截至一季度末，由段永平管理的H&H International Investment基金总持仓市值达到200亿美元（约合人民币1380亿元），较去年四季度末的175亿美元增长约16%。与此同时，基金持仓数量增至19家公司，其中新建仓8只股票。 整体来看，一季度段永平最大的动作，无疑是大举建仓特斯拉，一出手便买成第五大重仓股；与此同时，其还大幅加仓英伟达、拼多多、谷歌、伯克希尔B股，继续减持苹果、西方石油，并清仓阿里巴巴、阿斯麦等公司。 豪掷12亿美元建仓特斯拉 5月19日，被认为由段永平管理的H&H International Investment基金向美国证监会提交最新13F文件。 具体来看，一季度段永平大举买入特斯拉，共建仓340万股，期末持股市值达到12.67亿美元，一举跻身H&H基金第五大重仓股。 值得注意的是，段永平长期关注特斯拉，但迟迟未正式下手。去年底，段永平曾在社交平台表示，最近几年越来越感受到马斯克的厉害，其“第一性原理”自己也比较容易理解，“是时候认真看一下Tesla了”，并准备买一辆特斯拉体验自动驾驶。此后，其还多次表达对特斯拉FSD（完全自动驾驶）的认可。 今年2月，段永平再度发文称，对马斯克本人看法变化不大，但其产品“确实很了不起”，包括FSD、星链、火箭回收等，“很多东西刚开始觉得像是蒙人的，结果十来年后真的做出来了”。 不过，他也坦言，投资特斯拉更多看的是“市梦率”，“基本靠蒙，大家好自为之”。5月2日，段永平还表示，自从开了特斯拉Model Y之后，已经很久没再开自己的劳斯莱斯SUV。 除特斯拉外，段永平一季度还新建仓联合健康，买入60万股，期末持股市值达到1.63亿美元。此前，段永平曾表示，自己虽然“不懂保险”，但直觉上认为联合健康此前可能遭遇了恐慌性抛售，“很可能是捡便宜的机会”。 此外， 段永平还新建仓Circle ，买入20万股，期末持仓市值约1908万美元；同时小仓位试探性买入新思科技、Palantir等股票，整体规模不大，或更多属于“观察仓”。 大举加仓拼多多、英伟达 一季度，段永平继续明显加仓拼多多。 13F文件显示，其单季增持拼多多超过800万股，持仓比例提升至10.09%，期末持股市值达到20亿美元，成为H&H基金第四大重仓股。 值得注意的是，网易创始人丁磊同期也大幅加仓拼多多。 数据显示，网易对拼多多的持股数量，从...

缩减资产负债表的路线可从资产端开始，也可从负债端入手，两种路线各有利弊 当地时间2026年4月16日，美国华盛顿特区，美联储大楼。图：视觉中国 次贷危机以来，美联储开启量化宽松（QE）的非常规货币政策，通过大规模资产购买向市场注入流动性以增加基础货币供给，联邦基金基准利率处于零值附近以后，资产负债表渠道逐渐成为发达国家央行货币政策的主要操作方式。经历了美国次贷危机、欧债危机和新冠疫情三轮资产负债表扩张后，发达国家货币政策开始寻求正常化。当经济指标逐渐回归正常，货币当局自主退出宽松，也是重树美联储公信力的重要手段。资产负债表缩减和降低联邦基金基准利率是美联储本轮货币政策正常化的主要途径，也是新任美联储主席凯文·沃什的主要政策主张。市场关心沃什主导的美联储如何实现资产负债表缩减。 推荐进入 财新数据库 ，可随时查阅宏观经济、股票债券、公司人物，财经数据尽在掌握。

5月19-20日，由36氪主办的AI+产业大会在北京举办。大会发布“2026 AI最佳场景渗透案例”入围名单，即构AI伴学方案获评“2026 AI最佳场景渗透案例”，成为教育AI应用方向的代表案例之一。 本届大会主办方36氪认为，如果用一个词来描述当下的AI产业，“渗透”则更为准确。“渗透”意味着AI不再是发布会上的炫技Demo，也不再是PPT里的概念模型，而是像水电煤一样，悄无声息地融入企业运营的毛细血管和用户日常的消费决策中。评价的标尺也随之回归商业本质，如今评判一个AI是否优秀，重点不再是看它的技术参数和演示效果，而是看它到底在真实场景中解决了多少问题，创造了多少价值。即构AI伴学方案凭借领先技术和帮助客户真正解决核心教学场景问题，获评“2026 AI最佳场景渗透案例”。 ZEGO即构将AI能力深度嵌入直播课堂，让真人老师拥有自己的AI分身，在直播课中可以灵活启用，与学生展开1V1互动。AI老师能够基于学生回答内容，进行针对性的引导、反馈与鼓励，从而实现大规模课堂中的个性化互动教学。 即构AI伴学不仅让在线课堂的教学模式从“标准化产品”转变为“个性化方案”，给学生提供了AI个性化互动的能力，让学生主动把握学习节奏，还能通过与学生对话的数据积累，实现产品的数据驱动与持续进化。 经过即构的调研和总结，个性化的伴学方案需要同时满足互动体验、AI的理解和识别能力、教学效果、成本控制等多项要求。 基于自身在RTC实时互动与AI技术领域的积累，即构科技围绕在线课堂场景，构建了一套完整的AI伴学能力体系。 • 互动体验：即构RTC端到端延迟低至200ms，AI互动对话体验约1秒，可适配全球30000余种终端设备。依托自研MSDN海量数据网络，即使在80%丢包情况下，仍能保障在线课堂通话流畅稳定。 • AI的听与答：即构自研AI音频引擎集成AI降噪、AI回声消除、AI人声检测等技术，可有效识别学生声音并过滤复杂环境噪音，语音识别准确率高达99%。这意味着AI老师不仅“能说”，更能够“听得清、听得懂”。 • 教学体验：支持灵活定制AI老师的形象、音色及对话风格，并能够结合真人老师实时讲课内容、白板及课件信息自然互动，使AI教学过程更贴近真实课堂体验。 • 成本控制：方案采用“时长+并发包”的灵活计费模式，按实际用量收费，单分钟最低不到0.3元。 • 灵活接入插件：支持插件化灵活...

格隆汇5月20日｜据美国广播公司(ABC)，美国司法部已签署协议，宣布将“永久禁止”国税局审查美国总统特朗普及其家人和公司过往提交的纳税申报表。司法部还同意设立近18亿美元的基金，用于补偿“受到不公正起诉”的特朗普盟友。 今年1月，特朗普在佛罗里达州联邦法院起诉美国国税局，指控国税局员工在2019年至2020年间泄露其税务信息，索赔100亿美元。当地时间5月18日，特朗普与美国司法部达成和解协议，司法部同意设立一个“反武器化基金”，以换取特朗普撤销诉讼。当地时间19日，美国代理司法部长托德·布兰奇签署并发布了一项补充协议，对特朗普作出更大的让步。补充协议将禁止美国政府对特朗普及其家人和公司过去提交的纳税申报表进行审计。 文件规定，对于国税局或其他机构“目前正在审查或可能正在审查的任何事项”所引发的问题，国税局将被“永久禁止”对特朗普及其家人提起诉讼或追究责任。ABC指出，和解协议禁止特朗普直接从“反武器化基金”中获得资金，但补充协议禁止政府对过往的纳税申报表进行审计，仍可能让特朗普得到丰厚的利润。

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菲律宾一架轻型飞机坠毁 2026-05-20 14:05:09 来源： 同花顺7x24快讯 分享 据菲律宾媒体报道，20日上午，一架轻型飞机在菲律宾吕宋岛本格特省坠毁，机上载有两人。目前，救援队伍已经找到飞机位置，救援工作正在进行中。(新华社)

Alexander Shapovalov Tesla ( TSLA ) has begun an aggressive hiring push for self-driving and autopilot-related roles across China, signaling renewed efforts to accelerate its delayed Full Self-Driving (FSD) rollout in the world’s largest EV market. The company has posted “urgent” openings for autopilot test engineers, data labelers, and real-road test operators in at least nine Chinese cities including Beijing, Shanghai, Wuhan and Guangzhou. The hiring comes as Tesla ( TSLA ) faces repeated delays in rolling out its advanced driver-assistance technology, marketed as FSD, in China. The Chinese regulatory approval for broader FSD deployment is still pending, with Tesla previously indicating approval may come by Q3 2026. China is viewed as critical for Tesla’s ( TSLA ) AI and robo-taxi ambitions, especially as domestic rivals like Xiaomi and Huawei accelerate their own smart-driving systems. The company reportedly has about 1.3M FSD subscriptions, but the broader rollout continues to lag expectations. More on Tesla Tesla: Why It Refuses To Crash No Matter What I Think (Upgrade) Tesla: It's All Downhill From Here Tesla: Another Chance To Sell (Technical Analysis) Jury ruling in favor of OpenAI removes 'significant overhang,' paves way for IPO: Wedbush Jury rules against Musk in legal showdown with Altman, OpenAI (Update)

格隆汇5月20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。新技术通过将电源转换器更靠近处理器，以缩短电源传输路径，从而支持更高性能、更高密度的系统。

Universal ( UVV ) declares $0.83/share annual dividend , 1.2% increase from prior dividend of $0.82. Forward yield 1.52% Payable Aug. 3; for shareholders of record July 13; ex-div July 13. See UVV Dividend Scorecard, Yield Chart, & Dividend Growth. More on Universal Universal Corporation: Attractive Dividend And Favorable Share Price In A Declining Industry Consumer staples names with highest dividend yield amid Middle East war crisis Seeking Alpha’s Quant Rating on Universal Historical earnings data for Universal Dividend scorecard for Universal

騰訊控股(00700)出現大手賣出1.51萬股，成交價$454.2，涉資685.842萬 AASTOCKS.com

騰訊控股(00700)出現大手賣出1.4萬股，成交價$454.2，涉資635.88萬 AASTOCKS.com

格隆汇5月20日｜英国4月未季调核心输出PPI年率2.4%，前值2%；月率0.7%，前值0.2%。

Good morning . The European Union finalizes its US trade deal. Vladimir Putin meets Xi Jinping in Beijing. And Goldman Sachs is said to lead SpaceX’s IPO, potentially the biggest listing of all time. Listen to the day’s top stories . Market Snapshot S&P 500 futures 7,370.25 -0.1% Nasdaq 100 futures 28,919.75 -0.0% WTI crude oil futures $107.77 -0.8% Bloomberg Dollar Spot Index 1,204.73 +0.1% Market data as of 07:02 AM GMT. Data is subject to provider delays. The European Union finalized the text of its US trade deal after months of negotiations, clearing a major hurdle to ratifying the pact ahead of Donald Trump’s threatened deadline for higher tariffs. The deal would see the EU remove tariffs on American industrial goods in exchange for a 15% levy ceiling on the bloc’s exports. Vladimir Putin met with Xi Jinping in Beijing, with the shadow of wars in Ukraine and Iran looming. “A comprehensive ceasefire is imperative, restarting war is even more unacceptable, and adhering to negotiations is particularly important,” Xi said. Follow the latest developments here . India is preparing to send vessels through the Strait of Hormuz to load up energy cargoes from Middle East suppliers, people familiar said. The plans are said to be finalized, with ships set to begin attempting to cross the passageway pending final government approval. Stocks headed for their longest losing streak in over two months, as mounting inflation concerns sent bond yields higher and spurred investors to rethink valuations. European and US futures also slipped. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets. Tuesday’s bond market volatility served as a warning signal for stocks , according to Bloomberg’s MLIV. While there are signs of resilience both in the animal spirits re-animating the AI equity boom, climbing 30-year Treasury bond yields and cross-asset flows suggest more pain to come. In corporate news, Goldman Sachs is said to lead SpaceX’s initi...

格隆汇5月20日｜英国4月未季调输出PPI年率4%，预期2.8%，前值由2.60%修正为3%；月率1.4%，预期1%，前值由0.90%修正为1.4%。

记者今天了解到，今年1月，全国电子计价秤智慧计量监管平台正式上线运行。截至目前，平台建设已取得阶段性成效，累计入驻单位达6750家。该平台依据《电子计价秤型式评价大纲（试行）》中关于防作弊、数据可追溯、全生命周期管理等技术要求，将其逐一转化为在线监管能力，实现对电子计价秤“生产、型式批准、型式评价、强制检定、维修、执法”六大环节的闭环管理。目前，该平台覆盖监管全链条各环节的全部单位类型，包括电子计价秤生产企业177家、型式批准机构21家、型式评价机构21家、计量检定机构2174家、授权维修单位913家、各级市场监管部门3444家。同时，该平台推行“一秤一码”，为每台秤具建立电子身份证。消费者只需“扫一扫”或“碰一碰”，即可核对秤具的身份信息和检定状态，让公平计量看得见、可监督。下一步，市场监管总局将继续完善技术支撑体系，加快平台推广应用。（央视新闻）

"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Sydney with Shery Ahn and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)

格隆汇5月20日｜英国4月未季调输入PPI年率7.7%，预期5.9%，前值由5.40%修正为5.3%；月率2.4%，预期1%，前值由4.40%修正为4.3%。

格隆汇5月20日｜英国4月CPI年率2.8%，预期3%，前值3.30%；月率0.7%，预期0.9%，前值0.70%。

First Merchants ( FRME ) declares $0.37/share quarterly dividend , 2.8% increase from prior dividend of $0.36. Forward yield 3.74% Payable June 19; for shareholders of record June 5; ex-div June 5. See FRME Dividend Scorecard, Yield Chart, & Dividend Growth. More on First Merchants First Merchants Corporation 2026 Q1 - Results - Earnings Call Presentation First Merchants Corporation (FRME) Q1 2026 Earnings Call Transcript First Merchants Q2 dividend preview: 14-year growth streak set to continue First Merchant dividend preview: Can a 14-year streak lift the May payout again? Seeking Alpha’s Quant Rating on First Merchants

格隆汇5月20日｜英国4月核心CPI年率2.5%，预期2.6%，前值3.10%；月率0.7%，预期0.8%，前值0.4%。

Hong Kong authorities have approved 820 additional flights and fast-tracked 4,100 adjustment applications to help airlines respond to sudden surges in passenger and cargo demand amid the Middle East conflict. “We are actively engaging airlines to encourage them to deploy extra cargo capacity to connect Hong Kong International Airport with destinations currently experiencing service shortfalls due to the Middle East situation,” Secretary for Transport and Logistics Mable Chan told the Legislative Council on Wednesday. US and Israeli strikes on Iran since late February have driven up global fuel prices and disrupted air transport. Advertisement Chan highlighted the city’s efficient and transparent flight approval process, which enables airlines to respond swiftly to passenger and cargo demand arising from the disruptions linked to the Middle East conflict. The Civil Aviation Department has approved about 820 additional flight applications and expedited around 4,100 flight adjustment applications since early March. Mable Chan says authorities have asked airlines to review their fuel surcharges more frequently. Photo: Jonathan Wong Her remarks came after lawmaker Ben Chan Han-pan questioned whether rising fuel surcharges could undermine the competitiveness of Hong Kong’s air cargo industry.

UK inflation slowed to 2.8% in April, according to official figures, as a reduction in the household energy price cap helped soften the sharp rise in fuel costs since the start of the Iran war. The Office for National Statistics (ONS) said the consumer prices index measure of inflation eased from March’s reading of 3.3%, suggesting the impact of the Iran war has not yet hit UK households as much as feared. Economists had been expecting inflation to slow to 3%, partly because of the impact of Ofgem’s lower energy price cap, which reduced the typical annual dual-fuel bill in Great Britain to £1,641 from April compared with £1,849 a year earlier. The slowdown in inflation will be welcome news for the chancellor, Rachel Reeves, after she shifted some green energy costs away from household bills and into general taxation in her November budget to help ensure bills fell from April. Water bills and vehicle excise duty also increased by less in April this year compared with 2025, when they both rose sharply, while the early Easter affected prices such as air fares in comparison with last year. However, economists believe the drop in inflation is unlikely to last as petrol and diesel prices have soared since the start of the Middle East conflict, reflecting a jump in the global oil price to more than $110 a barrel as the closure of the critical strait of Hormuz affects energy supplies. The drop in the inflation rate comes after ONS data released on Tuesday showed wage growth slowed and unemployment rose in March. The figures are likely to reduce the likelihood of the Bank of England raising interest rates at its next meeting on 18 June. Rate-setters at the Bank have to find a balance between containing inflation and not denting economic activity. The Bank held rates at 3.75% at its meeting last month but said it was prepared to push up the cost of borrowing if inflation continued to rise. More details soon …

格隆汇5月20日｜英国4月零售物价指数年率3%，预期3.6%，前值4.10%；月率0.8%，预期1.4%，前值0.80%。

格隆汇5月20日｜德国4月PPI年率1.7%，预期1.5%，前值-0.20%；月率1.2%，预期1%，前值2.50%。

Stamp duty should be scrapped and replaced with a new property wealth tax to fix London’s housing crisis, a leading thinktank has proposed. A report on the capital’s property market suggests an annual tax to replace the levy paid when buying a property and council tax would encourage downsizing and raise funds for social housing. It would also help renters to save a house deposit. The research, by the Centre for London, highlighted disparities in space between the poorest and wealthiest homeowners. It found average floor space for each person rose by almost 30% between 2004 and 2023, but this additional space went disproportionately to higher-income owner-occupiers. Households in the top 20% of incomes have seen a 27% rise in space owned, whereas the bottom 40% had a rise of 6%. This means that, despite London having more housing available to use for each person than 20 years ago, housing inequality has widened. This is just one of the acute problems of London’s housing market described in the report: homelessness costs £5.5m a day and record numbers of Londoners are living in temporary accommodation. House prices are 12 times earnings (up from seven in the early 2000s) and a third of children live in poverty after housing costs, the report finds. Businesses also say the unaffordability of housing is strangling growth, investment and talent. “By every metric that matters, the housing crisis is at its worst,” said Rob Anderson, the director of research at the Centre for London and co-author of the report. The paper outlines radical reforms, including scrapping stamp duty and council tax and replacing them with a partly devolved annual proportional property tax (PPT) that could pay for 106,000 social and affordable homes over the next decade. Homeowners with the largest properties in the most expensive areas would pay the most tax under the proposed system. PPT would be calculated as a percentage of the value of the home. On those worth up to £800,000, the average bas...