Pla2na/iStock via Getty Images How Volatility Can Benefit Fundamentals Letter Summary Amid a variety of crosscurrents and rich valuations, the U.S. equity market as proxied by the S&P 500 declined modestly in the first quarter of 2026. Beneath the surface of this headline decline, however, individual stock movements were much more varied with many underperforming or outperforming by 20 to 40 percentage points. Rather than add to the noise of voices opining about the various headwinds facing the market and the related investor angst that contributed to this wide dispersion in individual stock returns, we want to use this letter to focus on the opportunities it has created. Specifically, by systematically rotating out of names that have appreciated in price and gotten more expensive and reinvesting those proceeds into less expensive names, there is an ability to increase underlying free cash flows at the portfolio level (see Figure 1 below) on top of the growth generated by the underlying companies. We think this rebalancing benefit is underappreciated and is a powerful force that explains the outperformance of free-cash-flow-based value strategies over time. While valuation changes can cause shorter-term returns to swing around, longer-term returns are a product of fundamentals. We are focused on those fundamentals and will continue to take advantage of market turmoil to the benefit of our value-driven strategies. Performance Summary U.S. Fundamental Stability & Value (U.S. FSV): Amid a modest decline for US stocks in Q1, our U.S. FSV strategy net of fee return of -1.41% bested the S&P 500's comparable gain of -4.35% but lagged the Russell 1000 Value's 2.07% gain where a large energy weight supported returns. Annualized net of fee performance since inception is now 0.32% behind that of the S&P 500 and 3.61% ahead of the Russell 1000 Value Index. U.S. Small/Mid Cap Quality & Value (SMID QV): Our SMID QV strategy returned 5.94% in Q1 2026 on a total return basis net of...

China's SAIC Motor plans EV factory in Spain, Bloomberg News reports Reuters

大埔宏福苑居民繼續分批上樓執拾，有居民帶同鮮花悼念罹難的鄰居，也有人希望政府再安排上樓，讓年邁雙親向舊居道別。 獲安排上樓的是宏昌閣五個樓層，及宏仁閣十個樓層居民，早上冒著大雨重回舊地。有人帶備多個大紙箱及行李箱。不知是否最後一次道別，住在宏昌閣七樓的他，即使腳傷都堅持上樓。 宏昌閣居民郭先生稱：「如果很些微機會，失去上去的機會，我覺得不可以博。其中一個很想取走的是家中水壺，因(父親)用了很多年，三、四十年也在用。本來發黃了也清潔，很多回憶在內。」 不過，經歷完三小時的執拾，實際有些事與願違。 郭先生指出：「一直以為水壺收起放在櫃上，但上去開櫃不是那個水壺，是另一個水壺。拿走了如此大的玻璃煙灰缸，因為父親由小至大也吸煙。」 有居民為了要撐樓梯一早鍛鍊，仍擔心體力不支，又希望可以再上樓，讓年邁父母也有機會道別。 宏仁閣居民胡小姐說：「因我們住中層，他們未必上到去。有一次可能一家人一起在屋內道別，慢慢、不用執拾，舒舒服服在屋中享受最後。」 多名居民都有同樣心願。 宏昌閣居民李太稱：「我是剛裝修完，想整理一下、將來讓兒子舒服些有間房，我們兩個老了就在那，太多雜物堵著，若多給我數小時，可以給我坐在那，慢慢每一寸慢慢挖。」 宏仁閣居民李先生說：「與社工說希望上多一次。取回屋契先處理，一些金飾、現金，及有紀念價值的東西，如我母親的照片。」 物件可以取走，但因火災奪去的生命就只能夠懷緬。宏昌閣是宏福苑八座大廈，最先起火的一棟，損毀最為嚴重，81人死亡。 宏昌閣居民陳女士指：「我很忐忑不安，我的左右鄰居都上了天堂。」 被問會否做甚麼悼念，陳女士回應：「有、我帶了花來。」 政府為宏昌和宏泰閣居民提供特別情緒及心理支援，除了每四層會派員外，有死亡個案的單位，每戶都有社署臨床心理學家及社工全程陪同。

可提高这些地方发债效率，提升专项债资金使用效益 中国进一步扩大了地方政府专项债券审核放权范围，以更好地发挥资金使用效益。 4月24日，财政部网站发布《关于扩大地方政府专项债券项目“自审自发”试点范围的通知》（下称《通知》），称经国务院同意，河北省、江西省、湖北省、重庆市纳入地方政府专项债券项目“自审自发”试点范围，自本通知印发之日（4月17日）起执行。 这意味着，目前纳入地方政府专项债券“自审自发”试点的省份扩围至14个，除了上述新纳入的4省市外，还包括2024年底首批10个试点省份，即广东（含深圳）、江苏、山东（含青岛）、四川、浙江（含宁波）、北京、上海、福建（含厦门）、湖南、安徽。 长期关注地方债的中央财经大学教授温来成告诉第一财经，此次我国扩大专项债“自审自发”试点省份范围，目的是进一步提高专项债发行效率。与未纳入这一试点省份相比，“自审自发”试点省份可以自主决定专项债项目，无需再经过财政部和国家发展改革委审批，因此地方可以更好地根据当地实际情况来决定发债项目，提升发债效率。 为了稳投资稳经济，近些年地方政府新增专项债券发行规模持续攀升，今年这一规模达到4.4万亿元，与去年持平。为了争取更多的专项债资金，地方向国家发展改革委和财政部申报的专项债项目十分庞大，而在2025年之前地方上报的这些项目最终需要经过两部委审核通过后，各省份才能根据实际安排资金额度来选择安排具体专项债项目发行。这一审核进度一定程度上也影响了地方发债效率。 为此，2024年底国务院办公厅发布《关于优化完善地方政府专项债券管理机制的意见》，选取了上述首批10个省份（以及河北雄安新区）开展了专项债券项目“自审自发”试点，这些试点省份形成的专项债项目清单，经过省级政府审核批准后不再报国家发展改革委、财政部审核，可立即组织发行专项债券。 中诚信国际研究院院长袁海霞曾告诉第一财经，从2025年的试点地区情况看，自审自发地区的发行进度快于全国，并且对项目审批也更为严格，对该地区稳增长、缓风险、促民生等方面发挥积极作用。 比如，福建省财政厅债务处有关负责人公开表示：“我们将项目审核流程由以往市县—省级—国家两部委3级审核减至市县—省级2级审核，缩短申报链条，简化管理程序，降低沟通成本，提高审核效率。” 山东省财政厅相关负责人介绍，与试点前相比，全省审核标准反而更严、尺度更紧，项目储备的时效性也更强、质量更...

Divers are installing waterproof speakers in the ocean to help pull a coral reef near Jamaica back from the brink The northern coast of Jamaica once served as the backdrop for scenes in the James Bond thriller No Time to Die. But today, beneath those same turquoise waves, a real-life mission is unfolding: the race to pull a dying coral reef back from the brink. However, the tools a team of divers are carrying to the seafloor are not what you would expect to find in a marine biologist’s kit. They are installing waterproof speakers at the bottom of the ocean, and the man leading the team is not a scientist. Continue reading...

凯因科技公告，2026年第一季度营业收入2.07亿元，同比下降10.67%。净利润613.42万元，同比下降76.10%。主要受生物制品增值税政策由简易计税调整为一般计税，以及员工持股计划费用摊销等因素影响。

凯因科技公告，2025年实现营业收入13.21亿元，同比增长7.35%；净利润为3059.84万元，同比下降78.51%。公司拟向全体股东每10股派发现金红利2.5元（含税），合计拟派发现金红利4273.61万元，占合并报表中归属于上市公司股东净利润的比例为139.67%。

宏福苑火災獨立委員會聽證會，消防處處長楊恩健出席作供，是至今出席最高級的政府官員。他指在防火上，消防處及屋宇署是角色互補，但同意消防有最終把關責任。對於延遲報告消防設備損壞等行為，將會加大五至十倍罰則。 消防處處長楊恩健到中環展城館，出席第三輪第五場聽證會，對於有消防代表早前作供稱，發泡膠封窗、後樓梯設生口等，涉及樓宇結構，屬「被動」消防裝置，應由屋宇署負責。 楊恩健指，與屋宇署大部分是硬性分工，在防火上角色互補，並非「一個管主動、一個管被動」。又承認發泡膠板及生口，兩個部門均有法例賦權規管，技術上消防有權就此發出消除火警危險通知書，實際上仍要與屋宇署討論，不然是兩位個部門「管同一個窗」。 對於早前有消防供稱，收到俗稱消防紙，即消防裝置及設備證書後，因要人手輸入而滯後，楊恩健指將修例，強制以電子方式提交，否則要紀律聆訊。亦計劃對延遲報告消防設備損壞等行為，加大五至十倍罰則，甚至判處監禁，以及要求承辦商每三至五年續牌，淘汰表現欠佳者，目標今年內完成立法。 至於「消防裝置取消通知書」，早前揭露內部有慣例，停用一年才會跟進。 楊恩健指即日起已由靠承辦商單純通知，改為須審批查問，會審視是否有擺放替代設備，警鐘及水缸等狀況，上限為60日，若仍未完工，會發出消除火警危險通知書。 而在火災當日，有份負責在場總指揮的消防處助理處長鄧榮華作供指，當日想盡辦法「搶高」，曾嘗試以雲梯進入十樓，但現場濃煙密布、火勢猛烈，最終只能逐層推進。 對於公眾關注為何不部署更多雲梯，他就指已及時加派。又解釋雲梯主要作用，是在外圍集中撲滅棚架火勢，並為外牆降溫，而消防基本救火策略是內部優先。 又指今次的火勢是由外到內，所以當日只有宏昌閣一屋三人成功透過雲梯救出，但因大廈對開並非緊急車輛通道，加上有大量竹枝及石屎跌落，梯臂要近乎水平延伸，三人登上雲梯時，已因負重問題響起警告燈。之後更在滅火時，有組件燒毀、不能運作。 委員會至今傳召共14名消防處事實證人，委員會首席代表大律師杜淦堃指，稍後專家證人階段，會再有其他消防處人員作供。 消防處雲梯車高度約20層樓 百米雲梯所需展開寬度橫跨4條行車線｜延伸閱讀

When Justin Finn’s two elementary-schoolers come home, they’re not turning on the TV or grabbing an iPad. Instead, they head straight to the phone — not a smartphone, but a landline. Calls come in on their cream-colored Tin Can, the $100 landline-inspired, Wi-Fi-enabled device that’s gone viral over the last 12 months. “It’s not uncommon for the phone to start ringing within minutes,” Finn said. “There is a real excitement around it that we have not seen with many other additions within the home.” Since debuting in April 2025, the retro-styled device has become a hit, with hundreds of thousands sold, mostly thanks to word-of-mouth recommendations, according to the company. That’s despite limited marketing and a small fundraising haul, including $3.5 million over the summer and a $12 million seed round in December led by Greylock Partners. The Tin Can plugs into a wall outlet and includes a speakerphone, speed dial buttons and an answering machine feature. The phone, which also comes in assorted bright colors, lets people make free calls between Tin Cans and to emergency services. Users can also pay $10 a month for the ability to ring and receive calls from parent-approved external numbers. The device is available in the US and Canada. Tin Can has found a welcome reception at a time when parents, educators and lawmakers are searching for an antidote to constant screen time. Countries around the world are considering social media curbs for young users after Australia enacted a ban for under-16s. In the US, meanwhile, Meta Platforms Inc. and Alphabet Inc.’s Google lost a landmark court case in Los Angeles last month brought by a 20-year-old woman who said her addiction to these platforms fueled mental health problems. Read More: Meta, YouTube Verdict Escalates Calls for Teen Social Media Limits The Finn family received their Tin Can for free as part of a parent-led initiative at Nativity Parish School outside of Kansas City — one of a growing number of schools seeding ...

The wind industry smells opportunity in Europe. At an expo in Madrid this week, the convention floor was abuzz as hundreds of European, American, Japanese and Korean exhibitors vied to pitch their products, knowing the continent urgently needs to shore up its energy security amid the US-Israel war on Iran. But there was one glaring absence: not a single company operating a booth was Chinese, with China’s participants only networking from the sidelines. At a time when many in Europe seek a rapid...

beast01/iStock via Getty Images Choppy markets can create anxiety, but they can also be navigated with a few disciplined habits. Christian Medeiros, VP, Director and Portfolio Manager, Asset Allocation, TD Asset Management, joins MoneyTalk to discuss the importance of diversification, paying attention to market pricing and avoiding buying into overly bullish or bearish narratives. Transcript Greg Bonnell: A ceasefire extension in the Middle East has done little to tamp down global uncertainty. But according to our guest today, investors need to be thinking beyond headline volatility. Joining us now to discuss is Christian Medeiros, VP, Director, and Portfolio Manager for Asset Allocation with TD Asset Management. Christian, great to have you back on the program. Christian Medeiros: Great to be back. Greg Bonnell: Alright, so we have the situation we're in now, where we're not exactly sure where we're headed. We haven't been really sure where we're headed for several weeks when it comes to the Middle East. How do you start thinking about that headline volatility? Because we have been whipsawed. Christian Medeiros: Yeah, investors have been buffeted with headlines on either side. Ceasefire, no ceasefire, escalation, de-escalation. I think the important thing for investors is to take a step back. And as we've talked about before on this program, when you have a geopolitical or exogenous shock, it's to think about how does that shock transmit through the real economy, then how does that affect different asset classes, and is it really something that necessitates a change in your portfolio? And the other thing I'd also point out, too, is building a portfolio construction that does well regardless of regime; that you have things in the portfolio that will work in periods of these shocks, so that you do have a smoother journey; and that your P&L and your emotions are not swinging around with headlines; and that you're more comfortable managing through these periods of time...

NextEra Energy (NYSE: NEE) isn't your average utility. It has grown its adjusted earnings per share at a 10% compound annual rate over the last decade, more than four times faster than the average utility (2.2%). Several factors have fueled its robust growth rate, including operating the largest electric utility in Florida and focusing on developing clean energy infrastructure. The company's growth engine was running at full power during the first quarter. Here's a look at those numbers and what the leading energy stock sees ahead. Image source: Getty Images. Continue reading

Against US Dominance: Europe's Hormuz Mission And The Illusion Of Geopolitical Power Submitted by Thomas Kolbe The loss of Europe’s geopolitical power is the defining decline narrative of our time. As Europeans, we are condemned to become unwilling witnesses of continental decay . And in no field of politics does the toxic amalgam of eco-socialism, elite arrogance, and rampant infantilism become more visible than at the level of the European Union. What we are witnessing in Brussels and the leading capitals of the EU are desperate attempts at coordinated foreign policy – and the realization that the cooperation of powerless individual entities does not necessarily lead to better outcomes than bilateral cooperation. That this realization must have reached the highest circles of European politics could be observed at the end of this week. The four “big ones” – Germany, the United Kingdom, France, and Italy – called for a maritime alliance and the protection of the Strait of Hormuz. Fifty additional states – according to the initiators of this rather peculiar political camouflage – are expected to join the European alliance. Leadership claims are naturally being made by the former maritime powers Britain and France, above all France, whose aircraft carrier Charles de Gaulle may stand as the last remaining symbol of Europe’s great naval tradition at the center of these activities – if one can even approach the Persian Gulf at all. The situation remains fragile: the currently stable ceasefire ends on Wednesday. And negotiations between the United States, Israel, and Iran are entering their final phase. From a European perspective, our assumptions are once again confirmed: the EU and its slowly re-approaching partner the United Kingdom are staging a political cabaret. First came the wait-and-see approach until Americans and Israel had militarily decided the situation. Meanwhile, some NATO members refused cooperation with the United States, only to now, after everything ha...

In recent trading, shares of Apple Hospitality REIT Inc (Symbol: APLE) have crossed above the average analyst 12-month target price of $13.00, changing hands for $13.14/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgr

本港二手樓價指數，再創近兩年半新高，港島及新界西「破頂」，代理指短期升勢不變。

本港二手樓價指數，再創近兩年半新高，港島及新界西「破頂」，代理指短期升勢不變。

赛特新材公告，2025年营业收入9.95亿元，同比增长6.57%。净利润2418.59万元，同比下降68.66%。公司拟以1.67亿股为基数，向全体股东每10股派发现金红利人民币0.50元（含税），预计派发现金分红834.77万元（含税），占公司2025年度合并报表归属于上市公司股东净利润的34.51%。

赛特新材公告，2026年第一季度营业收入2.42亿元，同比下降1.44%。净利润38.11万元，同比下降96.09%。报告期内销售均价下降，毛利率同比下降。

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself.

In recent trading, shares of WillScot Holdings Corp (Symbol: WSC) have crossed above the average analyst 12-month target price of $22.39, changing hands for $22.49/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade o

In recent trading, shares of Halliburton Company (Symbol: HAL) have crossed above the average analyst 12-month target price of $39.62, changing hands for $39.65/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on v

In recent trading, shares of United Rentals Inc (Symbol: URI) have crossed above the average analyst 12-month target price of $927.42, changing hands for $986.78/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on

In recent trading, shares of Sanmina Corp (Symbol: SANM) have crossed above the average analyst 12-month target price of $179.17, changing hands for $180.02/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valua

Host countries limited to five ‘foreign’ matches a season Bar raised for clearance and Fifa would have right of veto Domestic leagues would be limited to staging one game a season in foreign countries under Fifa proposals that significantly raise the bar for controversial “international matches” to be approved. A new protocol, developed by a Fifa working group set up almost two years ago, would bring in clearer regulations to police the divisive issue and introduce strict limits. Continue reading...

万憬能源公告，2026年第一季度营收为1.65亿元，同比下降11.90%；净利润为1202.67万元，同比下降25.83%。