4月9日，Alphabet于2015年投资SpaceX，当时以约120亿美元的估值投入9亿美元；到今年2月，SpaceX与马斯克的xAI合并后，整体估值达1.25万亿美元。假设Alphabet持股至今未变，持有部位目前价值约1000亿美元，而且未来数月内可能进一步攀升。 谷歌首席执行官皮查伊(Sundar Pichai)表示， 人工智能 (AI)的爆发式成长，已为投资更多新创公司开启大门；从SpaceX到Anthropic等案例来看，随着AI浪潮转型，我们有更多机会能以良好的方式运用资金，而且正在付诸行动。

ETF开盘涨跌不一，金融地产ETF（159933）领涨8.58%，标普油气ETF（159518）涨3.59%，标普油气ETF（513350）涨3.47%，黄金股ETF（517520）领跌3.29%，线上消费ETF（159725）跌3.07%，黄金股ETF（159562）跌2.8%。

The average one-year price target for Paychex (BIT:1PAYX) has been revised to €91.69 / share. This is a decrease of 12.46% from the prior estimate of €104.74 dated February 23, 2026. The price target is an average of many targets provided by analysts. The late

富春染织涨停价开盘，公司一季度预计实现归母净利润7000万元至8000万元，同比大幅增长1347.69%至1554.5%。

格隆汇4月9日｜WTI原油期货涨幅扩大至4%，报98.19美元/桶。

格隆汇4月9日｜据央视，今日(9日)，由自然资源部组织的中国第42次南极考察队暨“雪龙”号极地考察破冰船顺利返回国内并停靠中国极地考察国内基地码头，考察队按计划顺利完成各项任务。此次考察在考察人员规模、常规物资量和任务量等方面再创新高，取得丰硕考察成果。

A股开盘，上证指数低开0.69%，深证成指低开0.81%，创业板指低开0.94%。贵金属、机场航运、CPO、半导体板块集体调整。

Key PointsThe company's core agriculture business is at the bottom of a cyclical downturn.

格隆汇4月9日｜美伊临时停火或因以色列破裂，昨日大幅反弹的港股低开，恒指跌0.53%，国指跌0.62%，恒生科技指数跌1.11%。大型科技股未能延续昨日强势行情，阿里巴巴跌2.69%，京东跌1.7%，美团、小米跌1.3%，现货黄金向下触及4700美元，黄金股带领有色金属股集体下跌，昨日领衔市场上涨的半导体股、航空股等集体低迷。另外，霍尔木兹海峡通行仍受阻，石油股、油气设备股活跃，昨日大跌13%的山东墨龙高开6%。(格隆汇)

美伊同意停火两周，黄金一度大幅反弹，但是黄金也是率先冲高回落的品种。我们一直强调，如此高价格的黄金，参与价值并不大，尤其是全球主要经济体的币值较为稳定的情况下。我们维持之前的观点，黄金短期内波动随机且幅度较大，无明显的投资价值。（中金财富期货）

港股低開136點，恒生指數報25,756點。 阿里巴巴跌百分之2.6，快手跌百分之2.5。

格隆汇4月9日｜美国总统特朗普8日与到访的北约秘书长吕特会晤后在社交媒体发文称：“北约在我们需要他们的时候不在场，如果我们再次需要他们，他们也不会出现”，并写道：“还记得格陵兰岛吗？那块又大又管理糟糕的冰块！”

The average one-year price target for Skeena Resources (NYSE:SKE) has been revised to $38.86 / share. This is an increase of 13.06% from the prior estimate of $34.38 dated February 23, 2026. The price target is an average of many targets provided by analysts.

【有線新聞】日本正值賞花季節，東京接連有櫻花樹等大樹倒塌，東京都政府下令緊急檢查公園、學校等地方的樹木。 日本東京國立市JR矢川站外十多米高的櫻花樹連根拔起，阻攔馬路，未有造成傷亡，工人將樹木割開數段移走。 著名賞櫻景點世田谷區砧公園近一個多月以來塌樹情況較為嚴重，周二有兩棵相鄰的橡樹倒塌，分別14米及23米高，初步檢查發現樹根有腐爛。公園之前已有數棵櫻花樹等大樹倒塌，有途人受傷，其中最老的一棵樹估計樹齡逾60年，有18米高，直徑2.5米。 由於正值日本櫻花盛開季節，接連塌樹引起安全憂慮，東京都政府對砧公園內約5,000棵3米以上的樹木展開緊急檢查，有需要會即時砍伐。東京都知事小池百合子指示檢查所有都立公園、路旁、學校及其他都政府設施的樹木，會採用AI協助。 有專家指東京部分的櫻花樹樹齡達70至80年，易受真菌感染。

Source: Bloomberg, 0:00

New Zealand’s central bank will respond with interest-rate increases to any acceleration in core inflation, Governor Anna Breman said Thursday, as fuel prices surge in response to the conflict in the Middle East. “The balance of risks have shifted in terms of inflation, and there are more risks on the upside,” Breman told Bloomberg TV in an interview. “We are expecting somewhat weaker growth, but we are concerned that medium-term inflation pressures could be higher. If we do see that medium-term inflation starts picking up, then we will act decisively and that means rate hikes.” The governor spoke a day after the Reserve Bank held the Official Cash Rate at 2.25%, while highlighting a strong commitment to return inflation to the midpoint of its 1-3% target. It projected inflation will pick up to 4.2% in the second quarter, but didn’t provide full forecasts for that gauge or the OCR track. Read more: New Zealand’s Hawkish Hold Highlights Mounting Inflation Worries Money markets are pricing a more than 80% chance that the RBNZ will raise rates as early as July, with expectations the OCR will be 3% by the end of the year, swaps data show. Breman said policymakers will be watching for any signs that medium-term inflation pressures are building. “So that is things like inflation expectations, wage growth,” she said. “If we see core inflation — not just headline inflation because we know headline inflation will be going up — but also core inflation moving upwards, those could be reasons to do the rate hike.” The RBNZ’s focus on reining in inflation isn’t likely to result in the economy contracting this year, Breman said. “We expect growth to be somewhat weaker in the near term, but I also think it’s important not to have too firm statements on growth right now because it is highly uncertain,” she said. The White House has announced the US will hold direct talks with Iran even as fighting persisted in the Middle East. Oil rebounded after its biggest one-day drop since April...

港股开盘，恒生指数低开0.53%，恒生科技指数低开1.11%。快手-W跌2.53%，金山云跌2.9%，阿里巴巴-W低开2.69%，华虹半导体低开2.2%。

导读： ①市场放量长阳反弹，暂以结构性修复行情看待，后续或逐步分化；②CPO 板块领涨科技成长，多股创新高，行业渗透率进入快速提升期，仍是高景气核心赛道；③PCB 产业链迎来涨价 + AI 需求共振，龙头涨停扩产，算力硬件获资金集中回补；④算力租赁板块爆发，带动 AI 应用走强，算力供需错配下，云产业链有望迎来量价齐升。 昨日市场高开高走，沪指百点长阳逼近4000点，创业板涨近6%，量能更是单日放大8200亿，在经历量价齐升的强力反弹后，成功摆脱此前弱势结构。不过需注意的是，在经历了初期的普涨修复后，市场大概率将逐步回归分化运行格局，此外地缘局势的反复也可能对于风险偏好形成一定的影响。所以仍先以结构性修复行情看待为宜。 盘面上来看，科技成长股成为昨日盘面领涨核心，CPO概念再度走强，中际旭创、新易盛、罗博特科、长芯博创等刷新历史新高。现阶段尽管CPO技术仍处于早期商业化阶段，未来三年是CPO行业渗透率快速提升、供应链格局和产业链价值分工逐步构建的核心观察窗口期。此外业界同步推进LPO、NPO、XPO等多种技术路线的创新。CPO仍是景气度确定性最高的核心赛道之一。 昨日PCB概念反复活跃，沪电股份、大族激光、深南电路等权重涨停。一方面，今年以来，PCB产业链迎来大涨价，4月3日，国内覆铜板（CCL）领域的龙头企业发布涨价函，宣布所有板料、PP（半固化片）价格统一上调10%。故近期直接受益的上游电子树脂、铜箔、电子布等材料方向表现更为强势。 另一方面，AI硬件供应商扩散，ASIC将成为重要成长增量，推动AI PCB市场规模再次扩大。面对量价齐升的“超级周期”，胜宏科技、沪电股份、鹏鼎控股等多家PCB龙头企业纷纷宣布扩产计划。总体而言，在市场情绪回暖的背景下，算力硬件还是率先获得资金的仓位回补方向，后续核心标的大概率有望维持震荡向上趋势行情。 算力租赁迎来爆发，利通电子、莲花控股、杭钢股份等涨停，也成功带动AI应用方向的走强，伴随Agent应用和多模态生态的爆发，资本开支与算力需求错配，全球Token用量正迎来新一轮加速增长，近两年云产业链有望进入量价齐升的发展大年，把握相关个股的短线节奏或是关键。

格隆汇4月9日｜美伊停火协议墨迹未干，分歧已公开浮现。特朗普在宣布两周停火后不到24小时内，便推翻了此前将伊朗“10点计划”作为谈判基础的表态，转而坚持以美方“15点方案”主导后续谈判，令这份脆弱的停火协议在首日即遭遇严峻考验。 据央视9日消息，伊朗伊斯兰议会议长卡利巴夫公开指控，在伊美谈判尚未开始之前，“10点计划”中已有三项关键条款遭到违反，包括黎巴嫩停火承诺未被履行、一架无人机侵入伊朗领空，以及美方否认伊朗的铀浓缩权利。伊朗方面警告，若美方不接受“10点计划”作为谈判框架，伊朗最高领袖将不会批准在停火协议上签字。尽管局势充满变数，市场仍将此次停火视为阶段性缓和信号。美股周三走高，油价跌破每桶95美元。但分析人士普遍警告，双方诉求差距悬殊，停火能否维持至预定谈判窗口，仍存在高度不确定性。

今日（9日），由自然资源部组织的中国第42次南极考察队暨“雪龙”号极地考察破冰船顺利返回国内并停靠中国极地考察国内基地码头，考察队按计划顺利完成各项任务。此次考察在考察人员规模、常规物资量和任务量等方面再创新高，取得丰硕考察成果。“雪龙”号和“雪龙2”号于2025年11月1日从上海出发，“雪龙”号于2026年4月9日返回，历时160天、航程3.4万余海里，“雪龙2”号目前正在南极普里兹湾执行“秋季南大洋生态系统”联合航次任务，预计5月下旬返回上海。（央视新闻）

"Shocking Levels Of Distress": CMBS Delinquencies Unexpectedly Soar To Covid Highs With market focused on private credit as the next credit market crisis vortex, many have forgotten that CMBS, the asset class that was smashed in the aftermath of covid as hundreds of office buildings were suddenly left vacant, has been teetering on the edge for years. For some, it proved to be a lucrative bet as the " next big short " after various office-heavy CMBX tranches collapsed in 2020 and 2021. But due to the slow-burning nature of commercial real-estate deterioration, where data center REITs provided a solid offset to weakness elsewhere, credit markets eventually moved on to the next worst thing. It may be time to reassess: according to the latest TREPP CMBS monthly report, March saw a surge in the delinquency rate, which jumped by 41bps to 7.55%, the highest in years, led by a surge in the lodging rate, a category which until now was not a source of concern. TREPP states that the five largest newly delinquent loans accounted for just over $2 billion of the almost $5.1 billion in newly delinquent loans, including a West Coast hotel portfolio, a Midwest office loan, a Northeast retail center loan, a national hotel portfolio, and a Pacific Northwest office portfolio, which pushed the rate higher. In addition, roughly 40% of the newly delinquent loans this month were considered performing matured balloon last month. Continuing the sideways delinquency trend as loans mature, go delinquent, cure, and become delinquent again. Among all newly delinquent loans, non-performing matured balloon was the most common delinquency classification, consistent with prior months. At the property-type level, four of the five major property type rates increased while one edged down slightly. Lodging posted the largest increase, jumping 137 basis points to 7.31%, the first time it has been above 7% since its recent April 2025 peak of 7.85%. Office rose 51 basis points to 11.71%, maintaining the el...

The average one-year price target for Phillips 66 (XTRA:R66) has been revised to 149,45 € / share. This is an increase of 14.98% from the prior estimate of 129,98 € dated February 3, 2026. The price target is an average of many targets provided by analysts. Th

格隆汇4月9日｜主播李佳琦4月8日在淘宝直播活动中表示，可能缺席两个季度的直播，引发外界对其暂停直播猜测。4月8日晚间，李佳琦在小红书回应称，此前演讲系口误，是缺席两个月，不是两个季度，“没有退休”。

The average one-year price target for Pearl Diver Credit Company Inc. - Preferred Stock (NYSE:PDPA) has been revised to $37.39 / share. This is an increase of 16.31% from the prior estimate of $32.15 dated February 23, 2026. The price target is an average of m

维持6-12个月积极看多内房板块的基本立场不变 2025下半年以来，西方经济体房价已现筑顶趋势，部分市场开启回落，与此同时，中国香港市场企稳复苏，中国大陆核心一线城市也初现企稳迹象。从房地产市场本身观察， 中金研究 认为海内外的周期交错已经开启，这与权益市场美国与非美市场的相对表现不谋而合。进入2026年，伴随通胀预期的加速变化， 中金研究 认为全球资本的轮动可能加快，而可能的外部冲击（通胀+资本流入）对中国房地产市场利大于弊。目前大部分投资者仍主要关注中国房地产相对疲弱的内生力量如何运行，对于外部宏观层面的影响或许还着眼不多，但这有可能会构成一个正向的预期差。维持6-12个月积极看多内房板块的基本立场不变。 摘要 通胀对房价的狭义影响：涨比缩好。 考察了全球约50个经济体的长期数据以后发现，长期维度房价无一例跑输通胀的例子，房价一般仅在调整周期的少数年份跑输通胀。对于中国市场而言，如果未来中国的通胀水平伴随全球通胀中枢也有所上移，那么朴素而言对地产的影响或利大于弊。目前中国房地产的症结在于资产价格，而通胀大概率会对其起到更为正向的支撑。 更重要的含义应当在于通胀变化可能加速全球资本再布局。 过去40年美欧等西方资本输入型经济体，房价得以持续积累对本地收入和通胀的超额增长，但东亚经济体没有这种经历。由城镇化驱动的地产繁荣往往只能惠及二三十年，原因在于此后无法再享有同等的资本积累，这也是出口导向型经济体本身更多作为资本输出国所决定的。这是过去全球化下的逻辑，房价其实是全球资本布局的一种映射。 中金研究 认为这一格局大概率会调整，进而深刻改变各国房价的逻辑，对于中国市场更关注是否有积极的外部冲击，这或许也是与当年的“日本剧本”最大的差异所在。 风险 海内外长期通胀水平较预期更为可控；中国地产市场2026年需求超预期疲弱。 正文 若通胀持续，全球房地产市场怎么走？ 通胀本身已经是高度复杂的话题，若要进一步剖析通胀对房地产量价的具体影响机制，则显然超出本篇报告的容量，也不是 中金研究 的侧重点。在此， 中金研究 更希望抛砖引玉，对通胀背景下房地产市场的潜在趋势提供一个初步的、框架性的看法，同时重点在于以比较视角来分析几个 中金研究 关心的海内外市场。 讨论的背景——全球房地产市场已站在新的十字路口 大周期拐点将近。 结合中金研究去年10月份报告《海外房价走到哪儿了？》与近期...

(RTTNews) - The Japanese market is notably lower on Thursday after opening lower and briefly swaying in to the green, snapping a four-session winning streak, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling below the 56,100 level, with some

格隆汇4月9日｜前联合国核监督机构负责人Mohamed ElBaradei：以色列政权完全意图破坏美伊之间实现和平的机会。政权还将以同样的狂热，试图阻挠波斯湾沿岸国家与伊朗伊斯兰共和国之间达成任何和解的可能性。

Intel has joined Tesla (NasdaqGS:TSLA), SpaceX, and xAI in a new Terafab AI chip manufacturing initiative focused on domestic production for advanced computing. The Terafab facility is intended to support AI, robotics, and autonomous vehicle workloads across the partnered companies. The US National Highway Traffic Safety Administration has closed its probe into Tesla’s "Actually Smart Summon" feature, allowing continued deployment of the capability. Tesla, listed as NasdaqGS:TSLA, is...