Key Points Delek Logistics Partners extended its distribution growth streak to 52 consecutive quarters. Hess Midstream expects to deliver at least 5% annual dividend growth through 2028. Plains All American Pipeline has delivered high-octane distribution growth over the past few years. 10 stocks we like better than Plains All American Pipeline › The S&P 500's dividend yield is a paltry 1.1% these days. That's approaching its all-time low. As a result, fewer stocks are offering compelling income streams right now. However, there are some enticing options available. Delek Logistics Partners (NYSE: DKL), Hess Midstream (NYSE: HESM), and Plains All American Pipeline (NASDAQ: PAA) currently offer yields of up to 9%. Even better, all three companies recently increased their payouts. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » The streak continues Delek Logistics Partners recently declared its quarterly distribution payment. The master limited partnership (MLP) set its rate at $1.125 per unit ($4.50 annualized). That's a slight 0.4% bump from what it paid last quarter. This raise extended its distribution growth streak to 52 consecutive quarters, while raising its yield to 9%. The MLP, which sends investors a Schedule K-1 Federal tax form each year, generates relatively stable cash flows backed by long-term midstream services contracts. It produced enough cash to cover its distribution payment by over 1.3 times last year. That gave it some cushion while allowing it to retain some money to reinvest in expansion projects and maintain its financial flexibility. Delek completed its Libby 2 gas processing plant last year and also closed its acquisition of Gravity Water. It's currently working on a comprehensive acid gas injection and sour gas treating solution at its Libby Gas Complex. These investments should enable the MLP to continue raising its lucra...

音乐流媒体平台迪泽（Deezer）已将其人工智能音乐检测技术授权给法国音乐版权管理机构 Sacem，这是打击音乐欺诈领域一项具有里程碑意义的商业合作。迪泽方面正推动该工具在整个音乐行业实现更广泛的应用。 这份于本周四官宣的合作协议落地之际，人工智能技术能力的不断提升正模糊人类创作与机器生成音乐的界限，也催生了一种新型流媒体欺诈行为：不法分子上传数万首 AI 生成的音乐作品，利用算法推荐机制获取流量，借此从音乐人及词曲作者手中瓜分版税收益。 迪泽方面表示，2025 年该平台成功从版税池内识别并剔除了高达 85% 的 AI 生成欺诈性音乐播放数据，标记出的 AI 生成音乐曲目超 1340 万首。 目前该平台每日接收的纯 AI 创作曲目约 6 万首，占每日总上传曲目的 39%，而这一比例在去年 1 月仅为 10%。 迪泽首席执行官亚历克西斯・朗捷尼耶透露，平台的版税池资金占订阅收入的 70%。 该检测工具通过分析音频信号，识别 Suno、Udio 等 AI 音乐生成工具创作的音乐特征，捕捉人类耳朵无法察觉的细微异常。迪泽称，公司已基于 9400 万首歌曲对该检测系统完成训练，并在 2024 年为这项技术提交了两项专利申请。 不过，瑞典音乐版权协会 Stim 向路透社表示，检测工具只能解决问题的一部分，技术手段无法应对音乐原创构成及版权归属相关的核心问题。 Stim 认为，针对训练数据推行强制授权制度并实现完全透明化，才能从源头上防范此类欺诈行为。 朗捷尼耶称，迪泽正与欧洲其他音乐集体管理组织洽谈技术授权事宜，并计划在格莱美奖周期间与洛杉矶的相关机构展开接触，进一步扩大该工具的推广范围。 截至目前，法国音乐版权管理机构 Sacem 尚未回复路透社的置评请求。 责任编辑：郭明煜

春节前夕，黄仁勋如期开始他的一轮中国行。 从上海小笼包到北京云南菜再到深圳牛肉火锅，老黄一边与民同乐搞起美食之旅，一边对员工们盛赞 DeepSeek 等中国开源大模型，最后成功喜提“首批40万颗H200芯片进口获批”的头条，开启了自己的下一段行程。 要知道，此时此刻距离DeepSeek上一次震撼发布已经过去了一年，而大模型的魔法，也在过去一年SOTA模型35天一换的迭代中，似乎失去了万众瞩目的光环。 Scaling law 的魔法与 FOMO 情绪的催涨不会消失，只是从模型参数，转移到了硬件与资本市场。 继英伟达GPU与存储的一路暴涨，2026年开年，反复在神狗二象性蹦极的国产半导体，也用一场史诗级上涨宣告了自己的回归。 不仅台积电、三星赚的盆满钵满，中芯国际、华虹一众国产晶圆厂机台稼动率久违的重回100%，转到冒烟，也赚到手软。 资本开支随之水涨船高，半导体设备与材料企业自然率先吃到红利。 高景气度的地方，投资者都怕落人之后。截至1月26日，中证半导体材料设备指数开年涨幅达23%，而跟踪这个指数的半导体设备ETF易方达(159558)，则是在近一年的时间里录得超过 80% 的涨幅。 狂欢之下，疑问随之而来：这轮半导体大复苏背后究竟是周期的轮回还是逻辑的重构？半导体设备的黄金时代，真的来了吗？我们又该如何理解它的上涨？ 相拥景气度 要读懂这轮半导体设备的逻辑，我们需要先从2021年迄今的这一轮史无前例的半导体产业大周期说起。 2021年，由于疫情以及东南亚港口停摆（东南亚占据了全球半导体封测市场的27%），一场全球范围内让所有人措手不及的大缺芯正式启动。 最先被影响的，是封测环节集中在东南亚的汽车功率芯片。 为保证正常生产，节奏被打乱的车厂开始抢消费级MCU备货。抢购潮向下传导之后，占据了核心半导体消耗量的消费电子还没从MCU缺货中回过神，采购已经身体诚实地开始囤积CPU、被动元器件。随后，消费电子的恐慌进一步蔓延，家电、工业，乃至最上游的半导体设备制造，影响晶圆厂的产能扩建。 至此，越缺越抢、越抢越缺的高景气闭环正式形成。最夸张时，一颗德州仪器的车规芯片被炒到百倍溢价，原本只是局部的产能瓶颈，最终演变成全品类、全行业的全球性危机。 层层叠加的恐慌催生了疯狂的产能扩张。 2022年前后，产能焦虑叠加地缘政治带来的供应链安全风险，从大陆到台湾，从美国到韩国，全球半导体...

German software giant SAP plunged as much as 11% Thursday after reporting weaker-than-expected growth in its cloud contract backlog in the fourth quarter. It's the biggest daily fall since October 2020, when its stock dropped 22% following disappointing third-quarter results . The stock is also on track to close at its lowest price since mid-2024. Shares were last trading down 9.7%. SAP's current cloud backlog rose by 16% in the fourth quarter to 21.1 billion euros [$25.3 billion]. Chief Executive Officer Christian Klein has previously said SAP was targeting 26% growth, Bloomberg reported . This is a breaking news story. Refresh for updates.

格隆汇1月29日｜生益电子(688183.SH)公告称，预计2025年归属于上市公司股东的净利润为14.31亿元至15.13亿元，同比增加331.03%至355.88%。聚焦高端领域市场拓展，加大研发投入，推进提产扩产进程，同时强化质量管理，以质量筑牢根基，报告期内高附加值产品占比提升，使公司在中高端市场的竞争优势得到进一步巩固，实现净利润较上年同期大幅增长。

格隆汇1月29日｜华泰证券研报指出，认为特变电工26年多业务板块步入景气上行阶段，输变电业务有望充分受益于全球高压设备紧缺外溢实现加速出海；黄金业务量价齐升；煤炭、多晶硅拐点齐现，该行预计公司26-27年具备较强的向上盈利弹性。首次覆盖特变电工公司并给予“买入”评级，目标价33.31元，对应26年PE 22X。

Nigeria plans to raise 4 trillion naira ($2.9 billion) from its domestic capital markets to settle outstanding debts owed to power companies as it seeks to end perennial blackouts in the West African nation. The first tranche of debt, totaling 501 billion naira, was issued earlier this month at a 17% yield and was fully subscribed, Olu Verheijen , President Bola Tinubu’s special adviser on energy, said in an interview. The balance will be issued each quarter or every six months, depending on market conditions, she said. “The program represents a decisive reset of the electricity market,” Verheijen said, clearing legacy payment arrears owed to power-generation companies dating back a decade to build a sustainable market. Africa’s most-populous nation endures chronic power shortages, with the grid supplying only about 4,000 megawatts to more than 230 million people, just over half of whom are connected. By comparison, South Africa, with about a quarter of Nigeria’s population, has more than 10 times its generation capacity. Poor metering, high collection losses, aging infrastructure and a government energy-subsidy initiative have saddled the sector with a heavy debt overhang. The inadequate power supply has pushed many companies off the grid, with self-generated electricity accounting for nearly half of consumption, an increasing share of it from solar panels. Verheijen said some of the funds raised will help electricity distribution companies close the metering gap to improve revenue collection. Money will also be allocated to upgrade transmission infrastructure. Only about half of grid-connected customers are metered, and the transmission network can wheel just a quarter of the country’s estimated 13,000 megawatts of available generating capacity. The government expects the debt settlement to free up 4,484 megawatts of generation capacity and stabilize power supply for about 12 million registered customers, it said in an emailed statement. It is also adopting a more...

财联社1月29日讯（编辑 卞纯） 尽管国际金价屡破纪录抑制了对黄金首饰的消费需求，但由于持续的地缘政治和经济不确定性推动黄金投资需求大幅攀升，去年全球黄金总需求创下历史新高。 世界黄金协会（WGC）周四发布的2025年全年《全球黄金需求趋势报告》显示， 2025 年全球黄金需求同比增长1%，达到5002吨，创历史新高。这是黄金总需求量首次超过5000吨 。 随着黄金需求量增加以及金价大涨，2025年全年黄金需求总金额达5550亿美元，同比增长45%。 单从2025年第四季度来看，当季全球黄金总需求量达到1303吨，同样创历史新高，其中黄金投资需求为595吨。 在WGC发布上述报告之际，国际金价周四继续大涨，现货金价首次突破5500美元/盎司大关，并一度逼近5600美元。 今年以来，由于地缘政治紧张局势刺激避险需求，加之投资者对美元的信心持续减弱，国际金价迭创新高，延续了去年的迅猛涨势。继2025年大涨逾60%后，年初迄今金价涨幅已高达近30%。 投资需求创历史新高 WGC的报告显示， 2025年全球黄金投资需求飙升84%，达到创纪录的2175吨，成为推动黄金总需求刷新历史纪录的主要驱动力 。 全球范围内，寻求避险和资产多元化的投资者大量涌入黄金ETF，全年净增801吨。同时，实物黄金投资需求也保持强劲，全球金条和金币需求达到1374吨，按价值计为1540亿美元。 WGC预计，2026年黄金ETF仍将迎来大量资金流入，同时金条和金币的需求仍将保持旺盛。 WGC高级市场策略师John Reade表示：“今年最大的问题在于，投资需求是否足够强劲，以维持黄金市场的强势。” 创纪录金价或压制金饰消费需求 WGC报告还显示，2025年，全球金饰需求为1542吨，同比下降18%；央行需求为863 吨，同比下降 21%。 WGC预计， 创纪录的金价将在2026年继续压制金饰消费需求 。 该机构还预计， 各国央行的黄金购买量将从2025年的863吨回落至850吨 ，尽管与2022年之前的水平相比，这一购买量仍处于高位。

2025年春晚，宇树机器人的一支秧歌舞点燃了资本狂热。2026年春晚，各家又在争夺这个难得的表演名额。这一年，为了吸引眼球，你方唱罢我登场的戏码层出不穷，观众似乎早已审美疲劳，无非是从跑步，到跳舞到武打，"大号玩具"的论调此起彼伏。 回顾这一年，在成绩与彷徨中，各家独角兽公司不断摸索与试错。人形机器人在公开场合完成了几乎所有“可视化”的动作：跑步、跳舞、翻滚、对打……这些动作一次次刷新视频平台的播放量，却也同步降低了它们在产业语境中的含金量。 真正的拐点在于：当所有公司都能表演，表演就不再是竞争力。 资本市场已经率先感受到这种变化。估值快速抬升的同时，订单、交付和规模化数据却明显滞后，技术进展与商业兑现之间出现了越来越难以忽视的剪刀差。 这也是为什么，“泡沫”开始频繁出现在行业讨论中——并非因为技术停滞，而是因为衡量成功的标准，已经悄然发生变化。 当炫技失效 在这场标准重塑的过程中,中国市场并非孤立。一份来自全球机器人产业一线的年度调研报告,提供了一个有价值的参照坐标。 1月26日，在中国刚刚官宣上春晚的机器人名单时，The Robot Report发布的《2026年机器人行业展望》用38页的详实数据和一线从业者访谈,勾勒出这个行业在喧嚣过后的真实图景。对于正处于资本狂热与商业化博弈之间的中国机器人产业而言,这份报告提供了一面难得的镜子。 报告最核心的判断只有一句话："2026年,我们不想再看到机器人跳舞或表演武术了。给我们看它们做真正有用的事情。"这句来自ASTM国际标准组织Aaron Prather的直言,代表了整个行业从技术演示向商业落地的范式转移。过去两年,机器人公司的宣传片里充斥着后空翻、劈叉、舞蹈等吸睛表演,但当投资人和客户开始追问"谁会购买第1000台机器人"时,这些视频的点击量无法转化为订单。报告统计显示,尽管2025年人形机器人领域完成了463轮融资、150多家公司入场,但实际出货量仅同比增长17%,估值却飙升了300%——这种背离正是泡沫预警的典型信号。 报告中特别提到一个趋势：随着机器人部署数量增加，企业对“炫技型能力”的容忍度迅速下降，而对可靠性、可预测性和总体拥有成本的权重不断上升。换句话说，当机器人从“试点项目”走向“日常工具”，评价标准也随之发生了根本变化。 这种变化，并非只发生在海外。中国市场正在经历几乎完全相同的过程：在热度最高的时...

格隆汇1月29日｜今日在2026年昆山新型工业化推进会暨人工智能创新发展大会上，昆山市人工智能产业基金发布，基金总规模达50亿元，首期规模20亿元。目前，昆山以基金为纽带，组建超1300亿元基金矩阵，支撑昆山“2+3+3”新兴产业体系构建与区域高质量发展。此次设立的昆山市人工智能产业基金由创控集团作为发起方，联合苏创投、华映资本等知名机构共同设立，重点投向人工智能核心硬件、算力基础设施、大模型、AI+制造等重点领域，全力支持本地人工智能企业成长与生态构建。

财联社1月29日讯（编辑 马兰） 美国政府对移民以及国际游客的冷漠态度，正在令美国旅游业更趋恶化。世界旅游及旅行理事会最新警告，如果美国政府对赴美游客要求提供社交媒体账户信息，其可能进一步阻碍游客前往美国。 世界旅游及旅行理事会估计，游客数量的潜在下降可能导致美国损失约157亿美元的游客消费。在严重情景下，美国可能会损失多达470万国际游客，这意味着2026年使用免签计划访美的游客数量将下降23%。 游客数量的减少可能导致美国损失超过15万个工作岗位，从而削弱美国的经济活力。该理事会主席Gloria Guevara指出，去年是全球旅游业的丰收年，各国的游客数量均有所增长，只有美国例外。 由于美国政府去年4月宣布对全球几十个国家加征关税，美国的国际形象严重受损，并直接导致该国旅游业的萎靡。而美国今年在委内瑞拉和格陵兰岛的行动进一步打击了国际游客的兴致。 而今年，美国将举行其标志性的66号公路百年纪念和独立二百五十周年纪念，并举办世界杯。这些活动本该带来大量的客流，并刺激消费，但美国旅游业现在对此相当悲观。 雪上加霜 2025年，全球共有超过15亿游客，旅游支出总计约为11.7万亿美元，旅游业占全球GDP的10%以上。然而，世界旅游及旅行理事会数据显示，美国去年的境外游客数量下降了6%，与全球整体趋势背道而驰。 但美国政府的政策可能还将恶化这一处境。根据一项提案，来自美国免签计划国家的游客将需要提供过去五年内的社交媒体信息。 美国旅游协会在一份声明中表示，免签计划的旅客来到美国是为了与美国企业进行交易，购买美国产品，并体验美国的风光。如果政策出错，数百万旅客可能会将他们的生意和数十亿美元的消费转移到其他地方，这只会削弱美国。 据大迈阿密和海滩酒店协会称，政府官员私下透露，游客只需要提供账户名称或用户名，但不需要提供账户或特定帖子的访问权限，美国海关与边境保护局也不会审查每个申请人的社交媒体活动 然而，该协会认为这项政策将引发隐私问题，且旅游业的成功取决于国际旅行的便捷程度以及人们对便捷性的感知。迈阿密是即将举办的世界杯的举办城市之一。 与此同时，由于格陵兰岛问题，一些欧洲国家正在抵制美国举办的世界杯，这可能让美国旅游业更加痛苦。

编者按 在“赢者通吃”看似固化的市场里，挑战者具备足够的战略耐心与系统能力依然可以破局。 近期，豆包手机助手引发了一场颇具戏剧性的争议。这款号称能“接管手机”的 AI 应用，因其模拟点击、屏幕识别等能力，一度被用户视为“终于懂我的 AI 队友”。它精准击中了用户在多应用间频繁切换的痛点，描绘出了一幅智能体高度自主化的未来图景。然而好景不长，微信、支付宝及多家银行 App 接连发出风险预警与技术封锁，迅速将这场狂欢推向了“生态围剿”的尴尬境地。 舆论场的撕裂颇为典型。支持者痛斥互联网巨头利用垄断地位扼杀创新，认为这是旧势力对新技术的打压。反对者则担忧数据安全与隐私边界，认为这种“系统级接管”带来了不可控的风险。但如果我们跳出这种“创新对峙垄断”的二元对立情绪，从商业演进的视角审视，会发现双方或许都未触及问题的核心。 这场争论的焦点——创新权利与生态安全——固然重要，但都回避了一个更根本的问题：在这个数字生态中，豆包究竟站在了什么位置？为什么它的技术路径会引发如此强烈的反制？本文试图从生态位、连接方式和实现路径三个维度，探讨这个问题的答案。同时，我们也想追问：AI 与硬件结合的黄金时代，真正的机会究竟在哪里？ 豆包的三重困境 困境一：生态位的根本性错配 要理解豆包的第一重困境，我们需要引入一个关键概念：生态中心度。简单来说，中心度衡量的是一个产品对用户核心资源的掌控程度——包括操作系统级权限、账户体系、数据主权、以及由此衍生的生态话语权。中心度越高，产品在生态中的话语权越大，受制于人的程度越低。手机恰恰是一个高中心度产品的集大成者，也是巨头严防死守的超级战场。 而豆包手机助手的生态位是什么？它既不是操作系统，无法从底层调度资源；也不是超级 App，缺乏独立的账户体系与数据沉淀。它是一个第三方应用，试图通过模拟点击和屏幕识别，去“接管”其他应用的操作流程。这种生态位的本质是低中心度——它对用户的核心资源没有任何实质性的掌控力。 这种错配带来的是一场结构性的不对等竞争。豆包试图用低权限姿态，去夺取高权限生态的控制权。它想要操控微信发消息、让支付宝完成转账、指挥银行 App 查询余额，但它既没有这些巨头的底层权限，也没有用户对这些巨头的信任背书。这就像试图在现有生态体系内建立新的协调机制，却缺乏生态主导者的授权与支持——即便暂时拥有了某种技术手段，也必然面临生态主导者的反制，...

恆瑞醫藥(01276)1月29日斥資2107.4萬元回購37.16萬股A股 作者 智通財經 Investing.com 香港 - 股市報價& 財經新聞

财联社1月29日讯，三大指数涨跌不一，沪指窄幅震荡，上证50指数涨超1%，创业板指冲高回落，科创50指数跌超3%。沪深两市成交额3.23万亿，较上一个交易日放量2646亿。盘面上，市场热点快速轮动，全市场超3500只个股下跌。从板块来看，白酒板块午后爆发，泸州老窖、水井坊、舍得酒业、皇台酒业、酒鬼酒涨停。有色金属板块反复活跃，金属铜、贵金属领涨，西部黄金7天4板，中国黄金5连板，北方铜业2连板创历史新高。油气股延续强势，洲际油气7天5板，准油股份2连板，中曼石油4天3板。房地产板块震荡反弹，大悦城、三湘印象、我爱我家涨停。下跌方面，芯片产业链下挫，美埃科技、京仪装备跌超9%。截至收盘，沪指涨0.16%，深成指跌0.3%，创业板指跌0.57%。 板块方面 白酒午后全线爆发，五粮液、金种子酒、皇台酒业、金徽酒、水井坊、酒鬼酒、舍得酒业、泸州老窖等个股涨停，贵州茅台同样涨超8%。 消息面上，财联社记者从渠道人士处获悉，受春节旺季需求向好等因素影响，部分茅台经销商已到货的飞天茅台（53度、500ml）一月和二月配额已售罄。 中信证券研报认为，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习，吸收龙头企业渠道、产品等多维度改革经验。综合考虑到动销已逐步平稳、2026年春节假期多1天、白酒春节消费场景等诸多因素，2026年春节白酒实际动销有望维持平稳，考虑到后续逐步复苏趋势明确，看好白酒行业底部配置机会。 房地产板块同样反弹，珠江股份、大悦城、三湘印象、城投控股、新城控股、我爱我家等个股涨停，华发股份、招商蛇口、滨江集团、金地集团等个股涨幅居前。 消息面上，据多家媒体报道，目前其所在公司已不被监管部门要求每月上报“三条红线”指标。不过，部分出险房企被要求向总部所在城市专班组定期汇报资产负债率等财务指标。华泰证券表示，龙头压力缓释有助于阶段性稳预期，叠加近期地产政策预期升温，有助于带来地产股估值修复机遇。 从市场角度来看，今日呈现明显高低切轮动特征，资金从高估值成长股撤离，转向低估值的消费、地产权重价值股。一方面，白酒、地产此前长期超跌，筹码出清充分，两大板块的估值洼地属性吸引资金进行仓位回补。另一方面，白酒板块受春节旺季动销利好催化，茅台配额售罄强化板块景气预期，也增强了资金对于行业筑底企稳预期。不过需注意的是，市场整体风格切换并非一蹴而就，相关权重在经历了今日集中...

全球头部科技企业对人工智能领域的投入丝毫没有放缓的迹象，这一波创纪录的投入热潮正在带动三星电子、海力士等硬件供应商发展。尽管市场对于人工智能需求的可持续性能否支撑如此巨额的资本投入，仍存诸多质疑。 仅Meta平台公司一家，就公布了今年高达 1350 亿美元的投入计划，这也是商界规模最大的拟投入资金之一。其供应商也应声跟进：本周四，海力士宣布计划 “大幅增加” 资本支出，三星则表示将加大对存储芯片产能的投入。 投资者始终愿意为企业的发展雄心买单，前提是企业能实现增长。 微软 因披露云服务增长放缓，股价下跌 6.1%，而Meta公司股价则上涨 6.6%。 Meta、微软，以及 亚马逊 、字母表等超大规模云服务提供商，正推动全球范围内对芯片、服务器和计算机的投入热潮，带动了全球各地的硬件供应商，尤其是亚洲的供应商发展。本周多家行业核心企业发布的业绩报告进一步表明，市场对人工智能硬件的需求已变得极为旺盛，且这一趋势大概率会持续到 2026 年。 三星和海力士是英伟达核心人工智能加速器及数据中心服务器所需存储芯片的两大制造商，两家企业均公布利润实现数倍增长。全球唯一能生产先进半导体所需尖端光刻机的阿斯麦公司，业绩也大幅超出市场预期。 里昂证券韩国研究主管桑吉夫・拉纳表示，超大规模云服务提供商不断加大投入，反映出人工智能的应用场景正不断拓展，他还补充道，“这些企业是真金白银地在实体领域投入。” 他说：“无论是估值、股价还是需求周期，我们都正处于前所未有的阶段，一切都是全新的。” 与此同时，人工智能领域的巨大需求正加剧全球芯片供需失衡，这一状况或对智能手机、消费电子乃至汽车制造等多个行业造成冲击。 市场对英伟达、超威半导体等企业生产的人工智能研发和运营所需加速器的需求，长期处于供不应求的状态，如今投资者又开始愈发担忧，基础存储芯片也将出现类似的供应缺口。 海力士 DRAM 内存市场主管朴俊德在电话会议中表示，存储芯片的供应已无法跟上需求步伐，“多数客户都在竭力保障存储芯片的采购量，并持续要求供应商增加供应。” 埃隆・马斯克近日在与 X 大奖基金会创始人彼得・戴曼迪斯的播客对话中称，半导体供应将成为 特斯拉 等企业发展的一大瓶颈，特斯拉或有必要打造自己的万亿级芯片工厂 —— 一座能生产逻辑芯片、存储芯片并提供芯片封装服务的工厂。 马斯克表示：“如果不建芯片工厂，我们终将遭遇芯片供应...

gustavofrazao/iStock via Getty Images This is my third look at Roivant Sciences ( ROIV ). I rated it a "Hold" in 07/2025 's " Roivant Sciences: Booming Pipeline Without Product Revenues Creates Valuation Riddle ". Now six months on, its share price has bumped ~110%. In doing so it has rewarded shareholders who were able to solve its valuation riddle. As its vant model proves cumbersome, Roivant embraces a traditional development and commercialization model. On its website, accessed 01/23/2026, Roivant describes its vant structure as: We have companies in the Roivant family spanning multiple therapeutic areas, modalities, and technologies It goes on to list these companies as follows: Roivant website In its Q2/2025 10-Q , Roivant includes the following partial list of its subsidiary vants: 10-Q Of the six above-listed companies, only two, Immunovant ( IMVT ) and Arbutus ( ABUS ) are publicly traded. Immunovant, in which Roivant has a 50% fully diluted interest, has a market cap of >$5 billion. Arbutus, in which Roivant has a 19% fully diluted interest, has a market cap of <$0.80 billion. Arbutus is not a vant so much as a partner to Genevant under a 2018 collaboration to develop RNA therapeutics for genetic diseases. Combined, Arbutus and Immunovant make up ~$2.6 billion of Roivant's market cap of ~$16 billion or ~16.25%. Other vants mentioned in the 10-Q excerpt above include VantAI, Psivant, and Datavant. In the 10-Q's succeeding rundown of expected near-term catalysts, only four companies are mentioned: Roivant — parent company listed for its ongoing program of expected mid/late-stage in-licensing announcements; Genevant — is listed for its role in the U.S. Moderna case which is set for trial in Q1/2026; Immunovant — is listed for sundry upcoming data releases for IMVT-1402 in various indications plus for Batoclimab in thyroid eye disease [TED]; and Priovant — is listed for expected H1 NDA filing of brepocitinib in dermatomyositis and two upcoming data releases fo...

Pla2na/iStock via Getty Images By Christopher Gannatti, CFA After years of quiet accumulation, 2025 was the year gold stepped loudly back into the financial conversation . The metal has not only broken through its historical highs but has achieved levels above $5,000 per Troy ounce, a psychological milestone. While macro crosscurrents have intensified, gold has delivered clarity in the form of performance. But that clarity is now giving way to harder questions. For those who already hold gold, the recent run has been a validation. For those still on the sidelines, it may feel like they missed it. Yet the forward-looking investor should be less concerned with price history and more attuned to structural drivers . Gold's resurgence is not just about war, inflation, or monetary hedging in isolation, it's about confidence. Confidence in institutions, in fiat, in the sustainability of fiscal trajectories. In 2025, that confidence was showing cracks. Early 2026, at least so far, has been appearing similar. This does not guarantee that gold's price will continue to surge. In fact, the case may evolve from price appreciation to strategic role-playing. Gold as ballast. Gold as correlation disruptor. Gold as optionality in a regime where policy tools are exhausted, and volatility isn't transitory but structural. The return profile going forward may be less about beta and more about convexity 1 in a stressed system. And if that's the case, it begs critical questions: what is the optimal way to express that exposure? Is it physical, futures-based, miner equities, royalty and streaming models, or something more novel, like tokenized gold or gold-integrated multi-asset strategies? In 2025, gold roared back into the portfolio construction conversation. But the debate has been shifting from "why gold" to "which gold, and how." So let's consider some of the more popular choices: Do they take direct exposure to the metal itself, through vehicles like SPDR Gold Shares ( GLD ) 2 , and ...

This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. Copyright 2026 Zacks Investment Research | 101 N Wacker Drive, Floor 15, Chicago, IL 60606 At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.83% per year. These returns cover a period from January 1, 1988 through January 5, 2026. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer. Visit Performance Disclosure for information about the performance numbers displayed above. Visit www.zacksdata.com to get our data and content for your mobile app or website. Real time prices by BATS. Delayed quotes by Sungard. NYSE and AMEX data is at least 20 minutes del...

Zijin Mining Group Co. is seeking $1.5 billion from the sale of bonds that can be converted into stock as the price of gold hits record highs . The Chinese miner is offering convertible bonds due 2031 at zero coupon, according to terms of the deal seen by Bloomberg News. Zijin said it plans to use proceeds to fund capital expenditure related to the construction of the La Arena Project in Peru, as well as working capital and other general corporate purposes. Read More: Chinese Miners Accelerate Fundraising as Global Deals Loom The instruments carry a conversion premium of 35% to 40% above the price of a concurrent delta placement, the terms show. Banks typically propose such a placement to facilitate hedging by investors. The deal involves a lockup of 90 days for the company. UBS Group AG and Citic Securities Co. are joint bookrunners of the offering.

Senegal manager Pape Thiaw has been banned for five games after the chaotic scenes during the 2025 Africa Cup of Nations final against Morocco this month. The Confederation of African Football (Caf) issued Thiaw with a $100,000 (£72,000) fine, saying he was guilty of "unsporting conduct" and "bringing the game into disrepute". The final in Rabat, which Senegal went on to win 1-0, descended into disarray when Senegal's players left the field after Morocco were awarded a stoppage-time penalty. Thiaw, still incensed by the referee's decision to blow for a foul on Morocco captain Achraf Hakimi before Ismaila Sarr headed in three minutes earlier, instructed his players to leave the field. The match was delayed by about 17 minutes before Senegal forward Sadio Mane convinced his team-mates to return to the pitch.

Taiyou Nomachi/DigitalVision via Getty Images The following segment was excerpted from the Maran Capital Management Q4 2025 Letter. Horizon Kinetics ( HKHC ) appreciated over 400% from December 1, 2023, to year-end 2024, but then sold off by approximately one-third in 2025. HKHC is an illiquid stock, and it doesn’t take much trading volume to move the price. It seems as if, following the registration of the shares of some long-time shareholders (dating to when HKHC was still a private company), one or more of these shareholders started selling aggressively in the second half of last year, driving the price down. This type of volatility shouldn’t worry us and will work itself out over time. When it comes to what really matters—the fundamentals—HKHC is executing well and gives us exposure to a number of “inflation beneficiary” themes. Many of HKHC’s largest investments are in energy and precious metals royalties, real estate, mineral rights, water rights, and other inflation beneficiaries such as exchanges. HKHC shareholders get exposure to these investments in three ways: 1) investments held directly by HKHC on its balance sheet; 2) HKHC’s core asset management business, which has approximately $10 billion of assets under management (AUM) primarily invested in these same themes; and 3) future incentive fees, or “carry,” from the company’s private funds (which span venture capital, private equity, and hedge funds). As of 9/30/2025, Horizon had cash and investments on its balance sheet of approximately $384 million 1 , or $20.63 per share. It had $10.4 billion of regulatory assets under management, on which it generated $16.1 million of operating income 2 (excluding accrued incentive fees) through the first nine months of 2025 (which is $21.5 million, or $1.15 per share, annualized). As for the third bucket, there is no guarantee that any of the company’s private funds will generate future incentive fees or carry. That said, this is a potentially meaningful source of v...

TotalEnergies SE is formally restarting construction of a $20 billion liquefied natural gas project in Mozambique, ending a nearly five-year delay in developing one of Africa’s biggest-ever investments. President Daniel Chapo will lead an event at the project site on Mozambique’s northern coast to mark the resumption on Thursday, his office said in a statement. Total Chief Executive Officer Patrick Pouyanne is scheduled to attend. Islamic State-linked violence in early 2021 forced the French major and its partners to freeze work on the project in the southeast African nation. The restart was anticipated a number of times through the years as Mozambique battled to contain the insurgency with the help of Rwandan and regional forces. The plant with an annual capacity of 13.1 million tons is scheduled to ship its first exports in 2029, potentially transforming one of the world’s least-developed economies. The state, which has been struggling to pay its bills, expects to collect billions of dollars in revenue. Mozambique Leader Sees Total LNG Project Restart Within Weeks TotalEnergies Says Mozambique LNG Partners Will Fill Funding Gap UK Scraps $1 Billion of Support for Total’s Mozambique LNG Exports are expected to start around the time when the International Energy Agency predicts a record volume of the fuel will hit global markets. Exxon Mobil Corp. is set to reach a final investment decision later this year on an even bigger 18 million-ton-a-year plant adjacent to Total’s in Mozambique’s coastal Cabo Delgado province. The nation first become an LNG exporter when Eni SpA shipped its first fuel in 2022 from the Coral Sul floating production vessel. The Italian company has started work on a second floating LNG platform that will increase its total output from the offshore facilities to around 7 million tons per year.

London ( UKX ) +0.61% to 10,215. Germany ( DAX:IND ) -0.31% to 24,738. France ( CAC:IND ) +0.93% to 8,141. In other parts of Europe, Spain's retail sales rise 2.9% Y/Y. Hungary’s producer prices fell by 3.4% Y/Y in December. Slovakia’s consumer confidence indicator dropped to -26.7 in January. Sweden’s Economic Tendency Indicator fell to 103 in January. The Swedish economy contracted by 0.6% M/M in December. The annual growth rate of lending to Swedish households rose to 2.9% in December. Norway’s general public domestic loan debt rose 4.4% Y/Y. Switzerland’s trade surplus narrowed to CHF 3B in December 2025, from an upwardly revised CHF 3.9B in November. The pan-European Stoxx 600 ( STOXX ) moved 0.21% higher to 610, recouping losses from the previous session. Traders reacted to a widely expected rate hold by the U.S. Federal Reserve and mixed earnings from tech names. The ECB also expressed concerns over the euro’s sharp appreciation, cautioning against inflation. Coming up in the session: Euro Area economic and consumer sentiment expected shortly. In the bond market , the U.S. 10-year Treasury yield was up 2 basis points to 4.27%. Germany's 10-year yield was up 1 basis point to 2.87%. UK's 10-year yield was up 2 basis points to 4.57%. Currencies: ( EUR:USD ) ( GBP:USD ) ( CHF:USD ) ETFs: (NYSEARCA: EWG ), (NYSE: GF ), (NYSEARCA: EWI ), (NYSEARCA: EWQ ), (NASDAQ: FGM ), (NASDAQ: DAX ), (NYSEARCA: FLGR ), (NYSEARCA: FXB ), (NYSEARCA: EWU ), (NASDAQ: FKU ), (BATS: EWUS ), (NYSEARCA: FLGB ), (NYSEARCA: GREK ) More on Europe U.S. Dollar Stakes Get Raised - What To Do Now In The Rates Space? Technical Levels For Major FX Pairs Ahead Of The FOMC Rate Decision DAX: What To Know About The ETF That Tracks The 'S&P 500' Of Germany European markets mixed, tech stocks extend gains European indexes extend gains as global risk sentiment improves

现货白银失守116美元/盎司，日内跌1.56%。

中国国防部发言人蒋斌星期四（1月29日）在例行记者会上在介绍中俄防长通话时说，中俄将进一步加强战略协作。 （中国国防部微信公众号） 中国国防部在介绍中俄防长通话时说，中俄将进一步加强战略协作，在涉及彼此核心利益和重大关切问题上坚定相互支持。 据中国国防部微信公众号“国防部发布”消息，中国国防部发言人蒋斌星期四（1月29日）在例行记者会上应询时说，中国国防部长董军与俄罗斯国防部长别洛乌索夫星期二（27日）举行视频通话，就落实两国元首共识、深化两军务实合作充分交换意见。 蒋斌指出，今年是中俄战略协作伙伴关系建立30周年，也是《中俄睦邻友好合作条约》签署25周年。近年来，在两国元首战略引领下，中俄关系保持高水平发展，两军各领域各层级交流合作成果丰硕，为维护国际和地区稳定发挥了重要作用。 他称，中国将与俄罗斯一道，进一步加强战略协作，丰富合作内涵，在涉及彼此核心利益和重大关切问题上坚定相互支持，为深化中俄新时代全面战略协作伙伴关系作出新贡献，为全球安全稳定不断注入正能量。 董军在与别洛乌索夫视频通话时说，中国愿同俄罗斯一道，认真落实两国元首重要共识，完善交流机制，共同提升应对各类风险挑战的能力。

格隆汇1月29日｜德国商业银行经济学家Christoph Balz指出，美联储理事沃勒在周三会议上投下反对票应被视为其角逐美联储主席职位的一次行动。若拒绝特朗普强烈要求的降息，可能会大幅降低沃勒的获选概率。沃勒投票支持降息25个基点，与同为特朗普提名的米兰立场一致。沃勒仍可辩称自己近几个月持续警告劳动力市场恶化风险，且认为当前通胀风险已非主要矛盾。在预测市场上，目前沃勒的支持率仍落后于贝莱德高管里克·里德尔及前美联储理事凯文·沃什。