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一项旨在禁止机构投资者购买独栋住宅用于出租的法案正在国会推进，但许多大型机构已开始抛售数千套房产，且这一趋势已持续两年。 房地产数据分析公司Parcl Labs的研究显示，目前美国最大的一批投资者已成为房产净卖家。 在各大主要都会区房产市场，投资者房源在挂牌出售房源中的占比，均高于其在总住房存量中的占比。在达拉斯、费城、休斯顿等城市，投资者抛售力度最大。达拉斯的投资者持有当地9.2%的住房存量，却贡献了22.8%的新增挂牌出售房源。 据Parcl数据，FirstKey Homes的抛售意愿最为强烈，其挂牌房源数量是同行的两倍多。该公司还大幅降价，平均折扣达原价的10%，且每20天左右就会下调一次价格。 Parcl Labs联合创始人贾森・卢里斯表示：“当前房产市场波动剧烈，投资者正设法降低风险敞口。”他指出，租金收益已不及出售房产所能获得的回报。 “因此，套现离场、观望市场走向，是风险调整后更优的选择。”他说道。 美国最大上市房东之一的Invitation Homes，在2025年第四季度财报中披露，其全资收购的368套房产均为从多家开发商处购入的新建住宅；同期出售了315套存量房。 2025年全年，Invitation Homes全资收购的2410套房产“几乎全部”通过与开发商合作购入，同时出售了1356套全资持有的房产，“买家多为自住家庭”。 为推动住房可负担性，1月下旬，特朗普总统签署行政令，限制大型机构投资者购买独栋住宅用于出租，但专门用于出租的新建住宅不在限制范围内。 白宫随后向国会提交法案草案，提议禁止持有超过100套独栋住宅的投资者再购入此类房产，但无需出售现有房源。参众两院法案对“大型投资者”的界定门槛不同，但差距不大。 美国银行 分析显示，独栋租赁住宅约占美国住房存量的10%；其中80%由“夫妻店”式小房东持有（每套房产不超过10套），持有10至1000套房产的中型投资者占17%，持有超1000套的大型机构仅占3%。 不过，这一数据正在下降。 次贷危机引发大衰退后，投资者曾大举涌入房产市场。部分地区房价腰斩，止赎房产激增，投资者以低价抄底并将其转为高收益租赁房源。 随着市场复苏，投资者集中抢占刚需房源，导致面向自住买家的入门级房源供应减少。在亚特兰大等城市，普通购房者难以与通常现金出价的投资者竞争，部分社区几乎被投资者完全持有。 但据Parcl数据...

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South East Water Ltd . is set to face financial penalties after an investigation found it caused or worsened multiple outages that affected nearly 300,000 customers since 2020. Industry regulator Ofwat said it wanted to fine South East Water after a years long investigation found the utility failed to maintain key assets so couldn’t meet periods of high demand. The findings were included in a High Court court ruling published on Wednesday, after South East Water tried to prevent Ofwat from issuing the penalty and publishing its plans. Its chief financial officer Andrew Farmer had argued that the penalty could result in a credit rating downgrade and derail efforts to draw in new investment. South East Water is under intense scrutiny and regulatory pressure over repeated failures in its operations that have left customers across Kent and Sussex without reliable water supplies with some areas enduring days of boil water notices or no running water. “We recently filed for judicial review of an Ofwat draft decision and sought an injunction. Following a hearing, the court did not grant the interim injunction. We respect the court’s decision on this,” a spokesperson for South East Water said. The company has been beset by major service breakdowns including a treatment works shutdown in late 2025 and then a burst mains in 2026 prompting widespread criticism, including from lawmakers who called for chief executive David Hinton to resign. However, Hinton instead blamed climate change and alterations in people’s working patterns following the pandemic on the outage last year. On Feb. 18, Ofwat told senior employees at South East Water that it was planning to shortly publish its decision to impose a penalty. The amount of the proposed penalty has not yet been set, the judge said. Less than a week later, South East Water filed a claim to the court, seeking to block both the penalty and its publication. However, the judge said in the ruling that “SEW’s case is far from compelling...

自去年全国两会期间“体重管理年行动”提出后，肥胖症正越来越多地作为一种慢病被重视，并逐步被纳入慢病防控体系。 3月4日是世界肥胖日。肥胖已经成为社会高度关注的重要议题。根据礼来中国援引数据，2025年我国超重与肥胖症总经济成本已达1万亿元人民币。 自去年全国两会期间“体重管理年行动”提出后，肥胖症正越来越多地作为一种慢病被重视，并逐步被纳入慢病防控体系。 今年围绕体重管理的议题继续成为各界关注的焦点。全国人大代表、迈普医学董事长袁玉宇就表示，将围绕慢病与体重管理院外连续服务的体系建设以及优化糖尿病等慢病的社会保障方面提出建议。 此前，各地省市也有多位代表、委员围绕体重管理建言献策，呼吁以循证医学为基础推动规范化诊疗路径建设，强化早筛查和早干预，前移慢病管理关口。杭州甚至已经以立法形式将体重管理写进《杭州市全民健康促进条例》。 上海市第十人民医院肥胖管理中心主任曲伸教授高度重视科学治疗肥胖症。他对第一财经记者表示：“科学减重不应流于口号，而应靠全社会的力量付诸实践。” 曲伸表示，2025年，我国肥胖症诊疗实现了从单纯减重向慢病治理的关键跨越，诊疗上构建了“中心化+多学科协同”体系，技术上迈向了AI赋能的精准管理。尽管仍面临区域适配、药物创新与人文关怀等挑战，“早干预、长期管、多协同”的路径已逐渐清晰，肥胖症防控将更趋科学高效。 减重药厂商作为推动肥胖症趋于慢病管理的关键力量，也高度关注国家在体重管理方面的政策。据礼来中国总裁最新发布的署名文章：“2025年我国超重与肥胖症总经济成本已达1万亿元人民币，其中职场缺勤、效率流失、人才流失等间接损失占比近六成。” 为此，礼来中国已经决定将正式把体重管理药物纳入员工福利体系，为符合肥胖适应症的员工报销相关处方药费用。 中国的创新药企也被视为推动这一轮GLP-1类减重药物发展的关键力量。有数据显示，全球临床在研GLP-1药物多达100多款，其中近一半来自国内药企。 而随着未来创新减重药大规模向院外“消费级”推广，专家呼吁，应密切关注此类新药对人体的长期副作用。 全国政协委员、复旦大学上海医学院副院长朱同玉在今年的全国两会上针对药物的严重不良风险共济制度及患者权益保障提出建议。他认为，随着我国创新药的不断发展，进一步提高了国家法律和行业规制层面上出台严重不良事件相关的风险治理与救济制度的必要性和紧迫性。 为此，朱同玉建议，一方面是...

"I wish Hezbollah had not done it. Now we are homeless and humiliated. Who is happy now? What did they get out of this except for us having to leave our homes?"

知情人士称，美国政府将无限期豁免 俄罗斯石油 公司德国分公司免受对该石油巨头的制裁。 德国经济部表示：”我们正在与美国有关当局进行密切和非常有建设性的对话，以期尽早延长美国的相关豁免。” 在俄乌冲突后，柏林与俄罗斯长达数十年的能源关系破裂，德国于2022年对俄罗斯石油公司在当地的资产进行了托管。 这些资产包括PCK Schwedt炼油厂的股份，该炼油厂是首都地区的主要燃料供应商。 美国财政部外国资产控制办公室预计将于周五宣布一项决定，但时间仍有可能发生变化。 责任编辑：李桐

格隆汇3月4日｜以色列国防军：自行动开始以来，已向伊朗发射超过5000枚弹药。

Douglas Rissing/iStock via Getty Images The Iran war has slowed oil exports through the Strait of Hormuz to a crawl, leading to the expected result: a surge in energy prices. So far, so expected. The bigger, more important question: How long will the spike last? The stakes surrounding the answer are high since the path of energy prices could influence an array of macro factors, including economic activity, interest rates and monetary policy. The US crude oil benchmark (West Texas Intermediate) has increased sharply in trading so far this week, jumping nearly $75 a barrel by the close of trading yesterday (Mar. 3). Year to date, WTI is up 30%, and spot gasoline in the US is trading 44% above its 2025 close. Crude Risk The optimistic spin is that once the war is over, energy prices will quickly return to the subdued levels that prevailed before the Iran war dominated trading. “The primary near-term driver for oil prices remains the US-Iran conflict,” said OANDA senior market analyst Kelvin Wong. “At this stage, only clear signs of de-escalation could mitigate or reverse the current bullish ‌trend for WTI, and such signals are currently lacking.” The key choke point is the Strait of Hormuz, which is a crucial trade route for energy. A fifth or more of the seaborne oil exports flow through this narrow channel, whose shores include Iran and Saudi Arabia. The war has dramatically reduced shipping through the strait. “It’s a de facto closure,” said Dan Pickering, chief investment officer of Pickering Energy Partners, a Houston financial services firm. “You’ve got a significant number of vessels on either side of the strait, but no one is willing to go through.” Shipping Flow Attacks on shipping have become “a huge deterrent for all but a few shipping companies and charterers,” said Martin Kelly, head of advisory at maritime intelligence group EOS Risk. The White House is trying to counter the risk , announcing on Tuesday that the US will “immediately” offer “political risk...

格隆汇3月4日｜近日，力拓集团与宁德时代签署《关于建立合作伙伴关系之谅解备忘录》，双方将围绕电气化战略发展与创新、供应链与循环经济以及商业与合作机制三大方向展开深度合作，共同把握低碳转型带来的产业新机遇。

Iran could disrupt the Strait of Hormuz with drones for months Reuters

Buyer interest in Russian oil up in Asia, but prices steady, traders say Reuters

ZeroStack ( ZSTK ) on Wednesday said it had secured a $6.5M order for distribution in Germany, to be fulfilled through its wholly owned subsidiary, Phatebo GmbH. Phatebo GmbH , the company’s largest revenue contributor, provides recurring cash flow while the company expands its AI-focused investment portfolio. The order will strengthen the company ’s position in the European pharmaceutical supply chain and underscore its ability to execute high-value distribution agreements with global healthcare groups. Shares +9.64%. More on Flora Growth Seeking Alpha’s Quant Rating on Flora Growth Historical earnings data for Flora Growth Financial information for Flora Growth

France and Germany’s next-generation fighter jet project could soon be “dead”, one of the two companies tasked with delivering it has warned, amid a worsening corporate rift over who gets to build the aircraft. Dassault Aviation, France’s leading warplane maker, said Airbus’s defence arm – which represents Germany and Spain – needed to cooperate on the €100bn programme otherwise it would collapse. “Airbus doesn’t want to work with Dassault, full stop. I take note. I never said I didn’t want to work with Airbus or with the Germans,” said Éric Trappier, Dassault’s chief executive, via an interpreter while presenting the company’s financial results on Wednesday. “If Airbus maintains its position of not wanting to work with Dassault, the matter is dead,” he added. The two companies have been locked in a dispute over how to share the work on the jet component of the Future Combat Air System (FCAS), with Dassault claiming it should take the lead and that Airbus should take a backseat. The wide-ranging project, which will also include autonomous drones and a futuristic “combat communications cloud”, was announced nearly nine years ago but has since come to represent Europe’s inability to cooperate effectively on defence as the region seeks to rearm. Trappier said: “Dassault was the selected leader … I understand that Airbus doesn’t like that decision but we are making sure that we comply with the contract.” He also disputed the assertion by the German chancellor, Friedrich Merz, that the planned warplane did not suit Germany’s needs. The German military did not need a nuclear-capable fighter, while France did, Merz said last month, insisting it was “not a political dispute” but a technical one between the two countries. Trappier said: “I’ve heard what the chancellor said. I know that he’s now talking about having two planes instead of one. And that could be explained by the fact that there are different operational needs [between the two countries]. “My highest authorities...

Big Tech is set to agree to build its own power plants for data centers and shield consumers from rising electricity costs, but companies face daunting logistical obstacles to delivering on the pledge championed by President Donald Trump. At a White House event on Wednesday, executives from Amazon, Google, Meta, Microsoft, xAI, Oracle, and OpenAI are due to sign the pledge to supply their own power instead of relying on a grid connection. Trump hailed the plan in his State of the Union speech last week, promising US consumers that “no one’s prices will go up” as a result of “energy demand from AI data centers.” Read full article Comments

Oil prices are falling for the first time since the attack on Iran.

格隆汇3月4日｜黑石(BX.US)涨3%，报114.25美元。消息面上，知情人士透露，逾25位黑石高管(许多来自信贷业务部门)共同投入约1.5亿美元，认购黑石私募信贷基金。该公司也动用2.5亿美元自有资金，有助于应对约38亿美元的创纪录赎回请求(相当于净资产的7.9%左右)。事实证明，这场及时雨至关重要，规模达820亿美元的旗舰级基金BCRED因而能在不调整要约赎回条款的情况下，向投资人支付资金，也避免在市场情绪敏感之际释出可能引发负面解读的讯号。(格隆汇)

Image source: The Motley Fool. Wednesday, March 4, 2026 at 8:30 a.m. ET Call participants Chief Executive Officer — Fran Horowitz Chief Financial Officer — Robert J. Ball Executive Vice President and Chief Operating Officer — Scott D. Lipesky Takeaways Net sales -- $1.67 billion for the quarter, representing 5% growth with record fiscal fourth quarter sales at both Abercrombie & Fitch ANF 7.92% ) -- $1.67 billion for the quarter, representing 5% growth with record fiscal fourth quarter sales at both Full-year net sales -- $5.27 billion, a record for the company, reflecting 6% growth and surpassing $5.0 billion for the first time. -- $5.27 billion, a record for the company, reflecting 6% growth and surpassing $5.0 billion for the first time. Americas region net sales growth -- Up 5% in the quarter and 7% for the year, driven by cross-channel traffic and store expansion. -- Up 5% in the quarter and 7% for the year, driven by cross-channel traffic and store expansion. EMEA region net sales growth -- 8% increase in the quarter and 6% for the year, with double-digit growth in the UK and good growth in the Middle East. -- 8% increase in the quarter and 6% for the year, with double-digit growth in the UK and good growth in the Middle East. APAC region net sales growth -- 9% increase in the quarter and 5% for the year, led by digital platform performance. -- 9% increase in the quarter and 5% for the year, led by digital platform performance. Abercrombie brands -- Fiscal fourth quarter net sales rose 4%, with full-year net sales down 1% and comparable sales down 7%, offset by store openings and third-party volume. -- Fiscal fourth quarter net sales rose 4%, with full-year net sales down 1% and comparable sales down 7%, offset by store openings and third-party volume. Hollister brands -- Fiscal fourth quarter net sales grew 6%, with full-year net sales up 15% and comparable sales up 13%. -- Fiscal fourth quarter net sales grew 6%, with full-year net sales up 15% and comparabl...

Key Points Harvey Partners bought 116,000 shares in Balchem Corporation during the fourth quarter. The quarter-end position value increased by $17.79 million due to the new stake in Balchem Corporation. The new stake accounts for 1.6% of the fund's AUM, which places it outside the fund's top five holdings. 10 stocks we like better than Balchem › On February 17, 2026, Harvey Partners disclosed a new position in Balchem Corporation (NASDAQ:BCPC), acquiring 116,000 shares worth $17.79 million in the fourth quarter. What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Harvey Partners reported acquiring 116,000 shares of Balchem Corporation as a new position during the fourth quarter. The fund's quarter-end holding in Balchem Corporation was valued at $17.79 million. What else to know This was a new position; post-trade, Balchem Corporation represents 1.6% of Harvey Partners’ 13F reportable AUM of $1.13 billion. Top holdings after the filing: NYSE: NPO: $53.4 million (4.8% of AUM) NASDAQ: GLDD: $48.6 million (4.4% of AUM) NASDAQ: MKSI: $46.2 million (4.1% of AUM) NASDAQ: ADEA: $45.1 million (4.1% of AUM) NASDAQ: LASR: $45.1 million (4.1% of AUM) As of February 17, 2026, shares of Balchem Corporation were priced at about $180, up 8% over the past year and trailing the S&P 500’s roughly 16% gain. Company overview Metric Value Price (as of February 17, 2026) $180 Market capitalization $5.81 billion Revenue (TTM) $1.04 billion Net income (TTM) $154.85 million Company snapshot Balchem Corporation develops and markets specialty performance ingredients for human nutrition, animal nutrition, and specialty chemical applications, with products including microencapsulated nutrients, food and beverage systems, and sterilization agents. The company generates revenue by supplying value-added ingredients and solutions to the food, pharmaceutical, animal health, and industrial sectors through direct sales, distributors, and agents. It ser...

格隆汇3月4日丨中国国航发布关于国航利雅得航线航班恢复运行的通知，结合当前运行保障能力与地区局势现状，为满足广大旅客出行需求，国航将于2026年3月5日起恢复利雅得⇋北京航线航班运行。

laddawan punna/iStock via Getty Images Russell Shtern, CFA Portfolio Manager Kai Yee Wong Portfolio Manager Susanna Jacob Portfolio Manager Click to enlarge Strategy overview Emerging markets equity strategy seeks to maximize total return and generate higher income than the reference Index, using model-driven stock selection call options writing. Key takeaways During the quarter, the Fund underperformed its benchmark, despite strong performance from the underlying equity sleeve. Within the equity sleeve, the core model contributed with the sentiment pillar contributed the most while the management pillar detracted the most. Global conditions in 4Q25 shifted toward monetary easing as inflation moderated and labor markets softened, prompting the U.S. Federal Reserve to cut rates. Tariff pressures persisted, but cautious consumer spending helped prevent inflation from sticking. U.S. gross domestic product (GDP) growth slowed yet remained positive, favoring large-cap equities supported by strong fundamental factors and artificial intelligence (AI)-driven productivity. Looking ahead to early 2026, global equities remain uneven. Europe and the United Kingdom face fiscal and structural challenges, while Japan benefits from reforms. China struggles with property stress and weak consumer confidence, though technology-linked offshore equities offer opportunities. Emerging markets (EM) are mixed, and international bonds remain less attractive. Portfolio review For the quarter, the Fund provided a total return of 4.59% on a net asset value basis, and a total return of 3.51% on a market price basis. The Fund’s reference Index, the MSCI Emerging Markets Index, returned 4.73%. Equity Portfolio The equity sleeve underperformed the reference Index. The core model was the primary contributor, and four out of five pillars had a positive impact. The sentiment pillar contributed the most while the management pillar detracted. On the sector level, stock selection within the information t...

A ballistic missile launched from Iran and heading towards Turkish airspace via Iraq and Syria was destroyed by Nato air defence systems, Turkish officials said on Wednesday. The defence ministry said it had been “engaged and neutralised by Nato air-and-missile defence assets deployed in the eastern Mediterranean”. It did not specify the missile’s intended target. Advertisement A Turkish official, speaking to AFP on condition of anonymity, said the missile had been “aimed at a base in Greek Cyprus but veered off course”. Officials said fragments that fell in the Dortyol district in southern Turkey, near the Syrian border, had been identified as pieces of the interceptor used to neutralise “the threat in the air”. Advertisement No casualties were reported.

《纽约时报》称伊朗情报部主动接触美国中央情报局希望通过谈判结束战争，而该国半官方通讯社塔斯尼姆援引该部消息人士指这一报道“纯属谎言和心理战”。 责任编辑：李肇孚

Vera Tikhonova Ford ( F ) sold 149,962 vehicles in February, 5.5% fewer than a year ago, with its fully electric vehicles taking the brunt of the loss. EV sales were down 71% to 2,112, while hybrid vehicle sales were also down by 21.8% to 12,010 total vehicles sold during the month. The company also sold 0.1% fewer gas-powered vehicles. By vehicle type, cars were the most popular vehicle among Ford’s ( F ) lineup, with 54.5% more sold in February versus 9.4% fewer trucks and 2.4% fewer SUVs. Within its pickup truck/van lineup, only the Ranger, Maverick, and E-Series had higher sales last month, while the F-Series realized a 16.2% decline led by a 76.3% drop in sales of its F-150 Lightning. Source: Press Release More on Ford Ford Motor Switches To Chinese Battery Tech For Its New $30,000 Electric Pickup Ford: Better Value Than You'd Think Ford Motor Company (F) Q4 2025 Earnings Call Transcript GM and Ford are top picks at BofA in the 'Year of the Pickup' Auto sales are forecast by Cox Automotive to remain sluggish

Apple held a product launch event introducing the MacBook Neo, an entry-level Mac featuring the high-performance A18 Pro chip. Bloomberg's Ed Ludlow reports on "Bloomberg Open Interest." (Source: Bloomberg)

提醒：北京时间23:00，将发布美国2月ISM非制造业指数。 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。

ADP周三发布的报告显示，2月份私营部门的招聘情况略好于预期，但大部分新增就业岗位仅来自两个行业。 经季节性因素调整后，企业当月新增员工6.3万人，较1月下修后的1.1万人有所回升，也高于 道琼斯 调查的市场普遍预期4.8万人。 尽管整体数据好于预期，但就业增长覆盖面不足仍是劳动力市场的一大问题。 教育和医疗服务行业一直是创造就业的主要动力，当月新增5.8万个岗位，在所有行业中遥遥领先。紧随其后的建筑业新增1.9万人，这两个行业抵消了其他多数行业增长停滞的影响。 专业和商业服务行业减少3万个岗位，制造业减少5000个，贸易、运输和公用事业减少1000个。除信息服务业增加1.1万人外，其他行业变动不大。尽管唐纳德・特朗普总统试图通过关税推动制造业岗位回流，但该行业就业仍在持续下滑。 薪资方面，留在原岗位的员工薪资同比增长4.5%，与1月份持平。不过，跳槽者的薪资涨幅降至6.3%，较前一个月回落0.3个百分点。这一结果使得跳槽带来的薪资激励降至ADP开始追踪该指标以来的最低水平。 ADP首席经济学家内拉・理查森表示：“我们看到招聘有所增加，薪资增长保持稳健，尤其是对留任员工而言。但由于招聘仅集中在少数行业，数据显示跳槽并未带来普遍的薪资收益。” 与近几个月不同，新增就业主要集中在员工人数少于50人的小企业。这类企业增加6万人，员工500人及以上的大型企业增加1万人，中型企业则减少7000人。 过去一年，随着特朗普政府加大对非法移民的管控，以及疫情后招聘步伐放缓，就业增长有所放缓。尽管企业不愿大量增聘员工，但裁员规模也保持在低位。 这份报告发布之际，市场对劳动力市场状况存在疑问，同时担忧通胀持续高企；而伊朗及中东地区的冲突，更是让通胀问题愈发受到关注。 美国财政部长斯科特・贝森特周三在接受CNBC采访时表示，建筑业就业持续增长是“技术驱动的生产力繁荣”带来的结果，将对经济产生更广泛的影响。 “我对今年的就业市场非常、非常乐观。”贝森特说。 美联储官员近期的表态显示，他们对就业市场趋于稳定的信心有所增强。与此同时，市场对油价上涨推 高通 胀的担忧也在加剧。据芝加哥商品交易所（CME）美联储观察工具显示，交易员目前预计美联储最早也要到7月才会降息，同时下调了今年第二次降息的概率。 ADP数据发布后，美国劳工统计局将于周五公布非农就业报告。华尔街预计该报告将显示2月份非农就业增...

Royal Cup Coffee and Tea said on Wednesday that it has entered into a definitive agreement to acquire Farmer Brothers Coffee ( FARM ) in an all-cash transaction. Royal Cup will acquire all outstanding shares of Farmer Brothers for $1.29 per share in an all-cash transaction. The acquisition will enhance Royal Cup’s ability to deliver integrated beverage solutions that combine roasting expertise, route-based distribution and equipment service within a unified operating structure. The transaction, once completed, builds on Royal Cup’s December 2025 partnership with Dallas-based private equity firm Braemont Capital, which provided additional capital and operational support to advance strategic expansion initiatives, the company said. The transaction is expected to close in the second quarter of 2026. Source: Press Release More on Farmer Brothers Farmer Bros. Co. (FARM) Q2 2026 Earnings Call Prepared Remarks Transcript Farmer Bros. anticipates gross margin relief in Q4 2026 as green coffee costs ease Farmer Brothers Coffee reports FQ2 net loss of $4.9 million Seeking Alpha’s Quant Rating on Farmer Brothers Historical earnings data for Farmer Brothers

港超聯，理文以2-0擊敗流浪。 流浪未夠1分鐘放「冷箭」，理文門將陳嘉豪不敢怠慢。黃衫理文9分鐘領先，辛尼推過葉嘉宇，窄位起腳，令金玟圭撞入自己龍門。 對上兩場不敵傑志及賽和東方，要爭標不容再失，2分鐘後，靠門楣阻擋哥迪斯的勁射。有黃威離隊轉戰中甲，理文之後有哥達及劉家喬，先後遠射，同樣無功而還。 臨完半場再次受壓，彭尼加斯射門斜出後，再有哥迪斯另一腳勁射，陳嘉豪力保不失。換邊後理文靠辛尼入多一球，贏2-0，落後踢多一場的傑志11分。

peshkov/iStock via Getty Images By Barry Schwartz Benjamin Graham, widely considered the “father of value investing,” famously observed that "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." Put another way, stock prices can fluctuate wildly in the short term based on news, political or economic concerns, or simply speculation. As an extreme example, shares of GameStop, a declining video game retailer, soared by over 1,500 percent in 2021 entirely due to retail enthusiasm for “memes” even as sales of physical video game disks continued to decline. In the long term, however, the share price and return will ultimately be dictated by the fundamental performance of the underlying business. In 2025, despite poor relative stock price performance, our portfolio companies did well: 30 out of 33 companies grew earnings per share, with 22 growing over double digits. 26 out of 33 companies pay recurring dividends, and all of them increased their base dividend in 2025 (see the appendix below for the full list) Through 2026, all 33 companies in the portfolio expect to grow earnings, with 27 growing earnings double digits. Notwithstanding lackluster share prices, fundamentals remain strong, which is a good indicator of future performance. Qualitatively, our companies are gaining market share and doing smart things to drive growth in the future. Here are a few examples: Domino’s Pizza ( DPZ ) grew same-store sales in the US by 3.5% and is opening new stores in a weak environment for fast food by revamping their loyalty program and launching new products such as the stuffed crust pizza. By contrast, Pizza Hut’s US same-store sales were down 5% and expects to close 250 stores in 2026. Netflix ( NFLX ) grew subscribers by 8% and revenues by 16% by adding new types of content and an ad-supported tier while streaming competitors struggle to manage declines from cable TV Visa ( V ) had strong payments growth (up 8%) with healthy adoption ...