜力。 据财联社主题库显示，相关上市公司中： 特变电工 是国内民营主变龙头，是国内少数具备“高压电缆+附件+施工”一体化集成服务能力的企业。 中国西电 是国内老牌一次设备供应商，产品涵盖了全电压等级范围的变压器、组合电器、换流阀、电力电子装备等全品类一次设备。公司积极参与特高压工程项目的建设。

Scott Barbour/Getty Images News Europe could feel energy shortages by next month , Shell ( SHEL ) CEO Wael Sawan warned Tuesday, as the effects of the Middle East war continue to ripple out across global fuel markets, first in South Asia, then Southeast Asia and Northeast Asia, and increasingly in Europe as April approaches. Countries cannot have national security without energy security, Sawan said at the CERAWeek by S&P Global conference, adding that Shell ( SHEL ) is trying to work with governments to help them address the energy crisis, including with storage and purchasing. "We are trying to work with governments to just alert them to the various levers they will need to pull, including on the demand side, including what they need to do around storage," Sawan told the conference. The war has already affected ​supplies of jet fuel, with diesel set to be next, followed by gasoline as summer driving season ​gets underway in the Northern Hemisphere, the CEO said. Sawan also said Shell ( SHEL ) may decide on whether to take final investment decisions on one or two natural gas projects in Venezuela before the end of this year, if allowed by the fiscal and legal situation in the country. "What we ​are looking at, ⁠at the moment, is where we can add value to Venezuela, the Venezuelan people," the CEO said. "Initially, I would say it's more geared towards gas, and in particular gas that can be monetized through LNG." More on Shell Shell's Earnings Still Tied To Oil, Not Growth Why Shell Is A Short-Term Trade Now (Rating Downgrade) Shell: Defensive Play In An Uncertain Energy Market

尽管黄金短期表现疲弱，但策略师普遍将此次回调视为买入机会，而非趋势反转。贵金属市场“老将”、Yardeni研究公司总裁Ed Yardeni最新表示：“我们仍然坚持到本十年末金价达到1万美元的预测。”不过，他将今年年底的目标价从6000美元下调至5000美元。 瑞银分析师Giovanni Staunovo表示："近年来推动黄金上涨的结构性驱动因素——债务问题、要求美联储降息的政治压力、高通胀、低利率以及美元走弱，这些因素依然存在，这方面没有任何改变。" 渣打银行高级投资策略师Rajat Bhattacharya表示：“我们对黄金的长期前景仍持乐观态度，其支撑因素包括新兴市场央行强劲需求，以及在地缘政治风险背景下的投资者资产多元化需求。” 据财联社主题库显示，相关上市公司中： 紫金矿业 2025年生产矿产金89.5吨，同比增长22.8%。3月22日公司以人民币182.58亿元获得赤峰黄金5.53亿股，取得赤峰黄金控制权。 盛达资源 目前控股银都矿业、金山矿业、光大矿业等7家矿业子公司，经评审备案的累计查明银金属量约1.2万吨、金金属量约34吨，年采选能力近200万吨。

来源：环球市场播报 信达生物发布公告，关公司于2026年2月8日就与礼来制药签署战略合作协议以推动肿瘤学及免疫学领域新药研发所作出的公告。公司已获联邦贸易委员会提前批准，至此，礼来制药与公司之间战略合作协议生效的所有先决条件均已达成。该战略合作协议已于香港时间2026年3月24日生效。 公司注意到，部分媒体报导错误地将该战略合作协议的生效解读为对公司的收购。公司谨此澄清，公司并未，亦无意进行该等交易。谨此提醒股东及有意投资者，切勿依赖有关集团的市场传闻。有关集团的任何资讯，应仅以公司的官方公告为准。

格隆汇3月25日｜纽约期金突破4590美元/盎司，日内涨3.53%。

Australia has a narrow window to position itself as a regional hub for artificial intelligence infrastructure, but risks falling behind unless investment and policy action accelerate, according to Deloitte Access Economics. “This is a sliding doors moment for Australia,” lead author John O’Mahony said Wednesday, estimating the country needs about A$52 billion ($36 billion) in digital infrastructure investment by 2030 to capture the opportunity. “Catching this wave means doubling our investment in compute power over the coming five years,” he said, adding Australia is on track to reach about 3.3 gigawatts of data center capacity by 2030 but needs a further 3.1 gigawatts of compute power. “A failure to seize this opportunity would represent a generational economic fumble,” he added. Australia already has advantages including access to land, capital and energy, but other countries are moving faster to develop infrastructure pipelines, raising the risk it could miss out without a coordinated strategy. “Data is the new oil of the modern economy and compute power is the new engine,” said Pradeep Philip, head of Deloitte Access Economics, adding Australia “can and must” position itself as an AI-driven economy to capture growth opportunities in the region. Deloitte estimates that expanding digital infrastructure beyond current projections could add about A$134 billion to the economy by 2050 and support an annual average of 14,300 additional jobs, with benefits flowing across sectors including construction, utilities and technology. “Across most of these crucial AI factors, Australia is either less constrained than its neighbors or has an outright natural advantage over them,” O’Mahony said, noting Singapore faces limits on land, water and clean energy while many other countries in the region have “a less stable regulatory environment.” Despite that, other nations are moving quickly to build their digital infrastructure pipelines, he said, adding policymakers will need to en...

SusanneB/E+ via Getty Images This article is part of a series that provides an ongoing analysis of the changes made to AQR Capital Management’s US stock portfolio on a quarterly basis. It is based on their 13F Form filed on 02/17/2026. Please check out our last update for the moves during Q3 2025. This quarter, AQR Capital Management’s 13F portfolio value increased from ~$156B to ~$191B. The portfolio typically has over 2000 positions. Only 28 stakes are significantly large (more than ~0.5% of the portfolio), and they are the focus of this article. The five largest stakes are Nvidia, Apple, Microsoft, Alphabet, and Amazon.com. Together, they account for ~9% of the total portfolio value. Note: Cliff Asness co-founded AQR Capital Management in 1998. AQR Capital Management is one of the largest Quant firms with over $150B of Assets Under Management. They combine different quantitative styles (value, momentum, etc.) to construct diversified risk-adjusted portfolios that have a low correlation to equity-only portfolios. They have several mutual funds with different styles, with the multi-asset fund ( AQRIX ) as the flagship. The varied offerings limit the utility of quarter-over-quarter 13F comparisons for most of their reported positions. However, analyzing the top positions can offer valuable insights into their broader strategy. Stake Increases: Nvidia Corporation ( NVDA ) : NVDA is currently the largest 13F position at 2.57% of the portfolio. It was first purchased in 2006 at prices under a dollar, after accounting for stock splits. Recent activity follows. There was a ~150% stake increase during Q2 2023 at prices between ~$27 and ~$47. The next two quarters saw a ~45% stake increase at prices between ~$41 and ~$50. That was followed by a ~18% stake increase during Q1 2025 at prices between ~$104 and ~$153. The last quarter saw another ~14% stake increase at prices between ~$152 and ~$187. This quarter also saw a ~18% stake increase at prices between ~$170 and ~$212....

格隆汇3月25日｜日经225指数日内涨幅扩大至2.3%。

Fintel reports that on March 24, 2026, HC Wainwright & Co. upgraded their outlook for Sutro Biopharma (NasdaqGM:STRO) from Neutral to Buy. Analyst Price Forecast Suggests 55.41% Upside

格隆汇3月25日｜MSCI亚太指数上涨1.1%，至236.58点。

By Sam Tabahriti LONDON, March 25 (Reuters) - Openreach has expanded its partnership with Google Cloud to use artificial intelligence to speed up fibre broadband construction and cut emissions from

当前局势“可被视为某种形式的政权更迭” 据央视新闻，当地时间24日，美国总统特朗普表示，美方正与伊朗进行谈判，并称美军在德黑兰上空“行动自由”；他还称伊朗方面“开始理性沟通”，并已同意“永不拥有核武器”。 据称，美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，主要要求包括:拆除现有核能力、承诺不发展核武器、禁止在本土进行铀浓缩、移交约60%高丰度浓缩铀库存、拆除纳坦兹、伊斯法罕及福尔多等核设施，并允许国际原子能机构(1AEA)全面核查等。 同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支持，并限制弹道导弹项目的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。作为交换条件，伊朗可能获得全面解除国际制裁、美国支持其发展民用核项目，以及取消“快速恢复制裁”机制。 据了解，美方正考虑推动为期一个月的停火，以便就上述条款展开进一步谈判。该方案由包括贾里德·库什纳和史蒂夫·威特科夫在内的特朗普顾问推动。另据以色列方面24日消息称，美国有意提出为期一个月的停火方案，以便与伊朗讨论一份包含15个要点、旨在结束战争的协议。 特朗普在白宫表示，美方与伊朗的谈判“可能已相当接近达成协议”，但他对当前协议安排“并不满意”，并指责民主党此前“破坏了一项已谈妥的协议”，称该举动在当前军事行动期间对美国造成不利影响。 特朗普表示，美国当前对伊行动“非常成功”，并称相关行动已削弱伊朗军事能力，包括导弹发射能力及防御体系。他称，美方“处于非常有利的谈判位置”，并强调伊朗方面“已同意不发展核武器”，包括不会进行铀浓缩活动。 在谈及局势变化时，特朗普称伊朗领导层已被“清除”，并表示当前局势“可被视为某种形式的政权更迭”。同时，他强调自己“并不信任任何一方”，但提到伊朗方面近期作出与石油和天然气相关的“重要举动”，认为这显示谈判对象“具有合作意愿”。

A state-sponsored forced labour programme which has escalated in recent years has generated up to US$500 million annually for North Korea, according to a report by a global rights group. It also warned that workers are trapped in “brutal” conditions where they are subjected to “control, abuse and coercion”. Containing first-hand testimonies of North Koreans exploited in the programme, the report published on Wednesday by Global Rights Compliance – an international human rights foundation – noted...