Gigi Luk of GGL Capital Investment Group says "one risk that we're seeing is the potential liquidity overhang in AI." Luk adds that "the gap between winners and losers is widening structurally" and this creates opportunities. She speaks on Bloomberg Television. (Source: Bloomberg)

工业生产较快增长、价格回升，共同推动工业企业营业收入稳定增长。 国家统计局5月27日发布的最新数据显示，1-4月份，全国规模以上工业企业利润同比增长18.2%，较1-3月份加快2.7个百分点。其中4月份，全国规模以上工业企业利润增长24.7%。 国家统计局工业司首席统计师于卫宁表示，有效实施更加积极有为的宏观政策，工业生产较快增长，工业品价格回升，带动工业企业利润增长加快，装备制造业和高技术制造业等新动能行业引领作用明显，工业企业效益持续改善。 分规模看，1-4月份，规模以上大、中、小型工业企业利润分别同比增长19.7%、21.3%、12.0%；分企业类型看，1-4月份，股份制企业、私营企业、国有控股企业利润分别增长24.0%、23.7%、17.1%。 工业企业单位成本下降，盈利能力继续改善。1-4月份，规模以上工业企业每百元营业收入中的成本为84.94元，同比下降0.55元，工业企业累计单位成本今年以来连续四个月下降。规模以上工业企业营业收入利润率为5.43%，同比提高0.60个百分点，营收利润率达2023年以来同期最高水平。 于卫宁分析，工业生产保持较快增长，工业生产者出厂价格回升，共同推动工业企业营业收入稳定增长。1-4月份，全国规模以上工业企业营业收入同比增长5.2%，较1-3月份加快0.2个百分点。其中，4月份全国规模以上工业企业营业收入增长5.7%，较3月份加快1.3个百分点。工业企业营业收入稳定增长为企业效益持续恢复提供重要支撑。 价格方面，2026年4月工业品出厂价格（PPI）同比上涨2.8%，涨幅较上月回升2.3个百分点，涨幅创下年内新高，环比上涨1.7%，为连续第七个月上涨。 国家金融与发展实验室特聘高级研究员庞溟对第一财经记者表示，4月份工业企业利润呈现增速加快、结构优化、质量改善的特点，显示工业经济修复动能增强。但行业分化依旧明显，传统制造压力与新兴产业活力并存，未来走势仍需关注外部需求和大宗商品价格波动。 分行业来看，装备制造业利润保持两位数增长。1-4月份，规模以上装备制造业利润同比增长15.4%，拉动全部规模以上工业企业利润增长5.4个百分点。其中，电子行业受需求增加、价格持续回升等因素带动，行业利润增长107.7%，对全部规模以上工业企业利润增长的贡献率达43.8%，是规模以上工业企业利润较快增长的重要支撑。 高技术制造业引领作用明显...

郭毅可认为，大学不是培养职业技能的“高级职校”，“大学是人类文明和思想的一个聚集点” 资料图：郭毅可。在郭毅可看来，当前“一个老师站在讲台上对着全班讲课”的模式，本质上是教育工业化的产物 。图：侯宇/中新社/视觉中国 【财新网】 随着生成式人工智能技术的快速发展，全球高等教育正迎来前所未有的改变。当AI能够在短时间内完成初级工程师水平的编程，当海量的知识被压缩进大模型中让人随时调用，大学的存在价值是否会被削弱？面对这一时代的终极拷问，香港科技大学（下称“港科大”）首席副校长郭毅可给出一个极为大胆的预测：“教育将回归到孔子时代。” 在郭毅可看来，当前“一个老师站在讲台上对着全班讲课”的模式，本质上是教育工业化的产物。由于过去知识具有稀缺性，必须通过这种规模化、教师单向输出的方式进行高效率的教育。但在AI时代，任何人都可以随时随地向AI发问并获取所需的知识，这意味着，传统的“知识传授型”课堂已经彻底过时。

Micron Technology is one of the most strategically important beneficiaries of the global artificial intelligence infrastructure cycle, as demand for high-bandwidth memory (HBM), DRAM, and advanced data-center storage solutions continues to accelerate at a pace rarely seen in the semiconductor industry. The company’s positioning within the AI supply chain has materially strengthened investor sentiment, particularly after UBS Secturities reiterated its “Buy” rating on the stock, and sharply increased its 12 month price target to $1,625 from $535, arguing that structural AI-driven memory demand is fundamentally reshaping the long-term earnings power of the memory sector. From a fundamental valuation perspective, UBS’s thesis appears rooted in a multi-year expansion of AI server deployments, hyperscaler capital expenditures, and generative AI compute requirements, all of which require significantly higher memory density per server compared with traditional cloud infrastructure. Micron’s advanced HBM products are increasingly viewed as mission-critical components within next-generation AI accelerators, particularly those tied to GPU-intensive training and inference workloads. As a result, analysts now anticipate a structurally tighter memory market rather than the historically cyclical boom-and-bust pricing environment that previously defined the sector. The core argument supporting UBS’s aggressive valuation upgrade is that AI demand may permanently alter the supply-demand equilibrium across the memory industry. Historically, memory manufacturers experienced severe pricing volatility due to oversupply cycles, weak visibility, and commoditized end markets. However, the rapid emergence of AI-centric data centers has created a scenario where leading-edge memory products are supply constrained, technologically differentiated, and increasingly essential to compute performance. This dynamic materially improves Micron’s pricing power, margin profile, and free-cash-flow generat...

Funtap/iStock via Getty Images Key Takeaways • Markets: US equities endured a difficult first quarter of 2026 as investors reassessed the durability of the AI trade and geopolitical risk intensified. Technology-focused shares came under pressure as rising AI-related capital expenditure spurred a rotation away from mega-capitalization growth toward value stocks. At its two meetings during the quarter, the US Federal Reserve left its benchmark interest rate on hold. March brought further strain as the Middle East conflict disrupted energy markets, lifting oil prices and adding to inflation risk. The Nasdaq Composite Index underperformed the S&P 500 Index, while the Dow Jones Industrial Average proved more resilient. By investment style, value investing surpassed growth across market-cap tiers, with small- and mid-cap stocks performing better than their large-cap counterparts. • Contributors: Stock selection decisions and, to a lesser extent, positive allocation effects benefited relative fund performance. Stock selection in the electric utilities industry and an allocation to the oil, gas and consumable fuels industry were strong contributors to relative performance. • Detractors: Leading relative detractors were at the individual stock level. • Outlook: We believe that power demand across the United States is likely to improve significantly, along with industry capital spending on data center development. Performance Review • The fund (Advisor Class without sales charges) outperformed the S&P 500 Utilities Index benchmark in the first quarter of 2026. The electric utilities industry was a source of both positive and negative relative contributors. An underweight in Constellation Energy ( CEG ) proved beneficial as the stock rose sharply early in 2026 but fell back by quarter-end, amid volatility over the period. An underweight in the renewable energy supplier limited our losses versus the benchmark as weaker 2026 guidance and higher capital-spending concerns weighed ...

Worawith Ounpeng/iStock via Getty Images Plains All American Analysis I've been covering oil and gas stocks for over 10 years now, and one thing remains true: midstream MLPs are some of the best income-producing stocks in the world. Plains All American Pipeline ( PAA ) is one of the more popular names in a bunch of good ones, and with a trailing yield around 7%, it does carry some appeal for income investors. But a high yield by itself doesn't make a buy, unfortunately. After working through PAA's latest results, its valuation, and its distribution history, I rate the stock a Hold. Here's the deal: it's a solid company. It just isn't the one I'd buy first here, as investors have quite a few names to choose from. Here, I will compare it to standouts in the MLP sector, including MPLX, Enterprise Products Partners ( EPD ), Energy Transfer ( ET ), and Western Midstream ( WES ). These are all very strong options for income investors, but they're not all the same, of course. Each one carries its own risks and opportunities. Here's my bull case on why MPLX is king of the MLPs and my piece on why I prefer WES over EPD and ET . Now, let's get into Plains All American. What Plains All American Owns Plains All American Pipeline PAA is in the middle of becoming a pure-play crude oil midstream operator. Its corporate presentation describes an extensive network of gathering lines, long-haul pipelines, terminals, and storage that moves roughly 9 million barrels per day of crude and NGL, with the footprint concentrated in the Permian Basin and tied to Gulf Coast export markets. The defining move is the sale of its Canadian NGL business to Keyera for about C$5.15 billion , or roughly $3.3 billion in net cash, which just recently closed. PAA is now essentially a crude pipeline and storage company with fee-based cash flows, plus a marketing arm that captures grade, location, and time spreads. Plains All American Pipeline Its first quarter 2026 adjusted EBITDA was very strong, coming i...

Japan ’s call to maintain “impeccable” defences on its northern frontier reflects Tokyo’s deepening concern over growing Russian military activity in the region, analysts say. They also point to rapid north-south troop deployment exercises as preparation against a potential “diversionary operation” around Hokkaido: a scenario in which Russia could open a second front if Japan were already focused on a crisis with China in the south. During a visit to military bases in Hokkaido on Saturday, Defence Minister Shinjiro Koizumi expressed alarm over Russia’s increasing military activities in its Far East region, saying this made strengthening the defence of Japan’s northernmost main island essential. Advertisement Russia’s military posture in the Far East region “is a cause for serious concern along with its strategic cooperation with China”, broadcaster NHK quoted Koizumi as saying. “Even as the importance of strengthening the defence of the southwestern regions grows, Hokkaido remains a vital region, and it is necessary to continue maintaining an impeccable defence system here,” he added. Japan’s Defence Minister Shinjiro Koizumi holds a press conference on May 19. He has called Russia’s military posture around Japan “a cause for serious concern”. Photo: Kyodo Koizumi had earlier visited the Self-Defence Force’s Makomanai Garrison in Sapporo and Chitose Air Base, around 40km (25 miles) to the southeast.

格隆汇5月27日｜根据TrendForce最新统计，2026年第一季全球纯电动车（BEV）、插电混合式电动车（PHEV）和氢燃料电池车等新能源车合计销量达394万辆，年减2%，占第一季全球汽车销售的19%。中国新能源车市场步入调整期；同时，西欧地区市场出现复苏迹象，日本和韩国的纯电车销量也有显著成长。

Taiwan prosecutors suspect that three individuals successfully smuggled at least one shipment of Nvidia Corp. ( NVDA ) AI chips to China after first exporting them to Japan, Bloomberg reported, citing people familiar with the matter. The trio was detained last week by Taiwan’s Keelung District Prosecutors Office for allegedly falsifying documents related to exports of Super Micro Computer Inc. ( SMCI ) servers containing advanced Nvidia ( NVDA ) chips, which the US has barred from sale to China without a license from Washington. The move marked the island democracy’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing China’s tech access, the report added. More on Nvidia, Super Micro Computer Nvidia Vs. AMD: Nvidia Will Eat AMD's CPU Lunch Nvidia's Just Getting Started; It's Time To Buy (Rating Upgrade) Super Micro Computer: The Next AI Bottleneck (Rating Upgrade) Nvidia, AMD among group of winners as BofA thinks AI spending has 'staying power' Nvidia CEO urges Super Micro to tighten up on compliance amid Taiwan crackdown - report

格隆汇5月27日｜据英国《金融时报》援引四位知情人士消息，由世界银行设立、用于特朗普 “和平委员会”（Board of Peace）运作的官方基金，成立 4 个月来尚未收到任何捐赠资金。该委员会的一名发言人和另一位了解资金安排的知情人士透露，捐款资金直接存入委员会在摩根大通的账户，而非经由世界银行管理的上述基金。和平委员会一名官员表示，“已设立多种资金接收渠道”，世界银行基金只是其中之一。

5月27日，据微信官方播客《微信公开Talk》消息，企业微信已在最新版本中正式推出“记录面聊”功能。根据官方介绍，在小组周会、项目讨论等线下场景，用户可通过手机端一键开启“记录面聊”。该功能依托声纹识别技术，能够精准区分并匹配企业通讯录中的发言人，实现“听声辨人”，并将语音实时转化为结构化的文字记录。此外，AI可根据对话内容自动提炼核心要点生成会议纪要，并直接拆解、分配待办事项至对应责任人。

财联社5月27日讯（记者 陈夏筱） 历经半年，从2025年11月停牌、披露预案，嘉戎技术（301148.SZ）于昨日晚间正式抛出购买资产暨关联交易草案，交易构成重大资产重组。若交易完成，公司实控权将变更，实控人将变更为胡殿君。 根据《发行股份购买资产并募集配套资金暨关联交易报告书（草案）》，公司拟通过发行股份方式向厦门溥玉投资合伙企业（有限合伙）（以下简称“厦门溥玉”）、楼永通等19名交易对方购买其合计持有的杭州蓝然技术股份有限公司（以下简称“杭州蓝然”）100%股权。经评估，杭州蓝然100%股权评估值为13.51亿元，交易最终作价13.50亿元，全部以股份支付，发行价格经除权除息调整后为20.77元/股，拟发行股份数量约6502万股。 同时，公司拟向厦门溥玉发行股份募集配套资金10亿元，用于绿色成套装置生产基地项目、电渗析膜组器生产基地项目、研发中心建设项目等。 本次交易完成后，杭州蓝然将成为嘉戎技术全资子公司，厦门溥玉将成为嘉戎技术控股股东，胡殿君成为实际控制人，原实控人蒋林煜、王如顺、董正军解除一致行动协议。杭州蓝然董事长楼永通在本次交易后将持有公司1341.81万股股份，占公司总股本的6.12%。 业绩承诺方面，厦门溥玉、楼永通等7名交易对方就核心资产与投资性房地产分别作出承诺。若交易于2026年完成，核心资产2026至2028年净利润分别不低于4,711万元、6,715万元、8,356万元，未达标将以所获股份按1元总价回购注销方式进行补偿。 若业绩期满累计超额完成，则提取超额部分的30%作为核心管理层现金奖励，奖励总额不超过交易对价的20%。 根据公开资料，杭州蓝然以电驱动膜及电渗析技术研发与应用为核心，主要从事离子交换膜及膜组件、电渗析相关设备的研发、生产、销售及技术服务，构建了一条涵盖“膜材料-离子交换膜-膜组件-电渗析设备-控制系统-电渗析应用技术-电渗析应用设备”的电渗析产业链。 财务数据显示，2024年至2025年，杭州蓝然的营业收入分别为2.51亿元、2.95亿元，归母净利润4493.60万元、3075.95万元。 公告进一步表示，公司和杭州蓝然同属于膜分离技术领域，是工业分离纯化场景下的两大核心技术路径。上市公司以压力驱动膜技术为核心，标的公司以电渗析技术为核心，双方在产品工艺、技术研发、客户资源与应用场景等方面具备显著协同效应。 通过本次交...

Key Points Company Director and activist investor Edward Garden purchased 57,400 shares for a total consideration of approximately $2 million on May 20, 2026. The transaction represented 1.61% of his total holdings, with post-transaction indirect ownership at 3,624,932 shares. All shares are held indirectly, with no direct ownership noted in the filing. 10 stocks we like better than Fortune Brands Innovations › Activist investor Edward P. Garden, now a member of the Board of Directors for Fortune Brands Innovations (NYSE:FBIN), reported the acquisition of 57,400 shares of Common Stock at a weighted average price of $34.89 per share on May 20, 2026, according to a SEC Form 4 filing. Transaction summary Metric Value Shares traded 57,400 Transaction value ~$2 million Post-transaction shares (indirect) 3,624,932 Transaction value based on SEC Form 4 weighted average purchase price ($34.89). Key questions How does this purchase relate to Edward P. Garden's overall ownership structure? Garden's entire Common Stock position is now held indirectly through GI SPV II L.P. and Green 73 LLC, maintaining exposure without any directly held shares noted in the filing. Garden's entire Common Stock position is now held indirectly through GI SPV II L.P. and Green 73 LLC, maintaining exposure without any directly held shares noted in the filing. What is the proportional impact of this transaction on Garden's holdings? The 57,400 shares acquired represent 1.6% of his holdings as of the filing date. The 57,400 shares acquired represent 1.6% of his holdings as of the filing date. Is there any indication of a change in transaction cadence or size? There is insufficient historical data on prior purchases or sales to establish a trend, but the timing and size reflect a portfolio adjustment rather than a shift in strategy. There is insufficient historical data on prior purchases or sales to establish a trend, but the timing and size reflect a portfolio adjustment rather than a shift in strat...

格隆汇5月27日｜小鹏汽车：小鹏集团入选广东省战略性新兴产业投资引导基金首批签约项目。

Sometimes you should invest in skyrocketing stocks before they truly go stratospheric. In other cases, you want to buy shares of great companies when they're way too cheap. It's easy to find both types of super-investable stock ideas in today's market. Read on to see a great example in each category: Netflix (NASDAQ: NFLX) Market makers seem to have missed SoundHound AI's (NASDAQ: SOUN) If you have $1,000 of investable cash on hand, you should consider these two tech stocks before anything else right now. Netflix: The soaring media star Netflix is a clear leader in the streaming industry, with a household-name brand, massive subscriber base of 270 million paid memberships, and an award-winning content library. The stock might seem pricey at first glance, but the company's recent streak of 52-week-high share prices are a testament to Netflix's continued growth and potential for further expansion. Key factors driving Netflix's growth include: Global expansion: Netflix is aggressively expanding into international markets, tapping into a vast pool of potential subscribers. What started as a tentative Canadian launch more than a decade ago has bloomed into 69% of the global subscriber base -- and growing. This presents a significant growth opportunity, as the company expands its streaming services in new regions and cultures. Netflix is aggressively expanding into international markets, tapping into a vast pool of potential subscribers. What started as a tentative Canadian launch more than a decade ago has bloomed into 69% of the global subscriber base -- and growing. This presents a significant growth opportunity, as the company expands its streaming services in new regions and cultures. Original content: Netflix's heavy investment in original content, including critically acclaimed series like Stranger Things and films such as Glass Onion: A Knives Out Mystery, has been a major driver of subscriber growth and engagement. This strategy not only attracts new viewers but ...

Samsung pay deal marks seismic change for South Korea, emboldening unions Reuters

The breathtaking rally in South Korean stocks took gains for 2026 to 100%, eclipsing even the historic run-ups seen before the dotcom bubble burst and during the nation’s industrial boom in the late 1980s. Supercharged by advances in memory makers SK Hynix Inc. and Samsung Electronics Co., the benchmark Kospi has shattered record after record — racing from 5,000 to 8,000 in a matter of months. The gauge jumped as much as 5.1% on Wednesday. Less than halfway through the year, the Kospi’s performance now rivals the Nasdaq 100 Index’s 102% surge in 1999 — right before the bubble burst. Still, few market watchers are raising the alarm bells for Korea as they see a structural change in global demand for memory chips — moving from a cyclical pattern to an enduring growth trend. Read more: Memory Chip Frenzy Sends SK Hynix, Micron Into $1 Trillion Club

挺进万亿美金俱乐部，市盈率竟只有费指1/4 韩国市场SK海力士涨幅进一步扩大至近15%，报2358000韩元，再创历史新高，市值升至逾1.1万亿美元，成为继三星电子之后亚洲第二家达到这一里程碑的半导体制造商，也是全球第三家市值突破万亿美元的存储芯片公司(另一家是刚刚跻身万亿美元俱乐部的美光科技)。 SK海力士年内累计涨幅超260%，过去一年的累计涨幅高达1044%。 SK海力士处于全球人工智能建设的关键节点。存储芯片已成为决定数据中心扩产速度的关键瓶颈，投资者和分析师预计，存储芯片短缺将持续至2027年，这赋予了SK海力士及其竞争对手三星电子和美光科技公司面对全球最大科技公司时非同寻常的定价权。 巴克莱分析师预计SK海力士仍将是高带宽存储领域的领导者。由于供应持续紧张，产品定价预计将保持有利。SK海力士在美国潜在的股票上市计划也被视为一个催化因素。 尽管今年股价快速上涨，但SK海力士的市盈率仅为未来一年预期盈利的6倍，而费城半导体指数的这一数字为27倍。

放眼资本市场，公司作为港股稀缺的纯企业决策AI智能体标的，成长价值尚未充分释放。赛道红利、龙头实力与估值优势三重利好叠加，深演智能后续成长潜力与估值修复空间值得长期期待。 5月27日，深演智能正式登陆港交所主板，成为企业决策AI智能体第一股，同时也是港股市场首只纯企业决策AI标的。 深演智能上市首日开盘即大涨，截至发稿涨超247%报193港元。 作为少数实现稳定盈利、建成垂直闭环的企业，深演智能已然拿到资本市场的入场券。 当前，全球AI竞争已从通用大模型的技术角逐，全面进入商业化落地的新阶段。当前全球AI竞争格局已然生变，行业重心从从通用大模型的技术竞速，迈向企业级AI商业化落地的新阶段。此时，聚焦企业核心决策的AI技术，成为产业价值释放的关键抓手。 一、行业洞察：万亿决策AI赛道拐点已至，垂直落地才是AI商业化终局 今年以来，AI的商业化逻辑正发生彻底的改变，标志性事件接连发生。 2026年5月初，Anthropic联合黑石、高盛等华尔街巨头成立总规模达150亿美元的AI合资企业，旨在向中型企业派驻工程师，将Claude深度嵌入核心业务流程。紧接着，OpenAI宣布成立初始投资超400亿美元的部署公司，并通过收购Tomoro引入约150名前线部署工程师，直接入驻客户现场进行定制化集成。 两大巨头不约而同地从卷模型转向卷企业级AI。 早在今年3月，红杉资本发布《Services: The New Software》并精准预判这一行业演进趋势。红杉指出，AI公司如果只是出售工具，就会始终处在与大模型能力迭代的赛跑中；但如果出售的是工作结果，模型能力的每一次提升，反而都会让服务变得更快、更便宜、更难被替代。 报告还将AI商业模式划分为辅助协同Copilot与自主运行Autopilot两大形态，并指出行业已然跨过工具辅助阶段，迈入智能自主作业新阶段。单纯售卖工具难以抵御技术迭代冲击，锚定业务成果交付，才能最大化收获技术升级红利。Autopilot模式适配于企业预算充足、业务范畴明确、客户重视实际产出的企业场景。换而言之，能够真正落地、形成业务闭环、清晰核算投入产出价值的AI技术，才是推动产业升级的核心生产力。 营销和销售决策领域，正是Autopilot模式适配的核心场景。营销投放、客户运维、销售转化属于企业常态化刚性开支，资金预算稳定；转化效率、投入回报、用户价值等数据直...

Micron Technology (MU) Stock Soars with UBS Price Target Increas GuruFocus

离岸信托的有效性取决于设立文件与存续期运营能否保持一致，并能够经受金融机构尽职调查、受托人合规审阅及税务机关信息比对等多维核验。 经济合作与发展组织（OECD）于2023年推出共同申报准则升级版本CRS 2.0，并同步发布其重要组成部分——加密资产申报框架（CARF）。近期备受市场关注的CRS 2.0将在主要司法辖区逐步落地。就中国香港而言，《2026年税务（修订）（自动交换资料）条例草案》将并于4月1日提交立法会首读；如获通过，将于2027年1月1日起生效。 离岸信托在不少跨境家族与企业家的资产安排中，往往并非单一工具，而是与控股公司、SPV（特殊目的载体）、银行及券商账户等共同构成离岸架构，其合规与治理效果取决于法律文件、权责边界与实际运作在存续期内能否保持一致。 在CRS2.0制度更新背景下，对在港申报金融机构而言，客户尽职调查、资料留存与申报流程将更强调可核验性；对离岸信托及其配套结构的相关方而言，税务居民身份、自我声明以及控制关系与受益安排等信息更容易在机构合规复核与跨境交换中被交叉核验。与此同时，离岸结构常用辖区亦在同步推进标准更新：例如英属维尔京群岛（BVI）等司法辖区已从2026年起按CRS 2.0口径开展数据采集，并计划在2027年开始交换（对应2026报告年度）。在这一节奏下，离岸信托的设立与存续管理，应与配套公司治理、账户权限设置、文件留存与申报口径一致性一并统筹，以满足金融机构尽职调查与税务信息交换框架下的核验要求。 我们在为跨境家庭与企业家提供受托及配套专业服务的过程中，经常遇到一些认知误区，即将离岸信托视为设立完成后即可长期放置的安排，或将离岸架构理解为可以降低披露与核验要求的工具。在金融机构客户尽职调查（KYC）趋严、涉税信息核验常态化的背景下，这种误解更容易引发披露不充分、文件与事实不一致、权责边界不清等问题，并进一步演变为合规、法律与家族治理层面的综合风险。 结合我们对近年来一些风险事件的复盘以及市场合规实践的共性特点，离岸信托在设立与存续管理中常见的认知与操作误区，主要集中在以下方面： 1.独立性安排不足，导致信托法律边界被弱化。 在股权类离岸信托及其配套SPV持股架构中，若关键治理岗位或账户权限长期由委托人或家族成员直接控制，可能形成设立形式与管理实质不匹配的情形。一旦发生争议、执行或监管核验，信托独立性与保护功能将面临更高的解...

格隆汇5月27日｜英矽智能(03696.HK)在港交所公告，本公司谨此知会股东及投资者，本公司不时考虑及评估上市后的各项资本运作，包括于其他资本市场进行第二上市之可行性。然而，本公司目前尚无任何第二上市确实计划。

一、【早盘盘面回顾】 财联社5月27日讯，三大指数涨跌不一，沪指震荡调整，创业板指冲高回落，黄白线分化明显。沪深两市半日成交额2.07万亿，较上个交易日缩量898亿。盘面上热点较为杂乱，全市场超4600只个股下跌。从板块来看，短剧概念表现活跃，掌阅科技、欢瑞世纪、百纳千成涨停。芯片产业链盘中走强，扬杰科技股价创历史新高，和远气体涨停，华天科技触及涨停。电力板块震荡走高，华电能源3连板，华银电力、辽宁能源涨停。电网设备板块震荡拉升，泰永长征、良信股份涨停。下跌方面，机器人概念震荡调整，巨轮智能触及跌停，上纬新材、德马科技、五洲新春等纷纷下挫。截至收盘，沪指跌1.11%，深成指跌0.42%，创业板指涨0.7%。 个股来看，今日早盘涨停数量为36家（不包括ST及未开板新股），封板率67%，连板股数量为7家，华塑控股、香江控股、华电能源3连板，盛龙股份、步步高、中京电子、真视通2连板。 板块上，光伏、储能今日领涨，TCL中环、正泰电源、中京电子等涨停，帝尔激光、固德威、锦浪科技等涨幅居前。 政策层面，备受行业瞩目的“十五五”新型储能发展实施方案已编制完成，目前正处于内部征求意见阶段，定稿后将正式发布，预计将在新型电池技术路线、产能布局优化等方面给予明确指引。东莞证券研报指出，在政策驱动、需求爆发、供需格局优化与新技术路线突破的共同推动下，储能行业景气持续上行，建议关注储能电芯、核心材料、PCS与系统集成环节的头部企业。 电网设备震荡走强，天正电气、泰永长征、良信股份、四方股份涨停，金盘科技、杭电股份、明阳电气等涨幅居前。 消息面上，美国银行最新研究报告指出，随着英伟达GPU平台迭代，数据中心机柜功耗将从传统服务器的10至15千瓦飙升至2029至2030年Feynman平台时代的逾1.5兆瓦，涨幅接近100倍，现有电力基础设施已无力承载这一需求。 电力股表现亮眼，华电能源3连板，华银电力、辽宁能源涨停，华能蒙电、韶能股份、粤电力A等个股涨幅居前。 国家能源局25日发布的全国电力统计数据显示，截至4月底，全国累计发电装机容量39.9亿千瓦，同比增长14.2％。其中，太阳能发电装机容量12.5亿千瓦，同比增长26.2％；风电装机容量6.6亿千瓦，同比增长22.0％。当天发布的数据还显示，1至4月份，全国发电设备累计平均利用925小时。 短剧概念同样逆势活跃，掌阅科技、欢瑞世纪、百...

重庆永川特大暴雨受灾区域全部恢复供电 2026-05-27 12:17:53 来源： 同花顺7x24快讯 分享 记者5月27日从国网重庆市电力公司了解到，目前电力部门已顺利完成永川特大暴雨受损电力设施抢修工作，受灾区域全部恢复正常供电。(新华社)

This interactive model has a limit on the number of drivers that can be modified in a single scenario. When the limit is reached those drivers not yet modified become disabled for modification. Your options are: Create new scenarios to try different combinations of driver modifications Reset one of your driver modifications in this scenario in order to modify another driver

NiroDesign/iStock via Getty Images Introduction I like Fairfax as a business, though the current price requires a more cautious valuation. Fairfax Financial Holdings Limited ( FRFHF ) is a Canadian holding company whose main operations are in property and casualty, reinsurance, and investment management. Currently, the company's business model remains strongly dependent on insurance premium flows and the ability to invest these funds profitably in the long term. The main thing that shows the company's success is the book value per share growth, which at the end of 2025 recorded a 20.5% annual growth and in 2026 Q1 reached a $1250 level. This growth directly correlates with the insurance segment 's discipline, where the combined ratio has stabilized at the 94.1% level. Fairfax Annual Meeting April 16, 2026 Currently, the company is traded at a 1.3x P/B ratio. Compared to the historical five-year average, which is around 0.92x, the current valuation shows that the market is optimistic due to the high-interest rate effect for the company 's $70.7 billion investment portfolio. A big part of this portfolio is invested in the short term bonds and cash, which is why in 2026, investment yield is the main net income engine. In my view, such a high P/B ratio shows that the share price is not low and investors are taking a bigger risk, expecting that Prem Watsa's management team will be able to maintain double-digit book value growth in the slowing economic conditions. Business overview Fairfax Financial Holdings Limited is a decentralized property and casualty insurance, and reinsurance conglomerate whose business model is based on disciplined and active investment management. The company is successfully shifting its portfolio with increasing exposure in international markets, which in 2026 Q1 recorded a 26% net premiums written growth in the international segment. This jump was led by the Gulf Insurance expansion in medical and motor insurance lines and the increased activit...