US earnings have been far from reassuring to date, with companies serving up the fewest positive surprises in a year. That’s triggered the sharpest negative stock reaction for decades. Some 76% of S&P 500 members have reported stronger profits than analysts estimated, a lower beat rate than during the past three earnings seasons, according to a Bloomberg Intelligence tracker . Sales surprises show a similar trend, with the weakest outcome in four quarters. With Wall Street’s record-setting stock rally loading high profit expectations into share prices, investors are reacting to the underwhelming earnings accordingly. They are punishing companies heavily for disappointments, with the average post-results stock move relative to the benchmark index showing a drop of half a percentage point, the first negative reading in two years. “Valuations are high — they require a good earnings season and guidance for 2026 to support the valuations we stand on,” said Neil Birrell , chief investment officer at Premier Miton Investors. “Everyone’s bullish, but standing pretty close to the exit. There’s fear of missing out on the way up and the way down.” The latest updates from megacaps on after US trading closed Wednesday proved a mixed bag. Tesla Inc. and Meta Platforms Inc. gained after beating estimates and justiyfing their increased artificial intelligence outlays. But Microsoft Corp. plunged, as spending surged to a record and cloud sales growth slowed. All eyes will be on Apple Inc.’s report on Thursday, while Amazon.com Inc., Alphabet Inc. and Nvidia Corp. will wrap up earnings from the Magnificent Seven next month. Valuations for the S&P 500 surged to their highest level in six years at the end of 2025, setting a high bar for earnings to justify such optimism. While the forward price-to-earnings ratio for the index has since receded slightly, it remains almost 30% higher than historical levels. Bank of America Corp. strategist Savita Subramanian highlighted the ruthless appr...

Private jet holidays, AI-powered cat litter boxes and human-grade fresh dog food inspired by Hong Kong’s char siu rice are all the rage at this year’s Hong Kong Pet Show, as exhibitors express confidence in the purchasing power of the city’s pet owners. Humans, dogs and cats jostled alongside each other on Thursday, the opening day of the expo at the Hong Kong Exhibition and Convention Centre, as furry friends decked out in outfits sampled treats like dried alligator and bully sticks. More than 1,000 exhibitors are taking part in the show, which runs until Sunday. Advertisement Pet travel is one service that has seen exponential growth, with one agency nearly doubling sales from last year. Life Travel managing director Billy Chan said taking a holiday with pets on a private jet was no longer the preserve of the elite and was gaining popularity among Hong Kong’s middle class. Advertisement “In 2025, we had 12 tours. This year, we already have 22 confirmed departures,” said Chan, adding that more competitors had entered the market since their launch in 2017, given the growth in demand.

Malaysia's Petronas aims to boost its exploration and production in the next three years Reuters

对航班“锁座”的数量、获取和释放规则进行了明确。 今日，中国航空运输协会发布《公共航空运输企业航班预留座位规则（征求意见稿）》，对航班“锁座”的数量、获取和释放规则进行了明确，并向社会征求意见，意见反馈截止时间为2月2日。 在此之前，江苏省消保委曾约谈十家航空公司，通报机票锁座存在的四个问题，包括优质座位过度锁定，解锁机制变相付费，信息不透明且解释不合理等。 至少65%座位要放开免费选 征求意见稿的核心是对“锁座”比例进行了明确：其中国内航班 免费可选座位的比例至少不低于 经济舱总座位数的70%，对于座位数更多的机型，免费可选座位的比例更高。 对于国际及地区航班，免费可选座位应不低于经济舱总数的65%。 在此之前，江苏省消保委曾调研10家航司的经济舱“锁座”比例，称10家航司购票阶段的锁座比例介于19.9%～62.1%之间，均值达38.7%。 对此，民航业内人士林智杰曾对记者提到，航班起飞前需要有适当的锁座比例，才能保障临近购票旅客的权益和体验，因为一般来说，越临近购票价格越高，包括航司的贵宾会员很多都是临近购票，如果完全放开提前选座，势必造成越临近购票花的钱越多，坐的座位却越差，很多当天买票的就只能坐在机尾。不过也应保证至少有一半以上的座位放开供旅客选择，特别是要有靠窗，靠走道，或者联排座位，以保障旅客的基本出行需求。 此次中航协发布的征求意见稿，规定了至少65%的座位要放开免费选座，国内航班免费可选的比例更高，相比江苏省消保委实际调研的均值结果相差不大，但与个别航司超过60%的锁座比例相比大幅收缩。 国内航班不可现金选座 不过，征求意见稿中也提到，增值服务性预留座位的具体位置，由各公共航空运输企业根据旅客需求确定。 所谓“增值服务性预留座位”，是指航司在保障运行安全及特殊旅客之外，主动设置预留的座位，旅客一般需要通过积分兑换或者现金支付才能选座。 近年来确实也有越来越多的航司把飞机座位“明码标价”，并且被“明码标价”的座位占比有不断增加的趋势，开始是第一排和安全通道的座位，之后靠窗的座位也开始收费，更有航司前6排的座位都是收费的。 “征求意见稿的制定对于保护旅客的基本权益，规范选座行为能够起到积极的作用，”林智杰对记者表示，选座业务要平衡好两大关系，即消费者选择权和航司经营的平衡。他建议，对于航班后舱和中舱的位置，要整个区域放开供旅客选择，保障旅客，特别家庭亲子...

日本眾議院選舉，開始提前及海外投票，最新民調顯示，自民黨及維新會的執政聯盟，有望取得過半數議席。 日本眾議院選舉下月八日舉行，提前投票即日起展開。按照慣例，當局會向提前投票的選民，發放入場券，以便到票站時讓工作人員核對名單。 不過今次選舉，由正式公告到選舉日只有十二日，日本傳媒報道，多個地方的政府，來不及寄出入場券予，提前投票的選民，預計部分選民要到下月二日之後，即是距離選舉日不夠一星期，才會收到入場券。 報道指，當局提醒，選民持有身份證明文件以供核實，並確保個人資料正確，就可以投票。 東京杉並區選舉部門官員表示︰「我們採取措施防止非法投票，同時允許選民參與提前投票，只要他們的個人訊息，與官方名冊上一致。」 海外投票亦已經啟動。共同社報道，票站包括日本在海外的，大使館同總領事館等一共233處，至於在外選舉人名冊上，登記選民約有10.3萬人。 共同社最新民調顯示，自民黨同聯合執政的維新會，有望贏得眾議院過半數的233席，若得到更大支持，單是自民黨就議席過半都有可能，反之由立憲民主黨同公明黨，組成的在野「中道改革聯合」，支持度一般。

传统零售的牌桌上，很久没有出现如此戏剧性的一幕了。 据商业观察家报道，1月26日，康成投资（大润发母公司）法代、高鑫零售CEO李卫平亲自签发，宣布大润发快消品部总经理李春德因个人原因离职，同时任命黄林为全国商品部大标准品部总经理，统管快消、纺织、百货、家电等多个核心部门。 这本是一次寻常的高管更迭，但其间的微妙之处在于，新任主将黄林，来自大润发多年的老对手永辉超市。而更巧合的是，半年前填补黄林在永辉位置空缺的佘咸平，恰恰来自大润发，此前他负责过被寄予厚望的M会员店商品业务。 一来一回，两位将才在零售巨头之间完成了一次精准的“对调”。这不仅仅是个人职业路径的选择，更像是一面棱镜，折射出大润发与永辉在转型深水区中截然不同的战略思考与路径依赖。 永辉请来拥有山姆、盒马、大润发M会员店三重会员店及新零售背景的佘咸平，意在强化其商品力与高端业态的探索；而大润发引入永辉悍将黄林，并委以整合全国大标品采购的重任，则指向了一条更宏大、更基础，也更艰险的道路——重塑供应链，为更大的棋局铺路。 过去两年做“前置仓”只是防守，远非终局。大润发野心，早已越过了家门口的“三公里”。 01 一场“换乘”，两种心事 零售业的竞争，一直伴随着人才的竞争。大润发与永辉这次核心商品负责人的“互换”，是观察双方战略意图的最佳窗口。 自2021年以来，永辉超市的营收持续下滑，累计亏损惊人。根据其发布的2025年业绩预告，公司预计归属于上市公司股东的净利润为-21.4亿元人民币，亏损额度进一步扩大。面对如此严峻的财务状况，永辉将宝押在了向“胖东来”学习上，开启了大刀阔斧的门店调改。 这场改革的核心是回归零售本质：通过调整门店布局、淘汰冗余SKU、强化生鲜供应链、引入自有品牌等一系列硬核操作，试图重新赢回消费者的心。 据申万宏源调研数据，10月改造后的门店平均客流量增长了80%，且超过60%已进入稳定阶段的转型门店，实现了盈利水平达到五年高点。 有业内人士告诉超聚焦，永辉的直采模式能比传统批发市场多出25-30%的利差空间，其生鲜损耗率更是低至3-5%，远低于行业平均水平。这种成本优势最终反映在商品价格上，使其生鲜产品价格能比竞争对手平均低出10-15%。 但这种重投入的改造模式对资金链是巨大的考验，也导致了2025年财务上的巨额亏损。永辉的策略，是在用“短痛”换“长生”，赌的是线下实体店的体验价值最终能够战...

格隆汇1月29日｜据新京报，从北京市交通委获悉，2026年2月1日起，北京市所有收费公路收费站将全面推行电子发票(票据)开具服务，正式停止提供现金及移动支付通行费纸质发票(票据)。

上班族小文没有想到，自己几年前随手买来玩玩的2000元黄金基金，放在一旁许久未看，近日再看时收益率竟已超过70%，仅2026年开年至今，收益率就接近17%。 这份普通人的 “意外之喜”，正是当下黄金行情一路走高的生动缩影 ——2025年，国际金价全年涨幅为70%左右，创下自1979年石油危机以来的年度最大涨幅。而2026年开年以来，国际金价更是一路冲高： 1月25日，国际金价突破5000美元，1月29日，再次大幅上涨，现货、期货双双站上5500美元/盎司，其中黄金期货一度突破5600美元/盎司关口，刷新历史新高。 在金价持续走高、黄金类产品收益亮眼的市场环境下，越来越多的人群纷纷加入了黄金投资的行列，渴望能从中“赚一桶金”。 事实上，和小文当年的无意购买不同，近几年来，大众的理财意识正在全面觉醒。不同年龄段、不同职业、不同知识背景的各类人群都开始主动布局资产配置，其中不少人将基金投资这种比银行定存收益高、比股票期货风险低的投资方式作为入门首选。与此同时，根据京东金融去年8月披露的数据， 平台年轻投资者占比持续攀升，25-35 岁群体占比40%、18-25 岁群体占比 20%，95后及00后等Z世代成为基金投资增长力量。 当理财走出专业圈层，成为“全民”刚需，大众对黄金投资、基金选择等各类理财信息的关注度和需求度也大幅攀升，与之伴随的则是抖音、小红书等平台的理财内容从小众垂类跃升为平台流量新贵，相关创作者也趁势站上了风口。 理财博主，站上风口 2025年6月，抖音财经博主@狗总 发布一条视频，劝用户“可以的话去买些黄金吧，年底破1000应该是没有问题的”，并从经济、政治环境等角度阐述了这种避险类资产巨大的上升空间。时隔半年，黄金价格的迅猛上涨印证了他当初的猜测，@狗总 也由此受到了越来越多用户的关注。 @狗总 抖音截图 而具体分析@狗总 发布的理财内容，他在人设上毫无距离感，主打“真诚接地气”， 没有太晦涩的金融术语，而是以通俗易懂的大白话拆解市场行情，让很多散户和理财小白都能轻松听懂。 同时，他还开放了自己的投资实盘，让粉丝能够清晰看到他的持仓品类和盈亏情况， 形成了“实盘透明+浅显解读”的特色。 当市场行情出现大波动时，他也会第一时间解读波动原因，给粉丝注入“强心剂”，缓解大家的投资焦虑——也正因此，很多用户不用自己研究复杂行情，而是看他的实盘、听他的解读，跟随他...

1 oz American Gold Eagle BackyardProduction/iStock via Getty Images There is an old anonymous saying that "gold is the money of kings." Recently, the big rally in gold likely has a lot of investors feeling like kings. However, as J.P. Morgan once said , "Nothing so undermines your financial judgment as the sight of your neighbor getting rich." The moral of that quote is that, given the bull market in gold, it pays to be wary of "herd mentality." That is especially given that there are multiple ways to invest in gold: you can buy minted gold coins, gold bars, funds that invest in gold miners and streamers, or individual gold stocks - each path has differing risks. Yet, as part of a well-diversified portfolio, for years I've advised investors on Seeking Alpha to own an allocation to gold as a critical hedge against inflation and geopolitical risks. In my opinion, the latter is currently dominating the macro-environment and has been driving gold higher. I don't see that catalyst abating any time soon. In fact, if the last year is any indication, it could get even worse going forward. But we need to be prudent here and, perhaps, curb our enthusiasm a bit. Today, I'll take a look at AngloGold Ashanti ( AU ) to see if it might still be a good vehicle to hop on for the historic bull run that we are all currently living in. AU - the stock, not the element in the periodic table - has certainly participated: Data by YCharts As you can see from the chart, over the past year AngloGold Ashanti has just ripped higher, significantly outperforming two of my favorite precious metals investments - the Van Eck Junior Gold Miners ETF ( GDXJ ) and Pan American Silver ( PAAS ) - see "PAAS: Get Ready For A Potential Q4 Blowout" - and just clobbering the broad market equity indexes as represented by the S&P500 ( VOO ), the Nasdaq-100 ( QQQ ), and the DJIA ( DIA ). AngloGold, being highly levered to the price of gold, has outperformed the price of gold as represented by the ( GLD ) ETF by 3...

陶氏公司将裁员约4500人。（彭博）

作为全球最具影响力的风险投资机构之一，Andreessen Horowitz（a16z）长期站在技术演进与产业变革的交汇处。每年年末，a16z 都会邀请旗下不同投资团队与合伙人，从各自深度参与的一线领域出发，提出他们对「下一年商业变革者将要应对的最大问题」的判断。 BIG IDEAS 2026，正是这组判断的集中呈现。它并非对单一技术的预测，而是对一整套正在成型的新范式的描绘，覆盖了从 Agent-native 基础设施、多模态内容创作、多人协作型 AI，到个性化系统、AI-native 教育与研究形态等多元内容。 本文基于 a16z BIG IDEAS 2026 三个部分的内容，筛选并编译出其中 与 AI 能力范式、产业落地与教育形态演进相关的观点 ，试图勾勒出 2026 年技术系统可能呈现的整体轮廓。 垂直AI从信息检索与推理，走向「多人模式」Alex lmmerman AI 推动垂直行业软件实现了前所未有的增长。医疗、法律、住房领域的公司在短短几年内就达到了年化收入 1 亿美元以上，金融与会计领域紧随其后。演进路径大致经历了两个阶段：早期以信息检索为主（找到、提取、总结），而到了 2025 年，推理能力开始成为关键（例如 Hebbia 分析财报并构建模型，Basis 跨系统对账，EliseAI 诊断维护问题并调度供应商）。 2026 年垂直 AI 将解锁「多人模式」。 垂直软件拥有行业特定的界面、数据与集成能力，但垂直行业的工作本质上是多方协作的。如果智能体要真正代表劳动，它们就必须协同工作。从买卖双方，到租户、顾问和供应商，每一方都有不同的权限、流程与合规要求，只有垂直软件才能理解。 如今，各方往往各自孤立地使用 AI，导致没有授权的交接：分析购置协议的 AI 并不会与 CFO 的模型调整沟通，维护 AI 也不知道现场人员向租户作出了什么承诺。多人模式通过跨角色协调来解决这一问题：将任务路由给功能专家、保持上下文一致、同步变更。对手方 AI 可以在既定参数内协商，并将不对称情况标记给人类审查；高级合伙人的批注还能反向训练整个系统。由 AI 执行的任务将以更高成功率完成。 当价值来自多人与多智能体协作时，切换成本随之上升。此前 AI 应用一直难以建立的网络效应，将在此显现——协作层本身成为护城河。 第一所Al-native大学Emily Bennett 到 2...

格隆汇1月29日｜近期，景顺长城基金旗下景顺长城纳斯达克科技市值加权交易型开放式指数证券投资基金（QDII）（场内简称：纳指科技ETF，交易代码：159509）二级市场交易价格明显高于基金份额参考净值，出现较大幅度溢价。特此提示投资者关注二级市场交易价格溢价风险，投资者如果盲目投资，可能遭受重大损失。为保护投资者利益，本基金将于2026年1月30日开市起至当日10:30停牌。若本基金2026年1月30日二级市场交易价格溢价幅度未有效回落，本基金有权采取向深圳证券交易所申请盘中临时停牌、延长停牌时间等措施以向市场警示风险。

Triasima Portfolio Management inc. boosted its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 26.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,652 shares of the social networking company's stock after buying an additional 2,196 shares during the period. Meta Platforms accounts for approximately 1.2% of Triasima Portfolio Management inc.'s portfolio, making the stock its 26th largest position. Triasima Portfolio Management inc.'s holdings in Meta Platforms were worth $7,823,000 at the end of the most recent reporting period. Get Meta Platforms alerts: Sign Up A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bare Financial Services Inc bought a new stake in shares of Meta Platforms during the second quarter valued at approximately $30,000. Evergreen Private Wealth LLC lifted its position in Meta Platforms by 237.5% during the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company's stock valued at $40,000 after buying an additional 38 shares during the period. Briaud Financial Planning Inc bought a new stake in shares of Meta Platforms during the 2nd quarter valued at $42,000. Knuff & Co LLC purchased a new stake in shares of Meta Platforms in the 2nd quarter worth about $44,000. Finally, WFA Asset Management Corp increased its stake in shares of Meta Platforms by 42.6% in the 2nd quarter. WFA Asset Management Corp now owns 67 shares of the social networking company's stock worth $49,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock. Meta Platforms Stock Down 0.6% META stock opened at $668.73 on Thursday. The stock has a market capitalization of $1.69 trillion, a P/E ratio of 29.54, a P/E/G ratio of 1.33 and a beta of 1.29. The company has a debt-to-equit...

Seizert Capital Partners LLC lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,212 shares of the social networking company's stock after selling 2,211 shares during the quarter. Seizert Capital Partners LLC's holdings in Meta Platforms were worth $15,578,000 as of its most recent filing with the Securities and Exchange Commission. Get Meta Platforms alerts: Sign Up Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new position in shares of Meta Platforms in the 2nd quarter valued at about $23,155,393,000. Laurel Wealth Advisors LLC raised its holdings in Meta Platforms by 73,443.1% in the second quarter. Laurel Wealth Advisors LLC now owns 8,417,003 shares of the social networking company's stock valued at $6,212,506,000 after acquiring an additional 8,405,558 shares in the last quarter. State Street Corp lifted its stake in Meta Platforms by 1.9% in the second quarter. State Street Corp now owns 86,925,674 shares of the social networking company's stock worth $64,158,971,000 after acquiring an additional 1,650,435 shares during the last quarter. Vanguard Group Inc. grew its holdings in Meta Platforms by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 192,591,101 shares of the social networking company's stock worth $142,149,566,000 after acquiring an additional 1,532,568 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in shares of Meta Platforms by 103.5% in the 2nd quarter. Corient Private Wealth LLC now owns 1,998,624 shares of the social networking company's stock valued at $1,475,166,000 after purchasing an additional 1,016,667 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds. Meta Platforms Price Performance Shares of NASDAQ META opened ...

Sage Mountain Advisors LLC lifted its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 14.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,878 shares of the social networking company's stock after buying an additional 2,816 shares during the period. Meta Platforms comprises approximately 0.9% of Sage Mountain Advisors LLC's portfolio, making the stock its 19th biggest position. Sage Mountain Advisors LLC's holdings in Meta Platforms were worth $16,067,000 at the end of the most recent quarter. Get Meta Platforms alerts: Sign Up Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock valued at $20,230,000 after buying an additional 570 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of Meta Platforms by 10.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock worth $5,537,000 after buying an additional 875 shares during the last quarter. Headwater Capital Co Ltd lifted its position in Meta Platforms by 294.7% during the 1st quarter. Headwater Capital Co Ltd now owns 150,000 shares of the social networking company's stock worth $86,454,000 after acquiring an additional 112,000 shares during the last quarter. Kooman & Associates lifted its position in shares of Meta Platforms by 2.8% during the 2nd quarter. Kooman & Associates now owns 544 shares of the social networking company's stock worth $402,000 after purchasing an additional 15 shares during the last quarter. Finally, CX Institutional lifted its holdings in shares of Meta Platforms by 14.4% during the second quarter. CX Institutional now owns 40,979 shares of the social net...

Banco Santander SA is preparing a new fund to invest in property development in Iberia, according to people familiar with the matter. The fund is set to be launched in the coming months, according to the people, who asked not be named discussing private information. The goal is to raise about €200 million ($239 million) — in line with previous real estate funds, — one of the people said. Santander may still change plans and the fund’s size. The fund is part of a broader real estate strategy put in place after Michael Zerda joined the lender in October as global head of real estate, within the Santander Alternative Investments division. Zerda also serves as chief executive officer of Deva Capital , a Santander-owned asset manager. If launched, the fund would mark one of Santander’s biggest moves in the residential sector in almost two decades. The lender reduced exposure to the sector around the time of the Spanish real estate crisis. Spain and Portugal, where the fund will invest, are facing tensions in the housing market, particularly due to rising rental prices and a shortage of new construction. Santander recently announced that it was launching a €300 million fund called Santander Real Estate Opportunities to invest in assets such as shopping malls. A Santander representative declined to comment.

格隆汇1月29日｜中国船舶公告，预计2025年年度实现归属于母公司所有者的净利润在70亿元至84亿元之间，与上年同期（中国船舶）相比，增加33.86亿元至47.86亿元之间，同比增加约93.68%至132.42%。报告期内，公司手持订单结构升级优化，交付的高附加值船型占比及同型产品价格同比均有所增加，主建船型建造周期持续缩短，生产建造效率不断提升，经营业绩同比提升；联营企业的经营业绩持续改善。受上述因素影响，公司本期业绩预增。

“奶酪第一股” 妙可蓝多管理层爆发 “大地震”。 1月25日，妙可蓝多发布公告，宣布柴琇离任公司副董事长、总经理以及法定代表人职务，离任原因为“免职”，并已于1月23日生效。不过，柴琇将继续在上市公司及其控股子公司任职董事。 值得注意的是，妙可蓝多审议《关于免去公司副董事长、总经理和法定代表人的议案》的董事会，柴琇并未出席。妙可蓝多表示，公司未在规定期限内收到董事柴琇的书面表决票，也未收到柴琇委托其他董事出席本次会议的相关文件。 柴琇，即妙可蓝多创始人。而“蒙牛系”老将蒯玉龙将在柴琇离职后，接任妙可蓝多总经理、法定代表人位置，同时，他还是公司董事、财务总监。 柴琇的“离开”看起来并不“体面”，在被免职的同时，其还因未履行并购基金补偿承诺事项被提请仲裁。这不仅意味着柴琇与蒙牛的关系彻底“闹掰”，也意味着妙可蓝多将进入蒙牛全面接管的新时代。 近年来，妙可蓝多面临增长困境，蒙牛全面接手，能为妙可蓝多带来怎样的改变，相信会是之后相当长一段时间内市场关注的焦点。 01.被迫出局的创始人 客观来看，柴琇经营妙可蓝多算得上成功。 公开资料显示，2001年柴琇在吉林创办了广泽乳业，布局低温酸奶与常温牛奶产品线。早在2007年跟随政府考察团到法国参加世界食品博览会时，柴琇就注意到了奶酪这一品类。经过数年对奶酪产业的研究和筹备，2015年，在柴琇主导下，广泽乳业全面转型奶酪业务，首创儿童奶酪棒品类，此后于2016年通过借壳华联矿业的方式成为A股首家奶酪上市公司，并在2019年正式更名为妙可蓝多。 顶着“奶酪第一股”光环的妙可蓝多早期在资本市场的征程称得上风光无限。 2020年，蒙牛开始对妙可蓝多进行战略投资，并在2021年的大额定增后成为妙可蓝多的控股股东。而妙可蓝多的股价也在2021年5月25日冲上84.5元/股的最高点，成为备受投资者追捧的细分行业龙头股。 截止2026年1月23日，在多次增持后，内蒙古蒙牛乳业（集团）股份有限公司（以下简称“内蒙蒙牛”）对妙可蓝多的持股上升至1.89亿股，持股占比37.04%。从妙可蓝多公告内容来看，目前内蒙蒙牛增持计划仍处于实施期限内，后续或将继续增持。 由此来看，蒙牛对妙可蓝多的前景依然看好，只是不再允许柴琇掌权。而从妙可蓝多公告内容来看，柴琇出局或因涉及与蒙牛的债务纠纷。 DoNews通过梳理妙可蓝多公告了解到，2018年，妙可蓝多使用自有资...

Wolterk/iStock Editorial via Getty Images Introduction & Financials Urban Outfitters ( URBN ) currently trades at a solid valuation despite the recent rally, with plenty of room to expand in an environment that could improve in the long term despite near-term headwinds, supported by their debt-free balance sheet, solid cash flow, and even advantages stemming from their Nuuly subscription service. Urban Outfitters IR Urban Outfitters reported a very solid Q3 FY2026, with record revenue and a surge in comparable sales that I’ll mention below, with the stock rallying by over 15% following the announcement. Meanwhile, the free cash flow reached $120.74 million over the first 9 months of FY26 compared to $38.31 million over 9M’25, although it’s very important to note that the company’s cash flow is very seasonal, with Q4 generally being the strongest by a wide margin. Urban Outfitters IR This becomes significantly more visible if we look at the annual report, with $320.25 million in FY25, $309.79 million in FY24 and -$56.78 million in FY23 (hit by negative working capital changes plus lower income), while URBN projected a significant jump in CAPEX, reaching ~$300 million in FY26 (vs. $182.58 million in FY25 and $199.63 million in FY24) as they continue to expand, planning to open roughly 52 new stores (net) and develop locations (especially Free People), while their rental subscription (Nuuly) is also surging. Urban Outfitters IR As we can see, all brands reported very solid growth in sales during Q3 and 9M’26 compared to 9M’25, while they recently reported record holiday sales, with a 9% increase over November and December 2025 compared to 2025, while the 11-month period (Feb - Dec) came with an increase of 11%, opening 58 new retail locations throughout the year. Urban Outfitters IR Financially, based on URBN’s latest report , we see a very strong position, with the current assets almost covering their total liabilities, with a solid amount of cash and marketable secur...

Bain Capital and Blackstone Inc. are among private equity firms in the next round of bidding for Vitabiotics Ltd. , the UK vitamin company led by ex- Dragons’ Den investor Tej Lalvani, according to people familiar with the matter. EQT AB and TPG Inc. have also proceeded in the bidding process for Vitabiotics, which sells some of the UK’s most popular supplement brands, the people said. The business could be valued at about £900 million ($1.2 billion) in a deal, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and there’s no certainty of a transaction, according to the people. Representatives for Bain, Blackstone, EQT, TPG and Vitabiotics declined to comment. Vitabiotics sells vitamins under brands including Wellman, Wellwoman, Pregnacare and Wellbaby. Lalvani, the company’s chief executive officer, is known in the UK from his time on the popular reality television show Dragons’ Den , which features entrepreneurs pitching products to a panel of investors in the hopes of receiving financial backing. He’s the son of Kartar Lalvani, founder and chairman of Vitabiotics.

最新的投资将充分发挥中国的科研优势和先进制造能力，并依托中英医疗健康生态系统之间的协同合作，为中国及全球患者带来前沿创新疗法。 1月29日，在英国首相斯塔默访华期间，阿斯利康宣布，计划于2030年前在中国投资超过1000亿元人民币，以扩大在药品生产与研发领域的布局。 这也是这家英国制药巨头对中国市场作出的最新承诺。公司称，最新的投资将充分发挥中国的科研优势和先进制造能力，并依托中英医疗健康生态系统之间的协同合作，为中国及全球患者带来前沿创新疗法。 去年3月，阿斯利康宣布了一项价值高达25亿美元的投资计划，将在北京建立全球第六个、中国第二个战略研发中心，并达成多项重大研发与生产合作，以进一步推动中国生命科学事业发展。 阿斯利康全球首席执行官苏博科表示：“今天宣布的这笔超过1000亿元人民币的重大投资，开启了阿斯利康在华发展的新篇章。中国已成为科学创新、先进制造和全球公共卫生领域的重要力量。通过进一步扩展我们在细胞治疗、放射偶联药物等突破性疗法的能力，阿斯利康将为中国高质量发展作出更大贡献，更重要的是，把下一代创新疗法带给更多患者。” 中国在新疗法领域拥有前沿科学。据介绍，这些投资将覆盖从药物发现、临床开发到生产制造的完整价值链，将中国创新成果带向全球。 这项投资也将显著增强阿斯利康在细胞治疗和放射偶联药物方面的能力，推动公司广泛多元化产品管线发展，惠及癌症、血液病和自身免疫性疾病等患者。阿斯利康还将成为首家在中国拥有端到端细胞治疗能力的跨国制药企业。 自2023年以来，阿斯利康投资超过18亿美元加码中国制造，并计划到2030年底推出20款全球创新药。截至今年1月，阿斯利康中国研发管线内有超过200个项目，每年新增10-15个项目。

今天（2026年1月29日），对于中国AI产业，乃至中国芯片产业而言，是一个很有意义的日子：平头哥（阿里巴巴集团芯片业务主体）官网公布了一款名为“真武810E”的高端AI芯片。在此之前，关于平头哥自研PPU的说法，早已在市面上广为流传，还曾登上《新闻联播》——其中出现的少量技术参数，引发了国内芯片圈子的热烈讨论。现在，平头哥自研PPU“真武”，终于正式出现在外界视野之中了。 请注意：虽然这是“真武”的第一次公开亮相，但是在此之前，它早已投入实用了，规模还颇大：迄今已经在阿里云实现了多个万卡集群部署，服务了国家电网、中科院、小鹏汽车、新浪微博……等各行各业的400多家客户。它不是一款停留在PPT上的芯片，也不是一款还在早期试用阶段的芯片，而是已经扎扎实实地积累了大量客户案例、形成了一定的生态系统。早在半年多以前，我的一位阿里云的朋友就表示：“我觉得平头哥自研芯片的水平不比市面上的主流方案差。”当时我半信半疑，现在我差不多能理解他的自信了。 “真武”的水平究竟有多高？对这个问题，我让Gemini大模型总结了主流英文媒体的报道，大致结论如下： 96GB显存、700GB/s片间互联，具备与H20类似的竞争力； 已经大规模使用于阿里千问大模型的训练和推理流程之中； ICN片间互联技术，以及AI产品软件栈，均为平头哥自主研发、独立知识产权。 下一代产品的研发也早在如火如荼的进行之中了。 我的个人观点是，在AI推理任务上，“真武”显然胜任，并且在一定范围内具备较强的性价比；在训练任务上，目前可了解的信息还太少，但应该也只是时间问题。如果未来一段时间内，千问大模型的新版本部分乃至全部使用PPU训练，我也不会感到奇怪；当然这个过程会很复杂，不能急于求成。 在美国长期“算力封锁”、国内算力紧缺的情况下，平头哥自研PPU的亮相，绝不仅仅是一次技术发布，更具备重要的战略意义。它意味着中国AI产业对算力的选择更多、回旋空间更大了，其中的自研产品比例更高了。自从2018年正式成立以来，平头哥已经走过了八个年头，“真武”是多年以来坚持自主研发路线的结晶。这条道路不容易走，但是飞轮一旦转动起来，前途是很远大的。 不过，今天我想聊的，不仅是芯片这个话题。毕竟AI是一个很长的产业链，芯片是其中的重要一环，但不是唯一一环。从上游的算力硬件（以芯片为核心），到中游的云服务，到下游的基础大模型——至少在这三...

The Bank of England (BoE) has set out plans to accelerate tokenisation and regulated stablecoins in UK financial markets, highlighting efforts to modernise payments, settlement, and collateral management while safeguarding financial stability. Speaking at the Tokenisation Summit in London on Thursday, Sasha Mills, executive director for financial market infrastructure at the BoE, said 2026 would be “fundamental in shaping the UK’s digital financial future,” with the UK's central bank focusing on three key areas: systemic stablecoins, tokenised collateral, and the digital securities sandbox (DSS). Read more: Crypto live prices “The UK has the opportunity to build truly holistic digital financial markets,” Mills said, noting that innovation must be underpinned by resilience, proportionate supervision, and international coordination. Global stablecoin transactions increasing Mills confirmed the BoE is pressing ahead with a regulatory framework for systemic stablecoins, which will be jointly supervised with the Financial Conduct Authority (FCA). Stablecoins are digital tokens pegged to currencies like the dollar, euro, or pound. Read more: Bitcoin price slides as gold rallies on weaker dollar Mills explained that the proposed framework would allow systemic stablecoins to access a Bank of England deposit account and could include a liquidity facility to act as a backstop for issuers, helping to mitigate potential risks to the UK banking system. “Our regime proposes to provide systemic stablecoins with a deposit account at the Bank of England while also considering putting in place a liquidity facility to provide a backstop for stablecoin issuers,” she said. Read more: Why stablecoins could power the AI agent economy “Systemic stablecoins need to meet the same standards as existing forms of money used in the UK real economy,” Mills said. The BoE aims to finalise the regime by the end of the year, following a consultation launched in 2025. A second focus is tokenised colla...

Last year's weakness is ultimately an improved entry opportunity for long-term-minded investors. For several high-profile growth stocks, share price performance in 2025 ended up being forgettable. These stocks didn't just underperform. They lost ground. However, if you can take a step back and look at the bigger picture, there are at least a couple of these cases where this weakness is likely only a temporary setback. Indeed, these pullbacks offer an opportunity for investors to get in front of a recovery in 2026. Here's a closer look at two of these best bets. DraftKings It's pretty clear why shares of sports-betting name DraftKings (DKNG +0.03%) lost 8% of their value last year (and closed 35% below their 2025 peak). Not only is the company's growth slowing down now that most of the industry's low-hanging fruit has been picked, but prediction-market platforms like Kalshi and Polymarket are now making inroads on DraftKings' sports-waging turf. It's not an issue for investors to simply dismiss. Worries that an alternative like Polymarket or Kalshi could significantly disrupt DraftKings' growth plans, however, are overblown. Expand NASDAQ : DKNG DraftKings Today's Change ( 0.03 %) $ 0.01 Current Price $ 30.12 Key Data Points Market Cap $15B Day's Range $ 29.98 - $ 30.93 52wk Range $ 26.23 - $ 53.61 Volume 1.2K Avg Vol 14M Gross Margin 39.23 % The key here is the power of the brand name itself. DraftKings was a well-known fantasy sports platform well before sports-betting's federal ban was lifted back in 2018, and, even now, the name is as much of a marketing tool as it is a means of betting on sporting events. It's now partnering with NBCUniversal's sports broadcasting arm, for instance, integrating its wagering tech with the media giant's sports entertainment programming. It's also now the official sportsbook and odds provider for ESPN. These are promotional opportunities that players like Polymarket and Kalshi just aren't going to get. To the extent it matters, Dra...

Analysts Offer Insights on Consumer Cyclical Companies: Amazon (AMZN) and VF (VFC) The Globe and Mail

孙绍骋的仕途曾辗转民政部、原国土资源部、退役军人事务部和山东、山西、内蒙古，并在山西、民政部两度“救火”，是十九、二十届中央委员和十四届全国人大代表 【财新网】 卸任内蒙古党委书记四个月后，二十届中央委员、65岁的孙绍骋官宣落马。1月29日，中央纪委国家监委发布消息称，十四届全国人大社会建设委员会副主任委员孙绍骋涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。 至此，2026年中央纪委国家监委已公布7名中管干部被查，此前6人为： 田学斌 、 李旭 、 顾军 、 张建龙 、 杨宏勇 、 包惠 。 在去全国人大任职之前，孙绍骋的仕途曾经历“三部三省”，三部即民政部、国土资源部、退役军人事务部，三省即山东、山西、内蒙古，其中在山西省、民政部两度临危受命，参与“救火”。

TLDR Microsoft’s Q2 capital spending hit $37.5 billion with two-thirds going to AI chips, beating Wall Street estimates Meta Platforms plans up to $135 billion in 2026 capex, 20% above expectations and double last year’s spending Both Microsoft and Meta report AI computing demand exceeds their current supply capacity China approved sales of Nvidia’s H200 chips to ByteDance, Alibaba, and Tencent after restrictions ASML and SK Hynix posted strong earnings, with ASML’s orders and 2026 sales forecast beating estimates 💥 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. Nvidia shares closed at their highest level since early November on Wednesday. The stock fell 0.7% in after-hours trading but remains near the top of its recent trading range. NVIDIA Corporation, NVDA The chip maker is getting a boost from major tech companies announcing large AI infrastructure investments. Microsoft and Meta Platforms both revealed spending plans that exceeded Wall Street’s expectations. Microsoft reported capital expenditures of $37.5 billion for its fiscal second quarter. The figure topped the consensus estimate of $36.7 billion. About two-thirds of that spending went toward chips. The company’s CFO Amy Hood told investors that limited AI hardware availability is still slowing cloud computing growth. Microsoft flagged its own Maia 200 AI chip but confirmed continued purchases from Nvidia and AMD. “We want to make sure we’re not locked into any one thing,” Microsoft CEO Satya Nadella said on an analyst call. He emphasized partnerships with both Nvidia and AMD as all three companies continue innovating. Meta Doubles Down on AI Infrastructure Meta Platforms announced even bigger spending plans. The Facebook parent said 2026 capital expenditures could reach $135 billion. That’s 20% higher than Wall Street expected and nearly double last year’s investment. CFO Susan Li...

华立股份（603038）公告，预计2025年度归属于母公司股东的净利润为3900万元到5460万元，与上年同期相比，将增加1589.87万元到3149.87万元，同比增长68.82%到136.35%。预计归属于母公司股东的扣除非经常性损益的净利润为4000万元到5600万元，与上年同期相比，将增加2903.48万元到4503.48万元，同比增长264.79%到410.71%。业绩增长主要由于产品结构升级与业务战略转型，饰面板业务销售收入及利润贡献大幅增加，以及智慧水务业务的并入。

中国船舶公告，预计2025年年度实现归属于母公司所有者的净利润在70亿元至84亿元之间，与上年同期（中国船舶）相比，增加33.86亿元至47.86亿元之间，同比增加约93.68%至132.42%。公司预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润在53亿元至67亿元之间，与上年同期（中国船舶）相比，增加22.28亿元至36.28亿元之间，同比增加约72.53%至118.11%。

乐创技术公告，预计2025年度实现归属于上市公司股东的净利润为3300万元～3500万元，同比增长95.46%～107.31%。报告期内，随着智能眼镜（886085）消费（883434）市场的爆发式增长，各头部品牌商扩大了产线投资，带动上游点胶机设备需求增加，其核心部件点胶控制系统的市场销量随之增加。公司的五轴点胶控制系统具备高速高精智能化的运行特点，能够完成复杂的异型空间结构的加工任务，满足了点胶机客户的需求从而获得批量订单，导致公司的点胶控制系统及其配套产品销售额大幅增长，实现净利润大幅提升。