Airbus to beat annual delivery goal of 790 aircraft, Bloomberg News reports Reuters

Donald Trump has said the US will be “very strongly involved” in Venezuela’s oil industry after launching a military attack that swept the country’s authoritarian leader, Nicolás Maduro, from power. The president gave a phone interview to the conservative Fox News channel hours after a dramatic pre-dawn assault on Caracas and the surrounding region ended in the capture of Maduro and his wife, Cilia Flores. Asked about the future of Venezuela’s oil industry, Trump replied: “We’re gonna be very strongly involved in it. That’s all. What can I say? We have the greatest oil companies in the world – the biggest, the greatest, and we’re going to be very much involved in it.” Maduro, a 63-year-old former bus driver handpicked by the dying Hugo Chávez to succeed him in 2013, has accused the US of seeking to take control of his nation’s oil reserves, the biggest in the world. At around 2am on Saturday, explosions rocked Caracas with blasts, aircraft and black smoke seen for about 90 minutes. The Venezuelan government said the attacks also took place in the states of Miranda, Aragua and La Guaira. Trump took a victory lap in his Fox News interview, remarking: “I’ve never seen anything like this. I was able to watch it in real time and I watched every aspect of it.” Describing the moment that Maduro was captured, the president said: “He was in a house that was more like a fortress than a house. It had steel doors, it had what they call a safety space where it’s solid steel … He was trying to get into it, but he got bumrushed so fast that he didn’t.” The raid had been planned for several days earlier but repeatedly delayed because of weather, Trump said. Some US forces were injured but he believes “we had nobody killed”. “We were prepared to do a second wave. We were all set – and this was so lethal, this was so powerful, that we didn’t have to … We were out there with an armada like nobody’s ever seen before.” Trump said Maduro and his wife had been whisked by helicopters to th...

Quick Read Taiwan Semiconductor Manufacturing (TSM) controls advanced packaging capacity that determines which AI chipmakers can scale production. Google reportedly cut its 2026 TPU production target from 4 million to 3 million units due to limited access to Taiwan Semiconductor’s CoWoS packaging. Nvidia secured over half of Taiwan Semiconductor’s CoWoS capacity through 2027. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. The artificial intelligence (AI) revolution has expanded rapidly since 2023, powering applications from chatbots to autonomous systems and driving trillions in market value. Tech giants have invested heavily in data centers and specialized hardware to meet surging demand for training and inference tasks. However, constraints are emerging that cap this growth rate. Supply chain bottlenecks, particularly in advanced manufacturing, limit how quickly new AI capabilities can scale. Power availability and component shortages further hinder expansion. It could be that Taiwan Semiconductor Manufacturing (NYSE:TSM) is one of the key linchpins determining how far and fast AI expands. Google's TPU Cut Reveals Packaging Crunch Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) has reportedly reduced its 2026 production target for Tensor Processing Units from around 4 million to 3 million units. According to a report by Korea Economic Daily, this adjustment stems from limited access to Taiwan Semiconductor's CoWoS advanced packaging capacity, which Nvidia (NASDAQ:NVDA) secured through priority allocations. CoWoS integrates processors with high-bandwidth memory on a silicon interposer, essential for high-performance AI accelerators. Without sufficient capacity, finished chips cannot deploy at scale. Other outlets have reported on production caps previously. Taiwan Semiconductor dominates CoWoS technology, but explosive AI demand has outpaced its expansions. Nvidia has locked in...

What are the charges against Venezuela's Nicolás Maduro? toggle caption Alfredo Lasry R/Getty Images Venezuela's Nicolás Maduro and his wife, Cilia Flores, face a raft of charges in the United States following President Trump's announcement early Saturday that the U.S. attacked Caracas and took them into custody. Maduro, Flores and senior Venezuelan officials face charges related to alleged "drug trafficking and narco-terrorism conspiracies," according to an unsealed indictment posted on social media Saturday by U.S. Attorney General Pam Bondi. The indictment alleges that, starting in 1999, the defendants partnered with international drug trafficking organizations to ultimately transport thousands of tons of cocaine into the United States. Maduro and his wife "will soon face the full wrath of American justice on American soil in American courts," Bondi wrote in an earlier post on X. Sponsor Message The new indictment adds to charges from the first Trump administration, when the U.S. Justice Department announced a federal indictment against Maduro in March 2020. That indictment alleged that Maduro was the leader of the Cartel de los Soles, and that he and other defendants took part in a narco-terrorism conspiracy with the Colombian guerrilla group known as the Revolutionary Armed Forces of Colombia (FARC). Prosecutors said that the Cartel de los Soles was made up of high-ranking Venezuelan officials who abused the Venezuelan people and corrupted the nation's institutions to import large quantities of cocaine into the United States. According to the 2020 indictment, Maduro helped manage and ultimately lead the Cartel de los Soles, which sought to get rich and flood the U.S. with cocaine, allegedly using the drug as a weapon against the United States. Prosecutors said that Maduro helped negotiate multi-ton shipments of cocaine, and directed the Cartel de los Soles to provide military-grade weapons to FARC. He also allegedly coordinated foreign affairs with Honduras and...

Key Points Over the last 20 years, this trucking company's stock has vastly outpaced the broader market. The current downcycle has lingered, and the company's latest updates indicate that volumes remain under pressure. Even after the stock's pullback, shares still carry a premium valuation. 10 stocks we like better than Old Dominion Freight Line › For investors looking to build their portfolios with investments in high-quality businesses, Old Dominion Freight Line (NASDAQ: ODFL) is the kind of company that tends to end up on the shortlist. It is a leading less-than-truckload (LTL) carrier in North America, and it has built a reputation around exceptional service and disciplined pricing. But the last few years haven't been representative of the company's typical, consistently strong growth. Freight volumes have been in a slump that has lasted longer than most industry onlookers expected, leading many to call it a "freight recession." And since a key part of Old Dominion's business model is that it maintains excess capacity during slow periods so that it can quickly take market share when volumes finally pick back up, its business sees an outsize negative impact during times like this. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » As investors wait for freight volumes to pick back up, is it a good time to buy shares of this long-term compounder? A long-term winner in a rough patch Old Dominion's long-term track record is difficult to ignore. Not only has its stock compounded at approximately a 20% annualized return over the last 20 years, but the company's business model, which focuses on great service, a robust fleet, and owning the majority of its own service centers instead of leasing them, helps it rapidly gain market share during economic booms. Even during this rough patch, the company is maintaining its high standards for service. In Q3, management said the company again de...

Is Oracle Stock Really Capable of Surging to $400? Or is That a Pipe Dream? 24/7 Wall St.

Key Points A new survey suggests that investors are divided on their views about the market's future. By keeping a long-term outlook, you can worry less about what stocks will do in 2026. The right investment can limit risk while still building life-changing wealth over time. 10 stocks we like better than Vanguard Total Stock Market ETF › As we head into 2026, many investors are having mixed feelings about the stock market. While 37% of U.S. investors feel optimistic about the next six months, according to the most recent weekly survey from the American Association of Individual Investors, around 35% feel pessimistic. Regardless of where you believe the market is headed next year, continuing to invest consistently is one of the most effective ways to build long-term wealth. Even if stocks take a turn for the worse in 2026, staying in the market for many years can reduce the impact of any short-term volatility. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » The right investment is key to surviving market downturns, however. Exchange-traded funds (ETFs) are a fantastic option for many people, and there's one Vanguard ETF I personally own and highly recommend heading into the new year. How to generate wealth while reducing risk Nobody knows where the market will be in the next six or 12 months. Stocks could continue surging, or we may be inching closer to the next recession. No matter what happens, though, the Vanguard Total Stock Market ETF (NYSEMKT: VTI) can help protect your portfolio. The Vanguard Total Stock Market ETF is a broad fund encompassing the entire U.S. stock market. It contains 3,527 stocks, ranging from small-cap to megacap and everything in between. Covering all sectors of the market, it's as diversified as you can get when investing in equities. Because it aims to follow the performance of the market as a whole, this ETF is incredibly likely to survive periods of ...

I woke to a huge bang - nothing has been normal since Vanessa Silva saw a strike on a military airbase by her home in the Venezuelan capital Stepping out of my home this morning, it was clear this was no normal day. The streets in my south-eastern suburb of the Venezuelan capital Caracas are quiet, besides the queues outside petrol stations, supermarkets and pharmacies. Overnight the city's darkness was punctured by flashes of orange and the roar of aircraft echoing around the valley, as US President Donald Trump announced a "large-scale" strike against Venezuela and captured the country's President Nicolas Maduro and his wife. It was almost 2am when I woke to a huge bang. Everything was vibrating, my heart was pumping and I jumped to the window. I could see flames in the middle of the runway at a military airbase next to my home, but couldn't see anyone running. Still hearing explosions, this time distant ones, my phone soon lit up as people began to WhatsApp and call about what was going on. The drama of the night stood in contrast to the calm, beautiful morning as the city saw a stunning sunrise on Saturday. But with daybreak has come a great sense of uncertainty here over what might happen next. In a sense, today feels like the day former Venezuelan President Hugo Chávez died in 2013, with people struggling to comprehend what has happened. With no sign of public transport running in my area, Baruta Municipality, a worker at the local petrol station tells me two of his colleagues couldn't travel to work. A pharmacy is serving a queue of customers with its door shut, perhaps to help manage supplies. Some people are staying in their houses, trying to update relatives outside country following huge migration from Venezuela in recent times. Others in another part of the city told me they've experienced power cuts and been without electricity since the overnight explosions, meaning they have little information. For those with power, the main TV channel is showing supp...

[The stream is slated to start at 11 a.m. ET on Saturday. Please refresh the page if you do not see a player above at that time.] President Donald Trump is scheduled to speak Saturday morning following a stunning, large-scale attack on Venezuela overnight. Venezuelan President Nicolas Maduro and his wife, Celia Flores, were captured in the operation by U.S. forces and have been indicted in New York on drug-trafficking charges. This is breaking news. Please refresh for updates.

Friday marked the end of a lackluster week for stocks and the first trading session of 2026. The market was mixed for the holiday-shortened week: The Dow and Nasdaq shed 0.1% and 1.5%, respectively, while the S & P 500 edged roughly 1% lower, its third back-to-back loss since Monday. It's unclear what caused the market's decline because there wasn't much for investors to digest. They received minutes from the Federal Reserve's December policy meeting, when the central bank announced a 25-basis-point rate cut. The release on Tuesday afternoon indicated that Fed officials were divided on the cut. The decision was approved on a 9-3 vote, the most considerable dissent among officials since 2019. The market wasn't incredibly reactive to the news. Stocks, however, did continue to tumble that session. .SPX YTD mountain S & P 500 (SPX) year-to-date performance The weak weekly performance, however, stands in sharp contrast to the stock market's stellar 2025 run. The S & P 500 advanced more than 16% last year. The tech-heavy Nasdaq Composite and Dow Jones Industrial Average gained 20% and 13%, respectively. All three hit record highs over the stretch, too. However, it wasn't smooth sailing the entire year. The market ebbed and flowed as Wall Street speculated on the Fed's next rate decision and weighed concerns of President Donald Trump's trade policies. Investors also periodically rotated out of tech and into value areas of the market due to worries of inflated valuations in the AI trade. However, tech stocks ultimately drove the market higher with strong performances. As for the Club's portfolio, there were clear winners and losers. GE Vernova, Corning , and Alphabet outperformed the S & P 500 by a wide margin, with one name posting a near triple-digit gain. On the other side of the trade, Salesforce , Nike , and Procter & Gamble stumbled. Here's what drove the moves in all six stocks, including one that we initiated earlier this week. First, the winners ... GE Vernova: +98...

Nicolás Maduro, a former bus driver and union activist, rose from humble origins to rule Venezuela for 13 years and eight months before being unceremoniously ousted on Saturday by US special forces who seized the 63-year-old leader and flew him out of the country. For years Maduro had accused the US government of seeking to undermine the supposed socialist revolution that his late mentor and predecessor, Hugo Chávez, ushered in in 1999. Now in the custody of US authorities, he will face indictment on narcotics charges and a potentially long prison sentence. Venezuelans will judge him too. Maduro’s rule shattered Venezuela’s economy, leading millions of his countrymen and women to flee overseas to escape an incompetent, corrupt, repressive and often brutal government. Born on 23 November 1962, Maduro began his political career as president of the student union at José Ávalos high school in El Valle, a working-class neighbourhood on the outskirts of the capital, Caracas. View image in fullscreen Nicolás Maduro addresses the National Assembly in Caracas in March 2015. Photograph: Carlos García Rawlins/Reuters Records show he never graduated, but he was remembered as an imposing and conciliatory figure. In 1986 he traveled to Cuba where he received his only formal education after high school. He worked as a bus driver for the Caracas subway system on his return and quickly became a union leader, like his father before him, and an enthusiastic follower of Chávez. In the mid-1990s, he joined the political movement that Chávez organised after receiving a presidential pardon for leading a failed and bloody military coup. When Chávez eventually took office in 1998, the younger man’s loyalty, political skill and ideological commitment led to a rapid rise through the ranks of Venezuela’s ruling party. After six years in the National Assembly, Maduro was made foreign minister, before being appointed vice-president six years later. View image in fullscreen Government supporters ...

1月3日，委内瑞拉国防部长洛佩斯指责美国袭击该国住宅区。洛佩斯表示，美国侵略委内瑞拉，甚至向平民居住区发射导弹和火箭。（央视）

Key events 21m ago Premier League Bournemouth v Arsenal Show key events only Please turn on JavaScript to use this feature 2m ago 16.20 GMT Team news: Declan Rice is fit enough to start in midfield for Arsenal, while Bukayo Saka is on the bench and Kai Havertz is given the day off. Antoine Semenyo takes his place in the Bournemouth starting XI. We’ll have the full line-ups very shortly … Share Updated at 16.22 GMT 7m ago 16.15 GMT Arsenal’s January transfer plans: “We are open to every option,” said Arteta upon being quizzed on the matter yesterday. “Obviously, if we can find a solution that is short, medium or long. It’s always much better because it gives you stability and you don’t have to constantly start a process with a new player. But let’s see what happens, let’s see what the news is in the next few weeks, and we’ll try to make the right decision.” Arsenal are one of several clubs to have been linked with Real Madrid winger Rodrygo but the La Liga heavyweights may be reluctant to let the Brazilian go anywhere in the January window following the news that Kylian Mbappe has suffered a knee injury, the seriousness of which remains unclear. Share 8m ago 16.13 GMT Antoine Semenyo: While the Bournemouth winger is expected to move to Manchester City sooner rather than later this month, at his pre-match presser, Iraola said nothing has been set in stone .. yet. “No, there is nothing signed,” he told reporters. “For sure, there are conversations and I understand a lot of the noise around, but there is nothing signed. “Antoine is our player. We want to keep him. He is playing very well and doing the right things. He is a top professional, a top guy. He wants to help the team and his team-mates and I have no doubts that he will do his best. I have no doubts with him. He is being a top professional and I’m sure he will be until the last day.” View image in fullscreen Bournemouth head coach Andoni Iraola seems far more hopeful than expectant that Antoine Semenyo will rem...

1月3日，美军战斗机停在波多黎各的罗斯福路海军基地（Roosevelt Roads Naval Base）的停机坪。去年11月，美国重新启用并扩建这个废弃多时的基地，被视为加强美国在加勒比地区的军事存在，应对可能对委内瑞拉的军事行动。 （法新社） 美国联邦航空管理局星期六（1月3日）通知各商业航空公司，避开加勒比海空域，理由是美军在加勒比海地区开展抓捕委内瑞拉总统 马杜罗 的军事行动，存在“潜在危险情况”。 法新社报道，美国联邦航空管理局在通知中说，关闭加勒比海空域是由于“持续军事活动带来的飞行安全风险”。 另据新华社报道，美国媒体称，当局发布适航通知，禁止美国各家航空公司航班在加勒比海部分空域飞行后，当天数百个航班被迫取消。 此前，美国联邦航空管理局发布通告，从当地时间星期六早上6时起，禁止美国商业航班进入委内瑞拉领空。 美国总统 特朗普 在当地时间星期六凌晨称，美军对委内瑞拉实施大规模军事打击，抓获委总统马杜罗夫妇，并将他们带离委内瑞拉。 去年底开始，美委两国紧张局势加剧，美国联邦航空管理局11月曾警告，委内瑞拉境内及周边地区安全局势恶化，且军事活动加剧，在委国领空飞行的民用飞机须保持警惕。

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Democrats Now Claim They Are The "Real" American Patriots Leftists have never understood the phrase "If you can't beat em', join em'". Instead, they believe that if they can't defeat their political opponents in terms of logic, reason, morals, facts or the law, then their next best bet is to co-opt the enemy's message and image without actually adopting their values.. Voters witnessed the first tinges of this strategy in 2024 when Kamala Harris claimed her campaign wasn't woke (after years of saying Americans needed to be more woke) and Tim Walz pretended to be manly by talking about football and masculinity without knowing anything about either subject. In 2025 going into 2026, however, the Democrats are taking their Talented Mr. Ripley routine to the next level. They don't just want to compete with conservative messages, they are trying to steal the conservative identity by proclaiming themselves to be the "real" American patriots. The new activist narrative (largely organized and funded by NGOs) runs with 1776 symbolism, claims that the US military is really on their side, argues that they are the true guardians of the constitution and that their revolution is one that the Founding Fathers would applaud. In tandem with the "No Kings" protests, Dems like Jasmine Crockett argued that MAGA is "unpatriotic" and anti-constitution. She believes Democrats are the true patriots and that they are the barrier protecting Americans from "fascism." This theme has led to a number of protests which have abandoned woke symbols in favor of a carefully crafted "pro-America" costume. The theatrics often revolve around mass deportations of illegal aliens and lead to hilariously misguided grandstanding. NEW: Anti-ICE activists used the 252nd anniversary of the Boston Tea Party to protest ICE and deportations. Led by transgender and immigrant activists, they compared themselves to the United States’ Founding Fathers. After calling for ICE to leave Boston, they dumped chunks of… pic.tw...

美国众议院议长约翰逊在声明中表示，“今日在委内瑞拉采取的军事行动是一项果断且正当的行动，将保护美国公民的生命安全。” 约翰逊称，他“在过去数小时内”已与国务卿鲁比奥及国防部长海格塞斯进行沟通。 他补充道，“特朗普政府正着手安排简报会，待国会下周重返华盛顿时向议员们通报情况。” 责任编辑：丁文武

This trucking stock has been one of the market's best long-term compounders. But a stubborn freight slump has put that reputation to the test. For investors looking to build their portfolios with investments in high-quality businesses, Old Dominion Freight Line (ODFL +1.52%) is the kind of company that tends to end up on the shortlist. It is a leading less-than-truckload (LTL) carrier in North America, and it has built a reputation around exceptional service and disciplined pricing. But the last few years haven't been representative of the company's typical, consistently strong growth. Freight volumes have been in a slump that has lasted longer than most industry onlookers expected, leading many to call it a "freight recession." And since a key part of Old Dominion's business model is that it maintains excess capacity during slow periods so that it can quickly take market share when volumes finally pick back up, its business sees an outsize negative impact during times like this. As investors wait for freight volumes to pick back up, is it a good time to buy shares of this long-term compounder? A long-term winner in a rough patch Old Dominion's long-term track record is difficult to ignore. Not only has its stock compounded at approximately a 20% annualized return over the last 20 years, but the company's business model, which focuses on great service, a robust fleet, and owning the majority of its own service centers instead of leasing them, helps it rapidly gain market share during economic booms. Even during this rough patch, the company is maintaining its high standards for service. In Q3, management said the company again delivered 99% on-time service and a cargo claims ratio of 0.1%. Advertisement Of course, great execution doesn't eliminate macro pressure. In Old Dominion's third-quarter 2025 results, total revenue fell to about $1.41 billion, down 4.3% year over year. Net income declined, and diluted earnings per share fell 10.5% year over year to $1.28. Exp...

海關搗破一個私煙儲存倉庫，拘捕三名內地人。 海關展示檢獲的私煙及煙草。海關周五突擊搜查葵涌一個工廈單位，檢獲約580萬支懷疑私煙及128公斤懷疑製成煙草，約值2,700萬元，應課稅值約2,000萬元，拘捕三名26至35歲、報稱工人的內地人。 海關估計他們把私煙重新包裝後，偷運出口至煙稅比香港高的地方圖利。三人被控處理應課稅品條例適用的貨品罪，周一在西九龍裁判法院提堂。

President of Venezuela Nicolas Maduro and his wife Cilia Flores hold hands and pose for photos after the swear-in ceremony at Palacio Federal Legislativo on January 10, 2025 in Caracas, Venezuela. Jesus Vargas | Getty Images News | Getty Images A federal indictment charging Venezuelan President Nicolas Maduro , his wife and four other people with narco-terrorism conspiracy and other charges was unsealed Saturday and posted online by U.S. Attorney General Pam Bondi on the heels of the couple's dramatic capture by American forces in their own country. "For over 25 years, leaders of Venezuela have abused their positions of public trust and corrupted once-legitimate institutions to import tons of cocaine into the United States," the indictment alleges. The indictment was filed in U.S. District Court in Manhattan. In addition to Maduro and his wife, Cilia Flores, the indictment also charges Maduro's son, Nicolas Ernesto Maduoro Guerra, Diosado Cabello Rondon, Ramon Rodriguez Chachin, and Hector Rusthenford Guerro Flores. Read the indictment here. "Nicolas Maduro Moros, the defendant, now sits atop a corrupt, illegitimate government that, for decades, has leveraged government power to protect and promote illegal activity, including drug trafficking," the indictment said. "That drug trafficking has enriched and entrenched Venezuela's political and military elite, including Minister of the Interior, Justice and Peace Diosado Cabello Rondon, the defendant, and former Minister of the Interior and Justice Ramon Rodriguez Chachin, the defendant." Read more CNBC politics coverage European Union approves over $105 billion toward Ukraine aid package for next two years Brown and MIT prof shooter suspect Neves Valente is found dead, authorities says Trump Media to merge with fusion company TAE Technologies, DJT stock soars Trump announces 'warrior dividend' of $1,776 to U.S. soldiers in prime-time speech Epstein accomplice Ghislaine Maxwell petitions to vacate sex crime conviction C...

Swiss authorities have opened an investigation into the managers of the bar where a fire at a New Year’s party left 40 people dead, police said on Saturday. The two are suspected of negligent homicide, negligent bodily harm and causing fire by negligence, police said in a statement. They said that the investigation was opened on Friday night, but did not give further details. More than 100 people were injured in the blaze that broke out about 1.30am on Thursday at Le Constellation bar in the Alpine resort town of Crans-Montana. The process of identifying the dead and injured was still under way on Saturday, leading to an agonising wait for relatives desperate for news. A fire in a bar in the ski resort town of Crans-Montana, Switzerland. Photo: X/Tyroneking36852 Investigators said on Friday that they believe sparkling candles atop champagne bottles ignited the fatal fire when they came too close to the ceiling of the crowded bar. Advertisement Many of the injured were in their teens to mid-20s, police said. Authorities planned to look into whether sound-dampening material on the ceiling conformed with regulations and whether the candles were permitted for use in the bar. Officials said they would also look at other safety measures on the premises, including fire extinguishers and escape routes. The region’s top prosecutor has warned of possible prosecutions if any criminal liability is found. 01:55 Dozens killed and 115 injured in Swiss ski resort fire amid New Year celebrations Dozens killed and 115 injured in Swiss ski resort fire amid New Year celebrations The Valais region’s top security official, Stephane Ganzer, told SRF public radio on Saturday that “such a huge accident with a fire in Switzerland means that something didn’t work – maybe the material, maybe the organisation on the spot.” He added: “Something didn’t work and someone made a mistake, I am sure of that.”

《科创板日报》1月3日讯 2025年作为“十四五”收官之年，国办1号文等政策红利精准释放、千亿级国家创投引导基金叠加地方产业集群政策、并购重组规则优化，从资金供给、产业方向到退出渠道全方位发力。这一年既是政策与市场深度互动的实践场，也是硬科技与"AI+"赛道加速突围的关键期。 一级市场是否开始回暖？市场出现了哪些新机遇？财联社创投通联合执中，从数据视角呈现2025年一级市场募投领域的资金动向与变化趋势。 第一部分：募资市场 备案基金：新备案基金数近四年来首次回升，小规模基金占比提高 2025年，新备案的中国私募股权投资基金共计5162支，注册资本总额约2.79万亿元，较2024年分别同比增长19.38%和15.49%；备案基金数近四年来首次回升。从基金注册地来看，浙江、江苏、广东、山东四省备案基金数继续保持前四位，累计占比57%；从备案基金规模来看，北京、浙江、江苏、上海四地区备案基金注册资本均超2000亿元，累计占比54%。 从备案基金规模来看，新备案基金以小规模基金为主，注册资本在1亿元及以下的基金数占比约50.91%，1-5亿元之间的占比29.19%，较2024年分别提高0.79和1.35个百分点；而30亿元以上的基金占比则由3.47%下降至2.54%；市场进一步向小规模基金倾斜。 从备案基金类型来看，创业基金备案数量大幅领先，投资机构纷纷布局早期投资；成长基金、早期基金分别位列第二、三位。 值得注意的是，在并购基金领域，随着国资开始密集主导或参与设立并购基金，虽然新备案的并购基金数量基本持平，但基金规模占比由2024年的1.84%提升至2025年的3.93%。政府资金的入场，旨在通过并购基金实现产业链的垂直整合。 2025年，随着国家及各地产业政策对战略性新兴产业及未来产业的进一步支持，各级国资主导的大额基金纷纷完成设立及备案。 募资概况：机构LP出资回暖，出资1.65万亿元同比上升24.71% 财联社创投通—执中数据显示，2025年新增备案基金中有3717支有机构LP出资（不包括机构LP对基金的关联出资行为），同比上升20.68%；共有6225家机构LP出资参与备案基金，根据已披露可统计的出资规模，认缴资本总额约1.65万亿元，同比上升24.71%。 LP地区分布：浙江出资最活跃，北京出资规模领先 2025年，浙江、江苏、广东机构LP活跃度居前，出资次数均...

No matter where the market is headed, this ETF can help protect your portfolio. As we head into 2026, many investors are having mixed feelings about the stock market. While 37% of U.S. investors feel optimistic about the next six months, according to the most recent weekly survey from the American Association of Individual Investors, around 35% feel pessimistic. Regardless of where you believe the market is headed next year, continuing to invest consistently is one of the most effective ways to build long-term wealth. Even if stocks take a turn for the worse in 2026, staying in the market for many years can reduce the impact of any short-term volatility. The right investment is key to surviving market downturns, however. Exchange-traded funds (ETFs) are a fantastic option for many people, and there's one Vanguard ETF I personally own and highly recommend heading into the new year. How to generate wealth while reducing risk Nobody knows where the market will be in the next six or 12 months. Stocks could continue surging, or we may be inching closer to the next recession. No matter what happens, though, the Vanguard Total Stock Market ETF (VTI +0.26%) can help protect your portfolio. The Vanguard Total Stock Market ETF is a broad fund encompassing the entire U.S. stock market. It contains 3,527 stocks, ranging from small-cap to megacap and everything in between. Covering all sectors of the market, it's as diversified as you can get when investing in equities. Advertisement Because it aims to follow the performance of the market as a whole, this ETF is incredibly likely to survive periods of volatility. The market itself has survived every downturn it's ever faced, and there's a very good chance that trend will continue. In fact, not only has the market pulled through recessions and crashes, but it's also thrived over time. Since its inception in 2001, the Vanguard Total Stock Market ETF has experienced significant short-term volatility -- from the dot-com bubble burst...

Coca-Cola (NYSE: KO) is one of the world's most recognizable brands. It has long led the soft drink market, thanks to its global reach and broad range of products. But that hasn't necessarily been beneficial to investors in recent times. In the past five years, Coca-Cola has generated a total return of just 47%. The S&P 500, on the other hand, would've more than doubled your initial capital during the same period. Shareholders are wondering if better days are ahead for the drink giant. Where will this dominant beverage stock be in five years? Nowhere to grow Investors need to realize that Coca-Cola is not going to report huge growth numbers. It's the opposite situation, actually. Revenue totaled $12.4 billion in the latest quarter (the fiscal second quarter of 2024, ended June 28), which represented a modest 24% increase compared to five years ago in Q2 2019. Compared to rapidly expanding areas of the economy, Coca-Cola is a dinosaur. For what it's worth, though, the business has taken market share over the years. According to Wall Street consensus analyst estimates, Coca-Cola is projected to increase its revenue at a compound annual rate of 3.6% between 2023 and 2026. That's certainly nothing to write home about. But Coca-Cola uses a different strategy to move the needle to offset weaker unit volume growth. In the latest quarter, for example, prices for the company's various products were 4% higher than in the year-ago period (excluding markets that have very high levels of inflation). There's proven pricing power here. Safe and stable For investors who simply want peace of mind from the individual stocks they buy, there might be no better company to own than Coca-Cola. I mentioned earlier that it possesses one of the most powerful brands. This intangible asset is what protects the company's competitive position. And it has helped Coca-Cola remain relevant in the minds of consumers for such a long time. Besides its brand strength, Coca-Cola is a safe business to bu...

美国在去年10月以倾销产品为由，威胁要对意大利面品牌征收最高92%的报复性关税。但美国商务部据信将把这些关税降至2%至14%之间。 美国政府软化了其对拟议中的针对意大利面品牌关税的立场，这些关税原本会使意大利面在美国的售价差不多翻一番。此举的背景是唐纳德•特朗普(Donald Trump)领导的美国行政当局在生活成本问题上受到政治压力。 美国此前指控13家意大利面公司——包括百味来(Barilla)以及拉莫利萨纳(La Molisana)、加罗法洛(Pastificio Lucio Garofalo)等高端品牌——在美国倾销产品，并在去年10月威胁要征收最高92%的报复性关税。 但意大利政府在元旦表示，美国商务部已将原计划的额外关税削减至2%至14%之间。 成为付费会员，阅读FT独家内容 如您已经是会员， 请点击这里登录 成为会员►

温和派总统佩泽什基安在18个月前上台时誓言改革经济，让民众的日子更好过。面对抗议活动，他迄今主要采取和解姿态，承诺改善民生。 英国《金融时报》 贝塔•加法里 德黑兰报道 当德黑兰商业区销售手机和其他电子产品的商户上周日纷纷关店抗议伊朗货币暴跌时，没几个人会预料到，这些行为竟会引发伊朗几年来规模最大的全国示威游行。 自那以来的几天里，商店关门和集会蔓延至伊朗首都历史悠久的大巴扎(Grand Bazaar)、各大学校园以及该国其他城市，民众对这个伊斯兰共和国通胀飙升和生活水平下降的不满情绪达到沸点。 “出于对大巴扎所有商户和店主的尊重，我们停止一切销售。”德黑兰一位宣布他将无限期暂停营业的铁器商在网上写道，“或许这能起到警钟的作用。” 成为付费会员，阅读FT独家内容 如您已经是会员， 请点击这里登录 成为会员►

2026年汽车以旧换新政策落地，乘用车补贴范围、单车补贴力度有所限制 国家发改委、财政部发布2026年以旧换新政策通知，继续大力支持汽车领域以旧换新，其中（1）乘用车方面，①补贴范围扩大：旧的汽油乘用车注册登记时间要求从2011年6月30日前放宽至2013年6月30日前，柴油及其他燃料乘用车从2013年6月30日前放宽至2015年6月30日前，新能源乘用车从2018年4月30日前放宽至2019年12月31日前；②排放标准限制：新购买的燃油乘用车排量需在2.0升及以下，新购买的新能源乘用车必须在购置税减免目录内；③按车价比例提供补贴：其中报废更新方面，报废旧车后，购买新能源车可获新车售价12%的补贴，最高不超过2万元（即售价16.67万元以上拿满补贴）；购买2.0L及以下排量燃油车的可获新车售价10%的补贴，最高不超过1.5万元（即售价15万元以上拿满补贴）。以旧换新方面，转让旧车后，购买新能源车的，可获新车售价8%的补贴，最高不超过1.5万元（即售价18.75万元以上拿满补贴）；购买2.0L及以下排量燃油车的，可获新车售价6%的补贴，最高不超过1.3万元（即售价21.67万元以上拿满补贴），相较2025年一次性定额补贴有所区别。（2）商用车方面，继续支持老旧营运货车报废更新、新能源城市公交车更新、老旧农机报废更新，参照2025年各自相关政策执行，商用车补贴未退坡是重要利好。 政策落地需求有望逐步迎边际改善，中高端引导方向明显 2025年，以旧换新政策对汽车消费继续起重要支撑作用。截至12月28日，2025年汽车以旧换新申请量超1150万辆，带动新车销售额超1.6万亿元，国内乘用车零售量中50%以上参与以旧换新。但由于补贴资金总额限制问题，2025年多次传出多地暂停汽车以旧换新补贴申请的情况。反映到数据端，2025年10、11月，国内乘用车销量同比分别下降0.5%、8.1%。此前，部分消费者或存在对2026年以旧换新政策的观望态度，但随着政策的落地（2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划已提前下达），观望情绪有望明显缓解，叠加实质性的补贴资金支持，国内乘用车需求有望逐步迎边际改善。同时，从退坡比例来看，高端车型的以旧换新单车补贴不变、只需要承担购置税减免退坡的影响，而低端车型需要同时承担以旧换新补贴及购置税减免退坡的影响、预计受影响相对更大...

投资逻辑 展望2026年，石化化工行业已确立“遏制盲目扩张、聚焦高端跃升”的反内卷框架。在政策引导与行业自发调整的双重推动下，供给端加速出清，低效产能持续退出，行业竞争格局持续优化，叠加下游需求结构性增长，炼油化工板块整体景气度有望稳步回升，细分领域将呈现差异化复苏。PX与PTA作为确定性较强的景气主线，有望率先引领炼化行业景气修复，重点看好反内卷驱动下的下游板块盈利修复。原油宏观叙事与产业逻辑分歧鲜明，地缘政治与战略储备为核心变量，上游油企维持较高资本开支，叠加自身产量增长、降本增效等举措，有效弱化油价下行冲击，业绩韧性凸显；同时在央企市值考核背景下，企业分红意愿保持高位，长期看好上游板块及高景气度的油服板块。 原油：宏观叙事与产业逻辑的鲜明分歧 宏观端认为，美联储降息周期下包括原油在内的大宗商品需求将显著好转。但我们认为相较金属，原油的商品属性更强，金融属性更低，供需而非流动性是决定原油价格涨跌的主要因素，美联储降息周期下原油需求好转幅度或低于市场预期，流动性推动的需求改善并不足以扭转供应过剩。预计2026年价格中枢下移：中性假设下，我们预期2026原油市场供应过剩200万桶/天以上，布伦特原油价格中枢全年低于60美元/桶。H1可能出现价格低点。影响平衡表的不确定性在于地缘政治风险以及中国补充战略储备的速度。 天然气：预计长期美国天然气价格中枢向上，欧洲及亚洲中枢向下 短期拉尼娜状态仍将持续，气温呈现“冷暖骤变”，偏低库存下冬季气温波动或扰动气价。中长期来看，LNG出口、电力需求及成本等因素推动美国天然气价格中枢向上，2025-2030年北美、中东等LNG项目供给增量推动亚洲、欧洲气价中枢下行。 炼油化工：反内卷框架确立，景气逐步回升 ①PX：产能增长停滞，供需趋紧支撑景气。PX行业扩产放缓，产能增长逐步停滞，而下游聚酯产业链需求保持韧性，刚性需求持续增长。2026年供需平衡趋紧，成为板块中确定性较强的景气细分领域。 ②PTA：率先自律，价差修复确定性强。PTA行业集中度高，率先响应反内卷，行业启动产量自律，或缓解供给过剩。随着自律深化，此前低迷的加工费有望回升，带动价差修复，盈利弹性释放。 ③炼油：供需结构改善，盈利稳步修复。国内炼油接近10亿吨产能红线，新增产能受限且落后装置加速淘汰，叠加欧洲等海外产能退出，供给压力缓解，内外共振下，炼油毛利呈现修复趋势，盈...

观点摘要 负债端展望：存款搬家有望驱动新单与NBV双位数正增，利差继续改善，分红险转型将助推行业市占率进一步提升。居民储蓄需求依然强烈，银行息差压力下中长期存款供给愈发稀缺，叠加大量定期存款将于26年大量到期，保险作为低风险偏好类的储蓄产品，将继续承接部分居民的储蓄迁移，但预定利率下调叠加分红险转型，两相抵消，预计Margin整体平稳。渠道方面，个险报行合一影响预计已消化完毕，将稳定增长，保持韧性；银保渠道在居民挪储驱动下预计行业新单增速有望超20%，且头部险企增速更高。产品方面，分红险相比传统险、银行理财等产品的相对吸引力提升，行业将加速向分红险转型。市场格局方面，头部险企投资能力更强分红险销售优势明显且将继续全力拓展银保渠道，叠加报行合一下中小险企费用投放受限，预计行业市占率提升趋势将持续。盈利能力方面，新单负债成本快速下降，叠加长牛预期下保险公司积极入市，综合投资收益率中枢预计平稳，带动利差步入改善区间。 资产端展望：低利率、资产荒、权益市场长牛慢牛预期加强叠加政策积极引导，保险资金积极入市将持续，但权益加仓情况预计有所分化。中观情形假设：1）今年部分公司仓位提升较快，如平安，后续提升仓位的诉求不大，预计新增保费20%入市；2）国寿、太平、新华、人保四家央企继续落实每年新增保费30%投资于A股。以“经营活动产生的现金流”测算，对应配置规模约2500亿元进入A股；但部分港股欠配且有加仓空间的公司，预计新增保费不止有30%入市，其中的国寿、太平预计将有40%的新增保费入市；太保、阳光非央企，但是仓位不高，也预计30%新增保费入市；3）其他非上市公司整体仓位低、但增量资金少，假设增量资金的40%进入股市，同时减配基金（新准则实施，预计将增加股票直投），测算明年将有6000亿左右增量资金入市。配置方向上，净投资收益率下行压力仍在，预计高股息仍是主要投向，“科技占优”行情下2024年后险资科技与先进制造敞口提升，预计风格将继续向“红利-稳健+成长”扩展。 行情复盘：牛市是保险股行情的关键驱动因素，市场上涨预期下保险板块通常具备较强的业绩弹性与估值修复动能，但定价逻辑更侧重于绝对收益水平与负债成本的差值，而非苛求利润在超高基数下维持正增长；负债端景气度是保险股行情的重要支撑，近年来新单负债成本偏高，相关因素有所弱化，但当前新增保单具备利差益，预计市场对负债端关注度将提升，...