This live article is freely available to our registered users. Please log in or create an account below. After arriving in Beijing on Tuesday evening, Russian President Vladimir Putin is set to hold talks with his Chinese counterpart Xi Jinping on Wednesday. Putin is visiting the Chinese capital just days after the landmark summit between Xi and US President Donald Trump, which marked a reset in bilateral ties and a new diplomatic framework called “constructive strategic stability”. This year also marks the 30th anniversary of a comprehensive strategic partnership between China and Russia, and 25 years since the Shanghai Cooperation Organisation was set up – a security grouping backed by Beijing and Moscow. The Xi-Putin summit is likely to cement their strategic partnership and coordination at a time of heightened geopolitical tensions and turmoil. The two leaders are expected to discuss topics ranging from economic cooperation to the conflict in the Middle East and the war in Ukraine, which has dragged on for more than four years with no end in sight. Energy cooperation could top the agenda, particularly the proposed Power of Siberia 2 pipeline to deliver gas from Russia’s west to northern China via Mongolia – a project that could replace Moscow’s lost European markets while reducing Beijing’s reliance on seaborne energy. According to the Kremlin, some 40 deals are expected to be signed during Putin’s visit. The Kremlin also said on Monday that it hoped the peace process “will eventually resume” and urged the US to continue its mediation efforts on Ukraine. As both Beijing and Moscow have come under mounting pressure from Washington in recent years, the neighbouring countries have strengthened strategic communication, with officials hailing ties as being at an all-time high. Wednesday’s summit will be closely watched for clues on the future direction of relations between the three superpowers. Since December, China has hosted state visits from all the other permane...

“出海即优越”曾是很多人的固有认知，驱动着他们远赴重洋，将异国生活视为人生最优解。 但近年来，越来越多常年旅居海外的国人，开始收拾行囊转身归国，从“向外奔赴”变为“向内扎根”。 日前，教育部留学服务中心公布一组数据：2025年我国出国留学人数超57万，留学回国人数达53.56万，清晰反映出中国留学生选择回国发展的趋势。 这股归国热潮并非单一趋势下的跟风，而是无数家庭权衡时代变局、国际环境、教育体系与人生归宿后的理性抉择。 当全球格局持续动荡、海外生活不确定性加剧，国内发展机遇、教育资源、生活氛围的优势愈发凸显，曾经远赴重洋的人们纷纷选择回归故土。 我们采访了三位受访者：她们都在国外生活多年，经历过异国生活百态，也手握多元人生选项，却在人生关键节点毅然转身。 她们的抉择背后，既有对时代趋势的清醒洞察，也有对家庭成长的长远布局，更有对生活本质的重新定义。 以下是关于她们的真实故事： 我在洛杉矶生活了17年，但我还是想回国 夏安 35岁 在美17年 2025年回国 2008年，17岁的夏安在家人安排下赴洛杉矶与妈妈团聚。从高楼林立的上海，来到遍布木质平房的异国城市，洛杉矶和她想象中“洋气高级”的样子相去甚远。 在国内时夏安成绩不算突出，升学压力很大。到了洛杉矶，妈妈给了她完全自由的环境，支持她做喜欢的事。 在宽松的氛围里，她逐渐找到学习乐趣，后来顺利考入当地一所大学，读完平面设计专业。 最初几年夏安很孤独： 洛杉矶地广人稀，她不会开车，大部分时间只能待在家里，没什么朋友。 这种状态持续到2012年——她认识了同为移民的男友，对方8岁随家人到洛杉矶，相似的经历让两人很快走到一起。 图 | 夏安和她的男友 “他朋友很多，我慢慢打开了封闭的世界，生活也开始丰富起来。”此后她才逐渐适应美国的生活。 2014年大学毕业后，夏安进入科技行业做用户体验设计，爱人同样就职于科技领域。作为美国高薪行业，这份工作支撑他们在洛杉矶买房、步入婚姻，过着殷实稳定的生活。 但美国职场“鼓励抢地盘、正面冲突，才能往上爬”的文化，让夏安极度不适：“我从小被教育要谦虚、别起冲突，我更关注怎么把手里的事做好。”工作9年里，她一直强迫自己调整性格、压抑本性，整个过程充满痛苦焦虑。 即便拿了绿卡、生活了17年，夏安依然清楚自己不是“洛杉矶人”：异国生活总带着疏离感，她偶尔会羡慕身边的美国人—— “他们生在这里、...

The Wall Street bull stands in the financial district near the New York Stock Exchange on Nov. 18, 2025 in New York City. Spencer Platt | Getty Images A global reshuffling in stock-market hierarchy is underway, with artificial intelligence redrawing the pecking order of equity markets and propelling Taiwan and South Korea past several long-established Western bourses. Taiwan has overtaken Canada to become the world's sixth-largest stock market, while South Korea has leapfrogged the U.K. into eighth place, according to HSBC data tracking global equity-market capitalization rankings. It's the latest demonstration of how the AI boom is concentrating market power in economies sitting at the center of the semiconductor supply chain. Taiwan's stock market was only the world's 12th largest in 2004, worth roughly $500 billion. South Korea ranked 13th at $400 billion. Today, the two markets are valued at $4.7 trillion and $4.4 trillion respectively. The top five are the U.S., China, Japan, Hong Kong and India. A reshuffling like this isn't unprecedented. China entered the top tier of global markets in the late 2000s, while India surpassed Hong Kong in late 2023 before falling back below it. That said, the ascent of South Korea and Taiwan is striking. "What is unusual here is the speed and how narrow the drivers are," said Billy Leung, global investment strategist at Global X ETFs. "Top 10 reshuffles happen roughly every cycle, but usually on the back of a domestic boom, a big IPO, or many years of outperformance." The rally has been driven by an extraordinary concentration of capital into a handful of AI-linked firms. TSMC alone now accounts for more than 40% of Taiwan's market capitalization, while Samsung Electronics and SK Hynix together make up a record 42.2% of South Korea's Kospi index. Top 10 reshuffles happen roughly every cycle but usually on the back of a domestic boom, a big IPO, or many years of outperformance. Billy Leung Global X ETFs "Both indices have effecti...

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半导体板块再度拉升，中芯国际涨超10% 2026-05-20 10:38:10 来源： 同花顺7x24快讯 分享 文章提及标的 兆易创新 -- 长电科技 -- 通富微电 -- 中芯国际 -- 华虹公司 -- 半导体 --

French investors are warming to Hong Kong again, the city’s finance chief has said, citing a “marked difference” in local perceptions compared with his last visit to Paris two years ago. The shift is driven by Hong Kong’s strong market performance and an improved geopolitical situation, especially following US President Donald Trump’s recent visit to Beijing, Financial Secretary Paul Chan Mo-po told the South China Morning Post on the sidelines of a Paris ministerial conference on terrorism financing. “Two years ago they were still sceptical … they harboured some doubt as to how Hong Kong would rise as an international financial centre after Covid-19,” Chan said, adding that the geopolitical situation at the time was also “quite tense”. Advertisement Chan said the atmosphere had since improved significantly, citing Trump’s recent visit to Beijing to meet Chinese President Xi Jinping as having generated “a lot of positive sentiment”. “But over and above that, indeed, our financial market over the past two years has been doing very well,” he said, adding that some French businessmen with operations in Hong Kong had told him that they had two good years in terms of operating profit. Advertisement Hong Kong’s stock market rose 28 per cent in 2025, and the IMF and two major credit rating agencies have recently given positive assessments of the city’s economic and fiscal policies, according to Chan’s office. “The perception and the true feeling about the vibrancy of Hong Kong, indeed, mark the difference.”

被生锈铁钉扎伤，或是遭遇较深外伤后，医生常常会提醒一句：“赶紧打一针破伤风。”多数人不会追问这支“小药针”从哪里来，更不会想到，它背后站着一家抗血清企业。 该企业名为江西生物制品研究所股份有限公司（简称“江西生物”），其于5月4日向港交所递交招股书，并在5月19日发布公告，正式委任富途证券国际（香港）有限公司担任其整体协调人。 至此，连同早前委任的中国国际金融香港证券有限公司及招商证券（香港）有限公司（保荐人兼整体协调人），江西生物推进香港IPO进程的核心协调与承销架构已进一步成型。 招股书显示， 按2024年销量计，江西生物是中国最大的人用破伤风抗毒素（人用TAT）提供商，市占率65.8%；也是全球最大的人用TAT提供商，市占率36.6%。 数据来源：招股书 在中国市场，江西生物已连续18年保持份额第一 ，且份额超过50%；在出口端，它几乎包揽了中国该品类100%的出口量。 更值得注意的是利润表。2023年至2025年，江西生物总收入从1.98亿元增至2.35亿元，规模并不大；但同期净利润从5548万元增至9479万元，逼近1亿元。 2025年，公司净利率冲至40.3%，经调整净利润更是达到1.13亿元。 一支看似不起眼的破伤风针，为什么能撑起这样一门高利润生意？一家从“老药厂”走来的企业，又如何讲出“全球抗血清平台”的新故事？ 先养马，再制药：一支救命针的慢生意 江西生物的时间线，比许多新锐生物科技公司都要长。 它的前身可追溯至1969年在江西成立的上海生物制品研究所江西分所。 1997年，其核心产品人用TAT正式获得中国相关部门批准上市 ；2002年，企业改制为民营有限责任公司，敬氏家族取得控制权；2017年，公司完成股份制改造。 信息来源：江西生物官网 到了“企二代”接班后，江西生物并没有停留在单一品类上。 2020年，公司相继收购赤峰博恩药业和海南药物研究所，将业务从人用药拓展至兽药市场及医药研发技术服务，形成“人用药+兽药”的双引擎雏形。 招股书显示， 现任董事长兼执行董事敬玥年仅32岁 。她本科毕业于美国纽约大学斯特恩商学院，拥有美国注册管理会计师认证，目前正在攻读香港理工大学工商管理博士学位。 一个接受过现代商科训练的年轻管理者，接过的却是一门十分传统且资产较重的生意。 这门生意的起点，是“与时间赛跑”。 破伤风是由破伤风梭菌引起的严重神经系统感染性...

当前成交热度能否持续，还要看居民对房地产的信心能否持续改善、库存能否持续去化、政策能否持续支持 2026年4月15日，山西太原，市民在一房地产售楼部看房。图：韦亮/中新社/视觉中国 2026年一季度，房地产市场出现“小阳春”，重点城市二手房成交显著放量，新房价格环比上涨城市数量有所增加。但当前成交热度能否持续，还要看居民对房地产的信心能否持续改善、库存能否持续去化、政策能否持续支持。 信心比黄金更重要。一季度以来，房地产市场已呈现出积极变化。要让“小阳春”持续下去，居民信心必须继续改善并保持稳定。 购房者信心恢复，主要有四个支撑。 一是由于宏观经济向好提供底层支撑。 2026年一季度国民经济实现良好开局，GDP同比增长5.0%。从收入端看，一季度全国居民人均可支配收入12782元，扣除价格因素实际同比增长4.0%。从结构来看，工资性收入同比增长4.9%，保持稳定；经营净收入同比增长6.6%，是收入增长的主要贡献项，体现出小微企业和个体工商户的经营活力有所恢复。从物价看，2026年1-4月CPI同比上涨0.9%，温和通胀环境亦有助于名义收入的改善和消费意愿的释放。宏观经济的向好，为房价预期改善提供了坚实基础。 推荐进入 财新数据库 ，可随时查阅宏观经济、股票债券、公司人物，财经数据尽在掌握。

(RTTNews) - Indian shares are seen opening lower on Wednesday after U.S. Treasury yields hit multi-year highs on growing concerns about inflation and the outlook for interest rates and economic growth. Oil prices remain elevated above $110 a barrel, raising concerns that the U.S. Federal Reserve will raise borrowing costs later this year. Traders also await cues from Nvidia Corp.'s earnings and guidance later in the day for additional cues on whether the long-term AI story remains intact. Benchmark indexes Sensex and Nifty gave up early gains to end marginally lower on Tuesday despite IT stocks surging for a third consecutive session as sector valuations neared 2008 levels. The rupee closed at a record low of 96.53 against the dollar on concerns over India's rising import bill, potential inflation and the fiscal deficit. Foreign investors net sold shares worth Rs 2,457 crore on Tuesday while domestic institutional investors net bought shares to the extent of Rs 3,802 crore, according to provisional exchange data. Asian markets were deep in the red this morning and the dollar held near a six-week high while gold was subdued at $4,479 an ounce. Brent crude futures were little changed at $111 a barrel amid persisting uncertainty surrounding the Middle East conflict, which has now entered its 12th week and has effectively kept the strategic Strait of Hormuz closed to shipping traffic. Meanwhile, NATO is not drawing up any plans for a potential mission in the Strait of Hormuz and would need a political decision to do so, U.S. Air Force General Alexus ?Grynkewich, NATO's Supreme Allied Commander for Europe, said. Earlier, media reports suggested that the alliance may consider escorting commercial vessels through the waterway if the route remains blocked beyond early July. Overnight, U.S. stocks fell notably as rising inflation risks and geopolitical tensions lifted the 30-year U.S. Treasury bond yield to its highest in nearly two decades and the 10-year yield to its highe...

格隆汇5月20日｜Canaccord Genuity将Block的目标价从80美元上调至85美元，维持“买入”评级。(格隆汇)

Palantir Technologies impressed with solid Q1 2026 growth and robust US commercial momentum, but the stock’s rich valuation and recent pullback keep investors split on the next move. Palantir Technologies has remained in focus on Wall Street after its latest quarterly figures highlighted strong revenue growth and accelerating commercial demand, even as the stock trades at a steep valuation premium. The shares recently changed hands around 135 USD on Nasdaq, down from levels above 170 USD at the start of 2026, according to MarketBeat as of 05/19/2026. At the same time, the company beat earnings expectations and confirmed ambitious mid?term guidance, which continues to attract attention from growth?oriented investors, as discussed by 24/7 Wall St. as of 05/19/2026. As of: 20.05.2026 By the editorial team – specialized in equity coverage. At a glance Name: Palantir Technologies Palantir Technologies Sector/industry: Software, data analytics, artificial intelligence Software, data analytics, artificial intelligence Headquarters/country: Denver, United States Denver, United States Core markets: Government agencies and commercial enterprises in the US and internationally Government agencies and commercial enterprises in the US and internationally Key revenue drivers: Data integration, analytics and AI platforms for defense, intelligence and commercial clients Data integration, analytics and AI platforms for defense, intelligence and commercial clients Home exchange/listing venue: Nasdaq (ticker: PLTR) Nasdaq (ticker: PLTR) Trading currency: US dollar (USD) Palantir Technologies: core business model Palantir Technologies focuses on software platforms that help organizations integrate large volumes of data, analyze patterns and support operational decision?making. The company originally built its reputation in the US defense and intelligence community, where customers use its tools for counterterrorism, military planning and broader national security tasks. Over time, Palan...

要问互联网上，哪一种爱情文本最经久不衰？最常被大众拿来咀嚼？ 答案必然是“出租屋文学”。 没人想谈出租屋恋爱，但人人都想看出租屋文学。 尤其是在520。 在大城市里睡着最窄的床、吵着最凶的架，穷得只剩下爱了都故事，总是粘稠又迷人。 更关键的是，出租屋文学还是与时俱进的。 如今在一线城市漂泊的小情侣们，也许不像三十年前“出租屋文学”里的主角那样一无所有，却也生活在一种微妙的平衡之中：他们的收入可能刚好覆盖生活支出，却几乎没有抗风险能力。 说不上贫困，但依然需要捂紧钱包生活。 生日、情人节、纪念日这些标注爱情的节点，对微穷情侣来说都是甜蜜的负担。 送不送礼物、送什么礼物、如何花最少的钱送最贴心的礼物......对微穷小情侣来说是如此重要。 经常谈恋爱的朋友都知道，情侣之间送礼，其实是一种考验。一旦准备礼物的某个环节出了问题，二人将不可避免地滑向爱与不爱的争吵。 微穷情侣自然也是如此。 不过比起中产情侣，他们其实更像老夫老妻——谈不起未来，更分不起手。 因为未来和分手，全都意味着财务危机。 微穷情侣，伤不起也分不起 一个和尚挑水喝，两个和尚抬水喝，三个和尚没水喝。 这句话放在当代微穷青年身上也合理。 单身的时候喝凉水，恋爱的时候勉强能喝上粥，这时候一分手，相当于直接把锅砸了，谁也别想好过。 @阿桃 和 @小军 是我认识的一对在大城市漂泊的情侣，两人恋爱五年，感情进入休眠期的时候，也讨论过要不要分手，可几次拉扯还是没有分。 问及原因时，他们给出的答案很一致： 暂时还分不起。 “我们一起租了间一居室，如果分开就意味着有人要搬出去，原本的押金会损失，找新房还需要一大笔钱，搬家更是不光耗费成本还耗尽精力。” 他俩的一居室月租4000块， 如果拆伙，任何一个人都不能靠自己承担这份房租。 双方又都不愿退回跟陌生人合租的生活，“虽然租个次卧只需要1700块左右，但要和三四个甚至更多人共用洗手间，好几次想到这里就不敢分手了。” 对于存款不多的微穷情侣来说， 分手不只是一段感情的破裂，更可怕的是要面对很多经济上的风险，甚至会陷入系统性的生存危机。 从整租到合租，意味着生活质量会下降； 而搬出去后各自需要面对的押一付三的季度房租，可能会让他们现金流断裂，甚至让本身还算体面的生活，直接从微穷滑向真穷。 @赵桑 跟女友一起养了两猫两狗，如果俩人分手，要同时面对“孩子”抚养权的争夺和共同财产的分割...

格隆汇5月20日｜据Mysteel数据显示，今日MMLC电池级碳酸锂(早盘)价格较昨日下跌6800元/吨，中间价报179500元/吨。

5月20日，在2026阿里云峰会上，阿里发布基于平头哥新一代AI芯片真武M890的128卡超节点服务器，搭载互联芯片ICN Switch 1.0，通信时延低至百纳秒级，可让128张AI芯片组成一台计算机，满足Agentic时代的并发推理和大模型训练需求。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

财联社5月20日讯（记者 林坚） 创业板IPO改革启动后，四套标准迎来首个吃“螃蟹”的企业。5月19日，深交所受理乐聚智能（深圳）股份有限公司创业板IPO申请，这距离第四套标准启用仅仅24天。 保荐主承销商是东方证券，独揽这次IPO。 深交所官网披露了最新审核动态。 自今年4月24日证监会发布《关于深化创业板改革更好服务新质生产力发展的意见》、深交所发布深化创业板改革首批配套业务规则，增设创业板第四套上市标准以来，财联社一直保持跟踪与关注。作为全新的第四套标准，市场、投行以及创投最关心的是哪些企业更适配第四套标准？企业质地如何？场各方均将此案例视为观察第四套标准监管导向、企业适配性的重要样本。 多位投行人士对首单的表达是“符合预期”，财联社结合招股书说明书梳理，至少有以下五个细节值得参考： 感受到监管对于创业板改革推进的积极态度，将这一单视为观察第四套标准监管导向、企业适配性的重要样本。 本次乐聚智能首发申请获受理距离标准启用仅24天，标志着深化创业板改革政策快速步入落地实施阶段，创业板服务优质创新企业能力进一步增强。 首单企业是人形机器人及具身智能科技企业，具有“明显护城河”。 乐聚智能成立于2016年，主要产品为人形机器人，是行业内少数具备“大脑”“小脑”及“本体”全栈技术研发能力的企业之一。公司最近一年人形机器人交付数量、应用场景覆盖广度在全球范围内均处于前列，也是国内较早进入工厂实地验证的企业。根据IDC等发布的市场数据，公司2025年人形机器人出货量位列全球第三，其中全尺寸双足人形机器人出货量排名全球第二，产品覆盖科研教育、商业服务、数据采集及工业生产等下游领域。 财务指标层面，乐聚智能完全契合创业板第四套上市标准的硬性要求。目前来看IPO的资本化运作有望助力公司新一轮发展，这是制度改革乐于见到的。 公司2025年10月最近一次融资的投后估值为43.27亿元，2025年度营业收入为2.58亿元，最近三年营业收入复合增长率为118.68%，符合创业板第四套上市标准中的“预计市值不低于30亿元，最近一年营业收入不低于2亿元，最近三年营业收入复合增长率不低于30%”的规定。 公司符合创业板定位相关指标要求及其依据。 公司拟募集资金26亿元，主要用于人形机器人产业化基地建设项目、人形机器人具身智能研发中心项目、高质量大规模数据集建设项目等。 为什么是乐聚智能？所在...

5月20日，国务院台办举行例行新闻发布会。有记者问，周杰伦等台湾歌手在大陆多地举办演唱会，吸引大量歌迷跨城前往。面对随之而来的住宿、餐饮及旅游等消费需求，各地文旅部门纷纷出招，既为演艺活动护航，也顺势宣传当地文旅，实现双向奔赴。发言人朱凤莲答问表示，今年以来大陆演出市场持续爆发式增长。台湾演艺人员在大陆多座城市纷纷举办个人演唱会，吸引了两岸歌迷跨城观演。各地积极施策，优化交通疏导、规范市场价格、强化服务保障，同时也顺势推出文旅主题线路、发放消费券、宣传城市文旅资源，实现了演艺活动安全有序举办，与地方文化旅游增收共赢双赢。（新华社）

韩国综合指数再度跳水跌近3% 2026-05-20 10:35:04 来源： 同花顺7x24快讯 分享 文章提及标的 韩国综合指数 --

Chip manufacturer Nvidia is slated to post first-quarter results on Wednesday, expected to provide cues on artificial intelligence growth. In this photo illustration, a Nvidia logo is displayed on a smartphone with stock market percentages in the background. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images) Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Loading... Nasdaq 100 futures and the S&P 500 futures were up at the time of writing, while Dow Jones futures were trading flat. Meanwhile, U.S. Treasury yields are climbing higher amid inflation concerns. Oil futures were lower in the overnight session heading into Wednesday. U.S. stock futures were mixed in the overnight trading session heading into Wednesday as markets await AI chip darling Nvidia Corp.’s (NVDA) first-quarter results, looking past surging Treasury yields and inflation concerns. Nasdaq 100 futures were up 0.20% and S&P 500 futures climbed 0.06% higher as of 10.00 p.m ET. Meanwhile, Dow Jones futures were trading flat. Read Next Loading... Loading... Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ) edged higher, with retail sentiment in green. The SPDR Dow Jones Industrial Average ETF Trust (DIA) traded lower at the time of writing amid ‘neutral’ sentiment on Stocktwits. The iShares 20+ Year Treasury Bond ETF (TLT) was down about 0.10% amid ‘neutral’ sentiment. How Did US Markets Fare? On Tuesday, benchmark indexes closed lower amid surging bond yields and rising inflation concerns. The tech-heavy Nasdaq Composite led the decline, shedding 220 points to end 0.84% lower. The Dow Jones index closed 0.65% down, while the S&P 500 slipped 0.67% at close. Index Move Close Dow Jones Industrial Average -0.65% 49,363.88 S&P 500 -0.67% 7,353.61 Nasdaq Composite -0.84% 25,870.71 US Market Drivers U.S. stock markets hav...

"Digital Enslavement" Is A Subtle Weapon Of Social Subordination And Global Control Authored by Peter Koenig via Global Research, In a recent Buddhist retreat in Lima, Peru, about 200 participants were urged to abstain for the three-day retreat from our enslavement screens, “smart” phones, computers and television. Difficult to say how many really followed the advice, but many did. What was amazing is that during the first day, ignoring constant phone notifications was not easy for the many. But consciously resisting it made it easier. And the following days, we were hardly thinking of them anymore. The days were filled with meditation and different types of spiritual exercises… the digital age was peacefully removed into a corner. Unfortunately, after the retreat, the hide-out corner became lively again and took up again most of our attention, in “angst” of what we may have missed during the highly divine retreat. Spirituality must have gradually evaporated again… and what we call “reality” kicked in. Interestingly, what we call “reality” is a fake, indoctrinated reality. Over years we were told that technical advances, or as the World Economic Forum (WEF’s) Great Reset calls it, The Fourth Industrial Revolution (4IR) is a concept describing how emerging technologies are blurring the lines between the physical, digital, and biological worlds. It fundamentally alters how we live, work, and relate to one another. Sending messages, videos, and silly jokes, rather than talking to each other, interchanging with physically presence. Along with this brainwashing propaganda, we were drugged with the belief that working from home is full of advantages. It is an outright lie. These “work-from-home” benefits are geared to separate us from one another so that physical interaction is avoided , making us more manipulable, controllable and dispensable, capable of being replaced by robots, and eventually by Artificial Intelligence (AI). And mind you, the 4IR was illegally approved...

咖啡正在成为大众消费品。 据上海市文化创意产业促进会联合多家相关机构及平台于2026年5月9日发布的《2026中国城市咖啡发展报告》，2025年，中国咖啡产业市场规模达3549亿元，同比增长13.3%；中国人均咖啡消费达28.57杯，同比增长27.5%；更能说明问题的是外卖数据，2025年，中国咖啡外卖订单量突破9.9亿单，同比增长430.86%，咖啡外卖用户数量突破1.56亿，同比增长3.5倍；即便在2025年第四季度补贴收窄后，季度活跃外卖咖啡用户数仍保持在8060万，表明补贴有效完成了用户转化，喝咖啡正逐渐成为国内大众长期消费习惯。 这场大众化浪潮，众所周知有一个清晰的引爆点。京东、阿里、美团三巨头从2025年2月起掀起的外卖大战，以大规模补贴，将咖啡的获取门槛拉至低位。 低价完成了用户启蒙，但补贴的代价也已逐步外化。以国内咖啡头部企业瑞幸咖啡为例，财报显示，2026年第一季度，瑞幸咖啡净收入119.95亿元，同比增长35.3%；净利润5.06亿元，同比下滑3.6%；成本端压力主要体现在由于第三方平台订单量大幅增加导致的配送费用增加上，报告期内配送费用达13.08亿元，同比增长89.8%。瑞幸增收不增利的困局，折射出整个行业在低价竞争下的共同处境。 由品牌端发起的价格战已踩下刹车。以库迪为例，2023年2月，库迪咖啡率先喊出“全场饮品9.9元起”的口号；3年后的2026年2月1日，库迪大幅收缩促销范围，仅在官方小程序特惠专区保留数款9.9元产品，其余产品回升至11.9-15.9元。 曾经，一杯咖啡动辄三四十元，是偶尔的“奢侈享受”；如今，10元左右的外带咖啡随处可见。当咖啡完成了从低频高价到日常消费的转变，当单纯依靠补贴换增长的逻辑走到尽头，中国咖啡行业的竞争便不得不转向供应链硬实力与品牌心智差异化等多维较量。 01 门店规模更进一步 中国咖啡市场，平价品牌全面领跑。 业内已出现4家万店连锁品牌。官方信息显示，目前瑞幸咖啡门店数已突破3.3万家，库迪咖啡门店数已突破1.8万家，幸运咖和挪瓦咖啡（NOWWA COFFEE）亦均已进入万店阵营。 瑞幸门店规模一路猛增。财报显示，2025年全年，瑞幸净增门店8708家，同比增长39.0%；2026年第一季度，瑞幸净增门店2548家，季度末全球门店总数已达33596家；2026年第一季度，瑞幸中国市场门店33419家，...

5月20日，国务院台办举行例行新闻发布会。 发言人朱凤莲表示：台湾问题是这次中美元首会晤的重要议题之一，我们希望美方恪守一个中国原则和中美三个联合公报，务必慎之又慎处理台湾问题，不向“台独”分裂势力发出错误信号，以实际行动维护中美关系稳定发展和维护台海和平稳定。

中芯國際A股成交額破百億 富途牛牛

格隆汇5月20日｜澳元收益率优势减弱，叠加中东局势升级风险，澳元面临新一轮压力。本周澳元兑美元已跌0.7%，交投于0.71左右，在G10货币中表现最弱，并有望连续第二周录得周线下跌。据AT Global Markets称，澳/美近期可能跌破0.70。此番走势出现之际，投资者担忧央行需维持高利率以遏制油价驱动的通胀，纷纷抛售债券。尽管澳债也遭抛售，但其与美债的利差已收窄至11月以来最小，削弱了对澳元的支撑。若中东紧张升级，澳元或进一步下跌。AT Global Markets首席市场分析师尼克·特威代尔表示，澳元在一定程序上已失去收益率支撑，“若利差继续收窄，澳元可能比其它主要货币受创更重。海湾冲突若重启，将火上浇油，重创澳元。”

港股異動 | 中芯國際(00981)早盤漲超5% 公司稱對今年的整體運營情況較上季度更加樂觀 富途牛牛

Andrii Yalanskyi/iStock via Getty Images Investment Thesis I started following Halozyme Therapeutics, Inc. ( HALO ) in August 2024, and the company continues to deliver value to shareholders while growing a stream of royalty payments at a significant pace. They recently released their 2026 Q1 earnings, where they outlined a ramp of shareholder creation and cash flow through 2030. I still believe that HALO represents an undervalued biotech company with strong fundamentals and growing cash flow. Given the risk of an investment in this industry, investors should weigh this against other holdings in their portfolios and conduct their own research before making investment decisions. I've attempted to determine the risk for HALO by using the CAPM expected return in my discounted cash flow model, where I estimate fair value to be around $74/share today given expected growth moving forward. Previous Coverage I previously covered Halozyme Therapeutics, Inc., in 2024 , when I discussed their business fundamentals, and then again in 2025 , when I discussed buying the stock ahead of earnings due to their strong subscription-based business model where royalty payments will drive cash flow. Early on, I identified this company due to their strong return on invested capital compared to their weighted average cost of capital, their return on equity exceeding 100%, and their strong margins. Later, as the company continued to trade at a discounted valuation to fair value, I discussed their growing success with ENHANZE, shared aggressive buybacks, and valued the stock in 2025 with a fair value estimate of $67.71 using their free cash flow at the time and a 12% margin of safety. Now in 2026, there’s still a significant growth proposition for this biotechnology company as they continue to expand their product pipeline. Earnings Review HALO stock appreciated almost 7% after reporting a double beat on quarterly earnings and great guidance through 2028. Royalty revenue for their subcutaneou...

Market Snapshot USD/INR ₹96.53 +0.2% Nifty 50 Index 23,618.00 -0.1% India 10-Year Bond Yield 7.11% -0.02 Spot Gold ($/oz) $4,484.91 +0.1% S&P 500 Futures 7,382.50 +0.1% Market data as of 07:55 AM IST, May. 20, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Savio Shetty in Mumbai with your midweek dose of news and analysis. Asian stocks are trading lower early on Wednesday, tracking Wall Street declines as mounting inflation concerns extended a selloff in Treasuries . On the geopolitical front, US President Donald Trump threatened to resume strikes on Iran in the coming days as part of a push for a deal to end the war. At home, the Nifty has barely budged over the past three sessions. Still, the muted moves mask some resilience: the Indian gauge has outperformed the regional benchmark over this period, likely helped by foreign inflows. In an encouraging sign, global funds were buyers for three straight sessions through Monday — the longest such streak in about a month. India watchers will now be looking to see whether the momentum can sustain. Meanwhile, the government’s finances may also get some relief, with analysts expecting the central bank to pay a record dividend this week. In today’s newsletter, we write about: Foreign investors widening their bets Banks facing margin pressure HSBC’s non-AI picks in Asia But first, investors are taking a shine to local metal stocks. Markets Buzz: A Ringing Endorsement Shares of metal producers are on track to beat regional peers for a third straight month , helped by improving earnings expectations and firmer prices. Earlier this month, HSBC said rising regional steel prices were giving local producers room for further hikes. That followed an April Goldman Sachs report billing India as “the next global demand growth driver” for steel, with consumption projected to nearly double by fiscal year 2032. The sector is also drawing foreign investor interest: global funds have ...

阿里发布基于新一代真武芯片的超节点服务器 可支持海量Agent并发推理 2026-05-20 10:32:56 来源： 同花顺7x24快讯 分享 在2026阿里云峰会上，阿里发布基于平头哥新一代AI芯片真武M890的128卡超节点服务器，搭载互联芯片ICN Switch1.0，通信时延低至百纳秒级，可让128张AI芯片组成一台计算机，满足Agentic时代的并发推理和大模型训练需求。(科创板日报)

格隆汇5月20日｜据韩联社，三星电子韩国工会宣布将于周四罢工。三星电子韩国工会表示，工会与管理层已终止谈判。

文章提及标的 沪银主力合约 -- 沪金 -- 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。