The main US stock measures were pointing higher in Wednesday's premarket activity as investors await

FSLR posts 32.6% EPS growth in Q4 but misses estimates, beats on revenues and issues 2026 outlook.

格隆汇2月25日｜据官方媒体，伊朗谈判代表团已离开德黑兰，前往日内瓦参加第三轮核谈判。

原来AI也在水字数。 大模型的思维链越长，推理能力就越强？谷歌Say No—— token数量和推理质量，真没啥正相关，因为token和token还不一样，有些纯凑数， 深度思考token 才真有用。 新研究抛弃字数论，甩出衡量模型推理质量的全新标准 DTR ，专门揪模型是在真思考还是水字数。 基于DTR，还提出了 Think@n策略 ，让GPT-OSS、DeepSeek-R1等推理模型实现准确率不降、算力成本直接砍半的效果。 长逻辑不等于好推理 长期以来，一个比较常见的观点是思维链越长越牛。 这种思路的逻辑也比较直接，推理步骤多=思考更充分=答案更准。 于是不少研发者也为了追求长推理轨迹开始堆算力。 谷歌的研究团队在AIME2024/2025、HMMT 2025、GPQA-Diamond四个数据集上，测了GPT-OSS、DeepSeek-R1、Qwen3等8个模型变体； 结果发现，token长度和准确率的平均相关系数是-0.54……负相关。 也就是说，在某些情况下，思维链越长，推理越容易跑偏，甚至还会陷入逻辑死循环或者过度推理。 那么问题来了： 如果长度靠不住，那该怎么判断模型是不是在真思考？ 谷歌这次的视角比较有意思，不看表面输出，直接监听模型每一层的内心戏。 研究发现，模型生成的token其实可以分成两类： 功能性词汇，比如“和”“是”“的”这类，模型在浅层网路就快速确定了，是不需要深度思考的敷衍词； 深度思考词，比如“运算结果是10”“选项为A”，这类词在深层网络中还会被反复修正，预测分布持续变化，体现模型是真在琢磨问题。 团队用JSD衡量各层预测分布的差异，如果一个token的预测直到深层网络才稳定下来，那就被判定为深度思考词。 在这个基础上，他们提出了 D eep T hinking R atio，即深度思考词在完整生成序列中的占比。 这个比例越高，说明模型越聚焦核心推理，没有在无意义内容上消耗算力。 真·深度思考降本增效 在四个推理测试集上，DTR与推理准确率的相关系数达到0.82。 相比于token长度的-0.54，DTR更能反映推理质量。 谷歌还基于DTR顺势推出了Think@n策略，能在推理初期就识别低质量废话，将计算资源集中在真正有深度的样本上。 具体为为每个问题采样多个推理样本，仅通过50个token的短前缀快读估算DTR值，筛选出前50%的...

格隆汇2月25日｜有媒体援引消息人士称，哈萨克斯坦在2月1日至24日期间的石油及凝析油产量增加至178万桶/日，而1月份的平均产量为127万桶/日。

Thomas Morgan's "rage-filled attack" left the five-month-old boy with catastrophic injuries.

Alllex/E+ via Getty Images Tech bull Tom Lee says he sees another sign of a bottom in software stocks. The head of research at Fundstrat highlighted a post on X about the recent volume spike in the iShares Expanded Tech-Software Sector ETF ( IGV ), which is down 25% year to date. The post by CyclesFan noted that on Feb. 4 IGV had the biggest volume in history, while it had the second-biggest volume on Feb. 5. On Feb. 23 it had the third-biggest volume in history, and on Feb. 24 it had the fourth-biggest, adding these "are clear signs of capitulation." Lee called that "another sign of a bottom." IGV's top-five holdings are Microsoft ( MSFT ), Palantir ( PLTR ), Oracle ( ORCL ), Salesforce ( CRM ) and Intuit ( INTU ). CyclesFan More on iShares Expanded Tech-Software Sector ETF 'SaaSpocalypse' Survival Guide There's Truth In SaaSpocalypse: Forward Deployed Engineers Make IGV A Buy AI Vs. Software: The $2 Trillion Paradox Tech’s internal split: Semiconductor strength masks software breakdown There are selective opportunities within the software sell-off – analyst

又一位清华大神加入OpenAI！ 刚刚，毕业清华大学数学系，曾在Meta FAIR工作3.75年、主导过 SAM 与 Llama 多项核心工作的研究员 张鹏川（Pengchuan Zhang） 宣布离职。 他的下一站，是来到OpenAI，投身于 世界模拟与机器人学 （World Simulation and Robotics）方向的研究。 他在推特中写道，自己非常期待探索视觉感知、世界模型与机器人技术如何融合，构建真正的“物理智能”。 OpenAI世界模拟方向的负责人之一、Sora项目资深领导 Aditya Ramesh 也第一时间留言欢迎。 从视觉理解到底层世界模型，这一步转向本身就很有意味。 那么，这位曾站在SAM与Llama核心位置的研究员，究竟是谁？ 张鹏川是谁？ 2007年，张鹏川从重庆市南开中学高中毕业，考进清华大学，主修数学。 本科毕业后，他前往美国加州理工学院（Caltech）攻读博士，于2017年获得应用与计算数学博士学位。 博士期间，他专注于机器学习理论与应用，开始探索深度学习在视觉领域的潜力。 博士毕业后，他加入微软研究院，并在Microsoft Research雷德蒙德担任首席研究员。 期间，他领导了雷德蒙德实验室的计算机视觉与多模态智能研究工作。 同时还在微软内部跨组织推动计算机视觉与多模态智能项目，包括Alexandar Multi-Modal和Florence等方向。 值得一提的是，他在2021年还加入了华盛顿大学，担任电气与计算机工程系的兼职助理教授至今。 2022年起，他转入Meta FAIR（现Meta超级智能实验室），研究计算机视觉与多模态智能，累计工作近4年。 在此期间，他主导多项开创性项目，包括： 担任 Segment Anything 3（SAM 3） 项目负责人：SAM 3是一个统一框架，可在图像和视频中实现目标检测、分割与跟踪。 作为SAM系列最新迭代（2025年11月），该模型推出统一框架，支持图像和视频中的目标检测、分割与跟踪，实现零样本泛化到任意物体和场景。 担任 Llama 3视觉 grounding 项目负责人，主导输入侧视觉 grounding能力建设，使Llama 3成为首个在Visual Commonsense Reasoning（视觉常识推理）基准上达到人类水平的开源模型。 担任 Llama 4视觉g...

深夜一点多，普通外贸业务员都下班安睡之际，一批特殊员工已悄悄上岗。 一名中东客户发出了首次询盘消息，传统的外贸经营模式下，这个询盘要到第二天业务员上班才能处理。但有公司配置了AI Agent智能客服，它快速响应，流利与客户沟通从询价到样品推荐、物流节奏等细节。海撒网的客户由于这一即时反馈信息，很快与AI敲定了后续的沟通意向。第二天外贸业务员上线后跟进线索，最终一个数千万的订单得以敲定下来。 这是一家上海机械设备公司发生过的真实案例，类似的场景过去大半年里正在不少外贸企业上演。 除了客服场景，从营销素材制作生成、 AI选品到智能获客等多个环节，AI正悄然成为外贸场景里的新变量。 据海关总署统计，2025年中国外贸进出口总值达45.47万亿元，其中，跨境电商进出口规模为2.75万亿元。传统外贸SaaS市场规模约数百亿，AI化转型正在加速。如果以2.75万亿的跨境电商规模为基础，按照行业平均3-5%的技术服务支出比例测算，外贸AI服务市场的潜在空间在千亿元级别。 这一潜在市场，吸引了从国际巨头布局到传统外贸软件及服务商以及不少创业团队入场掘金。不少行业人士观察，由于业务场景复杂，数据分散，市场分散，整个行业存在大量的细分刚需场景与痛点，外贸行业正成为“最适宜AI改造渗透的行业”之一，也成为AI应用的富矿。 过去一年随着基模进步和推理成本十倍级的下降，AI服务商们正快速迭代产品，跑通商业模式，行业的AI渗透率也随之上升。同时，这一领域复杂且破碎的场景特性，又让AI服务商们基于垂域的know-how，获得了相比内贸场景以及C端产品更能精耕细作的发展空间。 但从全球ToB领域的垂直AI落地进展看，深耕“脏活累活”、积累私有know-how，构建通用模型难以复制的壁垒已是垂直应用商的共识。在外贸场景里，厂商们也在基于自身禀赋从横向扩展和纵向深挖两个角度来确保自己留在牌桌上。 由于服务对象的特殊性，外贸AI领域里玩家们不可避免还需要有全球视野来与海外AI企服产品PK。本土派、全球玩家还是创业新势力？本土力量能从外贸赛道走出全球级玩家吗？ 01 “一个非常适宜AI渗透的赛道” 2025年对外贸赛道而言，是AI渗透率快速提升的一年。 “去年环比2024年有300%的涨幅”，跨境电商AI运营助手LinkFox AI联合创始人大兵告诉数智前线。 由于大模型在图片生成能力上的表现快速提升，尤...

格隆汇2月25日｜据21财经，2月24日，闻泰科技在2026年第一次临时股东会上回应股东诸多关切。对于此前造成闻泰科技资本市场巨震的安世半导体控制权事件，公司董事长杨沐称，目前正在积极处置，其中安世半导体中国区业务发展较为稳健，国内客户黏性较强，正与客户进行紧密沟通。此外，其国内东莞工厂仍在优化产能，并且相关设备已经到位。

Crypto markets climb 3% as traders position for Nvidia's earnings, which analysts say now overshadow the SOTU as the key catalyst.

比英伟达芯片更好，谷歌前TPU员工创业公司 MatX 正在受到关注。 之所以注意到这家公司，这还得感谢宣传委员卡帕西（没错，MatX最新B轮5亿美元融资他也投了）。 卡帕西表示，参考英伟达4.6万亿美元市值，MatX正在向“当今最有趣、回报也最高的智力难题”发起挑战。 MatX团队非常出色，我很荣幸能参与其中，并祝贺他们获得融资！ 当然也不光是卡帕西背书，MatX也有自己的“杀手锏”—— 一条不同于当下主流AI芯片路线的技术选择 。 过去几年，AI芯片阵营大致分成两派： 一派以英伟达、谷歌为代表，重押高带宽内存HBM，优先解决大规模训练和吞吐问题； 另一派则以Cerebras Systems（年初还获得了AMD投资）为代表，强调片上SRAM（静态随机存储器）和低延迟，主打推理场景。 而MatX的态度是：小孩子才做选择，成年人当然是都要。 在他们看来，真正的胜负手不在于单点技能拉满，而在于 能否在同一颗芯片里，把“训练级吞吐”和“推理级低延迟”同时做好 ——尤其是在长上下文、Agent循环这些更复杂的真实工作流中。 而且不止说说而已，据MatX创始人透露，他们目前正在打造一款 “LLM专用芯片”MatX One ： 其吞吐量远高于其他任何芯片，同时延迟也最低。 所以，MatX到底是谁？它真能对霸主英伟达构成威胁吗？ 咱这就接着瞧，接着看。 谁是MatX？ 关于MatX的第一印象，谷歌二字始终是绕不开的。 没办法，谁让两位创始人都来自谷歌TPU团队。 创始人兼CEO Reiner Pope ，身上有着很明显的“软件”标签。 2012年加入谷歌时，主要负责谷歌地图的部分网页开发，并逐渐成为5人团小主管。 后来又设计并参与了谷歌大型机器学习系统Sibyl的开发，该系统曾为YouTube、Gmail、Android等提供重要支撑，直到2017年被更灵活、支持深度学习的TensorFlow Extended（TFX）平台逐步取代。 也是在这一年，他开始接触芯片设计——加入谷歌内部项目孵化平台“登月工厂”（Moonshot Factory），并专注于下一代计算的架构设计。 自此，他逐渐从“做系统的人”，变成了“理解模型与硬件如何协同的人”。 从2019年起，他开始担任谷歌机器学习芯片的 技术主管兼架构师 ，连续参与了两代ML芯片的设计，并成为第二代芯片的主要负责人之一。 后来更是...

2月末，春节的喧嚣逐渐散去，抖音、微信、小红书、美团等平台陆续发布的春节消费报告。这些数据记录的不只是订单与交易，更揭示了我们如何在互联网的辅助下，悄悄重构了这一古老传统。 最醒目的变化往往藏在具体的动作里。有人把绞尽脑汁的拜年祝福语、琐碎的春晚节目单，以及精确的高速免费时间交给了AI搜索框，也有人把寻找本地吃喝玩乐的决策权交给了AI管家。 这种变化直接反映在支付数据上。微信披露，假期内旅行、生活娱乐的交易笔数同比涨幅均超过20%，年味更多地落进了热闹的商圈、远方的景区和流光溢彩的夜色里。 美团的数据也印证了这种“流动性”，平台用户人均打卡2.2个城市，到访多个城市的文旅消费人数同比增长了50%，而小红书上“反向过年”的相关搜索量更是暴涨了45倍。人们不再扎堆大城市或守在老家火炉旁，而是向着更具性价比、更清静的小城进发，春节正在从一次固定的“回归”演变成一场流动的“探索”。 在广阔的县城和小镇，消费逻辑也在被互联网商业服务彻底重构。抖音生活服务数据显示，春节团圆饭套餐订单量同比增长216%，三线及以下城市的团购销售额增长了66%。即便是最看重传统的下沉市场，也开始接受一种更细碎、更随时补齐的节奏。 大家不再需要像过去那样提前半个月大张旗鼓地囤货，因为商业服务的触手已经深入毛细血管，缺什么、想吃什么，随时补齐即可。 春节仍由团圆与礼数支撑，但组织方式已经天翻地覆了。 01 AI把春节接过去 各平台的春节消费报告里，AI相关的指标不少。这些数字把技术的介入点标出来，把AI从一个“可用可不用”的功能，推到了春节的主流程里，落在购物、出行、娱乐等具体环节上。 微信的消费报告把AI放在最日常的场景里。AI搜索热门词集中在拜年祝福语、春晚节目单、金色朋友圈怎么发、春节高速免费时间这类问题上。 它们看起来琐碎，却恰好击中春节最常见的场景，时间紧，事务多，家里人都在催，手机上还要临时查信息。AI搜索在这里承担的是一种应急的确定性，它让人少走几步路，少问几个人，少翻几页攻略，把犹豫变成一个明确答案。 更“交易化”的AI数据来自美团。2月12日至22日，有过亿人次通过美团AI管家“小团”规划本地吃喝玩乐消费计划，“小团”基于用户提问校验了5.5亿次商家信息，二次校准需求并校验10亿条用户评价，最后给出更可靠、更快能成交的推荐。这里最关键的一点是，信息校验和需求校准被放在了下单之前。 春...

Andrei Akushevich/iStock via Getty Images The dollar was initially sold during President Trump’s State of the Union Address. However, against most of the G10 currencies, it remains within the well-worn ranges, which may be reinforced by a busy option expiration schedule, which we discuss below. There are two notable exceptions. First is the Japanese yen, which sent to more than two-week lows following news of two dovish appointments to the BOJ board to replace members whose terms are ending. This reinforces the sense of Prime Minister Takaichi's monetary policy desires. Japanese stocks rallied, but JGBs sold off. Second, Australia’s January CPI was firmer than expected, and this pushed expectations a bit higher for another hike as soon as the May central bank meeting. The Australian dollar is the strongest of the G10 currencies today. Geopolitical tensions continue to run high. President Trump threatened Iran in his speech. Also, China warned that new investigations could end the US-Chinese tariff truce. Gold and oil are firmer. Prices G10 • The euro traded quietly between about $1.1765 and $1.1795 yesterday. Since last Friday’s tariff ruling, it has been in a roughly $1.1745-$1.1835 range. It remains in that range today. It rose slightly above $1.18 early today, during President Trump’s speech, but has come back off. There are options for nearly 3 bln euros struck there that expire today. • After reaching almost JPY156.30, a two-week high, in the local session yesterday, the greenback spent the North American session in a narrow range mostly between about JPY155.60 and JPY156.20, and a tight JPY155.60-JPY155.85 range after Europe closed. News that Prime Minister Takaichi nominated two doves to the central bank’s board to replace outgoing members (end of March and end of June) weighed on the yen, which is falling for the fifth session in past six. The dollar rose to almost JPY156.80, arguably helped by option-related demand, as about $2.85 bln in options at JPY156 e...

John Furner takes over from Doug McMillon, who made Walmart a more omnichannel and tech-oriented company.

Key PointsWalmart's elevated valuation could become a challenge to the company's growth.

Diageo Shares Plunge Most In Two Years On Weaker Guidance, Dividend Cut Shares of Diageo Plc fell the most in 2 years after the maker of Guinness beer and Johnnie Walker whiskey cut its guidance for the second time this fiscal year amid soft demand in the US and China markets. The move marks an early challenge for new CEO Dave Lewis. The British distiller now expects organic net sales to decline by 2% to 3% this fiscal year, down from previous guidance of flat to slightly down, and said it would reduce its dividend. First-half results were mixed. Organic net sales fell 2.8%, worse than expected, while North America's operating profit plunged 15%, missing analyst estimates tracked by Bloomberg Consensus. Europe was a bright spot, with operating profit rising 10% and beating forecasts. Adjusted EPS slightly beat, but overall sales and operating profit were much softer than anticipated by analysts. Citi analyst Simon Hales said the cut to full-year organic sales growth guidance reflects a much weaker US environment and noted that it could prompt cuts to the 2027 outlook. He added that the dividend cut has "taken the shine off" what could otherwise have been seen as the "clearing event" for the stock to rally. At Goldman, analyst Natasha de la Grense said the big story in the earnings report is the dividend cut. She noted investors are still waiting for a proper turnaround plan from the new CEO: Main focus today is the dividend cut which is perhaps not a huge surprise (Mr Lewis did this when he arrived at Tesco) and arguably necessary but never welcome news on the day. They are targeting a 30-50% payout going forward with a minimum floor of 50c per annum (consensus FY26 100c). In terms of the H1, it's a miss on org sales (-2.8% vs cons -2%) driven by volumes (-0.9% vs cons -0.2%) which were particularly weak in North America (-4%). US spirits net sales fell -9.3%. Reported EBIT is more in line at $3,256m (consensus $3,213m) and org EBIT better (-2.8% vs cons -3.9%) driv...

CatLane 15 states, mostly led by Democrats, are suing the Trump administration, seeking judicial intervention to reverse recent changes the Centers for Disease Control and Prevention (CDC) introduced to the U.S. childhood vaccine schedule. The California and Arizona attorneys general announced that 14 states and Pennsylvania Governor Josh Shapiro teamed up to file the lawsuit on Tuesday, which challenges the CDC’s move to recommend fewer shots for most American children earlier this year. “Undermining confidence in vaccines will lead to lower vaccination rates and more infectious disease,” California Attorney General Rob Bonta said in a statement. “It will also drive up costs for states, including increased Medicaid spending and new expenses to combat misinformation and revise public health guidance.” In addition to the California and Arizona attorneys general, plaintiffs in the suit include AGs in Colorado, Connecticut, Delaware, Maine, Maryland, Michigan, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, and Wisconsin, as well as the governor of Pennsylvania. The lawsuit filed in a Northern California federal court named the U.S. Department of Health and Human Services and Health Secretary Robert F. Kennedy Jr. as defendants. It also named the CDC and its acting director, Dr. Jay Bhattacharya. The lawsuit also challenges RFK Jr.'s decision to dismiss all members of the CDC’s Advisory Committee on Immunization Practices (ACIP) last year and replace them with his handpicked experts, some of whom have a history of criticizing messenger RNA-based COVID-19 shots. The case is similar to another lawsuit filed by some of the leading medical groups, including the American Academy of Pediatrics and the American Public Health Association, against the Trump administration in a federal court in Massachusetts earlier this month. Dear readers, we recognize that politics often intersect with the financial news of the day, so we invite you to click here to join the separate...

M. Suhail/iStock Editorial via Getty Images Dine Brands Global ( DIN ) fell in early trading on Wednesday after reporting Q4 revenue short of the consensus estimate of analysts. Revenue was up 6.3% year over year to $217.6M vs. $225.7M consensus. The revenue increase in Q4 was primarily driven by higher company-owned restaurant sales, mainly attributable to the increase in the number and timing of when the company acquired Applebee’s and IHOP restaurants from franchisees, offset by a decrease in franchise revenue due to a decrease in the number of franchise restaurants after the acquisition of franchised Applebee’s and IHOP restaurants. Applebee's year-over-year comparable domestic same-restaurant sales decreased 0.4% in Q4, while IHOP's domestic comparable same-restaurant sales increased 0.3%. Earnings per share of $1.46 topped the consensus mark of $1.06. Looking ahead, the restaurant company sees Applebee’s domestic system-wide comparable same-restaurant sales performance to range between 0% and 2%, and IHOP’s domestic system-wide comparable same-restaurant sales performance to range between 0% and 2%. Consolidated adjusted EBITDA is expected to range between approximately $220M and $230M. "Our 2026 guidance reflects continued targeted investments in growth initiatives that are supported by improving trends across both our franchise business and our company-owned portfolio, and we will continue to focus on efficiently deploying capital towards projects with high return on investment," highlighted CFO Vance Chang. Shares of Dine Brands Global ( DIN ) were down 2.1% in premarket trading. More on Dine Brands Global Dine Brands: The Dual-Branded Catalyst Is Real, But Timing Now Matters (Rating Downgrade) Dine Brands Global, Inc. (DIN) Presents at KeyBanc Capital Markets Consumer Conference 2025 Transcript Dine Brands Global, Inc. (DIN) Presents at Barclays 11th Annual Eat, Sleep, Play, Shop Conference 2025 Transcript Dine Brands Global Q4 2025 Earnings Preview Seekin...

美国和英国讨论民用核技术合作。

piranka/E+ via Getty Images Overview Stock of ImmunityBio ( IBRX ), despite my past reservations, has tripled since my last look in July 2025. Data by YCharts The company markets ANKTIVA (with BCG) for the treatment of BCG-unresponsive non-muscle invasive bladder cancer [NMIBC] with carcinoma in situ [CIS] with or without papillary tumors. While ANKTIVA has struggled out the gate—mainly due to BCG shortages—I have always acknowledged its blockbuster potential in this indication. The problem for me has been ImmunityBio’s high cash burn—related to testing ANKTIVA in all kinds of indications outside of bladder cancer—and its valuation that seemed to already account for ANKTIVA in BCG-unresponsive NMIBC. The company’s recent rally—which began in January—has been sparked by a flurry of headlines. The article that follows takes another look at ANKTIVA in its currently FDA-approved indication—to establish a “floor” in ImmunityBio’s valuation—and evaluates whether or not recent developments support the company’s sky-high ~$10 billion enterprise value. Recent Developments ImmunityBio’s rally appears to have begun after reporting Phase 2b/3 NSCLC data on January 13. The press release features a few different data points from two different trials. The most touted data point was that “responders” (those with higher lymphocyte counts) lived longer than “non-responders.” In my opinion, this is kind of “stating the obvious.” This doesn’t necessarily prove that ANKTIVA caused them to live longer. It just supports that patients who are already healthier—or have more robust immune systems—respond better to treatment and naturally live longer regardless of the drug. ImmunityBio also emphasized Absolute Lymphocyte Count—or ALC—as a “key biological endpoint.” But this is not a survival metric like OS or PFS. And stimulating ALC alone is not guaranteed to translate into statistically significant survival improvements. When the company does cite OS, it is against “historical standard of c...

2月24日，闻泰科技在2026年第一次临时股东会上回应股东诸多关切。对于此前造成闻泰科技资本市场巨震的安世半导体控制权事件，据上海证券报，公司董事长杨沐称，目前正在积极处置，其中安世半导体中国区业务发展较为稳健，国内客户黏性较强，正与客户进行紧密沟通。此外，其国内东莞工厂仍在优化产能，并且相关设备已经到位。而市场高度关注的BIT（双边投资协定）索赔，仍需要度过沟通期，4月15日才能启动。杨沐表示，当前，管理层的首要任务与核心工作是聚焦主营业务，并采取一切必要法律手段，积极维护公司对安世的合法权益。（上海证券报）

Tommy Schaefer released early from 18-year sentence for 2014 murder of Sheila von Wiese-Mack during luxury holiday Indonesia has freed and deported a US man after he spent 11 years in prison for the premeditated murder of his then girlfriend’s mother on the tourist island of Bali. Tommy Schaefer was sentenced to 18 years in prison for the 2014 murder of Sheila von Wiese-Mack, the mother of Heather Mack, during a luxury holiday in a case that became known as the Bali suitcase murder. Continue reading...

Acadia Healthcare press release ( ACHC ): Q4 Non-GAAP EPS of $0.07 beats by $0.06 . Revenue of $821.5M (+6.1% Y/Y) beats by $21.37M . Same facility revenue increased 4.4% compared with the fourth quarter of 2024, including an increase in patient days of 3.1% and an increase in revenue per patient day of 1.3%. Adjusted EBITDA was $99.8 million, compared with $153.1 million in the prior-year period and at the upper end of the Company’s implied fourth-quarter guidance range. Added 181 newly licensed beds during the fourth quarter, including 37 beds to existing facilities and 144 beds from new facilities opened in the fourth quarter. Full Year 2026 Financial Guidance Revenue of $3.37 to $3.45 billion Adjusted EBITDA of $575 to $610 million Adjusted earnings per diluted share of $1.30 to $1.55 (FY EPS consensus is $1.71; FY Revenue consensus is $3.40B). More on Acadia Healthcare The Bottom Fishing Club - Acadia Healthcare: Huge Short Squeeze Potential, Reversing Momentum Acadia Healthcare Company, Inc. (ACHC) Presents at 44th Annual J.P. Morgan Healthcare Conference - Slideshow Acadia Healthcare Company, Inc. (ACHC) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript Acadia Healthcare Q4 2025 Earnings Preview Acadia Healthcare rises as David Einhorn touts the stock

今年春节，上海大壶春生煎发展有限公司总经理黄惠超和他的同事们没怎么休息。 整个春节假期，他一直重点关注着南京路商圈山西南路的大壶春门店。这是这个月初刚刚开张的“春启新巷”，原本坐落于云南南路的老字号品牌，刚刚搬到这里。 原来的云南南路老字号美食街承载无数上海市民味蕾记忆，有鲜美白斩鸡的小绍兴、特色西餐德大西菜社、特色排骨年糕鲜得来、有鲜香酥脆生煎馒头的大壶春等老字号品牌汇集于此。 而大壶春是最早搬到山西南路的老字号品牌。大壶春成立于1932年，黄惠超没有想到，90余年后大壶春依然焕发别样生机。他向界面新闻透露，2025年大壶春公司总销售额突破1亿元，而2026年伊始，它还在迸发势头，再创新高。 这家面积仅58平方米的大壶春的新店除去厨房，堂食区域不足25平方米，但在春节初一到初七期间，单日营业额几乎都在6万元左右。开业首月销售额突破100万元，远高于此前云南南路门店约60万元的月均水平。 而按照黄惠超的预估，若延续当前客流势头，本月有望冲至130万—140万元，创下品牌单店新高。 对一个单价不足4元的生煎品牌而言，实现这样的数字不容易。 巡店时，黄惠超还注意到，排队的人群里既有上海本地食客，也有拖着行李箱的外地游客，还有不少西欧、日本和韩国面孔的顾客。“有些一开始分辨不出来，一交流才发现是外国客人。”他对界面新闻说。春节期间，这里甚至一度成为外国游客的美食打卡点。 这背后是上海春节消费释放的巨大活力。 据上海旅游大数据监测，假期9天里，共有2167.21万游客来到上海，同比增长8.36%；而游客们在上海的吃、住、行、游、购、娱等全要素旅游消费交易总金额为256.14亿元，同比增长20.90%。 据美团数据，今年春节期间，上海到店餐饮消费同比增长15.2%。而云南南路的8个老字号餐饮品牌、9家门店在春节前开业后，日均营收39.4万元，日均接待人数1万人次。 上海山西南路（图片拍摄：界面新闻 李烨） 在大壶春不远处，本帮菜餐厅德兴馆春节期间的桌子没有空闲过。 “（春节）生意直接翻倍，别人说我们‘起飞’了！” 德兴馆山西路店店长吴惠良说。这家老字号是上海本帮菜的发祥地，创立于1878年。而它位于山西南路的新店，春节期间从早到晚座无虚席。 根据上海黄浦官方公众号的信息，今年春节期间，德兴馆店铺主动延长了营业时间，提早半个小时从早上6:30便开门营业，而原本20:30打烊也推...

Lilia Valutyte was attacked by Deividas Skebas, 26, in Boston in July 2022 while playing outside her mother’s shop A man who murdered a nine-year-old girl by stabbing her in the heart while she played with a hula hoop in the street has been jailed for life with a minimum term of 25 years. Lilia Valutyte was attacked by Deividas Skebas, 26, in the town centre of Boston, Lincolnshire, on 28 July 2022 while she was playing outside her mother’s embroidery shop. Continue reading...

开好局、起好步。这几天，全国多个省份密集召开“新春第一会”。 2月24日，河南纵深融入服务全国统一大市场大会在郑州召开。在当地看来，融入和服务全国统一大市场，是河南高质量发展的战略机遇，更是激发全省民营经济活力的关键一招。 事实上，在此之前的2月21日，农历正月初五，河南省委书记刘宁、省长王凯就已在郑州与河南省民营企业家代表餐叙交流。这是河南第二年在这一天邀请民营企业家举行高规格餐叙。 连续将民营企业家奉为座上宾，背后是民营企业对河南经济的突出贡献。2025年，河南入围中国民营企业500强的企业数量新增2家、达15家，实现近8年来对湖北的首次反超，成为中部第一。 但即便如此，河南民营企业500强入榜企业数量仅位于全国第9位，与全省经济规模位次还不匹配，民营经济发展的焦虑仍在。 一些短板被频繁提及，比如高价值专利转化效率仍待提升；传统制造企业转型慢，与现代化产业体系融合深度不足等，也因此不乏诘问，总靠传统产业能撑多久。 开局起步，河南如何打好这场自上而下的民营经济“突围战”？ 01 “民营企业是树，政府就是培土、浇水、保护的人！” 2月21日，河南省委书记刘宁对在场民营企业家如是说。这样的重视，不止于餐叙，更体现在一整套政策体系。 回顾2025年餐叙后，河南迅速构建起促进民营经济高质量发展的“四梁八柱”：5月，《河南省促进民营经济高质量发展行动计划》对外发布；同时，高规格成立由河南省委书记、省长任双组长的省促进民营经济高质量发展工作领导小组；12月，河南省人大常委会通过了新修订的《河南省优化营商环境条例》，将于今年3月1日起正式施行，为优化河南民营经济发展的法治保障。 政策护航下，民营企业家们以出色的成绩回应——2025年，民营经济贡献了河南全省55%以上的地区生产总值、65%左右的税收、70%左右的进出口总值和90%以上的城镇新增就业。 2025年1-10月，河南全省民间投资增长7.3%，连续19个月高于全省投资增速，占全省固定资产投资比重超过60%；民营企业进出口总值5083.4亿元、增长14.7%，占全省外贸比重68.6%。 横向对比来看，河南这两项增速也大幅高于全国平均水平，可以说，去年河南经济增速能够位居前十经济大省首位，民营经济功不可没。但成绩单另一面，河南民营经济的发展焦虑仍在，一大突出短板是龙头企业数量不足。 今年餐叙受邀的17位企业家中，仅有5位来自...