5月25日，北部湾港集团在北部湾航运中心与到访的越南航海总公司座谈，双方就加快开通南宁港经平陆运河至芹苴港江海联运航线，加快推进西贡协福港、芹苴港合作项目落地进行交流讨论。（人民财讯）

格隆汇5月27日｜据朝中社，朝鲜导弹总局和国防科学院26日进行了轻型多用途导弹发射系统和多管战术巡航导弹武器系统试验。朝鲜最高领导人金正恩观摩了试验。

人民币兑美元中间价报6.8291，较上日调低3点。 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

朝鲜导弹总局和国防科学院26日进行了轻型多用途导弹发射系统和多管战术巡航导弹武器系统试验。朝鲜最高领导人金正恩观摩了试验。金正恩说，此次重要武器系统开发试验，是朝鲜军力更新升级的明显信号，也意味着朝军战斗力实现重大技术进步。（新华社）

日本央行行长植田和男周三表示，央行不应孤立地看待油价，因为暂时的能源冲击如果影响到工资、预期和价格制定行为，就可能演变成持续性冲击。 植田和男对比了日本过去几十年经历的各种能源冲击，指出同样的油价上涨，会根据冲击发生的初始条件，对工资、预期、需求和汇率产生截然不同的影响。 他表示，“如果通胀预期已经很高，工资也在加速上涨，那么出现第二轮效应的风险就很大”，而如果通胀预期很低，工资停滞不前，那么巨大的成本冲击可能不会提 高通 胀预期。 “因此，暂时性通胀和持续性通胀之间的界限并非机械性的，”植田和男在由日本央行及其智库货币经济研究所联合举办的会议上表示。 “如果暂时的冲击改变了工资、预期和价格制定行为，那么它就可能变成持续性的。反之，如果这些渠道没有被激活，那么巨大的冲击也可能只是暂时的，”他表示。 此番言论正值中东冲突导致油价飙升，加剧日本经济的通胀压力之际，促使日本央行官员释放出更为鹰派的信号，市场预期该行最早下个月就会加息。 责任编辑：于健 SF069

Thawatchai Chawong/iStock via Getty Images Market Review Equity performance was broadly negative across developed and emerging markets. Heightened geopolitical tensions involving Iran, and the subsequent spike in oil prices, weighed on risk sentiment despite resilient, albeit slowing, global growth and moderating inflation. The S&P 500® Index declined 4.33% for the quarter. Within the index, 6 of the 11 Global Industry Classification Standard ((GICS®)) equity sectors finished in positive territory, led by energy and materials. Value stocks outperformed growth stocks. Among other major equity benchmarks, the MSCI EAFE Index, a measure of developed markets excluding the U.S. and Canada, decreased by 1.24%, while the MSCI Emerging Markets Index decreased by 0.17%. Fixed-income market performance in developed markets was generally weaker in the first quarter. During the period, the Bloomberg® U.S. Aggregate Index, Bloomberg Global Aggregate Hedged Index, and Bloomberg Global Aggregate Unhedged Index returned -0.05%, -0.15%, and -1.07%, respectively. In the U.S. , equity markets delivered negative returns during the quarter, with the Dow Jones Industrial Average® declining 3.19% and the NASDAQ 100 Index® falling 5.82%. U.S. fixed-income markets were broadly flat over the period. Geopolitical developments in the Middle East, including the effective closure of the Strait of Hormuz, contributed to heightened market volatility and increased downside risks later in the quarter. Against this backdrop, the U.S. economy remained relatively resilient. The Federal Reserve (Fed) held rates steady as inflation eased from 2.7% year over year in December to 2.2% in February. Labor markets remained solid, with payroll growth rebounding following a weaker December reading and unemployment edging down to 4.2%. Consumer data were mixed: sentiment fell to a multi-year low in January before improving through March, while retail spending softened and then stabilized. Meanwhile, manufacturing...

Stock prices started to decline as May drew to a close, but then quickly turned around and moved higher. At this point, the S&P 500 index (^GSPC +0.61%) is hovering near all-time highs. It could be that the old saying that the market climbs a wall of worry is being played out, or it could just be that investors aren't paying enough attention to the market's underlying risks. What should you take away from the market's seemingly resilient performance in the face of uncertainty? For most investors, it is probably best to err on the side of caution right now. Here's why. The market is expensive Vanguard S&P 500 Index ETF (VOO +0.65%) is a low-cost and easy way to buy the market. The S&P 500 index is well constructed, comprising roughly 500 large, economically important stocks. A market-cap-weighted approach means that the most important businesses are those driving the broader index's returns. Even Warren Buffett, the former CEO of Berkshire Hathaway (BRKA 0.57%)(BRKB 0.49%), has suggested it as a good choice for most investors. He's worth listening to, since his long-term investment success earned him the nickname the Oracle of Omaha. But there's an interesting twist here that long-term investors should consider. Before Buffett retired at the end of 2025, he was letting cash pile up on Berkshire Hathaway's balance sheet. His successor, trained in Buffett's investment approach, has allowed the cash balance to grow even larger, reaching nearly $400 billion. Pretty clearly, both Buffett and successor Greg Abel aren't seeing anything exciting to buy in the market right now, which is usually the case when stocks are expensive. Expand NYSEMKT : VOO Vanguard S&P 500 ETF Today's Change ( 0.65 %) $ 4.46 Current Price $ 690.01 Key Data Points Day's Range $ 688.08 - $ 691.51 52wk Range $ 536.16 - $ 691.51 Volume 6.6M To back that view up, the S&P 500 index has a price-to-earnings ratio of 27.4x, while the index's average P/E is historically closer to 19x. That's particularly wor...

真的是长江后浪推前浪，一代新人胜旧人，Anthropic今年飞起来了。 最直观的，就是它恐怖的收入增速。 今年1月，Anthropic年化收入为90亿美金，3月就冲到了190亿美金，5月达到450亿美金。这种增长速度，放在人类商业史上，都属于史非常罕见的级别。 简直是，叹为观止！ 因为增长实在太crazy,Anthropic似乎还要实现季度盈利了。 据《华尔街日报》报道，Anthropic预计2026年第二季度收入将超过109亿美元，相比于第一季度的48亿美元增长超过一倍。 更关键的是，路透社透露，Anthropic这个季度要赚钱了，预计营业利润为5.59亿美元。 与此同时，OpenAI一季度调整后经营利润率为-122%。 简单说就是，OpenAI每收入1美元，就要亏掉1.22美元。AI模型训练、推理算力、产品扩张和用户补贴，仍在吞掉大量现金。 所以也就不难理解，资本市场为什么越来越偏爱Anthropic。 据报道，Anthropic正在推荐新一轮融资，估值有望突破9000亿美元。 如果顺利完成，甚至可能超越OpenAI约8520亿美元的估值，成为全球估值最高的人工智能初创企业。 这一切是怎么发生的？ 选对赛道，赚钱和呼吸一样简单 从用户规模来看，Anthropic其实并不占优势。目前，它的月活大约1.34亿，远低于ChatGPT的用户规模。 但从收入来看，情况却完全反过来了。Counterpoint数据显示，2026年第一季度，Anthropic在全球大模型市场收入占比达到31.4%，已经超过OpenAI的29%。 客单价的差距更显眼。Anthropic每个活跃用户平均每月贡献16.2美元收入，而OpenAI只有2.2美元。换算成年收入，Anthropic单用户年价值约211美元，而OpenAI只有25美元，差了接近9倍。 同样是头部模型公司，为什么会出现这么大的差距？ 因为两家公司走的路不一样。 OpenAI像是互联网产品路径：先获取尽可能多的用户，再通过订阅、生态和平台化慢慢变现。它追求的是规模效应。 但有个尴尬的地方是，AI时代，用户每一次调用都是真金白银的电费和算力。用户越多，可能烧钱越快，尤其是拥有大量免费用户时。 而Anthropic走的，是另一条更“贵”的路。 它把重心放在企业端，希望尽可能快地进入企业工作流，去筛选那些用户真正愿意长期付费、能够创造...

Investors are racing to find the next generational leader in the quantum computing market. Quantum systems are designed to handle complex calculations that classical computers find impossible. Deciding between D-Wave Quantum (NYSE:QBTS) and IonQ (NYSE:IONQ) depends on which technical approach you believe will scale first. D-Wave focuses on annealing technology to solve complex optimization problems, while IonQ utilizes trapped-ion systems for general-purpose computing. Both companies are in early growth stages, prioritizing market share and technical breakthroughs over current profitability as they compete for dominance in this emerging field. D-Wave Quantum positions itself as a dual-platform provider, offering both annealing and gate-model quantum systems. The company targets commercial, government, and research sectors, providing hardware and cloud-based software services. Its customer list includes global organizations like Mastercard and Pfizer . These partnerships allow businesses to explore quantum applications in logistics and materials science. Continue reading

大概三年前开始，“年轻人用小红书代替搜索”成为一个标志性的行业判断。随着更多人在小红书形成稳定的搜索习惯，品牌预算也随之大规模从百度迁移过来。 现在，这个趋势还成立吗？ 昨天，QuestMobile 发布的《AI平台采信逻辑与信源偏好研究报告》给出了不同的答案。报告的数据里没有直接提到小红书，但正是这种“不存在”，是最值得警惕的信号。 01. AI渗透最深的，恰好是小红书最强的场景 QuestMobile报告数据显示，豆包为代表的AI原生App总月活用户，从2025年1月的1.42亿增长到2026年4月的 4.62亿 ，15个月翻了三倍。同期的2025年1月至10月，小红书DAU约1.18亿，始终在“一亿”附近徘徊。 QM强调，AI时代用户获取信息的入口正在转向AI原生App。 但AI的增长不是均匀的。报告数据显示，在线旅游人群中AI原生App的活跃渗透率TGI为 192.2 ，拍摄美化为 184.0 ，分列第一和第二。这两个恰好是小红书最核心的内容领地。相比之下，搜索引擎用户的TGI只有107.3，几乎等于全网均值。 也就是说，最密集使用AI的人群，不是传统意义上的“搜索引擎重度用户”，而恰恰是原来小红书上那批对旅游、美妆、生活方式有强烈内容消费需求的核心用户。 这意味着小红书和AI原生App在争夺同一批用户的同一类需求。 艾媒咨询2025年的调研数据也证明了这一点，用户在小红书上搜索频率最高的信息类型依次是美妆护肤（50.57%）、技能学习（44.05%）、旅游攻略（41.93%），与AI渗透率最高的行业高度重叠。 Gartner曾在2024年预警，到2026年，传统搜索引擎的搜索量将下降25%，被AI聊天机器人分流。这个预测对小红书更沉重。 从有问题问百度，到有问题搜小红书，再到今天有问题问豆包/DeepSeek，用户习惯改变的速度比上一次更快。 02. 头部AI在回答“去哪玩”时，根本没用小红书 渗透率说明的是用户往哪里走，更关键的问题是：当用户在AI里做决策时，谁的内容出现在现场？品牌预算跟过来，买的就是在这个触点出现的机会。 报告以“旅游目的地发现类问题”为例，做了详细的信源引用率测评。豆包、DeepSeek、千问三大平台在处理“旅游目的地发现类问题”时，引用率TOP10信源分别是携程（58.3%）、抖音（35.4%）、今日头条（34.8%）、搜狐（32...

“我们也上了AI，做了智能客服、知识库，为什么感觉AI也没宣传得那么神奇？” “我们成立了AI团队、做了行业大模型，也没能实现所谓的降本增效，领导今年已经降低了AI的投入，技术部门也要裁员”。 这是老杨最近在群内看到的企业应用AI的现状，与某知名企业的CIO暂且叫C总吧，就这一问题进行了深度的探讨，C总最后说：“其实现在企业应用AI最大的误区就是：领导仅仅是尝鲜而非做管理颠覆！” 是啊，这句话精准地戳中了当前企业AI应用中最隐蔽、最普遍的“伪命题”——“尝鲜式”的浅层应用，而这种“尝鲜”心态，是AI项目“雷声大、雨点小、烂尾多”的根本症结之所在。 为什么说当前企业AI应用都是在“尝鲜” 在老杨看来，“尝鲜”不是什么新鲜事，它在企业数字化转型的每个阶段都出现过（从云计算到大数据再到中台），它的核心特征可以概括为三个“想当然”： 第一，想当然地以为企业实现“智能化”就是“工具替换” 这种现象非常普遍，比如：领导看到别人用AI写文案，就要求信息部门“咱们也上个AI写作工具”；看到别的企业用AI客服，就立刻上马智能客服系统。说个真实的案例吧，某企业领导看到自媒体视频说能“AI客服可以替代人工”，就立刻上马AI客服项目，解散了人工客服团队，仅保留了两名员工，结果系统上线后因意图识别不准、知识库不更新，客户投诉率反而提升了50%，导致大量老客户流失。 这就是典型地把AI看作一个可以“即插即用”的新工具，目的是“图快”、“省事”，用来替代现有流程中的一个环节，而不是重新审视整个业务流程是否合理，是否需要被重构。大家回想一下，这样的问题在数字化时代是不是也经常遇到？ 第二，想当然以为用了“AI”就马上会降本增效 企业引进AI项目，领导问的问题永远都是：“能裁多少人？能省多少钱？” 在领导的眼里AI就像一台印钞机，投进去立刻就能看到盈利。这就是典型的追求“短期ROI”，而非“ 长期能力 ”现象，这种现象在大部分传统企业中普遍存在。要知道AI项目的核心价值不是通过“省人力”一次性体现的，而是通过 构建“数据+算法+人机协同”的系统能力 ，在长期的运营中持续优化、实现降本增效的。这是一种能力建设，不是短期投资。 第三，一切的建设目的都是为了满足领导的“想当然” 比如企业领导在行业峰会上看到别人做了行业AI大模型，回来就要求信息部门“我们也必须做一个”，然后信息部门为了满足领导的要求折腾大...

小米集团（1810.HK）于北京时间2026年5月26日晚的港股盘后发布了2026年第一季度财报（截止2026年3月），要点如下： 1.整体业绩：收入991亿，同比下滑11% 。公司本季度下滑，主要是受手机和业务的拖累，其中公司本季度传统业务（手机x AIoT）收入同比下滑14.5%。 本季度毛利率为22%，同比下滑0.8pct， 主要是受手机和汽车毛利率同比回落的影响。 2.汽车业务：本季度汽车相关收入198.6亿元，基本符合预期 。其中公司本季度汽车出货量 8.1万台，单车均价回落至23.5万元。 销量的下滑，受本季度老款SU7停售及产能调配等因素的影响，而均价下滑是受购置税补贴及ASP较低的现车销售占比提升所致。 本季度汽车业务毛利率下滑至20.1% ，接近市场预期（20.5%），主要是受均价下滑的影响，其中包含了小米对购置税进行补贴的影响，并在本季度销售了一部分的低价现车。由于 毛利率再次回落，海豚君测算本季度小米汽车业务核心经营利润再度陷入亏损31亿元。 购置税补贴的影响： 小米公司之前宣布在2025年11月30日24时前完成锁单，因小米汽车的生产或运输原因导致车辆在2026年开票交付的，通过购车尾款减免方式补贴差额 。以YU7为例，购置税补贴对单台YU7 ASP的影响幅度大致在1.2万元左右。 3.手机：443亿，同比下滑12.5%，符合市场预期445亿。 其中小米手机本季度出货量同比下滑19%，而小米手机均价同比增长8%。 分市场看：小米手机在国内市场的出货量同比下滑34.6%，而海外市场的出货量同比下滑12%。 在存储短缺的情况下，对手机的出货造成直接影响。结合公司手机毛利率环比回升的表现，海豚君认为公司将存储优先分配至高价机型，带动了公司ASP的提升。 4.IoT：247亿，同比下滑24%，接近市场预期250亿 ，主要是受国补退坡及存储问题的影响，尤其是公司大家电业务受国补政策影响更大（有的产品补贴力度可能达到了1-2千元）。 5.互联网服务95亿，同比增长4%，符合市场预期95亿， 增长主要来自于广告业务的带动。其中MIUI用户数同比增长4%，而ARPU值同比微增0.5%。 分地区来看： 本季度海外互联网收入29.7亿元，而国内互联网收入约为65亿元 。本季度中国地区的MIUI用户数继续增长，海外MIUI用户数有所回落。 6.利润端：核心利润29...

今日，咪咕正式官宣成为2026美加墨世界杯官方持权转播商。用户可通过中国移动旗下咪咕视频、移动高清、咪视界等平台观看2026美加墨世界杯赛事全量直播和点播内容。（人民财讯）

Astellas Pharma Inc. shares fell to the lowest in about four months after the Tokyo-based drugmaker’s five-year plan offered few surprises. Shares fell as much as 5.9% Wednesday morning, to the lowest since January 29, after the Japanese company said it will lean on its high-margin strategic brands to double sales by fiscal 2030. It also forecast pipeline revenue of approximately ¥1 trillion ($6.3 billion) by the mid-2030s. Investors have gradually begun taking profits since April’s fourth-quarter results, Morgan Stanley MUFG Securities Co. analysts Shinichiro Muraoka and Jaeheon Lee wrote in a note. The trend is likely to continue for now as there were no major surprises in the five-year mid-term plan announcement, they said. The plan’s announcement comes as Astellas seeks growth opportunities beyond its blockbuster prostate cancer drug Xtandi, which it co-markets with Pfizer Inc. and is about to face growing competition from generics. Read More: Astellas Says Newer Drugs Set to Drive Profit Growth by 2030 Astellas will continue to increase its annual dividend per share by at least ¥2, and plans to put at least ¥750 billion toward shareholder returns over five years. While that marks a shift from a year ago — when investors were worried about possible dividend cuts from fiscal 2028 — the reassurance may already be reflected in the share price after its recent gains, Muraoka and Lee wrote. The stock has risen about 1.4% this year, trailing the broader Topix Index’s 16% gain.

随着大语言模型在各类应用中加速落地，一个核心技术瓶颈日益凸显——AI始终缺乏真正的长期记忆能力。当前主流的 RAG（检索增强生成）方案 依赖语义相似度检索历史信息， 但“语义相似”并不等于“真正相关” ，常常出现检索结果不完整、无法区分信息相关性、缺乏推理能力等问题。 为应对上述挑战，微软研究团队提出了全新的 AI记忆框架Mnemis ，受认识论与认知科学双重启发，让AI不仅能 “快速检索” ，更能 “审慎推理” ，在两大权威长期记忆基准上均达到SOTA性能。该工作已 被ACL2026主会议接收 。 △ RAG的“近视眼”困境 设想这样一个场景：用户问“Dave在2023年去过哪些城市？”，正确答案是San Francisco和Detroit。传统RAG将查询转为向量，在历史对话中寻找语义最相似的片段。结果它找到了Boston和San Francisco，却完全遗漏了Detroit——因为“attended a conference in Detroit”被埋藏在一条长消息中，与“去过哪些城市”的语义相似度不够高。同时，RAG也无法判断Boston是居住城市而非旅行目的地。 这暴露了传统RAG的三个根本局限 孤立评分 ——每条记忆独立与查询比较，忽略记忆之间的关系； 语义偏见 ——向量相似度偏爱字面匹配，对间接相关的信息天然不敏感； 无法推理 ——系统不了解对话历史中存在哪些话题及其相互关系。 打个比方，RAG就像根据书名关键词找书，而有经验的图书馆员会先查阅分类目录，从结构上系统性地定位所有相关书籍。 Mnemis的核心设计：建构式索引+双系统检索 Mnemis的名字源自希腊神话中的记忆女神，其设计分为 索引 和 检索 两个阶段。 在 索引阶段 ，传统RAG将对话分块、向量化、存入数据库，不建立任何结构——这对应认识论中的 保存主义 ，记忆只是知识的“搬运工”。而 建构主义 认为记忆是主动的加工过程，人类在“记住”时就在进行组织和抽象。 Mnemis正是建构主义的计算实现： 它将碎片化对话组织成自适应的层级图，而非扁平的向量库 。 具体来说，第一层是 Base Graph（知识图谱） ，从对话中提取实体和关系，进行消歧、去重、聚合，消除碎片化。 第二层是 Hierarchical Graph（层级图） ，在知识图谱基础上将具体实体归纳为高层语义概念，建立跨主题的高...

European companies’ confidence in the Chinese market is showing signs of rebounding for the first time since 2022, as Beijing is increasingly perceived as a “champion” of stability amid rising global volatility, according to a survey released on Wednesday. After years of spiralling pessimism, the European Union Chamber of Commerce in China found that “the intensity of the deterioration in confidence in China’s business environment has eased” among its members over the past year. Advertisement In the group’s annual Business Confidence Survey – which polled more than 500 European firms operating in China – less than half of respondents said China’s business environment had become more politicised, down from 52 per cent a year earlier. While 68 per cent of the companies surveyed said business conditions had become more difficult in China, that represented an improvement from last year, when a record 73 per cent of respondents agreed with the statement. Meanwhile, firms reported feeling more upbeat about their expectations for growth and profitability in the coming months. The EU chamber conducted the survey between January and February, just before the outbreak of the US-Israel war on Iran and the closure of the Strait of Hormuz Advertisement “Some of these gains could be attributed to the fact that, in a year of intense global volatility, China has demonstrated itself to be a relatively stable manufacturing, sourcing and investment destination,” the chamber said in the report.

undefined European companies operating in China are seeing tentative signs of improvement after several difficult years, but business confidence remains fragile and will require deeper reforms to meaningfully recover, according to the European Union Chamber of Commerce in China’s (EUCCC) latest survey. Several key indicators, including profitability and growth outlook, rebounded from last year’s historic lows, the EUCCC said in a report published Wednesday. Still, most respondents said operating in China had become harder, and many are still grappling with the country’s economic slowdown, intense competition, regulatory uncertainty and barriers to market access.

Astera Labs will showcase advanced AI connectivity solutions and products at Computex 2026, including live demonstrations and technical talks. Quiver AI Summary Astera Labs, Inc., a leader in semiconductor connectivity solutions for AI infrastructure, will showcase its latest technologies and collaborations at Computex 2026 from June 2-5 in Taipei. The event will feature demonstrations of its connectivity portfolio, including the Scorpio X-Series 320 Lane Smart Fabric Switch, and innovations in optical connectivity and rack-level validation systems. Key sessions include a press conference on June 3 featuring industry insights from Thad Omura, and technical discussions on various topics related to AI systems and connectivity. This program aims to provide media and analysts with direct access to Astera Labs' leadership and explore advancements that enhance AI infrastructure deployment. Potential Positives Astera Labs will showcase its latest technologies and innovations at Computex 2026, enhancing visibility and engagement with industry leaders and analysts. The public demonstration of the Scorpio™ X-Series 320 Lane Smart Fabric Switch highlights Astera Labs' commitment to delivering cutting-edge connectivity solutions for AI infrastructure. The event will feature technical talks discussing significant advancements such as next-gen retimers for AI systems and 200G/lane Ethernet, showcasing Astera Labs' leadership in technology innovation. Collaboration with leading AI platform providers and Taiwan system and manufacturing partners indicates strong industry partnerships that could lead to future growth opportunities. Potential Negatives The press release includes numerous forward-looking statements that carry inherent risks and uncertainties, indicating a potential lack of confidence in achieving its stated objectives and product features. The mention of various risks, including delays, disruptions, and inability to meet anticipated market opportunities, raises concern...

European firms in China are turning more upbeat about their business outlook, a new survey found, just as Brussels appears poised to take action against a swelling trade imbalance with Beijing. About 35% of respondents reported being optimistic about their industry growing in China over the next two years, up from a record low of 29% in 2025. The annual poll, published on Wednesday by the European Union Chamber of Commerce in China , also showed that 47% of companies said the local business environment had become more politicized in the last year, the lowest share since at least 2023. Part of the improvement in sentiment can be attributed to “crisis fatigue,” said Denis Depoux , global managing director at Germany’s Roland Berger, a consultancy that helped carry out the survey. It was conducted between January and February and covered 549 respondents. European firms have “adjusted in many different ways, they got used to the situation, and expectations of headquarters have adjusted as well,” said Depoux. “This is still pretty low business confidence, but the members of the chamber are getting slightly used to it.” The recovery in sentiment stands out against the backdrop of worsening tensions between Beijing and Brussels. EU officials are preparing the ground for possible new tools to counter China’s export surge, which they partly blame on insufficient domestic demand, an undervalued currency and generous subsidies. The European Commission is expected to have an internal debate on tougher trade measures against China on Friday, Bloomberg reported earlier. The commerce ministry in Beijing has already pledged countermeasures if the EU presses ahead with new restrictions on Chinese imports. EU Plans Tougher Trade Measures to Rebuff Chinese Export Surge China Lobbies Spain to Sink EU Plans to Boost Its Companies Germany Urged to Back EU Push Against Worsening China Shock China Forces Reckoning in Europe as Trade Turns Existential Last year, European firms were most pes...

正在统一测算数据，预计4到6周内会公布良性清退方案，并逐一与客户签订协议。 “我1年半之前刚投进去了1000多万，听到清退的消息后人都蒙了，现在只希望能把本金顺利拿回来。”投资者陈先生（化名）说。 近日，宜信启动旗下类固收产品“良性清退”的消息引发市场高度关注。第一财经在多个投资者群发现，宜信的客群以高净值客户为主，投资金额均较大，尤其以百万元以上的投资者占据多数，因此对清退方案颇为关注。 根据宜信此前的回应，目前正在统一测算数据，待方案形成并向主管部门汇报后，预计4到6周内会公布良性清退方案，并逐一与客户签订协议。 一位自称曾在宜信工作了14年的前中高级别理财顾问赵先生（化名）对记者说，据他估算，目前宜信的“类固收”产品规模大约500亿元左右。“如果以这个规模计算，按照之前传闻的净本金兑付，再给宜信3-5年的时间缓冲，最终兑付应该问题不大。”他说。 类固收的底层资产是什么？ 事实上，“净本金兑付”也是目前最具争议的质疑点。根据市场流传的可能的兑付规则，兑付基数核算方式为投资者持有余额扣除累计已分配收益，即后续将剔除投资者历史全部获利收益，仅以剩余本金作为分期兑付的计算基数。 第一财经在多个投资者群发现，新客户比较认可该模式，主要是其投资收益尚处于起步阶段。而老客户大多持反对态度，主要是由于自身累计收益规模较高，最终可能兑付的本金微乎其微。 “我算了下，如果按净本金模式，我能退回来的钱几乎是零了。”一位投资者说。甚至有长期滚动投资的老客户表示，自己从P2P时代就开始投资了，算下来可能还需要“倒贴”。 “固定利率、高收益”是不少投资者选择宜信的主要出发点，“我还在宜信的时候，类固收产品的年化收益率在6%至8%不等，期限在3个月至2年不等，这个收益可以说是非常吸引人的。”赵先生说。 另外，投资者比较关注的类固收产品的具体规模和底层资产。据赵先生透露，宜信的“类固收”在2019年前后达到顶峰，当时预计近1500亿元左右，近年来，宜信一直在收缩类固收业务，“目前据我估算，应该在400亿元至500亿元左右。”他说。 而对于类固收的底层资产，赵先生表示，类固收的前身是此前的P2P业务，后来，随着P2P陆续清退，宜信也在进行业务转型，做一些小额助贷业务，诸如车辆抵押贷款、网络贷款，以及银行助贷等。“据我所知，其类固收的底层资产包括小额信贷、融资租赁等。”他说。 目前，投资者也在搜...

UBS Group and Barclays significantly raised their price targets for Micron Technology and SanDisk, reigniting Wall Street's enthusiasm for memory stocks, with Micron's market capitalization surpassing $1 trillion. 富途牛牛

UBS Group AG ’s Asia Pacific President Iqbal Khan said artificial intelligence will free up capacity and improve productivity but also have an impact on jobs. “If we can use that capacity to serve our clients better, gain more share of the wallet, grow faster, grow more, then the impact on costs and jobs is going to be less,” said Khan in an interview with Bloomberg Television. “Now if we cannot, and this in an industrywide topic, then of course it will have ramifications and implications on costs and jobs.” Khan’s comments contribute to the broader debate surrounding artificial intelligence. Standard Chartered Chief Executive Officer Bill Winters has also warned that an increased focus on AI could lead to the elimination of roles, as the bank replaces what he described as “lower-value human capital” with technology — a term he later apologized for. Earlier this month, Goldman Sachs Group Inc. President and Chief Operating Officer John Waldron described his firm’s traditional operations as a “ human assembly line ” ripe for automation. Khan said that AI has risks but also the potential to improve efficiency and productivity across the business. “This is the biggest transformation we’re going to see and it’s more about up-skilling our people and us learning,” said Khan.

格隆汇5月27日｜布伦特原油期货跌幅扩大至1%，报95.63美元/桶。

vikarus/iStock via Getty Images This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory 13F Form filed on 05/15/2026. Please visit our Tracking David Tepper’s Appaloosa Management Portfolio series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q4 2025. This quarter, Tepper’s 13F portfolio value decreased from ~$6.95B to ~$5.93B. The number of holdings decreased from 38 to 31. The top five positions are Amazon.com, Micron Technology, Alphabet, Uber Technologies, and Taiwan Semi. They add up to ~48% of the portfolio. New Stakes: Sandisk Corp ( SNDK ): SNDK is a ~3% of the portfolio stake established this quarter at prices between ~$244 and ~$778. The stock currently trades close to double the high end of that range at ~$1590. Stake Disposals: American Airlines ( AAL ): The 3.13% AAL position was purchased during Q3 2025 at prices between ~$11 and ~$14. The last quarter saw a ~53% stake increase at prices between ~$11 and ~$16. The disposal this quarter was at prices between ~$10 and ~$16.50. The stock is now at $14.85. Delta Air Lines ( DAL ), Goodyear Tire & Rubber ( GT ), iShares China Large Cap ETF ( FXI ), IQVIA Holdings ( IQV ), Mohawk Industries ( MHK ), Owens Corning ( OC ), and United Airlines ( UAL ): These positions were disposed of during the quarter. Stake Increases: Amazon.com ( AMZN ) : The ~15% AMZN position is currently their largest 13F stake. It was purchased during Q1 2019 at prices between ~$75 and ~$91. The position has wavered. Recent activity follows. Q4 2024 saw a ~20% selling at prices between ~$181 and ~$233. That was followed by a ~13% trimming during the last quarter at prices between ~$211 and ~$259. This quarter saw the position almost double at prices between ~$196 and ~$249. The stock currently trades at ~$265. Uber Technologies ( UBER ) : UBER is now at 7....

Getty Images The negative sentiment around lululemon athletica ( LULU ) has presented a compelling buying opportunity. While there are risks around the proxy battle, a management team in transition, and market saturation concerns in the Americas market, I believe the current risk/reward profile presents patient investors with a great opportunity. Lulu's vertical distribution capabilities, fortress balance sheet, international growth, and depressed stock price warrant a Strong Buy rating from me. I have a conservatively calculated valuation of $229/share, representing an 83% upside at the time of this writing. Business Overview lululemon athletica is a Vancouver, Canada-based company specializing in the design, distribution, and retailing of technical athletic apparel, footwear, and accessories for men and women. FY 2026 10K The company operates globally, reporting revenues based on the geographies shown above. The Americas account for the Canadian, U.S., and Mexican markets. China Mainland is self-explanatory, and RoW consists of EMEA and APAC countries. The Americas is the largest market by far, despite the 4% revenue share decline, accounting for 71% of 2025 net revenues. FY 2026 10K The majority of their sales comes from the women's apparel category, which was 63% of total revenues and grew 3%. Men's apparel is 24% of revenues and grew roughly 4%. Accessories account for 13% of revenues and grew at 7%. The company commands superior gross and operating margins compared to other athleisure players like NIKE and Adidas. (Other core athleisure competitors like Alo and Vuori are private). As of this writing, Lulu's gross margin is 56%, 5% higher than Adidas, and 13% higher than Nike. TIKR TIKR LULU is able to maintain these impressive margins because of two main factors: their brand and their vertically integrated distribution capabilities. Brand and Vertical Integration The lululemon brand is recognized around the world as the number one in women's athleisure for "pr...

据美媒CNBC当地时间26日报道，消息人士表示埃隆·马斯克已与同事讨论过合并其掌控的两家科技产业巨头Tesla（特斯拉）与SpaceX（太空探索技术公司）的可能性。 尽管Tesla和SpaceX的主营业务分别是电动汽车和航空航天，但由于汽车行业智能化加速和对xAI的合并，这两家企业都正逐步蜕变为“AI驱动型企业”，双方在打造强大 算力 基础设施、构建高能效端侧算力系统上目标一致。 不仅如此，两家企业在资源、技术上存在长期共享，双方之间也经常进行交易：SpaceX是Tesla的Cybertruck皮卡、Megapack 储能 系统与 太阳能 设备的客户之一，Tesla委托SpaceX开发 合金材料 。 Tesla与SpaceX合并的关键阻力之一来自财务方面：将哪家企业设为存续公司、如何为两家企业设定估值和换股计划、如何保护少数股东的权益，这些都是可能引发股东担忧的问题。