时代少年团粉丝最近在社交媒体平台发了一组截图。他们让MiniMax写一句“时代少年团队长是谁”，模型支支吾吾，蹦出来的是“马嘉轩”“马丝祺”等完全错误的答案。但换个问法，问“时代少年团队长有什么经历”，模型对答如流。似乎AI知道马嘉祺是谁，但就是叫不出这个名字。 图源：小红书 一直以来，我们熟悉两种AI故障。 一种叫幻觉（ha llucinati on），模型一本正经地胡说八道，把不存在的论文、不存在的人名编得有鼻子有眼。 1 一种叫谄媚 （sycophancy） ，你说什么它都说对，顺着你的偏好走，尤其是在面对带立场的问题时，会为了迎合而牺牲准确性。 2 马嘉祺事件揭示了一种新故障：模型知道答案、能旁敲侧击描述答案、可以从十几个角度证明它知道，但就是不能直接把答案本身说出来。 这种现象其实早有术语界定，被称为训练不足词元 （under-trained tokens） 。研究者扫描了GPT-2、Llama、Mistral等一批主流开源模型的词表，所谓词表，就是模型在读字之前预先编好的一张固定清单，把所有可能用到的字符组合都列进去，每一项叫一个token，模型说出的每一个字都必须从这张表里挑出来。研究者想看的是，这张表里，有没有一些token是模型其实“没真正学会”的。最终通过扫描发现，这类“没有真正学会”的token普遍存在，每个模型词表里都有数千个。 3 了解这个领域的人可能听过一个更早的版本：SolidGoldMagikarp。2023年初，LessWrong社区一群用户偶然发现GPT-3一遇到这串字符就开始输出乱码、自说自话甚至辱骂用户，当时大家把它当作一个奇观分享。这是马嘉祺事件的前传。 分词器：AI看世界的“颗粒度” 要理解模型为什么会叫不出某个名字，得先看它是怎么读字的。 大模型读写文本不是按字处理的，而是按词元 （token） 处理。一段中文进入模型前，会先被一个叫分词器 （tokeniz er ） 的组件切成若干个token，模型只对token做计算，最后再把token拼回文字。 切分的依据是预训练语料里的出现频率：高频组合被合并成一个token，低频字符被拆开。这套切法的算法基础是2016年提出的BPE （Byte Pair Encoding） 4 本质上是一个数据驱动的合并过程，即根据语料里的字符共现统计，决定哪些组合应该被当成“一个零件”对待。...

Intech Investment Management LLC increased its holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 46.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 93,518 shares of the semiconductor manufacturer's stock after buying an additional 29,459 shares during the quarter. Intech Investment Management LLC's holdings in Advanced Micro Devices were worth $20,028,000 at the end of the most recent reporting period. Get Advanced Micro Devices alerts: Sign Up Several other institutional investors and hedge funds have also bought and sold shares of the business. Joseph Group Capital Management purchased a new stake in Advanced Micro Devices in the fourth quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. raised its stake in shares of Advanced Micro Devices by 61.0% during the 3rd quarter. Koesten Hirschmann & Crabtree INC. now owns 161 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 61 shares during the last quarter. Aviso Financial Inc. lifted its holdings in shares of Advanced Micro Devices by 400.0% in the 3rd quarter. Aviso Financial Inc. now owns 200 shares of the semiconductor manufacturer's stock valued at $32,000 after buying an additional 160 shares during the period. Delos Wealth Advisors LLC boosted its stake in shares of Advanced Micro Devices by 100.0% in the third quarter. Delos Wealth Advisors LLC now owns 200 shares of the semiconductor manufacturer's stock worth $32,000 after buying an additional 100 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA boosted its stake in shares of Advanced Micro Devices by 74.1% in the third quarter. LFA Lugano Financial Advisors SA now owns 235 shares of the semiconductor manufacturer's stock worth $38,000 after buying an additional 100 shares during the last quarter. 71.34% of the stock is currently owned by institutional investors and he...

The portfolio consists of eight drug candidates originating from Innovent Biologics and four discovery programmes proposed by Pfizer. Credit: Jonathan Weiss / Shutterstock.com. Pfizer and Innovent Biologics have signed a global licensing and collaboration agreement worth up to $10.5bn for the research and development of a portfolio of 12 early-stage cancer medications. The agreement covers antibody-drug conjugates with new payloads and multi-specific antibodies featuring distinct immune-engaging mechanisms. The portfolio consists of eight drug candidates originating from Innovent Biologics and four discovery programmes proposed by Pfizer. Both companies will co-develop and share costs for selected programmes as they progress through clinical development. Innovent Biologics is set to lead development through Phase I using its proprietary discovery capabilities. After this initial stage, Pfizer will assume responsibility for global development activities. Licensing and commercial terms specify that Pfizer will receive exclusive global rights to four of the medicines, along with responsibility for worldwide development costs. For another four drugs, Pfizer will have exclusive rights outside Greater China and will cover most of the development expenses. The remaining four programmes will be co-developed worldwide, with both companies sharing development costs, co-commercialising products in the US and Europe, and dividing profits. Innovent Biologics will maintain rights in Greater China for these co-developed assets. Under the financial agreement, Innovent Biologics will receive an upfront payment of $650m. The company may also be eligible for up to $9.85bn in development, regulatory, and commercial milestone payments. Royalties of up to double-digit percentages on product sales could be paid to Innovent for each licensed product, should regulatory approvals be granted. Profit sharing between the companies will apply to the co-developed and co-commercialised programmes ...

天安新材公告，自2026年5月29日至2027年5月28日，公司控股股东、实际控制人吴启超承诺不以任何方式减持其持有的公司1.07亿股股份，占公司总股本34.95%，因送股、公积金转增股本等而增加的股份同样适用；上述承诺不含其与一致行动人之间的股份转让，公司董事会将持续监督并及时履行信息披露义务。

Jupiter Asset Management Ltd. lowered its stake in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 14.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 119,722 shares of the semiconductor company's stock after selling 21,024 shares during the period. Jupiter Asset Management Ltd.'s holdings in Taiwan Semiconductor Manufacturing were worth $36,382,000 at the end of the most recent quarter. Several other large investors also recently made changes to their positions in the stock. Fisher Asset Management LLC increased its holdings in Taiwan Semiconductor Manufacturing by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 18,146,900 shares of the semiconductor company's stock worth $5,514,662,000 after buying an additional 313,773 shares during the last quarter. Bank of America Corp DE grew its position in shares of Taiwan Semiconductor Manufacturing by 0.9% in the 3rd quarter. Bank of America Corp DE now owns 14,935,893 shares of the semiconductor company's stock valued at $4,171,445,000 after acquiring an additional 130,173 shares during the period. Jennison Associates LLC increased its stake in shares of Taiwan Semiconductor Manufacturing by 6.4% during the 4th quarter. Jennison Associates LLC now owns 13,394,299 shares of the semiconductor company's stock worth $4,070,393,000 after purchasing an additional 802,757 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Taiwan Semiconductor Manufacturing by 2.2% in the 3rd quarter. Alliancebernstein L.P. now owns 10,687,037 shares of the semiconductor company's stock valued at $2,984,783,000 after purchasing an additional 229,237 shares during the period. Finally, WCM Investment Management LLC raised its holdings in shares of Taiwan Semiconductor Manufacturing by 0.3% in the 3rd quarter. WCM Investment Management LLC now owns ...

格隆汇5月29日｜据天眼查，近日，拼多多信息技术服务（雄安）有限公司成立，法定代表人为杨清勇，注册资本5亿人民币，经营范围包括信息技术咨询服务、数据处理服务、基于云平台的业务外包服务等。股东信息显示，该公司由拼多多关联公司上海寻梦信息技术有限公司全资持股。

格隆汇5月29日｜据广州市气象部门消息，受局地生成发展的雷雨云团影响，预计未来1-2小时广州市越秀区有中到强雷雨，并伴有8级左右阵风和强雷电。从29日17时22分起，广州市越秀区雷雨大风黄色预警生效。目前，广州海珠、番禺、越秀、花都、白云等区雷雨大风黄色预警生效。

格隆汇5月29日｜石头科技公告，公司董事长兼总经理昌敬提议以集中竞价交易方式回购公司股份，回购资金总额不低于人民币3亿元（含），不超过人民币4亿元（含），回购价格不超过公司董事会审议通过回购决议前30个交易日公司股票交易均价的150%。

Tesla (TSLA +0.42%) has not performed well this year. The stock is down 1% as of writing, while the S&P 500 has climbed 10%. Although Tesla's first-quarter results released on April 22 were pretty good on the surface -- revenue jumped 16% year over year to $22.4 billion, even amid the electric vehicle (EV) industry losing ground in the U.S. -- investors are concerned about Tesla's runaway spending. The company now projects capex spending for 2026 to be over $25 billion, above its previous guidance of $20 billion. There is skepticism regarding whether Tesla can justify these investments, especially given that the stock trades at 208x forward earnings, a multiple that assumes near-perfect execution. But what if Tesla does show that the spending is warranted? The company might do so by year-end, and if it does, its share price could soar. Here's what investors should know. Will Optimus Gen 3 impress? Tesla commands such high valuation multiples because it is looking to tap into potentially transformative opportunities that could drive substantial long-term growth. The company's work with humanoid robots is an example. Tesla is currently working on the third generation of its robot, Optimus. CEO Musk now expects the reveal of this version to be closer to the start of manufacturing, toward the end of July or August. Musk described Optimus as a general-purpose robot that can learn how to perform a task by observing a demonstration, watching a video, or listening to instructions. If it is nearly as capable as the company expects -- and can be manufactured relatively cheaply at scale -- there could be a huge market for Optimus 3. Some corporations would likely replace part of their workforce with these robots, an option that might be more cost-effective. It could also eventually make its way into the home once it becomes affordable enough. The shift would not happen overnight. It could take years, perhaps over a decade. But all of this remains hypothetical for now. Once we ...

Douglas Rissing/iStock via Getty Images The United States has now crossed a line that no developed economy in world history has ever crossed and survived intact. In just the past decade, our national debt has doubled. Not grown modestly. Not increased in line with GDP. Doubled. And that is merely the headline federal debt number. When you add in private debt - corporate, household, municipal, bank - the United States now sits atop over $100 trillion in total outstanding obligations. In fact, total business debt alone has skyrocketed to $22 trillion, or 70% of GDP - the same percentage that ushered in the Global Financial Crisis in 2008. That alone should terrify any rational investor. Oh, and then there’s the unfunded liabilities, which add another $80 trillion to the dung pile. We are therefore staring at a debt structure of nearly $180 trillion, in an economy with a GDP of $32 trillion. This is not a debt “problem.” This is a debt supernova. And it is now colliding with a very dangerous force: rising interest rates. For decades, politicians and central bankers assured us that debt didn’t matter because rates would remain permanently low. They built an entire economic model on the fantasy that inflation was dead, productivity was eternal, and the bond market would always tolerate unlimited deficits. That delusion has now been shattered. When you have over $100 trillion in total debt, a mere 1% increase in interest rates means an additional $1 trillion in annual interest expense. That is not a rounding error. That is not a budgetary nuisance. That is a black hole for economic growth. This is what insolvency looks like. And when insolvency meets inflation, interest rates do not drift higher - they can explode. The most dangerous misconception on Wall Street today is that the United States can continue to run multi-trillion-dollar deficits without consequence because “there is no alternative to owning Treasuries.” That argument has now collapsed. For years, Japan and ...

Key Points Tesla could make progress with its humanoid robot project, robotaxi service, and self-driving software this year. If it does, that will help justify its significant capex spending. Investors should be mindful of the risks before investing in the stock. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) has not performed well this year. The stock is down 1% as of writing, while the S&P 500 has climbed 10%. Although Tesla's first-quarter results released on April 22 were pretty good on the surface -- revenue jumped 16% year over year to $22.4 billion, even amid the electric vehicle (EV) industry losing ground in the U.S. -- investors are concerned about Tesla's runaway spending. The company now projects capex spending for 2026 to be over $25 billion, above its previous guidance of $20 billion. There is skepticism regarding whether Tesla can justify these investments, especially given that the stock trades at 208x forward earnings, a multiple that assumes near-perfect execution. But what if Tesla does show that the spending is warranted? The company might do so by year-end, and if it does, its share price could soar. Here's what investors should know. 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 » Will Optimus Gen 3 impress? Tesla commands such high valuation multiples because it is looking to tap into potentially transformative opportunities that could drive substantial long-term growth. The company's work with humanoid robots is an example. Tesla is currently working on the third generation of its robot, Optimus. CEO Musk now expects the reveal of this version to be closer to the start of manufacturing, toward the end of July or August. Musk described Optimus as a general-purpose robot that can learn how to perform a task by observing a demonstration, watchi...

The company announced the plan at the opening forum of the 20th Shenzhen International Financial Expo. Credit: Tencent. Tencent has launched an inbound payment upgrade programme aimed at simplifying digital payments for international visitors in China. The company announced the plan at the opening forum of the 20th Shenzhen International Financial Expo. The event included the Shenzhen Municipal Financial Regulatory Bureau, the People’s Bank of China Shenzhen Branch, and PayPal World. Tencent said the goal is to make “digital payments more accessible” for overseas travellers, as Shenzhen is expected to host APEC meetings this year. Tencent’s programme, called the “2026 Inbound Payment Service Upgrade Initiative”, focuses on three areas, including new wallet partnerships, tax refund processing, and changes to international bank card support in Weixin Pay (WeChat Pay). The central element of the initiative is a new collaboration between TenPay Global, Tencent’s cross-border payments platform, and PayPal World. Under the partnership, PayPal users will be able to pay at Weixin Pay merchants in China using QR codes. Tencent said the feature will launch first for PayPal users in the US, with other markets planned in later phases. PayPal World SVP and PayPal Middle East and Africa GM Otto Williams said: “China is home to one of the world’s most sophisticated digital payment ecosystems, and for international travelers, the ability to pay seamlessly is integral to the experience of being here. “Through PayPal World’s partnership with TenPay Global, we are committed to ensuring that international visitor can enjoy frictionless payments, using a wallet they already know and trust. We are proud of what our teams have built together and we look forward to welcoming our users into this experience soon.” Additionally, Weixin Pay’s “Pay with Your Home E-Wallet” capability has been upgraded through China’s unified cross-border QR-code gateway. Tencent said the upgrade now includes pa...

BitFuFu press release ( FUFU ): Q1 t otal revenue in the first quarter of 2026 was $72.7 million, representing a decrease of 6.8% from $78.0 million in the same period of 2025, primarily due to the decline in Self-Mining revenue and Mining Equipment Sales revenue, partially offset by the increase in Cloud Mining Solutions and Hosting revenue. Total hashrate increased by 25.7% to 25.9 EH/s as of March 31, 2026, compared to 20.6 EH/S as of March 31, 2025. Power capacity was 457 MW as of March 31, 2026, compared to 478 MW as of March 31, 2025. Bitcoin (“BTC”) held by the Company decreased by 2.2% to 1,794 BTCs as of March 31, 2026, compared to 1,835 BTCs as of March 31, 2025. EPS loss of $0.20 More on BitFuFu BitFuFu Inc. (FUFU) Q4 2025 Earnings Call Prepared Remarks Transcript BitFuFu: Attractive As Bitcoin Nears A Potential Inflection Point BitFuFu increases Bitcoin holdings, produces 145 BTC in April BitFuFu sees lowest short interest in April among small and microcap firms Seeking Alpha’s Quant Rating on BitFuFu

中央网信办、教育部、工业和信息化部、人力资源社会保障部联合印发《2026年提升全民数字素养与技能工作要点》，部署了6个方面15项重点任务，包括完善数字素养培育体系，深化数字应用场景建设，提升全民人工智能素养，促进数字普惠包容发展，营造安全有序网络空间，健全协同联动工作机制。其中，提升全民人工智能素养包括强化人工智能赋能教育、加快人工智能人才培育、深化人工智能普及应用。（新华社）

Chip Somodevilla/Getty Images News The U.S. was left strategically vulnerable due to decades of bipartisan policy failures and the Trump administration is working to turn the tide, Treasury Secretary Scott Bessent is expected to say in a speech on Friday, Axios reported. Bessent's speech titled "While America Slept" will argue that this has been an era of dangerous complacency and deteriorating manufacturing strength in the U.S., a Treasury official told Axios . The U.S. industrial base has become vulnerable as Washington excessively prioritized efficiency over resilience, the official will say. Bessent will note that hollowed-out productive capacity in semiconductors, rare earths, defense and medicines is a strategic failure exposed by the COVID-19 pandemic and the Ukraine war. The Trump administration will continue developing "trusted partner" supply chains with allies despite diplomatic strains over tariffs, the Iran war and other friction points, Bessent will say . He is scheduled to speak at the Reagan National Economic Forum in California on Friday. Other speakers at the event include JPMorgan Chase ( JPM ) CEO Jamie Dimon and SEC Chair Paul Atkins. More on U.S. economy Core PCE Inflation At Highest Level Since 2023 Q1 GDP growth estimate revised down to 1.6% Inflation relief may start with tariffs and Walmart Bessent echoes Powell, says prices are 'transitory'

Japan used the equivalent of a record ¥11.73 trillion ($73.6 billion) over the past month to support the yen after the currency slid past 160 per dollar, according to Finance Ministry data confirming the government’s first market intervention since 2024. The ministry disclosed figures Friday for the month from April 28 to May 27, a period marked by several spikes in the yen. While authorities have until now refrained from confirming any intervention, a person familiar said there was such action on April 30, and there was speculation of further rounds of yen-buying in subsequent days. The total came in larger than expected. Calculations based on central bank flow data had pointed to spending of as much as ¥10.08 trillion after two rounds of action. The bigger number suggests the ministry had a tougher time propping up the yen and may fuel speculation that that multiple rounds of intervention took place. “This raises the possibility that stealth intervention was conducted in the 158.50–159.50 yen range,” said Rinto Maruyama , senior FX and rates strategist at SMBC Nikko Securities Inc. “This would likely be interpreted as a failure to halt the yen’s depreciation despite stealth intervention, likely strengthening arguments regarding the limitations of unilateral intervention.” Traders will need to wait until early August for more precise information on action undertaken, when the ministry releases figures for the second quarter detailing the exact timing and size of operations on a day-by-day basis. The April 30 action came two days after the Bank of Japan held its policy settings steady. The operation resembled a pattern seen in April 2024, when the BOJ’s end-of-month stand-pat decision weakened the currency and prompted the government to step into the market. The operations underscore the authorities’ determination to prevent a further slide in the yen. The currency has remained under pressure from the wide US-Japan interest rate differential and mounting inflation c...

The gap between hype and reality is closing fast as the AI boom provides the "missing piece" of intelligence needed for humanoids to navigate a world designed for humans. Shery Ahn looks at the latest tech bridging the gap between sci-fi and reality. (Source: Bloomberg)

Some elderly landlords in Hong Kong have said they cannot afford renovations costing as much as HK$400,000 (US$51,060) to ensure their subdivided flats comply with new regulations and they may be forced to take units that rent for HK$3,000 a month off the market. At a media session on Friday, four landlords owning subdivided flats in Sham Shui Po and Yau Ma Tei said they had registered for the government’s grace period under the Basic Housing Unit Ordinance but were struggling to meet the new compliance requirements. They presented a range of estimates from contractors – all much higher than the range of HK$25,000 to HK$51,000 per flat the Housing Bureau presented last week. Advertisement One landlord, an 81-year-old retired newspaper vendor, said she faced costs as high as HK$400,000 to upgrade her 800 sq ft flat, which was divided into four units. When asked about the range cited by the bureau, Wing-tse said she wondered how it could be so low. Advertisement “I hope the government can assist me in finding a better quotation if they know these renovation contractors,” she said.

The world's 30 most valuable soccer teams are worth an average of $2.66 billion, according to CNBC's Official Global Soccer Team Valuations 2026. This number puts soccer's average team value behind that of the National Football League, whose average team is worth $7.65 billion , the National Basketball Association, at an average of $5.52 billion , and Major League Baseball, at $2.95 billion , and puts it ahead of the National Hockey League, at $2.2 billion , according to CNBC's official team valuations. Teams at the top of CNBC's soccer rankings are global brands that collect big piles of cash from tickets, sponsorships and broadcasting rights. Teams that make strong runs in the Union of European Football Associations Champions League — an annual competition for the Continent's best teams — also rake in a lot of money. Last year, Paris Saint-Germain earned 144.4 million euros (US$156 million) by winning the league, according to UEFA. PSG's value is up 16% from last year, to $5.3 billion, enough for seventh place on CNBC's list. On May 30, PSG and Arsenal, ranked eighth on CNBC's list at $4.8 billion, will face off in the Champions League final in Budapest. Both teams have already secured huge payouts from participating in the tournament, with the winner standing to make an additional 6.5 million euros (US$7.55 million, based on current exchange rates), according to UEFA. Real Madrid, the most valuable soccer team for the second consecutive year, is now worth $7.5 billion, 12% more than last year. The Spanish side reported $1.26 billion in revenue for the 2024-25 season, the most ever for a soccer team and just $10 million less than the revenue of the NFL's Dallas Cowboys for the 2024 season. The Cowboys are the top revenue team in any sport, according to CNBC's team valuation database. Real Madrid sits atop soccer's financial pantheon thanks in part to its wild success on the pitch: It has won a record 36 La Liga titles and a record 15 Champions League trophies. The...

格隆汇5月29日｜富恒新材公告，公司2025年度财务报告内部控制被出具否定意见的审计报告，触及《北京证券交易所股票上市规则》10.4.2条“（六）首个会计年度财务报告内部控制被出具无法表示意见或否定意见的审计报告，或者未按照规定披露财务报告内部控制审计报告”应当立即披露股票可能被实施退市风险警示的风险提示公告情形。

文章提及标的 石头科技 -- 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。

格隆汇5月29日｜据网信办，近日，中央网信办、教育部、工业和信息化部、人力资源社会保障部联合印发《2026年提升全民数字素养与技能工作要点》（以下简称《工作要点》）。《工作要点》部署了6个方面15项重点任务。一是完善数字素养培育体系，包括强化数字资源供给开放、拓宽数字素养提升渠道。二是深化数字应用场景建设，包括提升数字生活品质、提升数字工作能力、激发数字创新活力。三是提升全民人工智能素养，包括强化人工智能赋能教育、加快人工智能人才培育、深化人工智能普及应用。四是促进数字普惠包容发展，包括深化信息无障碍环境建设、打造数字助老惠民公益项目。五是营造安全有序网络空间，包括引导全民文明依法上网用网、筑牢全民网络安全防护意识、促进人工智能安全规范发展。六是健全协同联动工作机制，包括完善多方协作机制、深化国际交流合作。

據報鄭家純家族正洽商出售瑰麗酒店集團部分資產 TVB

日本财务大臣片山皋月表示，部分日本金融机构将获得OpenAI最新人工智能模型的使用权限，以加强应对网络安全风险的准备。 片山皋月周五在东京与OpenAI首席战略官Jason Kwon会面后向记者发表上述讲话。她没有点名这些机构。 片山皋月表示：“从加强日本金融业网络安全能力的角度来看，这是一项重要且令人欢迎的进展。” 此前，日本几家大型银行势将开始使用一项竞争对手技术，即Anthropic PBC的Mythos。该技术在发现软件漏洞方面具备前所未有的能力，但也引发了外界对黑客可能滥用它的担忧。 三菱日联金融 集团、 三井住友 金融集团和 瑞穗金融 集团均加入了一个工作组。该工作组旨在讨论Mythos暴露出的潜在网络安全威胁。日本金融厅、信息技术公司和金融行业协会也参与了这一小组。该小组已于本月开始会面。 责任编辑：刘明亮

富恒新材公告，公司2025年度财务报告内部控制被出具否定意见的审计报告，触及《北京证券交易所股票上市规则》10.4.2条“（六）首个会计年度财务报告内部控制被出具无法表示意见或否定意见的审计报告，或者未按照规定披露财务报告内部控制审计报告”应当立即披露股票可能被实施退市风险警示的风险提示公告情形。

三星电子与SK海力士股价持续飙升，正迫使越来越多基金触及单只股票10%的持仓上限，从而被动减持以维持合规。 据彭博，随着两家芯片巨头市值屡创新高，受限于持仓上限规则的基金频繁触及红线，GAM Investment Management与Jupiter Asset Management已着手调整投资组合。分析人士认为， 今年韩股创纪录的外资净流出主要源于此类出于合规的机械性抛压，并可能进一步放大市场波动。 持仓上限规则本意在于防范过度集中，但在本轮芯片股暴涨行情中，却演变为大规模被动卖盘。Amundi SA亚洲投资主管Florian Neto表示，市值增长过快已迫使投资者被动减持，分散投资确有必要。 强制抛盘规模庞大，外资流出创历史纪录 受AI热潮驱动，全球资金疯狂涌入三星电子与SK海力士，两只股票年内分别累计上涨147%和245%，市值双双突破1万亿美元。 然而，股价的急剧膨胀正触发持仓上限规则的被动抛售。据彭博数据，截至周四， 全球投资者年内累计净抛售韩国股票636亿美元，创1999年以来最大单月抛售量，其中三星与SK海力士合计净流出586亿美元。 高盛估计，自10月下旬以来，多元化投资规则已引发约690亿美元的抛售。 专注于韩国市场的基金正艰难应对两家公司权重不断攀升的挑战。高盛分析师Timothy Moe团队表示，若集中度继续上升，卖出压力可能进一步加大，尽管大部分抛售或已接近尾声。 三星、SK海力士权重过半，资金被迫另寻芯片敞口 上述问题的根源在于这两家公司在韩国股市中的极高权重。据彭博数据， 三星电子与SK海力士合计占韩国综合股价指数（Kospi）市值的52% ，其中三星电子为27%，SK海力士为25%，远高于排名其后的SK Square、现代汽车、三星电机等公司——每家权重仅约2%。 如此高度集中的市场结构，使得任何一只股票的显著波动都足以拖拽整个指数，也导致持有韩国股票的多元化基金更易触碰持仓上限。 在持仓上限的约束下，部分投资者开始寻求绕道布局半导体板块。Eugene Asset Management驻首尔的首席投资官Ha Seok Keun指出，投资者可能通过关联公司、控股公司，或持有这两家公司大量股份的保险公司，间接扩大对芯片行业的敞口。 这一策略为那些看好韩国芯片行业长期前景、但因合规限制无法继续增持正股的基金提供了变通空间，也可能为相关关联标...

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格隆汇5月29日｜日本财务省：在4月28日至5月27日期间的汇市干预规模为11.7万亿日元。

本周太空探索技术公司（SpaceX）相关消息整体偏少，但这一局面很快就会改变。马斯克旗下这家航天企业预计将于下周开启投资者路演，为 6 月中旬的首次公开募股（IPO） 做准备。上市后，各大媒体势必会接连发布热点报道，红迪论坛与各大财经电视节目也会围绕普通投资者是否适合入场展开激烈讨论。 结论先明：日内交易者与年轻投资者可以考虑布局，但 婴儿潮一代投资者很可能会蒙受亏损 。 路透社消息称，本次 IPO 面向个人投资者发售的股票占比最高可达 30%，是常规新股发行个人配售比例的三倍。在罗宾侠等股票交易平台流通的这部分股份，大概率会导致 SpaceX 上市后股价出现剧烈波动。 虽说有波动就有交易机会，但按照市场预估的最高近 2 万亿美元 估值入场，对于临近退休的投资者而言并非明智之选。理论上，SpaceX 有多种路径能逐步匹配甚至超越这一高估值，但这些愿景短期内都难以落地。 举例来看，该估值对应公司去年近 190 亿美元营收的 107 倍市销率 。目前估值最高的软件企业帕兰提尔，其前瞻市销率也仅约 40 倍。即便凭借市场对马斯克的信心，假设 SpaceX 也能达到 40 倍前瞻市销率，要撑起 2 万亿美元估值，年营收需达到约 5000 亿美元。投研机构皮奇布克分析师佛朗哥・格兰达在近期报告中预测，这一营收规模 2030 年之后才有望实现 （该测算尚未计入人工智能子公司 xAI，其去年为 SpaceX 贡献了 32 亿美元营收）。 格兰达表示，SpaceX 能维持高估值并非全无可能，但投资者要清楚： 当下买入，相当于用 2026 年的价格押注 2030 年的盈利水平 。此外，分析师的预测也存在过于乐观的风险。 SpaceX 的火箭发射业务去年营收刚突破 40 亿美元，目前仍未能推出一款成熟、可完全重复使用的火箭。星链卫星互联网业务去年营收同比增长近 50%，在公司 187 亿美元总营收中占比最高，该业务虽有机会赶超 美国电话电报 公司、 威瑞森 等传统电信巨头，但这一过程也需要漫长时间。SpaceX 称，旗下 xAI 人工智能业务潜在市场规模达 26.5 万亿美元，不过目前该板块仍处于亏损状态，且正在重构商业模式。 这样的投资环境，对于无需顾虑养老收入、敢于冒险的 Z 世代投资者而言并无大碍。而千禧一代与 X 世代投资者要背负房贷、子女学费等压力，也会更加谨慎。 一位二十多...