比亚迪(002594)/比亚迪股份(1211.HK)2025年年报业绩点评：2025业绩披露 全球化加速推进 - Futubull 富途牛牛

Porter Anderson/iStock via Getty Images A lot of REITs have gotten into troubled valuations of late due to what I would consider to be issues related to growth problems. Previously, many of these industrial REITs (as well as other sub-sectors of REITs) were trading at very high multiples. Not seldom we're talking about AFFO multiples in excess of 25x AFFO, which analysts argued were part of an impressive growth and fundamental profile. I have always been a bit dubious about such arguments, but it would be wrong to say that my targets have not also been influenced by these trends. So, it's a healthy exercise to go back to a company like Rexford ( REXR ), which I managed to "get out of" at the last peak in the late parts of 2025, with a small profit, and see where things should take the company going forward. Why I say this is obviously that over the past few weeks, we've seen a significant decline in the company's valuation, to where Rexford now trades below $32.5/share at the time of writing. While not record lows, it's certainly approaching low levels of valuation. At this level of valuation, we're talking about a 5.36% yield, which in context is not only high, it's very high for this business. We're also talking about a BBB+ rated REIT with a very attractive debt profile, by which I mean that it's not leveraged to any significant degree compared to other companies. Like other quality REITs, it also manages to hit or beat its targets most of the time - about 90%+ on average over the past 10 years. There are many arguments for why REXR could perform well. But what exactly does "well" mean in this context, and why might it not be as great an upside as you might think that it is? That's what we'll be looking at here. Rexford Industrial Realty Incorporated - Rebasing cash flow to a low level of growth The problem with a REIT like this can be stated in a simple illustration. F.A.S.T Graphs Rexford Industrial Realty REITs like Rexford have, unfortunately, been at levels ...

French anti-terrorism prosecutors have opened an investigation into a suspected attack targeting Bank of America’s Paris headquarters after the reported overnight arrest of a man who allegedly tried to ignite an improvised explosive ‌device outside the US bank’s premises. In an emailed statement to reporters, the national anti-terrorism prosecutor’s office said the investigation involves the suspected attempted destruction by fire or other dangerous means in connection with a terrorist plot, as...

World Investment Advisors Purchases 16,197 Shares of Meta Platforms, Inc. $META marketbeat.com

World Investment Advisors Purchases 16,197 Shares of Meta Platforms, Inc. $META MarketBeat

Phiwath Jittamas/iStock via Getty Images New Mountain Finance ( NMFC ) has suffered significant valuation pressure in 2026, mainly due to the emergence of problems in the private credit sector that has raised investors’ fear levels with regard to exposure to software companies and triggered capital outflows from the industry more broadly. The BDC responded to growing concerns about risk by announcing the divestment of a loan portfolio that is going to derisk NMFC's balance sheet and lead to a significant liquidity inflow of $468M, bolstering the firm's liquidity position. New Mountain Finance is not growing its portfolio, however, amid a faster repayment speed and higher non-accruals. The investment platform has also seen an unfavorable non-accrual trend in its investment portfolio, which has forced New Mountain Finance to announce a ~22% dividend cut that will take effect in the second fiscal quarter. That being acknowledged, however, New Mountain Finance is priced at an excessive discount to net asset value and currently trades well below its historical valuation factor, which creates nonetheless an attractive investment proposition for investors hunting for a deep discount to fair value. Data by YCharts Higher-Than-Average Risk Profile With Revaluation Potential New Mountain Finance is not growing its investment portfolio amid a faster pace of loan repayments as well as higher non-accruals. As a result, the private credit platform had a portfolio of approximately $2.8B as of the end of the fourth quarter (-11% Y/Y), which makes NMFC a top 15 BDC in the private credit market. New Mountain Finance New Mountain Finance had a total of 7 loans on non-accrual status as of the end of the fourth fiscal quarter, which translated to a total non-accrual value, on a fair value basis, of $40M. The non-accrual trend for the BDC is slightly negative, as its non-accrual ratio increased ~8% in the last year while at the same time the portfolio shrank more than 11% on the back of ...

【热点导读】 我国成功发射试验三十三号卫星，机构看好后续商业航天加速突破 中国造光缆全球爆单，厂家加紧提升产能响应市场需求 具身智能领域首个行业标准正式发布 中国科学院启动下一代开源芯片与系统研发 行业里程碑！国内最大单体构网型级联高压储能系统落地新疆 机构认为锂电新周期愈发明确，或带动电解液需求快速增长 【主题详情】 我国成功发射试验三十三号卫星，机构看好后续商业航天加速突破 近日，我国在酒泉卫星发射中心使用长征二号丙运载火箭/远征一号S上面级，成功将试验三十三号卫星发射升空，卫星顺利进入预定轨道，发射任务取得圆满成功。试验三十三号卫星主要用于空间环境探测科学试验。这次任务是长征系列运载火箭的第635次飞行。 长城证券 认为，当前商业航天在政策端以及产业端双轮驱动下进一步提速，伴随我国火箭端发射场端成本端的持续优化有望逐步对标海外SpaceX进度，国内主流星座建设稳步推进，同时产业端民营火箭及星座建设IPO加速推进，持续看好后续商业航天国产化加速突破，并带来下游各环节及太空算力等环节投资机会。 上市公司中， 天银机电 控股子公司天银星际深度参与商业航天产业，是国内商业卫星市场的核心部件供应商。 德龙激光 为多家航天航空院所客户提供各类激光加工设备。 中国造光缆全球爆单，厂家加紧提升产能响应市场需求 据报道，“十五五”开局起步，眼下人工智能发展迅猛，随之而来的是全球对算力基础设施的投入快速增长。在江苏苏州，光缆生产企业的出口迎来快速增长。相关企业开足马力，抢抓全球市场。某企业工作人员表示，从去年底开始，企业的海外订单量明显增长，有来自南美、中东、非洲，还有东南亚的众多订单，且交货周期都要求不超过半个月。前两个月，这家企业的光纤出口同比增长了51%。现在生产已经排得很满。这段时间正在加紧扩建厂房、增加产线，提升产能来响应市场需求。 AI对光纤的用量密度的显著提升，光纤在AI数据中心中主要应用于柜内互联、柜间互联及DCI三大场景。 国盛证券 宋嘉吉指出，光纤光缆行业已明确进入由AI驱动的全新上行周期，本轮周期的核心特征是“需求的结构性变化”与“供给的刚性约束”深度碰撞，建议重点关注光纤光缆龙头。 上市公司中， 亨通光电 AI先进光纤材料研发制造中心扩产项目正在有序推进中；一期扩产项目厂房建设已完美收官。 烽火通信 是全球唯一集“光通信系统、光纤光缆、光电子器件”光通信三...

As tensions in Iran continue to escalate, the world is entering what could be the most serious energy crisis in decades. The Strait of Hormuz is mostly closed right now, and that's a serious problem because roughly 20% of the world's oil and natural gas (as well as all sorts of other goods) passes through this narrow waterway. If the situation continues on its current course, it could rewrite the global energy map. ExxonMobil (NYSE: XOM) is already an industry behemoth, but the brewing energy crisis makes it arguably the best oil stock to buy amid the war. Here's why. Continue reading

The average one-year price target for ACS, Actividades de Construcción y Servicios (BME:ACS) has been revised to €97.99 / share. This is an increase of 10.41% from the prior estimate of €88.75 dated February 21, 2026. The price target is an average of many tar

EyeEm Mobile GmbH/iStock via Getty Images GitLab ( GTLB ) has received increased attention among traders and on social media in recent months. The company delivered a series of what appeared to be a strong series of earnings reports throughout 2025 without causing any meaningful appreciation in the firm's stock price. Then the calendar turned over to this year, and GitLab shares caved in, losing nearly half their value while slumping to new all-time lows and barely hanging onto a $20 price: Data by YCharts For a company that appears to still be performing well from an operational standpoint, it's been incredible to witness this sort of value destruction. You might wave this away by saying it's been a brutal six-month period for software stocks and SaaS names in particular. That's a reasonable reaction. But even by the standard of software companies, GTLB shares have fallen harder than most, and there's been no sign of a bounce even when the rest of the sector tried to stabilize in early March: Data by YCharts Further pouring salt in the wound, direct GitLab competitor JFrog ( FROG ) has been one of the better performers in the SaaS space recently, while GTLB stock has been steadily sliding. GitLab's Recent Earnings GitLab kept reporting strong earnings over the last year, easily topping expectations, and yet the stock didn't go anywhere. In Guggenheim's Q3 earnings results note, for example, their analyst team wrote that "there seems to be an unshakable disdain for GitLab stock, even if the company exceeds expectations." I couldn't have said it better myself. And it was against this backdrop, where GitLab was barely rewarded for good quarters, that it came into its FY Q4 2026 earnings release, which came out March 3rd. Once again, the numbers were solid. Revenues of $260 million topped expectations by $8 million and rose 23% year-over-year. Adjusted earnings of 30 cents topped expectations by seven cents. Despite all the AI-related disruption fears, the company's cl...

港股生成式AI制药龙头英矽智能（3696.HK）发布上市后首份年度业绩公告。报告期内，公司实现营收5624万美元；并于2025年12月30日在港交所主板挂牌上市，截至年末银行结余及现金达3.93亿美元。依托自研一体化生成式AI平台Pharma.AI，公司期内提名6款临床前候选药物，共有8个项目取得临床进展，包括5项自有管线和3项合作项目。核心管线Rentosertib在特发性肺纤维化IIa期研究中显示良好的安全性与耐受性，并呈现剂量依赖性改善肺功能下降趋势，完整结果发表于《Nature Medicine》。业务拓展方面，公司期内新增10+项合作，新增签约总额约13亿美元；另有多个项目达成里程碑并实现回款。

These high-yielding stocks have strong records of paying stable-to-growing dividends.

Key PointsAres Capital has paid a stable or growing dividend for over 16 years.

A number of people are said to have been injured after attacks on aluminium sites in the UAE and Bahrain.

格隆汇3月29日｜据半岛电视台，阿联酋方面表示防空系统正在应对导弹威胁。

财联社3月29日讯（记者 王晨） 当前， 中信证券 、 广发证券 、国投证券、 华安证券 、 国元证券 、中航证券、 华泰证券 等多家券商已布局TAMP平台，行业正在加速试水。 值得关注的是，中证协本月正式发布投顾能力素质模型，明确投顾“客户受托人”定位与数字化执业要求，进一步凸显TAMP与行业标准高度适配、协同支撑买方投顾转型的核心价值。 然而整体来看，国内TAMP仍处于早期探索阶段，尚未形成可复制、可规模化盈利的成熟商业模式。政策边界模糊、买方投顾生态不成熟、盈利模式未闭环、内部资源整合难度大等现实难题，共同制约着TAMP落地与普及。多位券商人士坦言，行业现阶段仍需 “摸着石头过河”，短期难以复制海外成熟路径。 受访人士表示，长期随着基金投顾常规化推进、投资者付费意识提升、AI技术深度融入，TAMP必将成为券商财富管理转型的标配中台，是行业从规模竞争走向质量竞争的重要抓手。 TAMP与投顾能力素质模型高度适配 就在本月，中证协发布的《证券公司关键岗位能力素质模型系列（投资顾问类）》，明确了投顾“客户受托人”定位、六大核心职责、四维能力框架与数字化能力要求，为行业投顾人才建设划定统一标尺。而TAMP从定位、功能、流程到技术体系，均与该标准高度契合。 TAMP匹配投顾“以客户为中心”的买方定位，通过平台化、集约化服务切断投顾与产品销售的强绑定，让投顾回归资产配置与客户长期陪伴，精准支撑信义义务落地。 针对投顾六大核心职责，TAMP模式提供一站式作业闭环，覆盖客户管理、账户诊断、投资建议、交易执行、合规风控、投教服务全流程，把标准要求转化为可执行、可标准化的业务动作，显著提升服务效率与一致性。 在四维能力与数字化要求上，TAMP为投顾提供专业工具、智能策略、合规风控与AI赋能，直接满足协会对数字化工具应用的核心考核，帮助投顾快速补齐能力短板，实现“人+机”协同展业。 同时，TAMP内置全流程合规留痕与风险控制，刚性保障投顾执业合规，契合模型对合规风控的底线要求；平台还可按助理、投顾、首席三级梯队配置权限与模块，支撑券商分层培养与量化考核。 现实困境制约TAMP规模化落地 尽管TAMP与券商财富管理转型高度适配，但在国内TAMP仍处于早期探索阶段，尚未形成可复制、可规模化盈利的成熟模式。 受访人士普遍认为，当前国内TAMP发展面临政策、生态、盈利模式等约束，短期内难以快...

Waldron Private Wealth LLC Purchases 7,069 Shares of Palantir Technologies Inc. $PLTR marketbeat.com

Waldron Private Wealth LLC Purchases 7,069 Shares of Palantir Technologies Inc. $PLTR MarketBeat

Polymarket’s temporary makeover of a K Street bar as “The Situation Room” yielded a few notable differences from other Washington watering holes: more laptops open, more overheard conversations about cryptocurrency, and more screens—most of which were not showing sports. The New York-based prediction market announced in a March 18 thread on X that it was opening what it called “the world's first bar dedicated to monitoring the situation,” touting the availability of “live X feeds, flight radar, Bloomberg terminals, and Polymarket screens.” The bar would only be there for a three-day run. The reality—as reported by journalists who showed up for a press-preview event Friday night—fell vastly short of that, with power and Wi-Fi problems that left all the displays dark . Polymarket fixed the screens the next day, however, and on my own visit on Sunday afternoon, dozens of displays offered a choice of CNN, CBS, the local Fox station, FS1, and various pages on Polymarket’s site. No normal bar would have CNBC or C-SPAN on, but those networks were a logical fit for this one. Read full article Comments

Watch: Trump Arms Control Official Refuses To Confirm Israel Has Nukes In the latest indication of America's deteriorating relationship with the State of Israel, a federal legislator used a Capitol Hill hearing to ask a simple but long-forbidden question of America's top arms control official: "Does Israel have nuclear weapons?" The official repeatedly refused to say what everyone knows -- that Israel has hundreds of nuclear weapons. Worse, straining credulity, he told his interrogator, Texas Democratic Rep. Joaquin Castro, that "it would be outside of my purview as the arms control and arms proliferation under secretary to discuss that specific question." Castro replied, "Sir, that is a dereliction of duty." The exchange took place in a House Foreign Affairs Committee hearing on Wednesday, with Castro grilling Under Secretary of State for Arms Control Thomas G. DiNanno. Castro persisted through DiNanno's repeated dodging of the question. "The consequences, as you know, are grave. This war continues to escalate," said Castro. DiNanno also refused to say if he himself knew the answer but was not allowed to say so. We are four weeks into a war where both sides have targeted each other's nuclear facilities. We risk nuclear disaster. Yet the main Trump official on arms control refused to answer my question on Israel's nuclear capabilities and told me to ask the Israeli government. pic.twitter.com/Sxnru3EIrl — Joaquin Castro (@JoaquinCastrotx) March 25, 2026 "Tell us something -- as Congress, as the oversight body -- what is Israel's nuclear capability in terms of weapons?" asked Castro. In reply, DiNanno didn't refer Castro to US intelligence agencies, but -- compounding the insult to the committees' intelligence -- told Castro to ask "the Israeli government." "You're the main person in charge of knowing this and understanding it," said Castro. "I don't understand why this issue is so taboo, when it's a basic question, and we're in a war alongside Israel against Iran, w...

Getty Images Overview With the ongoing pullback in the market indices, it can be tricky to find a sector that will hold up through 2026. As capital flows out of the technology sector due to the rising threat of AI, I believe that capital will begin to rotate into value stocks. This is where the BlackRock Health Sciences Trust ( BME ) has the opportunity to shine. When I previously covered BME, I issued a hold rating due to the weak NAV growth and thin dividend coverage at the time. Despite this, BME has outperformed the S&P 500 since my last coverage. The fund has released an updated annual report that also prompted me to revisit the outlook and value proposition going forward. Looking at the performance over the last twelve months, we can see that BME's share price has declined by about 2.5%. The fund has been able to provide some protection against the market pullback over the last few weeks. When including all distributions paid out to shareholders, the total return jumps up to 5.8% over the same time frame. BME now offers investors a starting dividend yield of 8.3% and issues those payouts on a monthly basis. Data by YCharts The fund has also improved its structure since the time of my last coverage. For instance, BME is able to capture a greater level of price growth over time due to the elimination of its option writing strategy. Furthermore, the latest annual report indicates that the underlying NAV has increased over the last year, indicating some improvements in its portfolio efficiency. Fund Strategy: Who is BME For? According to the latest fund overview , BME has total net assets of $518.2M that are spread across 164 different positions. The fund has a management fee of 1% of assets, which is high but may be worth it for investors seeking a high yield. As implied by the name of the fund, BME aims to provide attractive total returns through its diverse portfolio of health care positions. The fund puts an emphasis on a high rate of distributions, so the fun...

格隆汇3月29日｜翰森制药(3692.HK)发布2025年度业绩报告，全年实现收入150.28亿元，同比增长22.6%；溢利55.55亿元，同比大增27.1%，每股基本盈利0.93元，同比增长26.4%，同时拟每股派息20港仙，以扎实的盈利表现回馈全体股东。 创新与国际化成为业绩增长核心引擎。2025年公司创新药与合作产品收入达123.54亿元，同比增长30.4%，占收入比重提升至82.2%，创新驱动发展格局进一步巩固。研发投入持续加码，全年研发开支33.58亿元，同比增长24.3%，占收入比例达22.3%。报告期内，新增8项候选创新药首次进入临床研究阶段，新增7项Ⅲ期关键注册临床试验，超70项创新药临床试验快速推进，分属超40个候选创新药项目，多项重点产品取得关键性进展。 全球化布局方面，阿美乐®先后获英国MHRA和欧盟EC批准上市，成为首个海外上市的中国原研EGFR-TKI；公司2025年达成三项重磅海外授权，交易总额超45.4亿美元，不断拓宽全球市场版图。 财务层面表现稳健，2025年经营活动净现金流入67.38亿元，年末现金及银行存款达315.49亿元，充足现金流为后续研发投入、全球拓展及创新转化提供坚实保障。

财联社3月29日讯（记者 封其娟） 就在这个周六，光大保德信、国联安基金、华富基金、联博基金、人保资产5家公募机构集中发布高管变更公告，涉及共计10位高管，覆盖券商系、外资系、保险系三大公募阵营，这其中，既有到龄退休、个人原因离任的常规调整，也透露出战略换帅、团队重构等深层信号。 具体来看，光大保德信、联博基金2家公募的董事长均是到龄退休。另外，光大保德信提拔固收负责人黄波为副总兼首席投资总监，或在凸显对于固收业务的倚重。 实际上，多家公募的高管任命多旨在补强关键业务线。最典型的是人保资产公募事业部，一次性任命的4位高管，分属固收与量化、国际与机构业务、财务合规、金融科技四大业务条线，此举或旨在系统性强化固收投资、量化衍生品、机构业务、财务合规、金融科技五大核心能力。 从近年趋势看，公募行业对合规风控与科技建设的重视程度日益提升，首席信息官、督察长等相关岗位变动频繁，已成为近年来高管变动的突出特征。值得注意的是，3月26日，国联安基金首席信息官黄峰任职刚满一个月便“闪电”离职。 一日多起人事调整，董事长、副总、CIO 密集变更 总经理变更不到1年，光大保德信董事长到龄退休，固收条线负责人升任副总。 自3月26日起，原董事长王翠婷到龄退休后，汪沛接棒成为光大保德信基金新一任董事长。与此同时，董文卓因个人原因，已离任副总兼首席投资总监，黄波被任命为公司新一任副总兼首席投资总监。 资料显示，2011年5月，汪沛加入 光大证券 ，曾任证券投资部总经理，光证资管总经理，现兼任光大证券业务总监，此外，曾先后就职于 农业银行 、富国基金、建信基金。 2019年6月，黄波加入光大保德信，曾任总经理助理，除了副总兼首席投资总监，目前还兼任固收管理总部负责人、固收多策略投资团队长、固收专户团队长、基金经理。此前，黄波历任平安养老保险固收部助理投资经理，长信基金固收部专户投资经理，圆信永丰专户投资部副总监。 联博基金原董事长AJAI MOHAN KAU也于3月26日退休离任，MICHAEL FRAZIER THOMPSON成为联博基金新一任董事长。 值得注意的是，前副总朱建荣离职仅3个月即因劳动争议起诉老东家联博基金。这位20年资管老将，曾历任泰达荷银（现宏利基金）渠道经理、泰达宏利（现宏利基金）高级渠道经理及华东区总经理助理、国投瑞银华东总部副经理、利得集团渠道部总经理、兴证全球基金渠...

It's time to "breach" a new conclusion on the fate of cybersecurity stocks after the recent pullback.

Key PointsShares of CrowdStrike have plummeted 35% since peaking four months ago.

On Thursday, Advanced Micro Devices, Inc. CEO Lisa Su hosted Commerce Secretary Howard Lutnick for a key discussion with industry leaders. US Doubles Down On Semiconductor Leadership Taking to X, the U.S. Commerce Department said that Lutnick met leaders from the Semiconductor Industry Association. "The American tech stack is the gold standard," the Commerce Department wrote, noting U.S. firms dominate high-value segments such as chip architecture and AI compute. Secretary Lutnick met with leade

Lisa Su Hosts Howard Lutnick As Commerce Department Highlights 'Gold Standard' American Tech Stack: AMD CEO Appreciates The 'Open Dialogue' Yahoo Finance

Lisa Su Hosts Howard Lutnick As Commerce Department Highlights 'Gold Standard' American Tech Stack: AMD CEO Appreciates The 'Open Dialogue' finance.yahoo.com

kynny/iStock via Getty Images This article is a continuation of coverage for Fabrinet ( FN ), which I initiated coverage on in November 2025 . Refer to that article for Fabrinet's company background information. The stock increased 20% since then as compared to the S&P 500's ( SPY ) loss of 6% over the same period. I've been impressed with Fabrinet's strong revenue and earnings growth. FN's Q2 2026 earnings results demonstrate this strong growth. The main issue that I have for Fabrinet is that the valuation and the stock's technical level are lofty. This could lead to underperformance for the stock in the near term. Takeaways From Q2 2026 Earnings Report Fabrinet demonstrated strong growth in Q2 2026 . Revenue increased 36% YoY to $1.13 billion. That was the fastest growth that Fabrinet had since its IPO 15 years ago. The company set a record for non-GAAP EPS of $3.36, which was 29% higher than the $2.61 from Q2 2025 . FN's total revenue for Q2 was driven by these impressive gains: Business YoY Q2 Revenue Increase Optical Communications 29% Telecom 59% Non-optical Communications 61% Industrial Laser 10% Automotive 12% Datacom Declined 7% YoY Click to enlarge Source: Fabrinet Q2 2026 Earnings Call Transcript All of Fabrinet's businesses experienced a strong increase with the exception of Datacom. The good news for Datacom is that its revenue did increase 2% sequentially over Q1 2026. The large gain in Telecom marked a new revenue record. This was driven by a 42% YoY increase in DCI revenue within the Telecom business. The non-optical communications business had a strong boost from high-performance computing [HPC] revenue of $86 million for Q2. Non-optical communications revenue also increased 30% sequentially from Q1. Fabrinet expects sequential growth to continue for non-optical communications. The continued sequential growth is expected as FN's 2nd and 3rd fully automated production lines get qualified. The company continues to keep its eye on new opportunities in ...