Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. AMD (NasdaqGS:AMD) has joined the new Optical Compute Interconnect (OCI) Multi-Source Agreement group alongside Meta, Microsoft, NVIDIA, and OpenAI. The consortium aims to standardize optical interconnects for AI and data center hardware, replacing traditional copper based connections for large scale AI clusters. This move positions AMD as a key technology contributor in defining how future hyperscale and enterprise AI infrastructure is wired and scaled. For investors watching NasdaqGS:AMD, this OCI role sits at the intersection of chips, systems, and data center plumbing. As AI workloads grow and clusters become larger, the physical connections between accelerators, CPUs, and memory are turning into a core design constraint. By working with top cloud and AI operators on a shared optical standard, AMD is tying its product roadmap directly to how the next wave of AI infrastructure is built. Looking ahead, the shift from copper to optical links is likely to influence how customers think about total system design, not just individual processors. AMD's visibility in the OCI group could shape how its future GPUs, CPUs, and custom silicon are adopted within multi vendor AI clusters, especially for hyperscalers that want more flexibility and common building blocks across suppliers. Stay updated on the most important news stories for Advanced Micro Devices by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Advanced Micro Devices. NasdaqGS:AMD Earnings & Revenue Growth as at Mar 2026 We've flagged 1 risk for Advanced Micro Devices. See which could impact your investment. Quick Assessment ✅ Price vs Analyst Target : At US$201.33 vs a consensus target of about US$289.61, the price is roughly 31% below analyst expectations. ✅ Simply Wall St Valuat...

Key Points Micron turned in a blockbuster fiscal Q2 and issued impressive guidance. The stock isn't expensive if AI infrastructure spending continues to be a secular tailwind. 10 stocks we like better than Micron Technology › Micron Technology (NASDAQ: MU) just turned in one of the most impressive quarterly reports you'll ever see, although the stock was unable to gain any traction following its results. The stock was already up a whopping 350% over the past year going into the report, and it looked like a classic sell-the-news type of event. Let's take a closer look at the memory maker's results and prospects to see whether the stock can regain its momentum. 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 » Micron is hitting on all cylinders Micron is benefiting from a surge in memory prices, as both DRAM (dynamic random-access memory) and NAND (flash) memory remain in short supply due to the artificial intelligence (AI) infrastructure build-out. Nearly 80% of Micron's revenue is derived from DRAM, with the remainder largely from NAND. The company is one of the three major DRAM manufacturers. The DRAM market is currently being driven by high demand for high-bandwidth memory (HBM), which is packaged with AI chips, such as graphics processing units (GPUs), to optimize performance. Adding to the supply-demand issues is the fact that HBM requires upwards of 3 times the wafer capacity of ordinary DRAM. Micron expects both the DRAM and NAND markets to remain capacity-constrained beyond this calendar year. It is currently expanding its manufacturing capacity to meet long-term demand trends. As such, it raised its capital expenditure (capex) budget to $25 billion this fiscal year. Management said that as AI evolves, it expects AI infrastructure to become even more memory-intensive. Overall, for its fiscal ...

伊朗的石油出口规模取决于波斯湾一个小前哨：哈尔克岛。这里是该国几乎所有原油货运的装运点。 3月13日，特朗普在社交媒体平台Truth Social上发帖宣布，美国轰炸了该岛的军事目标，但避开了石油基础设施。他的一些顾问支持美国夺取该岛，但也有人担心此举不仅存在军事风险，还可能引发油价再次飙升。 这座位于伊朗海岸附近的岛屿承担了伊朗约90%的原油出口量，其中大部分销往亚洲。如果哈尔克岛的石油资产成为目标，其影响将立即波及能源供应链，并对全球经济产生不可预见的后果。 哈尔克岛有何重要性？ 这座距离伊朗大陆15英里（24公里）的小岛自20世纪60年代以来一直作为石油出口终端，当时由美国石油巨头阿莫科公司建立。该设施在1979年伊朗伊斯兰革命后被德黑兰当局接管。 该岛的终端日处理量约为150万桶，这一数字超过了大多数OPEC成员国的产量。密切关注这个OPEC第四大产油国原油波动的交易员们对那里的出货量一直有严密监测。寻求了解西方制裁对伊朗石油产量影响的各国政府也在密切注视该岛。任何运营中断或出口量意外波动都会迅速影响能源价格。 该设施被视为伊朗极具战略意义的要地，以至于任何对其造成重大损害的袭击都可能引发伊朗军方的直接报复 伊朗哈尔克岛石油综合体 哈尔克岛的主要石油设施有哪些？ 石油从伊朗油田通过海底管道输送到哈尔克岛，在那里储存起来，然后再装上油轮。 岛上的储油管最大容量高达3000万桶，约为美国俄克拉荷马州库欣油库容量的三分之一。岛上有可供8艘油轮停靠的空间，并有能力通过船对船转运进行更多装载。据伊朗官员称，哈尔克岛一天的原油装载量可超过600万桶，必要时可扩大至1000万桶。岛上居民主要是石油行业工人，他们通过由伊朗国家石油公司运营的简易机场往返于该设施。 袭击发生前哈尔克岛是什么状态？ 冲突开始前伊朗增加了该码头的石油装载量。开战后，油轮的装货也没有停止，可能是因为伊朗政府希望尽可能多地将该国原油运到水面上。 这些船只必须经过霍尔木兹海峡才能到达全球市场，而自2月28日战争开始以来，通过该水道的船只已大幅减少。不过伊朗自己通过霍尔木兹海峡运送的原油量和开战前大体一致。 2026年3月7日，有两艘大型原油运输船停泊在伊朗哈尔克岛出口码头。还有更多船只停泊在该岛附近 对哈尔克岛发动袭击会带来什么风险？ 虽然双方都没有报告能源基础设施遭受重大破坏的证据，但这种袭击进一步提...

Dimitrios Kambouris/Getty Images Entertainment Amazon’s ( AMZN ) Project Hail Mary opened as the top film in North America this weekend, generating about $80.5 million in ticket sales and marking the biggest debut of the year. The performance exceeded expectations and set a new high-water mark for Amazon since its acquisition of MGM in 2022, surpassing earlier releases like Creed III . A significant portion of revenue came from premium formats such as IMAX ( IMAX ). The film, directed by Phil Lord and Christopher Miller and based on Andy Weir’s novel, stars Ryan Gosling as an astronaut who awakens in space with no memory. Strong reviews helped drive audience interest, reversing a run of weaker theatrical results for Amazon titles earlier this year. Since acquiring MGM, Amazon has increased its focus on theatrical releases, aiming to bring more than a dozen films to cinemas annually before moving them to Prime Video. The strategy is designed to offset production costs while ultimately boosting engagement on its streaming platform. Amazon’s investment in theaters also provides support to cinema chains seeking a steadier pipeline of releases, as Hollywood continues to balance theatrical and streaming distribution. The broader box office has shown improvement in 2026, with overall ticket sales running ahead of last year, helped by releases from major studios including Pixar ( DIS ) and Paramount ( PSKY ). Looking ahead, Amazon plans another major theatrical release this summer with Masters of the Universe , continuing its push to expand its presence in big-budget filmmaking. More on Amazon, IMAX IMAX Corporation: A Blockbuster Year That Might Be Hard To Top Amazon: Deep Discount Makes Me Greedy Amazon Doesn't Deserve To Trade At These Prices Nvidia to sell 1M AI chips, other products to AWS by end of 2027 White House's AI blueprint contends federal laws should trump states' rights in AI legislation

Dimitrios Kambouris/Getty Images Entertainment Amazon’s ( AMZN ) Project Hail Mary opened as the top film in North America this weekend, generating about $80.5 million in ticket sales and marking the biggest debut of the year. The performance exceeded expectations and set a new high-water mark for Amazon since its acquisition of MGM in 2022, surpassing earlier releases like Creed III . A significant portion of revenue came from premium formats such as IMAX ( IMAX ). The film, directed by Phil Lord and Christopher Miller and based on Andy Weir’s novel, stars Ryan Gosling as an astronaut who awakens in space with no memory. Strong reviews helped drive audience interest, reversing a run of weaker theatrical results for Amazon titles earlier this year. Since acquiring MGM, Amazon has increased its focus on theatrical releases, aiming to bring more than a dozen films to cinemas annually before moving them to Prime Video. The strategy is designed to offset production costs while ultimately boosting engagement on its streaming platform. Amazon’s investment in theaters also provides support to cinema chains seeking a steadier pipeline of releases, as Hollywood continues to balance theatrical and streaming distribution. The broader box office has shown improvement in 2026, with overall ticket sales running ahead of last year, helped by releases from major studios including Pixar ( DIS ) and Paramount ( PSKY ). Looking ahead, Amazon plans another major theatrical release this summer with Masters of the Universe , continuing its push to expand its presence in big-budget filmmaking. More on Amazon, IMAX IMAX Corporation: A Blockbuster Year That Might Be Hard To Top Amazon: Deep Discount Makes Me Greedy Amazon Doesn't Deserve To Trade At These Prices Nvidia to sell 1M AI chips, other products to AWS by end of 2027 White House's AI blueprint contends federal laws should trump states' rights in AI legislation

'Project Hail Mary' tops box office with strong debut for Amazon (AMZN:NASDAQ) seekingalpha.com

FCA deal gives Palantir yet more access to inner workings of power in Britain The Guardian

On February 17, 2026, Circumference Group disclosed a new position in Avantor (AVTR 1.38%), acquiring 305,000 shares worth $3.50 million in the fourth quarter. What happened According to a SEC filing dated February 17, 2026, Circumference Group reported establishing a new position in Avantor by acquiring 305,000 shares. The shares were worth $3.5 million at quarter’s end. What else to know This new position represents 3.77% of Circumference Group LLC’s 13F reportable assets as of December 31, 2025. Top holdings after the filing: NYSE:TWLO: $9.25 million (10.3% of AUM) NASDAQ:UPWK: $7.63 million (8.5% of AUM) NASDAQ:RGP: $7.00 million (7.8% of AUM) NYSE:PATH: $6.31 million (7.0% of AUM) NYSE:TDC: $5.33 million (5.9% of AUM) As of Friday, shares were priced at $7.51, down 54% over the past year and well underperforming the S&P 500, which is instead up about 15% in the same period. Company overview Metric Value Revenue (TTM) $6.55 billion Net Income (TTM) ($530.20 million) Market Capitalization $5.1 billion Price (as of Friday) $7.51 Company snapshot Avantor offers a comprehensive portfolio of laboratory materials, consumables, equipment, and specialty procurement services for biopharma, healthcare, education, advanced technologies, and applied materials sectors. The firm generates revenue primarily through the sale of high-purity chemicals, reagents, lab supplies, and value-added services, including onsite lab support and biopharmaceutical development solutions. It serves a global customer base consisting of biopharmaceutical companies, healthcare providers, academic and government institutions, and advanced technology firms. Avantor, Inc. is a leading global provider of mission-critical products and services for the life sciences and advanced technology industries. The company leverages a broad product portfolio and specialized services to support research, production, and development needs across multiple geographies. Avantor's scale, operational expertise, and focu...

Source: Bloomberg, 0:00

Palantir’s latest UK contract takes the AI and data analytics company into the heart of one of Britain’s biggest industries: financial services, which accounts for 9% of the economy. The Miami-based company embedded its technology in the NHS in 2023, the police in 2024 and the military in 2025. Land and expand, they say in the tech industry. Palantir has followed the script building contracts worth more than £500m. Now in 2026, its deal with the Financial Conduct Authority (FCA) to dive into the terabytes of information it gathers gives it yet another unparalleled view of the inner workings of the British authorities. It also gives it sight of a trove of data about the workings of one of the most important global centres of finance, the City of London. The appeal of companies such as Palantir to public authorities is driven by three forces: the push to find more efficient ways to use human resources amid strained public finances; the existence of lakes of data swollen by society’s increased tendency to digitise transactions and communications; and the dawn of AI and the Labour government’s unbridled enthusiasm for its potential to unlock elusive economic growth. Notwithstanding its former use of Peter Mandelson’s lobbying company, Global Counsel, Palantir has become an influential voice in Whitehall. With earnings of $1.4bn in the last three months of last year alone, it can afford top talent and its AI-enabled data analysis systems impress many who see them, in demonstrations at least. Campaign groups rail against Palantir’s work with the US Department of Homeland Security and its ICE operations, and its service to the Israel Defense Forces, but the contracts keep coming. Its technologists will arrive at the FCA headquarters in east London and find a regulator worried it is devoting too much energy to pursuing possible financial crime cases that go nowhere. It wants to use AI to better detect signs of wrongdoing so it can crack down on the serious crime of money la...

Original reporting and incisive analysis, direct from the Guardian every morning

The once-reliable trade on Wall Street, that President Trump “always chickens out,” could be torpedoed by the Iran conflict.

Weeklong programming to focus on AI, data centers, chip design, robotics, workforce and investment strategies, and more at world's preeminent energy conference HOUSTON, March 22, 2026 /PRNewswire/ -- Leaders and experts from Amazon Web Services, Google, Microsoft, NVIDIA, Meta, Dell, Applied Materials and AMD will be among the technology and innovation speakers at CERAWeek by S&P Global—the world's preeminent energy conference—to be held in Houston March 23-27. S&P Global Logo (PRNewsfoto/S&P Global) CERAWeek 2026 Convergence and Competition: Energy, Technology and Geopolitics will include an unprecedented number of top AI and technology leaders exploring ideas and strategies for a world where energy is increasingly entwined with technology. The conference program will explore how AI is transforming the energy landscape, including the accelerating power demand for data center development—and what this means for the global energy system—as well as the breakthroughs that are accelerating innovation and new designs for data centers and energy efficient chips. "The energy and technology industries are converging like never before," said Daniel Yergin, conference chair and Vice Chairman of S&P Global. "This year's conference theme 'Convergence and Competition' reflects a world where the pace of technological innovation is matched only by the accelerating demand for stable, reliable and affordable energy. These two factors are increasingly interdependent, and much will depend on the ability to address them in tandem. Meeting the challenge will require breakthrough ideas as well as creative strategies to navigate a world where geopolitical rivalry and economic competition are increasingly the norm. These consequential conversations will be front and center at CERAWeek." CERAWeek 2026 will introduce the Bridge—a new venue that brings together energy and technology leaders for conversations that connect today's energy realities with the emerging solutions shaping tomorrow. T...

Weeklong programming to focus on AI, data centers, chip design, robotics, workforce and investment strategies, and more at world's preeminent energy conference HOUSTON, March 22, 2026 /PRNewswire/ -- Leaders and experts from Amazon Web Services, Google, Microsoft, NVIDIA, Meta, Dell, Applied Materials and AMD will be among the technology and innovation speakers at CERAWeek by S&P Global—the world's preeminent energy conference—to be held in Houston March 23-27. S&P Global Logo (PRNewsfoto/S&P Global) CERAWeek 2026 Convergence and Competition: Energy, Technology and Geopolitics will include an unprecedented number of top AI and technology leaders exploring ideas and strategies for a world where energy is increasingly entwined with technology. The conference program will explore how AI is transforming the energy landscape, including the accelerating power demand for data center development—and what this means for the global energy system—as well as the breakthroughs that are accelerating innovation and new designs for data centers and energy efficient chips. "The energy and technology industries are converging like never before," said Daniel Yergin, conference chair and Vice Chairman of S&P Global. "This year's conference theme 'Convergence and Competition' reflects a world where the pace of technological innovation is matched only by the accelerating demand for stable, reliable and affordable energy. These two factors are increasingly interdependent, and much will depend on the ability to address them in tandem. Meeting the challenge will require breakthrough ideas as well as creative strategies to navigate a world where geopolitical rivalry and economic competition are increasingly the norm. These consequential conversations will be front and center at CERAWeek." CERAWeek 2026 will introduce the Bridge—a new venue that brings together energy and technology leaders for conversations that connect today's energy realities with the emerging solutions shaping tomorrow. T...

投资要点 【国内外重点炼化项目价差跟踪】本周（3月16日-3月20日，下同）国内重点大炼化项目本周价差为1898元/吨，环比-435元/吨（环比-19%）；国外重点大炼化项目本周价差为3125元/吨，环比+168元/吨（环比+6%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为9271/9421/10686元/吨，环比分别+493/+364/+593元/吨，POY/FDY/DTY行业周均利润为397/231/472元/吨，环比分别+85/+0/+152元/吨，POY/FDY/DTY行业库存为26.6/31.2/31.7天，环比分别+3.3/+4.0/+3.5天，长丝开工率为88.7%，环比+2.5pct。下游方面，本周织机开工率为52.6%，环比+1.4pct，织造企业原料库存为9.8天，环比-2.3天，织造企业成品库存为19.4天，环比-0.3天。 【炼油板块】国内成品油:本周汽油/柴油价格上升。美国成品油:本周美国汽油/柴油/煤油价格上升。 【化工板块】本周PX均价为1268.7美元/吨，环比-16.0美元/吨，较原油价差为505.1美元/吨，环比-70.2美元/吨，PX开工率为86.5%，环比-1.3pct。 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、东方盛虹、恒逸石化、桐昆股份、新凤鸣。 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。

民士达(920394) 投资要点 2025年营收与利润双增，盈利能力稳步改善。2025年公司实现营收4.45亿元，同比+9.16%；归母净利润1.27亿元，同比+26.70%；扣非归母净利润1.08亿元，同比+17.37%。全年销售毛利率40.24%，同比+2.75pct；销售净利率28.60%，同比+3.96pct。主要系全球电力变压器、AI算力数据中心、新能源等领域高速发展带来变压器需求持续旺盛，拉动芳纶绝缘纸消费量显著提升，销量增长、生产成本下降共同作用影响收入利润增长；供应商端原料采购成本下降影响销售毛利率增长。费用端，销售费用率3.12%，同比提升0.29pct，系新材料保险摊销及营销队伍建设所致；管理费用率3.11%，同比小幅下降0.34pct，管理效率稳步提升；财务费用率-0.76%，同比略有上升，主要因汇兑收益减少。 芳纶纸为核心主业，营收占比超95%，复合材料同比高速增长117%。分业务来看，1）芳纶纸作为公司核心主业，2025年实现营收4.24亿元，同比增长6.68%；毛利率42.22%，同比+3.28pct；营收占比超95%，仍是公司最主要收入来源，主要原因系全球电力变压器、AI算力数据中心、新能源等领域高速发展带来各类变压器需求持续旺盛，拉动了芳纶绝缘纸的消费量显著提升。2）复合材料业务表现亮眼，实现营收2121万元，同比大幅增长116.58%，营收占比提升至4.76%，毛利率同比提升19.70pct至0.87%，主要系公司深耕新能源汽车驱动电机和变压器领域，在新能源汽车领域加强同头部电机和整车厂的合作，多品种多规格产品满足客户不同需求；在变压器领域重点推广自研新规格产品对非复合材料产品的替代，加强同部分终端客户的合作。 芳纶纸行业高景气，国产化替代+下游扩容打开成长空间。1）行业高景气：作为高性能复合材料，芳纶纸凭借耐高温、阻燃、绝缘等优异性能，广泛应用于航空航天、电力电气、新能源汽车、5G通信、轨道交通等领域，下游新兴领域需求增加是行业核心增长动力。2）产品创新能力强：公司自2009年成立以来即深耕于芳纶纸领域，产品打破美国杜邦公司全球独家垄断，使我国成为世界上第二个能够生产芳纶纸的国家，经过十余年发展，公司已成为国内芳纶纸行业龙头企业和国内规模最大的芳纶纸制造企业。3）客户资源优：经过多年持续发展，公司市场认可度和品牌知名度逐步提升，主...

TSMC shareholders surge despite tech stock volatility STRONG INTEREST: Analysts have pointed to optimism in TSMC’s growth prospects in the artificial intelligence era as the cause of the rising number of shareholders Staff writer, with CNA The number of people holding shares of chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a new high last week despite a decline in its stock price, the Taiwan Depository and Clearing Corp (TDCC, 台灣集保) said. The number of TSMC shareholders rose to 2.46 million as of Friday, up 75,536 from a week earlier, TDCC data showed. The stock price fell 1.34 percent during the same week to close at NT$1,840 (US$57.55). The decline in TSMC’s share price resulted from volatility in global tech stocks, driven by rising international crude oil prices as the war against Iran continues. Taiwan Semiconductor Manufacturing Co signage is displayed on the trading floor at the New York Stock Exchange on March 16. Photo: Bloomberg Dealers said the increase in TSMC shareholders largely came from retail investors buying TSMC shares through odd-lot trading, which allows purchases of fewer than the standard block of 1,000 shares and makes high-priced stocks more accessible. TDCC said the number of TSMC shareholders holding odd-lot shares rose by 65,773 from a week earlier to about 1.96 million as of Friday. The number of shareholders owning between 1,000 and 5,000 shares also increased by 8,681 to 412,254. However, the number of large shareholders holding 1 million shares or more fell by five to 1,513, the data showed. Strong investor interest in TSMC stock was also seen earlier this week when TSMC went ex-dividend, and the stock quickly returned to its pre-ex-dividend level as soon as the local market opened on Tuesday. When a stock goes ex-dividend, the amount of cash dividend to be paid out on the previous year’s or earlier quarter’s earnings is deducted from the stock’s previous day’s closing price before the start of trading. TSMC began is...

Leaders and Experts from Amazon Web Services, Google, Microsoft, NVIDIA, Meta, Dell, Applied Materials and AMD Headline Technology and Innovation Programming at CERAWeek by S&P Global, March 23-27 in Houston Morningstar

Look, we've spent the last 18 months building production AI systems, and we'll tell you what keeps us up at night — and it's not whether the model can answer questions. That's table stakes now. What haunts us is the mental image of an agent autonomously approving a six-figure vendor contract at 2 a.m. because someone typo'd a config file. We've moved past the era of "ChatGPT wrappers" (thank God), but the industry still treats autonomous agents like they're just chatbots with API access. They're not. When you give an AI system the ability to take actions without human confirmation, you're crossing a fundamental threshold. You're not building a helpful assistant anymore — you're building something closer to an employee. And that changes everything about how we need to engineer these systems. The autonomy problem nobody talks about Here's what's wild: We've gotten really good at making models that *sound* confident. But confidence and reliability aren't the same thing, and the gap between them is where production systems go to die. We learned this the hard way during a pilot program where we let an AI agent manage calendar scheduling across executive teams. Seems simple, right? The agent could check availability, send invites, handle conflicts. Except, one Monday morning, it rescheduled a board meeting because it interpreted "let's push this if we need to" in a Slack message as an actual directive. The model wasn't wrong in its interpretation — it was plausible. But plausible isn't good enough when you're dealing with autonomy. That incident taught us something crucial: The challenge isn't building agents that work most of the time. It's building agents that fail gracefully, know their limitations, and have the circuit breakers to prevent catastrophic mistakes. What reliability actually means for autonomous systems Layered reliability architecture When we talk about reliability in traditional software engineering, we've got decades of patterns: Redundancy, retries, id...

中国巨石(600176) 投资要点 事件：公司披露2025年年报，全年分别实现营业收入、归母净利润、扣非后归母净利润188.81/32.85/34.82亿元，同比+19.1%/+34.4%/+94.7%。Q4单季实现营业收入、归母净利润、扣非后归母净利润49.77/7.17/8.69亿元，同比分别+17.8%/-21.3%/+37.6%。公司拟每10股现金分红1.9元（含税）。 2025Q4行业景气稳中有升，公司扣非后盈利保持平稳。（1）2025Q4行业新增产能冲击进一步消化，库存稳定，行业反内卷共识强化，直接纱等品类价格低位有所恢复，电子布价格稳步上行。（2）Q4公司营收同比+17.8%，环比+3.8%，预计粗纱和电子布产销延续同比增长态势。Q4单季度扣非后销售净利率为17.5%，环比下降1.5pct，基本稳定。公司2025年年末存货周转天数为111天，环比三季报-3天，反映库存继续消化。（3）全年公司实现粗纱及制品销量320.26万吨、电子布销量10.62亿米，同比分别增长5.9%/21.4%，主要得益于内需市场快速增长，产品结构调整，电子布占比提升。同时淮安风力发电业务全年运营，贡献1.84亿元收入，毛利率70.4%。 2025年期间费用率同比有所回升，资本开支增加，负债率稳中有降。（1）公司2025年期间费用率为9.8%，同比增加1.7pct，主要是管理费用率同比增加所致，因上年超额利润分享计划不予兑现部分冲回带来低基数影响。（2）公司2025年实现经营活动净现金流42.01亿元，同比+106.7%，主要系盈利增长以及本期销售商品收到的现金和商业票据到期托收增加；全年购建固定资产、无形资产和其他长期资产现金流为13.68亿元，同比+5.0%，资本开支力度处于近年来低位。（3）截至2025年末公司资产负债率为40.41%，同比-0.67pct。 行业景气逐级向上，公司优存量调结构、开拓高端领域，盈利能力有望持续上行。粗纱盈利仍处底部区域，二三线企业盈利承压，将持续制约产能投放节奏，风电、热塑以及新兴特种电子布结构性领域盈利继续向好。其中我们认为风电、热塑产品的盈利改善有望好于普通粗纱产品，电子纱高端继续放量，结构性紧缺扩散带动7628布等盈利显著上行。公司推动产品结构优化，中高端占比提升，实施粗纱产线冷修技改，扩张细纱电子布产能，加大特种纤维电子布研发力度，相...

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Leaders and Experts from Amazon Web Services, Google, Microsoft, NVIDIA, Meta, Dell, Applied Materials and AMD Headline Technology and Innovation Programming at CERAWeek by S&P Global, March 23-27 in Houston PR Newswire

宁德时代(300750) 投资要点 动力单车带电量提升+储能爆发，行业需求持续向上，龙头份额高位提升。我们预计26年全球动力与储能电池需求约2716GWh，同比+32%，其中动力端1692GWh，同比+19.3%，受益于单车带电量提升+商用车持续高增；储能全球爆发，当前碳酸锂价格影响有限，全年预计1024GWh，同比+60%。27年全球动储需求有望维持20%+增长，2030年有望超5000GWh。动力端，宁德时代份额持续提升，25年全球份额超39.2%，同比提升1.2pct，其中欧洲份额提升至45%+，26年受益于国内车型高端化，预计全球份额有望进一步提升至40%。储能端，25年公司产能受限，增速放缓，但26年120GWh大电芯产能已释放，预计储能出货量有望实现翻番增长至250GWh+，份额有望回升至30%。因此预计公司26年排产增长40%+至1.1TWh，出货量900-1000GWh，且公司26年底产能有望达1.4TWh，27年仍可维持20-30%增长。 龙头盈利韧性强，26年领先优势进一步扩大。26年电池成本上涨，碳酸锂价格15万/吨情况下，叠加中游材料加工费上涨，行业平均电池成本相较于25年中上涨7分/wh左右。宁德相较于友商，成本传导顺畅，特别是海外市场，同时公司在采购端优势明显，总体成本幅度远低于友商，且公司在上游资源端布局全面（洛阳钼业近25%持股比例、江西10万吨锂矿有望复产），一定程度上对冲成本上涨。因此动力端，预计动力电池单wh利润8-9分/wh；储能端，海外市场预计单wh利润维持稳定为0.1元/wh+，国内市场考虑份额提升单位利润下降，但公司电柜和系统占比有望提升，一定程度对冲，总体预计储能单wh利润微降至7-8分/wh。此外，25年公司锂电材料、矿端、其他业务利润提升明显，预计26年在资源价格高位下，利润有望再提升。 新产品和新技术布局领先，换电、固态、钠电等稳步推进。换电方面，公司全生态签约合作伙伴，牵手多家车企，25年与一汽、长安、北汽、奇瑞、广汽五大车企发布10款巧克力换电新车型，26年换电范围将进一步扩大。固态方面，公司已将全固态电池研发团队扩充至超1000人，目前主攻硫化物路线，25年60Ah车规级电芯实现下线，26年预计建成gwh级量产线，我们预计27年出货有望接近1GWh，30年实现大规模量产。此外，宁德推出钠新电池品牌，在储能端...

投资要点： 本周观点：腾讯、阿里等大厂陆续披露财报，在财报交流中均对AI有更为充分且积极的叙事描述，①更长时间并结构性描述AI对业务场景的效能优化；②强调薪酬激励人才引进；③更为坚定的推进模型能力提升，包括推理和agent能力；④强调Agent在业务和生态中的优势，例如腾讯强调微信小程序生态。我们认为，大厂进一步强调基础设施投入，以及AI应用层在多场景的落地，产业趋势持续强化。 游戏方面：完美世界《异环》本轮测试在战斗体验（打击感、机制、演出等）、开放世界内容量、角色互动、副玩法引导等方面提升较大。我们判断：1）类GTA城市结构为功能型载体，核心作用是承载世界观、提升内容密度及调节游戏节奏，框架延展性较强，在内容扩展、活动承载与长期版本运营层面适配性高，对后续产能要求相对可控；2）目前玩法拼接完成度高，未出现“系统互相掣肘”的结构性风险，运行稳定性有保障。基于26年新产品周期陆续开启，部分公司可能存在投资机会。同时，建议重视头部游戏公司在AI+陪伴+游戏化范式探索上的示范效应，相关产品表现如果超预期有望推动相关上市公司的价值重估。建议关注【腾讯控股】【网易】【恺英网络】【完美世界】【巨人网络】【心动公司】【吉比特】【神州泰岳】【电魂网络】【三七互娱】【掌趣科技】【百奥家庭互动】【友谊时光】【冰川网络】【名臣健康】【富春股份】【禅游科技】【中手游】【创梦天地】【祖龙娱乐】等。 AI应用方向：目前AI仍是全球产业叙事中最重要的方向之一，大厂AI产品进度仍是核心，且延续此前观点，我们认为AI入口竞争后续会持续演绎，手机端侧（苹果等）、超级APP（微信、抖音等）和垂直AI平台（类似豆包、元宝、千问、智谱等）将从不同维度持续推进AIAgent入口用户层面的教育和圈定，同时通过不同方式完 成应用层生态的连接和统一。建议重视产品落地且有收入结构的应用方向。相关方向梳理：1）具备流量优势的平台公司：腾讯控股、阿里巴巴、快手、哔哩哔哩等；2）聚焦大厂产业链布局的相关公司：①字节链：以广告+内容体系为主（漫剧、影视等）：营销公司包括引力传媒、蓝色光标、浙文互联、因赛集团、利欧股份、易点天下、天龙集团等，及内容IP公司包括荣信文化、中文在线、掌阅科技、博纳影业等；②阿里链：以电商模式为主：值得买、光云科技、焦点科技等，及代运营公司壹网壹创、青木科技等；③腾讯链：以C端产品微信/元宝体系为...

姜梦楠、白睿：中国矿业联合会新发布的文件旨在推动矿企ESG报告实现标准化与常态化，多位专家作出解读。 姜梦楠 ， 白睿 为环境网站“对话地球”撰稿 2025年12月1日，中国矿业联合会发布了《矿业企业环境、社会和治理（ESG）信息披露通则》与《矿业企业ESG治理能力评级规范》两份团体标准，旨在指导矿业企业提升其环境、社会和治理（ESG）表现。 尽管这些文件并非强制性要求，但它们标志着中国行业组织首次尝试在矿业领域推动ESG实践的标准化。 中国矿业行业涵盖多家全球规模最大的矿业公司，这些企业深度参与关键矿产的开采。然而，一些矿产所带来的环境和社会影响目前仍缺乏有效治理。其中多种矿产广泛应用于可再生能源设备和电动汽车，在全球摆脱化石燃料的转型中具有关键性地位。 多位专家和行业代表向对话地球表示，这些涵盖信息披露和治理能力的文件，可能会影响中国矿业企业在国内外的运营方式。 与国际规范接轨 第一份标准明确了ESG信息披露的原则，并提供了详细的报告框架。它采用四级指标体系，从宏观主题到115项细化指标，为企业应披露哪些信息以及如何披露提供指引。 第二份标准则提出了一套ESG治理评级方法，评分从C到AAA，用于衡量企业在可持续发展管理方面的表现，并为行业横向比较建立基准。 这两份标准由中国矿业联合会发布，主要由中国地质调查局发展研究中心和中国地址大学牵头编制。根据文件内容，编制过程中广泛征求了各方意见，包括政府研究机构、龙头矿业企业，以及同时作为利益相关方和ESG数据使用者的投资者。中国地质调查局的孙仁斌是新标准的主要撰写人。他向对话地球表示，这些标准是在海内外ESG要求不断提升的背景下制定的。例如，在国际上，欧盟在2022年和2024年出台了关于可持续发展报告和供应链的相关指令，使可持续性披露成为强制性要求。 孙仁斌介绍说：“国际机构对中国矿业企业的ESG评级整体偏低，约80%被MSCI等机构评为行业落后者，这在一定程度上限制了其获取全球资本的能力。” “与此同时，近年来中国财政部和交易所也发布了相关可持续披露要求，矿业公司也需要作出相应调整。”他说。 孙仁斌注意到，中国企业与国际评级机构在ESG的理解方式和报告框架上存在差异。 迄今为止，在中国矿业领域，“绿色矿山”一直是最受重视的环境治理理念。2017年，中国发布了绿色矿山建设实施方案，随后又出台了详细的评分体系。该体系以...

古巴裔美国人阿里亚斯表示，军事干预几乎成了美国外交的默认选项，古巴极有可能成为西半球下一个被美国以军事外交重塑区域霸权的目标。 FT中文网专栏作家 王英良 【本文是作者“中美关系百人百访”系列高端对话的最新呈现。】 亚历山大•维拉•阿里亚斯（Alejandro Vera Arias），目前是波士顿大学大三第二学期的学生，在复旦大学社会发展与公共政策学院（SSDPP）交流学习。他主修专业是国际关系、哲学与政治学，辅修专业为商科与核心课程学习。 他出生于古巴，11岁时移居美国佛罗里达州，目前仍定居在佛罗里达，仅在波士顿上学时离开家乡。他曾在麻省理工学院（MIT）发展实验室与哥伦比亚国立大学联合实习，研究碳信用市场，并与一线矿工团队合作，开展碳信用项目开发。上一学期他在意大利交换留学，为帕多瓦大学的马尔科・蒙迪尼（Marco Mondini）教授从事研究工作，研究方向包括欧洲防务、北约演变与乌克兰冲突。他还获得了一项研究基金，专门研究意大利防务议题。目前，他担任上海拉美商会（LAC+）国际部项目官员。 以下是访谈实录。 问： 作为一位在美国生活，与拉美有联系的古巴裔美国人，你如何看待当前美国与拉美国家的关系？你认为近年来美国对拉美政策是否发生变化？若有，这些变化对两个地区产生了哪些影响？ 阿里亚斯： 在我看来，当前美国与拉美地区的关系，大体上仍和过去一个世纪如出一辙。美国始终以家长式姿态自居，对地区国家指手画脚，判定它们该做什么、不该做什么。这并非全然是负面的——比如在萨尔瓦多、阿根廷等国，与华盛顿紧密站队，就能直接换来经济或政治上的支持。 但真正发生变化的，是特朗普式外交带来的赤裸裸的交易性。在我看来，国际关系的交易本质一直存在，只是如今变得更加毫无顾忌。结果就是，美拉关系不再追求互利，甚至连单方面利益都谈不上，只剩下服从。 现任美国政府非常看重表面功夫，远胜于现实：阿根廷一边是中国牛肉第二大进口来源国，一边又能拿到美国200亿美元的救助，就是最典型的例子。 美国这种毫无底线的外交，另一个表现是军事干预几乎成了默认选项。军事手段向来是美国的备选方案，它也一直是北半球心照不宣的霸权国，但以往多数政客还会回避公开承认这一点，现在则完全不加掩饰。 我不否认毒品恐怖主义的威胁确实存在，但仅凭猜测就发动空袭，长远来看不会有好结果。同样，抓捕委内瑞拉总统——无论他在美国司法体系中被...

叶胜舟：金正恩宣称朝鲜“八大”以来取得“三大成就”。朝鲜对金正恩的个人崇拜再登新高峰，不吝堆砌高级形容词，又新增了八顶“高帽”。 叶胜舟 为FT中文网撰稿 1 观察“第一家庭”的四位成员。 劳动党总书记、国务委员长金正恩2月19日上午致九大开幕词、20日全天和21日上午做八届中央委员会工作总结报告、22日下午选举九届中央委员会并再次被推选为总书记、23日上午主持召开九届一中扩大全会、23日下午就九大第一个议题做纲领性结论、25日上午主持召开九届中央政治局第一次会议、25日下午致九大闭幕词。 2021年1月12日劳动党八大闭幕式、2025年6月23日八届十二中全会闭幕式，惯例演奏《国际歌》。据KCTV报道视频，金正恩都通过摇晃身体维持平衡，原因明显是过于肥胖、体力不支、不能久站。腰部和下肢力量欠缺，不能稳定支撑上半身体重。九大闭幕式也演奏《国际歌》，KCTV剪辑后播出的镜头，金正恩下半身被主席台完全遮拦，无法观察是否摇晃。 2月25日晚平壤最低气温-2摄氏度，金正恩没有如以往冬天阅兵时，全程戴皮帽防寒；27日白天平壤最高气温12摄氏度，金正恩室外接见纪念九大阅兵式参加者，只穿西装打领带。但不能据此判断他的健康状况良好，因为严重肥胖，有无穿保暖内衣御寒未知。 “第一妹妹”金与正在九届一中全会上第三次当选政治局候补委员，首次排名第一，暗示不久将来晋升为政治局委员，金正日妹妹、政治局前常委张成泽妻子金敬姫已有先例，曾任政治局委员、中央书记局书记、人民军大将；首次任命为党中央部长，负责总务部，以她的血缘关系和地位作用，相当于总书记办公室主任、党中央“不管部部长”，实权远超政治局委员。 朝中社2月24日报道九届一中全会公报时，配发九届中央政治局成员的标准照。与五年前标准照相比，不满40岁的金与正明显削瘦、憔悴、衰老，化妆都难以掩饰，权力对她似乎没有滋润反而更多折磨。 “第一夫人”李雪主继续边缘化。金正恩2011年底仓促接班，守孝满三年后亲政，大变化之一是第一夫人公开化、现代化、国际化。李雪主曾频繁参加国务活动包括多次陪同访华，朝鲜官方正式确认其中文译名。 但自2022年11月18日“第一女儿”首次陪同父亲视察“火星-17”型洲际导弹试射之后，她要么不再出席国内外重大活动，要么即使出席也是居于配角地位，礼宾顺序排在女儿之后，处处凸显女儿C位。 “第一女儿”金主爱（音）在2月25日...

美国深陷伊朗战争泥潭之际，中国总理在年度中国发展高层论坛上告诉70多位全球顶级高管，中国拥有无可比拟的供应链和可预测的商业环境。 中国上周日在北京试图吸引全球大公司的首席执行官，包括苹果(Apple)的蒂姆•库克(Tim Cook)、瑞银(UBS)的安思杰(Sergio Ermotti)和汇丰(HSBC)的艾桥智(Georges Elhedery)。中国宣传自己安全可靠，与深陷伊朗战争泥潭的美国形成鲜明对比。 在中国政府于钓鱼台国宾馆举办的年度中国发展高层论坛（跟达沃斯(Davos)类似）上，中国总理李强告诉70多位企业首席执行官，世界第二大经济体拥有无可比拟的供应链和可预测的商业环境。 李强指出，面对日益抬头的贸易保护主义和基于规则的国际秩序所遭遇的波折，中国致力于成为“确定性基石”和“稳定性港湾”。 成为高端会员，阅读高端专享内容 如您已经是高端会员， 请点击这里登录 成为高端会员►

匠心家居(301061) 投资要点： 全球功能沙发市场空间广阔，美国补库预期或推动行业景气回升。据弗若斯特沙利文，2023年全球功能沙发规模达319亿美元，2019-2023年CAGR达6.9%。分结构看，功能沙发正在从“手动”向“电动/智能化”升级，据CoherentMarketInsights及StrategicRevenueInsights，2025年“电动/智能化”功能沙发市场规模占比为63.9%，2025-2033年CAGR为6.5%，均高于“手动”功能沙发。分地区看，据StrategicRevenueInsights，美国为全球功能沙发主要市场，24年市场规模占比约为21%。目前美国相关行业零售门店库销比处2022年来低位，若美联储降息带动地产需求回暖，功能沙发需求有望复苏。 匠心家居是中国智能沙发出口头部企业，产品主销北美，渠道、成本、技术优势领先。1）渠道：家居产品单价高、重体验，线下KA是最重要的出货渠道。匠心家居长期深耕美国市场，25H1美国零售商客户占美国家具类客户总数的90%（25Q1-Q3Top100零售商中覆盖56家），渠道资源积累深厚。2）成本：中国是全球家居产品主要生产地，出口受关税冲击影响较大。而匠心家居提前在越南布局，80%以上的产品在越南生产（25H1），一方面降低了成本，另一方面也帮助公司承接了大量外溢订单。3）技术：电动沙发相比于传统沙发，工艺更复杂，在电机的可靠性与噪音控制等方面要求较高。而公司在电机、电控、机构件等领域积累深厚，为满足美国中高端客户需求及培育自主品牌打下基础。 从OEM向OBM转型，借助“店中店”模式快速培育自主品牌。1）自主品牌主打高质价比：公司自主品牌主打高质价比卖点，价格仅为头部竞品的50%左右。2）通过“店中店”的模式快速切入线下KA：高质价比产品带来高客流，因此得以快速在线下KA渠道中占据“店中店”的核心展示位。截至25Q1，公司于美国/加拿大分别保有“店中店”500家/24家（其中，美国店铺总数较24H1提升约400家），已初步覆盖北美主要市场并仍处快速扩张阶段。3）自主品牌成长空间广阔：全球家居行业市场份额高度分散，据欧睿国际，功能沙发头部品牌La-Z-Boy/敏华控股2024年市占率仅为0.3%/0.2%，而匠心自主品牌市占率仅为0.05%左右，对标头部品牌仍有广阔成长空间。 盈利预测与评...

核心观点：本周中东局势升温，主要央行在“超级央行周”释放鹰派信号，紧货币交易在全球范围内升温，令长端国债收益率大幅上行，金、银价格承压。其中，更加鹰派的英央行释放紧货币预期，带动英镑、欧元走强，美元指数表现相对弱势，因此一度出现美元指数与黄金价格同步走弱现象，其背后的原因是，作为全球定价的资产，黄金不单是由美元实际利率预期定价，而是由全球实际利率预期来定价。在紧货币预期下，当前联邦基金期货市场已开始定价美联储年内加息预期。我们认为，在当前美国经济环境下，美联储的加息决策应当是油价和通胀失控之后的偏右侧行为，而非基准情形。 大类资产：本周，油价与紧货币交易主导全球大类资产走势。从交易节奏来看，前半周，虽然中东局势进一步升温，但市场反应相对平淡；而北京时间周四凌晨至晚间，日央行、美联储、欧央行、英国央行陆续发布3月议息会议决策，整体释放鹰派信号，令全球紧货币交易迅速升温，金、银连续三日大幅下挫。其中，周四出现了美元指数与黄金同步走弱的现象，这体现了全球实际利率预期、而非仅美元实际利率预期的走高，主导了黄金的定价。 海外经济：本周海外经济基本面变化不大，彭博美国经济意外指数略有反弹，主要受好于预期的首申失业金、地区联储调查数据的提振。彭博欧元区经济意外指数则延续走弱，主要因偏弱的工业产值、德国ZEW调查预期等数据的拖累。本周受鹰派全球央行会议的影响，全球主要地区的降息预期显著收缩，并转为加息预期。受近期美债利率大幅走高、美股下跌等影响，美国金融条件指数也明显收紧，但相较于2025年4月“对等关税”时期仍更为宽松。 风险提示：伊朗局势发展超预期；特朗普政策超预期；美联储降息幅度过大引发通胀反弹甚至失控；美联储维持高利率水平时间过长，引发金融系统流动性危机。