2026 Is The Year Of Balance Sheet Engineering In The Battery Storage Market By Michael Kern of OilPrice.com In the first quarter of 2026, the global energy storage market is no longer a playground for visionaries... it is a graveyard for the undercapitalized. The data is rough. As of March 2025, QuantumScape sat on $860 million in cash against a trailing twelve-month burn rate of $331 million . This 2.6-year window is the "valley of death" made manifest in a ledger. While the early 2020s were fueled by the speculative highs of SPAC mergers and theoretical energy density, the 2026 market has pivoted to "Balance Sheet Engineering." Success is now measured by manufacturing yield and the ability to exploit the U.S. Inflation Reduction Act (IRA) Section 45X. The gap between a patent and a production line has become a chasm that physics and finance are struggling to bridge. Lessons from the Liquidation Slow-Burn The history of next-generation batteries is written in the records of bankruptcy courts. We see the "polysulfide shuttle" not as a chemical reaction, but as a financial sinkhole. OXIS Energy, once the titan of Lithium-Sulfur (Li-S) , entered administration in 2021 and spent four years in a liquidation slow-burn. Creditors were still waiting for "intended dividends" in September 2025. They received pennies for a dream that promised 550 Wh/kg but delivered fewer than 100 cycles before the chemistry ate itself. Physics is indifferent to venture capital timelines... and physics usually wins. Pellion Technologies attempted to harness the divalent power of Magnesium-Ion , offering theoretical density that dwarfed lithium. But magnesium ions move through solid hosts like sludge. When Khosla Ventures realized the drone market couldn't fund the R&D required for automotive scale, they pulled the plug. Pellion is now "deadpooled." Not every failure ends in an auction of lab equipment. Ambri, the MIT-born liquid metal battery firm, utilized a Section 363 sale in 2024 to wipe ...

Khanchit Khirisutchalual/iStock via Getty Images Introduction Closed-end funds offer an attractive investment class that covers various asset classes and promises high distributions to income investors. They can also offer reasonable total returns if the distributions are reinvested, but generally lag the performance of the S&P 500. They are not for everyone but are particularly appealing to retirees and income investors. However, it will be best to diversify in 7 to 10 CEFs covering many different asset classes and market segments. During the last decade, the S&P 500, or U.S.-based domestic funds, have outperformed almost every other country. However, that changed last year when most foreign markets, both developed and emerging markets, outperformed the S&P 500 for the first time in many years. It is highly likely that this trend will continue in 2026. This is mainly because the U.S. market had become highly overvalued in comparison to the rest of the world, and now the rest of the world is catching up. So, in this backdrop, we think the Templeton Emerging Markets Fund ( EMF ) is worth considering as it provides exposure to a large number of emerging economies/countries with one click of the mouse. However, we should allocate only a small portion of our portfolio to emerging markets. Fund's Background The fund EMF was launched in February 1987 as a perpetual equity closed-end fund. So, the fund has been around for a long time, almost 39 years. This fund provides exposure to a host of emerging markets, though China and Taiwan together represent nearly 40% of the assets. The fund's investment objective is to provide long-term capital appreciation by investing, under normal market conditions, at least 80% of its net assets in emerging country equity securities. The TTM (12-month trailing) yield of the fund was 8.87%; however, the yield without the special distribution at the year-end comes to around 4.75%. The current discount is decent at -8%. As per the Fund's liter...

NFLX260123C00112000 互動股市圖表 | NFLX Jan 2026 112.000 call 股市 Yahoo 財經

CRWD260227P00440000 互動股市圖表 | CRWD Feb 2026 440.000 put 股市 Yahoo 財經

Apple (AAPL) Expected to Report 12% Revenue Growth in Q1 2026, a Four-Year High Intellectia AI

PM Images/DigitalVision via Getty Images The stock market ( SPY ) is currently very overvalued based on most valuation metrics , and I have recently warned that it is getting quite risky . However, perhaps an even bigger risk to portfolios than an overvalued market is that paper assets are currently getting vastly outpaced by commodities ( GSG ), and in particular precious metals like silver ( SLV ) and gold ( GLD ), which have historically proved to be durable stores of value and monetary mediums of exchange, whereas fiat currencies come and go. Moreover, the way economic and geopolitical conditions are lining up indicates that paper money-denominated assets could remain high-risk and major underperformers moving forward. In this article, I will detail why and share how I am positioning my portfolio as a result. Inflation, Rates, and the Setup Few Investors Are Pricing In Inflation remains persistently high, with CPI inflation in December 2025 coming in at 2.7% year-over-year and the core CPI coming in at 2.6% year-over-year. Even the Fed’s preferred inflation metric, the PCE price index , came in at 2.8% year-over-year in November, on both a headline and core basis. bea.gov This indicates that inflation, while perhaps not as bad as some feared in the wake of tariffs, is still well above the Fed’s target rate. Meanwhile, GDP has been running hot with a 4.4% annualized growth rate in Q3. With significant AI and factory-related CAPEX kicking into high gear this year, that should help push the economy into even faster growth. Meanwhile, the Fed has been cutting rates, and with Chairman Powell likely to be replaced soon by a more rate-cut-prone chairman by President Trump, there is a reasonable chance that the Fed will continue cutting rates this year as well. If this pushes interest rates lower while the economy is running hot and inflation is already showing to be persistently high relative to the Fed’s target 2% rate, we could very well see a resurgence in inflation...

CIEN260130P00207500 互動股市圖表 | CIEN Jan 2026 207.500 put 股市 Yahoo 財經

Earnings week ahead: TSLA, META, MSFT, AAPL, T, BA, V, MA, GM, CVX, XOM, and more Seeking Alpha

rawintanpin As the earnings season gains momentum, the upcoming week is set to deliver one of the most closely watched stretches of earnings season, with heavyweight reporters spanning technology, autos, consumer goods, defense, financials, energy, real estate, and travel. The Magnificent 7 will be in focus, with results due out from the likes of Apple ( AAPL ), Tesla ( TSLA ), Microsoft ( MSFT ), and Meta Platforms ( META ). Beyond Big Tech, key reports from ASML ( ASML ), Texas Instruments ( TXN ), ServiceNow ( NOW ), Lam Research ( LRCX ), IBM ( IBM ), Western Digital ( WDC ), Seagate Technology ( STX ), and Corning ( GLW ) will also headline a packed slate. General Motors ( GM ) will offer key updates on the auto landscape, while UPS ( UPS ), Comcast ( CMCSA ), and Union Pacific ( UNP ) will provide insights into logistics and communications demand. The consumer and retail space brings major names, including Starbucks ( SBUX ), Kimberly-Clark ( KMB ), and Royal Caribbean ( RCL ). UnitedHealth Group ( UNH ), Thermo Fisher Scientific ( TMO ), Regeneron Pharmaceuticals ( REGN ), and Teva Pharmaceutical Industries ( TEVA ) will represent healthcare and biotech. A strong showing from the defense sector is also expected, with Boeing ( BA ), Lockheed Martin ( LMT ), RTX ( RTX ), General Dynamics ( GD ), and Northrop Grumman ( NOC ) set to report. Energy giants Exxon Mobil ( XOM ), Chevron ( CVX ), and Valero Energy ( VLO ) join industrial leaders Caterpillar ( CAT ) and Honeywell ( HON ) on the docket. The financial universe features Mastercard ( MA ), Visa ( V ), American Express ( AXP ), Blackstone ( BX ), Annaly Capital ( NLY ), AGNC Investment ( AGNC ), NextEra Energy ( NEE ), and SoFi Technologies ( SOFI ), offering a broad read on consumer spending, credit trends, and capital markets. Meanwhile, telecom players AT&T ( T ) and Verizon ( VZ ) will provide visibility into wireless demand. Rounding out the busy lineup, Altria ( MO ), American Airlines ( AAL ), Southw...

央行提出，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。 价格是经济冷暖的信号，也是提振微观主体信心的关键。 第一财经记者注意到，国家发改委、国家统计局、中国人民银行等多部门近期均对当前物价问题作出表态，并明确了今年推动价格合理回升的政策举措。 国家统计局局长康义表示，推动物价合理回升，既有利于促进企业和居民增收，也有利于稳定市场预期，要继续发挥宏观政策集成效应，扩大居民消费，规范市场竞争行为，积极破解供需矛盾，促进物价合理回升。 具体到政策层面，国家发改委表示，将从总量政策、结构政策、改革政策三方面发力，实施一系列调控、改革、监管举措，打好“组合拳”，着力推动物价温和回升。央行也提出，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，继续实施好适度宽松的货币政策，为推动物价合理回升营造适宜的货币金融环境。 中国人民大学经济研究所教授毛振华分析，价格是市场供需博弈的均衡结果，是判断经济冷暖的风向标，综合反映了居民购买力、企业利润预期、市场信心乃至经济结构的深层变化。2025年CPI（居民消费价格指数）长期在0左右徘徊、PPI（工业生产者出厂价格指数）持续为负，价格虽步入“缓冲期”，但筑底未牢，距年初设定的2%目标仍有差距。展望2026年，需以更切实有力的政策措施，带动价格水平企稳回升，为经济复苏打牢基础。 核心CPI温和回升 近年来，价格持续低迷是困扰中国经济运行的一大难题。 2025年四季度起，价格指标出现改善，10月开始CPI同比由负转正并持续回升，12月涨幅扩大至0.8%，为2023年3月以来最高。剔除食品和能源的核心CPI也持续回升，2025年9月开始，连续4个月同比涨幅保持在1%以上。 康义表示，对价格问题，要全面看、辩证看，既要看总体，也要看结构，还要结合政策动态看。当前CPI低位运行，既与国内外宏观经济形势复杂变化有关，也与我国的发展阶段相关。当前一些传统动能增势放缓，影响部分行业价格，外部环境变化也加大了国内价格调整的压力，但这些都是阶段性的。 2025年CPI运行有明显的结构性特征，食品和能源价格下降对CPI整体影响较大。 从食品价格看，去年我国气候条件比较有利，生猪产能比较充裕，肉蛋菜等食品总体上供应充足，全年食品价格比上年下降1.5%，影响CPI下降约0.27个百分点。 从能源价格来看，受国际油价波动下行影响，国内能源价格下调，...

筑牢经济持续回升向好基础，推动高质量发展迈出更坚实步伐，离不开政策支持和改革创新协同发力。 2025年，中国实际国内生产总值（GDP）增长5%，顺利完成全年预期目标，也为“十四五”收官画上圆满句号。在外有极限关税施压冲击、内有新旧动能转换压力的情况下，这一成绩的取得实属不易。在肯定经济基本盘稳固的同时，亦应清醒认识到，当前国内经济内生增长动力仍显不足，外部环境依然复杂严峻。2025年底以来，宏观支持政策逐步落地，2026年中国经济有望迎来“开门红”，但筑牢经济持续回升向好基础，推动高质量发展迈出更坚实步伐，离不开政策支持和改革创新协同发力。 经济顶压前行、亮点纷呈 2025年，中国经济与贸易总量均实现历史性跨越。“十四五”期间，中国名义经济总量连续迈上四个新台阶：继2021年、2022年和2024年分别突破110万亿、120万亿、130万亿元关口之后，2025年进一步超过140万亿元。按照人民币汇率中间价年均值折算，2025年中国人均GDP达到13953美元，连续三年稳定在1.3万美元以上。同期，中国货物贸易进口、出口规模分别升至18.48万亿、26.99万亿元，进出口总额首次突破45万亿元大关，实现连续九年正增长，进一步巩固了我国作为全球货物贸易第一大国的地位。 在外部不确定性显著增加的背景下，中国经济与贸易总量保持合理增长，主要得益于经济发展质量的有效提升。一是工业生产转型升级加快。2025年规模以上装备制造业、高技术制造业增加值同比分别增长9.2%、9.4%，均高于全部规上工业增加值增速5.9%，占全部规上工业增加值比重分别较上年提高2.2个、0.8个百分点。 二是出口多元化程度提升，出口商品竞争力增强。2025年，中国对美国出口规模同比减少20%，但对非洲、东盟和欧盟出口分别增长25.8%、13.4%和8.4%，对整体出口增速的拉动作用分别为1.3个、2.2个和1.2个百分点。同期，机电和音像设备、车辆等运输设备、光学医疗设备等高级工业品出口对整体出口增速的拉动作用由上年4.2个百分点提升至4.8个百分点，是出口增长韧性的重要来源。 三是消费和投资结构继续优化，经济呈现K形复苏。2025年服务消费潜力继续释放，升级类商品消费和线上消费均保持较快增长：服务零售额增长5.5%，高于商品零售额增速3.8%；限额以上单位通信器材类、文化办公用品类、体育娱乐用品类商品...

伊朗情报部门在亚兹德省采取大规模行动，成功识别并逮捕了150多名涉嫌在近期骚乱中起领导作用的核心成员。通报指出，这些被捕者并非普通抗议者，而是与多个境外势力及非法组织有着深度关联的“动乱首领”。情报部门强调，此次被捕人员长期从事破坏活动，旨在响应外部势力制定的“美式骚乱”计划。目前，所有嫌疑人已被移送相关部门接受进一步审查。另据伊朗戈勒斯坦省情报局消息，伊朗情报部门通过严密的侦查行动及民众举报，在该省成功抓获40名参与破坏公共财产、扰乱社会秩序的核心成员。此外，伊朗塞姆南省警方宣布已成功抓获19名涉嫌在近期骚乱中破坏公共财产的犯罪嫌疑人。塞姆南省警察总指挥官在通报中指出，这些被捕者不仅直接参与了破坏和焚烧公共及私人财产的违法行为，还涉嫌煽动、教唆其他示威者参与骚乱。（央视新闻）

财联社1月25日讯（记者 陆婷婷） 低轨卫星板市场蓄势待发，头部PCB厂纷纷切入赛道抢占关键席位。近期多家产业链上市公司相继披露相关进展，从技术储备到产能建设，再到产品供应……无不透露出对产业前景的看好。 谈及PCB在低轨卫星应用领域的发展现状，艾媒咨询CEO兼首席分析师张毅在财联社记者采访时表示，目前整个领域从定制化研制逐步走向了流水线的量产方向，头部企业也在技术瓶颈上取得突破，切入了星链、中国星网等核心供应链。珠三角、长三角地区都有航天PCB的产业带，在智能产线、批量生产和交付周期上都有较好的保障。 一位PCB上市公司高管告诉财联社记者，低轨卫星所需PCB在高频、插损等方面的要求较高，公司有做这块的产品，今年会逐步放量。 厂商火热布局的同时，来自低轨卫星领域的消息不断，各国星链部署受到广泛关注。国际电信联盟（ITU）官网显示，2025年末，中国向ITU提交新增20.3万颗卫星的频率与轨道资源申请，覆盖14个卫星星座，包括中低轨卫星。SpaceX则计划于2027年推出其第二代星链系统。 在张毅看来，随着低轨星座加速组网，预计单星PCB用量约在20-30块，巨大市场增量为行业带来较好前景。从行业整体布局逻辑来看，政策红利是首要驱动因素；同时，行业的量产诉求与高价值驱动也非常重要。在此过程中，头部企业凭借核心技术优势及认证壁垒，将率先受益。 景旺电子 （603228.SH）方面告诉财联社记者，低轨卫星和商业航天领域，公司具备较多专利储备和技术优势，多款相控阵雷达板已在终端产品实现应用。2024年，公司导入多家新客户，完成百款以上高难度产品的打样制作，为迎接行业发展步入快车道、相关产品的加速量产奠定坚实基础。公司将低轨 卫星通信 定位为重点关注的新兴领域之一，将积极布局，抢占市场先机。 超声电子 （000823.SZ）证券部人士对以投资者身份致电的财联社记者表示，公司印制板产品有应用于低轨卫星领域，有小批量出货。看好该领域发展，公司也一直在做相关的技术储备。 财联社记者还从 中京电子 （002579.SZ）证券部获悉，公司低轨卫星产品目前已实现了批量供货，但占公司业务比重仍较小。其工作人员表示，“从业务前景来看，我们觉得这是个比较好的方向。” 目前，台系PCB厂如华通、燿华等，均已在低轨卫星板件领域占有一席之地。另据财联社记者不完全梳理， 兴森科技 （002436.SZ...

美元弱势、日元干预与贵金属升温交织，凸显避险需求。 2026年伊始，全球外汇市场迎来剧烈波动。美元指数（DXY）跌至97.7附近，创下三个月低点，较上年末下降约1.5%。这一变化主要缘于地缘政治紧张局势缓解、美联储政策预期调整以及日本央行（BOJ）货币政策动向的影响。同时，日元汇率出现异常波动，美元对日元（USD/JPY）从159高位急速回落至156~158区间，引发市场对日本当局干预的猜测。此外，贵金属市场同步升温，银价突破100美元/盎司，金价逼近5000美元/盎司，上海银价溢价高达13美元/盎司，反映出全球避险需求与供给短缺的交织。本文基于最新数据，分析这一波动背后的经济因素、政策动态及潜在影响。 日本经济复苏背景与政策挑战 日本经济长期面临结构性难题。从20世纪90年代起，该国经历了长达20~25年的经济收缩，表现为负GDP增长、通货紧缩和工资负增长。为应对这一局面，日本央行实施负利率政策和收益率曲线控制（YCC），旨在通过低成本资金刺激经济增长。这一策略在2022年初开始显现效果：债券收益率因基本面改善而上升，通胀率回暖，工资增长转为正值，GDP增速逐步回升。根据最新数据，日本2025财年GDP增长预期上调至0.9%，2026财年为1.0%，高于此前0.7%的预测。这得益于海外经济复苏、政府经济刺激措施以及宽松金融环境的支持。 然而，2025年10月民粹派首相高市早苗上台后，政策转向鸽派。她主张维持宽松货币和财政政策，尽管2025年通胀率一度达3%。这一立场引发市场担忧，导致长期利率飙升。2026年1月，日本30年期国债收益率一度升至4%以上，较上年末上涨约25个基点。首相提议进一步降低食品和非酒精饮料销售税，加剧了债券市场抛售，仅280亿美元交易量就引发45个基点波动，凸显日本国债市场流动性不足。 日本央行在2026年1月会议中决定维持基准利率0.75%不变，这一决定以8︰1投票通过，仅一名成员主张加息25个基点。尽管日元持续贬值且长期利率处于低位，但央行强调经济温和复苏前景，预计核心通胀率将保持在2%以上。最新数据显示，日本核心CPI（剔除新鲜食品）在2025年12月放缓至2.0%，但整体通胀仍高于目标。工资增长方面，2025年平均名义工资涨幅达2.0%，预计2026年春季劳资谈判将维持5%以上的目标，支持消费回暖。 日元汇率剧变与干预疑虑 美元对日元...

Party backed by generals set for landslide as 'sham' Myanmar election ends 2 hours ago Share Save Jonathan Head , South East Asia correspondent, Nyaungshwe, Shan state and Josh Cheetham Share Save BBC Around half of Myanmar was not expected to vote Polls in Myanmar have closed after a third and final stage of voting in what are widely viewed as sham elections. Many popular parties are banned from standing and voting has not been possible in large areas of the country because of a five-year-long civil war. The dominant party backed by the ruling military junta is expected to win a landslide victory. The current regime has rejected international criticism of the election, maintaining that it is free and fair. Around one-fifth of the country's 330 townships, including the cities of Yangon and Mandalay, voted in the last stage. Six parties, including the military-backed Union Solidarity and Development Party (USDP), fielded candidates nationwide, while another 51 parties and independent candidates decided to contest state and regional levels. Two previous rounds were held on 28 December and 11 January - giving overwhelming victories to the USDP. The party won only 6% of parliamentary seats in the last free election in 2020. A BBC team visited several polling stations in Shan state and described a climate of fear As in previous rounds of this strange, month-long election, voting was orderly and peaceful at the polling station in Nyaungshwe, Shan State, which a BBC team observed. Set in a large school, shaded by huge rain trees, there were ample volunteers an officials to guide voters where to go, and how to make their choice using the new, locally-made electronic voting machines. You could be forgiven for believing this was a normal democratic exercise, not the sham its critics say it is. However polling day was preceded by a campaigning period marked by fear, intimidation and a pervasive sense that little will change after the inevitable victory by the USDP. Everywhere ...

二手市场溢价明显，机构提示理性收藏。 “今年比前两年还难抢，我是跨区才约到的。”一位在银行网点排队的市民近日告诉记者，他通过某银行App预约时，所在区域额度已满，只能选择其他区兑换，“能抢到就不错了，主要还是留着收藏”。 线上预约“秒光”的余温未散，2026年马年贺岁纪念币、纪念钞正式进入集中兑换阶段。1月20日至26日，全国多地银行网点开启线下兑换服务。记者注意到，部分城市在兑换首日便出现排队现象。“马钞”“马币”的收藏与交易热度，从预约端延续至线下与二级市场。 在业内人士看来，纪念币钞的火爆，背后是公众对生肖题材与文化资产的持续关注，但同时也伴随着投机情绪升温所带来的价格波动与风险隐忧。多位邮币卡行业人士提醒，纪念币钞并非“稳赚不赔”的投资品，行情起伏是常态。对于普通公众而言，应量力而行、理性参与，回归纪念币钞的文化与纪念属性，而非将其视作短期套利工具。 线下兑换多地现排队热潮 根据中国人民银行此前公告，2026年马年贺岁纪念币、纪念钞全国发行数量分别为1亿枚和1亿张，并采取总量控制下的区域配额制。1月20日至26日为集中兑换期，预约成功的公众可前往指定银行网点领取实物。 此次马年贺岁纪念币、纪念钞采取总量控制下的区域配额制，各省份分配数量不一。例如，北京分别获配纪念币、纪念钞各630万枚（张），上海各636万枚（张），浙江各476万枚（张）。 近日，记者走访上海、杭州多家银行网点看到，尽管银行已提前做好分流安排，但在部分网点，前来兑换纪念币钞的市民仍排起了队伍。 一位正在兑换的市民表示，自己成功预约到一套20张的马年贺岁纪念钞。“前几年的鼠、牛、虎、兔、龙、蛇币钞我都有参与，今年这套纪念钞我好不容易抢到，要好好收藏。”该市民说。 从银行端情况看，各家机构在兑换期间加强了现场秩序维护与风险提示。一位银行客户经理向记者表示，今年来兑换的客户中，既有长期生肖币收藏者，也有不少是受市场行情吸引而来的短期参与者，“我们也会提醒客户，纪念币钞是法定货币，收藏价值因人而异”。 博通咨询首席分析师王蓬博指出，马年贺岁纪念币作为第二轮生肖币的收官之作，本身就具备较高的收藏关注度，再加上“马到成功”等吉祥寓意，容易激发市场情绪。“预约火爆并不完全等同于稀缺，更多是集中需求叠加情绪放大。” 二手市场溢价明显 线上预约额度迅速售罄，也直接推高了二手交易市场的活跃度。在部分交易平台，马...

Key Points If you do it right, you won't have to pay taxes on contributions, capital gains, or withdrawals for an HSA. Reviewing your funds and considering growth stocks can lead to higher returns. The stock market is volatile, and it's important to stay invested in assets with strong fundamentals when they endure corrections. The $23,760 Social Security bonus most retirees completely overlook › A health savings account (HSA) is one of the best ways to save on taxes. You don't pay taxes on contributions, get to grow your portfolio tax-free, and don't even have to pay taxes on withdrawals if they are used for qualified medical expenses. Although this account offers many advantages, you can only maximize these perks by boosting your HSA returns. Higher returns translate into more money that isn't taxed if it is used for the right expenses. These are the three strategies you can use to enhance your gains. 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 » 1. Review your funds Investors can choose from thousands of mutual funds and exchange-traded funds (ETFs). If you have the benefit of having longer investment timeframes ahead of you, then you should focus on funds that can deliver higher returns. A bit of risk-taking can go a long way as your returns compound over time. In other words, if you do not need the money for at least another five years, it's good to focus on growth-oriented funds. While it's good to check a fund's performance and review its assets, some people forget about the expense ratio. This percentage reflects the fund's annual cost. You don't see the money slip out of your bank account, but it is taken from the fund's value. Many passively managed funds that follow benchmarks have expense ratios below 0.1%. However, some funds have expense ratios above 0.5%, resulting in investors losing a lot of money in fees over the long run. 2. I...

Extreme heat, erratic rainfall, and disease are disrupting cocoa production in West Africa, which supplies most of the world’s chocolate. As climate change pushes growing conditions past their limits, Ecuador is rapidly expanding output and positioning itself as a key alternative supplier. Bloomberg’s Scarlet Fu reports from cacao farms near Guayaquil, with insights from Climate Central’s Kristina Dahl, cocoa exporter Ivan Ontaneda, farmer Johann Zeller, and chocolatier Oded Brenner on why climate stress, genetics, and farming practices are reshaping the global chocolate industry. (Source: Bloomberg)

格隆汇1月25日｜百度发布文心助手关于春节现金红包活动的通知。自1月26日至3月12日，用户在百度APP使用文心助手，有机会瓜分5亿现金红包，最高可获得1万元奖励。此外，百度APP还将作为首席AI合作伙伴合作《2026北京广播电视台春节联欢晚会》。

HNvisual/iStock via Getty Images While some investors see the recent sell-off as an opportunity to buy a great dividend stock at a lower price, I’d say that McCormick ( MKC ) was overpriced before and now looks fairly valued after the sell-off. This company is still well-positioned for the current market, which is focused on value. McCormick’s spices and flavorings help shoppers stretch their budgets while buying inexpensive food at the grocery store, and restaurants and institutions use the company’s flavorings as well. But right now, the company is also dealing with rising costs because of inflation and tariffs. In the fourth quarter of 2025 , McCormick reported that revenue rose 2.9% to $1.85 billion. It also reported that adjusted EPS rose 7.5% to $0.86 per share. This was a relatively rare earnings miss for the company. McCormick’s gross profit margin also fell 130 basis points to 38.9%, and its operating margin fell 20 basis points to 16.8%. So, it appears that investors may be worried about McCormick’s bottom line. In general, this seems like a well-run company that has effective strategies to deal with its current problems. It plans to improve its margins in 2026, and its plans seem like they could work. McCormick’s revenue is expected to rise double digits in 2026 because it’s increased its stake in its Mexican subsidiary. It will also be able to use its savings from reduced tariff costs to make investments that support long-term growth. And its new ERP system will also improve its long-term performance even if it comes with more short-term costs. But the first topic I’d discuss is how the company plans to deal with inflation. How McCormick Plans to Beat Inflation On the call , McCormick CFO Marcos Gabriel said he expects mid-single-digit inflation in 2026, which seems reasonable in comparison to projections I’ve seen from other food companies. But that doesn’t mean it can pass on mid-single-digit price increases to consumers. Like the grocery stores, McCor...

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五角大楼在1月23日晚间发布了2026年《国防战略报告》（非机密版本），这份34页的报告是2022年以来美国首份国防战略文件。 据央视新闻1月24日报道，新版《国防战略报告》将国土安全列为该部门的首要任务，称西半球是过去努力中“被忽视”的地区。然而，该文件否认了“孤立主义”的倾向，同时呼吁美国盟友承担更多责任，并增加对国防工业基地的投资。 参考消息网援引外媒称，这份2026年《国防战略报告》标志着五角大楼政策的重大转变。一方面，它强调盟友将在华盛顿支持减少的情况下承担更多责任；另一方面，它对传统对手中国和俄罗斯的态度也更为温和。 南京大学亚太发展研究中心研究员凌云志向澎湃新闻（www.thepaper.cn）分析指出，这份报告的基调与美国2025年底发布的《国家安全战略》报告、国防授权法案、《中国军力报告》等一系列报告（文件）是一脉相承的。“与上一版《国防战略报告》相比，2026年的《国防战略报告》标志着美国正进行一场深刻的军事战略转向，其核心是从原来的全球性的大国竞争框架，收缩至‘美国优先’的本土防卫。” 将“美国本土及西半球安全”置于最高优先级 根据《报告》，五角大楼将保卫美国本土作为首要任务，并称将恢复美国在西半球的军事主导地位。而之前美国奉行的“国家建设”“民主输出”与“规则秩序维护”等抽象理念被明确否定，认为这些目标耗费巨大却收效甚微，已成为美国的战略负担。美国应该将国家利益重新锚定于“美国民众的具体福祉”，即“保障本土安全、经济繁荣与自由生活方式”。 凌云志总结分析认为，与上一版报告相比，新版《国防战略报告》主要有三个变化：一是对首要威胁进行重新明确，将之前中国列为“首要挑战”调整为将“美国本土及西半球安全”置于最高优先级；二是对抗性言辞有所软化，《报告》虽延续威慑，但强调“通过力量而非对抗”，并寻求“稳定的关系”；三是明确要求欧洲、亚洲等盟友承担自身防务“主要责任”，美国角色从“领导者”转向“有限支持者”。 在凌云志看来，“这些变化共同体现出美国战略重心内收、意图是降低美国全球直接军事负担的战略目标。” 在进一步践行“美国优先”和“唐罗主义”的背景下，新版报告强调“边境即战场”的新安全观。五角大楼被赋予协助国土安全部的优先任务，包括使用军事技术手段强化美墨边境管控。“将确保边境安全，打击西半球的‘毒品恐怖分子’，确保对西半球关键地区的控制权，使得美国军...

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西贝餐饮集团创始人贾国龙近日接受专访时表示，将回归一线、聚焦主业，不再打造个人IP。贾国龙预计，2025年9月至2026年3月，西贝累计亏损将超6亿元。西贝将在一季度陆续关闭全国102家门店，占门店总数的30%。 (上证报)

American workers adopted artificial intelligence into their work lives at a remarkable pace over the past few years, according to a new poll. Some 12% of employed adults say they use AI daily in their job, according to a Gallup Workforce survey conducted this fall of more than 22,000 U.S. workers. The survey found roughly one-quarter say they use AI at least frequently, which is defined as at least a few times a week, and nearly half say they use it at least a few times a year. That compares with 21% who were using AI at least occasionally in 2023, when Gallup began asking the question, and points to the impact of the widespread commercial boom that ChatGPT sparked for generative AI tools that can write emails and computer code, summarize long documents, create images or help answer questions. Home Depot store associate Gene Walinski is one of the employees embracing AI at work. The 70-year-old turns to an AI assistant on his personal phone roughly every hour on his shift so he can better answer questions about supplies that he is not “100% familiar with” at the store’s electrical department in New Smyrna Beach, Florida. “I think my job would suffer if I couldn’t because there would be a lot of shrugged shoulders and ‘I don’t know’ and customers don’t want to hear that,” Walinski said. AI at work for many in technology, finance and education While frequent AI use is on the rise with many employees, AI adoption remains higher among those working in technology-related fields. About 6 in 10 technology workers say they use AI frequently, and about 3 in 10 do so daily. The share of Americans working in the technology sector who say they use AI daily or regularly has grown significantly since 2023, but there are indications that AI adoption could be starting to plateau after an explosive increase between 2024 and 2025. In finance, another sector with high AI adoption, 28-year-old investment banker Andrea Tanzi said he uses AI tools every day to synthesize documents and da...

Serbia will speed up preparations for its first nuclear power plants as it faces a surge in consumption even while attempting to phase out outdated, thermal-power units, said President Aleksandar Vucic . The government must urgently amend laws to enable the construction of small nuclear reactors, or SMRs, and select among projects offered by builders from China, Japan, the US, France and South Korea , Vucic said on Sunday, speaking at an open session with Prime Minister Djuro Macut and his cabinet ministers. Serbia has a non-binding framework agreement on nuclear power development with France ’s EDF , but bids are also possible from Russia’s Rosatom and US-based Westinghouse , he said. “I just spoke to EDF and asked them to come here in 15 days,” Vucic said, warning that authorities must avoid a power crisis in which “people die in the dark.” Serbia lifted its decades-old ban on nuclear power in November 2024, but needs to regulate future atomic projects. Output is declining at the Balkan nation’s dominant, state-run power producer Elektroprivreda Srbije (EPS). The trend will likely accelerate since as a candidate for European Union membership, Serbia must gradually phase out almost a dozen of its oldest, coal-fired power units, Vucic said. Nuclear facilities will also help Serbia reduce costs from the EU’s carbon border adjustment mechanism, or CBAM, a levy on imports from countries with weaker pollution standards. A sharp rise in power consumption is expected over the next several years, driven by at least four new data centers that the government plans to embrace the use of AI.

AlexLMX/iStock via Getty Images A lot has happened since my last article titled “$100 Silver Could Be Next ”. As I am writing this, silver prices are around $100 per ounce, which makes me say that my $100 target has been reached. Let me talk of the recent developments on the silver market as well as further potential of the grey shiny metal to appreciate further. Recap of my previous publication In my previous article published on 19 September 2025, I wrote that silver prices appreciated to total $42/oz, close to 2011 highs thanks to the Fed’s dovishness, institutional investors, and green energy trends. At the time I wrote that silver was undervalued, given the inflation-adjusted historical prices for the grey shiny metal. Silver prices also seemed low relative to the S&P 500. Among the upside factors for silver I mentioned were a dovish Fed, asset bubbles, and also a possibility of silver becoming a medium of exchange. Among the downside risks I argued were the Fed getting hawkish, weak industrial demand, and higher physical supply of the metal. Still, I wrote that the grey shiny metal had a strong upside potential. As I am writing this, the grey precious metal is trading close to $100 per ounce. Let me explain why my bullish case still remains firm. Industrial demand and supply of silver Despite the fact that the demand for paper silver (XAG) is surging rapidly, the demand for physical silver is rising at an even more staggering pace. As I have mentioned many times in my other publications about precious metals, there is much more paper silver than physical silver. In fact, the paper-to-physical metal ratio for silver is said to be around 356, meaning that for one ounce of physical silver, there are 356 ounces of paper silver. So, the price of physical metal is much higher than it is for the paper metal. In fact, some time ago when the price for one ounce of XAG touched the $80 mark, the price of one ounce of physical silver briefly touched the $130 mark because ...

Apple shakes up its AI efforts with a Google partnership, management changes and two new versions of Siri . Also: The company gets ready to kick off its 2026 Mac launches and puts CEO candidate John Ternus in charge of design . Last time in Power On : Apple’s iOS 27 will be a Snow Leopard-style update — aside from new AI features. The Starters In June 2025, I reported on a major inflection point inside Apple Inc. After a disappointing launch of the Apple Intelligence platform and delays to a new Siri digital assistant, software chief Craig Federighi and other executives were seriously considering sidelining the company’s internal AI models in favor of a third-party provider. The story sent shockwaves through Apple’s foundation models team, which builds its underlying AI technology. Beyond the reputational sting, the report raised existential questions about the future of the group — and the jobs of its employees. Within hours of that story’s publication on June 30, Apple’s top AI leadership moved to contain the fallout. Mike Rockwell, who oversees Siri, and John Giannandrea, then Apple’s head of AI, convened an emergency all-hands meeting with the foundation models team. The message from leadership was unequivocal: Apple wasn’t putting its own models on the back burner. Rockwell even dismissed the article as “bulls--t,” according to people in the meeting. Few in the room were persuaded. It was obvious that Apple Intelligence lagged behind rival platforms and that the Siri delay was deeply embarrassing. The company was at risk of missing the biggest technology shift since the internet, and seeking outside help made a lot of sense. Over the following months, the models group steadily lost talent — including its leader , Ruoming Pang. At the time, the company was already in discussions with both Anthropic PBC and OpenAI about supplying models to rebuild Siri and power parts of Apple Intelligence. At the start, Google wasn’t considered a likely partner for this. The Alp...

英國計劃成立稱為「英版FBI」的國家警察局，專責打擊重案。 內政大臣馬曼婷表示，英國需要一支真正敏捷的警隊，應對運作模式不斷轉變的國際罪犯。她稱新安排可減輕英格蘭和威爾斯43支地方警隊負擔，讓他們專注於日常社區治安。 至於較複雜和嚴重的罪案，包括反恐、詐騙和網上兒童性剝削等，則由國家警察局處理，她稱新機構部署世界級人才和最先進的科技，以追縱並拘捕危險的罪犯。 內政部形容這是英國警隊二百年來最大的改革。