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歡迎收看《世界觀》。 美國總統特朗普罕有地與教宗爆發「罵戰」。有分析認為，白宮與梵蒂岡交惡，可能會得罪美國逾5,000萬天主教選民。 看到這張AI生成圖，你會聯想到甚麼呢？發布這張圖的特朗普，否認想自比救世主，他只是想展示自己是醫生，濟世為懷。特朗普發布這張AI圖，是與教宗良十四世隔空罵戰的一部分，特朗普亦在記者面前點名批評教宗。 美國總統特朗普稱：「我們不喜歡一位能接受核武的教宗，我們不喜歡接受城市罪惡橫行的教宗，我不喜歡這様，我不是教宗良十四世的支持者。」 特朗普亦在網上「火力全開」，指良十四世對罪惡軟弱，外交政策糟糕，又指他不希望一個能接受伊朗能擁有核武的教宗；又叫良十四世多用常識，而不是迎合極左，要當偉大的教宗，而不是政客。有評論認為，美國總統直接向教宗「開火」十分罕見，甚至有人形容，連二戰時的希特勒及墨索里尼亦未曾試過這樣直接抨擊教宗。 特朗普不滿的，是良十四世對特朗普多個外交政策發表評論，特別是美國對伊朗的戰事。特朗普早前威脅要將伊朗整個文明摧毀時，良十世四認為這講法「絕對不能接受」。而上月底，良十四世在梵蒂岡主持彌撒時，指雙手沾滿鮮血的人，上帝不會聆聽他們的祈禱。 教宗良十四世表示：「耶穌是和平的君王，祂拒絕戰爭，任何人都不能以祂的名字為戰爭做辯護，祂不垂聽發動戰爭之人的祈禱。」 良十四世雖然沒有點名特朗普，但當時正值美國及以色列向伊朗發動軍事打擊，而特朗普亦曾經提及，相信上帝支持美國對伊朗的行動。早前美國出兵委內瑞拉，俘虜總統馬杜羅，良十四世當時已批評，暴力外交已取代對話尋求共識的外交。 有傳媒形容，這場罵戰是「兩個全球最具影響力美國人」的爭執，因為良十四世是歷來首位美國籍教宗，但「民族感情」並沒有令這次爭執降溫。教宗已表明無懼特朗普的威脅，而教會人士亦強調，教宗無意成為特朗普的對頭人，他只是為反戰及人道主義發聲。 美國現有約5,300萬名天主教徒，佔選民人數約二成，副總統萬斯也是教徒。而上屆選舉，更成為特朗普的「票倉」，有逾六成的天主教徒投票給特朗普，投給民主黨賀錦麗的卻不足四成，可見這批選民足以左右選舉結果。但美國的天主教選民有較大「搖擺性」，即不會固定支持共和黨或民主黨。 特朗普在這次事件上，攻擊的不是良十四世本人，而是整個教廷，甚至天主教。有評論認為，11月舉行的中期選舉，是選民對教宗同特朗普之間的選擇。 特朗普發表的AI圖，有教徒認為是褻瀆...

Madison Air Pulls Off Biggest U.S. Industrial IPO Since 1999 As Data Center Cooling Theme Heats Up Madison Air Solutions surged 18% in its IPO on Thursday after raising $2.23 billion, pulling off the largest U.S. industrial IPO in nearly three decades . Shares closed at $31.75, signaling strong investor appetite for an industrial name tied to the AI infrastructure buildout. The Chicago-based company designs and manufactures ventilation, filtration, and cooling systems for data centers , semiconductor manufacturing facilities, life sciences buildings, and commercial buildings. Most importantly, investors care about MAIR because it sells liquid, hybrid, and air-cooling equipment for data centers, tying it directly to the AI buildout boom. Data centers account for roughly 20% of MAIR's business . The company operates 30 brands and generated $3.34 billion in 2025 revenue, up from $2.62 billion a year earlier, though net income declined to $124 million from $236 million. Like many industrials operating in the US, it faces pressure from President Trump's tariffs, with imported metals adding more than $51 million in costs last year. On Thursday, MAIR closed at $31.75, up from its $27 offering price, giving the company a $15.5 billion. In premakret trading in New York, shares are around $32. Last year, in the data center cooling theme, we penned a note titled " A Chilling Opportunity " on data centers, highlighting UBS analyst Joshua Spector's bullish coverage of Chemours as being well-positioned in coolant solutions for data centers. Year to date, Chemours is up 94%. Looking ahead, Goldman analyst Mark Delaney provided color on the data center buildout earlier today: " Datacenter capex from leading public hyperscalers is now approaching ~$700 billion, roughly 10x the level in 2020 ." This only suggests that as chip stacks get more powerful and demand for energy and cooling rises, companies like MAIR and Chemours stand to be key beneficiaries. Tyler Durden Fri, 04/17/2026 -...

Truist's profit rises on strong growth in investment banking, trading Reuters

Joe Hendrickson/iStock Editorial via Getty Images Disney ( DIS ) has big plans for Super Bowl LXI in 2027. The media giant's rights deal with the NFL calls for the game to be telecast on both ABC and ESPN, with a separate "alterna-cast" led by Peyton and Eli Manning to appear on ESPN2. Notably, the Super Bowl will take place on Valentine's Day and will be followed by a federal holiday, which could turn the event into an even bigger spectacle. Sources told Variety that Disney ( DIS ) wants $10M for a 30-second ad during the Super Bowl LXI, although it is meeting resistance at that record-breaking level. Typically, Super Bowl broadcasters can sell more than 40% of their Super Bowl inventory before the industry's upfront season takes place in May. Disney ( DIS ) is also looking to take advantage of a recent industry policy that has advertisers commit to matching Super Bowl spending elsewhere in its media portfolio. The House of Mouse's last broadcast of the Super Bowl was in 2006, when ABC held the rights to Super Bowl XL. Shares of Disney ( DIS ) dipped 0.2% in premarket trading and are off 8.7% on a year-to-date basis. More on Walt Disney Disney: Succession Plan Underway Wall Street Lunch: Disney Revamps Paris Park To Boost European Growth Disney: Parks Is The Company's Core Now, But The Core Of Parks Isn't Talked About At All Baseball streaming rights see federal antitrust scrutiny - report ‘Super Mario Galaxy Movie’ still in control as ‘Project Hail Mary’ holds strong

Ultra Clean Holdings Inc. (NASDAQ:UCTT) is one of the 11 Stocks With 3x-5x Returns This Year. Ultra Clean Holdings grew its share prices by 202 percent year-to-date—at already $76.44 on Thursday versus only $25.33 on December 31—with the rally primarily driven by the surging demand for semiconductors, sparking rosy prospects for its business. Specifically, optimistic sentiment […]

随着小鹏汽车（09868.HK)、蔚来汽车(09866.HK)、智己等多家车企相继推出旗舰车型，新能源汽车高端化已成为行业共识。 这背后，一方面是10万—20万元的大众主流市场已明显趋于饱和，另一方面在于高端化路线能够带来更丰厚的利润空间。 乘联分会秘书长崔东树此前在分析全国乘用车市场价格段销量结构变化趋势时也曾指出，当前乘用车市场呈现明显“结构上行”特征，即高端车型销售占比显著提升，中低价车型销量占比下降。 在这一行业趋势下，零跑汽车（09863.HK）也在筹备了半年之后，正式推出旗下冲击高端市场的首款车型。 4月16日，零跑D19正式上市，新车提供纯电、增程两种动力模式，售价21.98万—26.98万元。 △零跑D19上市价格 时代周报记者摄 这是零跑汽车成立十年来，首款价格突破20万元的车型。 发布会上，零跑汽车创始人朱江明提到：“零跑当前拥有17个零部件工厂，可以做到最大限度地节约成本，这也使得D19可以采用成本定价策略。” 在此前零跑D19的全球首秀上，朱江明就曾提到：“现在车圈最卷的就是‘9系’的车，零跑对D19的定位是顶配中的顶配，其核心零部件均采用全球知名供应商产品。” 正如朱江明所说，当前“9系”车型的竞争日趋激烈，车型也在不断丰富。从均价超50万元、年销超11万辆的问界M9，到刚刚入局的蔚来ES9，以及即将以全新改款车型与消费者见面的理想L9 Livis等。 但车企在高端市场的竞争，绝不仅仅围绕“9系”，如即将上市的小鹏GX、比亚迪大唐系列等，也都瞄准了中高端市场。 零跑汽车不再只要销量 “20天之前，零跑刚刚发布了零跑A10，并在上市20天实现了大定超3万辆。”在零跑D19发布会现场，朱江明首先分享了新产品的成绩。 4月1日，零跑汽车披露了3月销量，月销突破5万辆，达50029台，同比增长35%。2026年第一季度，零跑汽车累计交付110155辆。 继2024年年销近30万辆后，零跑2025年销量达近60万辆，同比增长103.1%，位居新势力首位，连续两年实现销量翻番。 基于这两年的增速，零跑汽车定了下2026年冲击100万辆的年度销量目标。 目前，零跑已布局A、B、C、D四大产品系列，构建涵盖轿车、SUV、MPV的多元化产品矩阵。其中，C系列聚焦15万—20万元主流价格带，B系列的价格更低，在10万—15万元之间，而刚刚上市的A系列首款产品，...

U.S. tech companies are ramping up lobbying of government officials at home and further afield amid the Iran war, as they look to defend their interests and map out contingency plans, industry insiders told CNBC. Conflict in the Middle East has thrown the global business sector into disarray, with oil prices skyrocketing and supply chains heavily disrupted. In the tech industry, assets in the region have become military targets and analysts have predicted shortages in key materials needed for the AI infrastructure buildout. "U.S. tech firms are actively engaging both U.S. diplomats in the Middle East and regional counterparts," as well as officials in the White House and Pentagon, Sean Evins, partner at strategic communications consultancy Kekst CNC, told CNBC. He pointed to clients in Big Tech, as well as the data center and semiconductor sectors, as increasing lobbying efforts, but declined to share specific names as the information is confidential. Those clients' risk exposure is now physical as well as commercial, he added. "Critical undersea cables, public sector cloud, data centers and enterprise systems are embedded in Gulf economies physically and financially. Any instability quickly starts to threaten contracts and, ultimately, revenue." A White House spokesperson told CNBC that President Donald Trump had "always been clear about temporary disruptions as a result of Operation Epic Fury." They added that the administration has "been working hand in glove with industry leaders not just to mitigate these disruptions, but to continue laying the groundwork for America's long-term economic resurgence." Risk to infrastructure and markets Tech companies have directly come into the crosshairs as the Iran war has spiraled into a regional conflict. Apps and digital services in the United Arab Emirates reported outages following drone strikes on Amazon Web Services' data centers in the country in March. At the start of April, Iran's Revolutionary Guard threatened attac...

小米集團-W(01810)4月17日斥資2.38億港元回購750萬股 作者 智通財經 Investing.com 香港 - 股市報價& 財經新聞

格隆汇4月17日｜据证监会， 在2023年3月公开征求意见的基础上，中国证监会结合期货行业监管实践中面临的新情况、新问题，对《期货公司监督管理办法》的相关制度安排做了进一步研究论证，形成了新的《期货公司监督管理办法（征求意见稿）》，同步起草了《关于实施＜期货公司监督管理办法＞有关事项的公告（征求意见稿）》作为配套实施规定。现向社会公开征求意见。 新的《期货公司监督管理办法（征求意见稿）》将原本由风险管理子公司经营、期货业协会备案准入和自律管理的期货做市交易、衍生品交易业务，改由期货公司经营，并实施许可准入和行政监管，强化了期货公司子公司和分支机构的监管等。《关于实施＜期货公司监督管理办法＞有关事项的公告（征求意见稿）》对子公司的相关业务活动以及新旧规则衔接做了安排。

文｜邱晓芬 编辑｜苏建勋 2026年，AI正在加速从云端落地到端侧。近期，模型厂商和手机厂商都在背后开始发力—— 3月下旬，国内几大手机厂商几乎同时推送了端侧AI的大规模更新，把原本仅限于旗舰机的AI能力下放到中端和千元机市场。自此，端侧AI终于成为大部分智能手机的标配。 到了4月初，谷歌发布开源模型Gemma 4系列，通过架构创新显著降低了端侧AI部署门槛，让AI能力首次真正下沉至手机、IoT等边缘场景中。 尽管当前行业里对端侧AI落地方向的探索五花八门，但众多非共识中唯一的共识是，AI手机依旧是短期内端侧AI最佳的落地形式。 而此前在2025年，在全球AI浪潮下，荣耀已发起了一场转型，从一家智能手机制造商向AI终端生态公司转型，并且计划用五年时间在AI领域投资百亿美金。 荣耀AHI战略 在过去的探索中，荣耀一步步构建起了自己的AI打法——在操作系统侧，荣耀发布了原生、自进化的AI智能体操作系统MagicOS。在AI Agent产品侧，荣耀推出了核心载体YOYO智能体。“YOYO建议”、“一句话打车”，“一句话购物比价”等都是荣耀手机上特色的AI功能。 转型的迫切，也体现在组织管理层面。2025年，荣耀在研发侧重构了组织架构，设立了AI&软件部门，整合操作系统、AI产品、互联网产品等团队，进一步构建荣耀AI核心竞争力。 如果体验荣耀最新的旗舰机Magic V6，可以发现AI手机的体验已经有了本质区别。 在过去，AI在手机上更多是不痛不痒的“问答”功能，而在荣耀Magic V6上，手机逐渐有了向生产力演进的趋势——比如， “AI会议参谋” 功能，能够在会前提醒用户、会中实现AI托管、会后一键生成结构化会议纪要和待办事项等等；在“AI文档智能体”上，用户还可以实现“拍照转文档”，“拍照即编辑”。 AI会议参谋 荣耀MagicOS AI产品专家李向东向《智能涌现》分析，背后反映了未来的AI手机的三个迭代方向。 首先，AI手机将支持Agent自动执行，相当于长出了“手”和“脚”。与此同时，手机是用户最高频使用的硬件终端，AI手机也会有专属的知识库和记忆系统，实现“越用越懂你”。在未来，AI手机大概率是千人千面的。另外，未来AI手机也将支持多模态交互，从过去的语音文字，向视频、照片甚至是具身智能延伸。 在李向东看来，未来AI手机的迭代，也会带来用一场颠覆性的改变，比如人机交...

马斯克曾苦口婆心地奉劝贝佐斯：“我们试过那个，结果证明真的很蠢，所以别做我们做过的事。“ 多年后的贝佐斯，把马斯克的“忠告”抛之脑后，开始正面宣战——本周，贝佐斯完成了一次精心布局。亚马逊宣布以约116亿美元收购卫星运营商Globalstar，而这家公司则是苹果主打安全功能的网络服务商。亚马逊也因此顺理成章成为苹果的卫星通信合作伙伴，Amazon Leo网络成为苹果手机和手表的服务提供商。 在同一天，亚马逊发布了低轨卫星航空天线Amazon Leo Ultra，搭载亚马逊自研芯片，扁平无活动部件设计，一天即可完成飞机安装，下行速率支持1Gbps，商用峰值表现明显优于Starlink目前同类产品。美国航空公司JetBlue成为亚马逊的首家客户。 一天之内，三条新闻叠加，指向同一个战略：贝佐斯正在构建一套完整的卫星互联网生态体系。在被马斯克嘲讽20年之后，贝佐斯终于完成了全生态战略布局，可以在卫星互联网领域，具备实力与SpaceX展开正面竞争了。 马斯克说教贝佐斯 这场竞争并非始于今日，20多年来，贝佐斯在航天领域都是被马斯克嘲讽的追赶者。虽然在特朗普再度当选总统之后，两人已经关系好转，但这种被嘲讽的记忆从未在贝佐斯的脑海淡忘。即便他已经卸任了亚马逊CEO职位，贝佐斯依然积极活跃在航天领域，同时推进着亚马逊和蓝色起源两家公司的太空业务。 两人在太空领域的明争暗斗已经有二十多年历史了，确切地说，是源自2004年那次尴尬的晚餐。当年马斯克刚创立SpaceX两年，主动联系贝佐斯，希望参观彼此的太空项目。值得一提的是，贝佐斯早在2000年就创办了蓝色起源，比马斯克创办SpaceX还早了两年。 和马斯克一样，贝佐斯年幼时就有探索太空的梦想。他高中毕业典礼的演讲主题就是“将人类移居外星，把地球变成国家公园”。2000年的时候，亚马逊上市没多久，贝佐斯就聘请了一些顶级科学家和科幻小说家，成立了一个秘密的航天实验室。 据伊萨克森（Walter Isaacson）的《马斯克传》记载，在贝佐斯参观完SpaceX后，马斯克给贝佐斯发了一封”略显简短”的邮件，抱怨贝佐斯没有回请他参观蓝色起源。贝佐斯随后邀请马斯克夫妇共进晚餐，但是这顿饭的气氛却不太愉快。在贝佐斯提出自己的诸多创意时，充满自信的马斯克毫不客气地直接开始教贝佐斯做事。 马斯克后来回忆说，自己只是告诉贝佐斯：“我们试过那个，结果证明...

Voyager Technologies, Inc. (VOYG) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

格隆汇4月17日｜据国际文传电讯社：俄罗斯宣布4月22日至29日小麦出口关税为零。

Nvidia Sparks Quantum Stock Rally Across IONQ, RGTI, QBTS, but Fundamentals Lag Behind The Globe and Mail

格隆汇4月17日｜山东省政府印发《突破菏泽鲁西崛起实施方案（2026—2030年）》，推动菏泽、枣庄、德州、聊城、滨州5市加快跨越发展，努力打造全省向西高水平开放桥头堡、省际交界地区高质量发展样板。方案提出，5市综合实力显著增强，主导产业能级跃升，绿色转型成效明显，民生福祉持续改善，地区生产总值、城乡居民可支配收入等年均增幅高于全省平均水平，突破菏泽鲁西崛起取得重大进展。方案部署产业跃升、科创攀登、内需扩容、绿色低碳、乡村振兴、改革开放、区域联动、民生改善八大工程，重点培育高端化工、生物医药、工业母机、低空经济等特色产业，完善高铁、机场、5G-A等基础设施，强化财政、用地、用能、人才等政策支持，加快补齐区域发展短板。

恩华药业公告，2025年营业收入59.11亿元，同比增长3.75%。净利润10.57亿元，同比下降7.54%。公司董事会审议通过的利润分配预案为：以10.16亿股为基数，向全体股东每10股派发现金红利4元（含税），送红股0股（含税），不以公积金转增股本。

今日，中国音数协游戏工委发布《2026年第一季度中国游戏产业季度报告》，报告显示，2026 年第一季度中国游戏市场实际销售收入 971.72 亿元，环比增长 2.54%，同比增长 13.38%，其中，中国移动游戏市场实际销售收入 676.23 亿元，环比增长 0.36%，同比增长 6.28%，中国客户端游戏市场实际销售收入 249.76 亿元，环比增长 11.17%，同比增长 39.38%。中国自主研发游戏海外市场实际销售收入 63.31 亿美元，环比增长 6.23%，同比增长 31.76%。 从数据来看，一季度最大的惊喜便是客户端游戏的爆发，端游市场占比从去年同期的约20%提升至25.7%，彻底打破了移动端长期“一家独大”的格局。 造成这一数字增长的主要原因有几点： 一方面是双端互通产品爆发，《明日方舟：终末地》《三角洲行动》等新品，据上海徐汇官方公众号发布的信息来看，《明日方舟：终末地》开服两周便创下全球全平台累计流水突破12亿元的成绩 ——其中，在国内市场，PC端流水占比近60%，在海外市场，PC端与PS端合计占比达70%。 伽马数据发布的《2026年2月中国游戏产业月度报告》显示，《三角洲行动》在2月中上旬推出角色与皮肤特别活动，带动用户付费意愿显著提升，单月市场增量贡献超7亿元。简单来说，是优质产品精准抓住硬核玩家需求。 另一方面是春节档期常青端游推出主题版本和运营活动，有效带动用户活跃度和付费意愿双提升，比如《梦幻西游》电脑版开启为期一个月的春节专题活动，以“骅骝献瑞”为主题推出系列任务与限定奖励，吸引老玩家回归、新玩家参与，《剑网3》的马年新春版本通过贺岁外装、限定挂宠等产品也带动付费增长。 另外，中国出海的数字也在继续狂飙中，一季度中国自主研发游戏海外市场实际销售收入达63.31亿美元，环比增长6.23%，同比增长31.76%，增速远超国内市场。 根据Sensor Tower商店情报平台数据显示，3月份有38家中国厂商入围全球手游发行商收入榜TOP100，合计吸金占全球TOP100手游发行商收入的39.2%，接近四成市场份额，足以看出中国游戏在全球市场的竞争力。一边是《原神》《崩坏：星穹铁道》等头部产品持续领跑，稳定贡献海外收入，另一边则是厂商加速布局中东、拉美等蓝海市场，降低对欧美市场的依赖，收入结构更趋平衡。 当然，移动市场依然是目前游戏市场的“...

Source: Bloomberg, 9:21

JHVEPhoto/iStock Editorial via Getty Images After sitting out of the bull market for quite some time, PepsiCo, Inc. ( PEP ) bulls finally got the quarter they've been waiting for, and I don't think the market is processing what it actually means for PEP. This morning, PEP delivered $19.44 billion of revenue in Q1, which exceeded the consensus estimates by $500 million, and $1.61 of non-GAAP EPS, which was a beat of $0.06. This is no longer a situation where management is telling a story about transformation, as Q1 2026 gave the market a lot to be excited about. What could be the most important aspect is that PEP believes its organic revenue will grow between 2-4% in 2026. Regardless of whether we see a rotation back into big tech, PEP is one of the most recognizable brands globally with products that can’t be vibe-coded away. It would be nearly impossible to recreate PEP’s organizational reach, and the valuation at these levels looks inexpensive, trading at around 18 times 2026 earnings while producing a dividend yield that exceeds 3.5%. I am very bullish on what I read this morning from PEP and think the valuation at a $211.67 billion market cap is very attractive, especially in a market where the worst from the geopolitical conflict overseas could be behind us. Seeking Alpha Following up on my previous article about PEP Back in January, I had written an article on PEP ( can be read here ) where I discussed why I was still bullish on PEP under $140. I felt that PEP traded at a compelling valuation, trading at less than 20 times earnings with a dividend yield that exceeded 4%. I believed that PEP's operational turnaround was dependent on margin expansion via cost cuts, AI, robotics, and lower commodity pricing, not aggressive top-line growth. Management was prioritizing cost structure optimization and portfolio simplification, which were two things I felt would be extremely beneficial to the bull narrative. After going through Q1 earnings, I believe that PEP is very...

芯源微公告，2025年实现营业收入19.48亿元，同比增长11.11%；净利润7170.51万元，同比下降64.64%。公司拟向全体股东每10股派发现金红利0.36元（含税），合计拟派发现金红利725.49万元（含税），不送红股，不进行资本公积转增股本。

恩华药业公告，第一季度营收为16.1亿元，同比增长6.58%；净利润为3.17亿元，同比增长5.56%。

Welcome to our guide to the commodities driving the global economy. Today, Asia Energy Team Leader Stephen Stapczynski explains why a wartime supply shock is jeopardizing the long-term future of LNG in emerging economies. This was meant to be a breakout year for liquefied natural gas — a wave of new supply at affordable prices winning long-term customers in emerging economies. Not any more. The war in the Middle East has throttled a fifth of global supply, with shipments via the Strait of Hormuz still blocked after seven weeks. The world’s biggest LNG export plant in Qatar is counting the cost of missile and drone strikes . A year that began by promising the most dramatic surge in LNG exports since 2019 could end with a decline in output, according to some analysts’ forecasts. The squeeze is already hitting Asia — and hard. LNG flows have slumped to the lowest since 2020 on a 30-day moving average, forcing buyers to curb consumption just as demand was meant to accelerate. While prices have receded in recent days, thanks largely to demand destruction, they remain 50% higher than before the war. The longer-term damage may be more profound. A second price shock in just four years, after Russia’s invasion of Ukraine, is persuading governments across Asia to build supply chains that don’t rely on LNG. Vietnam is reconsidering a gas-fired power project in favor of renewables . Pakistan, grappling with extensive blackouts , is scrambling to revive its own gas production, while Malaysia’s state-owned energy giant will reinvest a windfall from higher oil prices into its domestic gas fields. China offers perhaps the clearest signal. Burned by past shortages, Beijing has spent years diversifying its energy mix so that, although LNG imports are down 25% from last year, the country isn’t facing a deficit. Its consumers can lean on domestic gas, pipeline imports and even record coal production. For most of its history, LNG has been a premium fuel, confined largely to wealthier na...

“41分钟完成全流程就诊”“253元完成基础体检”“298.6英镑完成胃病诊疗”……如今的海外社交平台上，“Cured in China”（到中国看病）正成为新晋“流量密码”。 图源：YouTube 当这些个体就医体验被不断转发、模仿、放大，原本零散的异国就医分享，已然汇聚成一股正在成型的跨境医疗流动。国家卫健委数据显示，重点涉外医院2025年接诊国际患者达128万人次，较3年前增长73.6%；其中，欧美患者数量实现翻倍，东南亚地区每年赴华就医患者也突破15万人次。 当趋势已成，真正值得追问的问题也随之而来：外国患者为何愿意专程赴华看病？这波需求的涌入，是否会对本就紧张的国内医疗资源形成挤压？而对于和睦家、卓正医疗这类中高端连锁医疗机构而言，这究竟是值得押注的增量红利，还是机遇与风险并存的全新变量？ 01.性价比驱动更多“老外”来中国看病 理想状态下的就医体验是价格合理、就诊高效、医生医术可靠。然而，从医疗资源供给、医生人力配置，到公共保障体系、医院运营管理，全球医疗体系几乎都困在“质量、及时性、成本”的“不可能三角”中。 来自安徽省阜阳市某三甲医院医生林扬（化名）坦言，患者都希望医生看得细致、有耐心。可如果每位病人的问诊时间长达二三十分钟，扣除午休、行政工作及院内其他事务，一位专家一天能接诊多少人？即便医生愿意透支精力，人力终究有其上限。 反之，若将问诊时间压缩到两三分钟，接诊量上去了，却可能出现误诊、漏诊的情况——这不仅会降低患者就医体验，更可能引发医疗纠纷。而想要扩充优质专家资源，现实压力同样突出：近两年公立医院普遍经营困难，降薪、缩编已是常态。专家号定价偏低，医院难以实现盈利，又拿什么留住高水平医疗人才、支撑学科发展呢？ 面对“不可能三角”的难题，全球多数国家选择的路径都是“分层供给”。公开数据显示，中国已建成全球规模最大的医疗卫生体系，超过90%的家庭能够在15分钟内到达最近的医疗机构，这为分层医疗的落地打下了坚实基础。 以高效可及的基层医疗网络为依托，国内形成了清晰的分层体系：基层诊所、社区门诊主要承担感冒发烧、慢性病随访等基础诊疗，实现“小病不出社区”；公立三甲医院承接更复杂的专科诊疗与疑难病症，筑牢重症救治防线；高端私立医疗机构，则侧重服务对就医环境、就诊体验、预约效率和个性化服务有更高需求的中高收入人群。 与国内分层逻辑不同，海外医疗的分层核心是：...

chrisdorney/iStock via Getty Images Background I have been fortunate enough to grow old and even more fortunate to have grown wise in the eyes of my family. Just this morning, one of my nieces and a repeat customer on my financial advice hotline called to ask, "What should I be doing with my money?" Her largest position is the Vanguard 500 Index Fund ETF ( VOO ), which returned almost 35% last year, and she also has a substantial cash position that currently earns about 3.6% in her settlement fund. She likes the safety of her cash position but is looking for more return potential while still minimizing risk. Of course, she has arrived at a universal question. Most investors choose to keep some portion of their wealth in relatively safe investments and are willing to sacrifice potential return for peace of mind. For these investors, high-yield dividend stocks, including the tobacco industry, might be a great option. Tobacco companies are currently offering forward yields as high as 6.5%, supported by inelastic demand. The tobacco industry includes two dividend kings, Altria and Universal, that have increased their dividends for fifty-six and fifty-four consecutive years, respectively. We will also consider four additional contenders: British American Tobacco p.l.c. ( BTI ), Imperial Brands PLC, Japan Tobacco Inc. ( JAPAY ), and Philip Morris International Inc. These four companies have paid a dividend for eleven or more consecutive years. Relative Quality Matrix I like to begin any look at an industry by examining its components quantitatively and objectively. Therefore, the six tobacco companies were evaluated using a relative favorability matrix with the following six factors: Forward Yield: Higher forward yield was considered more favorable. Payout Ratio: (dividends TTM / normalized EPS TTM), lower payout ratio was considered more favorable Forward Price/Earnings: A lower price/earnings ratio was considered more favorable. Free Cash Flow Margin: A higher free cash...