格隆汇3月20日丨中国人民银行、国家外汇管理局有关部门负责人就《关于印发〈境内企业境外放款管理办法〉的通知》答记者问。境内企业境外放款余额上限与其所有者权益挂钩，境外放款余额上限=放款人最近一期经审计的所有者权益×宏观审慎调节系数。境外放款余额=∑放款人本外币境外放款余额＋∑放款人外币境外放款余额×币种转换因子，币种转换因子设置为0.5。为更好满足“走出去”企业跨境运营资金需要，将宏观审慎调节系数由此前的0.5上调至0.6。为做好境外放款业务事中事后管理，开展境外放款业务的境内企业、银行应按照相关规定，及时准确进行国际收支统计申报及相关账户、结售汇和人民币跨境收付信息管理系统（RCPMIS）数据的报送。

总台记者获悉，当地时间3月20日，伊朗伊斯兰革命卫队针对美国及其盟友在地区内的军事目标发动了代号为“真实承诺-4”的第67波密集攻势。此次行动紧随革命卫队发言人纳伊尼遇袭身亡事件，旨在对美以军事设施实施强力报复。在这次高强度的打击中，伊朗动用了重型弹道导弹和大规模无人机（885564）群，重点摧毁了位于科威特的美军阿里.萨利姆基地。该基地的航空航天（563380）无人机（885564）指挥部、飞机维修机库及联军行动中心遭到直接命中。与此同时，袭击波及了以色列全境。以色列中部、南部和北部的多处卫星监测中心、雷达站和防空阵地均报告遭到有效打击。(央视新闻)

财联社3月20日讯（记者 李迪） 近期A股市场震荡，权益基金净值波动也有所增加，但依然有基金凭借精准的选股策略实现亮眼的年内收益。 截至3月19日，广发远见智选混合A的今年以来收益高达53.56%，在所有主动权益基金中排名第一。这只产品重点配置存储及相关半导体设备板块，对细分行业龙头进行了精准押注。该产品基金经理为拥有11年公募产品管理经验的“老将”唐晓斌。唐晓斌目前管理四只基金，去年四季度末的管理规模为172.93亿。 该产品去年四季度末的前十大重仓股中，有两只股票在今年已实现股价翻倍。去年四季度末，该产品的头号重仓股为 佰维存储 ，持仓比例高达9.58%；第三大重仓股为 普冉股份 ，持仓比例高达8.89%。截至3月20日收盘，佰维存储和普冉股份的今年以来涨幅分别为108.10%和120.12%。 除选股策略精准外，该产品的持仓集中度也偏高，这也进一步增强了产品的业绩锐度。截至去年四季度末，其前十大重仓股合计持仓占比高达74.86%。 不过，持仓集中虽能产生更强的业绩弹性，却会显著增加产品的净值波动风险。业内人士也提示称，考虑到存储板块具备波动性较强的特性，因而投资者在投资该产品时也需要关注波动风险。 重仓押注存储板块，有基金年内收益已达53% 天天基金数据显示，截至3月19日，广发远见智选混合A的今年以来收益达53.56%，在所有主动权益基金中排名第一。 从该产品的2025年四季报来看，去年四季度末，该基金重点配置存储及相关半导体设备，以及部分细分行业龙头。该产品的基金经理唐晓斌认为，展望未来，随着技术迭代的加速，以及国产化进程的不断推进，“两存”在全球市场的市占率有望达到30%以上。围绕“两存”提供半导体设备供应链，比如刻蚀、沉积、键合，以及良率检测等环节有望充分受益。 值得注意的是，去年四季度末，该产品的头号重仓股为佰维存储，持仓比例高达9.58%。 佰维存储是国内稀缺的具备“存储+晶圆级先进封测”一体化能力的公司，公司的解决方案已服务于包括Meta、Google、小米、OPPO、vivo、荣耀、联想、 比亚迪 及长安等众多全球知名客户。 该公司去年实现了亮眼业绩。2025年全年，佰维存储实现总营收112.96亿元，同比增长68.72%；实现归母净利润8.67亿元，同比猛增437.56%。 今年前两月，该公司更是迎来了业绩爆发。该公司在3月初发布的《2026...

寧德時代H股相對A 股溢價飆至新高中東局勢推升離岸資金配置儲能熱情 msn.com

Nvidia (NASDAQ:NVDA) could become the first $10 trillion company, the CEO gave about as clean an answer as you’ll hear from a Fortune 500 executive. “Absolutely. Absolutely possible. And that’s our hope. And I think we’re on our way there. The market will take care of itself. Our growth is accelerating. Our customer base is ... Nvidia CEO: $10 trillion company valuation absolutely possible

Nvidia CEO: $10 trillion company valuation absolutely possible 24/7 Wall St.

财联社3月20日讯，今日28股涨停，23股炸板，封板率为55%，深华发A、华电辽能5连板，大胜达、韶能股份3连板，华电能源9天6板，正泰电源、国晟科技8天4板。市场全天冲高回落，沪指震荡调整失守半年线，跌破4000点整数关口，创业板指盘中刷新年内新高后快速回落。黄白二线分化明显，中小盘股普跌，微盘股指数跌超3%。沪深两市成交额2.29万亿，较上一个交易日放量1759亿。盘面上，全市场连续两日超4700只个股下跌。板块方面，光伏、储能、电力、锂电池方向领涨；算力租赁、油气、化工板块领跌。截至收盘，沪指跌1.24%，深成指跌0.25%，创业板指涨1.3%。 人气及连板股分析 连板股晋级率回升至50%，除去大长腿实现4进5的华电辽能外，其余几只连板股均以空心板姿态实现晋级。随着昨日国际油价冲高回落，昨日局部回暖的化工、油气板块遭遇大面积补跌。而此前涨势火爆的算力租赁概念，今日成为杀跌重灾区，午后亿田智能、协创数据触及20厘米跌停，东方国信、宏景科技等趋势抱团人气股也纷纷位居跌幅前列。早盘光模块人气股源杰科技一度触及20厘米涨停并反超寒武纪，成为A股史上第8只千元股，电池龙头宁德时代股价逼近历史高点，引发资金进一步向算力硬件、新能源赛道权重大票聚集，反而引发题材小票流动性失血，午后微盘股指数重挫逾3%。当前极度二八分化的割裂行情反映当前市场已经出现一定流动性危机，或进一步助推短线恐慌情绪蔓延。 主线热点 随着中东局势冲突加剧，天然气等能源生产设施成为各方的攻击目标，昨日ICE英国天然气期货较2026年低点上涨121.5%，TTF荷兰天然气期货上涨120.8%。上游气价上涨向电价传导预期强化，储能产业链持续站上风口，逆变器方向涨势火爆，上能电气、首航新能封涨停，锦浪科技、昱能科技、德业股份等涨幅靠前。此外受益储能电池需求排产双旺，电池产业链也迎来强力补涨，石大胜华、璞泰来、赣锋锂业触及涨停，华宝新能、鹏辉能源双双涨超10%。除去海外对于能源安全焦虑，对分布式储能项目强劲的装机需求外，国内AIDC对于供电稳定性的极致要求，使得储能配套有望升级为刚需。不过当前储能为首的新能源赛道仍高度绑定中东局势的情绪面驱动，且短线资金向新能源赛道的过度集中，短线波动风险仍不容忽视。 财联社记者从消息人士获悉，此前马斯克旗下Space X团队向国内某头部异质结设备厂采购设备预计将于5月第一周发货...

格隆汇3月20日｜有投资者在互动平台向热景生物提问：此前Ib期数据亮眼：中高剂量组心梗面积分别降20.5%/38.1%，安全性可以解读为良好吗？ 热景生物回复称，SGC001注射液此前已完成Ib期临床试验，初步的统计分析结果显示SGC001注射液在前壁ST段抬高型心肌梗死患者人群中安全耐受性良好，Ib期临床研究中低(300mg)中(600mg)高(900mg)剂量组均未发生3级及3级以上不良事件，未发生严重不良事件；且药物安全性与剂量有明显相关性。目前，SGC001创新药II期临床研究已完成首例受试者入组给药。

It’s been a bumpy ride for investors. After a week of volatility across asset classes, financial markets were steady on Friday as traders wait to see how the war plays out over the weekend — an escalation, a sense of resolution, or more of the same. After surging to as high as $119 a barrel on Thursday, Brent crude traded around $108 per barrel. MSCI’s Asian stock benchmark was 0.4% lower, while European equities edged higher after tumbling the previous session. S&P 500 futures were up 0.1%. Markets were buoyed after Israel’s Prime Minister Benjamin Netanyahu said the nation will no longer target energy infrastructure, leading to optimism his country and Iran will step back from the brink of destroying key energy facilities. Netanyahu also said Israeli forces would help the US attempt to reopen the Strait of Hormuz and that the war would be over faster than people think. Still, the war continues to rage. Iran pressed ahead with attacks on Arab states in the Persian Gulf. Kuwait shut several units at its Al Ahmadi refinery after multiple strikes. The United Arab Emirates and Saudi Arabia said they intercepted missiles and drones overnight into Friday, while Bahrain reported a fire at a warehouse. Israel said it struck infrastructure across Iran, including Tehran. More than 4,200 people across the region have died since the war began. In another sign the conflict may be protracted, the Pentagon is said to have asked Congress for an additional $200 billion to pay for the war. Defense Secretary Pete Hegseth downplayed concerns of a potential quagmire and said the US was “on plan” with its war goals. Investors can only wait to see how the next phase of the war plays out. What You Need to Know Today The European Central Bank will need to consider hiking interest rates as soon as next month if price pressures build further due to the Iran war, according to Governing Council member Joachim Nagel. “As things currently stand, it is conceivable that the medium-term inflation o...

The housing market continues to face significant headwinds. Mortgage rates remain high, which is impacting affordability. Making matters worse, growing concerns about AI's impact on jobs and the war in Iran are making potential buyers even more cautious. These headwinds are affecting home sales. Leading homebuilder Lennar (LEN 1.09%)(LENB 0.73%) reported declining deliveries and profits in its fiscal first quarter. That has weighed on its stock price, which is down by more than a third from its 52-week high. Here's a look at whether investors should buy the dip in the housing stock. The challenges continue Lennar reported $229 million, or $0.93 per share, of net earnings in its fiscal 2026 first quarter. That's down from $520 million, or $1.96 per share, in the year-ago period. Its deliveries declined 5% year over year to 16,863 homes as persistent headwinds weighed on demand. The company's average selling price was $374,000 during the period, down from $408,000 in the year-ago period. Lennar has had to adjust prices and heavily incentivize buyers to maintain volume amid continued affordability issues. As a result, its net margin fell to 5.3%, down from 10.2% in the year-ago period. Lennar's strategy has been to actively design homes with affordability in mind rather than waiting out the challenging market conditions. Executive Chairman and Co-CEO Stuart Miller noted in the earnings press release, "We have focused on prioritizing volume to create durable scale advantages, delivering that volume at lower prices, and ultimately improving margins." Expand NYSE : LEN Lennar Today's Change ( -1.09 %) $ -1.03 Current Price $ 93.72 Key Data Points Market Cap $23B Day's Range $ 92.18 - $ 94.29 52wk Range $ 92.17 - $ 144.24 Volume 137 Avg Vol 2.9M Gross Margin 17.07 % Dividend Yield 2.13 % The coming homebuilding boom The housing market's challenges will likely continue in the near term. The war with Iran has driven interest rates higher. Mortgage rates had finally fallen be...

Key Points Several headwinds continue to impact the housing market. Lennar's earnings and deliveries declined during its fiscal first quarter due to the housing market's challenges. While headwinds will likely persist in the near-term, the long-term outlook is more positive. 10 stocks we like better than Lennar › The housing market continues to face significant headwinds. Mortgage rates remain high, which is impacting affordability. Making matters worse, growing concerns about AI's impact on jobs and the war in Iran are making potential buyers even more cautious. These headwinds are affecting home sales. Leading homebuilder Lennar (NYSE: LEN)(NYSE: LENB) reported declining deliveries and profits in its fiscal first quarter. That has weighed on its stock price, which is down by more than a third from its 52-week high. Here's a look at whether investors should buy the dip in the housing stock. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The challenges continue Lennar reported $229 million, or $0.93 per share, of net earnings in its fiscal 2026 first quarter. That's down from $520 million, or $1.96 per share, in the year-ago period. Its deliveries declined 5% year over year to 16,863 homes as persistent headwinds weighed on demand. The company's average selling price was $374,000 during the period, down from $408,000 in the year-ago period. Lennar has had to adjust prices and heavily incentivize buyers to maintain volume amid continued affordability issues. As a result, its net margin fell to 5.3%, down from 10.2% in the year-ago period. Lennar's strategy has been to actively design homes with affordability in mind rather than waiting out the challenging market conditions. Executive Chairman and Co-CEO Stuart Miller noted in the earnings press release, "We have focused on prioritizing volume to c...

3月20日，沐瞳科技发布公司内部信，宣布公司已被沙特阿拉伯主权财富基金全资控股的游戏巨头Savvy Games Group（简称Savvy）收购。 自字节游戏业务调整后，这场交易就早有传闻，去年底已经有了大致轮廓。双方在2025下半年正式启动谈判，并在2026年初围绕核心条款达成共识，最后Savvy以超60亿美元的价格收购沐瞳的全部股权。 这场交易距离字节收购沐瞳只有5年——彼时的收购价格为40亿美元，如果考虑到谈判和双方讨论时间，这个出售间隔可能更短。 而从内部信来看，此次交易后，沐瞳的管理结构仍旧保持不变，张云帆会继续担任沐瞳CEO。在此基础上，公司还会针对员工的历史贡献及未来业绩，设置多项激励方案。 以下是内部信全文： 大家好，最近公司和Savvy Games Group签署了协议，双方将在未来一段时间内完成交易。交易完成后，沐瞳将成为Savvy的全资子公司。与此同时，沐瞳的管理结构保持不变，沐瞳仍是一家总部位于上海的公司。我本人也将继续担任沐瞳CEO，和管理团队一起继续带领公司向前发展。 这次交易经过了慎重考虑和讨论。“为全球玩家创造激动人心的体验”是沐瞳不变的使命。自2016年上线以来，《决胜巅峰 Mobile Legends: Bang Bang》 受到了很多玩家的喜爱，我们也基于此，打造了专业化、生态丰富的电竞赛事体系。这与Savvy的使命“推动游戏和电竞领域的长期发展和创新”和其电竞规划是相契合的。相信通过和Savvy的合作，沐瞳将迎来更广阔的发展机遇，为更多全球玩家带来更好的游戏体验。 交易完成后，基于历史业绩贡献，我们将为沐瞳的同学们提供多项激励计划，其中包括加速部分历史授予的长期激励的归属和发放。同时也将基于未来的业绩，推出新的有吸引力的激励方案。具体情况会由各Leader及HRBP和大家沟通。 过去两年里，我们取得了不错的成绩。相信我们会一起创造更加美好的未来！ 张云帆

衢州东峰（601515）公告，黄晓佳、陈育坚、曾庆鸣、曾庆通拟于本公告披露之日起15个交易日后的2026年4月14日至2026年7月13日，通过上海证券交易所集中竞价合计减持不超过1559.78万股，约占公司总股本0.81%。其中黄晓佳不超过529.28万股、陈育坚576.6万股、曾庆鸣288.3万股、曾庆通165.6万股，减持原因为满足资产管理及投资需求。

这家设计软件公司正为 2027 年 IPO 做准备，并为其产品新增人工智能功能 据《The Information》周四报道，设计软件公司 Canva 计划明年上市。 Canva 主要面向个人用户和小微企业，目前正为其设计软件新增多项人工智能功能。据知情人士透露，公司计划进行全面调整，重点发力 AI 设计工具，并推出全新的按量计费定价模式，相关内容拟于 4 月的年度大会上正式公布。 Canva 至少从 2024 年起就已在筹备 IPO，当时公司更换了首席财务官，并面向大型企业推出了相关服务，但至今尚未正式启动上市。 过去一年，受 AI 或将颠覆行业的担忧影响，软件股遭遇重挫。其竞品设计软件公司 Figma 自 7 月上市以来，股价已下跌 27%。 Canva 在去年 8 月完成了一次员工股权出售，估值达 420 亿美元。公司去年营收增长超 40%，至 30 亿美元，且已连续多年实现自由现金流盈利。 责任编辑：郭明煜

财联社3月20日讯，上交所受理宇树科技股份有限公司科创板IPO申请，拟融资金额42.02亿元。 宇树科技披露的招股说明书显示，2025年度公司实现营业收入17.08亿元，同比增长335.36%；同期实现扣非后净利润6亿元，同比增长674.29%，主要原因为当期产品销量的快速增长。 公开资料显示，宇树科技是一家世界知名的民用机器人公司，专注于消费级及工业级高性能通用腿式和类人机器人、六轴机械臂等的研发、生产和销售。

进化一：智能家居的叙事分化 “含智量”成了今年家居行业的高频词。但有趣的是，同样是智能，品牌们却讲出了截然不同的故事。 一是硬核科技派，意在构建“技术代差”壁垒。以Stareep希瑞智能床为例，其搭载“AI双智能架构”的智能床，能实时感知翻身、呼吸甚至打鼾；智能沙发更是内置多个高灵敏度传感器，实现“沙发因人而动”的。这很酷，门槛也高，像一场少数玩家的“军备竞赛”。 二是东方智慧派，旨在将技术融入生活哲学。雅兰是代表，旗下的雅兰智能床、雅兰世纪等品牌，不以超前的参数为追求，而基于东方人身形与“平衡”文化，追求“更懂东方人”的共鸣。 当技术成为可被采购的模块，家居业竞争的核心便从硬件的“军备竞赛”，悄然跃迁至顶层叙事的“哲学之争”。 进化二：产品，从“工具”到“场景开关”与“健康管家” 在卷无可卷的红海里，产品的价值正在被重新定义。它要么是一个强大的“场景开关”，要么是一个贴身的“数字管家”。 比如顾家智享沙发可一键切换美容、游戏、观影模式，卖的不是沙发，是一个随时可切换的“生活模式快捷键”。还有悠质茶空间家具，可轻松转换茶叙、办公场景，满足复合需求。这类产品正从静态陈设，转向动态的“场景开关”。 再看床垫场景，通过技术可实时检测出睡眠者的心率、呼吸曲线。赛道竞争，也从提供一夜好眠的支撑，升级为提供一套有数据背书的“睡眠健康管理方案”。 这背后，是企业从“秀单品”到“秀场景解决方案能力”的跃迁。产品的价值，正经历从“交付物品”到“交付体验与结果”的根本性重塑。而无论是场景的流畅切换，还是数据的精准管理，都离不开一个更基础的支撑——材料的创新。 进化三：渠道边界失效，争夺“时间”与“注意力” 如今，卖家具的，开始和玩潮牌的、开咖啡馆的，争夺用户同一份有限的“逛街时间”与兴趣注意力。家居卖场，也从传统形态变成融合“家具+设计+IP+潮玩+轻食+文创”的沉浸式生活剧场。黑胶唱片、电竞空间、设计师集合店交织共存，让人流连忘返。 这种“可打卡、可社交、可转化”的复合业态，本质是流量的炼金术。其本质，是从简单的“流量拦截”转向深度的“心智占据”，核心是争夺用户有限的“时间”。它“秀”的是一种难以被线上复制的体验生态。这种对消费者全方位体验的争夺，正倒逼上游的价值呈现方式发生剧变，最显著的一点便是：曾经隐于幕后的核心要素，开始走向前台。 进化四：材料品牌“C位出道”，产业链价值上移 ...

财联社3月20日讯（记者 曹韵仪） 国际金价连日下调，3月20日亚洲早盘，黄金白银高开后直线跳水。受国际黄金市场影响，3月20日，国内多家品牌金饰下调足金克价，连续两日下调累计幅度大多超过了100元/克。 投资者纷纷关注为何此次中东危机未能进一步推动金价上涨。多位专家对财联社记者表示，地缘局势增大全球通胀及利率上行风险，导致金价承压。另一方面，前期获利盘集中抛售引发技术性砸盘，共同导致金价承压下行，形成“油价涨、金价跌”的反常格局。 不过，机构也表示，近期金价涨势暂歇与以往地缘危机初期表现一致，“随着地缘风险持续和美国实际利率下降，降低持有零息资产的机会成本，预计黄金今年有望再创新高。” 也有机构提出 60%股票、20%债券、20% 黄金的配置思路。“20%的黄金配置看似激进，但在全球央行购金潮与私人部门低配的背景下，黄金未来仍有广阔的上升空间。” 地缘局势紧张金价不涨反跌 背后原因几何？ 中东地缘局势持续紧张，本应让黄金的避险属性凸显，然而国际现货黄金却接连大幅暴跌。昨日， 国际金价迎来暴跌，COMEX黄金一度跌近4500美元关口，最低触及4505美元/盎司，最大跌幅7.99%；伦敦现货黄金最低触及4502.01美元/盎司，最大跌幅6.47%。今日黄金白银高开后直线跳水，截至发稿现货黄金价格出现反弹，上涨1.65%。 投资者纷纷关注为何此次中东危机未能进一步推动金价上涨。千象资产合伙人、副总经理吕成涛对财联社记者表示，在近期股市下跌的同时，黄金也同步出现了大跌，其背后的传导路径主要是中东冲突升级导致油价暴涨，通胀担忧加剧随后美联储降息预期落空。 “黄金是无息资产，实际利率越高，持有黄金机会成本越大，资金转向美元、美债等生息资产，反之亦然，历史上看，黄金最大的回撤往往都是出现在美元大幅加息的阶段。”吕成涛表示。 东方汇理资管投资研究院亚洲高级投资策略师姚远对财联社记者表示，必须将黄金的短期波动与中长期前景区分开来看。“为了在战争阴云下回笼资金，投资者会选择减持所有资产，尤其是那些近期表现出色的品种。拉长周期看，黄金在抵御地缘政治、宏观及政策风险方面的历史表现有目共睹。” 粤开证券首席经济学家、研究院院长罗志恒今日表示，黄金不升反跌背后有三大原因，地缘局势增大全球通胀及利率上行风险，导致金价承压；二是资金在高位获利了结，抛售离场；三是权益市场受波及，产生连锁反应，杠杆...

Abivax (ABVX 0.73%) and Nektar Therapeutics (NKTR +2.39%) aren't well-known companies, and they don't have track records of profitability yet. That's natural, as both are clinical-stage biotechs -- they don't have any approved drugs on the market yet. However, both are developing novel therapies with blockbuster potential, and both could be worthwhile stocks to own. Abivax is down by around 10% this year, while Nektar is up by about 77%. Here are three reasons to consider buying each stock. Abivax 1. A potential blockbuster in obefazimod French biotech Abivax is developing therapies for chronic inflammatory diseases. Its lead candidate is obefazimod, which is being tested to treat ulcerative colitis, Crohn's disease, and other conditions. The oral therapy is in a phase 3 trial to treat moderately to severely active ulcerative colitis. The company expects to publish top-line data from that trial in the second quarter; if the drug continues to perform as hoped, Abivax would be on its way to getting its first therapy approved by regulators, and one that could eventually be useful in multiple indications. The drug is also in a phase 2b trial for Crohn's disease, with top-line results expected in the fourth quarter. Abivax could easily become a blockbuster. According to one study, the ulcerative colitis market alone will be worth $8.7 billion in 2026 but is forecast to grow to $14.3 billion by 2035. 2. Possible buyout bids Though its shares are down so far in 2026, they're up by more than 1,900% over the past year. That surge began when it reported excellent clinical trial results for obefazimod last summer, and got added momentum from rumors that pharma giant Eli Lilly was interested in purchasing Abivax. More recently, there has been talk that AstraZeneca is also considering a bid. Abivax has denied the AstraZeneca rumors, but if it does get purchased by a larger company, the deal would certainly be at a premium to the current share price. Expand NASDAQ : ABVX Abivax S...

格隆汇3月20日｜有投资者在互动平台向恒烁股份提问：请问贵司的恒芯2号芯片最新进展是什么？预计何时进行商业化生产销售？恒烁股份回复称，公司的存算一体AI芯片尚处在研发阶段。

Source: Bloomberg, 6:14

1. China has passed its second major statutory code, the Ecological and Environmental Code, following the Civil Code. This new code was approved during the fourth session of the 14th National People’s Congress on March 12 and will take effect on August 15. Its legislative process began in November 2023 and, over two and a half years, culminated in a law that legal scholars regard as innovative and globally significant [para. 1][para. 2][para. 3]. 2. The Ecological and Environmental Code is described as the world’s first legislation of its kind, consolidating over 30 existing environmental laws, hundreds of administrative regulations, and more than a thousand local rules. It goes beyond conventional pollution and resource legislation by introducing a standalone section focused on green and low-carbon development, thus balancing the need for environmental protection against economic growth—a legal framework considered unique globally [para. 4][para. 5][para. 6]. 3. Integrating disparate laws posed significant legislative challenges. Lawmakers used a “moderate codification” model, grouping existing laws and merging or retaining them as appropriate. For instance, pollution and resource laws were absorbed, while specialized issues like climate change were addressed through forward-looking guidelines. This approach led to a dual-source legal structure—“code plus standalone laws”—whose practical effectiveness is yet to be seen [para. 7][para. 8][para. 9][para. 10]. 4. Implementing the new code will require comprehensive revision of existing regulations and judicial processes. China’s judiciary, including the Supreme People’s Court, is preparing supporting legal interpretations to standardize enforcement when the code comes into effect [para. 11]. 5. The code’s development is rooted in decades of ecological legislation, with a rapid expansion of environmental laws since the 1970s. By 2024, China had 36 specialized environmental laws, over 150 administrative regulations, and...

Source: Bloomberg, 16:05

Hudson Bay Capital Management LP lowered its holdings in Intel Corporation (NASDAQ:INTC - Free Report) by 56.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 398,018 shares of the chip maker's stock after selling 511,235 shares during the period. Hudson Bay Capital Management LP's holdings in Intel were worth $13,354,000 as of its most recent SEC filing. Get Intel alerts: Sign Up A number of other large investors also recently made changes to their positions in INTC. Insight Advisors LLC PA grew its holdings in shares of Intel by 0.5% during the 3rd quarter. Insight Advisors LLC PA now owns 58,521 shares of the chip maker's stock valued at $1,963,000 after acquiring an additional 275 shares in the last quarter. Lakeshore Capital Group Inc. boosted its holdings in Intel by 1.4% in the third quarter. Lakeshore Capital Group Inc. now owns 20,906 shares of the chip maker's stock worth $701,000 after purchasing an additional 279 shares in the last quarter. Integrated Advisors Network LLC boosted its holdings in Intel by 3.1% in the third quarter. Integrated Advisors Network LLC now owns 9,750 shares of the chip maker's stock worth $327,000 after purchasing an additional 290 shares in the last quarter. WealthPlan Investment Management LLC lifted its holdings in Intel by 0.4% in the 3rd quarter. WealthPlan Investment Management LLC now owns 71,772 shares of the chip maker's stock worth $2,408,000 after purchasing an additional 295 shares during the last quarter. Finally, Investors Research Corp boosted its position in Intel by 0.7% during the third quarter. Investors Research Corp now owns 40,597 shares of the chip maker's stock worth $1,362,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 64.53% of the company's stock. Intel Stock Up 2.6% Shares of NASDAQ:INTC opened at $46.18 on Friday. The company's fifty day moving...

格隆汇3月20日｜有投资者在互动平台向五矿新能提问：请问公司近年是否存在向欧盟成员国出口或销售的相关业务？如有，欧盟地区业务收入在公司整体营业收入中的占比大致为多少？此外，公司对欧盟市场的销售主要通过哪种方式实现：是以境内主体直接向欧盟客户出口为主，还是通过在欧盟国家设立的子公司进行销售，或通过第三方贸易商、代理商转销至欧盟市场？ 五矿新能回复称，公司与多家欧盟客户建立了长期稳定的业务合作关系，产品已形成稳定供应，欧盟业务在公司整体营收中所占比例较小。目前，公司主要通过境内经营主体直接出口的模式开展对欧盟市场的销售业务。

中国人民银行、国家外汇管理局印发《境内企业境外放款管理办法》。办法中提到，境外放款实行人民币和外币一体化宏观审慎管理。放款人境外放款余额不得超过其境外放款余额上限。放款人作为担保人或者反担保人发生内保外贷履约形成的对外债权、以及其他形式的跨境担保履约形成的对外债权，纳入放款人境外放款余额管理。放款人将存量境外放款转为股权投资等境外直接投资，应事先履行境外直接投资核准或备案手续，凭相关核准或备案文件到注册所在地国家外汇局分局办理境外放款变更（或注销）登记后，在银行办理境外直接投资登记（或变更）手续。

格隆汇3月20日｜花旗将默沙东的目标价从120美元上调至125美元，维持“中性”评级。(格隆汇)

财联社3月20日讯（记者 闫军） 基金买方投顾品牌“且慢”因扣费问题，近期遭遇基民的质疑。 有基民在社交平台发帖称，“且慢”为收取基金投顾费用，未经基民同意直接赎回了基金。多位基民晒出短信截图显示，且慢“由于系统问题，误赎回成分基金用以扣除投顾服务费”，且慢进一步表示，为表歉意，公司对基民免除了投顾服务费，对应赎回扣收的投顾服务费自动退回至盈米宝。 且慢是盈米基金旗下买方投顾品牌，成立于2016年7月，是境内较早布局投顾领域的平台，当前规模达到510亿元。“‌盈米宝”‌则是且慢平台提供的智能零钱包产品，主要用于活钱管理。 对此，有基民不解，在未告知情况下擅自卖出基金是否合规？有基民进一步质疑，且慢在退回投顾费后，被赎回基金造成的收益损失该如何判定？ 盈米基金就此问题向财联社记者回应称，这是由于系统升级，投顾费用收取方式出现失误。 一般而言，投顾费用扣除分为三种：一是在盈米宝等零钱钱包收取；二是以赎回成分基金的方式收取，也就是本次出现的问题；三是在投顾组合赎回后收取。 盈米基金进一步表示，公司去年开始以方式一叠加方式三的形式收取投顾费，不再通过赎回成分基金收取，但是在此次系统升级中，误把第二种方式加了回来，导致出现问题。 “公司主动进行了排查，第一时间给这些客户做了通知和致歉，并对本次涉及的应收投顾费做免收处理，退回至盈米宝。”盈米基金表示，对于资金安全问题以及投顾费的收取，这与基金管理费的收取一样，都有严格监管，除了法定的费用收取之外，任何机构和个人都没有权利从客户资金当中扣收资金用于任何用途。 未经同意赎回持仓，基民炸锅了 近期，陆续有基民反映，接收到投顾平台且慢的信息，被告知由于系统问题误赎回成分基金，用以扣收投顾服务费，为表歉意，此次投顾服务费免除，对应赎回扣收的投顾服务费将会自动退回盈米宝。 有基民晒出被赎回的产品，在截图中显示，有基民投顾组合中有富国消费主题混合、华宝医疗ETF联接、广发医药卫生联接以及大摩健康产业混合等基金被不同程度赎回，赎回份额在1.95份至10.01份不等。 该截图页面同步解释了投顾费用的收取顺序，即投顾服务费将优先从盈米宝(或专属盈米宝)收费，若扣收时盈米宝账中余额不足，系统将在客户的盈米宝账户后续存入可用资金后，自动重新发起差额补扣(无需手动操作)。此外，因基金卖出成交后才披露成交净值，实际收费金额与计划收费金额可能有差别，剩余应...

财联社3月20日讯（编辑 周子意） 根据全球资本市场评论刊物Kobeissi Letter最新市场数据，目前美国正在建设中的数据中心价值同比增长了29%，达到创纪录的451亿美元。 这种快速增长推动了数据中心楼宇规模历史上首次超越了传统办公楼项目。这标志着人工智能正在重塑美国经济，而美国企业利用物理空间的方式也正在发生永久性转变。 注：红线为数据中心，蓝线为办公楼项目 大规模资本支出 在2022年11月ChatGPT带领生成式人工智能模型公开亮相之后，这一转变急剧加速。 为了支持资源密集型的人工智能模型，超大规模企业大幅增加了资本支出，像亚马逊、Meta这样的公司正在引领这一潮流，投入数千亿美元建设庞大的、电力密集型的算力设施，以处理巨大的计算工作负载。 Kobeissi Letter的数据还显示，自ChatGPT发布以来，数据中心建设增长了228%。 对比之下，在数字基础设施领域蓬勃发展的同时，传统办公楼建筑却持续面临严重衰退，因为其仍在努力消化远程办公所带来的长期影响、以及企业优先事项的转变。 美国目前在建的普通办公场所的价值在过去一年中下降了 13%，目前其价值仅为435亿美元，这意味着美国的办公楼建设正式达到了自2015年10月以来的最低点。