In this article NVDA GLW Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 3:08 03:08 Corning and Nvidia team up to expand fiber optic production in the U.S. for AI Tech Nvidia , the chipmaker at the center of the artificial intelligence boom, is partnering with glassmaker Corning for three new advanced manufacturing facilities in North Carolina and Texas dedicated entirely to optical technologies for the world's most valuable semiconductor company. The factories will lead to the creation of at least 3,000 jobs and increase Corning's U.S. optical manufacturing capacity by 10-fold, the companies said in a joint press release on Wednesday. Financial terms weren't disclosed. Corning shares soared 15% on the news. Nvidia stock gained nearly 3%. The multiyear deal brings together two infrastructure players that have seen their fortunes skyrocket since the launch in 2022 of OpenAI's ChatGPT , which sparked an explosion of investments into new processors and systems for powering cutting-edge AI models and workloads. While the two companies didn't provide specifics about what's being developed, Nvidia is likely gearing up to replace copper with Corning's optical glass fibers in its AI rack-scale systems, an integration known as co-packaged optics. At Nvidia's GTC conference in 2025, Nvidia CEO Jensen Huang called co-packaged optics essential for the AI buildout. "What Nvidia is doing is nothing short of extraordinary, not just for the future of AI, but for the American advanced manufacturing workforce," Corning CEO Wendell Weeks said in a press release. Corning's stock is up over 250% in the past year as of Tuesday's close, driven by the 175-year-old company's rapid pivot into the new economy. In January, Meta announced it would spend up to $6 billion as the flagship customer helping Corning build out its optical cable plant in Hickory, North Carolina, an expansion that's expected to create around 1,000 jobs. NVIDIA CEO Jensen Huang speaks next to the NVIDIA V...

周三（5月6日），油价继续大幅走低。Axios报道称美国与伊朗正接近达成结束冲突的协议，令跌幅进一步扩大。 截至美国东部时间上午6：58，国际基准布伦特原油期货大跌9.2%，至每桶99.79美元，为4月22日以来首次跌破100美元。 与此同时，美国西得克萨斯中质原油（WTI）期货下跌10.9%，至91.10美元。两种原油期货前一交易日均收跌超3.9%。 Axios援引两名美国官员及另外两名知情人士报道称，白宫认为双方即将达成一项一页纸、包含14点内容的谅解备忘录，以结束战争，并为更详细的核问题谈判搭建框架。 据报道，美方预计伊朗将在未来48小时内对若干关键点作出回应。双方尚未达成任何协议，但知情人士告诉Axios，这是自2月28日战争爆发以来，华盛顿与德黑兰最接近达成协议的一次。 伊朗外交部发言人称，他们正在“评估”华盛顿提出的14点和平建议。白宫则暂未对此置评。 伊朗周三早些时候表示，只接受“公平”的和平协议。 美国总统唐纳德·特朗普周二在Truth Social上发文称，由于与伊朗的谈判取得进展，美方将暂停“自由计划”——一项仅一天前启动的、为商船通过霍尔木兹海峡护航的军事行动。 特朗普政府表示，因伊朗实际上封锁了霍尔木兹海峡，来自87个国家船只上的约2.3万名海员被困在波斯湾。 荷兰银行ING大宗商品策略主管沃伦·帕特森在一份研究报告中指出：“达成一项使石油能正常通过霍尔木兹海峡流动的协议至关重要。” 他补充说：“每天约1300万桶的供应中断目前主要靠库存弥补，但库存正在迅速下降。这使得市场一天比一天更脆弱。库存趋紧只会让石油交易更加动荡。” Azimut集团固定收益联合主管尼科洛·博钦警告称，飙升的石油和能源成本已在全球范围内抑制需求。即便水道重新开放，航运和贸易流恢复正常也仍需“数周时间”。 责任编辑：张俊 SF065

Microsoft's LinkedIn CEO, Ryan Roslansky, took on an expanded role at the company as head of Office last year, and he's now getting more responsibilities as part of the latest leadership reshuffle inside Microsoft. Sources tell me that the Microsoft Teams organization is moving to report to Roslansky, who will now lead a new Work Experiences Group at Microsoft. The changes are part of a broader reshuffle triggered by Rajesh Jha, executive vice president of Microsoft's experiences and devices group, retiring from Microsoft after more than 35 years. Jha was responsible for the teams behind Windows, Office, Copilot, and Microsoft 365, and Micr … Read the full story at The Verge.

Morgan Stanley is rolling out cryptocurrency trading on its E*Trade platform with a dig at rivals: cheaper pricing. The Wall Street bank is charging clients 50 basis points on the dollar value of each crypto transaction — undercutting Coinbase Global Inc. , the biggest crypto exchange in the US, as well as Robinhood Markets Inc. and Charles Schwab Corp . The offering is in pilot now, with all of E*Trade’s 8.6 million clients set to gain access later this year. The launch is Morgan Stanley’s latest volley in what executives describe as a road map to soak up share in an asset class that was, until recently, all but off limits for banks. The firm is betting traditional finance and so-called decentralized finance, or “defi,” will converge, and is building out crypto-related offerings across its business lines to lure customers who previously had to go elsewhere. “This is much bigger than trading crypto at a cheaper rate,” Jed Finn , Morgan Stanley’s head of wealth management, said in an interview. “In a way, the strategy is disintermediating the disintermediators.” After years of intense regulatory scrutiny, President Donald Trump ’s second term ushered in a new era for the digital asset industry. During his campaign, he vowed to make the US the “crypto capital of the planet.” That extended to banks, which had been subject to regulatory measures discouraging them from doing much in the space up until recently. Inside Morgan Stanley, discussions on how to expand in crypto have ebbed and flowed for years. Efforts to stand up various offerings at times collided with price crashes that sapped client interest, as well as regulatory pushback. After Trump won the 2024 election, talks on how to expand in the space gained momentum once more. Executives decided to offer spot trading on E*Trade and set out making plans to do so last year. In September, Morgan Stanley said it would partner with crypto infrastructure provider Zerohash to let clients trade popular coins, beginning wi...

AMD predicts 20%+ gaming decline due to higher costs OC3D

Supatman/iStock via Getty Images The calm period before Fidelity National Information Services' ( FIS ) upcoming quarterly report was interrupted by an announcement of a partnership with Anthropic ( ANTHRO ) on the development of an AI agent focused on the investigation of financial crimes. The report was released just the other day, and in spite of the initial hype in the after-hours of trading, it did not have a material impact on the stock's performance. On a 3-year basis, FIS is still down by 11%, is significantly underperforming the equity market, and is about 70% below its all-time highs in 2021. Data by YCharts The last time I covered FIS was back in late 2024 when the stock was trading at nearly $90 apiece, and I downgraded it on the basis of its valuation multiples being hard to justify and some red flags appearing. Needless to say, since then FIS lost nearly half of its value. But as the news emerged about FIS involvement with Anthropic and the stock is not trading at one of its lowest multiples in a decade, it is easy to see why some investors might turn bullish on the stock. The upcoming earnings release later this week will shed some additional light on all that, but until then it is worth taking a sober look at FIS. Data by YCharts The Low Multiples In Context When outlining that FIS is priced conservatively on a historical basis, we should make clear that there are some important caveats. One reason why I use sales multiple above is because other valuation metrics could give us the wrong impression about the stock. The price-to-book multiple is also at record lows, but the book value of equity could easily become a meaningless figure in the case of FIS. Data by YCharts The reason why I say this is because the book value of equity represents the net asset value that is attributable to equity holders. These assets are usually the most risky ones from the balance sheet, as other stakeholders in the company are paid first in the event of bankruptcy. The p...

New Disney CEO Delivers Earnings Beat As "Important Change" Underway Disney reported better-than-expected second-quarter results, driven by momentum across entertainment, sports, and experiences, while reaffirming its positive outlook for the year. " At an important moment of change for Disney , we remain focused on executing our long-term growth strategy," Disney wrote at the beginning of the earnings release. The entertainment company continued, "Our creative and operational momentum drove strong quarterly results, and we continue to expect growth to accelerate in the second half of the fiscal year." "We are strengthening streaming through continued investment in the creative storytelling that defines us and in product and technology innovation, while advancing ESPN's direct-to-consumer future and delivering on our bold growth plans at Disney Experience," the introduction to the earnings release concluded. Here's a snapshot of the second quarter, courtesy of Bloomberg: Adjusted EPS $1.57, estimate $1.51 (Bloomberg Consensus) Revenue $25.17 billion, +6.5% y/y, estimate $24.87 billion Entertainment revenue $11.72 billion, estimate $11.39 billion Sports revenue $4.61 billion, estimate $4.59 billion Experiences revenue $9.49 billion, estimate $9.4 billion * Total segment operating income $4.60 billion, +3.8% y/y, estimate $4.38 billion Entertainment operating income $1.34 billion Sports operating income $652 million Experiences operating income $2.62 billion Disney expects 2026 adjusted EPS growth of around 12%, excluding the impact of a 53rd week, or about 16% including it. It also plans to repurchase at least $8 billion in shares this year and continues to expect double-digit adjusted EPS growth in fiscal 2027. Disney shares jumped as much as 8% in premarket trading in New York. The stock remains roughly 50% below its 2021 peak and is still locked in a narrow 3.5-year trading range, oscillating between about $80 and $120. Disney shares need a clean break over $120 t...

回顾其整个职业生涯，巴菲特坦言仅遇到过约五次真正具有极高价值的投资机会

碳化钨价格在过去七个季度走出了一条惊人的曲线:从2025年初的340元/千克,涨至2025年末的1035元/千克,再涨至2026年Q1的2290元/千克——七个季度涨幅近6倍,过去两个季度涨幅超3倍。 跟价格走势同步的,是欧科亿(688308)2026年Q1业绩预告:归母净利润同比增长2248%-2770%,有望创公司上市以来新高。 更值得注意的是,5月初一家叫Western Star Resources的公司向美国国防工业基地联盟提交关键矿产项目提案申请,聚焦钨供应,CEO5月将赴华盛顿讨论。原因是美国自2015年以来无商业化钨矿山投产,而2027年美国法律将禁止部分国家钨用于关键国防用途。 把这三件事放在一起看,你会发现钨价飙升不是普通的"商品周期",而是一次明确的国家级博弈结果。 跟2010年的稀土卡位、2023年的镓锗管制相比,这次钨的卡位反制有相似的剧本,但更加成熟。 要理解这次钨价飙升真正的含义,必须把它放进一个更长的框架里看——中国战略矿产"卡位反制"四步走。 这就是接下来要带你看清的框架。 01 什么是"卡位反制" 先把这个核心概念说清楚。 "卡位反制"是中国在大国博弈中应对西方科技封锁的一种结构性反应。它不是关税战、不是贸易战,而是利用中国在某些战略矿产上的"全球供应集中度"优势,选择性地对出口进行管制。 跟传统的反制工具相比,卡位反制有三个特征: 第一,精准锁定:不是普遍出口管制,只针对特定战略矿产、特定品种、特定下游用途。比如稀土只管制重稀土、镓锗只管制半导体级、钨只管制硬质合金级。 第二,长杠杆比:这些战略矿产在下游产业链中通常占成本极小比例(1-5%),但缺它就不能生产。这种"小成本+不可替代"的特征,带来巨大的反制杠杆。 第三,合规性强:中国不直接说"不卖给某国",而是用许可证制度、出口配额制度等合规手段调节供给——这让反制具备国际法层面的稳健性。 理解了这三个特征,你就能看出"卡位反制"和普通商品周期的本质区别——它是一种基于产业链结构优势的国家级议价工具,而不是市场供需的自然波动。 02 卡位反制的"四步走"框架 把过去十几年中国战略矿产的关键节点串起来,会看到一条清晰的"四步走"路径。 第一步·稀土(2010-至今):卡位反制的1.0版本 中国占全球稀土产量约70%、永磁材料产量约90%以上。2010年中国曾对稀土实施出口配额削减,...

業績丨百濟神州首季經調整利潤升1.75倍 調高全年盈利指引 信報網站

Germany says vaccine supply secure despite BioNTech production loss Reuters

专题：聚焦美股2026年第一季度财报 核心要点 优步 一季度营收同比增长 14%，略低于分析师预期。 公司预计本季度 总订单交易额 可达 562.5 亿至 577.5 亿美元，超出市场预期。 受股权投资估值重估影响，优步一季度净利润遭受 15 亿美元 冲击。 2026 年 1 月 22 日，优步首席执行官达拉・科斯罗萨西出席瑞士达沃斯世界经济论坛，在 CNBC 节目中发表讲话。 这家网约车巨头周三公布一季度营收不及市场预期，但给出的当季订单交易额指引大幅超越分析师预测，财报发布后 股价飙升 10% 。 路孚特统计的华尔街预期与优步实际业绩对比： 每股收益：0.13 美元，预期 0.70 美元 营收：132 亿美元，预期 132.9 亿美元 优步表示，由于 股权投资公允价值重估 ，一季度净利润受到 15 亿美元拖累。公司在财报中称， 非通用会计准则每股收益为 0.72 美元 。优步持有亚洲出行企业 滴滴 与 Grab 的股权。 受此次估值重估带来的 税前利空 影响，公司净利润从去年同期 17.8 亿美元骤降至 2.63 亿美元 ；一季度营收同比增长 14%，从 115 亿美元增至 132 亿美元。 外卖配送是优步增长最快的业务板块，一季度营收从去年同期 37.8 亿美元增至 50.7 亿美元 ，同比大涨 34%，高于分析师平均预期的 48.9 亿美元。 公司称，澳大利亚、日本、英国外卖业务增长势头强劲。 营收整体不及预期，主要受 ** 出行业务（网约车）** 拖累：该板块营收同比仅增长 5%，至 68 亿美元，低于市场预期的 71.1 亿美元。 优步 CEO 达拉・科斯罗萨西在财报电话会议发言稿中表示，公司身处 复杂宏观环境 ：极端天气扰动、地缘政治紧张、油价大幅波动。自今年 2 月美国对伊朗开展军事行动以来，美国油价已暴涨约 50%。 油价走高对自付燃油成本的优步司机冲击尤为明显。今年 3 月末，优步推出司机燃油补贴及多项优惠政策，有效期持续至 5 月末。 一季度平台总出行订单量达 36 亿单 ；总订单交易额同比增长 25%，至 537 亿美元 ，高于市场预期的 528 亿美元。 二季度公司预计总订单交易额区间为 562.5 亿 —577.5 亿美元 ，优于市场一致预期的 561.7 亿美元。 优步持续布局自动驾驶领域，计划在合作车企的无人车通过安全验证、可实现 无...

财联社5月6日讯（编辑 夏军雄） 由于伊朗战争导致霍尔木兹海峡航运受阻，直接造成中东石化运营大面积中断，全球石化产业链从上游原料到下游产品均受到严重冲击。 美银证券于5月4日发布的全球能源周报字指出，在这场针对石油产业链的冲击中，区域分化明显，亚洲首当其冲，而美国与欧洲则可获得阶段性红利。 中东对石化产业链的重要性 中东是全球第三大乙烯和丙烯生产中心，仅次于中美，其大量石化产能依赖霍尔木兹海峡进行外运。当霍尔木兹海峡关闭后，化工产品无法出口，库存迅速累积，企业被迫降低负荷甚至停产。 波斯湾地区在多种基础化学品中的产能占比达到5%至16%，在衍生品领域亦占据类似份额 。 （中东地区生产的化学品全球占比） 更为严峻的是，战争本身还对生产设施造成破坏。 据估算， 中东超过一半的石化产能在冲突中受到影响或损毁 。这意味着，即便霍尔木兹海峡航运恢复，供给回归也难以在短期内实现，行业仍需经历设备修复与系统重建的过程。 亚洲承压 在全球石化版图中，亚洲既是最大生产中心，也是最脆弱的一环。 该地区占据了全球近一半的乙烯产能和约60%的丙烯产能 ，但其生产体系高度依赖进口原料，尤其是来自中东的石脑油和液化气。 2025年，约32%的海运原油、37%的石脑油以及24%的液化石油气（LPG）通过霍尔木兹海峡运输，其中大量流向亚洲市场。 （2025年通过霍尔木兹海峡运输的化石燃料全球占比） 由于原料断供， 亚洲平均产能利用率已降至70%以下（80%通常被视为盈亏平衡线） ，其中，韩国和中国台湾地区甚至低于60%。这意味着，大量装置在经济上已处于亏损状态。 作为亚洲第二大、全球第六大乙烯生产国，韩国约一半乙烯产能已降负荷运行，部分装置停产。 印度开工率从战前约90%降至65%，部分原料被优先转向居民消费。石脑油约占其乙烯原料的60%，且90%的LPG进口来自中东。 日本几乎所有原油和石脑油进口都来自中东。战前日本石化行业已因产能过剩而挣扎，战争进一步加剧了计划内设施的关闭压力 。 欧美相对受益 与亚洲形成鲜明对比的是，美国与欧洲在此次冲击中成为相对受益方。 欧洲方面，石化装置开工率仅小幅下降约3%，整体运行仍较为稳定。同时，由于原料成本相对较低，欧洲企业在成本端具备一定优势。随着进口减少，下游需求转向本地生产，推高了产品价格，使得利润空间扩大。 美国的受益则更为明显。凭借丰富的本土乙烷和天然...

记者从国家税务总局广东省税务局了解到，今年4月15日至5月5日第139届广交会期间，广东地区（不含深圳）离境退税开单3.5万份，同比增长9.83倍。自2026年5月1日起，境外旅客在广东（含深圳）、广西、海南任意一地办理离境退税“即买即退”并申领预付金后，可在三省区任一离境退税口岸离境。这意味着，境外旅客在华购物退税进一步打破“购物地—离境口岸”必须对应的地域限制，在华南地区实现更大范围的跨区域互认。（央视新闻）

業績丨百濟神州首季經調整利潤升1.75倍 調高全年盈利指引 信報網站

業績丨百濟神州首季經調整利潤升1.75倍 調高全年盈利指引 信報網站

格隆汇5月6日｜美国总统特朗普在社交媒体上发文称：如果伊朗同意履行已经达成一致的内容(这或许本身就是一个很大的假设)，那么这场已具有传奇色彩的“史诗之怒”行动将宣告结束，而这场极其有效的封锁也将允许霍尔木兹海峡向所有国家开放，包括伊朗。如果他们不同意，轰炸将重新开始，而且遗憾的是，其规模和强度都将远高于此前水平。

AMD Expands ROCm Support On Windows WSL To More Ryzen Hardware Phoronix

S Bank Fund Management Ltd Decreases Holdings in Qualcomm Incorporated $QCOM MarketBeat

格隆汇5月6日｜香港联交所权益最新披露显示，中手游(00302.HK)董事长兼CEO肖健于今日再度增持，此轮自4月8日以来的“小步快跑”式增持，正式突破百万股关口。 产业资本层面，中手游同样迎来强力加持。4月底，公司完成向世纪华通、贪玩游戏等战略投资者配售1.23亿股，净募资2950万港元全额用于加码游戏发行。业务端来看，公司2026年手握19款新游储备，多款产品已进入上线筹备周期，后续管线供给充足。 管理层持续大额增持，头部产业资本入局背书，叠加新游管线密集释放、全球化业务稳步推进，多重利好共振下，公司业绩有望进一步回暖，后续估值修复潜力值得市场持续关注。

罗博特科公告，公司全资子公司ficonTEC及其子公司于2026年4月8日至5月1日期间，分别与公司B的子公司及公司F签署了日常经营重大合同。与公司B的子公司签署合同金额约为2680万美元，折合人民币约为1.83亿元。与公司F签署合同金额约为3226万美元，折合人民币约为2.2亿元。上述合同涉及量产化测试设备、耦合设备、视觉检测设备等，预计将对公司未来年度经营业绩产生积极影响。

白宫经济顾问凯文·哈塞特在接受福克斯商业频道采访时表示，私募信贷行业的当前状况尚未达到可能引发金融危机的程度。 他表示，私募信贷的架构设计时已对系统性风险保持了“敏锐的关注”，“因此，尽管有些人可能对回报感到失望，但我认为那些未参与私募信贷的人无需担心这种情况会蔓延至市场其他领域”。 责任编辑：李安桐

百濟神州首季淨利潤飆178倍 上調全年總收入指引 on.cc東網

mellypage/iStock via Getty Images EOG Resources ( EOG ) reported first-quarter results that exceeded Wall Street expectations, but a muted outlook and signs of limited near-term growth momentum sent shares down 6.9% in premarket trading Wednesday. The stock had risen 30% through Tuesday’s close. The company, one of the largest independent U.S. oil and gas producers with operations across the Permian Basin, Eagle Ford and Bakken, posted revenue of $6.92 billion, topping the consensus estimate of $6.91 billion. Adjusted earnings came in at $3.41 per share, beating expectations of $3.21. Strong pricing and execution drive earnings beat The company benefited from a supportive commodity backdrop and strong operational execution, with oil, natural gas and natural gas liquids volumes all exceeding guidance midpoints. Free cash flow totaled $1.5 billion in the quarter, underscoring the strength of its asset base. Chief Executive Ezra Yacob said in the earnings announcement, “EOG delivered exceptional results in the first quarter, with oil, gas, and NGL volumes exceeding the midpoints of guidance while maintaining rigorous cost discipline.” Forward realizations and mix raise margin concerns Despite the strong quarter, investors appeared focused on the company’s forward outlook, which points to less favorable pricing dynamics at the margin. EOG Resources ( EOG ) expects natural gas liquids realizations to decline meaningfully in the second quarter, with pricing projected at roughly 27% of WTI crude at the midpoint, down from about 31% in the first quarter. In addition, U.S. natural gas realizations are expected to remain below benchmark Henry Hub pricing, highlighting ongoing pressure in gas markets even as oil prices remain elevated. Growth outlook fails to match bullish macro backdrop The company modestly increased its full-year oil and NGL production outlook after reallocating capital toward liquids-rich assets, but near-term growth remains limited. Second-quarter guidance...

Source: Bloomberg, 0:00

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Holley press release ( HLLY ): Q1 GAAP EPS of $0.06 in-line. Revenue of $147.3M (-3.7% Y/Y) misses by $6.7M . Net Cash Used in Operating Activities was $2.9 million compared to $7.8 million last year Adjusted Net Income1 was $5.7 million compared to $2.6 million last year Adjusted EBITDA1 was $27.3 million compared to $27.3 million last year Adjusted EBITDA margin1 was 18.5% compared to 17.8% last year Free Cash Flow1 was $(6.3) million compared to $(10.8) million last year More on Holley Holley: Shares Are Cheap, But I'd Like Them To Be Cheaper Still Holley Inc. 2025 Q4 - Results - Earnings Call Presentation Holley Inc. (HLLY) Q4 2025 Earnings Call Transcript Holley Performance Brands acquires Italian racewear brand HRX Holley outlines 2026 revenue growth target of 4–4.5% while expanding product innovation and cost savings

巴菲特认为AI如果被恶意使用，将带来极其糟糕的后果

截至4月中旬，诺和诺德在美国的口服减重药每周处方量已达到20万张，第一季度司美格鲁肽口服减重药处方量为130万张，上市以来累计处方量超过200万张。 5月6日，减重药厂商诺和诺德公布第一季度财报，这是该公司口服司美格鲁肽减重药上市以来的首份财报。 财报显示，第一季度营收和调整后营业利润均高于预期，公司前景略有改善。 今年第一季度，诺和诺德业绩受口服减重药上市的提振。公司表示，截至4月中旬，其在美国的口服减重药每周处方量已达到20万张，第一季度司美格鲁肽口服减重药处方量为130万张，上市以来累计处方量超过200万张。 财报显示，诺和诺德第一季度调整后利润为328.6亿丹麦克朗（约合51.6亿美元），公司还将今年的整体销售额和营业利润进行了上调，预计较上一年的下降幅度略有收窄，为4%至12%区间。 诺和诺德CEO杜斯特达尔（Mike Doustdar）在一份声明中表示：“Wegovy（司美格鲁肽减重药）的强劲表现，加上国际业务的持续增长，支撑我们提高了对2026年调整后销售额和调整后运营利润的指引。” 晨星公司在诺和诺德财报公布后发布的一份投资者报告中写道，口服司美格鲁肽减重药以有史以来最快的速度迅速占领市场。不过，从收入占比来看，第一季度口服司美格鲁肽减重药的销售额为22.6亿丹麦克朗（约合3.5亿美元），与司美格鲁肽注射剂182.3亿丹麦克朗（约合28.5亿美元）的销售额相比仍有较大差距。 尽管诺和诺德的口服减重药获批早于礼来，但礼来的口服减重药在上个月获批后增长势头迅猛，分析师预计礼来可能会快速抢占口服减重药的市场份额。上周礼来公布财报，预测该公司的GLP-1类减重药需求将迎来激增。 另一方面，司美格鲁肽在包括中国在内的多个国家的核心分子专利已于今年3月到期，仿制药厂商也在加入竞争。在激烈的市场竞争环境影响下，近一年来，诺和诺德股价下跌接近40%，目前市值略高于1500亿美元。 投行巴克莱（Barclays）分析师詹姆斯·戈登（James Gordon）表示，司美格鲁肽口服减重药最初的上市情况比人们想象的要好，但仍有很多变化因素会影响该药品的收入，市场竞争只是一方面，其他因素还包括患者剂量的选择。“即使总体处方增长保持强劲，但如果从低剂量向高剂量的转变慢于预期，也会对收入造成压力。” 此外，诺和诺德与礼来等大型制药商也在美国及全球市场上面临药品降价的压力。

2026年5月11日,中芯国际(688981)将迎来上交所并购重组委的审核——审核内容是公司发行股份购买资产事项。截至本文发稿,具体的标的资产清单尚未由公司主动披露,但市场普遍预期与晶圆制造产能或半导体产业链关键环节相关。 如果只看这次并购,会丢掉一个更值得理解的对照—— 时间倒推到 2020 年 5 月 5 日,中芯国际宣布将在科创板IPO。 那是一个标志性的日子。 紧接着的两个月里,中芯国际创造了多项纪录:6月1日上交所受理上市申请;6月19日过会(从受理到过会仅18天);6月29日证监会同意注册;7月16日正式登陆科创板。全程不到73天。 最终募资 532.3亿元——A股近10年来最大IPO,科创板史上最大IPO,首家"A+H"红筹企业。开盘当日涨245.96%,首日成交额479.67亿元(相当于科创板全部成交额近50%)。战略配售认购金额合计242.61亿元,占总发行的50%——背后是国家集成电路产业投资基金二期、中国信息通信科技集团、国新投资、上海集成电路产业投资基金等"半导体国家队"。 这是一次"国家队总动员"的资本动作。 而六年后的2026年5月11日,中芯国际启动的是并购重组——不是再融资、不是再上市,而是发行股份购买资产。 这两次资本动作,做的不是同一件事。 2020年的中芯,是一家"急需补产能"的公司,资本运作的目的是融资。 2026年的中芯,是一家"已经站稳脚跟"的公司,资本运作的目的是整合。 从融资到整合,这两个动词的差异,折射的是中国半导体产业过去六年走过的真实路径。 接下来这篇文章,我用四个维度的对照,带你看清中芯国际两次资本动作之间,中国半导体产业的代际变化——以及2026年5月11日这次并购真正的产业含义。 第一份对照：钱要做什么 理解这两次资本动作的差异,要先看资金用途。 2020年中芯回A募资532亿,资金分配清单: - 约 40% 投入"12英寸芯片SN1项目"——也就是中芯南方一期,主要用于14纳米及以下先进工艺的研发和量产。当时该工厂目标产能 3.5万片/月,投资总额 120.4 亿美元。 - 约 20% 投入"先进及成熟工艺研发项目储备资金" - 约 40% 用于补充流动资金 每一笔钱的去向都指向一个事实:中芯的钱,是用来"建厂"的。 那一年(2020),中芯国际的最先进制程节点是14纳米,与全球龙头(当时台积电主力是5纳...