飞龙股份(002536) 投资要点 事件：公司发布2025年年报，2025年公司实现收入45.45亿元，同比-3.77%；实现归母净利润3.17亿元，同比-3.85%；扣非归母净利润为3.25亿元，同比-6.98%。其中，2025Q4单季度公司收入为13.08亿元，同/环比分别+6.51%/+21.52%；归母净利润为0.30亿元，同/环比分别-52.07%/-60.44%；扣非归母净利润为0.22亿元，同/环比分别-75.85%/-74.91%。公司2025Q4业绩低于我们的预期。 25Q4毛利率下滑影响公司业绩但单季度费用率有所改善。2025年毛利率为23.96%，同比+2.42pct；25Q4单季度毛利率为19.47%，同/环比分别-2.42/-6.81pct。费用率方面，2025Q4期间费用率为16.24%，同/环比分别-1.07/-1.26pct。其中，销售/管理/研发/财务费用率分别为-0.42%/10.24%/6.27%/0.14%，同比分别-2.23/-0.68/+1.62/+0.21pct，环比分别-3.83/+3.73/-1.41/+0.25pct。 2025全年分业务来看：1）发动机热管理重要部件收入16.62亿元，同比-10.47%，毛利率为24.23%，同比+2.32pct；2）发动机热管理节能减排部件收入21.07亿元，同比-6.17%，毛利率为26.30%，同比+4.57pct；3）新能源汽车及民用液冷领域收入6.73亿元，同比+28.10%，毛利率为15.61%，同比-3.36pct；4）非发动机及其他部件收入0.85亿元，同比+9.27%，毛利率为29.16%，同比+1.68pct。 液冷领域稳步推进，卡位核心客户静待花开。全资子公司航逸科技专注于非车用液冷泵研发、生产与销售，聚焦IDC液冷循环泵核心产品，提供覆盖16W~22kW功率范围的全系列解决方案。截至2025年，公司液冷领域主要客户及建立联系的超80家，有超120个项目正在进行中，部分项目已量产。在国内市场，公司以英维克、申菱环境、高澜股份等重要客户为纽带，深度切入HP项目客户体系；在海外市场，公司已借助日本、中国台湾地区等合作伙伴，获得N项目、W项目、G项目等，成功跻身世界级科技巨头及其核心供应链体系。 热管理再获定点，水泵龙头动能充沛。公司2025年7月发布公告，宣布收...

Meta to Reduce Role of Outside Content Moderators in Favor of AI Bloomberg

【房地产】房地产行业2026年2月月报夏亦丰许佳璐。 【新房成交】：受春节假期影响，2月新房成交同比降幅扩大。2月40城新房成交面积环比-36.6%，同比-36.5%，受春节假期影响，同比降幅扩大18.1pct。1-2月累计同比-26.5%。 【房地产】房地产行业第11周周报（2026年3月7日-2026年3月13日）夏亦丰许佳璐。新房、二手房成交面积环比涨幅均收窄，同比降幅均收窄；新房库存面积同环比均下降；去化周期同比均上涨。

For decades now, Counter-Strike players have gotten used to tapping the reload button whenever they have a spare, safe moment. Yesterday evening, though, Valve announced that it had decided this system needed "higher stakes," overhauling Counter-Strike 2 's reload mechanic in a way that could disrupt years of muscle memory for millions of players. Until now, reloading in CS2 has meant dumping the remainder of your current clip "back into an essentially endless reserve supply," Valve wrote in the game's latest update announcement . From now on, hitting the reload button will instead make players "drop the used magazine and discard all of its remaining ammo. Instead of 'topping off' your weapon with a few bullets, a new full magazine will be taken from the reserves whenever you reload." While most weapons will now come with three full clips of reserve ammo, Valve wrote that "some weapons will have less to reward efficiency and precision, or more to encourage spamming through walls and smokes." Counter-Strike specialist Thour did the math on the changes and found that 7 weapons gained ammo, 16 lost ammo, and 12 saw their total ammo remain unchanged under this new system. Shotguns seem to have seen the biggest upgrades, while strategies that rely on "pistol spam" might have to be rethought from now on. Read full article Comments

格隆汇3月19日｜互联网金融龙头股东方财富发布2025年年报，营收和净利润均创历史新高；旗下天天基金2025年的基金销售额达2.6万亿元，超越2021年的2.24万亿元，再创历史新高。

Britain agreed to help refurbish Nigeria’s two busiest ports, including one built a century ago when the West African nation was ruled from London. The 746 million pound ($997 million) UK Export Finance guarantee was announced during a visit by Nigerian President Bola Tinubu to Britain that including a rare meeting with King Charles. It will be used to help modernize the Apapa and the TinCan Island Port Complex in Lagos, the commercial hub. Tinubu joins counterparts from South Africa to Ghana in prioritizing construction of roads, ports and power plants to spur economic growth. Sub-Saharan Africa needs to spend $170 billion annually on infrastructure, according to the African Development Bank. Apapa Ports was built during British rule in the early 1920s, while the TinCan port started operations in 1977. They handle more than two-thirds of the nation’s goods trade and delays at the aged facilities can stretch into months. The refurbishment of the ports “will be transformative,” said Adegboyega Oyetola, Nigeria’s minister of marine and blue economy. “Turnaround times for vessels and cargo dwell times within the ports are projected to fall,” he said. The deal was coordinated and arranged by Citibank.

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNT The editorial image shows the interior of the new Tesla Model 3 with Full Self-Driving activated. Nurphoto | Getty Images The National Highway Traffic Safety Administration has escalated an investigation into Tesla 's " Full Self-Driving " systems, according to filings on the agency website out Thursday. The probe into Tesla's FSD is looking into possible safety defects that make it risky for drivers to use in fog, glaring sun or other "reduced roadway visibility conditions." The investigation, which started last year, involves 3.2 million Tesla vehicles, including Model S, X, 3, Y and Cybertruck EVs that can use the company's FSD-branded driver assistance systems, according to a filing on the agency's website. The agency wrote that Tesla FSD may sometimes fail: "to detect and/or warn the driver appropriately under degraded visibility conditions such as glare and airborne obscurants." In crashes reviewed by the agency, Tesla's system "did not detect common roadway conditions that impaired camera visibility and/or provide alerts when camera performance had deteriorated until immediately before the crash occurred." The probe has been elevated to an "engineering analysis," after a string of complaints about collisions in which FSD was in use within 30 seconds of a crash, including one in which a Tesla driver who was using FSD struck and killed a pedestrian. Tesla did not immediately respond to a request for comment. Read more CNBC tech news Micron revenue almost triples, tops estimates as demand for memory soars Uber to invest up to $1.25 billion in EV maker Rivian in deal to launch 50,000 robotaxis Meta is shutting down VR social platform Horizon Worlds in further pivot away from the metaverse Meta’s Manus launches desktop app to bring its AI agent onto personal devices amid OpenClaw craze Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business ne...

The escalating attacks on key oil and gas projects in the Middle East are expected to fuel a new phase of the ongoing conflict, with profound consequences for the world’s energy supplies and the global economy. The Iran regime has vowed to target a string of key energy infrastructure across the region after warning that an Israeli strike on a production facility for its largest gasfield at South Pars on Wednesday had ignited a “full-scale economic war”. South Pars is part of the world’s largest natural gasfield, which is shared by Iran and Qatar. It is located offshore between the two Gulf states and forms a domed extension to Qatar’s giant North Field. Within hours of the South Pars strike Iranian missiles hit Ras Laffan, the site of Qatar’s core liquefied natural gas processing facilities, causing “extensive damage” to the world’s largest suppliers of seaborne gas cargoes, according to Qatar’s state gas company. The damaged facilities will take three to five years to repair, according to the QatarEnergy chief executive, Saad al-Kaabi, raising fears of a protracted global gas supply crisis. “I never in my wildest dreams would have thought that Qatar would be – Qatar and the region – in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way,” he told the Reuters news agency. View image in fullscreen File photo of QatarEnergy’s liquefied natural gas production site in Ras Laffan. Photograph: Reuters The Qatari state confirmed that an attack involving five ballistic missiles launched from Iran. Although four were intercepted, a fifth missile struck the Ras Laffan industrial complex, which is responsible for producing the state’s gas exports. A Qatari government spokesperson warned that targeting energy infrastructure “constitutes a threat to global energy security, as well as to the peoples of the region and its environment”. Qatar’s gas exports made up a fifth of the global LNG market last year, of which about 80%...

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Oli Scarff/Getty Images News BP ( BP ) said Thursday it agreed to sell its Gelsenkirchen refinery in Germany to Klesch Group for an undisclosed sum and raised its cost reduction target, as the company continues to simplify its portfolio and shore up its balance sheet. BP ( BP ) did not provide a value of the ​deal or the liabilities the sale would remove from its books, but Barclays analyst Lydia Rainforth estimated the latter in the $1.3B-$1.7B range. The company said the sale of the refinery, ​which processes ~12M metric tons/year of crude oil, allowed it to increase its structural cost reduction target by ~$1B to $6.5B-$7.5B by 2027, which equates to ~30% of its 2023 cost baseline. The deal will add to BP's ( BP ) free ​cash flow based ​on historical performance ⁠and will help lower the cash breakeven for its remaining refining portfolio, the company said. The move follows an agreement in December to sell a 65% stake in its Castrol lubricants business for $8B; BP ( BP ) said last month that it had announced or completed more than $11B of its $20B divestment target for 2027. More on BP Four Reasons BP Could Correct BP: Oil At $100, Strong Buy BP: Buybacks Halted As Balance Sheet Takes Priority, Yet Valuation Remains Attractive

Key Points Sold 62,013 shares of Kymera Therapeutics; estimated transaction value $4.19 million (based on mean unadjusted close for the quarter). The quarter-end position value increased by $2.41 million, reflecting both share sales and price movement. The transaction represented 0.4% of the fund’s 13F reportable assets under management (AUM). Nextech held 278,896 shares valued at $21.70 million at quarter-end. The position now accounts for 2.1% of AUM, placing it outside the fund's top five holdings. 10 stocks we like better than Kymera Therapeutics › Nextech Invest, Ltd. disclosed in a February 17, 2026, Securities and Exchange Commission (SEC) filing that it reduced its stake in Kymera Therapeutics (NASDAQ:KYMR) by 62,013 shares, an estimated $4.19 million trade based on quarterly average pricing. Nextech Invest sold 62,013 shares of Kymera Therapeutics at an estimated transaction value of $4.19 million (based on quarterly average pricing). The quarter-end position value increased by $2.41 million, reflecting both share sales and price movement. The transaction represented 0.4% of fund’s 13F reportable assets under management (AUM). Post-trade holding: 278,896 shares valued at $21.70 million as of December 31, 2025. The position now represents 2.1% of AUM, which places it outside the fund's top five holdings. What happened According to the SEC filing dated February 17, 2026, Nextech Invest, Ltd. sold 62,013 shares of Kymera Therapeutics in the fourth quarter. The estimated transaction value was $4.19 million, calculated using the average closing price during the quarter. The quarter-end value of the position increased by $2.41 million, a figure reflecting both trading activity and changes in the stock’s price. What else to know Nextech Invest, Ltd. continued normal trading activity, trimming its Kymera stake to 2.1% of 13F AUM Top five holdings after the filing: NASDAQ:RVMD: $605.43 million (58.5% of AUM) NASDAQ:TYRA: $106.63 million (10.3% of AUM) NASDAQ:TNGX: $...

Source: Bloomberg, 0:00

Source: Bloomberg, 20:44

How it works The system is built on Palantir’s Ontology framework, which is designed to sit on top of existing systems of record and unify data across the mortgage lifecycle. The partners said the platform translates investor guidelines and operational policies into configurable, testable and auditable rules that can drive agentic AI — software agents that execute tasks on behalf of human users. In early use at Freedom Mortgage, the platform is already live on “several key processes,” improving speed and accuracy for servicing and operations staff, the companies said, although they did not disclose specific productivity or cost metrics. “This strategic partnership will reshape the future of our industry,” said Michael Middleman, chairman of Moder. “Together, we’re building technology that can help improve affordability, lower borrowing costs, and expand access to homeownership for millions of Americans.” “Combining our deep expertise in the mortgage industry with Palantir’s data and AI capabilities, we’re already seeing measurable results improving the homeownership experience and helping mortgage servicers run more efficiently,” Moder president and CEO Erik Anderson said. Freedom Mortgage is the first lender to pilot the joint platform. Based in New Jersey, Freedom was the nation’s eighth-largest mortgage lender in 2025, according to Inside Mortgage Finance (IMF). Its origination volume of $55.8 billion last year was up nearly 22% year over year. And Freedom was the sixth-largest primary mortgage servicer in the fourth quarter of 2025, with a $642 billion servicing portfolio, IMF reported. This week, the indirect parent company of Freedom Mortgage announced an expansion in the servicing arena, agreeing to purchase Seneca Mortgage Servicing LLC from EFJ Capital LP. Under the Freedom umbrella, Seneca is expected to expand its platform and allow outside investors to invest in high-quality mortgage assets. “Freedom Mortgage is excited about the tremendous impact this s...

He will remain in hospital until a tribunal judge says it is safe for him to be released. He may then have to undergo further community treatment.

当地时间19日，美国国务院批准可能向约旦出售飞机及弹药支援服务与相关设备的军售计划；批准向阿联酋出售固定式无人机（885564）综合防御系统、F-16战机弹药及升级服务以及具备“末段高空区域防御系统”集成能力的远程识别雷达等军售计划；批准向科威特出售低层防空反导传感器（885946）雷达的军售计划。(央视新闻)

伊朗伊斯兰共和国广播电视台19日援引伊朗伊斯兰革命卫队情报部门的声明报道，自战争爆发以来已逮捕178名“叛徒”和美以雇佣人员。声明说，这些“叛徒”向美以间谍机构发送伊朗红新月会办公地等地点的位置信息，试图让这些地点成为打击目标。他们还发送了敏感地点的图像。（新华社）

JHVEPhoto/iStock Editorial via Getty Images Honeywell ( HON ) on Thursday introduced an artificial intelligence system designed to help industrial operators anticipate equipment issues and respond to potential disruptions before they escalate. The product, called Experion Operations Assistant, is built on the company’s Experion PKS control system and combines historical plant data with real-time inputs. The goal is to give operators earlier visibility into emerging risks tied to safety incidents or production losses. Experion Operations Assistant (Honeywell) The launch follows a pilot program involving companies including Chevron ( CVX ) and TotalEnergies ( TTE ) ( TTEF ). During testing, the system identified potential alarm events several minutes in advance, allowing operators to take corrective steps and reduce unplanned downtime. Honeywell ( HON ) executives said the tool is intended to address operational challenges such as maintaining output from existing assets and managing the loss of experienced workers. The system uses plant-specific data and AI models to generate real-time guidance for control room staff. Designed to integrate with existing infrastructure, the assistant analyzes site-level information and provides alerts intended to help operators respond more quickly to developing issues. More on Honeywell International Honeywell International Inc. (HON) Presents at JPMorgan Industrials Conference 2026 Transcript Honeywell International Inc. (HON) Presents at Bank of America Global Industrials Conference 2026 Transcript Honeywell International Inc. (HON) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript Honeywell slips as CEO flags Middle East shipping disruptions War isn’t moving defense stocks the way you’d expect: WSJ

AlexSecret/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The Franklin Limited Duration Income Trust ( FTF ) has provided monthly distributions to its investors going all the way back to its inception in 2003. Though the distribution level has certainly changed over that time, it currently has a relatively hefty distribution rate of over 12% currently. That makes it quite appealing for income-focused investors. However, it is always important to remember that a fund can pay what it would like, for as long as it likes, as long as the net asset value remains above $0. So, given the elevated distribution rate currently, there is some concern regarding the distribution's current coverage. At the same time, even if there is a cut, it is highly likely that it will still be providing a monthly distribution to investors, given its long history. Additionally, shares are continuing to trade at a relatively wider discount, which we had noted as one of the positives in our prior piece as well. That would suggest investors looking to add to their positions or maintain their current position today are doing so at a rather opportunistic valuation. FTF Basics 1-Year Z-score: -1.26 Discount/Premium: -8.29% Distribution Yield: 12.36% Expense Ratio: 1.68% Leverage: 32.11% Managed Assets: $367 million Structure: Perpetual FTF's investment objective is "to provide high, current income, with a secondary objective of capital appreciation." They do this by investing "primarily in high-yield corporate bonds, floating-rate corporate loans, and mortgage- and other asset-backed securities." The fund's focus is on fixed-income, primarily in the high-yield space. While it has an emphasis on corporate and leveraged loan investments, the fund's largest allocation is actually to marketplace loans. FTF also employs leverage in an effort to enhance the overall performance of the fund. That comes with greater overall volatility, increasing risk for investors. Additio...

What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, 1607 Capital Partners, LLC increased its holdings in iShares Trust - iShares MSCI Europe Financials ETF (EUFN 1.27%) by 921,396 shares during the fourth quarter. The fund’s quarter-end value in EUFN rose by $42.10 million, reflecting both new purchases and share price movement. What else to know The fund increased its EUFN stake, which now comprises 9.62% of its 13F reportable assets Top holdings after this filing: NYSEMKT:FEZ: $173.10 million (11.8% of AUM) NYSEMKT:BBJP: $111.64 million (7.6% of AUM) NYSEMKT:EWL: $89.59 million (6.1% of AUM) NYSEMKT:GOVT: $73.94 million (5.0% of AUM) NYSEMKT:BKLN: $61.00 million (4.2% of AUM) As of February 17, 2026, EUFN shares were priced at $37.33, up 44.0% over the past year. The ETF outperformed the S&P 500 by 34.71 percentage points. EUFN’s trailing twelve-month dividend yield is 3.55%; shares are 4.26% below their 52-week high. ETF overview Metric Value AUM 4.39 billion Dividend yield 3.50% Price (as of market close 2/17/26) $37.33 1-year total return 43.96% ETF snapshot iShares MSCI Europe Financials ETF (EUFN) provides targeted exposure to the financial sector across developed European markets, leveraging a market capitalization-weighted approach. The ETF is structured as an open-ended fund and is listed on NASDAQ, offering investors exposure to European financials. The fund tracks the performance of the MSCI Europe Financials Index, investing at least 80% of assets in constituent securities and similar investments. Its portfolio is composed primarily of equities from the financial sector in developed European markets. The fund's strategy enables investors to access a broad basket of leading European financial institutions through a single, liquid vehicle. EUFN's diversified holdings and attractive yield position it as a core satellite allocation for those seeking sector-specific international equity exposure. What this tr...

Oracle (ORCL) has been under pressure recently, and that’s why the latest analyst call is important. Analyst Siti Panigrahi at Mizuho wrote that “bearish concerns” surrounding Oracle are easing after the Q3 report while maintaining an “Outperform” rating on the shares but cutting the price target to $320 from $400 due to peer multiple contraction rather than a change in their underlying thesis. The old thesis was rather straightforward: Oracle’s aspirations in AI were legitimate, but the company would need to go heavily leveraged to support that investment in the data center business. The new argument is that a significant part of that business growth can be supported through customer prepayments and bring-your-own-hardware models. About Oracle Stock Oracle is one of the largest enterprise software and cloud infrastructure companies in the world, is based out of Austin, Texas, and has a market capitalization of approximately $444.9 billion. Oracle has become increasingly prominent in terms of its position within the overall AI infrastructure landscape as Oracle Cloud Infrastructure grows rapidly and wins larger deals within the AI space. ORCL's stock price has also seen significant volatility. The stock is currently at about $155, which is near the lower end of its 52-week range of $118.86 to $345.72. This means that the stock is up about 31% from the low end of its 52-week range but still down about 55% from the high end of its range. Regarding the valuation, the stock is no longer cheap but also no longer overpriced from the perspective of the old-school value investor. The stock is at 25.72 forward earnings and 7.75 sales. When the company is growing total revenue at more than 20% and cloud infrastructure at more than 80%, the stock price no longer seems overpriced from the perspective of the old-school value investor. The stock also offers a quarterly dividend of $0.50 per share. The next dividend is payable on April 24, 2026, to the shareholders of record as of...

The Bears Are Losing the Battle Over Oracle, According to This Analyst. Should You Buy the Dip in ORCL Stock Here? Barchart

The Bears Are Losing the Battle Over Oracle, According to This Analyst. Should You Buy the Dip in ORCL Stock Here? FinancialContent

Judge Approves Redesigned Apple (AAPL) Watch Amid Patent Dispute GuruFocus

US Defence Secretary Pete Hegseth said Thursday there was no “time frame” for ending the US-Israeli war against Iran , which was launched three weeks ago. “We wouldn’t want to set a definitive time frame,” Hegseth told a news conference, adding that “we’re very much on track” and that President Donald Trump would be the one to decide when to stop. “It will be at the president’s choosing, ultimately, where we say, ‘Hey, we’ve achieved what we need to.’” Advertisement American objectives in the war had not changed since strikes started on February 28, he said. The US has carried out strikes against 7,000 targets inside Iran , and hit more than 40 Iranian minelaying vessels and 11 submarines. A volunteer salvages belongings from a house damaged in a strike in Tehran on Wednesday. Photo: WANA/Reuters “Our objectives, given directly from our America-first president, remain exactly what they were on day one,” Hegseth told reporters.