妇科手术按部位分，包括外阴、阴道、尿道/膀胱/输尿管/直肠、宫颈/宫体、输卵管/阔韧带、卵巢、盆腔脏器手术7类。其中宫颈/宫体手术含经腹与经阴道2种术式。现阶段，利用内镜技术开展妇科微创手术已被医患广泛接受，包括腹腔镜手术与宫腔镜手术。腹腔镜在妇科急诊、妇科良性肿瘤、盆腔炎性疾病等领域颇具优势。妇科急诊如异位妊娠、黄体破裂、急性盆腔炎及盆腔脓肿、卵巢囊肿扭转等，临床极为多见，诊断处理不及时或出现并发症乃至生命危险，通常需要急诊开腹进行手术探查。应用腹腔镜可及时正确诊断疾病，也能及时处理。同时，处理妇科急性盆腔炎及盆腔脓肿的目的是预防感染进一步扩散引起败血症、感染休克等并发症，腹腔镜手术可避免急性盆腔炎、盆腔脓肿、开腹手术伤口感染机会增多的危险。宫腔镜在治疗子宫内膜息肉和粘膜下肌瘤等妇科疾病中颇具优势。子宫内膜息肉和粘膜下肌瘤是宫腔镜手术的适宜指征，宫腔镜切除不破坏子宫正常解剖结构，治愈异常子宫出血，显著改善患者的生殖预后。

天原股份(002386) 最新动态 公司拟定向增发不超过4.79亿元。公司本次向特定对象发行股票募集资金总额预计不超过47,880.00万元，在扣除相关发行费用后，拟用于偿还银行贷款并补充流动资金。本次发行股票的价格为4.98元/股。本次向特定对象发行的股票数量为不超过96144,578股，不超过本次发行前公司总股本的30%。本次向特定对象发行的目的：1、降低资产负债率，优化资本结构，增强抗风险能力；2、巩固实际控制人的控制地位，提振市场信心。 动向解读 公司是西南最大的优势氯碱企业。公司已建设成为绿色高功能化学材料和先进化学电池材料的技术公司。公司持续推进“一体两翼”发展战略，以氯碱化工为基础，在现有氯碱产业循环的基础上进行产业链的拓展和价值延伸，进入钛化工和锂电材料产业。目前公司已经拥有完整的“资源能源-氯碱化工-化工新材料及新能源电池材料”的一体化制造业循环产业链，形成了更大范围的上、下游良好产业协同效应。 公司产销规模再创新高。公司主导产品生产装置实现安全、平稳、高负荷长周期运行，烧碱、氯化法钛白粉等主导产品产量连续刷新历史纪录；化工板块、新材料、新能源锂电材料三大板块主要产品产销率保持98%以上；钛产业高端化提速，氯化法钛白粉、高钛渣产销量大幅增长，销售区域覆盖全国并拓展海外市场；磷酸铁锂实现全面投运并导入头部企业，公司循环产业链体系基本构建。2025年公司主要产品产量：烧碱45.7万吨，同比增长2.21%；氯化法钛白粉10.82万吨，同比增长21.98%；磷酸铁锂4.94万吨，同比增长99.19%。 加快打造“氯-钛-磷-铁-锂”一体化循环经济产业链。公司在坚定“一体两翼”总体战略定位的基础上，加快打造“氯-钛-磷-铁锂”一体化循环经济产业链。一是公司将加快具有优势的钛化工扩产建设步伐，包括氯化法钛白粉扩能和同步匹配原料项目，实现氯化法钛白粉产业规模效应发挥，新建10万吨氯化法钛白粉产能；实施钛化工生产过程中的滤液生产氯化亚铁等循环项目，提高企业综合竞争力，钛白粉项目与硫酸项目结合，加强资源综合利用。二是在宜宾作为制造业重要基地对基础化工原料有着巨大市场需求的优势背景下，夯实氯碱产业基础地位，适时启动氯碱产业链项目建设；三是加快在建锂电项目建设和产品导入工作，为抢抓机遇，占据先机，也将会加快磷酸铁锂项目产能扩能；四是加快磷矿扩能进度，实现项目更多见效。 ...

ST司特(002538) Phosphate compound fertilizer leader&Accelerating the construction of mining and new energy projects 最新动态 全面加快矿山和新能源项目建设。公司推动化肥、矿山、新能源“三驾马车”并驾齐驱、同向发力。1.开阳县永温磷矿采矿许可证批准的生产规模为300万吨/年，该矿区属于我国高品位优质磷矿富集区，磷矿综合品位均达30%以上。永温磷矿安全设施设计项目已开展专家组现场评审工作，最终评审结果将以国家矿山安全监察局出具的书面审查意见书为准。永温磷矿将以自有资金及包括但不限于银行贷款等方式自筹建设资金。2.公司磷氟新材料矿化一体化产业园已完成建设前期用地手续、土地平整、边坡工程及大部分设备招标工作，根据建设进度招聘管理、生产、技术人员。3、贵州路发明泥湾磷矿深部资源相关资料已提交贵州省自然资源厅，相关手续正在办理中，公司正加快推进深部资源《安全设施设计》等相关程序上报及审查、审批工作。截至2025年3月31日，明泥湾磷矿累计查明磷矿资源量3609.8万吨。 动向解读 公司综合实力位居中国化肥行业、中国磷复肥行业前列。公司拥有安徽宁国、宣州、亳州化肥生产基地与宣州马尾山硫铁矿山、贵州开阳磷矿山，现已建立新产品研发、生产、应用与服务一整套较为完善的磷复肥产业链，并与高品位磷矿、硫铁矿开采、深度开发利用相配套，综合实力居中国化肥行业、中国磷复肥行业前列。公司是专业从事各类磷复肥、专用测土配方肥、生物有机肥料及新型肥料等肥料的研发、生产、销售与服务，立足化肥减量提质，绿色增效，以测土配方施肥和土壤改良为抓手，现已形成多个产品。新型功能肥料现有均控网系列、美优能系列、司尔特大丰收系列。复合肥主要用途为农业直接使用。 公司拥有储量大、品位高的磷矿石资源。磷矿石作为矿产资源，具有不可再生、不可替代的特性。公司磷矿石部分自给，在供应持续偏紧的行业背景下，公司资源自给能力可有效抵御原料价格波动。公司现拥有安徽宁国、宣城、亳州三大化肥生产基地与宣城马尾山硫铁矿山、贵州开阳磷矿山。公司子公司宣城马尾山矿业有限公司主要经营硫铁矿、高岭土矿地下开采，同时经营伴生矿锌、铅、铜、银的开采业务。生产的硫铁矿为公司硫酸的原料，部分硫铁矿对外销售。公司拥有硫铁矿、高岭土矿年许可生产规模38...

核心观点 预测市场正在成为宏观研究的新信息范式。预测市场的核心价值，在于将传统主观判断转化为带有真实资金约束的概率定价体系。相比传统民调、专家调查或新闻情绪指标，预测市场要求参与者承担真实资金盈亏，因此能够更有效地聚合分散信息、修正行为偏差，并形成市场对未来事件的实时共识。2024年美国总统选举期间，Polymarket在拜登退选、摇摆州选情变化等关键节点上，较部分传统民调体系更早反映预期变化，显示市场正从“无成本表达观点”逐步转向“有成本交易概率”。其研究意义并不在于预测单一事件结果，而在于通过概率变化捕捉市场预期的边际转折与信息扩散过程。 从另类指标到高频风险定价工具。与传统宏观数据月频或季频更新不同，预测市场可实现全天候连续交易，并通过订单簿机制对突发信息进行即时修正。政策变化、地缘事件、经济数据、监管信号甚至市场情绪变化，均可迅速映射至对应事件合约的价格变化，使其逐渐具备高频宏观锚的特征。从资产属性看，股票交易的是未来现金流折现，而预测市场交易的是未来事件发生概率，本质上属于风险定价工具而非价值定价工具。因此，其真正的信息价值不在于某一时点的绝对概率，而在于概率变化速度、成交量、资金集中度以及大户行为所反映的信息增量，这些指标共同构成市场风险偏好变化的重要领先信号。 机构化进程持续加速，预测市场逐步进入主流研究框架。过去预测市场更多被视为边缘化的Web3应用，但随着交易规模扩大、流动性改善以及数据可获取性提高，其研究价值正逐渐获得主流金融机构认可。包括彭博等专业终端已接入Polymarket数据，部分资产管理机构也开始将其作为宏观情景分析和事件驱动研究的辅助工具。预测市场正在从单纯事件交易平台，逐步演化为反映宏观情绪、政策预期及尾部风险的重要信息源，其作用更类似于一种实时的事件风险定价指标，能够与美债收益率、黄金、美元指数、VIX等传统指标共同构建跨资产验证框架。 预测市场更适合作为辅助定价框架，而非单一决策依据。尽管预测市场在信息聚合与前瞻性方面具有优势，但价格并不等同于客观事实，而是资金约束下边际交易者的共识表达，其定价仍可能受到流动性不足、参与者结构偏差、大额资金扰动、监管变化及预言机机制等因素影响。与此同时，部分事件领域甚至可能存在信息优势者提前交易的情况，使市场价格提前反映尚未公开的信息。因此，预测市场更适合作为传统宏观研究体系的补充，而非替代。研...

投资要点 同业创新动态：1、5月22日，苏银理财重点介绍了旗下“恒源鑫安最短持有28天1号”理财产品。该产品定位为绝对收益型“固收+”策略，风险等级为R2（中低风险），主要通过“北交所打新+REITs打新+套利”策略增强收益，最新业绩比较基准为1.0%-2.2%。北交所打新与REITs打新均无市值门槛，以固收资产为主的理财资金可直接参与，北交所打新凭借较强的赚钱效应与持续供给，已成为理财资金分享权益市场红利的重要途径。2、据杭银理财5月25日公众号，杭银理财于2025年通过“金钻创投”系列理财产品，以出资私募股权基金的方式投资了上海频准激光科技股份有限公司，并于近日助力其科创板IPO申请高效过会。其上市申请自2025年12月受理至2026年5月21日通过上市委会议，全程仅用时约5.5个月，审核周期显著短于科创板平均水平。 规模变动：截至上周末（2026.5.24），全市场理财产品存续规模为31.65万亿元，环比上升0.08%。 收益率表现：上周（2026.5.18-2026.5.24，下同）现金管理类产品近7日年化收益率录得1.17%，环比下降1BP；同期货币型基金近7日年化收益率报1.08%，环比基本持平。各期限纯固收、固收+产品收益率表现有所分化。上周，债市维持震荡，10年期国债收益率围绕1.75%窄幅波动，继续向下存在阻力；资金面边际有所收敛但整体仍偏宽松，叠加4月经济数据偏弱、内需仍然乏力的背景下，收益率亦缺乏明确的上行催化。 破净率跟踪：上周，银行理财产品破净率0.60%，环比上升0.07个百分点，信用利差环比同步收敛3.89BP。 风险提示：本报告部分数据基于数据供应商，可能为市场不完全统计数据，旨在反映市场趋势而非准确数量，所载任何意见及推测仅反映于本报告发布当日的判断。理财产品业绩比较基准及过往业绩并不预示其未来表现，亦不构成投资建议，不代表推介。

恩华药业(002262) 投资要点： 事件。2026年Q1公司实现营业收入16.10亿元，同比上升6.58%；实现归母净利润3.17亿元，同比上升5.56%。公司2025年营业收入达到59.11亿元，同比上升3.75%。2025年归母净利润达到10.57亿元，同比下降7.54%。公司2025年第四季度净利润下滑是因为：（1）公司2025年研发投入为8.69亿元，比上年度增长了20.52%。（2）为适应市场经营环境的变化，公司加大了TRV130（“欧立罗”富马酸奥赛利定注射液）、安泰坦、瑞可妥、瑞百莱及美比瑞等具备较大市场增长潜力的新产品的市场推广力度。（3）2025年第四季度各项费用集中结算报销。 传统业务集采影响逐步消化，经营拐点有望确立。2025年麻醉类药物营业收入为31.16亿元，占总营业收入的52.71%，同比上升1.84%。精神类药物营业收入为11.89 亿元，同比下降1.13%；商业医药为8.72亿元，同比上升11.76%；神经类药物为3.7亿元，同比上升67.46%。公司重点麻醉类产品羟考酮、瑞芬太尼、舒芬太尼、阿芬太尼、咪达唑仑以及TRV130等重点产品的销售收入实现了快速增长。公司预计2026年上述核心产品的销售增长可基本覆盖集采品种的收入及利润缺口，2026年麻醉类产品预计将会有不错的增长。 创新管线研发布局进入兑现期，价值重估潜力较大。作为国内稀缺的CNS（中枢神经系统）龙头之一，截至2025年底，公司共有20余个在研创新药项目，其中：提交上市申请项目1项（NH600001乳状注射液）；完成II期临床研究项目3项（YH1910-Z02注射液、NHL35700片、NH102片）；开展II期临床研究项目2项（YH1910-Z01鼻喷剂、NH130片）；开展I期临床研究项目7项（Protollin鼻喷剂、NH160030片、NH140068片、NH280105胶囊、NH300231片、NH104片、枸橼酸舒芬太尼注射液(ICU镇痛)）等。公司预计将加大新产品研发力度，争取NH600001今年上市，NHL35700明年报产。 盈利预测与评级：我们预计公司2026-2028年归母净利润分别为11.22/12.62/13.93亿元，同比增速分别为6.09%/12.54%/10.34%，当前股价对应的PE分别为 18.22/16.19/14.67，维持“买入...

当我们谈论低空经济时，实际上是在谈论一个国家如何重新定义自己的战略空间。过去我们常说“国土等于陆地加海洋”，但现代国家的竞争维度早已扩展到空域。低空空域占我国国土立体空间的近三分之一，将其从“沉睡资源”转化为“价值高地”，既可培育万亿级产业，更能支撑公共安全、应急救援与民生服务。 我从事航空发动机研究工作已近六十年。回首中国航空工业的发展历程，从仿制到自研，从跟跑到并跑，每一步都走得艰难而坚定。过去谈航空强国，我们往往聚焦大型飞机、发动机、机载系统这些“国之重器”。但我越来越深刻地认识到，航空强国不仅仅是巅峰技术的突破，更是航空技术向国民经济各领域广泛渗透、创造实实在在价值的过程。低空经济的兴起，正是这一理念的生动实践。 我对低空经济的关注，始于2008年汶川地震。地震发生后，我与26位院士联名向中央提交建议书，直指航空应急救援的三大短板：基建不足、装备短缺、体系缺失。那时我们就意识到，中国的低空资源处于严重低效利用的状态——美国通用航空器共21万架，占全球约70%，年飞行 2500万小时；我国通用航空在册航空器仅3000余架，年飞行时长120万小时。这种差距不是能力问题，而是战略重视不足。但我更要说：差距就是机遇。 今天，低空经济已被纳入国家战略性新兴产业，无人机技术与人工智能的结合，正在开启一个全新的变革窗口。但我们必须清醒地看到，这一产业仍然面临三道坎：核心技术“卡脖子”、基础设施“跟不上”、民生与产业的“协同断层”。没有机场，飞机就是废铁；没有通信，飞行就是冒险。破解这些难题，需要掌握“技术突破、场景开放、协同生态”三把钥匙。 我在航空发动机领域就有过深刻的教训——急于求成、跳过基础研究，最终反而延缓了整体进度。低空经济也是如此：基础设施必须先行，合规体系必须完善，商业模式必须经得起真实场景的检验。只有打好这些地基，产业才能行稳致远，不能重蹈“先热后冷”的覆辙。 本白皮书的价值，正在于此。它没有停留在对低空经济的宏观叙事上，而是以无人机自动机场这一具体产品为支点，展示了低空经济如何从“能飞”到“常飞”再到“智飞”的完整路径。其中对多个行业场景的深入解剖，以及对安全合规体系的系统阐述，都体现了严谨务实的态度。 中国航空工业的每一步进步，都是几代人接力奋斗的结果。低空经济作为航空工业在新时代的延伸，承载着让航空技术更广泛地服务于国计民生的期待。我今年89岁了，但...

本报告由云南唯恒基业科技有限公司基于农业农村部畜牧兽医局饲料集贸市场价格监测数据、国家粮食和物资储备局主要粮食品种收购价格监测数据编制，供关注中国玉米市场运行和产业发展的各方参考。版权仅为农小蜂所有，未经农小蜂同意，请勿以任何形式翻版、复制、发表。 本报告所使用数据主要为2026年5月15日~5月21日的玉米价格行情监测数据，监测范围涵盖玉米“集贸市场价格、收购价格”及波动幅度。 其中，“集贸市场价格”来自农业农村部畜牧兽医局，主要监测对象为全国以及“主产区东北三省、主销区广东省”。 “收购价格”来自国家粮食和物资储备局，主要监测对象为全国以及“黑龙江省、吉林省、内蒙古自治区、山东省、河南省、河北省、辽宁省、四川省、山西省、陕西省、新疆维吾尔自治区、甘肃省”12个玉米生产大省——其中，受中国玉米上市周期等综合因素影响，仅11月~次年4月有分省域收购价格数据，5~10月仅有全国平均收购价格数据。 为便于使用者更好地理解本报告的相关内容，对本报告中所使用的术语说明如下：环比：本周发展水平与上周发展水平之比，表明现象逐期的发展速度。同比：本期发展水平与去年同期发展水平之比，表明现象同期的发展速度。

1.市场监管总局：自5月至12月开展整治“内卷式”竞争专项行动。专项行动明确四个方面重点任务：抽查一批“内卷式”竞争高发易发领域经营主体，在直播带货、外卖行业及重点工业产品生产等领域开展“双随机”专项抽查；惩治一批“内卷式”竞争违法失信经营主体，综合运用经营异常名录、严重违法失信名单管理等信用监管工具从严从快处置；曝光一批“内卷式”竞争违法失信典型案例，形成震慑；形成一批制度机制建设成果，健全严重违法失信名单管理制度机制，加大对涉及“内卷式”竞争严重违法失信经营主体的惩治力度。（资料来源：iFinD） 2.司法部：2026年司法部将全面加强政府立法工作，重点包括：制定全国统一大市场建设条例，以法规制度破除阻碍全国统一大市场建设的卡点堵点；加快推进人工智能健康发展综合性立法、低空经济立法等，促进科技创新；制定实施供水、药品、住房安全、医疗、道路运输等方面的行政法规，保障改善民生；修改海关法、对外劳务合作管理条例等法律法规，进一步加强涉外立法，保障高水平对外开放。（资料来源：iFinD） 3.香港金融管理局：针对内地投资者在港开立投资账户加强了监管。根据要求，机构需采取三项额外措施：关闭使用可疑或伪造文件开立的投资账户；关闭由内地投资者持有的、截至2026年5月22日无资产结余且此前12个月内无客户活动的零结余不动投资账户；在新开投资账户时，须取得内地投资者的书面声明，确认所有用以支持投资活动及相关结算的资金均来自中国内地以外的合法来源。（资料来源：iFinD） 4.中国证券业协会：近期启动2025年券商调研业务调研，首次将“讲好中国股市叙事”纳入统计范围，重点考察研究所服务国家战略、行业发展及国际传播的功能。调研还涉及研究所人员架构、收支结构及AI赋能研究创新等内容，旨在全面摸底行业现状及未来方向。（资料来源：iFinD） 5.证监会：副主席刘浩凌称，今年以来，外资通过各种渠道稳步流入中国股市。截至目前，各类境外投资者持有A股流通股市值超过4万亿元，已成为中国资本市场的重要参与者。中国资本市场投融资综合改革举措步伐稳健、持续见效，市场整体估值处于合理区间，外资配置中国优质资产意愿不断提升。（资料来源：iFinD） 6.国家统计局：今年1至4月，全国规模以上工业企业实现利润总额24358.4亿元，同比增长18.2%，较1至3月加快2.7个百分点。4月，全国规模以上工业企...

主要市场股指回顾 指数开盘价收盘价近一交易日% 上证综指41394094-1.25 深证成指1586915736-0.88 创业板指405440460.07 科创5018751815-2.80 恒生指数2560925328-1.06 富时10010491105050.13 道琼斯工业50487506440.36 标普500752675200.02 纳斯达克26695267250.07 费城半导体1287712702-1.36 纳斯达克金龙652966181.05 股市回顾 沪深港股行情：沪指跌1.25%，报4093.73点；深证成指跌0.88%，报15736.47点；创业板指涨0.07%，报4045.77点；科创50跌2.80%，报1815.45点；恒指跌1.06%，报25328.23点。 美股行情：道指涨0.36%，报50644.28点；标普500涨0.02%，报7520.36点；纳指涨0.07%，报26674.74点；费城半导体指数跌1.36%，报12702.19点。财报方面，惠普第二季度净营收144.1亿美元，市场预期139.9亿美元。EDA巨头新思科技第二季度营收22.8亿美元，同比增长42%。太空概念股普涨，ASTSpaceMobile涨超8%，卫讯公司涨超5%。存储概念股延续涨势，美光科技涨超3%，希捷科技涨近3%，西部数据涨超1%。 国际要闻 日月光半导体表示，已研发出首条310mm×310mm自动化产线。 英伟达宣布将提高公司在中国台湾年度支出 国内要闻 国务院总理李强强调要加快建设大宗商品资源配置枢纽 长鑫科技IPO获上市委会议通过，为今年以来A股最大IPO 公募基金总规模再创历史新高，首次突破39万亿大关 重要公告 恩捷股份(002812,未评级)：拟收购江苏爱思开100%股权 香农芯创(300475，未评级)：企业级SSD已与国内主流算力设备厂商完成验证对接并取得规模销售 德福科技(301511，未评级)：拟约31亿元投建年产5万吨高端AI电子电路铜箔项目 汇成股份(688403，未评级)：拟6000万元至1.2亿元回购股份 研报推荐 【金元TMT】海量数据首次覆盖-信创筑基、AI拓界，国产数据库核心厂商迎来成长拐点 【金元固收】月报20260524——结构分化延续，债市仍处震荡格局 【金元传媒】20260524传媒周报—DeepSeek官方宣...

核心观点： 一、宏观经济组 事件： 5月27日（星期三）国家统计局公布1-4月中国工业企业利润数据。 评论： 2026年1-4月份，全国规模以上工业企业实现利润总额24358.4亿元，同比增长18.2%，较1-3月回升2.7个百分点；其中，1-3月制造业同比增长20.4%，较1-3月回升1.3个百分点。4月规模以上工业企业利润同比增长24.7%，其中，制造业为15.8%。 1-4月，全国规模以上工业企业营业收入同比增长5.2%，较1-3月回升0.2个百分点；营业收入利润率为5.1%，较1-3月回升0.2个百分点；其中制造业为5.4%，较1-3月回升0.3个百分点。4月末产成品库存同比6.7%，较3月末回升1.5个百分点；4月末资产负债率为58%,较3月末回升0.2个百分点。 从行业上看，1-4月同比增速靠前的行业为：电子设备制造业、有色、化纤、钢铁、煤炭、造纸、纺织，同比增速均在10%以上；1-4月同比增速靠后的行业为：家具制造、汽车、电气器材、酒和饮料、纺织服装、医药、专用和通用设备，同比增速均为负。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变化，而不如预期的可能。

数据日期:2026-05-27 上证综指深证成指沪深300指数中小板综指创业板综指科创50 收盘指数（点）4093.7215736.464908.1716051.704672.821815.45 涨跌幅（%）-1.24-0.87-0.80-1.69-0.65-2.79 成交金额（亿元）14734.4917651.139090.116148.678345.781928.35 晨会主题 【重点推荐】 行业与公司 山高环能(000803.SZ)财报点评:业绩拐点显现,多维估值视角下的投资价值再审视 【常规内容】 宏观与策略 策略专题:策略专题研究-6张图看居民资金入市：到哪一步了？ 策略月报:一页纸精读行业比较数据：5月 总量专题（首席经济学家团队）:新老经济的力量对比：股市和实体维度 行业与公司 公用环保行业周报:公用环保202605第4期-1-4月全社会用电量3.3万亿kWh（+5.4%），今夏全国最高用电负荷预计将达到16亿千瓦左右 农业行业周报:农产品研究跟踪系列报告(207)-肉奶周期有望共振反转，生猪产能去化预期加速 传媒互联网周报:Agent平台竞争加剧，关注AI应用板块机会 BOSS直聘(BZ.0)海外公司财报点评:招聘需求健康恢复，用AI强化交付结果 天娱数科(002354.SZ)财报点评:智能体助力AI营销快速增长，布局空间智能领域 金融工程 金融工程日报:沪指探底回升，半导体产业链回调

观点精粹 总量视角 【固定收益】追本与觅变:国资产业CVC模式的信用重锚——固收专题-20260527 以追觅为代表的产业CVC兴起本质是地方投融资与招商逻辑在约束条件下的范式切换。随着土地财政退潮与基建举债空间收窄，产业股权投资成为承接存量资金与招商诉求的最优解。以追觅系为代表的运作模式，呈现出“国资出钱、链主出力、风险共担”的典型特征。2024年，《公平竞争审查条例》与《创投十七条》一堵一疏，加速从补贴招商向基金招商转型。合肥蔚来与武汉弘芯的案例揭示，当GP（产业方）与LP（国资）利益发生偏离时，投资决策权的归属才是决定产业CVC成败的关键变量。 行业公司 【传媒】多模态AI：逆光前行，加速进击——行业投资策略-20260527 自2021年OpenAIDALL-E首次将大语言模型引入图像生成领域起，海外科技大厂、高校聚焦多模态技术持续迭代模型架构，多模态大模型生成内容质量、效率、成本不断优化。国内科技大厂快速追赶，并在视频生成、音频/音乐生成领域实现局部反超。技术成熟度提升及应用推广驱动AI原生应用ARR快速增长，图像领域Midjourney、视频领域快手可灵、音频领域ElevenLabsARR达数亿美元，Gemini对NanoBanana的引入助其MAU三个月内增加2亿。全球人才、资本聚集或推动多模态技术继续高速发展，模型商业化迎来广阔市场并有望提速。

重点推荐 1.总量上行，结构化分——国内观察：2026年4月工业企业利润数据 2.普门科技（688389）：国内业务短期承压，海外市场增长良好——公司简评报告 财经要闻 1.国务院总理李强：加快建设大宗商品资源配置枢纽，为统筹发展和安全提供可靠保障 2.伊美谅解备忘录初步非正式文件内容披露

【今日要点】 【公司评论】骆驼股份(601311.SH)：骆驼股份25年报&26Q1季报点评-低压锂电放量驱动业绩增长，储能、钠电业务开启新曲线 【公司评论】博迁新材(605376.SH)：博迁新材快报-AI浪潮推动纳米金属粉体量价齐升 【公司评论】德科立(688205.SH)：德科立2026年一季报点评-收入增长提速，DCI配套器件和非相干光模块是增长主力 【公司评论】新易盛(300502.SZ)：新易盛2026年一季报点评-1.6T环比上量将加快，盈利能力继续维持行业领先水平 【公司评论】中际旭创(300308.SZ)：中际旭创2026年一季报点评-龙头交付优势充分体现，Scaleup光连接产品有望继续保持领先

截至2025年末，全国金融租赁公司（不包含专业子公司）67家，行业主体数量稳定；注册资本总计3235.65亿元，资本金规模不断扩大。 监管部门对金融租赁公司新增业务中直租业务占比提出要求，同时也为未来金融租赁公司业务转型发展提供了指导方向；不同股东背景的金融租赁公司凭借各自的资源禀赋进行业务转型发展。金融租赁行业与实体经济产业关系密切，在业务发展中金融租赁公司可以充分发挥“融资+融物”的特性，横跨产业和金融，更好地服务实体经济。从过往发展来看，金融租赁公司的业务起步多以政信类业务为主，业务模式多为“类信贷”的售后回租业务。在之前年度的快速扩张时期，部分金融租赁公司仍持续大力开展相关业务以提升自身业务规模，而未有效转型到实体经济领域，未有效发挥金融租赁公司“融物”的属性，行业的发展有所偏离租赁业务本源。2023年10月，国家金融监督管理总局发布《关于促进金融租赁公司规范经营和合规管理的通知》，要求金融租赁公司回归以融资和融物相结合的经营模式，严禁新增非设备类售后回租业务，力争在2026年实现年度新增直租业务占比不低于50%的目标。新增业务中直租业务占比的要求对金融租赁行业整体的业务转型形成较大压力，部分金融租赁公司业务结构亟待调整。2024年8月，国家金融监督管理总局发布《关于印发金融租赁公司业务发展鼓励清单、负面清单和项目公司业务正面清单的通知》，引导金融租赁公司根据国家重大战略优化业务规划，调整业务结构，倾斜资源推动现代化产业体系建设，支持新质生产力发展，明确了金融租赁公司业务转型发展的方向。从股东背景来看，银行系金融租赁公司及控股股东为大型央企的非银行系金融租赁公司依托于母行或母公司，具有资金实力较强、融资成本较低、信用信息较为完善、客户群体较多等优势，业务发展一般定位于航空、航运、大型设备制造业等行业，同时开展经营租赁业务力度较大，业务发展更具优势，转型发展空间更大；部分小型银行系金融租赁公司业务集中于公共事业等领域，客群相对更为集中在城投平台，转型发展难度较大。由于受到资本金和融资渠道的限制，非银行系金融租赁公司，尤其是股东非大型央企的，多将业务定位于公共事业、装备制造等领域；部分非银行系金融租赁公司业务以服务股东集团内部相关产业为主，市场化业务开展相对有限，但与产业系股东进行产融协同，也为该类金融租赁公司转型发展提供了方向。 金融租赁行业资产规模保持增长，...

Indonesian immigration officials and police seized computers in a raid on an apartment building, detaining 210 foreign nationals suspected of involvement in an online investment scam in Batam Island on May 6, 2026. Photo: VCG Telecom-fraud networks displaced by enforcement campaigns in Cambodia, Myanmar and other Southeast Asian scam hubs are expanding into Indonesia, Chinese authorities said, underscoring how quickly the region’s illicit fraud industry shifts bases. The Chinese Embassy in Indonesia said Wednesday in a social-media post that there are signs a growing number of people formerly engaged in telecom and online fraud in Cambodia and other countries are moving to Indonesia to continue their operations. Indonesian authorities have already dismantled multiple scam dens, the embassy said.

核心要点 亚马逊 云科技（AWS）推出新产品，助力零售商搭建自有 AI 购物功能。 该工具基于亚马逊近期完成品牌升级的电商智能助手 购物版亚历克莎（Alexa for Shopping） 打造。 亚马逊持续将自研内部技术转化为对外商用服务。 2025 年 2 月 26 日，美国纽约，亚马逊新品发布会上展出旗下智能设备。 亚马逊此前一直运用自研人工智能技术，为用户提供商品比价、代下单及复购等服务。如今，该公司开始对外授权这项技术，力求成为全网 AI 购物领域的底层支撑。 亚马逊在周三发布的博客文章中表示，公司整合了 购物版亚历克莎 的技术架构、初始代码以及相关技术经验，打包成服务面向整个零售行业开放。据介绍，零售商依托这套新服务， 最快 60 天 就能上线适配自身门店、商品目录与品牌风格的专属 AI 购物工具。 此举是亚马逊又一次将内部自研技术对外商业化，合作对象甚至包含行业竞争对手。二十年前，亚马逊就以这套模式推出了云业务亚马逊云科技，后续又陆续开放无人收银、仓储及供应链相关服务。 本月早些时候，亚马逊将旗下电商聊天机器人鲁弗斯（Rufus）正式更名为 购物版亚历克莎 ，并在平台搜索功能中默认启用该工具。本次对外输出的新工具由亚马逊云科技负责交付，这也能打消部分零售商的顾虑 —— 它们原本不愿与这家行业巨头合作、共享数据。 亚马逊透露，目前已签约合作方为泰佩思（Tapestry）集团旗下轻奢品牌凯特・丝蓓（Kate Spade），该品牌借助这项服务上线了礼品选购智能助手。另有多家零售商正处于产品测试阶段。 当下 AI 行业蓬勃发展，各大头部企业纷纷布局购物场景。OpenAI、 谷歌 、Perplexity 均已推出购物查询工具与智能助手，但部分产品因技术故障、零售商接入困难等问题推进受阻。此外，消费者是否愿意交由智能机器人完成下单采购，目前也尚无定论。 沃尔玛 、 塔吉特 、易集、盖璞、亿贝等零售及电商平台采取双线布局：一方面自主研发 AI 购物工具，另一方面也与 OpenAI、谷歌展开合作。 赛富时 等软件企业也推出相关服务，帮助零售商在官网搭建聊天机器人与智能助手。 亚马逊始终不愿与竞品 AI 平台合作，而是坚持自研工具，购物版亚历克莎便是典型。同时，亚马逊还设置技术壁垒，禁止外部智能爬虫抓取其平台数据。此外，亚马逊还上线了 “代我购买” 功能，可协助用户在其他...

ncognet0/E+ via Getty Images Investment thesis As farmers are set to use less fertilizer this year, and perhaps next, due to higher prices or outright shortages, demand for potash & phosphate, which is a complementary product used in conjunction with natural gas-based fertilizers, will decline this year. Mosaic Company ( MOS ) is set to see a few poor quarters as a result. Assuming that global fertilizer supplies will return to normal next year, we should see a rebound in Mosaic's sales and profits, making this year a good buying opportunity. I decided to initiate a position on these fundamentals-based expectations, with an intent to continue adding incrementally, if Mosaic's share price declines further from here. Going from a hold to a buy I last covered this stock in early March, when I had it as a hold. At the time, the market was trading it as if it was set to benefit from higher fertilizer prices, which I saw as flawed. Since then, Mosaic's share price has decoupled from natural gas-based fertilizer producers, which are set to benefit from higher chemical fertilizer prices. Mosaic's share price has declined by about 17% since I wrote that article, making it a much more attractive buy. Mosaic share price & other metrics (Seeking Alpha) I decided to initiate a position, with an eye on a rebound in potash & phosphate demand next planting season, in conjunction with my assumption that fertilizer supplies will be plentiful by then, prompting farmers to fully utilize their crop planting opportunities. Before the rebound in demand happens late this year or early next year, this company may experience a soft patch for a few quarters, leading to a further decline in its share price, which I see as a buying opportunity on long-term fundamentals. Mosaic's financial results signal fundamental challenges For the first quarter of the year, Mosaic reported a net loss of $258 million, on revenues of $3 billion. In Q1, 2025, it had positive earnings of $238 million, on revenue...

财联社5月27日讯（记者 张校毓） AI算力需求爆发背景下， 长信科技 （300088.SZ）子公司芜湖长信智算科技有限公司（简称“长信智算”）拟向多家供应商采购服务器，总金额预计不超过30亿元。 公告今日晚间发布的公告显示，本次采购标的为高性能服务器，采购设备主要应用于算力相关业务。出于商业秘密及战略发展的考虑，因此公司根据相关规定对本次交易对方的相关信息进行了豁免披露。 长信科技称，本次拟采购合计30亿元算力服务器，是公司子公司长信智算开展市场化算力服务业务的核心战略性投入。 公司在公告中特别提示，长信科技算力业务尚处于拓展初期，行业运营经验相对不足，存在市场拓展、技术运维及项目管理等潜在风险。公司主营业务仍为触控显示相关业务，整体经营基本面未发生变化，算力业务对公司整体生产经营不构成重大影响。 另外，本次购买资金主要来源于自有资金及自筹资金（包括融资租赁款）。对此，公司方面表示，预计会增加公司有息负债规模，导致利息支出持续增加，未来期间财务费用存在大幅上升风险，预计对业绩产生一定影响。 公开资料显示，长信智算成立于2025年5月，其业务包括算力设备分销与集成、算力租赁服务、智算中心建设与运维以及OPC业务运营等。 今年3月，公司曾公告2.6亿元算力服务相关进展。公告显示，长信智算与联通（青海）绿电智算科技有限公司签订的《算力服务合同》，签订的合同含税金额为2.6亿元，合同服务期五年。 在今年5月举行的业绩说明会上，围绕长信智算今年的经营目标和长期规划，公司方面表示，“长信智算将紧紧围绕Token产生、Token调优以及Token消纳的全Token链条进行发展。” 针对公司后续在算力业务的投资计划，市场亦颇为关注，不过公司并未在业绩说明会上明确透露具体发展规划。 长信科技对此回应称，公司将依托自身产业资源与区位优势，按照既定战略规划稳步推进各业务板块落地扩容、生态合作与规模化运营。后续算力业务的增资扩产、设备采购、项目建设及重大合作等相关事项，均将按照信息披露规则，及时以公告形式对外披露。 值得注意的是，长信科技近几年毛利率持续下滑。公司方面表示，主要是由于近几年来消费和车载电子业务竞争都比较激烈，特别是客户每年的价格年降、以及芯片等物料价格上涨对公司压力较大，影响了公司毛利率水平。

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HJBC/iStock Editorial via Getty Images Mozambique's government is disputing TotalEnergies' ( TTE ) estimate that the years-long delay in constructing the Mozambique LNG project has caused $2B in cost overruns, Bloomberg reported Wednesday. A recent audit report by consultancy Bayphase was unable to verify the costs TotalEnergies ( TTE ) claims to have incurred because of a lack of supporting documentation, so the government is not inclined to accept the $2B cost overrun estimate, according to the report . Consensus on the costs is needed before the government can approve an updated development plan, a legal requirement for the project to proceed. TotalEnergies ( TTE ) late last year lifted its four-year-long force majeure on the $20B Mozambique LNG project, which had to suspend work and declare force majeure due to security concerns stemming from Islamist attacks near the site. Due to the force majeure, the goal to achieve first LNG production has slipped, first to 2027, and later to 2029. TotalEnergies ( TE ) owns a 26.5% stake in the project, while Mitsui ( MITSY ) ( MITSF ) , the Mozambique government, and Indian and Thai companies have smaller shares. More on TotalEnergies TotalEnergies Q1 2026 Earnings Call Transcript TotalEnergies Discusses Sustainability and Climate Progress Report With Focus on Emissions Reduction and Decarbonization Initiatives Transcript TotalEnergies: Nearing Or At A Cyclic Peak (Rating Downgrade)

Canada has announced plans to buy a fleet of early warning planes from Sweden’s Saab rather than a competing option from Boeing, as the country seeks to reduce reliance on US defense firms. Mark Carney, the prime minister, said on Wednesday that Canada would opt for Saab’s GlobalEye, which is based on Bombardier’s Global 6500 jet. Boeing’s E-7 Wedgetail plane – which has suffered from delays and cost overruns – had also been in contention. “With a suite of advanced sensors and mission systems, Saab’s GlobalEye will be a key resource for the Canadian armed forces to detect and deter threats across the Arctic,” Carney told a defense conference in Ottawa. The prime minister pledged in March that Canada would take full responsibility for protecting its vast Arctic territory, after relying on decades on a partnership with the US to monitor its more than 4.4m sq km (1.7m sq miles) of land and sea, a territory larger than India. In a statement, Saab said it planned to invest in research and development work in Canada as part of any deal. Although Carney did not give details of the fleet size or the cost of a potential contract, military officials had earlier said they were looking to buy six early warning aircraft. Philippe Lagasse, associate director of international affairs at Ottawa’s Carleton University, said Canada’s decision to buy the GlobalEye planes was “an important test case for the Carney government’s policy of pivoting away from American military capability“. He said in a statement that the decision confirms Canada’s relationship with Sweden, a new Nato ally that has also been keen to strengthen its ties to the Canadian military. Canada has previously said it is keen to work more closely with the Nordic countries in the Arctic on defense and other issues, in a global environment where the US has become a less reliable partner. “GlobalEye is already creating jobs in Canada, and working with the Canadian supply chain. This decision ties our two nations even clos...

Key Points Norwegian Cruise Line CEO John Chidsey bought $2.5 million worth of his company's stock late last week. The country's third-largest cruise line stock has been a historical laggard to the industry in more ways than one. Even after a rough quarter led to a guidance reduction, NCL is trading for just 8 times next year's profit target. 10 stocks we like better than Norwegian Cruise Line › Is the captain of Norwegian Cruise Line (NYSE: NCLH) signaling smooth sailing for the cruising industry's worst performer? CEO John Chidsey recently bought 153,000 shares of the weather-worn cruise line operator, investing roughly $2.5 million in his own company on Friday of last week. As seasoned investors know, there are plenty of acceptable reasons for an insider to lighten a position. Executives might need to raise money. It could also be just part of the portfolio diversification process. However, there is usually only one reason for insider buying. 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 » Is Chidsey signaling that Norwegian Cruise Line -- or NCL, for short -- has bottomed out? Let's take a closer look at the market's ugliest major cruise line operator. Taking on water NCL stock has had a challenging month and year. With the general market clawing higher in May, at least 14 analysts have slashed their price targets on the country's third-largest publicly traded cruise line operator. There was also one outright downgrade. The markdowns are fair. NCL issued a disappointing financial update on May 4. The first quarter itself was mixed but solid. Adjusted earnings more than doubled, giving the cruise line operator its biggest bottom-line beat in more than a year. Revenue rose 10%, just shy of what analysts were targeting, but still a reasonable offset to the bottom-line win. The problem was guidanc...

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Key Points Broad market ETFs are an easy way to meet investing goals. They take the stress out of choosing stocks and constant rebalancing. One ETF in particular offers exposure to a wide range of companies and industries. 10 stocks we like better than Vanguard Total Stock Market ETF › As a parent, one thing I often try to emphasize to my kids is the importance of hard work. Study a little bit for a test, and you might walk away with a 95. Study harder, and you could score 100 instead. I'm also no stranger to hard work. There's a reason I spend 40 or more hours a week at my desk as a freelance writer when I could probably get away with working less. I'm a big fan of the payoff. 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 » But when it comes to investing, I happen to think it's OK to be a little lazy. While some investors spend hours each week poring over their portfolios and choosing stocks to meet their long-term and retirement savings goals, others may prefer a more hands-off approach. And I think it's totally fine to find a lazy person's ETF, or exchange-traded fund, that you can put money into regularly and call it a day. There's one ETF in particular that I'm a fan of for this approach. And if your goal is to grow your money without having to put in a lot of effort, you may want to add it to your portfolio. How the Vanguard Total Stock Market ETF lends to "lazy" investing The Vanguard Total Stock Market ETF (NYSEMKT: VTI) is ideal for lazy investing because it offers broad market exposure in a single fund. As the name implies, when you buy shares of the Vanguard Total Stock Market ETF, you're effectively investing in thousands of U.S. companies across a range of industries and market caps. The latter point is important. Exposure to large-, mid-, and small-cap stocks is crucial because each ...

Denmark’s Michael Valgren won the 17th stage of the Giro d’Italia but his compatriot Jonas Vingegaard continued his march to a first overall victory on the Grand Tour. Valgren took the honours in Andalo after attacking from a small group with a kilometre remaining of the undulating 202km ride from Cassano d’Adda with riders suffering from the punishing heat and also sudden downpours. The 34-year-old EF Education-EasyPost rider claimed his second win of the season, with his other also coming in Italy at the Tirreno-Adriatico. Valgren was part of a group that pulled away from the break on the final categorised Andalo-Lever climb. Initially, he looked to be contesting the stage honours with Einer Rubio before the pair were caught. Vingegaard, who is hunting a Giro-Tour de France double this year, stays four minutes ahead of Felix Gall in the overall standings after rolling home with the peloton. Jhonatan Narváez won the intermediate sprint and took the points jersey from France’s Paul Magnier, who was not part of the break and now trails the UAE rider by 10 points. Vingegaard is likely to maintain his advantage at the top of the general classification on Thursday when the peloton takes on a hilly 171km ride between Fai della Paganella and Pieve di Soligo.

With first-quarter earnings coming to an end, investors are turning their attention to updated quant ratings following the latest round of corporate results. The scores provide a snapshot of how companies rank across key factors such as valuation, growth, profitability, momentum, and revisions after reporting their quarterly performance. Seeking Alpha’s Quant Ratings assign the energy sector ( XLE ) an average health score of 3.5 out of 5, based on 80 stocks with market capitalizations between $2B - $10B. Under the system, 24 stocks are rated Buy or higher, while 44 are Neutral. 12 stocks are rated Sell or lower with ratings based on valuation, growth, profitability, momentum, and EPS revision. Here are the top and bottom five quant picks from mid-cap energy stocks ahead of the upcoming earnings season: The pre-earnings quantitative breakdown shows that top-rated stocks are being driven primarily by growth, momentum, and earnings revisions, rather than valuation support, while low-rated names reflect sharp deterioration in revisions and momentum, particularly across construction-linked and clean-energy segments. Highest rated: (All stocks have been rated Strong Buy and scored out of 5) ProPetro ( PUMP ) – Quant score 4.94 TGS ASA ( TGSNF ) – Quant score 4.89 PBF Energy ( PBF ) – Quant score 4.86 SM Energy ( SM ) – Quant score 4.85 Par Pacific ( PARR ) – Quant score 4.83 Lowest rated: (All stocks have been scored out of 5) Comstock Resources ( CRK ) – Quant rating: Strong Sell, score: 1.42 Centrus Energy ( LEU ) – Quant rating: Strong Sell, score: 1.44 Peabody Energy ( BTU ) – Quant rating: Sell, score: 2.07 BKV ( BKV ) – Quant rating: Sell, score: 2.26 Technip Energies ( THNPY ) – Quant rating: Sell, score: 2.27 Energy ETFs: (NYSEARCA: XLE ), (NYSEARCA: AMLP ), (NYSEARCA: VDE ), (NYSEARCA: XOP ), (NYSEARCA: OIH ), (NYSEARCA: IXC ) More on State Street® Energy Select Sector SPDR® ETF Iran: It Ain't Over 'Til It's Over A Massive Energy Crisis Is Brewing, And It Could ...

Philippe Laffont is part of an elite group of investors who cut their teeth at Julian Robertson's legendary fund, Tiger Management, in the 1990s, widely viewed as one of the trailblazers of the hedge fund industry and one that also delivered incredible returns. Many of Robertson's protege's, such as Laffont, are known as Tiger cubs and went on to launch their own funds to great success, which is why many are now billionaires. Laffont's fund, Coatue Management, had over $29 billion in assets at the end of the first quarter. Due to its success and heavy tech focus, many investors are always curious to see what Laffont and his team are buying and selling each quarter. Recent filings showed that Coatue was selling stocks such as Oracle, Tesla, and Nvidia but buying another stock down 94% since its initial public offering (IPO) in 2020. Let's review some of these latest moves. Selling some of the tech giants Coatue likely wasn't the only fund selling some of the tech giants in the first quarter of the year, as many investors began questioning the valuations of artificial intelligence (AI) companies. The fund dumped its entire Oracle stake in the quarter, which had a tough Q1. As most investors know, Oracle is heavily dependent on contracts with OpenAI, which has $1.4 trillion in data center commitments over the next seven to eight years, leading many investors to wonder whether it can meet all those obligations. Media outlets reported in April that OpenAI had missed key revenue targets. Oracle also increased its fiscal 2026 capital expenditure (capex) guidance to $50 billion earlier this year. Coatue also trimmed its Tesla stake by 96% in the quarter. The electric vehicle (EV) and autonomous driving company sold off after CEO Elon Musk seemed to adopt a more cautious tone about how quickly Tesla would roll out its robotaxi fleet nationwide. Tesla also raised its capex guidance for its AI initiatives, leading analysts to believe free cash flow will be challenged this year...

Key Points Laffont is one of several prominent hedge fund founders who worked for Tiger Management in the 1990s. His fund, Coatue, initiated a new position in an electric vehicle company whose stock has been hammered. 10 stocks we like better than Lucid Group › Philippe Laffont is part of an elite group of investors who cut their teeth at Julian Robertson's legendary fund, Tiger Management, in the 1990s, widely viewed as one of the trailblazers of the hedge fund industry and one that also delivered incredible returns. Many of Robertson's protege's, such as Laffont, are known as Tiger cubs and went on to launch their own funds to great success, which is why many are now billionaires. Laffont's fund, Coatue Management, had over $29 billion in assets at the end of the first quarter. Due to its success and heavy tech focus, many investors are always curious to see what Laffont and his team are buying and selling each quarter. 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 » Recent filings showed that Coatue was selling stocks such as Oracle, Tesla, and Nvidia but buying another stock down 94% since its initial public offering (IPO) in 2020. Let's review some of these latest moves. Selling some of the tech giants Coatue likely wasn't the only fund selling some of the tech giants in the first quarter of the year, as many investors began questioning the valuations of artificial intelligence (AI) companies. The fund dumped its entire Oracle stake in the quarter, which had a tough Q1. As most investors know, Oracle is heavily dependent on contracts with OpenAI, which has $1.4 trillion in data center commitments over the next seven to eight years, leading many investors to wonder whether it can meet all those obligations. Media outlets reported in April that OpenAI had missed key revenue targets. Oracle also...