格隆汇5月26日｜据山西日报，5月25日，山西省委常委会召开会议，安排推进事故救援处置工作，研究部署全省煤矿安全风险隐患专项整治工作。山西省委书记唐登杰主持会议。会议指出，要全力做好救援救治、安抚善后等工作，全力配合国务院事故调查组开展事故调查，查清查透事故原因，查清查透属地管理、行业监管和企业责任，依法依规严厉惩处。要严格落实国务院安委会矿山安全“八条硬措施”，深入开展全省煤矿安全风险隐患专项整治，以“零容忍”态度精准排查、严厉打击隐蔽工作面、安全监控造假、超能力超强度超定员、超层越界私挖乱采、违规分包转包、重大灾害治理不落实等违法违规行为以及背后存在的渎职、腐败等问题，加强行刑纪衔接，形成“打非治违”的强大震慑，确保硬措施得到硬落实。要以案为鉴，深入剖析、着力纠治一些地方、部门和企业安全发展理念树得不牢、法治意识淡薄、“关键人”责任不落实、安全监管穿透力不够、基层执法检查“宽松软”等突出问题，完善相关机制，强化制度执行，切实提升安全生产工作质效。要统筹抓好非煤矿山（尾矿库）、危险化学品、交通运输、建筑施工、冶金工贸、文化旅游、燃气、消防等行业领域安全生产，抓紧抓实度汛风险隐患排查治理，进一步优化应急调度指挥机制，狠抓各级应急管理能力建设，坚决守牢安全稳定底线。

Joe Hendrickson/iStock Editorial via Getty Images May 21st was a pretty good time for shareholders of consumer goods company Williams-Sonoma ( WSM ). Shares of the business jumped 6.5% after management announced financial results for the first quarter of the company's 2026 fiscal year. Revenue and earnings per share both came in above what analysts were hoping to see. And the company is guiding toward additional growth on the top line this year. The company has a solid balance sheet, and a good track record of slow but steady shareholder value creation. This is not a home run candidate by any means. And if shares of the business were cheaper than they are now, I would certainly be bullish about it. But as things stand, I think that it makes for a better ‘hold’ than it does a ‘buy’. Window shopping Williams-Sonoma Williams-Sonoma For those unfamiliar with it, Williams-Sonoma operates as a specialty retailer of what it describes as high quality products meant for the home. The company explains that it is a digital first enterprise, but this does not mean that it ignores other opportunities for expansion. It has its own retail stores. It offers its own business to business unit. And in addition to its e-commerce platforms, it still maintains direct mail catalogs. These operations all focus on not just the US and Puerto Rico, but also Canada, Australia, and the UK. The firm does have unaffiliated franchisees in Mexico, South Korea, India, and the Philippines as well. So truly, this is a global business. However, I cannot stress enough that, when management says that they are digital first, they truly mean it. When it comes to the e-commerce retailer share in the US, the firm is the 23rd largest player. It also claims to be the largest non-pureplay e-commerce home furnishings retailer on the market, boasting 710 million shopping visits on its platforms annually. About 65% of its revenue, in fact, comes from e-commerce. Williams-Sonoma The company dates back all the way t...

随着交易员权衡美伊可能达成的协议的相关进展，金价微跌。现货黄金下跌0.2%，报每盎司4，559.43美元。达成协议的进展在周一放缓，不过双方正努力达成一份旨在结束战斗的谅解备忘录。“中东冲突减少的任何迹象往往会迅速改变市场情绪，尤其是在与能源相关的资产、货币和贵金属领域，”XS.com的Antonio Di Giacomo在一封电子邮件中表示。然而，这位高级市场分析师补充说，在持续的货币压力下，黄金的“涨势依然温和“，他指出各国央行可能会在更长时间内维持其限制性货币政策立场。 责任编辑：王永生

Taiwan tracks second Chinese 'combat' patrol in a week, sends ships and jets to monitor Reuters

格隆汇5月26日｜Wind数据显示，周二（5月26日），共有6家公司限售股解禁，合计解禁量为6964.59万股，按最新收盘价计算，合计解禁市值为31.37亿元。从解禁量来看，亚华电子、南方精工、协创数据解禁量居前，解禁股数分别为5759.73万股、540.96万股、479.4万股。从解禁市值来看，亚华电子、协创数据、南方精工解禁市值居前，解禁市值分别为16.77亿元、12.8亿元、1.08亿元。从解禁股数占总股本比例来看，亚华电子、南方精工、协创数据解禁比例居前，解禁比例分别为55.28%、1.53%、0.98%。

Wondering if Microsoft at US$418.57 is a bargain, fairly priced, or too expensive for your portfolio? This article breaks down what the current share price might be implying about the stock. The share price has eased recently, with returns declining 1.2% over the past week, 1.4% over the past month, and 11.5% year to date, even though the 3 year and 5 year returns stand at 28.7% and 74.7% respectively. Recent headlines around Microsoft continue to focus on its role in software and broader technology themes. This helps explain why the stock often draws attention even when short term returns soften. This backdrop gives useful context when you weigh the recent 1 year return declining 6.3% against the longer term track record. On Simply Wall St's valuation checks, Microsoft scores a for being assessed as undervalued across multiple measures. Next you will see how approaches like DCF, P/E multiples, and asset based views line up, before finishing with a broader way to think about valuation beyond any single model. Advertisement Approach 1: Microsoft Discounted Cash Flow (DCF) Analysis A Discounted Cash Flow, or DCF, model estimates what a stock could be worth by projecting future cash flows and discounting them back to today, using the idea that cash received in the future is worth less than cash received now. For Microsoft, the model uses a 2 Stage Free Cash Flow to Equity approach. It starts from last twelve month free cash flow of about US$93.7b. Analyst and extrapolated projections suggest free cash flow reaching US$181.1b by 2030, with a full 10 year path of estimates and extrapolations underpinning the calculation. All figures are assessed in US$, even though reporting and listing currencies can differ. When these projected cash flows are discounted back to today, the DCF output indicates an estimated intrinsic value of roughly US$571.73 per share. Compared with the current share price of US$418.57, this implies the stock is trading at about a 26.8% discount to the...

来源：华尔街情报圈 特朗普现在几乎在用一切办法，压油价、压收益率、压风险溢价。 某 种意义上是“特朗普版QE”，不是印钱，而是用外交预期给市场注入流动性。 情绪化的一天结束了，涨声轰然而至： - 全球股市、 黄金 等其他市场皆涨，并收于日内最高点附近。 - 原油、美元、美债收益率下跌，美国原油盘中跌破90美元，10年期美债收益率跌破4.50%水平——全球市场的危机警报解除。 周二市场将面对现实，进入“细则市”： 第一，最受关注的市场是美国国债和美国股市。 前者看收益率能否继续下行，如果10年期美债收益率延续跌势，那么短期重返4.5%水平的概率不大。 后者看涨幅，美国股市休市一天后回归，如果涨幅大于0.5%，那么涨势延续。如果涨幅仅0.1%、0.2%，那么要多加小心。如果涨幅超2%，更要小心“利好出尽”。 第二，美伊真正意义上的第二轮谈判似乎即将开启，地点由巴基斯坦改为卡塔尔。 伊朗 伊斯兰 共和国通讯社报道，由议会议长卡利巴夫率领的伊朗代表团已前往多哈，与卡塔尔高级官员就结束战争的谈判相关事宜进行磋商，目的是为了评估美国履行承诺的诚意。另据法尔斯通讯社报道，伊朗央行行长也将前往卡塔尔，讨论释放被冻结资金的问题，作为经济委员会谈判的一部分。 卡塔尔现在不仅是东道主，更可能充当“过桥 银行 ”——由卡塔尔先给伊朗垫付部分资金，等美国后续走完豁免程序后再补偿卡塔尔，以此来打破美伊之间互不信任的僵局。 特朗普现在要做的，不只是“停战”，而是“重新排列整个中东”。他要求更多国家加入《亚伯拉罕协议》。《亚伯拉罕协议》可以简单理解为“以色列朋友圈扩容计划”，过去几十年，中东很多国家都不承认以色列。特朗普表示，我强制性要求所有国家立即签署《亚伯拉罕协议》，而且，如果伊朗与我签署协议……让他们也加入这个无与伦比的世界联盟，将是一件荣幸的事。就在几周前，特朗普还在威胁要把伊朗炸回石器时代，现在却突然“欢迎加入大家庭”，这种反差非常特朗普。特朗普现在正在做的事情，本质上是“把地缘政治金融化”。过去美国处理中东讲阵营，而特朗普的逻辑非常简单“谁能让市场涨，谁就是朋友”。 周二、周三，真正关键的已经不是新闻标题，而是市场能否把“情绪上涨”变成“利率下行”。

以色列总理本雅明·内塔尼亚胡周一表示，将加大对真主党的的打击力度。当前美国和伊朗正加紧谈判以结束该地区的冲突。 伊朗要求黎巴嫩停止敌对行动，以此作为与美国达成任何旨在重新开放霍尔木兹海峡的和平协议的组成部分。据Axios报道，美国和伊朗之间一项潜在协议的草案，包含结束以色列与伊朗支持的黎巴嫩真主党之间战争的条款。 内塔尼亚胡周六晚间与美国总统唐纳德·特朗普就与伊朗达成的潜在协议进行了交谈，并表示特朗普 “重申了以色列有权应对各个方向上的威胁来捍卫自身安全，包括黎巴嫩”。内塔尼亚胡还表示，他和特朗普一致认为，与伊朗达成的最终协议“必须消除核威胁”。 周一早些时候，以色列国防军宣布对黎巴嫩南部真主党的基础设施目标发动了空袭；在这之前，真主党发射的爆炸性无人机落入以色列境内，一枚射向以色列的火箭也被以色列空军拦截。据以色列军方在社交媒体上的声明，以军已在黎巴嫩境内袭击了70多个真主党基础设施目标。 据报道，以色列已对10个村庄发布疏散令，指责真主党违反了4月中旬生效的停火协议。 据半官方的法尔斯通讯社报道，内塔尼亚胡宣布对黎巴嫩发动更多空袭后数小时内，霍尔木兹海峡附近，靠近伊朗沿海城市锡里克和贾斯克一带，传来巨大的爆炸声。 据伊朗半官方的塔斯尼姆通讯社报道，伊朗阿巴斯港也听到了三声爆炸声。 据伊朗官方媒体努尔新闻社援引当地知情人士报道，美国和以色列战机袭击了海峡内拉腊克岛以南的几艘伊朗船只，造成多名伊朗人员死亡。 责任编辑：王永生

前不久，人工智能应用豆包在应用商店悄然上新了付费订阅方案，这意味着主流国产大模型“全免费”格局首次出现松动。社交媒体上，“只要收费就卸载”与“天下没有免费的午餐”两种声音激烈碰撞，相关话题冲上热搜。如何看待商业模式从免费走向收费？这是服务升级还是倒退？ 看清豆包收费的逻辑，首先要弄明白免费背后的成本。截至2026年3月，豆包大模型日均Token（词元）调用量已突破120万亿，在3个月内翻了一倍，算力支出大幅增加。所谓“免费”，从来不是没有成本，只是成本被暂时悬置在了半空，等待一个落地的时刻。与其说这是慷慨，不如说是一种尚未完成的商业叙事。当算力账单膨胀到结构性亏损的地步，“免费”就成了一个悬于头顶的行业风险。 免费模式难以为继，并不等于说收费就能解决问题。关键在于，收费之后消费者能否获得与价格匹配的真价值。从这个角度看，人工智能企业更应该把收费当作一场进阶挑战。当价格标签挂上去那一刻，行业竞争就从比拼下载量、日活跃用户数量等指标，更多转向满足用户应用需求的较量。收费不意味着“劝退”，只要用户觉得物有所值，付费服务也会是你情我愿。对一些消费者而言，选择付费模式以获得更优质的服务，好过在“全免费”的表象下，承受广告泛滥、数据滥用、服务缩水等隐性代价。 回望互联网发展历史，类似的转折并不罕见。视频网站曾经普遍免费，虽然也不乏佳作，但精品创作缺乏可持续性。随着付费会员模式逐步确立，《漫长的季节》《我的阿勒泰》等“叫好又叫座”的精品剧集获得了更稳定的创作支撑，不少作品还走出国门赢得国际口碑。音乐平台推出付费模式后，词曲创作者的权益得到更好保障，音乐市场也更加繁荣。形成成熟的商业模式，让从业者有合理回报，事关服务品质和消费者体验，以及产业创新的正向循环。 扩大范围看，抵制免费陷阱或超低价竞争，也是“反内卷”的重要抓手。健康的市场，必然基于良性的竞争。近年来，从电商到外卖，从共享单车到社区团购，不少新业态都经历过“烧钱、扩张、洗牌”的剧烈震荡。补贴退潮后，容易产生资源浪费、权益受损等后遗症，很多用户对此都有直观感受。合理的付费机制则能实现企业、平台、创作者、消费者的多方共赢。 坚持有效市场和有为政府相结合，是“十五五”时期经济社会发展必须遵循的原则之一。形成既“放得活”又“管得好”的经济秩序，离不开市场价格监管的有效作为。在企业进行商业模式创新的同时，有关部门应以刚性监管消除价格...

现货白银跌超1%，现报77.03美元/盎司。 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。

据报道，美国官员周一晚间表示，在伊朗谈判代表抵达卡塔尔就结束战争进行磋商数小时后，美军对伊朗境内的导弹发射场以及试图布设水雷的船只实施了打击。 美国中央司令部将此次针对伊朗南部的打击行动定性为防御性行动，并表示其目的是“保护我方部队免受伊朗部队构成的威胁”。 中央司令部的声明称：“在当前停火期间，中央司令部继续在保持克制的同时捍卫我方部队”。 责任编辑：王永生

It wants gamebird shooting in England and Wales to be licensed, as red grouse shooting now is in Scotland. It says licences could be suspended or withdrawn at the civil standard of proof, even where a criminal prosecution is difficult.

Key Points Eli Lilly just reported strong results for a next-generation GLP-1 drug that it is developing. GLP-1 developments in India aren't headline-grabbing news, but they are just as important to understand. As Novo Nordisk challenges Eli Lilly's GLP-1 dominance, consumers are showing that Eli Lilly hasn't lost its edge. 10 stocks we like better than Eli Lilly › The introduction of GLP-1 drugs has revolutionized the way the world looks at weight loss. Taking a shot or a pill to curb one's appetite and lose weight is close to a miracle for those who have long struggled with their weight. And, beyond aesthetics, there are significant health benefits associated with weight loss. No wonder the competition is so fierce in the GLP-1 race. Novo Nordisk (NYSE: NVO) got a head start with Wegovy. But Eli Lilly (NYSE: LLY) quickly took over the lead position with its Mounjaro and Zepbound GLP-1 drugs. There's been a lot of news in the niche in 2026, but this lesser-known fact about Eli Lilly's Mounjaro could be more important than you think. 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 » GLP-1 pills and new drugs The biggest GLP-1 story heading into 2026 was Novo Nordisk's introduction of a GLP-1 pill. Up until that pill was introduced, the only option for consumers was to take a shot. People generally don't like shots, so there was a real opportunity for Novo Nordisk to gain back share from its main pharmaceutical competitor in the space, Eli Lilly. However, that opportunity was relatively short-lived, as Eli Lilly has now begun selling its own GLP-1 pill. There are some nuances to consider here. Novo Nordisk's pill is basically the same drug as its shot. Eli Lilly's pill is a different drug from its shots, and it appears to be less effective than its shots. So Novo Nordisk still has a potential wedge t...

Key Points The latest 2027 Social Security COLA estimate is 3.9%. A COLA this size could push the average spousal Social Security benefit over $1,000 for the first time. The Social Security Administration will announce the official 2027 COLA in October. The $23,760 Social Security bonus most retirees completely overlook › Social Security spousal benefits have ticked up slowly over time, but they don't go as far as many seniors would hope. The average spousal benefit as of April 2026 is just $986 per month, and many people receive far less. Fortunately, benefits aren't locked in place forever. The 2027 cost-of-living adjustment (COLA) will give seniors a benefit boost in January. We don't know exactly what it'll look like yet, but we can be pretty certain spousal benefits will reach a significant milestone. 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 latest projection from The Senior Citizens League (TSCL), a nonpartisan senior group, estimates the 2027 Social Security COLA at 3.9%. This is a significant increase from its earlier estimate of 2.8%, and it reflects concerns about rising inflation. A 3.9% increase would add about $38 to the average spousal Social Security check. That's not much, but it is enough to move the average benefit into four-figure territory for the first time. The typical spousal beneficiary would get somewhere around $1,024 per month next year, assuming the COLA comes in close to current estimates. However, there's still a lot of time until the official announcement. The Social Security Administration won't reveal the official 2027 COLA until mid-October. Once we know the actual COLA, you can estimate how much your spousal benefits will be next year by adding the COLA percentage to your existing checks. You should also receive a personalized COLA notice in December t...

英格蘭足總盃冠軍曼城，舉行勝利巡遊。 曼徹斯特的街道上一片藍海。慶祝之外，亦是歡送離任的主帥哥迪奧拿。名宿高路托尼都有出席。雖然今季失落英超冠軍，但亦奪得聯賽盃及足總盃，兩項本土盃賽。 離隊的貝拿度施華、落選英格蘭世界盃名單的菲爾科頓，還有法國中場卓基等在開蓬巴士上，與球迷一起慶祝。 據報曼城下季會由馬列斯卡執教。

据美国媒体于美国东部时间5月25日傍晚报道，美军中央司令部发言人称，“为保护美军部队免受伊朗威胁，美军在伊朗南部实施了‘自卫打击’。打击目标包括导弹发射阵地以及正试图布设水雷的伊朗船只。”该发言人称，“美军中央司令部除继续捍卫美军部队外，仍将在当前停火期间保持克制。” 综合伊朗媒体的报道，伊朗时间5月25日深夜，伊朗南部阿巴斯港、锡里克和贾斯克等霍尔木兹海峡沿海多地传出爆炸声，局势随后“得到控制”。

随着美国与伊朗有望达成协议、重新开放霍尔木兹海峡的信号显现，油价承压下行，市场风险偏好回升，新兴市场股市与货币周一普遍上涨。 MSCI新兴市场股票指数上涨1.5%，连续第三个交易日走高，年初至今累计涨幅已接近22%。同时，追踪新兴市场货币表现的指数也上涨约0.3%。由于美国阵亡将士纪念日假期，周一美股现金市场休市。 美伊双方官员均表示，两国正接近达成一项临时协议。美国总统特朗普周一称，谈判“进展顺利”。他还敦促沙特阿拉伯、卡塔尔等国加入《亚伯拉罕协议》，进一步强化了市场对协议即将达成的预期。不过，有关部分议题的谈判仍在继续。 XP Investimentos高级策略师Marco Oviedo指出：“在油价下跌及美国假日导致流动性偏薄的背景下，新兴市场货币因美伊协议的潜在利好而上涨。但局势仍存在变数，谈判也可能推迟甚至最终破裂。” 外汇市场上，多数发展中国家货币对美元走强，其中南非兰特表现突出，涨幅超过1%。兰特因其流动性较高，向来是衡量风险情绪的重要风向标，同时受益于布伦特原油跌破每桶100美元。 匈牙利福林——东欧地区对油价波动最敏感的货币——尽管当地市场休市，依然大幅上涨。印度卢比则因央行官员评论称其可能被低估而升至两周来最高水平。 不过，市场仍存一定谨慎情绪。马来亚银行策略师Saktiandi Supaat等人在报告中写道，任何资产类别的实质性上涨仍需以霍尔木兹海峡真正重新开放为前提，并指出“此前已有多次虚假曙光”。 Amova资产管理公司首席全球策略师Naomi Fink在接受采访时表示，投资者希望看到美伊双方为缓和局势采取明确的步骤。“如果真能见到这样的进展，股市可能继续获得回报。股票投资者似乎出人意料地淡化了这一冲突，转而更关注当前持续的投资热潮。” 责任编辑：尉旖涵

The actor later co-founded Sound Ventures with Oseary. The venture capital firm specialized in early-stage venture investments. Sound Ventures launched an AI-focused fund in 2023 with $240 million in capital, investing in AI companies. Kutcher turned $30 million into $250 million by investing in companies he believed in and by using a set of guidelines to determine his investments. A-Grade Investments was co-founded by Kutcher, Guy Oseary and Ron Burkle . The trio invested the $30 million in tech companies like Spotify, Airbnb, Uber, Foursquare and Skype . While still a major force in acting, Kutcher has also made a name for himself in the investing world, landing stakes in companies like Airbnb Inc , Uber Technologies and Spotify Technology . Trending: Think you're saving enough for your kids? You might be dangerously off — see why With a potential value of $1.5 trillion, Kutcher's company investment would be worth $2.29 billion. This represents a huge multiple on the original investment. Sound Ventures invested $30 million in OpenAI years ago. That stake was valued at around $1.3 billion in March when the company was valued at $852 billion. Further down the list of investors in OpenAI is Sound Ventures, the fund co-founded by Kutcher. According to leaked documents, Sound Ventures ranks 22nd on the list of OpenAI investors, as reported by Inc. Prediction market Polymarket shows that users are predicting a valuation of $1 trillion or more with 15% predicting a range of $1 trillion to $1.25 trillion, 11% predicting a range of $1.25 trillion to $1.5 trillion and 22% predicting $1.5 trillion or more. Some (30%) are predicting that the IPO won't happen in 2026 though. Caught With Nothing Saved for Retirement? These 5 Game‑Changing Tips Could Still Save You Think Your ‘Safe' Stocks Protect You? You're Ignoring the Real Growth Triggers — Here's What to Add Now Valued at $852 billion in a March $122 billion funding round, OpenAI could become worth even more if the company ...

Gold held gains on signs the US and Iran were making progress on reaching a deal to reopen the Strait of Hormuz and restore oil flows, easing inflation fears. Bullion was trading around $4,575 an ounce, after rising 1.4% the day before. President Donald Trump on Monday said talks with Iran over an interim deal to extend their ceasefire and ease restrictions on passage through the crucial waterway were “ proceeding nicely .” Traders are also monitoring for strikes that may derail talks, as Iran has demanded the cessation of hostilities in Lebanon be part of any peace agreement. Local media has reported explosions in the Strait of Hormuz, along a Tehran-approved transit route used by vessels crossing the waterway. Separately, Israel said it will intensify strikes against Hezbollah while the US-Iran talks are ongoing. Read More: Trump Touts Iran Progress While Hormuz Strike Reports Show Risk Bullion has slumped around 13% since the conflict erupted in late February. Traders ramped up rate-hike bets as the war sent energy prices soaring and fanned inflation concerns. Higher borrowing costs weigh on bullion, which doesn’t pay interest. Spot gold was up 0.1% at $4,574.88 an ounce at 7:23 a.m. in Singapore. Silver was 0.2% higher at $78.19. Platinum and palladium were little changed. The Bloomberg Dollar Spot Index , a gauge of the US currency, was stable after retreating 0.3% the day before.

荃灣楊屋道與橫龍街交界昨晚有鹹水管爆裂，水務署指維修工序比預期困難，荃灣及部分葵涌區用戶的，沖廁水供應仍然受影響。 現場是楊屋道中石油油站對開一段馬路。昨晚近8時半，一條直徑900毫米鹹水管爆裂，大量鹹水夾雜沙泥湧出地面，一度延伸至爵悅庭附近。警察到場協助和指揮交通。水務署派員到場閂水掣，積水在大約一小時後退卻，可以見到路面凹陷，楊屋道往德士古道方向封閉。 水務署工程團隊正全力進行緊急水管維修工程，爭取於今晚9時完成水管維修工程，全面恢復沖廁水供應。

美國總統特朗普訪華後，內地商務部宣布，中美雙方同意成立貿易理事會和投資理事會。有外媒指，這兩個組織能繞開世界貿易組織(WTO)，緩衝兩國之間紛爭。分析指，世貿框架下的「無節制自由貿易」已終結，將會被「管理性貿易」取代。 ▍ 新建理事會有何作用？ 英國廣播公司(BBC)引述專家指，貿易理事會集中處理關稅、配額、政府採購等貨物貿易問題，投資委員會則聚焦跨境資本和股權投資的安全審查等。 根據白宮發布的資料，貿易委員會將允許美、中政府管理非敏感商品的雙邊貿易。內地商務部指，雙方原則上同意在貿易理事會中，討論價值300億美元或以上商品的對等降稅安排。 BBC分析指，這可能會大大減低關稅談判的難度，因為中美在往後談判中，有機會透過理事會議程，繞過目前雙方互相施加的各種臨時關稅或進口限制，直接對某些商品進行對等程度的減稅。 報道又指，目前尚未清楚理事會管轄哪些類別的商品，但根據美國財長貝森特早前的言論，預計理事會只會處理不涉國安問題的產品，即不包括晶片、稀土等敏感產品。新建理事會並非令兩國建立「夥伴關係」，而是在承認競爭存在的前提下，為分歧加裝「防撞欄」，避免情況失控。 ▍ 削弱WTO功能？ BBC分析認為，特朗普近年傾向繞開WTO爭端解決機制，轉而跟單一國家直接談判。中美是全球最大的兩個經濟體，如果兩國設立一套獨立於世貿的衝突管理機制，可能會削弱世貿在全球貿易中的功能。 中國智庫復旦發展研究院亦指出，是次轉變代表WTO框架下的「無節制自由貿易」模式已徹底終結，被「管理性貿易」取代。 (旁述由AI生成)

Wondering if Amazon.com at US$266.32 is still offering value after a long run as a market heavyweight? This article focuses on what the current price might be implying about the stock. The stock has returned 0.6% over the past week, 0.9% over the last month, 17.6% year to date and 32.5% over the past year, with a 3 year return of 121.7% and a 5 year return of 65.3%. Recent attention around Amazon.com continues to center on its role in retail and digital services, as investors track how the business responds to changing consumer behavior and competitive pressures. These themes provide useful context when thinking about how the current share price relates to the underlying business. On Simply Wall St's 6 point valuation checklist, Amazon.com scores , which means it screens as undervalued on half of the checks. Next comes a closer look at the main valuation methods used for this stock and, later in the article, a way of thinking about valuation that ties them together more clearly. Advertisement Approach 1: Amazon.com Discounted Cash Flow (DCF) Analysis A Discounted Cash Flow, or DCF, model estimates what a stock could be worth by projecting its future cash flows and then discounting those back to today using a required return. It is essentially asking what future cash generated by the business is worth in today’s dollars. For Amazon.com, the model used is a 2 Stage Free Cash Flow to Equity approach. The latest twelve month Free Cash Flow is about $37.13b. Analysts provide detailed forecasts for several years, and Simply Wall St extends those projections further, with projected Free Cash Flow of about $175.95b in 2030, discounted to today’s terms in the model. Bringing all those projected cash flows together, the DCF model arrives at an estimated intrinsic value of $398.20 per share. Compared with the current share price of $266.32, this implies the stock is trading at about a 33.1% discount to that estimate, which indicates the shares appear undervalued on this measur...

推荐：宇树科技科创板IPO将于6月1日上会；华为发表“韬（τ）定律” 麒麟2026芯片性能获大幅提升 早上好，今天是5月26日星期二。过去24小时，哪些财经新闻对普通人影响更大，未来又有什么焦点事件被市场密切关注，早知道栏目从新闻汇总到快速解读，为你一网打尽。 24小时热点 特朗普25日称， 伊朗的浓缩铀可以“现场销毁”或者在“另一个可以接受的地点”销毁 。据卡塔尔半岛电视台报道，一名了解伊朗高级代表团在多哈会谈情况的消息人士表示，在卡塔尔斡旋下， 美国与伊朗已就伊朗被冻结金融资产问题达成一项谅解 。特朗普呼吁沙特等国在美国与伊朗达成协议前先签署“亚伯拉罕协议”、实现与以色列关系正常化。 宇树科技科创板IPO将于6月1日上会 。此前，招股书显示，宇树拟募资42亿元，发行估值不低于420亿，创始人王兴兴持股不到24%，但表决权高达68.78%。

中電下月起上調燃料調整費每度42.6仙 加幅5.4%為今年來最多 【有線新聞】中電下月起上調燃料調整費。 最新燃料調整費為每度電42.6仙。六月一日起生效，按月增加2.2仙，加幅達5.4%，是今年以來加得最多的一次。至於港燈早前亦公布上調燃料調整費至每度電31.3仙，加幅超過兩成，並預計未來幾個月燃料調整費會繼續攀升。

今年以来，科技企业尤其是上市科技企业的专利诉讼持续高发，无人机、智能影像、半导体、射频芯片等赛道接连出现典型案例：大疆起诉影石创新，引发核心专利权属争议；宇树科技遭恶意诉讼迎来终审，“真创新”得到“真保护”；卓胜微应对海外企业全球专利诉讼，通过专业维权胜诉。这背后，专利诉讼已从单纯的法律维权，演变为企业争夺市场、博弈资本、划分技术版图的重要手段，当正当维权与恶意诉讼交织，如何更好地保护创新、防范“碰瓷”式诉讼，已成为绕不开的话题。（人民财讯）

醫管局來電今起陸續轉用18285、18286字頭 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】醫管局轄下醫院及診所來電顯示即日起陸續轉為18285或18286字頭電話。下月底前會全數轉用，小部分服務除外。 醫管局總行政經理（聯網運作）李立業：「外展、非緊急服務有時聯絡可能是用員工的手提電話或可能用其餘直線電話，這相信是比較常見遇到的問題。另外由於我們有一些很特別的診所規模比較小，他們會沿用直線電話打出，但我相信絕大部分醫管局服務或員工打出的都是1828字頭。不過我都特別提醒市民，醫管局聯絡病人不論甚麼字頭，我們都會透過職員親自致電及核實身份，我們亦不會胡亂索取私人資料。」

"We now grow custard apple on nearly 50 acres, with yields of about 10 tonnes per acre. This improved variety which does not get spoiled has created opportunity for exports. We started exporting to Gulf countries, and even sent it to Europe, something that hadn't been done before at this scale," he says.