前几日，一则消息，震撼了我国的半导体行业。一家名为“长鑫科技”的企业，今年一季度，归母净利润冲到了247.6亿，这个数字已超过科创板605家上市公司归母净利润总和。随之长鑫科技更新了科创板IPO招股说明书申报稿，并提交相关财务资料，预计上半年公司将实现营业收入1100亿元至1200亿元。 炸裂的业绩，让长鑫科技的估值或达万亿元，其背后的投资机构也迎来一次财富的“大丰收”，但这里不包括碧桂园。 两年前，碧桂园公告清仓长鑫科技，套现20亿元，现在这笔股权大概值300亿元。 “你以为你的对手是友商，其实你的对手是时代。”混沌大学教授李善友的这句话，曾经映射到每一个房企的多元化战略中，而在房企的多元化战略中，高科技包括硬核科技一度是巨头们最看重的一个板块，战略地位非比寻常。只是，随着越来越多的项目尤其是AI赛道中的优质项目被割舍，他们错失的不只是财富回报。 可能还有这个新时代的红利。 AI企业赚钱，受益者是房地产？ 在AI与房地产的交集中，最热的新闻不是某地产巨头投中了哪个明星AI企业，而是AI企业花钱买楼。 前段时间，“全球大模型第一股”智谱AI甩出3.6个亿，整栋买下了中关村的钻石大厦。消息一出，此事在AI行业及地产圈迅速引发了热议。钻石大厦过去十余年几经转手：2011年凯龙瑞基金以2.68亿元收购，2014年中银集团收购价约4.2亿元，智谱此次的成交价，相比2014年的高点已有所回落。 尽管智谱AI明确称买楼是作为公司总部自用，可大模型、人形机器人、AI硬件等赛道催生出的越来越多的明星企业，难免令地产人浮想联翩。当AI企业赚到的或融到的钱，最终消费在房地产市场，会不会带来新的复苏？ 在海淀，中关村区域已形成一片全新的AI创新集群，在这个总面积仅5.28平方公里的街道，就聚集了86家人工智能公司。 瑞银给出了一个乐观的预期。在报告中，瑞银称历史数据显示，工业企业利润与一线城市房价的相关性较高，相关系数达到0.63。今年1季度，工业企业利润同比增长15%，且PPI转正，而按行业分，利润增速最快的就是AI相关行业。在这些盈利增长的行业中，大部分公司的总部位于北京、上海、苏州和东莞，这与这些城市的二手房成交量高于其他城市相呼应。 但是，AI企业终究无法重现互联网“扫楼”的盛况。 一方面，在房地产的黄金时代，互联网企业及一些行业巨头“跨界”地产，带着明显的投资目的。而多数AI企...

前几天，一个北京程序员朋友找我诉苦，说他身边正经历极其残酷的裁员， 裁的全是月薪四五万的资深程序员 。紧接着昨天，我又看到一份关于印度IT行业的深度跟踪报告。 报告揭示印度IT外包行业正面临不可逆转的加速下行。 把这两件事放在一起拼凑对照，只感觉瑟瑟发抖，毕竟我也曾是一名程序员。 这不是在经历高峰或低谷的周期，而是一场正在悄无声息发生的行业彻底消亡。那些过去二十年里靠着堆砌人力、写着底层代码就能躺赚的互联网公司，地基已被彻底掏空。 过去的30年里，印度中产阶级的崛起几乎只有一条单一轨道： 学计算机，进IT大厂。 报告里提到一位叫拉吉迪普的印度中年IT男。上世纪90年代，他出身在加尔各答一个极其拮据的一室一厅公寓里。虽然他真正感兴趣的是经济学，但在父母近乎逼迫的极力劝说下，他还是果断转去学了计算机。 （像极20年前懵懂的我，实际感兴趣是金融，却被父亲劝说读了计算机） 在那个拥有超大规模贫困人口的国家，塔塔咨询（TCS）和印孚瑟斯（Infosys）这种全球顶级的IT外包巨头，就是普通人全家的救世主。 只要拿到工科学位，就能坐进拥有高档食堂和娱乐设施的现代化写字楼，拿着远超国民平均水平的高薪，甚至获得去欧美出差镀金、彻底改变家族命运的机会。 这套逻辑，其实也是中国过去二十年疯狂上演的造富神话。 2013年前后，国内移动互联网大爆发。那时我正在金山网络的广州研发中心搬砖，亲眼见证软硬件生态是如何以一种野蛮的姿态疯狂扩张的。 那几年，整个行业极度缺人，哪怕只是大专学历，只要去市面上的培训班突击学上几个月的Java、PHP或前端开发，也能轻而易举通过面试，拿到一份在当时让同龄人眼红的高薪。 从本质上看，无论是国内的软通动力、中软国际、文思海辉，还是印度的IT外包巨头，它们的商业模式简单粗暴到了极致： 按人头和工时收费 。 北美或国内的大厂需要开发一个系统，外包公司就招100个年轻程序员，配上10个项目经理（PM），像包工头带农民工盖楼一样，把代码一行一行垒起来。 年轻人用加班和头秃换取高薪，企业在中间赚取丰厚的人头差价。 在这个稳固的金字塔结构里，底层是海量的年轻码农，中间层是负责协调和监督的PM。大家都以为，只要科技还在发展，这栋数字大楼就会一直盖下去，饭碗就永远是铁做的。 但这套看似坚不可摧的商业闭环，在AI大模型疯狂进化的今天，正在遭遇毁灭性的打击。 过去需要十个初级程序...

财联社5月26日讯（记者 刘阳） 在经历数年的股权变动与市场沉浮后，江铃控股的控制权重回其最初的两位创始人——长安汽车与江铃集团手中。 5月25日，据市场监管总局发布的“2026年5月11日-5月17日无条件批准“经营者集中案件列表”，重庆长安汽车股份有限公司与江铃汽车集团有限公司收购江铃控股有限公司股权案审结。 该项交易中，江西国控汽车投资有限公司（下称“江西国控”）分别与长安汽车、江铃集团签署协议，江西国控向长安汽车转让江铃控股25%的股权，向江铃集团无偿划转江铃控股25%的股权。交易前，江西国控、长安汽车、江铃集团分别持有江铃控股50%、25%、25%的股权，三方共同控制江铃控股。交易后，长安汽车和江铃集团分别持有江铃控股50%的股权，双方共同控制江铃控股。 “市场监管总局对此项经营者集中的无条件批准，反映了监管机构对于此次产业内部资源整合的认可。”在业内人士看来，随着江西国控的退出和长安、江铃股权的重新对等，江铃控股在历经新势力资本注入、地方国资过渡托管后，最终所有权结构又回到了产业方手中，“这标志着一段以‘资质买卖’为特征的插曲告一段落，资产归属重新锚定在实体制造与产业协同的逻辑之上。” 作为中国汽车产业合作与变革的缩影，江铃控股成立于2004年11月1日，由长安汽车与江铃集团各自注资10亿元联合组建，旨在打造“陆风”品牌乘用车。随着市场竞争加剧，尤其是新能源汽车浪潮的冲击，陆风品牌销量在2019年遭遇断崖式下滑，年销量从巅峰期的8万辆骤降至数千辆，公司一度陷入经营危机。 为引入新血液，2019年6月，造车新势力爱驰汽车以17.47亿元增资，一举拿下江铃控股50%的控股权，长安与江铃的股比相应被稀释至各25%。彼时，该交易不仅被视为新势力破解生产资质难题的经典案例，亦是央企、地方国企和民营企业合作的范本。然而，爱驰汽车经营不善，直至2021年6月，爱驰汽车不得不剥离江铃控股，并将其持有的50%股权转给江西国控。此后，江铃控股一度面临破产风险，传统陆风品牌逐渐淡出，资产陷入沉寂。 直至2022年，在长安汽车与江铃集团、南昌市政府的规划下，江铃控股转型为长安汽车制造基地，用于生产长安汽车旗下车型，包括长安启源系列新能源乘用车以及锐程PLUS等燃油车。目前，该基地已建成具备燃油、混合动力及纯电动三大平台车型生产能力的柔性生产线。 “股权重组后，为双方未来在技术共...

氧化铝上涨超5%，主力合约减仓5万余手。现货方面，据SMM数据，截至5月26日，氧化铝现货均价为2668.4元/吨，较上一交易日上涨0.77元/吨，止跌反弹。据Mysteel调研了解，广西南宁某新投氧化铝项目昨日已开始出产品，涉及产能约100万吨/年，后续产出情况将持续跟踪。受到几内亚将于6月公布铝土矿出口相关改革措施的消息影响，氧化铝直线拉涨，并突破2800元/吨一线。从盘面资金流向来看，空头减仓暂时为价格冲高的主导力量，主力合约AO2609减仓5万余手，氧化铝期货整体持仓量暂减仓，降至52万手。随着改革措施公布时点进一步明确，此前盘面因供应过剩积累的空头资金减仓离场避险。当前国内氧化铝行业平均完全成本2700元/吨左右，现金成本约2500元/吨。目前来看，随着几内亚政策推出，氧化铝成本线2500-2700元/吨区间是构筑氧化铝年度级别坚实的底部区域，中期或将显著脱离成本线拖累并朝向3000元/吨以上进攻。（国信期货）

The Xi-Trump summit in Beijing unfolded much more cordially than the tense truce in Busan. In the six months since the leaders met in the South Korean city, America’s bargaining position has weakened considerably from developments both domestic and international. From a reluctant respite in tensions, US-China relations have evolved to what may be the beginning of a reconciliation. The two great powers interact at three levels. At the bottom is trade and investment; we can expect the terms of the Busan trade truce to be revised as the context evolves. At the top is geopolitical rivalry – with an America drained by the Iran war. In the middle is the most strategic layer, involving technology and critical supply chains, shaping cooperation in the level below and constraining conflict in the level above. The bottom layer is the easiest to self-maintain. In Beijing, the United States and China agreed to set up separate boards to manage bilateral trade and investment. These boards primarily cover non-sensitive sectors, however, and function well only if there is strategic stability in the top layer. Advertisement Trump’s trade war against the world is losing steam. The US Supreme Court and Court of International Trade have ruled that Trump’s tariffs are invalid. Despite the Section 301 trade investigations against China, given the understanding reached at the pre-Beijing talks in Seoul, US tariffs may be capped at levels established in last year’s truce. Furthermore, the bid to leverage tariffs to narrow US trade deficits and suppress China’s exports has largely failed. Last year, the US goods trade deficit hit a record of US$1.24 trillion while China reported a record trade surplus of US$1.2 trillion. Although the US trade deficit with China shrunk, this has neither helped the US nor hurt China – the US has merely shifted import sources while China diversified its export markets. Even as trade flows are reconfigured, the overall trade balances for US and China hardly bud...

BEIJING, May 26, 2026 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2026. First Quarter 2026 Financial and Operational Snapshots Net revenues were RMB440.7 million (US$63.9 million), compared to RMB487.6 million in the first quarter of 2025. Gross billings (non-GAAP) were RMB304.8 million (US$44.2 million), compared to RMB412.3 million in the first quarter of 2025. Gross profit was RMB381.1 million (US$55.3 million), compared to RMB415.3 million in the first quarter of 2025. Net income was RMB76.8 million (US$11.1 million), compared to RMB75.2 million in the first quarter of 2025. Net income margin 1 was 17.4%, compared to 15.4% in the first quarter of 2025. was 17.4%, compared to 15.4% in the first quarter of 2025. New student enrollments 2 were 102,127, compared to 169,083 in the first quarter of 2025. were 102,127, compared to 169,083 in the first quarter of 2025. As of March 31, 2026, the Company’s deferred revenue balance was RMB500.5 million (US$72.6 million), compared to RMB585.3 million as of December 31, 2025. _____________________________ 1 Net income margin is defined as net income as a percentage of net revenues. 2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience. “We opened 2026 with net revenues of RMB440.7 million and net income of RMB76.8 million, our 20th consecutive profitable quarter. Net income margin remained s...

Conflict is intensfying around the world, from Latin America to the Middle East to potentially the Pacific. In preparation for a less peaceful future, the U.S. is substantially increasing its defense budget, boosting it by 44% to $1.5 trillion in 2027 alone. Full budgets are not out yet, but it is clear there will be a huge rise in spending on new military technologies and in stockpiles of key products, such as missile defense systems. Many stocks can benefit as suppliers to this new arsenal of democracy. Here are two defense stocks worth looking at. Anyone following the war in Ukraine knows that drones are the future of warfare. In land-based conflict, this means drones in the air. But for sea-based conflict, the U.S. Navy is increasing its defense and attack capabilities with underwater drones. The contractors making these drones can overlap with air drones such as start-up Anduril, but it is in a much earlier growth phase, with research and procurement only beginning now. Continue reading

Some palm oil refiners in Indonesia are avoiding buying fruit from small farmers, a sign of how the government’s commodity export overhaul risks squeezing grower incomes and crimping supplies of the crop. Several processors have stopped purchasing fresh fruit bunches from smallholders while they wait for clarity on the new export framework, according to people familiar with the matter. Large refiners that already have sufficient supply from their own plantations are, meanwhile, choosing to avoid spot purchases due to the policy uncertainty, the people said, asking not to be named as they’re not authorized to speak to media. President Prabowo Subianto last week unveiled plans for the government to take direct control over exports of some of the nation’s most important commodities. Danantara Sumberdaya Indonesia, a new entity under one of Indonesia’s sovereign wealth fund, will start by taking over export management of palm oil, thermal coal and some nickel products — markets that Indonesia dominates. Prabowo has said the policy is aimed at increasing transparency and curbing tax evasion, but, in the short term at least, it has rattled investors and whipsawed palm markets. State-linked tenders, which serve as a benchmark for domestic crude palm oil prices and export offers, have ground to a halt since the announcement as buyers slashed bids for spot cargoes, even as Malaysian palm futures climbed. Benchmark futures in Kuala Lumpur rose as much as 0.8% on Tuesday. Indonesia’s government, along with business operators and palm oil farmer associations, has agreed on steps to maintain the stability of prices and ensure smooth implementation of the new export policy, Deputy Minister of Agriculture Sudaryono said in a statement, following a meeting with industry stakeholders on Tuesday. The volatility in prices is being driven by “psychological fears,” including uncertainty and a lack of understanding on how the new regulations will work, Sudaryono said. After the meeting, ...

格隆汇5月26日｜标普全球评级发表报告指出，尽管中国监管机构对富途控股的内地业务进行新一轮整顿，但鉴于其非内地业务持续增长，预期公司未来两年的业务流仍将保持平稳。标普预期，在中国监管机构设定的两年过渡期内，富途的内地客户业务将显著收缩，现有内地客户只允许卖出或转出资金。鉴于富途以经纪业务为中心的商业模式，其收入及盈利能力将面临压力。监管收紧将使富途面临约18.5亿元人民币的一次性潜在罚款，相当于其2025年淨利润的约19%。标普预期，富途的非内地业务将在未来两年持续增长。公司在香港及海外的客户基础录得强劲增长，带动2025年收入增长超过65%。富途自2023年起已开始分散其对内地业务的依赖。截至2026年3月底，内地客户佔付费客户总数的比例已从2022年的超过30%下降至约13%。标普指出，富途非常强劲的资本水平将是其业务转型期间的关键优势。截至2025年底，公司的风险调整资本比率为54.2%。在该行的压力情景测试中(假设未来一年利润下跌50%)，预期富途的风险调整资本比率仍将远高于15%。

Key Points Claiming spousal benefits from Social Security before full retirement age could result in reduced monthly checks. Once full retirement age arrives, there's no sense in waiting. Spousal benefits aren't eligible for delayed retirement credits, and waiting too long to file could cost you a boatload of money. The $23,760 Social Security bonus most retirees completely overlook › There's a lot riding on your Social Security filing decision. That's because the age at which you take benefits has a direct impact on the amount of money you receive each month. This applies to Social Security benefits you collect in retirement based on your personal wage history as well as spousal benefits. When you're filing for Social Security benefits based on your own earnings record, there's a huge upside to delaying your claim past full retirement age. But that upside doesn't exist in the world of spousal benefits. And recognizing that could spare you from making a potentially huge mistake. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Get your spousal benefit timing right Spousal benefits from Social Security could be a financial lifeline for you in retirement. So it's important to file strategically. As is the case with benefits you're claiming on your own earnings record, you can sign up for spousal benefits starting at age 62. But if you don't wait until full retirement age to claim spousal benefits, those monthly checks will be reduced permanently. Full retirement age is 67 for anyone born in 1960 or later. Now when you're claiming Social Security based on your own earnings record, there's a huge incentive to hold off past full retirement age. Each year you wait up until age 70 boosts your monthly checks by 8%. But those delayed retirement credits don't apply to spousal benefits. Rather, spousal benefi...

天赐材料公告，公司于2026年5月25日召开董事会审议通过《关于开展年产16万吨高压实磷酸铁锂项目前期工作的议案》，同意子公司天赐材料（台州）有限公司开展年产16万吨高压实磷酸铁锂项目的前期准备工作，包括组织和开展项目前期可行性研究、科学规划项目实施内容和实施进度、开展项目立项、环评等一系列工作。该项目预计总投资不超过21亿元，具体投资金额将视可行性分析及申报等前期工作情况确定。公司将视前期工作进度，待相关条件具备后履行审批决策程序后具体实施。

财联社5月26日讯（编辑 胡家荣） 港股三大指数表现不一。截至收盘，恒生指数跌0.03%，报25599.45点；科技指数涨1.59%，报4946.88点；国企指数涨0.30%，报8576.89点。 今日市场 从市场表现看，人工智能、半导体、PCB股走强，而锂电池、家电股走低。 人工智能相关个股表现居前 智谱涨近5% 截至收盘，智谱(02513.HK)涨4.91%，滴普科技(01384.HK)涨4.53%，MINIMAX-W(00100.HK)涨0.07%。 消息方面，人工智能模型公司MINIMAX-W及智谱将于6月被纳入恒生科技指数。这一消息为相关个股提供了强劲支撑。 半导体股受益于"韬定律" 华虹半导体涨超10% 截至收盘，华虹半导体(01347.HK)涨10.45%，兆易创新(03986.HK)涨6.04%，中芯国际(00981.HK)涨5.70%。 消息方面，华为于昨日正式发布"韬(τ)定律"，提出在传统摩尔定律逼近物理极限的背景下，以"时间缩微"替代"几何缩微"作为半导体产业发展的新指导原则。该定律通过逻辑折叠等创新技术，持续压缩信号传播时延，提升晶体管密度，为电子系统演进开辟全新路径。 中信证券研报指出，华为提出的"韬(τ)定律"将驱动晶体管、电路、芯片、系统四个层面的深刻变革。通过充分发挥中国在3D集成、先进封装、芯片设计制造协同优化、光通信等领域的技术积累，以系统拓扑结构优化弥补短期制程差距，中国半导体产业有望实现换道加速发展。 PCB股受益于产业升级 胜宏科技涨超8% 截至收盘，胜宏科技(02476.HK)涨8.33%，建滔积层板(01888.HK)涨6.07%，大族数控(03200.HK)涨2.34%。 消息方面，摩根士丹利最新研报显示，英伟达新一代Rubin机架BOM成本较前代产品提升约95%至780.3万美金，其中PCB价值量同比激增233%，成为非内存品类中涨幅最大的组件，单机柜PCB价值从3.51万美元跃升至11.67万美元。 行业景气度持续提升，今年以来PCB行业已进入涨价周期，呈现量价齐升、订单饱满、交期拉长的高景气格局。5月份以来，行业迎来新一轮集中提价，上游覆铜板、高端铜箔、电子布及特种树脂等原材料价格持续上行，带动PCB成品价格同步走高，进一步强化了板块盈利预期。 锂电池股表现承压 理士国际跌6% 截至收盘，理士国际(00842....

BalkansCat/iStock Editorial via Getty Images I often say very clearly that some upsides (or downsides, for that matter) cannot be forecasted. But I also say that in some cases, the undervaluation in the cases of some companies is so very clear that there's no question whether there will be upside. The question is not if, but when. ams-OSRAM AG ( AMSSY ) was one such company and still to this day (at least for the time being) is one such company. I invested a bit (not much, but above 0.2%) at sub-$3/share for the ADR, in accordance with my last article on the company found here. You can see the return on that investment here. Seeking Alpha AMS Osram RoR Now, a few disclaimers on this one, since we're talking about a 410%+ return in less than 2 years, which is more than 15x the development of the SPY, which was also great. First, no, I was unable to forecast exactly this, nor the timing of when this occurred—obviously. If I had, I would have invested a lot more than 0.2% of my portfolio; I can tell you that much. Secondly, the company is still a risky business—again, reflected in my overall allocation size. However, there are a few things I'm willing to take credit for. Firstly, I forecasted a potential recovery by the 2026-2027 period. This has materialized. I further forecasted a return to positive results and better fundamental trends. This, too, has occurred. Out of most analysts on SA, I believe, based on articles, only I and one other analyst saw any sort of appeal in this. And when it comes to that, I also obviously didn't see the degree of reversal appeal. But this is where we now are. So, because we're now at a 400%+ return in the midst of a surging market, this requires a stance from me. I need to decide what to do with the position, which is now above 1.2% of my portfolio. It's a meaningful improvement, and what was a slightly small position has actually grown into a respectable size. So do I rotate, or do I keep it? And if either, what do I base this decis...

Key Points Inflationary pressures are calling Wall Street's bull market rally into question. The Iran war is taking its toll, with gas prices rising faster than they have in three decades. While the Cleveland Fed's Inflation Nowcasting tool offers a silver lining, it also points to growing risk of Federal Open Market Committee (FOMC) interest rate hikes. 10 stocks we like better than S&P 500 Index › Within the last two weeks, we've witnessed the iconic Dow Jones Industrial Average (DJINDICES: ^DJI), benchmark S&P 500 (SNPINDEX: ^GSPC), and artificial intelligence (AI)-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) reach all-time highs. But the sustainability of this bull market rally is being firmly called into question by rapidly rising inflation. While the latest May inflation update from the Federal Reserve offered the first glimmer of hope in weeks, the bad news continues to handily outweigh any silver linings for Wall Street. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The Iran war is taking its toll Although now-former Fed Chair Jerome Powell repeatedly called out President Donald Trump's tariffs and their price stickiness in the goods sector for elevated inflation, the bulk of the inflationary pressures right now trace back to the Iran war. Since Trump gave the order for the U.S. military to attack Iran on Feb. 28, the latter has shut down the Strait of Hormuz to most commercial traffic. This includes halting the movement of approximately 20 million barrels of petroleum liquids per day (about 20% of worldwide demand). ⛽ Average U.S. gas prices per gallon on May 6, per AAA: • Regular: $4.54 (⬆️ $1.56 since war in Iran began on Feb. 28) • Premium: $5.39 (⬆️ $1.85 since war began) • Diesel: $5.67 (⬆️ $1.81 since war began) -- NBC News (@NBCNews) May 6, 2026 The largest energy supply disrupti...

你手机上，有没有装 AI App？装了几个？ 根据 QuestMobile 数据显示，2026 第一季度，AI 原生 App 整体月均用户规模达 4.13 亿，同比增长 84.1%。 AI App，正在成为新的「入口」，有人拿它当搜索引擎，有人拿它当修图软件，有人拿它写稿、做 PPT、点外卖，甚至开始替代一部分 App 本身。 不同 AI App 的竞争，早已不是「谁更聪明」那么简单，即使都是十项全能，也已经开始分化出不一样的路线。 我们选取了五个声量最高的国产选手： 豆包、元宝、Kimi、千问、DeepSeek，并在不同的 手机使用场景 下，选出表现最好的 1-2 位选手。 如果你只想留下 1～2 个 AI App，看这一篇，基本就够了。 同时爱范儿也提醒一句：AI 很强，却不是万能的，也不一定全对，在体验这 5 个 AI 的过程中，每一个都会出现不同程度的幻觉，不建议全信、轻信 AI。 需要注意的是，截至发稿前千问上线了全新的 3.7 模型，本次测试进行时使用的是千问 3.5 模型版本。 日常问答 以前遇到什么问题，我们会说「百度一下，你就知道」；现在，变成了「有问题，找豆包」。 大部分人使用 AI 的高频场景，就是用来获取「知识」，无论是生活中遇到的难题，还是偶然迸发出来的疑问，甚至是网络对线时需要数据和知识作证，我们都会让 AI 来替我们解答。 Kimi：最强国产 AI 搜索引擎 如果要将 AI App 作为一个搜索引擎使用，Kimi 是最推荐的一个。 回答问题的时候，Kimi 不会将知识一股脑展现在用户面前，快速模式下会简明扼要将最重要的解释呈现，并且还会有适当的延伸，整个版面不拥挤。 最近 WHOOP 手环很火，我直接把这个名字扔给 AI。Kimi 的答案虽然简短，但信息精炼也相对全面，能够在最短时间了解产品本身和特点。 更有难度的场景是一些数据和报告的抓取和总结，我让 AI 帮我找一个关于 2026 年 Q1 中国用户的 AI 使用报告，Kimi 会引用多达 5 个调查报告，比其他对手都要更全面，每一个数据都标出来源，还会用表格的形式进行整理。 Kimi 有一个相当致命的短板——容易出现算力不足无法回答的情况，并且平时响应速度也会比其他产品慢一拍，如果是日常需要快速回答的场景，就要担心 Kimi 掉链子了。 如果想要搜一些「攻略」类型的内容，Kimi ...

财联社5月26日讯（编辑 卞纯） 眼下，投资者正对马斯克旗下太空探索技术公司（SpaceX）即将到来的重磅IPO翘首以盼。然而，纵观近年来规模最大的一些IPO，那些在上市首日入场的投资者鲜少能获得超越大盘的回报。 媒体对过去五年估值最高的50宗IPO进行分析后发现，在75%的情况下，投资者买入标普500指数基金回报率更高。 这一数据凸显了一个事实：投资者想在那些IPO前估值就已大幅飙升的公司中找到“便宜货”是非常困难的。 据分析，如果一位投资者买入上述所有被追踪的IPO股票，截至5月21日平均回报率为27%。而同期，标普500指数的平均涨幅为53%。 值得注意的是， 这项分析假设投资者能够以IPO发行价买入股票 ，但对于散户投资者来说，这一可能性极低。 分析还显示， 如果投资者选择在狂热的股票上市首日入场，回报率会更糟糕 。 “除非你在公司IPO前的早期阶段就买入，否则很难赚到钱，”Triple D Trading的自营交易员Dennis Dick表示。 高估值风险须警惕 上周三，SpaceX向美国证券交易委员会（SEC）递交了招股书，股票代码定为SPCX，最早或在6月11日正式挂牌交易。 马斯克将通过Robinhood、SoFi等交易平台向散户投资者提供部分SpaceX股份，让他们有机会参与认购。 SpaceX的目标估值预计将达到1.75万亿美元，这将使此前华尔街所有的IPO都相形见绌。但分析表明，如此惊人的数字并不能保证投资者打新一定能赚大钱。 佛罗里达大学教Jay Ritter指出， 那些市销率（price-to-sales ratio）特别高的公司IPO后的表现往往更差 。 按1.75万亿美元的估值计算，SpaceX的市销率接近100倍，相比之下，AI巨头英伟达的市销率仅为24倍。SpaceX去年亏损了近50亿美元。 “凡是市销率非常高的公司，都拥有极具吸引力的发展叙事，描绘出极为光明的未来前景。但事情也可能会出现偏差。”Ritter表示。 冰火两重天：AI芯片股显著跑赢大盘 在上述分析涵盖的IPO中，与AI相关的芯片设计公司 Astera Labs和Arm Holdings 是最大的赢家。Astera自2024年IPO以来股价飙升了逾700%，而Arm自2023年上市以来股价暴涨了约400%。这两者的表现都大幅跑赢了标普500指数。 而另一家AI芯片设计公...

Torsten Asmus The semi-annual rebalancing of U.S. equities is officially underway after FTSE Russell unveiled its preliminary list of shifts for the broad-market Russell 3000 Index on Monday . Highlighting a major sector realignment across the healthcare and biotech landscapes: Expected Additions: Ocugen ( OCGN ), Senseonics ( SENS ), Nektar Therapeutics ( NKTR ), Agenus ( AGEN ), and CytomX Therapeutics ( CTMX ). Expected Deletions: Nano-X Imaging ( NNOX ), Tvardi Therapeutics ( TVRD ), Fate Therapeutics ( FATE ), Quantum-Si Incorporated ( QSI ), and Cardiff Oncology ( CRDF ). This year's historic structural changes will officially take effect following the close of U.S. equity markets on Friday, June 26 . More on the top constituents of the Russell 3000 Index Quantum-Si incorporated (QSI) Shareholder/Analyst Call Prepared Remarks Transcript Fate: 'Hold' FT819 Regimen B Dosing And Potential FDA Alignment In H2 2026 Nano-X Imaging: Too Cheap To Ignore, Too Early To Buy Ocugen, Assertio among healthcare stocks set to join Russell Microcap; Definium Therapeutics, Tvardi Therapeutics to exit Cardiff Oncology GAAP EPS of -$0.18 misses by $0.05, revenue of $0.04M misses by $0.04M

Key Points The weight loss opportunity is a significant one for companies and investors -- and companies involved have seen their shares soar. Analysts predict the market will reach almost $100 billion within a few years. 10 stocks we like better than Viking Therapeutics › Investors have piled into pharma and biotech companies involved in the obesity drug space in recent years -- and for good reason. The market is on track to reach nearly $100 billion by the end of the decade. Meanwhile, we've seen plenty of evidence supporting this growth forecast, from high demand for currently commercialized obesity drugs to blockbuster revenue. Today, Eli Lilly and Novo Nordisk dominate the market with their weight loss drugs, but these aren't the only companies that may score a win for investors. Many other drugmakers are studying candidates in clinical trials and could join this high-growth market down the road. Before that happens, they might announce trial results and other progress that could spur investor optimism and result in big gains for their stock prices. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » In fact, my prediction is that these two obesity drug stocks could double in 2026. Let's check them out. 1. Viking Therapeutics Viking Therapeutics (NASDAQ: VKTX) is a clinical-stage biotech specializing in treatment for metabolic diseases, so it's perfectly positioned to work in the weight loss space. The candidate everyone has been watching is VK-2735, a dual GLP-1/GIP receptor agonist that works in much the same way as the Lilly and Novo drugs. The GLP-1 class of drugs stimulates hormonal pathways involved in processes such as managing blood sugar levels and appetite. Lilly and Novo have sold injectable formulations for the past several years, and just recently, they both won approval for oral dru...

加拿大总理卡尼警告称，艾伯塔省谋求脱离加拿大的举动是一场“危险的虚张声势”，其支持者终将后悔，就像如今希望重新加入欧盟的英国脱欧派一样。 卡尼曾在2016年英国脱欧公投期间担任英格兰银行行长。他表示，许多当初支持脱欧的人现在都对这一决定感到后悔。 “我在英国亲眼目睹了这一切：当时人们认为，‘投赞成票就行，脱欧会很温和，之后我们再谈判’。”卡尼周一在渥太华表示。 “十年过去了，他们仍在努力挽回当初没想到会投出、但最终却造成的后果。”他补充道。 艾伯塔省省长丹妮尔・史密斯于周四宣布，计划在10月19日举行公众投票，决定是否就该省脱离加拿大举行正式公投。 自卡尼于去年4月当选总理以来，在这片石油资源丰富的西部省份，脱离联邦的情绪日益高涨。该省长期以来对加拿大东部地区心怀不满。 尽管卡尼与史密斯为开发艾伯塔省的石油资源改善了关系，并于本月初为一条日输油量100万桶的新管道奠定了基础，但省长仍简化了分离公投的启动程序。 目前，该省约有30%的民众支持独立。与此同时，加拿大正与美国陷入贸易战，美国总统特朗普频频威胁要将加拿大吞并为美国的第51个州。 当被问及是否曾劝阻史密斯举行公投时，卡尼表示：“省长并不总是采纳我的建议。” 在英国脱欧公投期间，卡尼曾因警告脱欧可能导致经济衰退、失业增加、物价上涨、英镑暴跌而被批评越权干涉央行职责。 英国目前正就是否重新加入欧盟展开辩论，而布鲁塞尔方面则拒绝了其近期寻求重返单一商品市场的努力。 史密斯虽称支持“统一的加拿大”，却也称分裂主义者是“热爱本省的忠诚艾伯塔人”。 身为艾伯塔省本地议员的反对党领袖皮埃尔・波利耶夫表示，所有联邦保守党议员都将公开反对分裂。 上周，一家法院裁定，一项获得30万人签名、支持独立公投的请愿违宪，因为其未征求该省原住民的意见——而原住民反对分裂。随后，史密斯重新拟定了10月公投的议题。 责任编辑：江学思

Bleakley Financial Group LLC increased its position in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 7.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,923 shares of the semiconductor company's stock after buying an additional 4,221 shares during the quarter. Bleakley Financial Group LLC's holdings in Taiwan Semiconductor Manufacturing were worth $18,210,000 as of its most recent SEC filing. Get TSM alerts: Sign Up Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Oak Harvest Investment Services grew its stake in shares of Taiwan Semiconductor Manufacturing by 2.9% in the 4th quarter. Oak Harvest Investment Services now owns 1,106 shares of the semiconductor company's stock valued at $336,000 after purchasing an additional 31 shares during the last quarter. Falcon Wealth Planning grew its stake in shares of Taiwan Semiconductor Manufacturing by 4.4% in the 4th quarter. Falcon Wealth Planning now owns 780 shares of the semiconductor company's stock valued at $237,000 after purchasing an additional 33 shares during the last quarter. Drive Wealth Management LLC grew its stake in shares of Taiwan Semiconductor Manufacturing by 0.7% in the 4th quarter. Drive Wealth Management LLC now owns 4,997 shares of the semiconductor company's stock valued at $1,522,000 after purchasing an additional 33 shares during the last quarter. Sovereign Financial Group Inc. grew its stake in shares of Taiwan Semiconductor Manufacturing by 4.5% in the 4th quarter. Sovereign Financial Group Inc. now owns 793 shares of the semiconductor company's stock valued at $241,000 after purchasing an additional 34 shares during the last quarter. Finally, Avion Wealth grew its stake in shares of Taiwan Semiconductor Manufacturing by 10.8% in the 4th quarter. Avion Wealth now owns 349 shares of the semiconductor company's stock v...

格隆汇5月26日｜小鹏集团(XPEV.US)盘前涨超6%，报16.55美元；H股今日收涨4.15%，报65.2港元。消息面上，5月25日，小鹏GX首批车主交付仪式在广州小鹏汇天飞行汽车展厅举行。活动同步宣告小鹏GX正式开启全国大规模交付。小鹏GX于5月20日上市，限时权益价26.98万元起。官方数据显示，上市12小时内大定订单突破24863台，其中Ultra旗舰版占比超过80%，纯电车型订单占比超半数。(格隆汇)

The boss of Next has sounded the alarm about a “dramatic fall” in the number of entry-level jobs in the UK and its impact on youth unemployment, saying the retailer now receives twice as many applicants for each role than two years ago. Lord Wolfson said the clothing and homeware chain, where he has been chief executive since 2001, typically received 10 applications for every job in its shops in 2024 but that number has now risen to 19. “That doubling of applicants for shop jobs is indicative of just how big the crisis is in youth unemployment at the moment,” he told the BBC. Wolfson’s comments came as a report commissioned by the government is expected to find that Labour has failed to tackle the soaring number of people not in education, employment or training (Neet) and must launch a “system reset” involving a fresh attempt to overhaul health and disability benefits. Alan Milburn, who is leading a review into why almost a million young people are Neet, said ministers had so far responded with a series of disjointed jobs programmes, rather than a cohesive strategy. Wolfson said a ban on zero-hours contracts coming in from next year, which is included in the government’s Employment Rights Act, would make hiring more difficult. The government says the contracts are “exploitative” and argues its legislation ends “one-sided flexibility” by making companies provide a “baseline” of security and predictability for staff. More than a million people in the UK are working on a zero-hours contract basis, in areas ranging from hospitality and warehouses to the NHS. Hundreds of thousands of them are on zero-hours contracts despite working for the same employer for years, according to the TUC. Wolfson, who received a record pay package of more than £7m last year, also called on the government to reverse the rise in national insurance contributions (NICs) employers have to pay, along with minimum wage rises. However, the Conservative peer suggested the best way to improve the jo...

Bleakley Financial Group LLC increased its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 102,669 shares of the electric vehicle producer's stock after acquiring an additional 7,440 shares during the period. Bleakley Financial Group LLC's holdings in Tesla were worth $46,172,000 at the end of the most recent reporting period. Other hedge funds also recently added to or reduced their stakes in the company. Crestwood Advisors Group LLC boosted its holdings in Tesla by 34.7% in the 4th quarter. Crestwood Advisors Group LLC now owns 19,567 shares of the electric vehicle producer's stock worth $8,799,000 after buying an additional 5,039 shares during the period. Gamco Investors INC. ET AL boosted its holdings in Tesla by 29.6% in the 3rd quarter. Gamco Investors INC. ET AL now owns 32,576 shares of the electric vehicle producer's stock worth $14,487,000 after buying an additional 7,446 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in Tesla by 8.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 48,504 shares of the electric vehicle producer's stock worth $21,571,000 after buying an additional 3,935 shares during the period. Calamos Wealth Management LLC boosted its holdings in Tesla by 5.9% in the 4th quarter. Calamos Wealth Management LLC now owns 41,907 shares of the electric vehicle producer's stock worth $18,846,000 after buying an additional 2,341 shares during the period. Finally, Ashton Thomas Private Wealth LLC boosted its holdings in Tesla by 26.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 18,032 shares of the electric vehicle producer's stock worth $8,019,000 after buying an additional 3,724 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors. Get Tesla alerts: Sign Up Key ...

Box Hill Private Wealth LLC bought a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,940 shares of the electric vehicle producer's stock, valued at approximately $2,671,000. Tesla comprises about 2.7% of Box Hill Private Wealth LLC's investment portfolio, making the stock its 7th largest position. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cloud Capital Management LLC boosted its position in Tesla by 1.1% in the 3rd quarter. Cloud Capital Management LLC now owns 2,076 shares of the electric vehicle producer's stock valued at $923,000 after buying an additional 23 shares during the period. PFS Partners LLC boosted its position in Tesla by 4.2% in the 4th quarter. PFS Partners LLC now owns 590 shares of the electric vehicle producer's stock valued at $265,000 after buying an additional 24 shares during the period. Monte Financial Group LLC boosted its position in Tesla by 1.5% in the 3rd quarter. Monte Financial Group LLC now owns 1,644 shares of the electric vehicle producer's stock valued at $731,000 after buying an additional 25 shares during the period. Bank of Jackson Hole Trust boosted its position in Tesla by 1.0% in the 3rd quarter. Bank of Jackson Hole Trust now owns 2,497 shares of the electric vehicle producer's stock valued at $1,110,000 after buying an additional 25 shares during the period. Finally, Presidio Capital Management LLC boosted its position in Tesla by 0.6% in the 3rd quarter. Presidio Capital Management LLC now owns 3,996 shares of the electric vehicle producer's stock valued at $1,777,000 after buying an additional 25 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock. Get Tesla alerts: Sign Up Insiders Place Their Bets In related news, CFO Vaibhav Taneja sold 3,000 share...

中国通号公告，2026年3月至4月公司中标共计五个重要项目，其中铁路市场一个，为中国铁建电气化局集团有限公司金华铁路枢纽扩容站后1标信号设备集成项目，中标金额1.32亿元；城市轨道交通市场四个，分别为长春市轨道交通线网运营指挥中心（NOCC）建设设备集成项目，中标金额2.81亿元，上海市轨道交通9、10、11、16、17号线车地无线通信改造工程10、11、17号线车地无线通信改造施工项目，中标金额1.98亿元，南京地铁1号线通信信号系统设备更新改造通信系统安装施工项目，中标金额1.5亿元，上海市轨道交通9、10、11、16、17号线车地无线通信改造工程10、16、17号线信号设备集成招标项目，中标金额1.39亿元。以上项目中标金额总计约9亿元，约占公司2025年经审计营业总收入的2.60%。