《中国人民银行办公厅保监会办公厅关于投保人与被保险人、受益人关系确认有关事项的通知》(银办发〔2016〕270号)自本公告发布之日起废止。保险公司客户尽职调查相关事项按照《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法》(中国人民银行国家金融监督管理总局中国证券监督管理委员会令〔2025〕第11号)有关规定执行。(央行) 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

U.S. President Donald Trump (L) and Japanese Prime Minister Sanae Takaichi (R) hold up signed documents for a critical minerals/rare earth deal with Japan during a meeting at Akasaka Palace on October 28, 2025 in Tokyo, Japan. Trump is on a visit to Asia that takes in the ASEAN summit in Malaysia, followed by a trip to Japan and South Korea ahead of the APEC meetings. Andrew Harnik | Getty Images News | Getty Images As Japan's Prime Minister Sanae Takaichi travels to Washington for her first summit with U.S. President Donald Trump stateside, the Iran conflict will loom large over their meeting. The Japanese PM's meeting with Trump on Thursday will be her first after she led the ruling Liberal Democratic Party to victory in February, its largest electoral win since World War II . Stephen Nagy, professor of politics and international studies at Tokyo's International Christian University (ICU) told CNBC over email that "Takaichi will do what all Japanese PMs do, reaffirm that the Japan-U.S. alliance is the cornerstone of Japan's security but also to the peace and stability of the free and open Indo-Pacific region." But the topic of Iran is likely to dominate the meeting, experts told CNBC. Iran conflict Before the conflict with Tehran started on Feb. 28, Takaichi's meeting was expected to focus on Japan's investment in the U.S., increasing defence spending, and to talk about the now-postponed summit between Trump and Chinese president Xi Jinping. That's according to Jeffery Hornung, Japan Lead for the National Security Research Division at RAND, a U.S. based think-tank. The original plan was to come "bearing gifts", showing how Japan is a very forward leaning partner in defense and economically, Hornung said in a phone interview. "But the big uncertainty is, how much will the war in Iran dominate the President's thinking on that day?" "I do think that it would be hard not to talk about having Japan contribute in some capacity, given that it does depend on the Strait fo...

专题：聚焦美股2025年第四季度财报 查看最新行情 3月18日，微博发布2025年第四季度及全年财报。四季度微博总营收4.733亿美元，约合人民币33.37亿元，其中广告营收4.038亿美元，约合人民币28.45亿元，四季度调整后运营利润1.004亿美元，约合人民币7.02亿元。 2025年全年，微博总营收达到17.6亿美元，约合人民币125.76亿元，其中广告营收达到15亿美元，约合人民币107.42亿元。2025年归属于微博股东的净利润为4.49亿美元，约合人民币32.24亿元，同比增长49%。 用户方面，截至四季度末，微博的月活跃用户达到5.67亿，日活跃用户达到2.52亿。 2025 年，公司以提升用户价值为核心，巩固微博在热点与文娱内容生态上的领先优势，稳定社交产品竞争力，并依托大模型重点建设推荐、搜索体系，拉动用户规模与活跃度增长。 视频推荐效率提升 AI技术推动春节原创视频量增长 微博于2025年7月下旬完成首页核心产品架构切换，正式上线以推荐流为主的全新首页。随着推荐流成为核心分发场景，视频业务可以突破原有关注关系的限制，在触达效率与消费承接上实现更大的提升空间。25年下半年，微博重点推进了两项核心工作：一是通过深化内容与场景协同，提升视频推荐效率；二是加强视频内容质量建设，在激励头部KOL生产更具竞争优势的内容同时，系统性治理低质视频内容，优化供给结构。从结果来看，效果显著，25年下半年，视频播放页日均播放时长、人均播放时长较25年上半年均实现双位数增长。 此外，春节期间，Seedance类AI视频技术和工具的发布及普及，大幅降低了视频的创作门槛，金橙V博主的原创视频人数及发布量较去年同期均实现明显增长，原创视频人数和原创视频量均提升40%以上。未来，随着AI技术升级，微博将发挥平台热点及垂类IP优势，向博主开放AI创作工具，支持博主围绕IP进行二次创作与内容延伸，进一步强化微博视频内容生态的竞争力。 搜索产品方面，四季度整体延续三季度工作方向，为用户提供更智能、便捷的搜索服务。一是，持续深化 AI 能力，提升对用户需求与内容理解的精准性，并在热点、人物等高频搜索场景中，结合智搜能力，优化搜索效果与用户体验，强化微博搜索心智。二是，升级产品形态，从单轮问答升级为支持连续交互的多轮问答助手，满足用户更连贯、更深入的信息获取与探索需求。三是，在平台博文...

财联社3月18日讯（编辑 李响） 今日债市迎来久违的全线上涨，不过受通胀回升、市场提前对季末资金面扰动进行定价等因素影响，涨幅并不多，10年期国债收益率下行0.91bp报1.829%，30年期主力合约涨0.23%。业内人士称，债市当前仍处于震荡阶段，趋势性行情需等待3月底政策窗口与基本面数据的进一步催化。 具体来看，国债期货收盘全线上涨，30年期主力合约涨0.23%报110.980元，10年期主力合约涨0.12%报108.265元，5年期主力合约涨0.08%报105.995元，2年期主力合约涨0.04%报102.500元。 银行间主要利率债收益率全线下行，截至下午16:30，10年期国债活跃券250016收益率下行0.91bp报1.829%，30年期国债活跃券2500006收益率下行0.7bp报2.29%，10年期国开活跃券250220收益率下行1.05bp报1.971%。 （数据来源：Wind，财联社整理） 一级市场方面： 业内人士指出，今日债市久违上涨，主要支撑仍是资金面相对宽松、机构买入行为积极，这可能也和A股整体回调，以及地缘冲突持续有关，市场避险情绪相对较高。不过受通胀回升、市场提前对季末资金面扰动进行定价等因素影响，涨幅并不多。从10年期国债活跃券收益率位置来看，距离前高较远，仍是可上可下的位置，在美联储今年降息预期下调，国内降准降息预期相对有限的空间下，债市仍将处于震荡阶段，趋势性行情需等待3月底政策窗口与基本面数据的进一步催化。 公开市场方面，央行公告称，3月18日以固定利率、数量招标方式开展了205亿元7天期逆回购操作，操作利率1.40%，投标量205亿元，中标量205亿元。Wind数据显示，当日265亿元逆回购到期，据此计算，单日净回笼60亿元。 资金面方面，Shibor短端品种表现分化。隔夜品种上行0.1BP报1.32%；7天期下行0.41BP报1.425%；14天期上行7.65BP报1.556%；1个月期下行0.48BP报1.52%。 银行间回购定盘利率表现分化。FR001持平报1.42%；FR007跌1.0个基点报1.5%；FR014涨8.0个基点报1.62%。 银银间回购定盘利率表现分化。FDR001跌1.0个基点报1.32%；FDR007持平报1.45%；FDR014涨13.0个基点报1.58%。 质押式回购利率表现多数下跌，具体表现如...

格隆汇3月18日｜瑞银发表研报指，如纽约期油价格维持目前水平，持有Cenovus Energy约17.1%股权的长和2026年盈利预测或有39%的上行空间。该行认为此因素尚未反映在股价中，因长和股价已于2026年1月见顶。自2月以来，纽约期油价格每桶上升约30美元。该行估计，原油价格每上升1美元，可为Cenovus Energy增加3.2亿美元税前盈利，并可带动长和的盈利增加约3.1亿港元，相当于2026年盈利预测提升1.3%。该行现予长和目标价67港元及“买入”评级。

财联社3月18日讯（编辑 卞纯） 周三，国际油价承压下跌，逆转了前一日的涨势。 此前伊拉克政府与库尔德当局就重启基尔库克-杰伊汉输油管道达成协议，恢复经由土耳其杰伊汉港的石油出口 。 这在一定程度上缓解了市场对中东石油供应中断的担忧 ，尽管这一管道的重启对全球供应的影响微乎其微。 截至发稿，美国WTI原油期货下跌逾2%，报93.46美元/桶；布伦特原油期货下跌逾1%，报报102.32美元/桶。 （美国WTI原油期货15分钟走势图 来源：英为财情） （布伦特原油期货15分钟走势图 来源：英为财情） 此前一日，国际油价上涨约3%。鉴于伊朗冲突尚无缓和迹象——该冲突已导致中东地区石油出口基本停滞——布伦特原油期货价格已连续四个交易日收于100美元/桶以上。 最新报道称， 伊拉克基尔库克原油已恢复通过土耳其杰伊汉港输送，输送量为每日25万桶 。 另据北方石油公司消息人士透露，伊拉克今晨已通过管道开始从基尔库克油田向土耳其杰伊汉港出口原油。 由于伊拉克政府和半自治的库尔德斯坦地区政府之间在款项分配问题上存在争端，基尔库克-杰伊汉输油管道多年来基本处于停运状态。 LSEG高级分析师Anh Pham表示：“这一消息为市场担忧提供了一些缓解。在当前局势下，任何重返市场的额外供应量都是宝贵的，因此油价应声下跌。” 他同时指出：“我们仍处于每桶100美元的油价环境中，霍尔木兹海峡周边的危机目前尚无停止迹象。” 美伊冲突爆发后，伊朗封锁了能源运输咽喉要道霍尔木兹海峡，导致海湾国家石油出口中断。加之石油储存空间告罄，伊拉克主要南部油田（该国大部分原油在此生产并出口）的产量已暴跌70%，至130万桶/日。而在战前，伊拉克的石油日产量超过400万桶。 此外，有报道称，伊拉克方面表示，正与伊朗进行谈判，以允许其油轮通过霍尔木兹海峡。 尽管重启通往土耳其杰伊汉的输油管道或许能给油价带来一些缓解，但作用有限，关键仍在于美伊冲突何时结束以及霍尔木兹海峡何时重新开放。

vzphotos/iStock Editorial via Getty Images Micron Technology ( MU ) heads into its earnings report with broadly bullish sentiment from both quantitative models and Wall Street. Seeking Alpha’s Quant Rating assigns Micron a Strong Buy , backed by robust growth, strong profitability, solid momentum, and positive earnings revisions—pointing to continued strength in the memory cycle, even as valuation appears somewhat stretched. Quant Rating History (Seeking Alpha) Wall Street analysts are also constructive, maintaining a Buy rating. However, the average price target of $432.49 implies about 6.3% downside, indicating that much of the near-term upside may already be priced in following the stock’s sharp run. Shares have surged nearly 62% year-to-date and an impressive 353.8% over the past year, underscoring the strength of the rally. Overall, the market remains confident in Micron’s fundamentals but is growing more cautious on valuation after the outsized gains. With expectations elevated, the company’s earnings and forward guidance will be key in determining whether the rally can extend further. Michael Kramer, Investing Group Leader for Mott Capital Management, suggests MU stock may plunge following upcoming fiscal Q2 earnings, even if it reports stellar results. “With implied volatility near 120% and heavy call-side positioning, the setup requires results and guidance to exceed even the most bullish expectations just to push the stock higher.” The open interest put/call ratio for Micron Technology ( MU ) stands at 1.32, signaling a bearish bias, as a ratio above 1 typically reflects greater demand for puts over calls, while a ratio below 1 indicates bullish sentiment. Options pricing implies that Micron’s stock could move about 7.5% in either direction by the end of the week. Historically, the stock has shown mixed reactions to earnings—falling 8% after 2Q25 results, remaining nearly flat post 3Q25, declining 2.8% following 4Q25, and rising 10% after 1Q26. Wall Street...

vzphotos/iStock Editorial via Getty Images Micron Technology ( MU ) heads into its earnings report with broadly bullish sentiment from both quantitative models and Wall Street. Seeking Alpha’s Quant Rating assigns Micron a Strong Buy , backed by robust growth, strong profitability, solid momentum, and positive earnings revisions—pointing to continued strength in the memory cycle, even as valuation appears somewhat stretched. Quant Rating History (Seeking Alpha) Wall Street analysts are also constructive, maintaining a Buy rating. However, the average price target of $432.49 implies about 6.3% downside, indicating that much of the near-term upside may already be priced in following the stock’s sharp run. Shares have surged nearly 62% year-to-date and an impressive 353.8% over the past year, underscoring the strength of the rally. Overall, the market remains confident in Micron’s fundamentals but is growing more cautious on valuation after the outsized gains. With expectations elevated, the company’s earnings and forward guidance will be key in determining whether the rally can extend further. Michael Kramer, Investing Group Leader for Mott Capital Management, suggests MU stock may plunge following upcoming fiscal Q2 earnings, even if it reports stellar results. “With implied volatility near 120% and heavy call-side positioning, the setup requires results and guidance to exceed even the most bullish expectations just to push the stock higher.” The open interest put/call ratio for Micron Technology ( MU ) stands at 1.32, signaling a bearish bias, as a ratio above 1 typically reflects greater demand for puts over calls, while a ratio below 1 indicates bullish sentiment. Options pricing implies that Micron’s stock could move about 7.5% in either direction by the end of the week. Historically, the stock has shown mixed reactions to earnings—falling 8% after 2Q25 results, remaining nearly flat post 3Q25, declining 2.8% following 4Q25, and rising 10% after 1Q26. Wall Street...

今日南向资金净买入12.17亿港元 3 月 18 日， 港股三大指数早盘高开回落午后开盘后快速拉升转涨，尤其是阿里巴巴直线拉升带动科技股回暖助力大市快速翻红。截止收盘，恒生指数涨0.61%重回26000点上方，国企指数、恒生科技指数分别上涨0.1%及0.01%。 盘面上，权重科技股普遍拉升转涨，其中，阿里云最高涨价34%，阿里巴巴一度大涨超4%，百度、京东、美团、腾讯集体跟涨；存储半导体股全天强势，兆易创新、上海复旦涨幅在11%以上；电力设备股拉升，东北电气大涨12%领衔；AI大模型概念股MINIMAX-W、智谱均再创上市新高，SaaS概念股、应用软件类股集体活跃，金蝶国际、有赞涨幅靠前。 另一方面，内房股、汽车股、光伏股跌幅明显；航空股跌势不止，中国国航再刷阶段新低；石油股继续走弱。 具体来看： 权重科技股普遍拉升转涨， 阿里巴巴一度大涨超4%，百度、京东、美团、腾讯集体跟涨。 OpenClaw概念股走强 ，MINIMAX-W、智谱涨超19%，均再创上市新高，金山云、阿里巴巴等多股跟涨。 消息面上，阿里云宣布因全球AI需求爆发及供应链涨价，其AI算力、存储等产品最高涨价34%，其中平头哥真武810E算力卡产品涨幅5%-34%，文件存储产品CPFS(智算版)上涨30%。 存储概念、半导体股上涨 ，天数智芯、上海复旦涨超13%，兆易创新、澜起科技、爱芯元智等多股跟涨。 消息面上，三星电子工会成员投票决定罢工，这意味着将在5月中断芯片生产，可能加剧全球半导体供应瓶颈。与此同时，韩国SK集团会长崔泰源表示：“全球存储芯片短缺的情况很可能会持续到2030年，DRAM、NAND和HBM等各类存储芯片的价格将持续上涨，涨势可能延续较长时间。” 电力设备股普涨 ，东北电气涨超12%，东方电气、哈尔滨电气、威胜控股等多股跟涨。 中信证券最新研报称，近日两会闭幕，“绿色燃料”和“算电协同”写入政府工作报告，分别对应我国的能源独立自主战略和AI竞赛战略。在绿色燃料制备和数据中心绿电供给的双重刚性高增长需求驱动下，预计至2030年这两大需求有望拉动近465gW风机需求，驱动风电板块的超级景气度。 影视娱乐股下挫 ，腾讯音乐跌超21%，丰德丽控股、网易云音乐、稻草熊娱乐等多股跟跌。 消息面上，腾讯音乐公布业绩显示，第四季度总收入86.4亿元，同比增长15.9%，不过，第四季度腾讯音乐在线音...

财联社3月18日讯（编辑 周子意） 在由中东危机引发的全球石油供应紧张局势下，阿联酋政府承诺，将优先向韩国提供石油供应。 韩国总统办公厅主任Kang Hoon-sik于周三（3月18日）宣布，韩国将从阿联酋额外引进1800万桶原油。此前，他于周一和周二访问了阿联酋，并作为李在明总统的特别代表参与了两国战略经济合作事宜。 Kang周三在青瓦台总统办公室举行的新闻发布会上如是说道，“在当前全球原油供需出现紧急状况的情况下，阿联酋已承诺将优先向韩国供应石油。该国明确表示，韩国是其原油供应的‘首要目标’。” 他补充道，“因此，我们通过各种供应渠道总共获得了1800万桶原油。”这批货物将由三艘悬挂阿联酋国旗的油轮运输，共计600万桶；另外还有1200万桶将由六艘韩国船只运输，总计达1800万桶。 包括Kang在3月6日宣布的此前从阿联酋获得的600万桶原油在内，自2月28日美国和以色列联合对伊朗发动袭击引发中东战争以来，韩国在紧急安排下从阿联酋进口总计2400万桶原油。 Kang指出，“关于石油供应状况，我现在能说的是，我们已经避免了最糟糕的情况发生，而且可以肯定的是，韩国不会面临原油供应被切断的局面。” 在新闻发布会上，Kang还透露，一艘装载石脑油的船只目前正在前往韩国的途中。 鉴于霍尔木兹海峡已被完全封锁，目前迅速开辟替代的运输线路是许多依赖进口能源的国家所迫切需要的。据悉，韩国约70%的原油进口通常要通过霍尔木兹海峡进行运输。 在如此背景下，Kang强调，“这份能源协议有望为缓解当前的石油供应危机做出重大贡献。”她补充道，“除了短期供应问题之外，我们还同意加强长期合作，以防范能源供应链可能出现的中断情况。为此，韩国和阿联酋双方同意签署一份关于石油供应链合作的谅解备忘录，其中包括探索用于采购原油的替代供应路线，预计该备忘录很快就会签署。”

AMD Expands AI Collaboration with Samsung for Advanced Memory Te GuruFocus

Samsung and AMD Expand Strategic Partnership in AI Memory Supply GuruFocus

Weibo press release ( WB ): Q4 Non-GAAP EPS of $0.25 misses by $0.07 . Revenue of $473.3M (+3.6% Y/Y) beats by $29.02M . Monthly active users ("MAUs") were 567 million in December 2025. Average daily active users ("DAUs") were 252 million in December 2025. Advertising and marketing revenues were US$403.8 million, an increase of 5% year-over-year or an increase of 2% year-over-year on a constant currency basis. Value-added services ("VAS") revenues were US$69.5 million, a decrease of 2% year-over-year or a decrease of 4% year-over-year on a constant currency basis. More on Weibo Weibo Corporation: Has Enough Going For It To Take It Higher Seeking Alpha’s Quant Rating on Weibo Historical earnings data for Weibo Dividend scorecard for Weibo Financial information for Weibo

格隆汇3月18日｜嘉实原油LOF公告称，近期该基金二级市场交易价格高于基金份额净值，出现较大幅度溢价。若3月19日溢价幅度未有效回落，基金有权采取盘中临时停牌等措施。基金主要投资高风险的原油相关公募基金，自2月3日起已暂停申购业务。目前基金运作正常，无应披露未披露重大信息，提醒投资者关注溢价风险，审慎投资。

Gabedu Inver SICAV (GABEDUINVERS.BC) 風險 Yahoo 財經

格隆汇3月18日｜北美正在建设总容量达35吉瓦的数据中心，以支持人工智能计算的蓬勃发展，这同时催生了对安全解决方案的空前需求，这让四足机器人突然变得热门起来。波士顿动力公司产品管理高级总监Merry Frayne表示，过去一年数据中心对其机器狗Spot表现出了极大的兴趣。该机器狗还配备了一系列传感器，可以检测服务器机房或机械室的温度波动、泄漏、积水，甚至可能预示着问题的异常噪音。一些数据中心还在探索机器狗进行工业巡检、场地测绘和施工监控方面的应用可能性。

Evgeny Gromov/iStock via Getty Images By Dina Ting, CFA, Head of Global Index Portfolio Management, Franklin Templeton ETFs China’s underappreciated equity market and energy resilience amid current geopolitical tensions warrant consideration, according to Franklin Templeton ETFs’ Dina Ting. In this article, she discusses the different factors that underpin her views. An underappreciated theme shaping this year’s China story is energy resilience amid rising geopolitical risk. As conflict around Iran and the Strait of Hormuz roils oil markets, Beijing’s multi-layered energy security strategy is drawing attention for its potential to cushion vulnerability through stockpiling, diversification, and strategic infrastructure. For more than two decades, China has expanded its strategic petroleum reserves and built storage capacity as part of a hedge against supply disruption. While the country remains the world’s largest net crude importer and is exposed to sustained price spikes, its diversified sourcing and overland corridors reduce reliance on any single maritime chokepoint. These measures do not eliminate oil risk, but they may help contain spillover into China’s broader economy. Compared with several major energy-importing economies, China is in a somewhat less precarious position. Japan relies on imports for roughly 85% to 90% of its primary energy, and the European Union imports more than half of its energy needs. India, meanwhile, imports the vast majority of its crude oil. 1 While countries such as Japan also maintain sizable strategic petroleum reserves, reserves alone do not change underlying import dependence or energy mix. China remains heavily reliant on imported oil but generates most of its electricity from abundant domestic coal and has spent years building and securing diversified supply routes - moderating broader energy vulnerability even if it is not fully insulated. That relative insulation has been visible in markets. Within the first 11 trading days ...

蒙哥马利峰会的开幕活动现场。 作者：Julia Hornstein 2026 年，把数百位风险投资家和有限合伙人聚在一起，绝大多数人都已实实在在押注 AI，这一点毫不意外。因此，上周在加州圣莫尼卡举行的 March Capital 年度蒙哥马利峰会上，投资者们眼中 AI 热潮的 薄弱环节 格外值得关注。 以马德罗纳风险投资公司（Madrona）董事总经理马特・麦基尔韦恩为例。他在一场圆桌讨论中表示，这家总部位于西雅图的风投机构发现，过去二十年间，AI 驱动的应用类企业增速快于其他类型公司。他看好 AI 应用，尤其是那些整合多种不同模型并进行微调、打造出独特产品的应用 —— 但他仍提出疑问： “它们能否保持长期竞争力？” 这种务实态度在过去三年里一直若隐若现。投资者担心，建立在 AI 基础大模型之上的 AI 软件，很快会被 OpenAI、Anthropic、 谷歌 等巨头的竞品边缘化。AI 文案写作应用 Jasper 就是早期典型案例：它此前每月收费 80 美元，可 OpenAI 推出 ChatGPT 后，免费就能撰写信件和商业方案，Jasper 随即陷入困境。 尽管如此，在随后几年里，风投们仍投资了数十个 AI 应用项目，其中一些项目估值翻倍甚至翻四倍，迅速完成融资。 部分投资者认为，某些 AI 应用可以通过 专用数据 对 AI 进行定制化改造，以此抵御大模型厂商的冲击，例如法律类应用使用的案例卷宗、Runway 使用的电影片库等。Madrona 去年新募集近 8 亿美元资金，部分就是用于投资这类 “应用型 AI 应用”。此后，该机构投资了 Vercept 等 AI 应用，这款 AI 桌面助手已于上月被 Anthropic 收购。 举办本次峰会的成长期风投机构 March Capital 联合创始人、管理合伙人苏曼特・曼达尔也对 AI 应用的前景提出质疑，因为大模型厂商正在推出自研垂直产品，比如 Anthropic 的 Claude Code，以及可审核合同、起草文件的法律工具 Cowork。 他在采访中表示： “模型的边界在哪里，应用又从何处开始？” 他还补充道，投资者现在应该思考，究竟是大模型开发商还是 AI 应用能带来最丰厚的回报。March Capital 已投资法律科技初创公司 Luminance 等 AI 应用项目。 AI 企业实现高速增长的原因之一，是...

Love & Fury: how poster artists responded to the Aids crisis – in pictures A new exhibition explores how graphic design helped define New York City’s response to Aids from the late 1970s to the 2000s. Grassroots groups such as Gay Men’s Health Crisis and Act Up created posters to promote safe sex and healthcare, as well as calling out the Reagan administration for inaction in the face of the crisis. Love & Fury: New York’s Fight Against AIDS is on display until 6 September.

3月17日，黄仁勋在 英伟达GTC 2026 的舞台上穿着标志性皮夹克讲了两个多小时，会后，几乎全网都在说“英伟达要做Token之王”。 但如果仔细听这场演讲，会发现黄仁勋真正反复锤打的，不是Token本身，而是 Tokens per Watt （每瓦Token数）。他在展示推理性能图表时明确说出了这个概念，并直言：每一座数据中心、每一座AI工厂，本质上都受限于电力，一座1GW的工厂永远不会变成2GW，这是物理定律决定的。在固定功率下，谁的每瓦Token产出最高，谁的生产成本就最低，谁的收入曲线就最陡。 这句话才是整场 GTC 2026 真正的题眼。 舆论热衷讨论的是 Vera Rubin 比 Blackwell 强多少倍、Groq LPX 能把推理速度拉高35倍、英伟达要把数据中心搬上太空。这些当然重要，但它们本质上都是同一个逻辑的不同表达： 在能源约束下，最大化每一瓦电力的智能产出。 当黄仁勋把“Tokens/W”作为衡量AI工厂产出的 核心度量衡 时，其实背后还有一层更重要的产业深意，算力竞争的度量体系，正在从芯片走向系统，从峰值参数走向端到端能效，从谁的芯片更快走向谁可以把能源转化成智能的效率更高。 在当下的产品和技术矩阵之下，英伟达和黄仁勋都还受困于token/w，距离真正的token之王，还需要迈出很多步。 这是一次“智能度量语言”的迁移，而这次迁移所打开的产业视角，远比任何一颗新芯片都更值得深入讨论。 很巧的是，就在GTC正式开幕的前一天，阿里巴巴宣布成立Alibaba Token Hub，由吴泳铭亲自挂帅，阿里的AI核心，不是以AI命名，而是以Token命名，把Token升级到阿里的AI战略高度。 这同样体现出，用 系统的视角看AI 已经逐步成为行业新的认知。这正是希望能通过这篇文章强调的理念，也是本篇文章的意义所在。 01 GTC2026最值得重视的变化，不在芯片本身 GTC 2026，大家的关注焦点依然是Vera Rubin、Rubin POD、LPX、DSX AI Factory 这些新产品和新名词。但如果把这些发布放在一起看，会发现它把算力竞争的叙事边界，从单颗芯片，推进到了算力基础设施级别，也就是一整套由计算、网络、存储、电力、冷却、控制系统和软件共同构成的 AI factory。 Rubin 被描述为 POD-scale platform...

JHVEPhoto/iStock Editorial via Getty Images Investment Thesis The share price of Thermo Fisher ( TMO ) had a difficult start to 2026 and has declined by approx. 20% since the beginning of the year. In my view, this creates an attractive entry point considering the company's quality and the broad platform. Thermo Fisher is one of the most important infrastructure providers in the global life sciences industry. It covers a large part of the value chain, from scientific research to drug manufacturing and clinical diagnostics. Although the life science tools sector is currently undergoing a slowdown following the COVID-19 investment binge and weaker biotech funding, I view the long-term drivers of healthcare innovation as remaining intact. At the current valuation level, I view Thermo Fisher as an attractive opportunity for long-term-oriented investors. Company Overview What Thermo Fisher Does Thermo Fisher is one of the world's largest suppliers of laboratory equipment, life science reagents, and research services. The company also provides tools and technologies to study biological systems, develop medicines, and diagnose diseases. So, Thermo Fisher builds many of the tools that researchers need to do experiments and manufacture modern medicines. The main customers are biopharma companies and hospitals, but also government laboratories and universities. A key feature of Thermo's business model is the combination of scientific instruments (which are generally capex for customers) and recurring consumables (which are generally opex). Once a laboratory installs Thermo Fisher equipment, it typically continues to purchase consumables and services from the company for many years. Products and Offerings Business Segments (Thermo Fisher 10K) Thermo Fisher is organized in four business segments . The Life Sciences Solutions focuses on reagents, kits, and instruments used in biological research and diagnostics. A large part of this business is consumables, which therefore creat...

Boring is beautiful. That adage is especially true during turbulent times. If you haven't noticed, the current market and world conditions are quite tumultuous. In a highly volatile market, boring dividend stocks can be the ultimate defensive play. Bristol Myers Squibb (BMY 0.17%) is such a stock. It has delivered a double-digit year-to-date gain while the S&P 500 (^GSPC +0.25%) has fallen. I'd happily hold Bristol Myers Squibb through any crash. Expand NYSE : BMY Bristol Myers Squibb Today's Change ( -0.17 %) $ -0.10 Current Price $ 59.61 Key Data Points Market Cap $122B Day's Range $ 59.59 - $ 60.80 52wk Range $ 42.52 - $ 62.89 Volume 450K Avg Vol 13M Gross Margin 65.89 % Dividend Yield 4.17 % What about Bristol Myers Squibb's patent cliff? Let's address what's probably the biggest objection about Bristol Myers Squibb -- its patent cliff. The company's two top-selling drugs, blood thinner Eliquis and cancer immunotherapy Opdivo, both lose patent exclusivity in 2028. Blood cancer drug Revlimid already faces generic competition. However, Bristol Myers Squibb hasn't backed away from its challenges. The company's revenue continues to shift to its growth portfolio, which consists primarily of newer drugs. In 2025, this growth portfolio accounted for roughly 55% of total revenue, up from around 47% the previous year. Bristol Myers Squibb also boasts a promising pipeline. The drugmaker expects to report results from pivotal clinical studies for 28 programs by the end of 2028. Half of these programs are new therapies, while the other half are potential new indications for already approved drugs. The company has also completed several key acquisitions to bolster its growth prospects. For example, Bristol Myers Squibb purchased Orbital Therapeutics last year to gain access to its next-generation CAR-T therapy, OTX-201. In 2024, BMS acquired Karuna Therapeutics, adding the potential blockbuster neuroscience drug KarXT to its pipeline. A stock that income investors should lov...

Key Points Bristol Myers Squibb's stock has performed well so far this year, while the broader market has stumbled. Although the drugmaker faces a patent cliff, its growth portfolio makes up over half of total revenue. Bristol Myers Squibb's dividend is a big plus. 10 stocks we like better than Bristol Myers Squibb › Boring is beautiful. That adage is especially true during turbulent times. If you haven't noticed, the current market and world conditions are quite tumultuous. In a highly volatile market, boring dividend stocks can be the ultimate defensive play. Bristol Myers Squibb (NYSE: BMY) is such a stock. It has delivered a double-digit year-to-date gain while the S&P 500 (SNPINDEX: ^GSPC) has fallen. I'd happily hold Bristol Myers Squibb through any crash. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » What about Bristol Myers Squibb's patent cliff? Let's address what's probably the biggest objection about Bristol Myers Squibb -- its patent cliff. The company's two top-selling drugs, blood thinner Eliquis and cancer immunotherapy Opdivo, both lose patent exclusivity in 2028. Blood cancer drug Revlimid already faces generic competition. However, Bristol Myers Squibb hasn't backed away from its challenges. The company's revenue continues to shift to its growth portfolio, which consists primarily of newer drugs. In 2025, this growth portfolio accounted for roughly 55% of total revenue, up from around 47% the previous year. Bristol Myers Squibb also boasts a promising pipeline. The drugmaker expects to report results from pivotal clinical studies for 28 programs by the end of 2028. Half of these programs are new therapies, while the other half are potential new indications for already approved drugs. The company has also completed several key acquisitions to bolster its growth prospects. For ex...

有人曾在网上问过这样一个问题： "一直在一家公司工作，算不算一种失败？" 底下几百条回复，各说各的理，谁也没能说服谁。 这个问题之所以让人纠结，是因为它没有标准答案。但有一些真实的人，已经替我们把两种结局都活过一遍了。 他以为自己是公司的根，结果成了盆栽 李峰（化名）在一家制造业企业做了整整11年，从基层专员一路熬到了部门主管。 他以为自己是树——根扎得深，风吹不倒。 直到公司启动数字化转型，引进了一套新的ERP系统，同时从外部空降了一位懂技术的总监，他才发现，自己其实一直被种在一个盆里。 他不是没有升过职，但每一次晋升，都是在同一套逻辑体系里爬台阶。 他熟悉这家公司的所有规则，却对行业的整体走向浑然不觉。他见过的市场，只有这家公司的客户，他用过的方法，也只是这家公司的那一套。 离职之后，他拿着主管的履历去面试，HR问他："您有没有主导过数字化项目的经验？" 他说没有。 "有没有跨行业的管理经验？" 还是没有。 谈到期望薪资，他报了一个自认为合理的数字，对方沉默了几秒，说："我们再看看其他候选人。" 那一刻他才意识到，11年，他以为是资历，市场看来，不过是一个从未被检验过的括号。 她留下来，留对了 王静（化名）在同一家互联网公司待了8年，周围的朋友换了一批又一批，每次聚会都有人问她："你真的不考虑出去看看吗？" 她笑笑，说再等等。 不是因为没有机会，而是因为她看得清楚：这家公司的核心业务正在爆发，她所在的方向恰好在风口上，她的直属领导是真正愿意带人的人，她的成长曲线，在这里还没有到达顶端。 她等的，不是一份安稳，而是一个时机。 8年里，她从一个普通的产品经理成长为一条业务线的负责人，带出了一支二十多人的团队。后来这段履历，成了她最硬的底牌——不是因为年限长，而是因为她在一件事上做到了足够深。 有猎头联系她的时候，开出的薪资是她当年那些跳槽同事的两倍。 留下来，是因为值得留，不是因为懒得走。这是两件完全不同的事。 走得早的那个人，反而活得更踏实 陈晨（化名）在第一家公司只待了两年就离职了，当时很多人说他"太浮躁"。 但他说，我不是浮躁，我是感觉到了一些事。 那家公司的晋升通道近乎完全封闭，他的直属上级是一位在这个职位上坐了六年没有任何变化的人。 公司的核心业务已经触及天花板，管理层却几乎没有任何动作。每周的例会开来开去都是同样的话题，每次提新想法都是同样的结局："先这...

Source: Bloomberg, 5:20

文章提及标的 摩根大通 -- 香港交易所 -- 潍柴动力 -- 据香港交易所（HK0388）披露，摩根大通（JPM）(JPMorgan)对潍柴动力（HK2338）股份有限公司-H股的多头持仓比例于2026年3月13日从9.01%降至8.98%。

Bet_Noire/iStock via Getty Images Matador Resources Analysis Data by YCharts My coverage universe is precious metals, and that's where I've spent 50-75% of my time analyzing stocks. But every so often I come across a name outside that world that checks so many boxes I can't ignore it. Matador Resources ( MTDR ) is one of those names. What caught my attention initially was the insider buying. I'm a big fan of insider buying as it generally means that insiders are bullish on the stock, think it's a good value, and believe it will rise. I spend a lot of time tracking SEDI filings and Form 4s in the mining space because following insiders' leads into a stock has proven to be a great addition to my overall analysis of an equity. When I saw that Matador's management has made 78 open-market purchases with zero sales since 2021, I had to dig deeper. That's not just bullish, instead, that's conviction I almost never see. The more I dug into this name, the more I liked. This is a Delaware Basin operator with four decades of history, industry-leading profit margins, a balance sheet that's been cleaned up, and a midstream business generating nearly $300 million in annual EBITDA that management is actively exploring strategic alternatives for. The whole thing trades at an EV/EBITDA below 4.5x, which is far too cheap, as I argue below. The Numbers: Record Year, Cheap Stock Matador's full-year 2025 was strong across the board. Oil and gas revenue totaled $3.24 billion. Net income attributable to shareholders was $759.2 million, or $6.09 per diluted share. Q4 production averaged 211,290 BOE per day, including 121,363 barrels of oil per day, both records. Proved reserves grew 9% to 667 million BOE with a PV-10 of $8.24 billion. The cost discipline is what really stands out to me thouggh. Drilling and completion costs ran approximately $825 per completed lateral foot and lease operating expenses came in at $5.56 per BOE. And the company managed to cut its combined 2026 capex by 11% t...