“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and Avril Hong give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)

5月18日，中晟高科（002778）召开2025年度股东大会，完成新一届董事会换届选举。 此次换届标志着公司控制权变更后的核心管理团队搭建完成， 新控股股东“中景系”人马全面进驻并掌控公司经营管理层。 本次选举产生的6名非独立董事中，有5人具备中景石化集团有限公司（简称“中景石化”）背景，人员布局高度集中，凸显新实控人对上市公司的主导权。 其中，杨成显当选公司董事长，中景石化实控人翁声锦、何从夫妇之子翁冠枢当选副董事长，核心高管席位均由“中景系”核心人员占据。 此外，董事会同步完成专门委员会人员调整，关键岗位均纳入中景系人员，形成对公司战略、经营、财务的全面把控。 此前，中晟高科原由苏州吴中区国资控股，2026年4月7日，福州千景投资有限公司（中景系全资控股平台）完成2788.36万股股份过户登记，以22.35%持股比例成为控股股东，翁声锦、何从夫妇成为公司实际控制人。 此次管理层大换血也是2026年4月公司控制权正式变更后的最后关键一步。 千亿级石化巨头的资本局 中晟高科这次迎进门的大股东实力看起来十分强大。 公开资料显示，中景石化集团总部位于福建福州福清江阴港城经济区，是全球最大聚丙烯生产基地、中国民营企业500强，主营化工原料、薄膜及多种包装材料，核心业务涵盖聚丙烯、丙烯、烷烃化工、BOPP薄膜等领域。 实控人翁声锦在2005年创立中国软包装集团，切入BOPP薄膜赛道；2010年BOPP薄膜国内市占达29%、全球19%，获“世界膜王”称号。 2012年投建中景石化科技园，向上游聚丙烯原料延伸；2022年12月投产全球最大120万吨/年多元共聚聚丙烯装置；2025年7月烷烃一体化基地投产，丙烯、聚丙烯产能双双登顶全球第一。 规模层面，中景石化2024年营收超800亿元，是福清第一大企业、福建民企第15位；核心资产福清江阴中景石化科技园总投资超380亿元，配套专用码头、储罐及公用工程岛，产业壁垒深厚。 股权架构上，中景石化由翁声锦、何从夫妇通过中景石化国际集团有限公司100%控股，属于典型的家族企业。 翁声锦，1965年生，福建福州马尾琅岐人，同时还担任福建省政协委员、福州市工商联副主席等社会职务。 翁氏家族二代已深度参与家族企业的管理，儿子翁冠枢（1991年生），美国加州大学戴维斯分校经济学学士，2015年加入中景石化。 现任中晟高科副董事长，同时担任福州市政协...

财联社5月20日讯（记者 李迪） 今年以来，基金发行市场热度显著回暖，整体发行数据十分亮眼。 Choice数据显示，截至5月19日，年内新成立基金发行规模达4501.10亿元，同比增长20.56%，创近五年同期新高。 受市场热度带动，新基金发行节奏也显著加快，公募排排网数据显示，本周开启募集的47只新基平均认购天数为12天，平均募集期较上周进一步缩短。 值得注意的是，基金提前结募的现象近期也频现，近一月共有39只基金发布提前结束募集的公告。其中，募集上限为50亿元的华夏智胜全景混合更是在发行首日就募满上限，宣布提前结束募集并且开启比例配售。业内人士指出，提前结束募集一方面是由于募资规模快速满足目标，另一方面也是为了抢建仓。 新基发行规模创五年新高，更多新基蓄势待发 距离上半年收官仅有一个多月的时间，基金发行市场有望交出亮眼答卷。 Choice数据显示，截至5月19日，今年以来新成立基金的发行规模已达到4501.10亿元，同比增长20.56%，创下近五年同期新高。 值得注意的是，当前基金发行市场的热度仍在持续，未来还有更多新基金将开启募集，有望带动主动权益基金的发行规模进一步提升。 据公募排排网数据，本周2026年5月18日至24日期间，全市场共计有47只新基开启募集，连续3周环比增长，并且创下近18周新高。 值得注意的是，权益基金依旧是本周新基的发行主力。具体来看，本周开启募集的47只新基中，权益基金占到34只，其中包括21只股票型基金和13只偏股混合型基金，占比超七成。 分主题来看，公募机构发行科技基金的热情依然高涨，本周有10只科技相关主题基金开启募集，覆盖到科创板、机器人产业、软件开发和芯片设计等相关领域，包括广发国证机器人产业ETF、华安国证机器人产业ETF、华宝中证全指软件开发ETF等。 权益资产和科技赛道的投资热度高涨，提升了公募机构发行新基金的意愿，也带动新基发行数量显著提升。 排排网集团旗下融智投资FOF基金经理李春瑜认为，市场时机提供布局窗口。当前市场风险偏好有所提升，处于相对有利的布局时点。这为权益类基金的发行与募集创造了良好的市场氛围。 李春瑜表示，随着前期市场反弹，投资者情绪有所修复，入市意愿增强。销售渠道需要新的基金产品来满足这类需求，补充产品供给，从而推动了新基金的密集发行。 另外值得注意的是，Choice数据显示，今年成立的新基金中，共...

格隆汇5月20日｜据中国汽车工业协会统计分析，2026年1-4月，销量排名前十位的SUV生产企业共销售313.7万辆，占SUV销售总量的65.1%。 在上述十家企业中，与去年同期相比，比亚迪股份和长安汽车销量呈不同程度下降，其他企业销量呈不同程度增长。

Marut Khobtakhob/iStock via Getty Images Investors analyze investment opportunities by evaluating the forward prospects of a stock or an index. This strategy requires analyzing forward-looking data over a one-year horizon and frequently stretching out across three- and five-year timeframes. The Concentration Risk of Top-Heavy Leadership The recent strong performance of the S&P 500 Index - which is up 8.14% year-to-date, 24.3% over the past year, 20.8% annualized over three years, and 12.4% annualized over five years - has been driven largely by the "Magnificent 7" ( MAGS ) mega-cap stocks. This narrow leadership has created historic concentration risks within the benchmark: The top 10 holdings now command a significant 41% of the total index weighting. The Magnificent 7 accounts for 34.5% of the index weighting alone. Investor Inflows: For every dollar that flows into an S&P 500 index fund, 41 cents is automatically allocated to the top ten stocks, with 34 cents concentrated into just the seven mega-cap stocks. The 2026 Earnings Tailwinds Supportive of the overall advance in the S&P 500 Index is the growth of earnings in 2026. At the beginning of the year, expected earnings growth for the first quarter equaled 14.4%, with growth for all of 2026 expected to equal 15.6%. With first quarter 2026 earnings reports nearly complete, year-over-year earnings in the quarter equal a growth rate of 28.3%. For all of 2026, the expected growth rate for index earnings is now 23.8%, more than 50% higher than expectations at the beginning of the year. The Foggy 2027 Outlook: Deceleration and Valuations One factor that can serve as a headwind for stocks is an environment where earnings growth is slowing. As seen in the above earnings table, expectations are 2027's earnings growth for the S&P 500 Index will be lower than the growth rate expected in 2026. A primary headwind for equities can be a transition into a decelerating earnings growth environment. Slowing Sectors: Industrials, C...

中芯國際飊1成 市場憧憬生產存儲芯片 881903.com

Ursula von der Leyen (CDU), President of the European Commission, sits on the podium at the Charlemagne Prize ceremony in City Hall. Picture Alliance | Picture Alliance | Getty Images European Commission President Ursula von der Leyen on Wednesday welcomed a provisional agreement on legislation to remove import duties on U.S. goods and called on co-legislators to move swiftly to finalize the process. EU lawmakers welcomed the breakthrough after more than five hours of talks overnight, saying it likely paves the way for the 27-nation bloc to avoid a threat by U.S. President Donald Trump to punish a further delay with higher tariffs . The agreement includes a safeguard mechanism that would let Brussels suspend tariff reductions in the event that U.S. imports harm European industry. It also allows the European Commission, the EU's executive arm, to suspend tariff preferences if the U.S. continues to apply a tariff rate higher than 15% on EU steel and aluminum derivatives by the end of 2026. The provisional agreement comes almost a year after the EU and U.S. first struck a trade deal at Trump's golf resort in Turnberry, Scotland. Under the terms of the accord, the EU agreed to scrap tariffs on U.S. industrial goods, while the Trump administration agreed to cap tariffs on most European goods at 15%. "A deal is a deal, and the EU honours its commitments," the EU's von der Leyen said on Wednesday via X. "Together, we can ensure stable, predictable, balanced, and mutually beneficial transatlantic trade." Read more Trump threatens EU with ‘much higher’ tariffs if no trade deal signed by new deadline Trump says he's raising EU auto tariffs to 25% Supreme Court strikes down Trump tariffs, rebuking president's signature economic policy EU lawmakers had twice paused its deliberations after Trump in January threatened to seize Greenland, a self-governing Danish territory, and again in February after the Supreme Court struck down a huge chunk of Trump's far-reaching tariff agenda....

5月20日，中国平安2025年年度股东大会在深圳召开。中国平安副总经理、首席财务官付欣在会上回应平安股价表现时表示，年初以来，资金面在板块间加速轮动，金融板块在轮动下受到冲击，股价有所回撤是正常现象。但同时，机构投资者、投行等对平安的股价普遍看高。付欣指出，随着平安的战略不断清晰，在综合金融和医疗养老方面构建的护城河不断加宽，是金子总会发光，价格终将回归价值。“我们会珍惜股东的每一分钱，做好股东的‘打工仔’，为股东创造更好回报。”(券中社)

格隆汇5月20日｜当地时间周三，韩国总统李在明在内阁会议上呼吁为集体劳动行动设置“适当限度”。尽管李在明未点名三星，但在他发表上述言论前不久，三星韩国工会领导人表示，由于谈判再次破裂，罢工将于周四进行。三星公司将谈判破裂归咎于工会的“过度”要求。根据内阁会议的直播，李在明表示，虽然“一些工会通过权利来争取自身利益是可以理解的，但也必须有适当的限度。”李在明表示：“获得营业利润份额的是投资者、股东。”他补充说，他发现在扣除税款之前通过制度化体系分享固定比例的营业利润这一想法有点“难以理解”。

与北京、上海、深圳等地已实施的全面无烟立法不同，2020年以来地方控烟立法中“有限禁烟”模式不断延续，其“示范效应”比立法本身的缺陷更值得警惕 近期，“四川新疆两地率先禁烟”“5月1日起全国全面禁烟”的不实说法不断流传。经查，信息来源是“2026年5月1日，《四川省烟草专卖条例》和《新疆维吾尔自治区爱国卫生工作条例》修订版同步施行”。 事实上，与传言所称“全面禁烟”相反，两地新规在公共场所禁烟范围、处罚机制等核心条款上，与此前北京、上海、深圳等地已实施的全面无烟立法存在明显差距。这一现象并非孤例，而是自2020年以来地方控烟立法中“有限禁烟”模式的延续，反映了地方无烟立法标准一降再降的客观趋势。 四川、新疆新规的核心条款与实际约束力 《四川省烟草专卖条例》第四条仅原则性提出“禁止或者限制在公共交通工具和公共场所吸烟，禁止中小学生吸烟”，未明确具体场所、未设定罚则，执法主体与责任条款缺失。

Amkor Technology ( AMKR ) has expanded its Arizona manufacturing footprint by securing an additional 67-acre parcel adjacent to its upcoming Peoria campus, a strategic move aimed at scaling future high-volume semiconductor packaging and testing capacity. The expansion bolsters the 104-acre site within Peoria’s Innovation Core, positioning it to become the first high-volume, advanced packaging outsourced semiconductor assembly and test (OSAT) facility in the United States. The increased footprint provides Amkor with the long-term flexibility needed to meet surging domestic demand for advanced semiconductor solutions across the artificial intelligence, high-performance computing, automotive, and communications sectors. "Our continued expansion in Arizona strengthens our ability to support customers with leading-edge packaging and test solutions while contributing to a more resilient global supply chain," said Kevin Engel , president and chief executive officer of Amkor Technology. More on Amkor Technology Amkor Technology: The Arizona Re-Rating Has More Room To Run Amkor Technology: Q1 Beats Across The Board, Showing Massive Room For AI Packaging Acceleration Amkor Technology, Inc. (AMKR) Q1 2026 Earnings Call Transcript Amkor Technology prices $1B convertible debt offering Amkor to offer $1B in convertible senior notes due 2031

Andrii Zorii/iStock via Getty Images Introduction Back when I first covered The Procter & Gamble Company ( PG ), I rated them Hold, saying that the stock was trading around a fair value at the time, offering a limited margin of safety amid consumer trade-downs and other macro headwinds. Despite a strong quarter and even though the stock has fallen by about 10% since then, P&G’s valuation still doesn’t imply a good enough margin of safety to justify buying, still trading around a fair value given their quality and Dividend King status, although investors should be aware of the rising macro pressure that can fundamentally affect the industry. Solid Quarter Despite Macro Pressure Procter & Gamble IR P&G reported a strong Q3’FY26, beating the market’s top- and bottom-line estimates , delivering strong organic performance in their beauty segment (sales up 7%), reporting a 3% increase in the overall organic sales, and an adjusted EPS of $1.59, while the adjusted FCF reached $3.03 billion. Regarding the FY26 guidance, P&G sees sales growth between 1% and 5% (0% to 4% organic) and adjusted EPS of $6.83 to $7.09, although they expect this to be towards the lower end due to the cost headwinds coming from the Middle East, with the CFO mentioning that this guidance includes a ~$200 million tailwind from FX but also an estimated $150 million headwind from the conflict as a result of commodity-linked cost inflation, which comes on top of ~$500 million from tariffs. P&G continues to expect their adjusted FCF productivity to be in the range of 85% to 90% per year (it was at 82% of adjusted Net Earnings in Q3’FY26), and based on their growth outlook and ~$16 billion Net Earnings generated in FY25, we could even see a free cash flow of about ~$14.3 billion if the productivity rate is at the midpoint of 87.5%, which is not bad for a ~$329.66 billion market cap, placing them at a P/FCF ratio of ~23. Procter & Gamble IR Financially, based on PG’s latest report , we continue to see an ov...

中俄元首共同为“中俄教育年”徽标揭幕。(新华社) 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

AMD has announced an expansion of its enterprise desktop lineup with new Ryzen PRO 9000 Series processors. These are built on the Zen 5 architecture and set to debut in the second half of 2026. This is the first time AMD is bringing its high-bandwidth 3D V-Cache technology into the commercial workstation segment. This way, the company unlocks massive performance leaps for data-heavy professional industries. The introduction of 3D V-Cache directly targets power users handling complex, intensive digital pipelines. By vertically stacking additional last-level cache directly onto the processor die, the hardware drastically cuts down memory latency and accelerates data access. Primary beneficiaries of this architecture are creative and technical professionals, including: video editors and animators 3D artists and VFX creators engineers and architects developers and data scientists The expanded hardware lineup spans configurations from six to 16 performance cores. Power limits break past traditional limits, or up to a sustained 170 watts to maintain peak clock speeds during overnight renders. The range also makes the lineup scalable from compact desktop systems to full-scale tower workstation systems. The AMD Ryzen PRO 9000 series also supports up to 256GB of memory to prevent system crashes. Enterprise system rollouts are expected to begin later this year.

格隆汇5月20日｜国盛证券研报指出，众生药业ZSP1601片IIb期临床数据积极，有望新增重磅潜力单品。结果显示，两个剂量组的主要疗效终点应答率均显著优于安慰剂组，并展现出逆转肝纤维化的潜力，公司计划推进III期临床试验。ZSP1601片是目前国内首个完成健康人药代及安全性临床试验的用于治疗MASH的创新药项目。除主要终点外，ZSP1601片在关键次要终点上表现亮眼，实现了“抗纤维化+降肝脂+改善肝酶”的三重获益。本次ZSP1601片的积极数据进一步验证了公司在代谢及呼吸领域创新药研发平台的实力，随着后续III期临床的推进及潜在商业化的落地，有望为公司打开长期成长空间。公司创新成果逐步落地，有望贡献业绩弹性，考虑产品放量周期，维持“买入”评级。

《科创板日报》5月20日讯 随着人工智能发展对电力与散热需求与日俱增，一种新型电容逐渐进入巨头们的视野。 近日，全球模拟芯片巨头亚德诺宣布，将以15亿美元（约人民币102亿元）的全现金交易，收购AI电源管理初创企业Empower Semiconductor，交易预计将于2026年下半年完成。 根据新闻稿，双方将携手合作，共同打造面向人工智能和其他计算密集型应用的新型电源架构。目前， Empower的硅电容已投入生产 ，其集成电压调节器（IVR）项目也正在与领先的超大规模数据中心和AI硅供应商密切合作推进。而亚德诺将通过其规模、制造能力和客户覆盖范围加速这些能力的发展。 随后，MLCC龙头三星电机于今日宣布已与一家全球大型企业签署了一份价值1.5万亿韩元（约人民币68亿元）的硅电容供应合同。 合同期限为两年，从2027年1月1日至2028年12月31日。 三星电机表示，此次签约标志着公司硅电容业务首次实现大规模供货目标。公司称，凭借在MLCC和封装基板业务中积累的超微细工艺能力，已进入AI半导体核心供应链。根据此前报道，三星电机曾测试硅电容，并已于2025年中实现向美国无晶圆厂芯片公司Marvell供货。 被多家半导体大厂看好，硅电容是什么？ 硅电容（Silicon Capacitor）简称Si-Cap，是一种以硅材料为介电层，采用半导体制造工艺制作而成的电容器。 其电阻比传统多层陶瓷电容器（MLCC）低100倍以上 ，能最大限度降低高性能半导体中的信号损耗。此外，硅电容采用基于硅晶片的超薄结构设计，可实现高密度集成。即使在高压和高温环境下，也能保持稳定的性能。 在人工智能时代，硅电容通常安装在高性能半导体封装内，例如用于人工智能服务器的图形处理器（GPU）和高带宽内存（HBM），以增强电源稳定性。 由于技术门槛较高、客户认证流程严格，硅电容市场仅由村田、京瓷、意法半导体等少数厂商主导。据全球市场研究公司Business Research Insight预测，2026年全球硅电容器市场规模为18.7亿美元，最终到2035年达到27.8亿美元，复合年增长率稳定在4.5%。

财联社5月20日讯（编辑 马兰） 本周，亚洲市场连续四天下跌，美伊冲突迟迟看不到解决希望，点燃了市场对高通胀的悲观预期。 MSCI亚洲指数自上周五收盘以来已经累计下跌超过2%，日内截至发稿下跌0.8%。具体而言，日本日经指数今收跌1.23%，连续第五个交易日下跌，韩国KOSPI指数今日收跌0.86%，新西兰NZ50指数收跌1.64%。 与此同时，30年期美债收益率已连续多日盘踞在5%以上，目前升至近5.2%，达到2007年以来的最高水平。这种抛售反映出投资者对美联储可能在今年转向加息的浓浓担忧。 IG分析师Tony Sycamore对媒体表示，他的基本判断是市场正在经历一轮惊人的上涨之后的回调。美国国债收益率显然也在市场上引起了一些波动，吸引了很多人的关注。 周三晚些时候，人工智能芯片龙头英伟达将公布其第一季度财报。虽然华尔街普遍对英伟达报以乐观看法，但市场关注的焦点转变可能让英伟达也难以扭转科技股跌势。 Sycamore指出，英伟达或许会拿出超出预期的产品，但他认为英伟达已经没有能力像以前那样，凭借一款惊艳的产品震撼所有人了。 风向转变？ 全球债券收益率上升对成长股和科技股造成了沉重压力，尤其是半导体公司，这些公司曾推动了今年人工智能驱动的股市上涨。 但接踵而至的坏消息正在打击市场对人工智能繁荣的信心。周三，韩国半导体巨头三星电子与工会的谈判破裂，三星工会表示将按计划自周四开始罢工，这可能将进一步恶化半导体供应链的紧张态势，并对全球科技产业造成巨大冲击。 三星电子罢工事件已经引发KOSPI指数的连续下跌，本周跌幅达到3.7%。周三盘中，该指数一度下跌3.5%，而三星电子股价一度下跌4.7%，收盘小幅反弹0.18%。 而美伊冲突的僵持也在打击市场信心，越来越多的投资者担心美国和伊朗可能重新开始军事行动，从而再次打击原油市场供应。 国际基准布伦特原油在亚洲交易时段继续围绕110美元/桶上下波动，WTI原油则在103美元/桶左右，两者均处于高位水平。 伦敦金现货价格则在亚盘跌至4470美元/盎司，伦敦银价则在本周初的大幅下跌后小幅反弹，目前上涨1.2%至75美元/盎司。

Breaking NVIDIA's computing power monopoly! Amazon (AMZN.US)'s AI ASIC is at a structural inflection point: it is beginning to win industry favor. Moomoo

Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Inflation slowed in April , offering what may prove to be only a brief reprieve for both the economy and household budgets. Consumer prices rose 2.8% over the year, according to the Office for National Statistics — below both March’s figure and economist expectations. The pound slipped on the news, while investors scaled back bets on further interest rate hikes. Two factors drove the slowdown: government measures to ease energy bills, and favourable comparisons with last April, when higher taxes and utility costs pushed inflation sharply higher. But the bigger picture remains less reassuring. Fuel prices are climbing again, and the Iran conflict is expected to add further pressure to global energy markets, potentially driving inflation higher in the months ahead. For policymakers, the latest figures offer breathing room — but not certainty. Beneath the headline slowdown, the underlying pressures driving inflation have yet to disappear. What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching M&S has “sleeves rolled up” and expects growth to resume , having been knocked off course by a cyberattack. Pretax profit shed 24% in the 12 months through March due to the hack, after hitting the highest in 15 years before that. Shares jumped 5%. More from my colleague Kit below. Private equity investors KKR and Energy Capital Partners are weighing up a higher bid for FTSE 100-listed energy provider DCC . A previous offer of £58-a-share, valuing it at about £5 billion, was rejected as too low. Any takeover would add to Britain’s current dealmaking boom. Chancellor Rachel Reeves has privately floated voluntarily freezing food prices to supermarkets , in return for less regulatory burdens. Unsurpri...

hapabapa/iStock Editorial via Getty Images Thesis Word on the Street is that Amazon ( AMZN ), among other hyperscalers, is pouring so much cash flow into AI-based CapEx that many bears, and some bulls, are questioning the effectiveness and future success of such buildouts. I argue, like others, that these fears are overblown. The risk lies not in overdoing it but actually in underinvesting. The companies that lose the AI race are those that underbuild, especially when AI-compute demand continues to surprise to the upside. With other mission-critical areas such as logistics and advertisement carrying the margins, the question becomes not "Is ROIC justified at today's demand", but rather "What will Amazon's position look like in 2027 when AI-compute demand continues to surprise to the upside?" For these reasons, I am a buy with 10-15% upside, with more to come as Amazon continues to scale and cement its position as a key hyperscaler in the AI race. Company Background Amazon operates in 3 key operating segments , with the first two centered around e-commerce and core business model applications, and the 3rd being AWS, its global compute/AI infrastructure giant. North America (E-Commerce/Physical Stores): Operation of first-party physical stores and an e-commerce platform across the US and North America, with the largest customer base. International (E-Commerce/Export Sales): A faster-growing version of the NA segment, prone to lower profitability due to low saturation as Amazon scales its presence both online/physically in regions outside of North America. AWS (Cloud Computing/AI Infrastructure): Global sales of "pay-as-you-go" cloud/software service for startups and enterprises serve as the highest margin segment and primary profit generator for the company. The revenue split is 62/23/15 for the NA, International, and AWS segments, respectively. AWS, being the high-margin IaaS segment vs. notoriously low-margin retail sales, generates more than half of the consolidate...

hapabapa/iStock Editorial via Getty Images Thesis Word on the Street is that Amazon ( AMZN ), among other hyperscalers, is pouring so much cash flow into AI-based CapEx that many bears, and some bulls, are questioning the effectiveness and future success of such buildouts. I argue, like others, that these fears are overblown. The risk lies not in overdoing it but actually in underinvesting. The companies that lose the AI race are those that underbuild, especially when AI-compute demand continues to surprise to the upside. With other mission-critical areas such as logistics and advertisement carrying the margins, the question becomes not "Is ROIC justified at today's demand", but rather "What will Amazon's position look like in 2027 when AI-compute demand continues to surprise to the upside?" For these reasons, I am a buy with 10-15% upside, with more to come as Amazon continues to scale and cement its position as a key hyperscaler in the AI race. Company Background Amazon operates in 3 key operating segments , with the first two centered around e-commerce and core business model applications, and the 3rd being AWS, its global compute/AI infrastructure giant. North America (E-Commerce/Physical Stores): Operation of first-party physical stores and an e-commerce platform across the US and North America, with the largest customer base. International (E-Commerce/Export Sales): A faster-growing version of the NA segment, prone to lower profitability due to low saturation as Amazon scales its presence both online/physically in regions outside of North America. AWS (Cloud Computing/AI Infrastructure): Global sales of "pay-as-you-go" cloud/software service for startups and enterprises serve as the highest margin segment and primary profit generator for the company. The revenue split is 62/23/15 for the NA, International, and AWS segments, respectively. AWS, being the high-margin IaaS segment vs. notoriously low-margin retail sales, generates more than half of the consolidate...

5月20日，章源钨业2026年5月下半月长单采购报价，55%黑钨精矿41.4万元/标吨，55%白钨精矿41.3万元/标吨，仲钨酸铵（国标零级）66万元/吨，较5月上半月长单采购报价均大幅下调。（界面新闻）

格隆汇5月20日丨韩国海军已经向韩国联合参谋本部提交了关于建造核动力潜艇的请示报告，这标志着韩国正式启动了引进核潜艇的流程。

据期权持仓数据显示，交易员预估英伟达在周三公布一季度财报后，其市值或将出现3550亿美元的波动幅度。市场依旧看好这家AI巨头，同时也急于锁定收益、做好盈利保护。 市场期权定价显示，英伟达财报出炉次日（周四）股价双向波动幅度约为6.5%。 对应市值波动规模约3500亿美元，远超标普500指数中约九成成分股的单独市值。 期权研究与技术服务公司（ORATS）数据显示，此番波动预期高于其2月财报前夕5.6%的隐含波动幅度，但仍远低于英伟达7.6%的历史平均股价波动水平。 这意味着，尽管市场长期担忧全行业大规模AI资本开支难以为继，但投资者如今对英伟达财报心态愈发趋于乐观。 ORATS创始人 Matt Amberson 表示：“投资者如今对人工智能赛道及相关资本开支行情已然趋于放松懈怠。” 部分单笔交易凸显出市场强烈看涨情绪，押注英伟达业绩再度超预期。做市商机构 Susquehanna 衍生品策略联合主管 Chris Murphy 透露，周一出现一笔大额交易：交易者以1.78美元买入2.5万份6月1日到期看涨价差期权，押注未来两周英伟达股价上涨约16%、触及每股260美元，这笔交易潜在收益可达本金的7倍以上。 Murphy称，英伟达期权持仓结构已向看涨期权倾斜，市场做多配置需求持续升温。 “市场不再单纯买入期权对冲下跌风险，而是愈发主动布局博取上涨收益。”他还提到，美股科技股看涨押注规模从3月的五年低位，一路攀升至5月中旬的五年高位。 人工智能板块避险操作 交易员虽普遍看多英伟达，但半导体个股及相关ETF市场避险对冲、获利了结行为增多，即便最为乐观的投资者，也在板块大幅上涨后着手守住盈利。 这种多空博弈态势，成为财报季来临前的核心市场特征：市场预期已然拉满，作为AI行情核心龙头的英伟达，业绩考核门槛持续抬高。 今年以来，英伟达股价累计上涨19%，同期标普500指数上涨8%，费城半导体指数更是大涨57%。 Murphy表示，投资者将密切关注英伟达财报能否印证近期AI与芯片股的股价及波动率上行走势，尤其重点留意 数据中心需求 、 大型科技巨头资本开支动向 、 企业利润率以及未来业绩指引 ，这些都是维系AI行情持续上涨的核心要素。 他补充道：“还需注意，半导体赛道如今已是资金扎堆的领涨板块。期权市场信号显示，资金仍愿意继续追涨英伟达，但也开始对其他热门高位标的进行风险对冲、落袋为安...

Global Healthcare Opportunities and CBC Group have agreed to combine to create a healthcare investment firm with more than $21 billion of assets under management, according to a statement Wednesday. The firm will have over 200 employees in 13 offices in North America, Europe and Asia Pacific, which account for about 90% of global healthcare research and development spending, Singapore-based CBC said, adding that it will be the world’s biggest healthcare investment manager. GHO is based in London. GHO and CBC co-founders Mike Mortimer and Fu Wei will be co-chief executives for the new firm, the companies said. The transaction is expected to close in early 2027, subject to standard closing conditions and regulatory approvals. Existing funds and portfolio companies at GHO and CBC will continue to be managed by their respective teams, with no changes to investment mandates, governance or ownership, CBC said.

Is Alibaba's new AI chip timed to steal Nvidia's thunder? Proactive financial news

市场热点快速轮动，全市场超3700只个股下跌。 5月20日，四大股指收盘涨跌不一，沪指跌0.18%，深成指平盘，创业板指涨0.34%，科创综指涨2.31%。 盘面上，半导体产业链爆发，先进封装、存储器、GPU、光刻机方向多点开花；锂电池、光伏、稀土、CPO题材活跃。电力股大跌，AI应用、金融科技、短剧游戏、商业航天概念股走低。 具体来看，半导体板块延续强势，光纤概念反复活跃，液冷服务器概念走强。 绿电概念集体调整，京能电力、大唐发电、晋控电力跌停。 沪深两市成交额2.95万亿，较上一个交易日放量672亿。盘面上，市场热点快速轮动，全市场超3700只个股下跌。

Aprio Wealth Management LLC increased its stake in Amazon.com, Inc. (NASDAQ:AMZN - Free Report) by 105.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,171 shares of the e-commerce giant's stock after buying an additional 28,378 shares during the period. Aprio Wealth Management LLC's holdings in Amazon.com were worth $12,734,000 as of its most recent SEC filing. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMZN. Norges Bank bought a new stake in shares of Amazon.com in the 2nd quarter valued at about $27,438,011,000. Nuveen LLC bought a new stake in shares of Amazon.com in the 1st quarter valued at about $11,674,091,000. Laurel Wealth Advisors LLC boosted its holdings in shares of Amazon.com by 22,085.8% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 12,177,557 shares of the e-commerce giant's stock valued at $2,671,634,000 after buying an additional 12,122,668 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Amazon.com by 21.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,908,424 shares of the e-commerce giant's stock worth $11,017,657,000 after purchasing an additional 10,176,835 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in Amazon.com by 11.3% in the 3rd quarter. Capital Research Global Investors now owns 94,284,962 shares of the e-commerce giant's stock worth $20,702,362,000 after purchasing an additional 9,583,217 shares in the last quarter. 72.20% of the stock is currently owned by institutional investors. Get Amazon.com alerts: Sign Up Insider Activity at Amazon.com In other news, CEO Matthew S. Garman sold 11,475 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $262.66, for a total transaction of $3,014,023.50. Following the completion of the sale, the chief ex...