格隆汇3月20日｜美国国家运输安全委员会正在调查周二发生在纽瓦克机场联邦快递与阿拉斯加航空公司两架飞机之间的险情。

以色列总理内塔尼亚胡19日在一场新闻发布会上回答媒体提问时称，是以色列“单独”空袭了伊朗天然气田，以方将“遵守”美国总统特朗普所提“暂停”后续空袭能源设施的要求。 特朗普当天早些时候在白宫回答媒体提问时表示，他已经告知内塔尼亚胡不要攻击伊朗境内的能源设施。 据伊朗媒体18日报道，伊朗南部布什尔省南帕尔斯和阿萨卢耶部分石油化工设施遭美国和以色列空袭。伊朗随后宣布打击沙特阿拉伯、卡塔尔等海湾国家与美国相关的石油设施。特朗普当天在社交媒体上发文，称美方对以色列袭击伊朗油气设施事先“毫不知情”。（新华社） 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。

美国佛蒙特州独立参议员伯尼·桑德斯正寻求阻止美国向以色列出售炸弹，此举加剧了民主党对特朗普政府对伊战争的反对。桑德斯提出了三项联合否决决议，旨在阻止超过2万枚、价值6.5亿美元的炸弹出售。特朗普政府一直试图通过援引紧急权力、绕过国会来加速推进这笔交易。桑德斯表示：“鉴于当前的严重破坏……美国纳税人此时最不需要做的事情，就是向内塔尼亚胡政府提供2.2万枚新炸弹。”“不应再提供武器支持一场非法战争。”

【内塔尼亚胡：以方将“暂停”空袭伊朗能源设施】财联社3月20日电，以色列总理内塔尼亚胡19日在一场新闻发布会上回答媒体提问时称，是以色列“单独”空袭了伊朗天然气田，以方将“遵守”美国总统特朗普所提“暂停”后续空袭能源设施的要求。特朗普当天早些时候在白宫回答媒体提问时表示，他已经告知内塔尼亚胡不要攻击伊朗境内的能源设施。 (新华社)

ngkaki/iStock Editorial via Getty Images Box ( BOX ) shares had inched up 2% during early post-market trading on Thursday after the cloud-based content management and collaboration platform revealed a $500M share buyback plan. The company's board of directors approved an additional $500M for its share repurchase program through September 30, 2027. "The profitable growth we delivered in fiscal 2026 demonstrates the success of our Intelligent Content Management platform strategy," said Box co-founder and CFO Dylan Smith. "Going forward, we expect to continue improving our revenue growth rate and free cash flow margin . We have built the operational engine to deliver long-term profitable growth, and with our disciplined capital allocation strategy, we are well positioned to create significant shareholder value for years to come." Box repurchased 4.4M shares worth $126M during the fourth quarter of fiscal 2026. It had $59M of buyback capacity at the end of the quarter. More on Box Box, Inc. (BOX) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript Box: Great Buy As Margins Rise Amid RPO Growth Box, Inc. (BOX) Q4 2026 Earnings Call Transcript Box outlines 8% revenue growth target for FY 2027 with Enterprise Advanced driving 10% of revenue Box Non-GAAP EPS of $0.49 beats by $0.15, revenue of $305.88M in-line

What happened In its latest quarterly SEC filing, Family Manage LLC reported establishing a new stake in TCW Flexible Income ETF (FLXR 0.01%), acquiring 393,313 shares. The position’s quarter-end value also totaled $15.58 million, consistent with the initial trade and price movement during the period. What else to know This is a new position for Family Manage LLC, representing 1.97% of reported 13F AUM as of December 31, 2025. Top holdings after the filing: NYSEMKT: MINT: $44.86 million (5.7% of AUM) NASDAQ: SHV: $33.14 million (4.2% of AUM) NASDAQ: NVDA: $32.89 million (4.2% of AUM) NYSEMKT: QUAL: $32.23 million (4.1% of AUM) NASDAQ: AAPL: $31.14 million (3.9% of AUM) As of February 16, 2026, FLXR shares were priced at $39.77, up 8.5% over the prior year, lagging the S&P 500 by 3.3 percentage points. ETF overview Metric Value AUM 2.77 billion Dividend Yield 5.56% Price (as of market close 2/13/26) $39.33 1-Year Total Return 6.44% ETF snapshot TCW Flexible Income ETF (FLXR) is an actively managed fixed income fund with a market capitalization of $1.87 billion, focused on delivering income and capital growth through a diversified global bond portfolio. The fund's flexible mandate allows for dynamic allocation across sectors, credit qualities, and geographies, adapting to evolving market conditions. Its competitive yield and broad investment universe position the ETF as a versatile solution for institutional investors seeking risk-adjusted returns in the fixed income space. The ETF structure enables active management and frequent trading, with an expense ratio embedded in the fund. It was converted from a mutual fund in June 2024 to enhance liquidity and transparency. Its portfolio composition includes government and corporate bonds, asset-backed securities, bank loans, municipal securities, and money market instruments, with up to 50% in emerging markets and 65% in high-yield bonds. The ETF’s investment strategy centers on flexible allocation across global bonds and ...

Key Points Family Manage LLC bought 393,313 shares in FLXR Quarter-end FLXR position value rose by $15.58 million, reflecting stake establishment and price moves Transaction represents a 1.97% increase in Family Manage LLC’s reported 13F AUM Post-trade holding: 393,313 shares valued at $15.58 million as of December 31, 2025 FLXR is not among Family Manage LLC’s top five holdings by position size 10 stocks we like better than Tcw ETF Trust - Tcw Flexible Income ETF › What happened In its latest quarterly SEC filing, Family Manage LLC reported establishing a new stake in TCW Flexible Income ETF (NYSE:FLXR), acquiring 393,313 shares. The position’s quarter-end value also totaled $15.58 million, consistent with the initial trade and price movement during the period. What else to know This is a new position for Family Manage LLC, representing 1.97% of reported 13F AUM as of December 31, 2025. Top holdings after the filing: NYSEMKT: MINT: $44.86 million (5.7% of AUM) NASDAQ: SHV: $33.14 million (4.2% of AUM) NASDAQ: NVDA: $32.89 million (4.2% of AUM) NYSEMKT: QUAL: $32.23 million (4.1% of AUM) NASDAQ: AAPL: $31.14 million (3.9% of AUM) As of February 16, 2026, FLXR shares were priced at $39.77, up 8.5% over the prior year, lagging the S&P 500 by 3.3 percentage points. ETF overview Metric Value AUM 2.77 billion Dividend Yield 5.56% Price (as of market close 2/13/26) $39.33 1-Year Total Return 6.44% ETF snapshot TCW Flexible Income ETF (FLXR) is an actively managed fixed income fund with a market capitalization of $1.87 billion, focused on delivering income and capital growth through a diversified global bond portfolio. The fund's flexible mandate allows for dynamic allocation across sectors, credit qualities, and geographies, adapting to evolving market conditions. Its competitive yield and broad investment universe position the ETF as a versatile solution for institutional investors seeking risk-adjusted returns in the fixed income space. The ETF structure enables active ...

Ravitaliy/iStock via Getty Images Gold and silver have both delivered strong returns over the past year. After initially lagging, silver prices shot up in late 2025, outpacing gold by a substantial margin. This surge prompted investors to review their precious-metals exposure and assess the similarities – and differences – between the two. Despite gold and silver sitting under the precious metals label, their market structures and behaviours diverge sharply. Gold benefits from a more balanced demand base, deeper liquidity, and materially lower volatility. Silver, with its industrial bias and higher volatility, behaves more cyclically and is more sensitive to broader commodity flows. These distinctions shape how each metal behaves in portfolios: gold consistently offers diversification during stress, supporting its role as a strategic, defensive asset, while silver tends to amplify moves – both up and down – acting more like a high‑beta complement than a substitute. Chart 1: Gold has delivered strong returns, but at a much more consistent pace when compared to silver Price performance of gold and silver spot prices* *Data as of 16 March 2026. Gold prices based on LBMA Gold Price PM (US$/oz); silver based on LBMA Silver Price (US$/oz). (Sources: Bloomberg, World Gold Council) Market structure: Contrasting supply and demand forces Gold’s dispersed demand vs silver’s cyclical sensitivity Gold and silver are often put into the same bucket, but each is characterised by unique attributes and drivers. One key distinction between the two is their end-demand mix. Gold has a well-balanced dual nature, as both a consumer good and an investment asset (Chart 2). Gold is also an integral component to central bank foreign reserves, a trend that has picked up steam in recent years. And while gold investment demand dominates during periods of risk, consumer demand tends to step in during periods of economic growth. Gold’s investment share helps explain why it can behave more like a f...

J Studios/DigitalVision via Getty Images The market is mostly analyzing two stories in isolation. One is the AI infrastructure boom: chips, power, campuses, GPU clouds, AI factories, and multi-hundred billion-dollar capex plans. The other is the quiet stress beginning to show up in private credit: gated vehicles, semi-liquid funds meeting hard redemption limits, widening skepticism around marks, and a general reminder that illiquid assets cannot offer liquid experiences forever. (Source: Bloomberg, TheDailyEconomy ) The more interesting question is what happens if those two stories are not separate. What happens if private credit is not merely adjacent to the AI boom, but part of the financial plumbing enabling it? That is the core thesis. The risk is not that AI infrastructure is imaginary. The risk is that some meaningful share of the buildout may be funded through structures that suppress visible volatility, defer price discovery, and assume capital remains patient. If that assumption breaks, the pressure may not show up first where the underlying assets sit. It may show up where liquidity lives. The hidden transmission channel The intuitive mistake investors make is to think that if an asset class is illiquid, it is insulated. In practice, illiquidity can do the opposite. It can trap stress until investors need cash, at which point they do not sell the assets they would most like to exit. They sell what they can. In this cycle, what they can sell is often the large, liquid public winners that dominate portfolios and indices. (Source: SaaS Capital ) That is how private market fragility can become public market volatility without any dramatic deterioration in the underlying public companies themselves. The chain is simple enough to sound almost obvious once stated. AI infrastructure gets funded privately. Private marks remain smooth because the assets are long-dated, negotiated, and not continuously marked to an open market. Stress emerges somewhere in the system,...

00:01 Speaker A another story you wrote about today. Uh, BMW officially unveiling its new i3 EV. 00:06 Speaker A What did you make of that? And how did you see it sort of compare and contrast with the Tesla Model 3, range, charging, performance? 00:13 Speaker B So BMW's been talking about this. their new their new like specs, their second gen EVs are going to be based on a thing called the Neue Klasse platform. It's a brand brand new platform, uh supposedly more efficient, uh better batteries, uh better driving apparently. Uh, so this car has been sort of been teased for a long time. We finally see it in in sort of production form. 00:32 Speaker B In and basically, and we we have some we have a we have a little chart here, uh, compares very favorably to the Tesla Model uh 3, which is sort of the standard bearer for uh EV sedans. See that that price, the BMW i3 is going to be probably around $55,000. 00:43 Speaker B Not cheap, but, you know, a BMW 3 series is around that that kind of money, right? So, but compare it to the Tesla Model 3 performance and Model 3 premium, both of the all-wheel drive versions because the i3 is all-wheel drive. You see that um pricing not too bad, um but you get a lot more range, 440 miles, 00:57 Speaker B which is a big deal for people from a psychological standpoint. Hey, I can drive this car all week and I have to charge it. I'm not afraid of that. So that's a kind of a big thing. 01:06 Speaker B And I think the car looks uh it looks good. It's not, you know, super aggressive. It looks they almost took it made it a bit conservative, but the inside I think compared to the Tesla, the inside cabin is much nicer. So you have a bit more of luxury there, a bit more premium feel there. And I think it's the kind of a big um rival or or at least competitor for the Model 3.

Cheniere Energy股价周四跳涨5.88%，全球液化天然气供应中断以及与泰国扩大长期交易提振了市场情绪，同时该公司定价了10亿美元的双期限高级票据发行。 该股还受全球液化天然气供应中断以及欧洲天然气价格飙升30%的提振。 泰国正谈判将其从Cheniere的长期液化天然气采购量增加30%，从每年100万吨增至130万吨，首批交付预计在本季度。 公司定价了10亿美元的双期限高级票据发行，分别于2036年和2056年到期，计划将所得资金用于一般公司用途。 供应端压力，包括伊朗对卡塔尔能源基础设施的袭击，正在收紧全球液化天然气市场，使Cheniere等主要出口商受益。 Cheniere股价在2023年已上涨超过25%，投资者也可通过某些ETF投资该股。 责任编辑：张俊 SF065

Blackstone Inc. ’s flagship private credit fund is planning to sell bonds backed by a broad swathe of its $82.5 billion of assets, according to people with knowledge of the matter. BCRED, the world’s largest business development company, is looking to finalize the collateralized loan obligation deal early next week, the people said, asking not to be identified discussing private information. Proceeds will be used to repay some existing debt, they added. The Blackstone fund earlier this month took the unusual step of asking some of its senior leaders to pitch in $150 million to help fund elevated redemption requests rather than cap investor withdrawals like some of its private credit peers. Still, BCRED is a regular CLO issuer, and the latest sale was planned months ago, one of the people said. A representative for Blackstone declined to comment. The transaction highlights an increasingly popular option for BDCs to raise debt from Wall Street investors. Last year, at least three BDCs issued private credit CLOs for the first time, including Apollo Debt Solutions BDC, Morgan Stanley Direct Lending Fund and Kohlberg & Co LLC . CLOs package up corporate loans into bonds of varying size and risk. The biggest bond in the BCRED deal, rated AAA, is expected to price at an interest rate premium of 1.3 percentage points, the people said. That’s a similar level to deals BCRED issued last year.

格隆汇3月20日｜联邦快递(FDX.N)股价盘后涨超8%。

Source: Bloomberg, 0:00

Sonae, SGPS, S.A. press release ( SOSSF ): FY Consolidated turnover rose 14.2% in 2025 to €11.4B, driven by solid like-for-like sales growth and store openings in retail. The underlying EBITDA margin improved from 9.1% to 9.9% in 2025, underpinned by higher sales and gross margins, combined with strong operational efficiency gains. As such, a recordhigh underlying EBITDA was reached at €1.1bn, growing by €215m (+23.6%). EBITDA grew from €1.0bn to €1.2bn (+17.6%), resulting in a margin improvement from 10.4% to 10.7%. Net Result group share reached €247m, up by 11.1%, driven by the 23.7% year-on-year increase in Direct Result. More on Sonae, SGPS, S.A. Historical earnings data for Sonae, SGPS, S.A. Dividend scorecard for Sonae, SGPS, S.A. Financial information for Sonae, SGPS, S.A.

文章提及标的 联邦快递 -- 联邦快递（FDX）(FedEx)盘后涨幅进一步扩大，股价上涨8%，升至385美元上方。

JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Broadcom ( AVGO ) is no longer a company purely in the semiconductor business. Our investment thesis centers around its evolution into a "digital public utility" by dominating the two most critical bottlenecks in AI, which are ASIC (Application-Specific Integrated Circuit) design and ultra-high-speed networking. Together with its VMware software, the company is now a comprehensive AI company with both semiconductor networking and subscription software businesses. Therefore, when giants are known for their LLMs and GPUs, Broadcom is providing the underlying infrastructure. This is the reason behind management 's bold guidance of $100 billion revenue in 2027 for just the chips business alone - alongside the "sharp accelerated growth" in other business segments. Therefore, with such positioning in the AI supply chain, every time a giant like Google or Meta wants to enhance its AI products, Broadcom gets paid. With its growing subscription software segment, it hedges against the overcapacity in the chip supply chain when the days come. This is why I am giving it a Buy. The Benefits of Custom Silicon (ASIC) Broadcom's revenue in AI has doubled to reach $8.4 billion in 2026 Q1, in which the custom XPU segment has grown by more than 140%. Its impressive clients include Google, Meta, Anthropic, OpenAI, and others. The question here is why would cash-rich AI companies want to let Broadcom earn from them while they have the capability to do it themselves? The answer can be separated between "physical reality" and "cost of trial and error." First of all, within a modern AI ASIC, the "AI Brain" that AI giants are responsible for designing represents only 30-40% of the silicon area . The remaining 60-70% consists of "infrastructure pipes." It includes critical components like high-speed data lanes, PCIe interfaces, and memory controllers . Therefore, Broadcom owns and specializes in the IPs that are already verified t...

Broadcom: The 'Utility' Of The AI Era (NASDAQ:AVGO) Seeking Alpha

WANAN YOSSINGKUM/iStock via Getty Images Introduction The First Trust NASDAQ Cybersecurity ETF ( CIBR ) tracks the Nasdaq CTA Cybersecurity Index , a liquidity-weighted benchmark of companies in the cybersecurity segment, which falls within the larger technology and industrial sectors. I rate the fund a Buy at $65. Cybersecurity spending is no longer optional for any organization operating in the digital economy, and we are seeing this as a structural part of any enterprise budget that will continue to grow for years to come. The pullback from the 52-week high has improved the entry price in a meaningful way, and CIBR remains the most liquid and widely held vehicle in the category. For investors who want exposure to this theme without picking individual stocks, CIBR is the straightforward answer. About the ETF CIBR launched on July 7, 2015 , and is issued by First Trust. To qualify for the index, any company included has to be classified as a cybersecurity company by the Consumer Technology Association. Any company listed in this index also needs to have a minimum market cap of $250 million. The index weights holdings by underlying liquidity instead of market cap, a meaningful distinction to make for investors. Top Holdings CIBR (First Trust) The fund currently holds roughly $11.09 billion in net assets , and it trades at an average daily volume of approximately 794,000 shares. CIBR has an expense ratio of 0.59%, which is certainly higher than a broad index fund but in my view relatively reasonable for a more targeted sector strategy with 36 holdings. It is important to note that CIBR is the largest dedicated cybersecurity ETF by assets under management, which translates to more institutional coverage and better trading efficiency than any alternative you could find in the category. I will address some of the alternatives and direct comparisons with other ETFs seeking to capture this theme, but for CIBR, these are practical advantages that matter when sizing a real ...

One Reason This Energy Shock Is Not Like The One 15-Years Ago Arend Kapteyn, the global head of economics and strategy research and chief economist at UBS, told clients that one key reason the current Middle East conflict-driven energy shock "is not like 2011-2014" will be the absence of a comparable response from the shale patch, suggesting consumers are more likely to bear the brunt of the pain. Kapteyn noted that, on an inflation-adjusted basis, oil prices in 2011-2014 were actually higher than they are today, yet the U.S. economy absorbed that shock because the shale boom provided a lift to the industrial base. Soaring WTI crude prices at the time spurred oil/gas companies to increase drilling activity, production growth, and energy-sector investment. This helped create a tailwind for the US' manufacturing base and offset some of the drag from higher fuel costs. However, this is where the bullish U.S. economic case starts to look a little shaky. As Kapteyn noted, " The oil sector is much less responsive to prices than a decade ago ." The Trump administration has indicated that the oil price shock is temporary, suggesting shale drilling is unlikely to increase meaningfully or provide much of a tailwind for the manufacturing base. That means this time, the pain from higher energy prices is more likely to hit consumers directly through weaker spending power, with less offset from booming domestic oil investment. The shock at the gas pump begins: We warned: $5 Diesel Means A 35% Jump In Prices For US Consumers Kapteyn continued: A common question is why current oil prices should be a concern for the U.S. economy when prices were substantially higher in 2011-2014 and growth held up well. Over that earlier period, Brent averaged around $110/bbl—close to $145/bbl in today's dollars, roughly 23% above today's spot prices—yet U.S. GDP growth still averaged just over 2%. There are, of course, many differences relative to then : today's labor market is weaker, households a...

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HAMILTON, BERMUDA, March 19, 2026 – DHT Holdings, Inc. (NYSE:DHT) (the “Company”) has filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”). The report and the audited financial statements are available on DHT’s website www.dhtankers.com and in the attachment included with this press release. Shareholders may request a hard copy of the audited financial statements free of charge by sending an e-mail to info@dhtankers.com. About DHT Holdings, Inc. DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks; and our transparent corporate structure maintaining a high level of integrity and corporate governance. For further information please visit www.dhtankers.com. Forward Looking Statements This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company’s current views ...

金正恩視察步兵和坦克演習 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】北韓領袖金正恩視察步兵和坦克演習。 金正恩與女兒金主愛周四到訪首都防禦軍的訓練基地，視察步兵和坦克部隊的戰術演習。裝甲部隊模擬利用無人機和反坦克飛彈，攻擊敵方目標，敵後打擊部隊則模擬從伏擊位置，攻擊敵方無人機和直升機。金正恩和金主愛又乘坐新型坦克。金正恩高度評價各戰術部隊和坦克的攻防能力，又指新型坦克核心技術經過7年開發，在現代化取得巨大進步。他表示陸軍將大幅裝備新型坦克，要求各部隊爭取完成任何戰鬥任務。