财联社3月20日讯（编辑 李响） 今天股市继续大跌，债市仍呈现震荡偏弱格局，长端有所承压，10年期国债收益率小幅上行0.5bp。在业内人士看来，今天续发的10年期和3年期国债利率均低于昨天，资金面平稳偏松，整体对短端更加友好。 具体来看，国债期货收盘全线下跌，30年期主力合约跌0.42%报110.670元，10年期主力合约跌0.09%报108.255元，5年期主力合约跌0.06%报105.985元，2年期主力合约跌0.01%报102.524元。 银行间主要利率债收益率窄幅波动，截至下午16:30，10年期国债活跃券260005收益率上行0.5bp报1.8275%，30年期国债活跃券2500006收益率持平报2.302%，10年期国开活跃券250220收益率持平报1.978%。 （数据来源：Wind，财联社整理） 一级市场方面： 业内人士指出，今天股市大跌，债市仍呈现震荡偏弱格局，长端仍有承压，主要受美联储鹰派立场（全年仅1次降息预期）和中东地缘政治风险推升通胀预期影响，国内层面3月LPR维持不变符合预期，今天续发的10年期国债利率为1.8001%，3年期国债利率为1.2878%，均低于昨天同期限的国债到期利率，或说明当前市场利率对于配置盘来说已经有较大吸引力，资金面平稳偏松，整体对短端更加友好。 公开市场方面，央行公告称，3月20日以固定利率、数量招标方式开展了205亿元7天期逆回购操作，操作利率1.40%，投标量205亿元，中标量205亿元。Wind数据显示，当日375亿元逆回购到期，据此计算，单日净回笼170亿元。 资金面方面，Shibor短端品种多数下行。隔夜品种下行0.2BP报1.319%；7天期下行0.6BP报1.417%；14天期上行3.4BP报1.523%；1个月期下行0.4BP报1.514%，创2022年9月以来新低。 银行间回购定盘利率多数下跌。FR001跌1.0个基点报1.42%；FR007持平报1.49%；FR014跌1.0个基点报1.55%。 银银间回购定盘利率多数上涨。FDR001持平报1.32%；FDR007涨1.0个基点报1.43%；FDR014涨6.0个基点报1.53%。 质押式回购利率表现多数上涨，具体表现如下： （数据来源：Wind，财联社整理） 二级存单方面，3M国股成交在1.47%附近，较前一交易日下行1 bp，1Y国股成交在...

格隆汇3月20日｜中邮证券研报指出，三元股份深化改革夯实基础，2026年迈入增长新阶段。公司战略聚焦京津冀核心市场，主动收缩亏损外阜业务、优化渠道回款模式，2025年四季度营收虽阶段性调整，但盈利端大幅改善，净利率显著提升，2026年被定调为改革驱动增长元年，发展基础已夯实。截至2025年末，公司液奶在北京市场份额稳居第一;同时，低温鲜奶北京市场占有率超过50%且持续增长，亦在北京市场份额稳居第一。当前，公司正处于改革创新深入阶段，未来希望通过持续深化改革提升经营管理，实现高质量发展。预计公司改革效果的逐步落地和兑现将带来规模的稳定和持续的盈利能力的提升，在行业需求触底恢复中具备自身逻辑和亮点。给予“买入”评级。

财联社3月20日讯（编辑 李响） 中东战争已踏入更危险的“泥潭”。中东关键能源设施昨晚连遭袭击，将全球上游液化石油气（LPG）资产被推至冲突中心，这也是自2月底中东冲突以来，以色列首次轰炸伊朗最大天然气设施南帕尔斯气田。 资本市场反映剧烈。据文华财经数据显示，隔夜国际油价高位跳水，内盘SC原油主力合约大跌超5.7%，与国际油价的价差缩减，高硫燃料油、低硫燃料油主力合约双双大跌逾3%，沥青主力合约大跌超2%，唯有液化气主力合约涨超7%，在内盘原油系中一枝独秀。 今日早盘，内盘原油系仍跌多涨少，SC原油、高硫燃料油主力合约再次大跌超5%，低硫燃料油主力合约大幅下挫逾6%，沥青主力合约大跌超4%，唯有LPG主力合约续涨超7%，价格一度涨至6730元/吨，逼近2022年3月历史最高点。连续两日累计涨幅超14%，能源品种轮番巨幅波动下，一时间液化气成为资本的“新宠”。 据国际能源署（IEA）数据，昨晚以色列攻击的南帕尔斯气田是全球已知储量最大的天然气田，其天然气储量占伊朗全部天然气储量的50%，占全球天然气总储量的7%，该气田的日均开采量约占伊朗天然气总产量的70%，主要生产乙烷、LPG等化工原料。 为何冲突升级原油价格反而暴跌，新湖期货团队对财联社表示，主要受市场资金“买预期、卖事实”的博弈叙事，叠加事件对LPG市场的冲击不可逆、无缓冲，需求端的传导也压制了原油价格进一步抬升的事实，而油价快速下跌触发了大量高杠杆多头的止损线，进一步放大了油价的跌幅。 “LPG价格大幅拉涨，也将进一步推动下游烯烃系化工品价格走强”，银河期货研究员赵若晨表示，上周周度数据显示我国液化气商品量已环比降3.22%，山东以及华东地区多家炼厂装置增速降负，国内供应已在逐步减少，而随着伊朗与卡塔尔液化工厂生产线受损，短期产量难以恢复，国内港口库存减少，产业链下游的品种已出现抬价预期。 据文华财经数据，昨日4月份沙特CP预期价格（主要涵盖丙烷、丁烷等产品）继续走高，丙烷的预期价格为590美元/吨，较上一交易日涨9美元/吨，而丁烷的预期价格同样上涨9美元/吨，涨至585美元/吨。而中国的进口气内销利润为1398元/吨，较上一工作日下跌8元/吨。 对于后市发展，广金期货分析认为，由于中东船货的断供，船运费用大涨，短期支撑市场气氛，但目前处于燃烧需求淡季，高价LPG对下游供应链形成负反馈，化工需求疲惫，LPG期...

Most investors hear "cryptocurrency for AI" and their eyes glaze over, but there's opportunity in store for those whose ears perk up instead. Bittensor (TAO +18.65%) is one of the more substantive projects in the segment. It's a decentralized network for buying and selling AI-related goods and services like computing power. Its price is up by about 44% in the last seven days (as of March 14), and that's happening right when the crypto sector's footprint of AI agents is growing rapidly. Is this coin a buy with $500, or is it too risky (or too hyped) to bother touching? What Bittensor actually does Think of Bittensor as a marketplace for the things people need to operate the infrastructure for artificial intelligence. In that market, independent contributors build and evaluate machine learning outputs, earning TAO, the native token of the Bittensor blockchain, for useful work. The network organizes contributors into specialized subnetworks, with each focused on a specific AI task like text generation, compute provisioning, or deepfake detection. At roughly $270 per coin, it has a market cap of about $2.6 billion, making it the largest asset in the expanding AI crypto sector. Importantly, the coin's supply mechanics mirror Bitcoin's. It has the same maximum supply of 21 million coins, and it also follows a four-year halving cycle that sharply reduces new coin issuance created by mining. Therefore, if demand for AI services on the network holds steady, that perpetual supply squeeze could support higher prices over time. And much as with Bitcoin, there doesn't necessarily need to be a huge amount of consistent demand over the long term for the supply contraction to keep the price rising. Expand CRYPTO : TAO Bittensor Today's Change ( 18.65 %) $ 46.43 Current Price $ 295.39 Key Data Points Market Cap $2.9B Day's Range $ 243.47 - $ 305.97 52wk Range $ 144.32 - $ 535.12 Volume 643M So the core investment thesis here is that Bittensor is creating an ecosystem that's plausibl...

Key Points Bittensor aims to be a platform for procuring AI-related services. It shares the same supply schedule as Bitcoin. But it has quite a few competitors, and they're fierce. 10 stocks we like better than Bittensor › Most investors hear "cryptocurrency for AI" and their eyes glaze over, but there's opportunity in store for those whose ears perk up instead. Bittensor (CRYPTO: TAO) is one of the more substantive projects in the segment. It's a decentralized network for buying and selling AI-related goods and services like computing power. Its price is up by about 44% in the last seven days (as of March 14), and that's happening right when the crypto sector's footprint of AI agents is growing rapidly. Is this coin a buy with $500, or is it too risky (or too hyped) to bother touching? 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 » What Bittensor actually does Think of Bittensor as a marketplace for the things people need to operate the infrastructure for artificial intelligence. In that market, independent contributors build and evaluate machine learning outputs, earning TAO, the native token of the Bittensor blockchain, for useful work. The network organizes contributors into specialized subnetworks, with each focused on a specific AI task like text generation, compute provisioning, or deepfake detection. At roughly $270 per coin, it has a market cap of about $2.6 billion, making it the largest asset in the expanding AI crypto sector. Importantly, the coin's supply mechanics mirror Bitcoin's. It has the same maximum supply of 21 million coins, and it also follows a four-year halving cycle that sharply reduces new coin issuance created by mining. Therefore, if demand for AI services on the network holds steady, that perpetual supply squeeze could support higher prices over time. And much as wit...

你记忆里童年时家中的厨房是怎样的？ 这是一个比较容易暴露年龄的话题。因为从上世纪80年代起，国内家庭的厨房面貌几乎是每10到15年就会完全更新一代：所变化的不仅有越来越多“各显神通”的厨电种类、外观，还有与之相应的厨房设计、结构等环境因素。 略夸张地说，一部当代国人的厨房变化史，几乎就能等同于生活改善史。它的背后，藏着不同代际国人背后的消费观念和心理需求变化。 对过去几十年里发展壮大的国产厨电产业而言，把握这种脉络正是成功的关键。 而对近年来正处在逐步升级过程里的厨电产业来说，这个关键点在未来依旧成立。 人口结构预示着下一个机会窗口？ 暂且先把目光投向大洋彼岸。美国人口学家哈瑞.丹特曾经针对美国社会提出这样一种观察：随着工作经历/薪资的增长、家庭成员变化的需求以及对应消费心理的变化，美国人通常在40岁后会进入家庭开支的上升期，并在46岁左右达到高峰，其主要的资金投入方向是与房产相关的家具和家居开支。 中美各有其国情，简单地套用美国的结论并不可取。但考虑到社会群体随着年龄提升会逐渐扮演与其年龄对应的社会角色，所以通过这样的人口结构和分层式观察也能给我们一点启发。 许多国人对于厨电的态度，与其他家电略有不同，那就是“不坏不换”。所以长久以来，厨电产业的需求来自于两大类方向： 房产装修时的用户选择，以及近些年来逐渐增多的“汰旧换新”式改造。 接下来5到10年里，我国85-95群体将逐步进入40-50岁这个年龄阶段，他们恰好构成了一个小的人口出生高峰。 这个群体中的一部分人，因为改开的深入、新经济兴起、互联网行业发展等时代利好因素积攒了一定的财富；或许这些人占该年龄群体的比重不及美国，但考虑到人口基数，其所构成的市场盘面依旧足以支撑许多行业的持续发展。 （85-95群体在2024年的人口结构图中对应30-39岁两档小高峰） 接下来再进一步看看85-95群体有哪些大致特征。 首先，作为以独生子女为绝对多数的一代人，从小习惯了对家庭（用于子女）资源的独占，并且习惯于相对宽敞的家庭环境，这让他们相比于那些成长于多孩家庭中的人 更重视自我秩序和空间。 其次，由于社会环境和政策引发的观念延续等因素，我国家庭户均规模已经从上世纪80年代初的4.4人降至2023年的2.8人，与美（2.53）、日（2.27）、韩（2.4）相去不远。家庭户小型化的同时，作为成婚家庭主体之一的85-95群体可...

广期所公告，经研究决定，对铂、钯期货相关合约的交易指令每次最小开仓下单数量、涨跌停板幅度、交易保证金标准作如下调整：自2026年3月24日交易时起，铂期货PT2606、PT2608、PT2610、PT2612、PT2702合约的交易指令每次最小下单数量中的每次最小开仓下单数量调整为1手、每次最小平仓下单数量维持1手，钯期货PD2606、PD2608、PD2610、PD2612、PD2702合约的交易指令每次最小下单数量中的每次最小开仓下单数量调整为1手、每次最小平仓下单数量维持1手。自2026年3月24日结算时起，铂、钯期货合约涨跌停板幅度调整为17%，交易保证金标准调整为19%。

财联社3月20日讯（编辑 卞纯） 随着AI算力需求呈指数级增长，而地面数据中心面临耗能巨大等挑战，硅谷科技巨头已纷纷将目光瞄准太空，在太空建立数据中心成为他们AI竞赛的下一个战场。 当地时间周四，英伟达CEO黄仁勋在一档播客节目中承认了轨道计算的长期潜力。与此同时，他也暗示在太空建立AI数据中心可能比想象中更难，并指出冷却是最大难题之一。 “我们肯定要先在地面布局，毕竟我们本就生活在这里。”黄仁勋表示。他同时指出，为太空基础设施的建设做好准备仍然至关重要。 太空冷却仍是重大技术难题 黄仁勋指出， 冷却系统是建设太空数据中心所面临的最大难题之一 。在地球上，系统依靠传导和对流来散热。但在太空中，这些方法却不起作用。 “只能使用辐射（散热），”黄仁勋说道，并补充称这种方式需要非常大面积的散热装置——这样一来，系统就会变得复杂且成本高昂。 虽然并非完全不可能， 但他表示这一难题需要数年时间才能解决 。 英伟达已迈出初步步伐 尽管面临诸多挑战，黄仁勋强调 ，英伟达已在太空计算领域迈出了初步步伐 。他表示，公司已在卫星上部署基于CUDA的系统，用于执行成像和AI处理任务。 英伟达CUDA系统让开发者能够利用英伟达显卡完成更多任务，而不仅仅是图形处理——它还能比普通处理器更快地处理复杂的计算任务。 黄仁勋补充称，直接在太空处理数据（而不是将其传回地球）是合乎逻辑的下一步。“这类工作应该在太空完成，”他称。“这需要数年时间。没关系，我有的是时间。” 在英伟达2026财年第四季度的财报电话会上，黄仁勋也曾提到太空数据中心。他当时表示，太空拥有丰富的太阳能与广阔空间，随着发射成本下降，经济效益将逐步改善。 在本周英伟达GTC大会上，黄仁勋也强调了轨道数据中心的潜力，同时英伟达发布了其Space-1 Vera Rubin模块。据悉，Vera Rubin Space-1将用于多家公司主导的太空任务。 黄仁勋还表示，英伟达的THOR芯片已通过“辐射认证”——显示该硬件已具备应对太空严苛环境的能力，并指出英伟达已经在使用卫星进行图像处理。

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格隆汇3月20日｜摩根大通将美光科技的目标价从350美元上调至550美元，维持“增持”评级。(格隆汇)

格隆汇3月20日丨据央视财经，近日美国全国范围内油价持续走高，当地时间19日，全美普通汽油均价自中东冲突爆发以来已连涨20天，累计涨幅达30%。据美国汽车协会数据，19日美国普通汽油平均价格已从中东冲突爆发前的每加仑2.98美元，跃升至每加仑3.88美元，涨幅达30%，为2023年9月以来最高水平，其中加利福尼亚州汽油平均价格最高，超过每加仑5.56美元（约合人民币每升10元）。美国能源信息局的数据显示，美国民众每天大约消耗3.75亿加仑汽油，这就意味着，油价每上涨1美分，美国民众每天仅在加油上面的开支总计会增加375万美元。

《银行保险机构金融消费投诉处理管理办法（修订征求意见稿）》公开征求意见。为保护金融消费者合法权益，规范银行保险机构消费投诉处理工作，推动金融消费纠纷多元化解，金融监管总局在《银行业保险业消费投诉处理管理办法》基础上，修订形成《银行保险机构金融消费投诉处理管理办法（修订征求意见稿）》（以下简称《办法》），现向社会公开征求意见。《办法》全文包括总则、制度机制、消费投诉处理、消费纠纷多元化解、监督管理、附则六章，共52条。《办法》明确金融消费投诉处理工作应当坚持依法合规、多元化解、便捷高效和标本兼治的原则。为督促银行保险机构切实履行主体责任，要求其健全消费投诉处理工作制度、机制和流程，并提供充分资源保障。为坚持和发展新时代“枫桥经验”，完善金融消费纠纷多元化解决机制，设置消费纠纷多元化解专章，鼓励双方当事人依法平等协商，通过自行和解或调解方式解决消费纠纷，充分发挥行业自律组织、调解组织在投诉处理工作中的作用。为维护消费投诉秩序，强调金融消费者应当诚实守信，通过正当途径客观、理性反映诉求，依法维护自身合法权益。欢迎社会各界提出宝贵意见，金融监管总局将认真研究各方反馈意见，进一步修改完善后适时发布实施。（央视新闻）

Groupama Asset Managment reduced its position in Advanced Micro Devices, Inc. (NASDAQ:AMD - Free Report) by 7.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,381 shares of the semiconductor manufacturer's stock after selling 2,910 shares during the quarter. Groupama Asset Managment's holdings in Advanced Micro Devices were worth $5,724,000 at the end of the most recent reporting period. Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Advanced Micro Devices in the 2nd quarter valued at $3,094,662,000. Jennison Associates LLC acquired a new stake in Advanced Micro Devices during the 3rd quarter worth $626,826,000. Wellington Management Group LLP grew its position in Advanced Micro Devices by 335.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,847,825 shares of the semiconductor manufacturer's stock worth $784,330,000 after purchasing an additional 3,735,807 shares during the last quarter. Nordea Investment Management AB grew its position in Advanced Micro Devices by 203.7% during the 3rd quarter. Nordea Investment Management AB now owns 3,905,148 shares of the semiconductor manufacturer's stock worth $631,892,000 after purchasing an additional 2,619,294 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its stake in Advanced Micro Devices by 56.0% in the second quarter. Rafferty Asset Management LLC now owns 6,772,923 shares of the semiconductor manufacturer's stock valued at $961,078,000 after purchasing an additional 2,430,533 shares during the period. 71.34% of the stock is currently owned by hedge funds and other institutional investors. Get Advanced Micro Devices alerts: Sign Up Advanced Micro Devices Stock Up 2.9% Shares of NASDAQ:AMD opened at $205.27 on Friday. Advanced Micro Devices, Inc. has a fifty-two week low of $76.48 and a fifty-two week high of $267.08. The company has...

Groupama Asset Managment lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 20.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 90,768 shares of the information services provider's stock after selling 22,837 shares during the quarter. Groupama Asset Managment's holdings in Alphabet were worth $22,107,000 as of its most recent SEC filing. Several other hedge funds and other institutional investors have also modified their holdings of GOOG. Brighton Jones LLC grew its position in shares of Alphabet by 5.6% in the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after purchasing an additional 6,410 shares during the last quarter. LSV Asset Management lifted its holdings in Alphabet by 200.0% during the 2nd quarter. LSV Asset Management now owns 840 shares of the information services provider's stock worth $149,000 after purchasing an additional 560 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in Alphabet by 8.6% in the 2nd quarter. Ensign Peak Advisors Inc now owns 3,882,633 shares of the information services provider's stock valued at $688,740,000 after purchasing an additional 306,204 shares during the period. GDS Wealth Management boosted its stake in Alphabet by 2.4% in the 2nd quarter. GDS Wealth Management now owns 2,325 shares of the information services provider's stock valued at $412,000 after purchasing an additional 54 shares during the period. Finally, PKS Advisory Services LLC grew its holdings in Alphabet by 1.7% in the 2nd quarter. PKS Advisory Services LLC now owns 7,101 shares of the information services provider's stock valued at $1,260,000 after buying an additional 121 shares in the last quarter. Institutional investors own 27.26% of the company's stock. Get Alphabet alerts: Sign Up Key Headlines Impacting Alphabet Here are the key news stories impacting Alphabet ...

《科创板日报》3月20日讯 “太空将是迄今为止放置AI最便宜的地方。在36个月内，或者更短，比如说30个月内，太空将成为首选……SpaceX和特斯拉都在朝着100吉瓦的太阳能 电池 年产量努力。”前脚马斯克刚在一个月前访谈中强调了对太空 光伏 与太空AI的野心，后脚就传来了他为此做出的“努力”进展。 日前，财联社记者从消息人士获悉，此前Space X团队向国内某头部异质结设备厂采购设备，该订单预计将于5月第一周发货。 马斯克团队旗下光伏订单主要分为Space X（S链）和Tesla（T链），规划应用场景分别是太空和地面 。目前T链合作订单还处于洽谈中，涉及多家TOPCon设备厂。 在此之前，马斯克就在美国多地规划工厂，加速推进光伏产能扩张：一方面对纽约布法罗工厂改造Solar City时期产能基地，从300MW提升至10GW，另一方面考察亚利桑那、爱达荷、得克萨斯等州，计划建设多个10-20GW级工厂。 从技术路线选择来看，券商判断其地面光伏采用TOPCon路线，兼顾效率与成本，并看好HJT技术路线在太空光伏领域的应用。 ▌“有芯无电”？ “芯荒”之后，“ 电力 焦虑”正在席卷整个AI产业。 “问题是能源的可获得性。”马斯克在访谈中坦承，“除了中国以外，所有地方的电力输出基本是持平的；可能略有增长，但非常接近持平。中国的电力输出在快速增长，但如果你想在除中国以外的任何地方建 数据中心 ，电力从哪里来？” 他解释道，仅仅数据中心冷却一项，就会增加40%的电力需求，而发电设施下限维护又要在叠加20%-25%的系数，因此实际估算下来， 每11万个GB300（包括网络、CPU、存储、冷却、电力维护余量）大约需要300兆瓦的发电能力。 “在（完成太空部署）之前，服务器端计算、集中式计算的限制因素将是电力。 我估计到今年年底左右，大型集群的芯片将开始无法通电，芯片将会堆积如山，无法启动。” 也正是由于地面电力有限，产业链才竞相部署太空算力。 英伟达在3月17日的2026 GTC大会正式发布太空计算平台，核心是将数据中心级AI算力部署至地球轨道，推动天地一体化AI落地 ；美国初创公司Starcloud 计划远期建设5GW太空AI数据中心；谷歌此前已公布以“太阳捕手计划”为核心的太空算力规划，明确采用太空光伏发电作为唯一能源。 国内方面，北京市也计划在700-800公里晨昏轨道建设...

Key Points Micron's post-earnings sell-off appears to be primarily a case of investors selling the news to lock in profits. However, some could be concerned about potential issues that could hurt Micron. If Micron's CEO is right about AI becoming more memory-intensive, the stock should have more room to run. 10 stocks we like better than Micron Technology › We can sum up Micron Technology's (NASDAQ: MU) fiscal 2026 second-quarter results in one word. And that word contains only three letters: "Wow." Usually, when a company delivers blowout earnings, issues highly optimistic guidance, and raises its dividend by 30% (yes, Micron is a dividend stock), its stock soars. However, Micron's shares declined after its Q2 update. Does this dip present a great chance to buy into the AI memory boom? 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 » Micron memory chip. Image source: Micron Technology. Sell the news Investors have many adages. I think the most relevant one for the market reaction to Micron's Q2 update was, "Buy the rumor, sell the news." Make no mistake, though: Micron's news was spectacularly good. The memory chipmaker's revenue nearly tripled year over year and soared 75% quarter over quarter to $23.9 billion. Its earnings skyrocketed 8.7x year over year and 2.6x sequentially. Micron generated $6.9 billion in adjusted free cash flow, up from $857 million in the prior year period and $3.9 billion in the previous quarter. Micron's latest results set new all-time highs on nearly every key front. CEO Sanjay Mehrotra said that the company expects "significant records again in fiscal Q3." The company's guidance backed up his statement. Micron forecasts Q3 revenue of around $33.5 billion, a 41% increase from Q2. It projects adjusted earnings per share will jump roughly 57% quarter over quarter. Even wi...

格隆汇3月20日｜有投资者在互动平台向阳光诺和提问：行业CRO竞争加剧，公司如何保持订单稳定性？海外业务拓展有何新进展？ 阳光诺和回复称，公司作为专业CRO服务提供商，目前已为超800家客户提供一站式、全流程研发服务。未来，公司将持续以高质量研发服务为核心竞争力，深化客户合作，稳固并拓展订单来源，保障业务稳定发展。在业务布局方面，公司坚定聚焦创新药赛道，依托自身战略规划与研发能力，持续跟踪生物技术前沿领域。现阶段公司业务仍以国内市场为主，海外拓展方面，公司计划从自研管线中筛选具备高价值潜力的品种推进海外申报，目前正积极开展全球专利布局，在推进国内临床开发的同时，同步规划海外临床研究与对外授权合作。

Love Employee/iStock via Getty Images Key Takeaways Markets: Global equities made further gains in the fourth quarter of 2025 (4Q25), rounding off a year of strong returns. Despite some mixed economic signals and investor concerns about the stretched valuations of many technology-related stocks, investors remained broadly optimistic about artificial intelligence (AI) advancements and the potential for a continued easing of US monetary policy. A backdrop of generally robust corporate earnings and a constructive shift in US-China relations underpinned sentiment, as did two interest-rate reductions by the US Federal Reserve. Detractors: Unfavorable stock selection in communication services, consumer discretionary and industrials. Contributors: Industry-level outperformance in biotechnology (due to stock selection); specialty retail (stock selection); electronic equipment, instruments and components (aided foremost by overweighting); and semiconductors and semiconductor equipment (overweighting and stock selection). Outlook: We expect continued technological transformation driven by core development themes around the byte, the atom and the gene. Gains across the economy from generative and agentic AI, robotics and genomics may even accelerate this rate of change. Our fundamental research gives us an edge in predicting when new technologies are likely to be adopted and monetized as the economic paradigm shifts. Performance Review The fund (Advisor Class without sales charges)( FDYZX ) underperformed the Russell 1000 Growth Index as five out of 11 sectors detracted, mainly due to adverse security selection. At period-end, we kept strategic overweight positions in key growth sectors such as information technology (IT), consumer discretionary and communication services; combined, they covered more than 80% of the portfolio, and they all declined in value. IT stocks underperformed the major equity indexes and the benchmark. Within the fund's core IT sector allocation, relati...

财联社3月20日讯（编辑 夏军雄） 据媒体报道，人工智能（AI）公司OpenAI正在开发一款桌面应用，将其ChatGPT聊天机器人、编程平台Codex和网页浏览器ChatGPT Atlas整合在一起。此举旨在简化用户体验，从而在面对来自Anthropic等竞争对手的激烈竞争中保持用户黏性。 据悉，OpenAI应用业务首席执行官Fidji Simo将负责这一变革，并专注于协助公司销售团队推广新产品。OpenAI总裁Greg Brockman（目前负责公司的计算业务）也将协助Simo监督产品重构及相关组织调整。 目前尚不清楚该应用何时发布，OpenAI仍将继续提供独立的ChatGPT应用。 OpenAI发言人表示，这款新的“超级应用”将使公司内部团队更加紧密协作，并帮助研究部门围绕一个核心产品集中精力。在接下来的几个月中，公司预计将在Codex应用中加入新的“代理”能力，使其能够处理编码之外的生产力任务，然后再将ChatGPT和Atlas浏览器整合进超级应用之中。移动端ChatGPT应用将保持不变。 OpenAI高管希望，将产品统一到一个应用之下，能够在与Anthropic的竞争中，更高效地整合资源。 作为OpenAI的主要竞争对手之一，Anthropic普遍被认为在企业AI市场领先于OpenAI，在企业客户中的采用程度更高。 截至上月底，OpenAI企业业务的年化收入约为100亿美元，而Anthropic整体年化收入约为250亿美元。 据OpenAI称，公司正致力于在这一新超级应用中打造所谓“代理型（agentic）”AI 能力，即AI系统能够在用户电脑上自主运行，完成包括编写软件、分析数据在内的多种任务。 “我们意识到，我们的精力分散在过多的应用程序和技术栈上，需要简化投入方向，”Simo在周四向员工发布的一份内部备忘录中写道。“这种碎片化拖慢了我们的进度，也让我们更难达到期望的质量标准。” 包括首席执行官萨姆·奥尔特曼、首席研究官马克·陈以及Simo在内的高管，在过去几周里一直在审查OpenAI的产品组合，并评估哪些领域应降低优先级。 在上周的一次全员会议上，Simo告诉员工，在Anthropic快速赢得企业和编程客户的背景下，公司已无力被“支线任务”分散精力。 “这是一个将最强大的AI消费级应用和品牌，与最强大的代理型应用结合起来的机会，并真正利用我们的用户规模...

March 20 (Reuters) - Walmart-owned Indian e-commerce firm Flipkart said on Friday its group finance chief, ‌Sriram Venkataraman, will step down, with the ‌CFO of its marketplace unit taking over a temporary broader finance ​role. Flipkart did not say when Venkataraman would step down or why he was leaving but said he will remain with the firm during a transition period. ‌Venkataraman has been with ⁠the company since 2015. The change at the top comes as the e-commerce firm, ⁠which competes with Amazon in India, is preparing to list its shares in the country. Earlier this ​month, Flipkart ​shifted its holding company ​to India from Singapore. Flipkart, ‌which started in 2007 by selling books online, was valued at around $37 billion in 2024, when Alphabet's Google picked up a $350 million stake. Walmart had bought a controlling stake in Flipkart in 2018 for $16 billion. Ravi ‌Iyer, a Flipkart veteran of ​more than 12 years who ​is the CFO of ​its marketplace unit, will oversee the ‌broader finance organisation, the group ​said. Separately, the ​company said Nishant Verman, who had played a role in Walmart’s acquisition, has rejoined as senior ​vice president for ‌corporate development and partnerships. (Reporting by Haripriya Suresh ​and Urvi Dugar in Bengaluru; Editing by Janane ​Venkatraman and Mrigank Dhaniwala)

格隆汇3月20日｜有投资者在互动平台向阳光诺和提问：能否说一下公司与华为云合作的AI多肽大模型目前落地情况如何？对研发效率、管线推进的实际贡献有多大？ 阳光诺和回复称，公司与华为云合作搭建的AI多肽分子发现平台，已应用于多款在研多肽药物的研发过程。相较于传统研发模式，该平台通过AI技术实现靶点情报抓取、分子设计、活性预测等环节的效率提升，精准预测多肽的二级构象和靶点的结合情况，不用在反复做湿实验验证的情况下就能确认、筛选出有潜力的(多肽)新药分子，降低试错成本的同时又能极大缩短研发周期。

ECB governors signal vigilance over inflation as banks bet on rate hikes Reuters

格隆汇3月20日丨证监会等五部门就《中华人民共和国金融法(草案)》公开征求意见。意见提出，中国人民银行牵头建立宏观审慎政策框架，会同国务院有关部门制定宏观审慎政策，监测评估金融体系的整体稳健性，开展宏观审慎管理，防范处置系统性金融风险。中国人民银行会同国务院有关部门对金融市场实施宏观调控和管理，监测金融市场运行情况，可以视情形采取逆周期、跨周期调节等措施，促进金融市场稳健发展。

恆瑞醫藥(600276.SH)：SHR-3836注射液獲得藥物臨牀試驗批 作者 智通財經 Investing.com 香港 - 股市報價& 財經新聞

昨天，美光发布了FY26Q2财报，其表现只能用“全面超预期”来形容。尽管因资本开支上修带来的折旧及前期成本，导致毛利率出现了1%的微幅波动并引发市场短暂疑虑，但这掩盖不了其背后的叙事巨变。 这份财报堪称存储行业的“独立宣言”：管理层首次明确定义——存储已不再是算力的挂件，而是AI时代的定义性战略资产。 01 惊人的财务数据：这究竟是存储厂还是英伟达？ 要读懂这份财报，必须先打破对传统存储行业的周期性偏见。 1.营收与利润的“阶跃式”跳升 本季度（FY26Q2），美光营收达到239亿美元，环比增长75%，同比增长近200%。这个数字有多夸张？ 单季度的收入已经超过了FY24之前任何一年的全年营收。 更令人侧目的是利润端：EPS（每股收益）录得12.2美元，同比大幅增长682%。 2.毛利率：击穿历史天花板 本季毛利率录得75%，环比提升18%。而在下季指引中，美光直接给出了81%的恐怖预期。 结构性质变：管理层强调，81%的高毛利率并非单纯依赖涨价，而是源于HBM等高价值产品带来的“产品组合优化”。 历史对照：在过去三十年的存储周期中，行业的巅峰毛利率通常在60%左右。 估值重构：81%的毛利率通常只出现在高壁垒的软件公司或拥有绝对垄断地位的芯片设计公司（如英伟达）。 美光正在用数据宣告：存储不再是配角，它是AI算力链条中价值量最高、也最稀缺的一环。 02 叙事大变局：从“周期商品”到“战略基础设施” 1.战略定义的跃迁：解决“存储墙” 美光管理层在电话会上释放了一个关键信号： AI使存储成为定义性的战略资产 （Memory as adefining strategic asset）。 在过去，存储是周期性的“零配件”，价格随供需大幅波动。 而在AI时代的算力竞赛下，性能瓶颈已转移至“存储墙”。这意味着，没有美光的高性能HBM（高带宽内存）和DDR5，英伟达的GPU、奥特曼的算力中心都将沦为废铁。 2.商业模式的“SaaS化”转型 一个标志性的转折点是：美光首次签署了五年期战略客户协议（SCA）。 不同于以往那种一年一签、价格随行就市的长期协议（LTA），SCA代表了下游巨头（云厂商、OEM、汽车厂商）对存储产能的极端焦虑。为了锁定未来五年的供应，客户愿意给出长期的量价承诺。 这种转变将极大降低美光业绩的周期性波动，提升其估值的中枢。 资本支出：250亿美金的豪赌，押...