Known for its edge cloud platform serving global enterprises, this tech firm reported a notable insider sale in its latest SEC filing. Artur Bergman, Chief Technology Officer, executed an open-market sale of 40,000 shares of Fastly (FSLY +0.10%) for ~$409,200.00 on Dec. 29, 2025, according to a SEC Form 4 filing. Transaction summary Metric Value Shares sold (direct) 40,000 Transaction value $409,200.0 Post-transaction shares (direct) 2,730,579 Post-transaction shares (indirect) 4,450,249 Post-transaction value (direct ownership) $27,879,211.6 Transaction value based on SEC Form 4 weighted average purchase price ($10.23); post-transaction value based on Dec. 29, 2025 market close ($10.19). Key questions How does the scale of this transaction compare to Mr. Bergman's typical trading pattern? The 40,000 shares sold is twice the median size of Mr. Bergman's recent sell transactions (20,000 shares), but consistent with several higher-volume sales executed as his direct ownership base has shrunk over the past year. The 40,000 shares sold is twice the median size of Mr. Bergman's recent sell transactions (20,000 shares), but consistent with several higher-volume sales executed as his direct ownership base has shrunk over the past year. What impact does this sale have on Mr. Bergman's overall ownership? After the transaction, Mr. Bergman's direct stake is 2,730,579 shares; his total economic exposure, including indirect holdings via multiple trusts, is 7,180,828 shares. After the transaction, Mr. Bergman's direct stake is 2,730,579 shares; his total economic exposure, including indirect holdings via multiple trusts, is 7,180,828 shares. Were any derivative securities or option exercises involved in this transaction? No derivative or option activity occurred; the reported sale was exclusively direct, open-market common stock disposal without associated option exercises or conversions. No derivative or option activity occurred; the reported sale was exclusively direct, open-m...

ADP's business still looks solid. But the stock's pullback doesn't automatically make shares attractive. Investors love to call Automatic Data Processing (ADP 1.69%) a "boring" company. But the market has rarely priced it like one. The payroll and human resources software provider has often traded at a premium because the business is sticky, recurring, and tied to one of the most essential workflows in corporate America: getting people paid. But is the stock losing its favor with investors? After all, shares are roughly 23% below their 52-week high. Of course, there's another way to look at the scenario: Is the market finally serving up a reasonable entry point into a great, long-term compounder? What changed, and what didn't Looking to ADP's recent business results, let's start with what didn't change: steady growth. In the first quarter of fiscal 2026 (ended Sept. 30, 2025), ADP's revenue rose 7% year over year to $5.2 billion. And its earnings per share climbed 6% to $2.49, while its non- generally accepted accounting principles (GAAP) earnings per share rose 7% year over year. At a high level, ADP's steady compounding continued. Advertisement Underneath the service, however, there's a problem brewing. ADP's core volume trend, or its "pays per control," is cooling. This metric is essentially ADP's same-store sales-style measure of how many employees are on ADP clients' payrolls in the U.S. In the first quarter of fiscal 2026, ADP's U.S. pays per control was approximately flat year over year. That's a deceleration from the 1% growth ADP reported in both the third and fourth quarters of fiscal 2025. While this isn't a massive change in trend, it's still concerning because it represents a deterioration in a key metric. If it stays flat, or even worse, turns negative, investors may begin calling into question the durability of the company's steady growth -- and the stocks' premium valuation. For now, flat remains the expectation. For fiscal 2026, ADP guided for U.S. ...

Berlin power grid attack caused by 'extreme leftists', officials say Reuters

Raw emotions as mourners attend Mass for Swiss bar fire victims 8 minutes ago Share Save Sarah Rainsford Southern and Eastern Europe correspondent, Crans Montana Share Save Reuters In the snow-dusted street outside St Christopher's Church, hundreds joined a special Sunday Mass for the victims of the fire that tore through Le Constellation bar on New Year's Eve. Many hugged each other, crying quietly, as they remembered the dozens killed and those still in hospital with severe burns, fighting for their lives. During the service, several in the crowd fainted and fell to the ground, overcome. Police say more than 20 of the dead have now been identified, although not named publicly. Their bodies are being returned to their families, some of whom who had been holding on to the hope their children might yet be found - injured, but alive. They're now receiving the worst possible news. Ever since the fire, Laetitia Brodard had been posting pictures of her teenage son Arthur online and appealing for help to find him. On Sunday, she was at the memorial service, being comforted by friends. "He died that first day," Laetitia confirmed to me. In an emotional statement on Facebook, she said that Arthur had "gone to party in paradise". The victims' bodies were so badly burned by the fire they are difficult to identify. Even some of those injured and in hospitals haven't been named yet - they remain unconscious and unrecognisable. For the dead, forensics experts are having to use DNA samples and dental records, and for the families the wait is agonising. EPA Mourners gathered around a shrine of flowers and candles The bar was packed full of young people that night, many of them just teenagers. The drinking age in Switzerland is 16. Some of the survivors joined a silent procession after the Sunday Mass from the church towards the bar itself. Above, in the stunningly beautiful Swiss Alps, cable cars went on sliding up the mountain carrying tourists to ski. The site of the fire is sti...

The home improvement and hardware retail sectors have been dominated by Home Depot and Lowe's for decades, shoving hardware cooperatives True Value Hardware and Ace Hardware out of the way and brushing off independent hardware retailers. Home Depot captured an average of 29% of the home improvement ...

Apple Stocks 2026 outlook centers on stronger artificial intelligence integration, evolving device lineups, and continued services growth — setting the stage for a pivotal year in valuation and market momentum. Analysts highlight artificial intelligence as a key catalyst for Apple Stocks 2026. Apple has been steadily embedding AI capabilities into its ecosystem through Apple Intelligence — a suite of on-device and cloud-enhanced features. AI improvements such as generative capabilities, smarter Siri interactions and predictive features are expected to deepen device engagement and may encourage upgrade cycles once fully deployed. Many forecasts emphasize a late-2025 to early-2026 timeframe for more comprehensive AI rollout, with upgraded Siri and privacy-preserving on-device processing at the core of Apple’s strategy. Apple’s AI strategy is often described as “invisible AI” because the company focuses on embedding intelligence into everyday functions rather than launching standalone AI products. This approach taps Apple’s massive installed base of devices — more than two billion globally — allowing features to be deployed across existing users via software updates, giving this technology a broad reach that can translate into deeper ecosystem engagement. Device Lineup Expansion and Product Catalysts Beyond software, diversification of hardware in 2026 could influence Apple Stocks 2026 performance. Analysts and supply chains point toward multiple new products that might broaden revenue streams. This includes the anticipated iPhone 18 lineup and a potential foldable iPhone, rumored for a late-2026 launch, which could draw new buyer segments and contribute to shipment growth. The introduction of new Macs powered by advanced M-series chips and refreshed iPads aimed at both consumer and professional markets are also widely anticipated. Other emerging product categories, such as AI-driven smart glasses and smart home products, are also cited in market discussions as future ...

Cuba, Venezuela, China, And America's Left-Wing Revolution Yesterday's spectacle would have been unthinkable a generation ago. Donald Trump retrieved Nicolás Maduro from Venezuela and brought him to New York to be arraigned in the Southern District. Venezuelans in the diaspora celebrated the symbolic end of a tyrant's impunity. Meanwhile, in the United States, something stranger happened: American socialist organizations erupted in rage. 🧵 Who organized and funded the pro-Maduro demonstrations? I was up when the news broke that U.S. forces had possibly had a military strike on Caracas. Immediately, I knew where to look next, not for confirmation from the Pentagon, but for signals. 🔗 READ my 1st story for… pic.twitter.com/HbJUqRi4tN — Asra Nomani (@AsraNomani) January 4, 2026 The Democratic Socialists of America (DSA) issued a statement condemning the action and demanding Maduro's release. New York City Mayor Zohran Mamdani—a DSA member—reportedly consulted with Ramzi Kassem, a lawyer infamous for representing al-Qaeda figures, and allegedly called President Trump to "register his opposition." At the same time, Neville Roy Singham's network hosted a pro-Maduro protest in Times Square, even as Venezuelan exiles celebrated freedom from the man who ruined their country. 🚨BREAKING: Leftist activists and foreigners waving communist flags gathered in Times Square, NYC, calling for the release of Nicolás Maduro. U.S. authorities should take a much harder look at who is organizing and participating in these demonstrations, especially when they… pic.twitter.com/JI698DuMp7 — I Meme Therefore I Am 🇺🇸 (@ImMeme0) January 3, 2026 Meanwhile, actual Venezuelans... Venezuelans celebrate the capture of dictator Nicolás Maduro in Times Square, gleefully sing their nation’s national anthem. pic.twitter.com/420OHet4zU — The Post Millennial (@TPostMillennial) January 3, 2026 So we must ask the obvious question : why? Why are ostensibly American organizations so emotionally invested in the...

Key Points The State Street Utilities Select Sector SPDR ETF delivered a solid, but not amazing, return. It encompasses around 31 utility companies and offers a dividend. Some are growing bullish on the sector due to increased energy demand for artificial intelligence. 10 stocks we like better than Select Sector SPDR Trust - State Street Utilities Select Sector SPDR ETF › It can be fun to play what-if games, especially at the end or beginning of the year. If you're an investor interested in the utilities sector, for example, you might wonder how you'd have done, had you plunked $1,000 in the State Street Utilities Select Sector SPDR ETF (NYSEMKT: XLU). It's an exchange-traded fund (ETF) -- a fund that trades like a stock -- and it's focused on utilities businesses. Here's the answer to that question: Your investment would now be worth about $2,443. That's pretty good -- more than doubling your money -- and represents an average annual gain of 9.3%. But it's worth noting that had you parked that money in a low-fee S&P 500 index fund instead, your stake would be worth around $3,658. The S&P 500 has simply had an excellent decade, averaging annual gains of more than 13%, well above the historic long-term average of close to 10%. 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 » Note, too, that dividends matter. Had you reinvested your dividends along the way, you'd have ended up with $2,728, and an average annual gain of 10.6%. (The S&P 500 with dividends reinvested would have grown to $3,979, at an average annual growth rate of 14.8%.) To give you an idea of what the State Street Utilities Select Sector SPDR ETF invests in, check out its recent top 10 holdings (out of 31): Stock Percent of ETF NextEra Energy 12.63% Constellation Energy 8.45% Southern Co. 7.28% Duke Energy 6.90% American Electric Power 4.68% Sempra 4.38% Vistra 3.89% Dominion Energy 3.82% Exelon 3.33% Xcel Energy 3.31%...

The stock is far too risky. Teladoc Health (TDOC +0.64%) was a rock star during the early days of the pandemic. It quickly became a stock market darling as its revenue soared due to the telemedicine services it provided. However, Teladoc was unable to maintain that pace, and the past few years have been horrendous for the stock. The stock is down nearly 92% over the past six years. Here's the even worse news: Teladoc Health is unlikely to bounce back anytime soon, so investors should stay away from the stock. Here are three reasons why. 1. Stiff competition The success Teladoc saw during the early days of the pandemic attracted significant competition. There are now many alternative platforms, including some created by well-established, highly successful corporations like Amazon. The tech giant's strong brand name and its ecosystem of more than 180 million Prime members in the U.S. is helping power its ambitions in the healthcare industry. Further, Amazon isn't the only company leveraging these advantages in the battle for telemedicine services. Some insurance companies with large existing client bases can bypass third-party virtual care platforms and create their own similar ones. All of these dynamics pose a significant threat to Teladoc's prospects. True, a company can be successful despite significant competition, but that's only one of Teladoc's many problems. 2. A growth driver no longer One of Teladoc's most important growth drivers was its virtual mental health therapy service, BetterHelp. However, this segment has been struggling in recent years, largely due to competition. BetterHelp is now a deadweight on Teladoc's top-line growth while it continues to lose paying members. This suggests that, although it's possible to succeed in a sea of competitors, Teladoc has yet to fully grasp how to achieve this. Advertisement Expand NYSE : TDOC Teladoc Health Today's Change ( 0.64 %) $ 0.04 Current Price $ 7.04 Key Data Points Market Cap $1.3B Day's Range $ 6.95 - $...

STRADVISION and AMD Demonstrate Multi-Camera Perception on AMD Versal™ AI Edge Series Gen 2 Adaptive SoC at CES 2026 StreetInsider

Berkshire Hathaway (BRK-B, BRK-A) entered a new era at the start of 2026 as legendary investor Warren Buffett officially handed the reins as CEO to his protégé, Greg Abel. Buffett leaves behind stunning realized returns of 6,100,000% over the past 60 years, built on his value-investing philosophy of buying "wonderful companies at a fair price." The key question for investors now is what Berkshire will do with its record $380 billion cash pile as the AI boom sweeps across Wall Street and drives valuations higher. "Berkshire is so big now that you have to find bigger opportunities to move the needle," Bill Stone, chief investment officer at Glenview Trust, told Yahoo Finance. If it doesn't spend that cash, Berkshire could soon face pressure to start issuing a dividend. "As a shareholder, the amount of cash they have is excessive," Boyar Research president Jonathan Boyar said. "Since Buffett is gone, and he's the greatest stock picker of all time, I'd like them to deemphasize the actual stock picking and start paying a dividend," he added. Buffett and his longtime business partner, the late Charlie Munger, were known for a hands-off, decentralized approach that allowed Berkshire's sprawling subsidiaries to operate independently. Those businesses span industries from railroads and energy to insurance and retail, with holdings ranging from GEICO to See's Candies. The conglomerate also has stakes in Apple (AAPL), a top-performing investment and, most recently, tech giant Alphabet (GOOG, GOOGL). Analysts expect Abel, a 25-year Berkshire veteran with deep experience in the company's energy and industrial operations, to lean into that background as he takes the helm. "Under his leadership, it's likely to be an important segment for the company and, I think, investors. Given some of the industrial- and energy-related demands that AI is generating, I think that could be an interesting franchise to watch within the Berkshire framework," CFRA Research analyst Cathy Seifert told ...

European leaders emerged divided and torn as they tried to welcome the ejection of Venezuela’s authoritarian president, but still uphold the principles of international law that did not appear to allow Donald Trump to capture Nicolás Maduro, let alone declare that the US will run Venezuela and control its oil industry. Europe tried to focus on the principle of a democratic transition, pointing out that the continent had not recognised Maduro as the legitimate leader of Venezuela since what were widely regarded as fraudulent elections in June 2024. But Trump’s rejection of the Nobel prize-winning Venezuelan opposition figurehead, María Corina Machado, was awkward. Trump said she did not have support or respect in Venezuela, but European leaders have embraced her as leading an opposition that deserves power. International lawyers say the US rejection of Maduro’s legitimacy opens a path for Washington to argue that he does not enjoy sovereign immunity as a head of state in the US domestic courts, in the same way that George Bush was allowed to try Manuel Noriega in the US after his capture in 1989. US officials have claimed the operation against Venezuela was justified on the grounds of self-defence, arguing that the government was involved in drug-trafficking. The Yale professor of international law Oona Hathaway, however, said she saw no plausible justification under the UN charter for the US use of force. “If drug trafficking is a reasonable justification for attacking another country then a whole range of possible arguments can be made that basically mean that self-defence is no longer a real exception. It’s the new rule.” 1:17 Celebrations and protests take place around the world after Venezuela strikes – video “The idea that because drugs are coming from a country justifies an invasion and a change of administration in that country gets rid of any kind of limits on the use of force,” she said. The US action was a breach of international law unlike any before, she...

Deep in the heart of Los Angeles’s Koreatown, just a few doors down from H Mart and a K-pop music superstore, an American flag hangs over the entrance of a saloon called Eastwood. The western-themed bar would normally be cranking Luke Bryan while customers play skee-ball, line dance and get bucked off their mechanical bull named Gucci. But tonight, the music is low and the loudest sounds come from the clacking of vintage mechanical typewriters. About 30 people in the bar are drafting poems about horses, sunsets and Stetson hats – which are plentiful atop the heads in the crowd. They’re here to take part in Cowboy Poetry Los Angeles, a collective dedicated to preserving the history of the American west through authentic storytelling. For city slickers unfamiliar with cowboy poetry, it’s a folk art that emerged from oral traditions. Around the 1870s, during long cattle drives west from Texas, men would trade stories and sing songs about their adventures on the frontier. There’s a misconception that cowboy poetry is a dying art form, but some 150 years later, the movement is experiencing a revival. The Eastwood workshops are just one example of new poetry gatherings sprouting across the nation. In 2021, Dakota Holdaway established the Juab Cowboy Poetry Gathering in Nephi, Utah. That same year, Leslie Miller launched the Rodear in Bridgeport, California, an arts and culture festival that highlights talent from young women across the west. While many of the US’s leading cowboy poets skew older, events like these are fast becoming a creative outlet for a younger, more diverse crowd. Cowboy Poetry Los Angeles stands out because it is one of the few scenes emerging in a major city. View image in fullscreen Nico Patino prepares to write at Eastwood bar in Los Angeles, on 20 November. Kristin Windbigler, the chief executive officer of the Western Folklife Center, which organizes the National Cowboy Poetry Gathering in Elko, Nevada, is thrilled to see the group thriving in Lo...

View image in fullscreen Some of those who died in detention had arrived in the US recently, seeking asylum. Others had arrived years ago, some as young children. Thirty-one people died in Immigration and Customs Enforcement (ICE) custody in 2025 – making it the agency’s deadliest year in more than two decades, as the Trump administration moved to detain a record number of people. Some of those who died in detention had arrived in the US recently, seeking asylum. Others had arrived years ago, some as young children. Some had been apprehended on criminal charges or had served time for convictions; others had been picked up in the administration’s indiscriminate ICE raids. They died of seizure and heart failure, stroke, respiratory failure, tuberculosis or suicide. Some died at ICE detention centers and field offices, others after they had been transferred to hospitals, but were still under ICE custody. In some cases, their families and lawyers have alleged, they died of neglect, after repeatedly trying and failing to get medical care. These deaths occurred as the Trump administration ramped up its immigration operations, detaining a record number of people in December. The agency was holding 68,440 people in detention in mid-December; nearly 75% of them had no criminal convictions. December was also the deadliest month in ICE custody – six people died. As detention facilities across the US grow more crowded, human rights advocates, immigration lawyers and lawmakers have reported unsanitary conditions, inadequate food and poor medical care. The number of deaths this year marks the highest level since 2004. “This is a result of the deteriorating conditions inside of ICE detention,” said Setareh Ghandehari, advocacy director at Detention Watch Network, a non-profit that has been tracking immigration detention deaths for years. The Department of Homeland Security, which encompasses ICE, denied that conditions in detention were declining. “It is a longstanding practice to...

Outside the impressively grand, Edwardian baroque building in Durham are two wooden benches, each dedicated to men who died too young. They were, the inscription reads, both “sacked and victimised” during the 1984-85 miners’ strike. Yet they’re in grounds that look as if they might have been owned by rich, exploitative mine owners. The building is Redhills, the headquarters since 1915 of the Durham Miners’ Association, which has reopened after a £14m restoration with a hugely ambitious purpose that aligns with the original aims of the site. Redhills is considered one of the world’s finest trade union buildings. Famed for its “pitmen’s parliament” and regarded as “Durham’s other cathedral”, it was once named as one of the 10 buildings that helped change Britain. Andrew McIntyre, the interim CEO of Redhills, said it was far more than just a building. “You’re kind of standing on the spot where the welfare state was first imagined,” he said. “It has always had an aura … a magic.” View image in fullscreen Redhills, in Durham city centre, is regarded as one of the finest examples of trade union architecture. Photograph: Christopher Thomond/The Guardian The building has been slowly, quietly reopening since the restoration was completed this year. It decided against a grand reopening event in favour of a softer relaunch but it has not gone unnoticed. “We’re barely open and all of our guided tours are sold out into next year,” said McIntyre. Bill Moir, who will be leading tours, took the Guardian around what is few people’s idea of what a miners’ hall should look like. “It was designed like this so that the men of the coalfields, when they came to represent their pits, would enter an entrance hall equally as glorious as the entrance hall of the owners of coalmines,” said Moir. “It was built on this grand scale to equal anything built by the aristocracy.” View image in fullscreen The Austrian oak chamber where the ‘pitmen’s parliament’ convened. Photograph: Christopher Thomon...

On the evening of Monday 1 February 2021, during the third Covid lockdown, my wife Alexa and I sat down on the sofa to have sausages and chips in front of the TV. The children were tetchy, and we were worn out from trying to home-school them while working from home, me as a lawyer in the music industry and Alexa as a charity fundraiser. But at least, Alexa said to me, we had made it through January. Then I started making strange noises. “Are you joking?” she asked. Then, “are you choking?” She knew it was my heart. Days before, my cardiologist had told me I would need surgery within the next six months to repair a leaking valve that had been getting progressively worse for years. “What if you don’t have the surgery?” Alexa had asked. I replied: “I’ll just drop down dead.” I was joking – my heart problem wasn’t thought to be that serious – but as it turned out, I was right. By the time my dinner tray started slipping from my lap to the floor, I was already clinically dead. My heart had stopped beating and I wasn’t breathing. I was having a cardiac arrest. I am alive now only because of my wife and son who got help, my friend and neighbour Peter who gave me cardiopulmonary resuscitation, and the paramedics who eventually got my heart started again – 40 minutes after I had stopped breathing. I was taken to hospital in a state of deep unconsciousness, leaving Alexa standing in our living room, where the furniture had been pushed aside and there was mud on the floor and debris from the paramedics’ equipment strewn everywhere. It would be two months before I’d return home, visually impaired and with a brain injury, my perspective on life altered completely. Part of my brain had been turned off; I only experienced sensations not thoughts – it was like the silence after a crash The days after my cardiac arrest were a time of total contrast: Alexa was living a nightmare, not knowing whether I would live or die, while I was in a coma, oblivious to what was happening. Then, on...

When a mob stormed a neighbourhood in Ballymena last summer to expel families from their homes, a chilling shout echoed around the narrow streets: “Where are the foreigners?” The hunt for immigrants in the Northern Ireland town prompted Poles, Bulgarians, Filipinos, Nigerians and other nationalities to flee or barricade their doors. Police called the outburst of hate an attempted pogrom, one that made headlines around the world. Six months later, several houses around Clonavon Terrace are still scorched, empty shells, and the homes that remain occupied tend to have curtains drawn even during the day. View image in fullscreen Houses in Ballymena targeted during riots in June 2025 remain boarded up six months later. Photograph: Rory Carroll/The Guardian “Everybody is being very careful. It’s on a knife-edge,” said a health worker from Africa who declined to share his name or nationality. Another resident, from the Czech Republic, said he ventured out only when necessary. “Men with masks drive up and down. They slow down and look at you.” It is a bleak aftermath to three nights of mayhem in June when hundreds of rioters hurled rocks and petrol bombs at phalanxes of police, leaving dozens injured and turning Ballymena, a predominantly Protestant working-class town 25 miles north-west of Belfast, into a byword for intolerance. Many residents reject that description and say there is a misconception about what happened. The violence was not intended to terrorise all foreigners. Only the Roma. Other nationalities were targeted in error, said Hugh, 61, a hotel worker. “When people are rioting, accidents can happen. Innocents get caught up in the crossfire.” It was “unfortunate” that the community had to resort to such methods, he said. “They needed them people out. It seemed the only way. I think it’s better they [the Roma] stay away.” A “hardline” element lashed out at all foreigners but most in the mob were focused on the Roma, said another Ballymena native, a man aged 40....

SVNet MultiVision Showcased on AMD Versal™ AI Edge Series Gen 2 adaptive SoC as a Scalable Reference for Multi-Camera Perception LAS VEGAS, Jan. 4, 2026 /PRNewswire/ -- STRADVISION, a global leader in AI-based vision perception technology for autonomous driving, today announced a joint demonstration with AMD at CES 2026, showcasing STRADVISION's SVNet MultiVision perception software running on the AMD Versal™ AI Edge Series Gen 2 adaptive system-on-chip (SoC) platform, demonstrated using the AMD Versal™ AI Edge Series Gen 2 VEK385 Evaluation Kit as a technical reference environment. The demonstration will be presented at the AMD booth as a board-level reference implementation, highlighting multi-camera perception capabilities enabled by STRADVISION's SVNet MultiVision software and high-performance, AI-optimized AMD compute architecture. Multi-Camera Perception on AMD High-Performance Compute The CES 2026 demo features SVNet MultiVision, STRADVISION's perception software designed to support simultaneous, synchronized processing of multiple camera streams for advanced ADAS and automated driving use cases. Running on the AMD Versal AI Edge Series Gen 2 platform, the demo illustrates how STRADVISION's software scales across heterogeneous compute resources to deliver high-throughput, real-time perception performance. Continued Collaboration Between STRADVISION and AMD The CES 2026 showcase builds on ongoing and expanding collaboration between STRADVISION and AMD, following their initial joint demonstrations at CES 2025 and a recently announced multi-year collaboration focused on advancing AI-powered vision perception for software-defined and automated vehicles. By combining STRADVISION's production-proven perception software with AMD adaptive computing platforms, the collaboration supports OEMs and Tier-1s evaluating scalable perception architectures aligned with evolving vehicle compute consolidation and domain integration strategies. "Demonstrating SVNet MultiVision on...

TSMC’s ADRs reach record US$1.657tn, becoming sixth-largest market cap firm By Chen Cheng-hui / Staff reporter The value of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) American depositary receipts (ADRs) reached a historic high on Friday, after the leading contract chipmaker’s Taipei-listed shares continued to break records amid an artificial intelligence (AI) boom. TSMC’s ADRs were valued at US$1.657 trillion as of the close of the first trading day in New York this year, propelling its market capitalization to the sixth-largest globally, surpassing tech giants such as Meta Platforms Inc and Broadcom Inc, data released by CompaniesMarketCap showed. The jump, driven by strong AI demand and the company’s advanced manufacturing capabilities — such as chip-on-wafer-on-substrate packaging — placed TSMC as the second-largest semiconductor company after Nvidia Corp. Taiwan Semiconductor Manufacturing Co signage is pictured on the floor of the New York Stock Exchange on Friday last week. Photo: Bloomberg Nvidia remained the world’s largest stock, with a market cap of US$4.597 trillion on Friday, ahead of Apple Inc at US$4.021 trillion. Alphabet Inc ranked third with a market value of US$3.806 trillion, followed by Microsoft Corp at US$3.515 trillion and Amazon.com Inc at US$2.421 trillion, CompaniesMarketCap’s data showed. TSMC’s Taipei-listed shares hit a new high of NT$1,585 on Friday, lifting its market value to NT$41.1 trillion (US$1.31) last week, Taiwan Stock Exchange data indicated. Ahead of TSMC’s earnings conference on Thursday next week, investment advisory firm Aletheia Capital (Hong Kong) Ltd in a note raised its revenue and earnings projections for TSMC for this year and next year. “Regardless of CSPs [cloud service providers] prioritizing in-house ASICs [application-specific integrated circuit], AMD [Advanced Micro Devices Inc] gaining share, or Nvidia’s continual rapid rise, [they] all heavily rely on TSMC’s foundry services,” Aletheia Capital analys...

The year 2025 began with post-election optimism and expectations of a strong first quarter. Instead, markets were hit by the rise of low-cost AI initiatives from China, the adverse impact on the U.S. Big Tech, Trump tariffs, sticky inflation and persistently high interest rates. Stabilization in the market returned in the month of May after a tariff-led, turbulent April. Market euphoria started to solidify from midyear, thanks to easing trade tensions. There have been three Fed rate cuts this year, with the action starting in September. That momentum faded suddenly when the longest U.S. government shutdown brought the fourth-quarter economic progress to a halt, and overvaluation concerns intensified in the AI space. Even in mid-December, the AI market continued to face a tug of war between optimism and caution. Oracle’s $10 billion data center project in Michigan hit a roadblock (per Financial Times, as quoted on Yahoo Finance) after funding talks with Blue Owl stalled, weighing on tech stocks like Nvidia and Broadcom, while Micron’s strong earnings and upbeat AI demand forecast lifted its shares, highlighting the market’s mix of possibilities and perils. Still, with all those worries, Wall Street has put up an upbeat show in 2025. SPDR S&P 500 ETF Trust SPY has jumped 18.1% in the year-to-date frame (as of Dec. 26, 2025). The Nasdaq-100-heavy ETF Invesco QQQ Trust, Series 1 QQQ has surged 22.3%, and the SPDR Dow Jones Industrial Average ETF Trust DIA has advanced 15% in the year-to-date frame. Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) of 2025. Inside the Gainers Silver Miners iShares MSCI Global Silver and Metals Miners ETF SLVP – Up 220.3% Amplify Junior Silver Miners ETF SILJ – Up 202.1% Silver prices have surged this year on supply tightness and high demand. Fed rate cuts, a weaker dollar and high industrial usage have boosted silver's demand. Mining companies often act as leveraged plays of the underlying metal. No won...

恺英网络(002517) 投资要点 游戏研发与IP双驱动AI赋能 移动游戏为公司核心收入来源，构建了“研发、发行、投资+IP、用户平台”四大业务体系，长周期游戏如《原始传奇》《热血合击》《天使之战》《永恒联盟》等持续精细化运营；公司依托自研产品《新倚天屠龙记》《刀剑神域黑衣剑士：王牌》等IP联动数字资产，结合“数字资产+实体经济”模式激活文旅消费。织梦大模型与AI游戏引擎《SOON》实现从美术资产生成到代码部署的全流程自动化操作，显著缩短开发周期，展现公司在AI游戏开发领域的领先布局和技术实力。 打造AI潮玩拓展情感陪伴与文化消费新场景 AI潮玩品牌《暖星谷梦游记》以“智能玩偶+虚拟游戏”模式切入情感陪伴市场，拓展情感陪伴与文化消费新场景。同时借力资本，战略投资自然选择（EVE项目即3D AI情感陪伴产品有望2026年正式推出）与极逸人工智能（AI玩具项目，整合AI芯片、情感算法与虚拟世界引擎，构建数字生命体技术体系），通过资本绑定强化AI技术在游戏与情感陪伴场景的落地能力。 打造盒子产品探索IP社区平台运营新模式 传奇类游戏仍具高粘性，构建以传奇为核心的社区型盒子产品，支持游戏改编、短视频推广、直播宣传、赛事组织、道具交易等衍生服务；游戏IP价值正从单一产品授权向“社区生态+衍生服务+数字资产交易”全链条延伸，盒子模式代表了IP运营的新范式。 盈利预测 预测公司2025-2027年收入分别为48.23、52.30、56.77亿元，归母净利润分别为19.79、23.77、27.31亿元，EPS分别为0.93、1.11、1.28元，当前股价对应PE分别为23.6、19.7、17.1倍，夯实主业同时积极探索商业新边界，公司后续将打造“IP赋能、全球布局、AI驱动、生态协同”，并持续深化“优质内容、营销、全球发行”三位一体模式，首次覆盖，给予“买入”投资评级。 风险提示 行业政策变化的风险，行业竞争加剧的风险，新业务发展不及预期的风险，游戏产业表现不及预期的风险，人才流失风风险，新技术应用不及预期的风险，宏观经济波动的风险。

完美世界(002624) 投资要点 2025年主业端游戏与影视双回暖 完美世界依托国内首批自主研发3D游戏引擎的技术基因，以技术立身，并已形成覆盖端游、手游、主机游戏、云游戏及小程序游戏的全平台研发与发行能力，并深化以AI为代表的技术革新与场景落地实践，持续夯实游戏业务发展新动能，也与微软、英伟达、Epic、Unity等国内外科技厂商建立深度合作，共同推进前沿技术与游戏业务融合创新，赋能产品迭代升级。2025年公司主业游戏产品矩阵迭代，新品《诛仙世界》《诛仙2》及《女神异闻录：夜幕魅影》等上线拉动游戏收入增长；影视业务多部产品播出也推动收入增长，2025年主业回暖，2026年新品供给仍可期。 2026年关注《异环》及长短剧新品进展 公司的游戏业务推进“经典品类与潮流品类双轨并进”的协同发展模式，公司聚焦优质品类与游戏项目深度挖掘在营游戏长线价值，从诛仙IP到后续的《异环》凸显公司游戏业务新探索；影视端通过“长剧深耕、短剧精作、共生共长”策略，协同发力共生共荣，发力短剧赛道，出品的《大过年的》《夫妻的春节》《大过节的》《全职主夫培养计划》系列、《觉醒吧！恋爱脑》系列等短剧聚焦社会议题，以轻量化形式承载现实主义观察，2026年剧集可关注如《夜色正浓》《醒来》。 电竞赛事有望拉动体验经济 作为知名电竞产品《DOTA2（刀塔）》及《CS（反恐精英：全球攻势）》在中国大陆地区的独家运营商，公司构建了覆盖大众赛事、职业联赛、国际赛事的立体化赛事体系，以赛事运营为引擎，驱动产品的精细化运营；公司将继续秉持“赛事带动产品、赛事带动出海”的发展路径，积极打造完整的电竞生态体系。从2026年赛事看，2026年3月DOTA2国际邀请赛（TI2026）重返上海，电竞赛事有望拉动周边衍生品等溢出效应，且赛事带来沉浸式情感共振，进而带来消费链路的延伸，电竞赛事以体验为核心、以IP为纽带、以城市为载体的新型经济形态也为文化消费带来推动。 盈利预测 作为内容与技术践行者，从游戏到长短剧，本质围绕内容IP做打磨，形成经典与创新双轮驱动，AI时代积极整合AI工具，提升内容生成与研发效率，电竞业务中引入VR全息观赛、XR实时沙盘技术，影视业务自主研发“弧光智作系统”，利用AI优化制作流程，并通过IP联动、跨平台内容开发，打通游戏与影视内容的互动闭环，预测公司2025-2027年收入分别为57.35、61...

桂林旅游(000978) 投资要点 立足桂林、辐射华南的多元化旅游集团：桂林旅游成立于1998年4月，2000年5月上市，依托桂林景区自然禀赋，经营景区旅游业务、漓江游船客运、漓江大瀑布饭店、客运服务等多元业务，聚焦旅游主业，文旅深度融合，打造桂林多元化旅游集团。2024年桂林旅游旗下景区接待游客317.8万人次，yoy-11.5%。2024年公司营收为4.32亿元，同比-7.58%，其中景区旅游/游船客运/饭店/客运服务业务收入占比分别为48%/30%/17%/4%。 旅游市场复苏强劲，政策红利持续释放：1）居民出行意愿强劲，旅游市场需求旺盛。根据交通部数据，2025年前三季度延续增长态势，铁路/民航客流量累计同比分别增长+6.0%/5.2%。2）节假日旅游市场复苏势头强劲。根据文旅部数据，2025年国庆中秋8天假期间全国国内出游人次为8.88亿，较2024年国庆节假日7天增加16%。3）服务消费政策频出，有望助力释放文旅消费潜力。2023年起，中央陆续出台各项促消费和释放文旅消费潜力的政策文件，25年12月中央经济工作会议的首要重点任务是“坚持内需主导，建设强大国内市场”。 核心旅游资源赋能，多重举措增效发展：1）核心旅游资源构筑区域竞争壁垒。作为桂林市国资委旗下唯一旅游上市公司，公司布局两江四湖、漓江游船、银子岩等核心旅游目的地。2）保存量&甩包袱盘活存量资产，布局优质项目。公司通过资产减值与低效剥离推进资产结构优化，2020-2024年累计计提资产减值超4亿元，同步剥离持续亏损和闲置土地等低效资产；25年高端住宿产品漓江·瀑上酒店成功落地；桂林旅游市场资源丰富，公司控股股东桂林旅投旗下拥有丰富的旅游资产等，25年中秋国庆双节期间，实现总收入558.91万元，接待量与营收同比双增长。 盈利预测与投资评级：我们预测2025-2027年公司归母净利润为0.3/0.4/0.5亿元，对应PE为104/89/67倍。桂林旅游背靠桂林市国资享受政策红利，保存量&甩包袱优化利润表现，新增项目打开成长空间。考虑到桂林旅游作为广西旅游龙头，提质增效和资源整合预期下公司有估值溢价，首次覆盖给予“增持”评级。 风险提示：桂林旅游市场需求波动、资产优化进度不及预期，自然灾害及恶劣天气的影响等风险。

顺网科技(300113) 投资要点 AI如何赋能主业数字营销广告业务仍可期 公司主业中网络广告语增值业务贡献较大收入，其次是游戏与展会业务等，2025上半年收入中数字营销广告收入占比79.23%、游戏收入占比20.6%，主业之一的数字营销广告业务，主要通过大数据分析实现“千人千面”的广告推送模式显著提升了广告转化效率；同时公司与抖音在互联网广告推广业务方面保持日常业务合作关系，字节跳动旗下抖音直播为“ChinaJoy官方内容合作平台”，同时也是ChinaJoy百达计划、三大赛事的“官方宣发视频平台”与“官方内容合作平台”。 线上看游戏业务线下看ChinaJoy体验经济 公司游戏收入主要为手游与PC游戏道具消耗，2026年关注公司研发的非对称竞技卡牌手游《三国：百将牌》进展，同时，5G技术的发展为云游戏提供了技术支持，公司通过云游戏平台，降低了用户的游戏门槛，提升了游戏体验；公司通过“以租代买”模式推动网吧和电竞酒店的轻资产化转型，并结合云游戏技术，实现多终端无缝接入，拓展游戏业务的边界。ChinaJoy展会体验经济拉动，且依托ChinaJoy等平台，公司还打造了“电竞+社交+生活”融合场景，推动电竞文化与商业生态协同发展。 电竞与AI融合构建数智化生态推进边缘算力商业化落地 顺网电竞发布“顺网电竞云电脑CITY版”，推动顺网云服务从垂直电竞领域向更广泛的城域场景及数字消费多场景延伸通过“网维大师”“网吧管家”等产品，结合AI技术提供智能维护、安全防护和用户画像分析等增值服务，推动网咖和电竞酒店的数字化升级。同时，公司创新研发了集智能算力管理、敏捷云边端协同和统一边缘节点管理于一体的算力服务平台，满足云电竞、AI模型训练与推理、校企、图形设计、科学计算在内的多种智算算力需求；依托ChinaJoy等平台，公司还打造了“电竞+社交+生活”融合场景，推动电竞文化与商业生态协同发展。 盈利预测 预测公司2025-2027年收入分别为21.33、24.67、27.07亿元，归母净利润分别为3.65、4.59、5.75亿元，EPS分别为0.53、0.67、0.84元，当前股价对应PE分别为37.9、30.2、24.1倍，主营数字营销广告在AI赋能下仍具看点，2026年可关注公司游戏新品，同时，公司电竞与AI融合发展构建数智化生态仍可期，首次覆盖，给予“买入”投资评级。 风险提示 ...

科马材料(920086) 投资要点： 发行价格 11.66 元/股， 发行市盈率 13.64X， 申购日 2026 年 1 月 6 日。 科马材料本次发行价格 11.66 元/股， 发行市盈率 13.64X， 申购日为 2026 年 1 月 6 日。 本次发行数量为 2092 万股， 发行后总股本为 8368 万股， 本次发行数量占发行后总股本的 25%。 经我们测算， 公司发行后预计可流通股本比例为 25%， 老股占可流通股本比例为 0%。 有 4 家战略投资者参与公司的战略配售。 公司拟向不特定合格投资者公开发行股票不超过 2,092.00 万股（ 未考虑超额配售选择权） ， 募集资金将投资于“干式挤浸环保型离合器摩擦材料技改项目” 、 “研发中心升级项目” 。 “干式挤浸环保型离合器摩擦材料技改项目” 计划投资 15,116.80 万元，计划购置主要生产设备 141 台（ 套） 、 公用辅助系统设备 10 台（ 套） ， 项目建成后， 预计可新增年产 1,000 万片干式挤浸工艺离合器摩擦片产能。 深耕传动摩擦材料， 2020-2024 年归母净利润 CAGR 为 6%。 公司主营业务为干式摩擦片及湿式纸基摩擦片的研发、 生产及销售， 并致力于新型摩擦材料的开发应用， 客户包括采埃孚（ 嘉兴） 、 法士特伊顿、 福达股份、 浙江奇碟、 长春一东、 铁流股份等等； 王宗和、 廖爱霞、徐长城、 王婷婷为公司的实际控制人， 股权结构较为集中。 公司干式摩擦片主要应用于离合器和扭矩减振器， 适用于装配手动变速器（ MT） 、 电控机械式自动变速器（ AMT） 、 扭矩减振器的车辆， 且在 2021 年 6 月设立控股子公司科马传动， 致力于自动变速器用湿式纸基摩擦片的业务拓展； 2024 年公司干式摩擦片、 湿式纸基摩擦片的营收分别为 2.37 亿元、 0.03 亿元。 公司客户较分散， 2022-2024 年公司向前五名客户合计销售额占比维持在 25%-31%区间内。 财务方面， 2021 年-2024 年公司营收稳中有升， 2024 年营收达 2.5 亿元（ yoy+25.2%）；归母净利润 2024 年达 7153.2 万元（ yoy+44.3%） ， 2020-2024 年年均复合增长率为 6.2%，公司净利率逐步增长至 2024 年的 28.5%。 2024...

万达电影(002739) 投资要点 主业端，2026年内容储备充沛科技赋能影院助力视听体验经济 内容端，2026年从元旦档到春节档再到暑假档，影片陆续定档中，万达在手内容储备充沛如电影作品《欢迎来龙餐馆》《惊蛰无声》《转念花开》《流浪地球3》《我们生活在南京》《蛮荒禁地》等，剧集作品如《折叠城市》《龙骨焚箱》《遇人不熟》等；线下媒介放映终端，万达持续深化与IMAX、CINITY等战略合作提升视听体验；同时，通过“影游联动”“跨界联名”等技术+场景模式吸引用户，将影院从单一观影场所升级为文化社交平台。 投资拍立方借力资本深化娱乐空间战略 2025年12月，万达电影完成对方图科技旗下智能自拍互动娱乐品牌“拍立方”战投，2026年春节前首批设备入驻万达影城，融合万达电影的电影基因优势、明星艺人、潮玩IP等资源，并将逐步覆盖万达电影旗下700多家直营影城，自助影像商业模式在韩国等市场已相对成熟，以影院场域为核心，通过影像社交深化万达娱乐空间战略；双方后续将共同推进影像社交模式在一、二线城市核心商圈、特色文化街区及海外市场的布局；2025年万达电影参投IP玩具品牌52Toys，拓宽非票收入的同时也有望带来线下入口价值的重估。 积极拥抱AI+IP 万达电影已推出数字确权平台Rtime Link，通过IP潮玩与数字资产的创新绑定，推动版权运营迈向数智化新阶段，并主导研发AI互动芯片植入玩偶，开启实体潮玩新纪元。 盈利预测 预测公司2025-2027年收入分别为140.3、153.1、166.9亿元，归母净利润分别为9.78、12.67、15.20亿元，EPS分别为0.46、0.60、0.72元，当前股价对应PE分别为24.5、18.9、15.7倍，作为文化强国重要组成的电影板块，大众对优质内容的需求韧性仍好，线下观影的体验经济仍具挖掘潜力，新供给与新需求均有望助力主业持续夯实，作为头部电影院线公司，借力AI、IP、资本，持续深化娱乐空间战略，维持“买入”投资评级。 风险提示 新技术如AI应用不及预期的风险；电影行业增速放缓风险；回暖进展低于预期；优质影片供给的风险；新增折旧影响公司盈利能力的风险；电影等项目延期上映导致业绩波动风险；影院运营不及预期的风险；房屋租赁到期的风险；投资进展不及预期的风险；突发公共卫生事件的风险；宏观经济波动的风险等。

摘要 1994年分税制改革以来的三十余年间，中国税收增速与经济增速的轨迹，远非简单的同步变动，而是在动态偏离中呈现出鲜明的时代特征。以2012年为界，此前税收增长总体高于GDP增速与之后的常态性低位运行，共同构成了观察这一关系的核心背景。这一深刻的经济与税收增速换挡，不仅直接决定了宏观税负的长期下行趋势，而且还隐藏着关键性结构特征，即直接税与间接税的增长韧性分野，以及新旧产业动能转换所驱动的税源结构巨变。 2013年以来，税收增速总体持续下行、低于经济增速有四点原因：一是中国经济发展阶段从供给短缺走向需求不足，对经济增速、经济质量等产生重大影响，带动税收增速下行。二是中国经济发展动能从房地产走向新质生产力，税收制度和征管能力未能适应新动能发展需要。三是宏观调控尤其是财政政策实施方式高度依赖减税降费，但是近年来减税降费政策的传导机制受阻，税基扩大效应不明显。四是税制设计的收入杠杆效应和波动放大器效应明显，导致经济下行周期税收增速下行速度快于经济。 中国税收收入在未来大概率会延续当前的低速增长态势，将对财政经济产生四大挑战：一是财政收入质量下降，财政汲取能力下降、财政可持续性减弱。二是宏观治理能力下降，中央对地方的财政控制力下降。三是政府债务尤其是地方债务规模和风险可能攀升。四是长期的税收增速低迷和债务压力偏大可能导致地方政府积极性下降，继而影响营商环境的改善。 因此，要采取大力度举措扭转税收增速低迷和宏观税负持续下降的态势。税收增速和宏观税负不是越低越好，要保持在合理水平，既要确保市场主体的活力，又能确保财政安全。具体而言： 一是深化需求侧管理，夯实税收增长的经济基础； 二是改革税收制度，构建同新经济形态相适配的税收制度和征管体系； 三是优化财政政策方式，从减税转向增支并提升其质效； 四是规范税收优惠政策，维护税制统一与中性。

投资要点： 行业动态跟踪 快递物流： 1）浙江邮政管理局召开行业高质量发展座谈会，反对“内卷式”竞争，取消差异化派费。根据浙江省邮政管理局官网，浙江省邮政管理局组织召开行业高质量发展座谈会，围绕维护行业末端稳定、推动行业高质量发展进行深入交流。各主要品牌快递企业省级总部负责人，部分市县邮政管理部门负责人参加会议。会议要求持续规范市场秩序，加强行业自律，反对“内卷式”竞争，取消差异化派费；保障加盟企业和基层网点的合法权益和诉求。 2）极兔速递10.56亿美元收购两家附属公司股权，公司利润弹性有望进一步提升。2025年12月28日，极兔发布公告，同意收购新市场运营实体控股公司JetGlobal及沙特业务运营实体JNTExpressKSA股权。根据股份转让协议I，极兔附属公司OnwingGlobal同意收购JetGlobal（新市场运营实体控股公司，包括巴西、埃及、墨西哥、阿拉伯联合酋长国及沙特阿拉伯）合计36.99%的股权，交易对价最高为9.5亿美元；根据股份转让协议II，极兔附属公司J&TKSA同意收购eWTP持有的JNTExpress KSA（沙特业务运营实体）约46.55%股权，交易对价最高约为1.06亿美元。2024年JetGlobal及JNTExpressKSA税后净利润均实现同比大幅减亏，伴随后续区域业务经营持续改善，收购完成后公司并表新市场利润有望大幅增厚。 航空机场： 1）元旦假期民航客运量增速可观。根据交通运输部，2025年12月31日-2026年1月2日，民航客运量合计达到597.6万人次，同比增长13%。根据央视记者从交通运输部获悉，1月3日全国民航预计运输旅客208万人次，同比增长21.8%。 2）燃油附加费再下调。自2026年1月5日零时起，下调国内航线旅客运输燃油附加费征收标准。其中，800公里（含）以下航段每位成人收取10元，800公里以上航段每位成人收取20元，分别降低10元和20元。残疾军人、因公致残的警察、儿童（含无陪儿童）减半收取，即800公里以上航段10元，800公里以下（含）免收。婴儿免收燃油附加费。 3）国航、春秋、吉祥航司拟购飞机。中国国航拟购买60架空客A320NEO系列飞机，春秋航空拟购买30架空客A320neo系列飞机，吉祥航空拟购买25架空客A320系列飞机，飞机将于2028年至2032年分批交付。 4）元旦假期国内...

核心结论 零部件本周复盘总结： 本周SW汽零指数+2.91%（ 2025年初至今+42.58%） ， 在SW汽车板块中排名第1；最新交易日SW汽零PE(TTM)处于历史的79.44%分位； PB(LF)处于历史的75.50%分位。 机器人本周复盘总结： 本周万得机器人指数+3.73%（2025年初至今+62.08%） ， 较SW汽零超额收益为+0.83%；最新交易日万得机器人PE(TTM)处于2025全年的68.31%分位， PB(LF)处于全年的79.42%分位。 核心覆盖标的周度变化： 1） 【银轮股份】 增资四川银轮3.8亿元， 用于水冷板和前端模块的产能建设， 预计2029年达产； 2） 【华达科技】 公告2025年度中期分红计划， 拟每股派发现金红利0.15元（含税） ， 累计派发7046万元； 3） 【福达股份】 公告完成桂林福达阿尔芬第二期25%股权的转让交易（权款4800万元） 。 核心覆盖标的本周涨幅情况： 前五名分别为【新泉股份】 +14.05%、 【北特科技】 +11.64%、【拓普集团】 +8.26%、 【岱美股份】 +8.01%； 【新坐标】 +7.97%。 投资建议： 1） 零部件—寻找结构性机会： 优选产品型公司+内生外延切入高价值赛道提高ASP的公司+优先布局欧洲/北美/东南亚产能的潜在龙头型公司； 2） 机器人—寻找确定性机会： Optimus V3预计于26Q1发布， 当前板块进入春季躁动期， 2026需关注V3订单落地时间节点及国内如小鹏、 宇树、 智元等厂商的应用端落地。 1） EPS维度推荐福耀玻璃、 星宇股份、 敏实集团、 均胜电子、 星源卓镁， 关注新泉股份； 2） PE维度， 推荐拓普集团、 均胜电子、 双环传动、 敏实集团、银轮股份、 飞龙股份， 关注亚普股份、 岱美股份。 风险提示： 地缘政治不确定性风险增大；全球经济复苏力度低于预期；新兴产业进度低于预期。

皮林：即使非洲的经济增速没有在2026年跑赢亚洲，其人口结构和不同的发展阶段也意味着那很有可能在未来几年发生。 英国《金融时报》非洲事务主编 戴维•皮林 如果你非要称之为统计上的反常现象，那就随你便吧。但如果运气好的话，非洲今年的经济增长速度将超过亚洲。如果54个非洲经济体能够成功跑赢亚洲同僚，那将是现代史上首次出现这种情况。 要做到这一点，非洲经济体的平均增速仅需略高于去年水平。2025年，尽管苏丹深陷战乱、萨赫勒地区武装叛乱频发、马达加斯加和几内亚比绍发生政变，但撒哈拉以南非洲的经济增速估计仍可达到约4.1%。国际货币基金组织(IMF)预计，随着各经济体继续受益于美元走弱（这有助于降低偿债成本和缓解通胀压力）以及包括黄金和铜在内的大宗商品价格高企，这一增速将在2026年进一步加快至4.4%。 与此同时，IMF预测，随着中国经济增速放缓，亚洲经济体的整体增速将在2026年放缓至4.1%左右。 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►