格隆汇3月22日｜紫金黄金国际(2259.HK)公布截至2025年12月底止年度业绩，收入53.83亿美元，同比上升80.05%；股东应占盈利16.02亿美元，同比大增2.33倍，每股盈利0.82美元，派末期息1.5港元。

Li Qiang, China's premier, speaks at the China Development Forum in Beijing, China, on Sunday, March 22, 2026. The forum runs through March 23. Photographer: Qilai Shen/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images Chinese Premier Li Qiang pledged on Sunday to further open the country's economy to foreign firms and pursue more balanced trade with its global partners, after a year marked by trade friction and tariff wars with the United States and European Union in particular. China will import more high-quality foreign goods and work with all parties to promote optimized and balanced trade development and expand the global trade pie, Li told the China Development Forum in Beijing, according to state media. The annual two-day forum, which concludes on Monday, allows Beijing to lay out its economic vision and investment opportunities to foreign business leaders, Chinese officials, economists and academics. It comes after the world's second-biggest economy reported a record $1.2 trillion trade surplus for 2025. Challenges for Beijing are aplenty, including deflecting concerns from an increasing number of global capitals about China's trade practices and overcapacity, as well as their overreliance on key Chinese products. While Li's speech did not appear to directly mention the surplus, his pledges indicate an awareness that the issue could disrupt international relations at a time when China has reached a temporary truce with the U.S. on trade. U.S. President Donald Trump last week postponed a trip to Beijing to meet with Chinese President Xi Jinping due to the Iran war, delaying an effort to ease tensions between the world's two biggest economies. In a separate speech at the forum, China's central bank governor Pan Gongsheng also sought to alleviate concerns surrounding the trade surplus. "Analyzing global economic imbalances requires looking not only at trade in goods but also services, and not only at the current account but also the financial acco...

中信建投证券（HK6066）研报指出，当前，由于美以伊战争的爆发和持续升级，弱美元假设面临挑战，高油价环境下美联储降息预期大幅转变，因此，此前持续驱动本轮牛市的核心动能遭遇削弱。正如我们此前在年度策略展望中指出的，牛市下半场，市场将从涨估值转向涨业绩(消化估值)。如果业绩增长预期仍然良好，A股牛市就有望持续。不过在增长预期确认之前，市场将面临从涨估值到赚业绩的转型阵痛期。全球能源（850101）价格大幅上涨，消费（883434）受到抑制的背景下，可能明显受损的方向包括：高估值板块、高能耗(油耗)行业、需求抑制成本上行行业。看好三个方向：1)受益于霍尔木兹海峡封闭和长期高油价的行业，如：煤化工（884281）、新能源（850101）、储能（885921）、核电（885571）、电网；2)现金流稳定的防御性品种，如：煤炭（850105）和水电；3)易被错杀的确定性成长，如AI涨价链、缺电链。

The number of confirmed meningitis cases linked to the Kent outbreak has fallen from 23 to 20. The UK Health Security Agency (UKHSA) said on Sunday that three cases previously thought confirmed had been downgraded after further testing. In an update on the UKHSA website, the government body said that the number of suspected cases under investigation had also fallen, from 11 to nine, putting the total number of cases at 29, down from 34 on Saturday. It added that more cases would likely be downgraded in the coming days with the completion of further lab tests. Nineteen of the 20 confirmed cases are meningitis B, known as MenB, and all have required hospital admission. As the campaign to vaccinate thousands of young people in Kent continued into a fourth day, dozens of those eligible again queued up around the county for the vaccine or preventive antibiotics. The length of the lines has dropped considerably since the rollout began on Wednesday, with no queue at all outside the previously busy vaccination site on the University of Kent’s Canterbury campus at 10am on Sunday. NHS Kent and Medway said more than 8,000 MenB vaccines and 12,157 antibiotics had been handed out by 6pm on Saturday. There are six clinics providing antibiotics and vaccines across the county, while eligible University of Kent students who have returned home elsewhere can access both from their local GPs. Two students have died in the outbreak. They are 18-year-old Juliette Kenny, a sixth-former who was described by her family as “fit, healthy and strong”, and a University of Kent student who has not been publicly named. Dr Sherine Thomas, an infectious diseases consultant at UKHSA, said: “We continue to remain vigilant for new cases and work closely with NHS England and local authorities across the country to ensure that any new cases identified are responded to as quickly as possible. “It’s reassuring to have seen so many eligible young people come forward for antibiotics and vaccination, and we’...

ASKA/E+ via Getty Images I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. - Warren Buffett At times of high uncertainty, like we are currently experiencing, defensive companies can be a "safe harbor" while the storm passes. Even during good times, it is usually a good idea to have some allocation to more defensive sectors like utilities ( XLU ), consumer staples ( XLP ), and telecommunications providers. Tokyo Metro ( TKMTY ) does not fit in any of those categories, yet we see it as utility-adjacent. It is an essential transport network in one of the most important cities in the world. Outside of idiosyncratic shocks like COVID, it generates very stable cash flows and earnings. Surprisingly, despite the work-from-home impact, ridership is now above pre-pandemic levels. Strong tourism to Japan has helped compensate for the remaining commuter shortfall. Tokyo Metro Investor Presentation Financials Tokyo Metro has been growing revenue quickly over the past few years as use has been recovering since the pandemic hit. Now that it has finally exceeded pre-COVID levels, revenue growth will likely moderate. Tokyo Metro is planning new lines and international expansion, including participation in the UK's Elizabeth Line in London. The company is also putting significantly more focus on non-core businesses to generate incremental revenue and profits. This is laid out in the company's 2025-2027 mid-term management plan . Tokyo Metro is targeting ¥93.0 billion in operating profit for FY2027, compared to ¥86.9 billion in FY2024. This implies growth of ~7% over the three-year period. While the profit growth appears modest, the setup looks better beyond that window. Tokyo Metro is planning to monetize its real estate assets, directing significant CapEx for developments such as hotels and new retail stores. In fact, revenue and EBITDA growth are expected to exceed operating profit growth during the plan, at 9.6% and 10%, respectively. Some ...

Migrant Criminal Beats Deportation Order With Chicken Nugget Defense In something you might see from the Babylon Bee, an Albanian migrant has secured the right to remain in the United Kingdom by claiming that his children hate "foreign" chicken nuggets , according to the Daily Mail . Klevis Disha, 39, snuck into the U.K. illegally back in 2001 as a supposed unaccompanied minor. Disha used a fake name and a bogus backstory about being born in the old Yugoslavia. His asylum bid flopped but somehow dragged on, until he snagged indefinite leave to remain in the UK in 2005, the Daily Mail reported. Fast-forward, Disha hooked up with a girlfriend and popped out a daughter and a son, and then he got nailed in 2017 with £250,000 in dirty money he couldn't explain . The migrant was given a two-year prison sentence and a deportation order - after which Britain's Home Office tried to boot Disha, stripping his citizenship. Not So Fast Disha lawyered up and cried human rights by claiming it would be unduly harsh on his 11-year-old British son , nicknamed C in court documents, if Dad got shipped to Albania. T he boy supposedly won't touch the chicken nuggets over there because of textures and a super-picky diet. Ultimately, the judge bought the picky-eater sob story. Britain's Home Office appealed and a tribunal overturned the ruling. However, after endless hearings dragging into 2026, First-tier Tribunal Judge Linda Veloso ruled in Disha's favor under Article 8 of the Human Rights Act , the Daily Mail said. The ruling drew scorn from British conservative figures, including Reform UK’s Shadow Home Secretary Zia Yusuf. " A criminal migrant who entered Britain illegally under a false name and lied in a failed asylum claim has successfully fought his deportation by arguing his son disliked foreign chicken nuggets . This is the country the Tories and Labour have created,” Yusuf wrote on X. A criminal migrant who entered Britain illegally under a false name and lied in a failed asylum...

Source: Bloomberg, 0:00

Dustin Meyer, American Petroleum Institute's SVP of Policy, Economics and Regulatory Affairs joins David Gura and Christina Ruffini this morning on Bloomberg This Weekend to discuss the extended impact the Iranian war will have on future oil prices and the importance of getting the Strategic Petroleum Reserve flowing as soon as possible. Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)

Amir Levy/Getty Images News Iran warned Sunday that it would strike critical infrastructure across the Middle East if President Donald Trump carries out his threat to “obliterate” the country’s power plants unless the Strait of Hormuz is quickly reopened. “Following previous warnings, if Iran’s fuel and energy infrastructure is attacked by the enemy, all energy, information technology, and desalination infrastructure belonging to the US and the regime in the region will be targeted,” Iran’s military operational command said in a statement on Tasnim news agency Sunday. The warning came after Trump said in a social media post late Saturday that he would “hit and obliterate” Iran’s power plants, starting with the largest facility, if Tehran does not reopen the vital shipping route within 48 hours. Trump’s remarks on his Truth Social platform signaled a sharp shift in tone, just a day after he suggested he was considering “winding down” the military operation and indicated that responsibility for securing the Strait of Hormuz could fall to nations that depend on the passage for trade. Targeting Iran’s power infrastructure would differ from strikes on oil and gas assets such as the South Pars field, as attacks on electricity generation alone would not immediately disrupt global energy markets. According to Bloomberg data, Iran operates 98 natural gas-fired power plants. Major facilities include the Damavand combined cycle plant near Tehran, the Ramin plant north of Ahvaz, and the Kerman facility in Chatroud. Trump’s reference to hitting the largest power sites could also point to the Bushehr nuclear plant. More on Brent Futures, Crude Oil Futures, etc. The 'Monetary Truman Show' Is Over: The Fed Is No Longer In Control The Market Has Been Too Complacent About The Strait of Hormuz Commodities: LNG Supply Disruptions Now A Long-Term Problem As Iran Hits Qatari Facilities Brent crude climbs for fifth straight week as U.S. sends more troops to Middle East Market risk a la 20...

CIA前局长说美国入侵伊朗无正当理由 2026-03-22 20:41:23 来源： 同花顺7x24快讯 分享 当地时间3月21日，美国中央情报局前局长约翰.布伦南接受美国媒体采访时表示，没有任何迹象表明美国真的需要对伊朗发起军事行动。他强调，谎言铺天盖地而来，只是为了给这场战争找借口，“这场战争根本没有任何正当理由”。(CCTV国际时讯)

卡塔尔和土耳其当局22日表示，当天在卡塔尔领海内发生的直升机坠毁事故中，机上7人均已遇难，其中包括3名土耳其人。卡塔尔内政部说，事故发生在22日早晨，经搜寻确认机上7人均已遇难。卡塔尔国防部说，遇难者中包括4名卡塔尔军人。土耳其国防部当天在社交媒体发表声明说，事故发生时卡塔尔-土耳其联合部队司令部正在进行训练。初步调查显示，直升机因技术故障坠毁。遇难者中包括1名土耳其士兵和2名来自土耳其军工（885700）企业阿塞尔散公司的员工。(新华社)

Lyceum theatre, Sheffield Contemporary resonances abound in English Touring Opera’s gloriously choreographed and costumed period production: a masterclass in clarity over chaos, performed with boundless enthusiasm The Gondoliers, Gilbert and Sullivan’s last big hit, came hot on the heels of their infamous quarrel over the cost of a carpet at the Savoy theatre. There is no hint of acrimony, however, in what must rank as Sullivan’s sunniest, most sophisticated score wedded to some of Gilbert’s most brilliantly barbed lyrics. What could be shrewder than, “When everyone is somebody, then no one’s anybody”? A sharply pointed satire on the pitfalls of egalitarianism, the plot features babies swapped at birth and a pair of gondoliers, one of whom may or may not be the son of the recently deceased King of Barataria. English Touring Opera’s period production locates the action in the late 17th century, but contemporary resonances abound: the cash-for-endorsements antics of the money-grubbing Duke and Duchess of Plaza-Toro are but one step removed from the Andrews and Fergies of today. Continue reading...

A_Carina/E+ via Getty Images Technical Analysis of Gold and Silver This analysis attempts to look at different metrics to understand the current momentum in the gold and silver markets. It is meant as an analysis of potential price direction in the very short term (a few weeks to 1-2 months). In Q4, the technical analysis was strongly calling for a pullback or at least a consolidation period. The price indicators were quite bearish. The call may have been early by a few weeks but was an essential step if the bull market in both metals was going to continue. The market received that pullback, consolidating around $5,000 and $80 and has since broken down below both consolidation zones. Looking at the data below, the data is very mixed. The latest pullback will delay the next phase in the bull market, but even the next short-term move is cloudy. Let’s dive in… Price Action Huge spikes up are usually followed by similar spikes down. They are simply not sustainable. Silver got way ahead of itself. Gold had a more steady move up. This is why it was able to hold $5,000 for longer. But that number finally fell after weeks of carving out a base. It fell and fell hard. This likely cleared out a decent amount of hot money, but it also did a ton of technical damage with the speed at which it fell. This makes it unlikely to make an immediate turnaround back to $5,000. It now becomes critical that $4,500 holds. Gold will have to bide its time and try to sustain a new base. In silver, $80 was similar support before it broke and broke hard. It now needs to hold $70, or else silver could test $50, which could really open up the trapdoor if it were to fall. Bottom line, the technical damage has been pretty ugly in the last few days. What had been a good-looking consolidation pattern broke down in a massive way. It’s critical the new support levels hold, and it would be good to see a quick turnaround, but that seems unlikely. Outlook: Bearish Figure 1: Gold and Silver Price Action The...

Key Points International Business Machines has been helping customers build out their AI assets. IBM’s business supporting companies using COBOL suddenly became an issue due to advances in AI programming. AI is unlikely to replace IBM's services, but it will likely make the company a better service provider. 10 stocks we like better than International Business Machines › Wall Street is a fickle place, with emotions often driven by news flow. In late February 2026, news that Anthropic's artificial intelligence tools could tackle COBOL coding tasks sent International Business Machines' (NYSE: IBM) stock crashing. IBM is still 20% below its 52-week high as of this writing. With the technology giant in its own personal bear market, long-term investors might find it an attractive way to play the AI space. Here's why. IBM is helping to build the AI infrastructure Putting COBOL aside for the moment, one of IBM's key business focuses has been to help companies build hybrid cloud systems. Essentially, that means that a company has data stored on both an external cloud system and an internal one. Companies do this to protect vital information they may have. IBM's services and technology enable smooth processes across what amounts to a very complex computer setup. 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 » Artificial intelligence is a big and increasingly important piece of the puzzle. Thus, IBM is directly benefiting from AI and should remain a key player in the space for the foreseeable future. It just isn't a headline act, because it is a business-to-business company that works in the background. COBOL won't take down IBM However, IBM made headlines regarding AI in late February when Anthropic announced its COBOL programming advances. COBOL is a very old computer language that is still widely used to...

推动平台竞争从“补贴驱动”转向“效率驱动”“服务驱动”，是防止“内卷式竞争”扩大的现实要求。 2025年以来，国内外卖市场再度掀起新一轮补贴竞争。多家平台密集推出大规模优惠措施，补贴力度之大、持续时间之长，引发广泛关注。短期看，消费者获得实惠、订单量有所增长；但从行业运行看，商户利润承压、价格体系扭曲等问题逐步显现。全国两会期间，多位代表委员就此发声，相关部门亦启动调查评估。这表明，此轮补贴竞争已不只是企业之间的市场博弈，而是触及平台经济发展方式与市场秩序的重要议题，需高度警惕其滑向“倾销式价格战”。从规模看，本轮补贴竞争持续时间超过一年，各平台累计投入补贴规模逾千亿元，终端餐食价格被长期压至低于商业成本支撑水平，已显著超出一般性促销行为的范畴。 从经济学角度看，补贴并非天然有害。在双边平台结构中，适度的价格激励有助于扩大网络规模，从而降低交易成本、提升匹配效率。外卖行业早期的快速扩张，正得益于此类机制。但问题在于，补贴具有明显的“阈值效应”。当补贴主要服务于扩大市场规模、提升效率时，其具有积极意义；而当补贴长期维持在明显偏离商业可持续水平的区间，其功能就可能发生转变——不再是促进交易，而是重塑价格体系和竞争格局。当企业以持续低于成本的价格争夺市场，其竞争逻辑已经偏离效率导向，转向以消耗对手、锁定用户和形成垄断势力为目标的非理性竞争。 从本轮补贴的实际形态看，其已具备“超长时间、超大力度、超大规模”的显著特征，难以用扩大市场规模、提升效率的一般性促销逻辑加以解释。持续时间超过一年、累计规模逾千亿元、终端价格长期低于成本支撑水平，这三项特征相互叠加，使本轮竞争的性质发生了根本转变——不再是通过价格信号优化资源配置，而是以资本规模替代效率竞争，以持续亏损换取市场份额，其行为特征与以排挤竞争对手为目的的非正当价格竞争高度吻合。 从实际运行情况看，本轮补贴竞争已对餐饮行业产生较为明显的影响。立信咨询对全国范围2000多家餐饮商户的调研数据显示，近七成商户营业额较2024年下降，其中降幅超过20%的占48%；八成商户净利润下滑，降幅超过30%的占35%。同时，不少商户反映堂食业务受到挤压，外卖增长更多体现为渠道替代，而非新增需求。这一现象的实质，在于价格机制受到外生冲击。当终端价格长期低于成本支撑水平，价格信号难以真实反映供需关系，商户通过正常经营实现收益的空间被压缩，市场自...

此次回调并非黄金牛市终结，长期看涨逻辑不仅未被削弱，反而进一步强化。 过去一周，黄金价格周跌幅高达10.5%，收盘价跌破4500美元/盎司关口，创下1983年以来最大单周百分比跌幅，彻底打破了投资者对黄金作为传统避险资产的固有认知。自3月1日黄金触及5500美元/盎司的历史峰值以来，累计跌幅已接近20%。白银市场同步遭遇重挫，同期下跌16.5%，收于68美元/盎司下方，从近期峰值下跌超过40%，成为2011年以来最严重的单周跌幅。 这一剧烈崩盘发生在伊朗战争爆发后不久。历史地看，地缘政治冲突升级往往推动黄金上涨，但此次黄金仅在战争爆发短暂上涨后迅速反转，与同期飙升的油价形成鲜明对比——油价同期上涨约50%，收于98美元/桶附近，随后一度触及113美元/桶高位，较年初涨幅超55%。这一反常现象引发市场普遍疑惑：在通胀压力凸显、地缘冲突升级的背景下，黄金为何出现如此罕见的剧烈回调？ 直接导火索是PPI超预期 此次黄金崩盘的直接导火索，是2026年2月美国生产者价格指数（PPI）数据的超预期爆发。美国2月PPI环比上涨0.7%，远超市场预期的0.3%，较1月0.5%的涨幅进一步加速；同比涨幅达3.4%，较前月2.9%的水平显著回升，创下近年以来最快增速。其中，剔除食品和能源价格波动的核心PPI环比上涨0.5%，同比涨幅达3.9%，逼近4%的关键关口。这一数据彻底打破了市场此前对“通胀逐步降温”的乐观预期，印证了通胀并非暂时性现象，而是呈现结构性回归态势。需要特别注意的是，2月PPI数据尚未纳入伊朗战争爆发后的油价、食品价格上涨压力。战争导致全球粮食供应链扰动，食品价格上涨压力逐步显现，这些因素将在未来数月通胀数据中进一步体现，意味着通胀压力不仅没有消退，反而将持续加剧。 然而，市场对这一关键数据的解读出现了严重偏差。多数投资者将PPI超预期上涨解读为“美联储无需降息甚至可能加息”的信号，认为美联储将进一步收紧货币政策以抑制通胀，进而导致黄金等对利率敏感的通胀对冲资产遭到大规模抛售。分析表明，该解读忽略了通胀的结构性本质以及美联储政策的现实困境。PPI加速上涨恰恰证明，美联储此前宽松政策并未有效抑制价格压力——此前美联储已将联邦基金利率从5.5%降至3.5%，加剧货币宽松环境，推动通胀压力持续累积。 从本质来看，当前的通胀复苏并非短期供需失衡导致的暂时性现象，而是全球供应链...

高油价的持续可能超出预期，同时这既可能推高全球通货膨胀，也可能拖累世界经济增长。 2026年2月28日（均指当地时间，下同），美以突然对伊朗发起联合军事行动（下称“美伊冲突”），加剧了中东紧张局势。目前看来，美伊冲突有不断升级乃至长期化的趋势。冲突造成了中东产油国基础设施损坏，产油能力下降。同时，伊朗实际封锁霍尔木兹海峡，卡住了全球能源大动脉，阻断了国际航运。受此影响，3月9日英国布伦特现货原油价格（下同）时隔三年多时间升破100美元/桶。短暂回撤后，3月12日起再度过百，20日收在117.08美元/桶。3月份（截至3月20日），原油均价同比上涨34.7%，结束了连续19个月负增的局面。石油是现代经济的血液，高油价会推高运输、工业生产和居民生活成本，导致物价全面上涨，这给全球通胀和经济增长都蒙上了阴影。 据国家统计局分析，到2026年2月，中国生产者价格指数（PPI）同比跌幅连续3个月收敛，环比连续5个月正增长，国际能源、有色金属价格上涨有重要贡献。中东局势紧张，能源价格高企，国际物流受阻，将加大中国输入性通胀。不过，鉴于中国物价长期低位运行，这或有助于中国实现物价合理回升（即再通胀），日本就是个例子。同时，也要高度关注美伊冲突升级可能引发的全球需求收缩与能源市场动荡对中国经济金融平稳运行构成的潜在挑战，做好两手准备。 输入性通胀推动日本经济重启 受累于资产泡沫破灭，日本经济长期停滞。尽管日本央行先后于2013年和2016年祭出了量化质化宽松和负利率的大招，但日本迟迟未走出通缩陷阱。2015年4月至2022年3月间，日本18个月消费者物价指数（CPI）同比变动为负，58个月在0~1%（不含）以内，8个月在1%~2%（不含）。直到2020年疫情大流行造成的全球供应链中断和2022年俄乌冲突引发的国际大宗商品价格上涨，形成持续的输入性通胀，才治愈其通缩顽疾。2021年4月至2023年9月，日本PPI通胀抬升到2%以上，并推动CPI通胀自2022年4月起连续45个月超过2%的通胀目标（见图1）。 日本通胀开始爆表时，正值以美联储为代表的全球主要央行激进紧缩抗通胀。然而，直至观察到国内通胀预期抬升、“工资-物价上涨”的螺旋确认（见图2），日本央行才于2024年3月提高政策目标利率20个基点至0.1%，退出了负利率时代。此后，分别于2025年8月加息15个基点，2026年1月...

香港在资本形成、商品贸易与金融服务三个层面的协同结构，有助于连接区域资本、商品与消费的良性循环，为经济发展提供更加稳定的资本配置机制与风险分担渠道。 在经济迈向高质量发展的新阶段，服务消费正成为推动消费结构升级与促进经济结构优化的重要方向，这也对金融体系的功能定位与发展模式提出了新的要求。从供给、需求与支付三个维度来看，金融体系不仅通过多层次融资渠道为消费企业提供资本支持，推动消费供给向品质化与规模化升级，还通过财富效应、信用支持与风险保障等机制优化居民资产负债表，稳定消费预期并提升消费能力。同时，数字金融的发展降低了交易成本，拓展了消费场景与消费边界。 对于服务消费而言，以资本市场为基础的财富增长模式，相比以信贷扩张为基础的债务驱动模式，更有利于支撑服务消费需求的持续增长。一方面，服务消费多以无形商品形式存在，难以形成稳定的抵押品基础，与传统以抵押担保为核心的信贷融资模式适配性有限。另一方面，服务消费对居民收入变化具有较高弹性，需求扩张更依赖收入和财富的稳定增长。此外，相比债务驱动模式，资本市场机制在风险分担方面亦有优势，有助于支持需求可持续增长。 在这一转型过程中，中国香港作为国际金融中心，凭借成熟的资本市场体系、完善的资产定价机制与跨境金融基础设施，在权益融资、金融创新与跨境支付等方面大有可为。尤其是在当下全球不确定性上升与国际分工重构背景下，香港在资本形成、商品贸易与金融服务三个层面的协同结构，有助于连接区域资本、商品与消费的良性循环，为经济发展提供更加稳定的资本配置机制与风险分担渠道。 金融赋能消费，消费成就金融 从金融和消费的关系出发，金融是贯穿消费形成始终的重要变量，其资源配置效率与风险定价能力，在很大程度上影响了消费结构升级的方向与潜力释放的强度。具体而言，金融对消费的影响可以从供给侧、需求侧与支付场景三个维度展开分析。 从供给侧看，金融体系通过多层次融资渠道，为消费企业提供必要的资本支持。 一方面，银行信贷为企业日常运营与流动资金需求提供基础保障；另一方面，股权融资、债券融资、产业基金及各类创新融资工具，则为企业在不同发展阶段提供差异化资金来源。更进一步看，资本在市场机制下的筛选与定价过程，也有助于提升行业集中度与供给效率，从而推动消费供给体系由分散化向品质化、规模化方向升级。金融对供给侧的支持，本质上是通过优化资本形成机制，提升消费产业的整体生产...

格隆汇3月22日｜莫斯科时间3月22日15时，搭载“进步MS-33”货运飞船的俄罗斯“联盟-2.1a”运载火箭从位于哈萨克斯坦的拜科努尔航天发射场顺利升空。飞船将向国际空间站运送2509公斤各类物资。

Microsoft Corporation (ISIN: US5949181045) presents a compelling value opportunity on NASDAQ in USD, with Azure AI driving revenue while valuation metrics hit multi-year lows. Institutional moves and analyst upgrades highlight renewed interest for DACH investors seeking tech exposure. Microsoft Corporation stock has caught investor attention as a rare value opportunity in 2026, trading at valuation levels not seen in years despite robust growth in its Azure cloud and AI segments. The NASDAQ-listed shares, ISIN US5949181045, opened at $381.35 USD on Friday, reflecting a market cap of $2.83 trillion USD and a price-to-earnings ratio of 23.85. For DACH investors, this setup offers exposure to global AI leadership through a stock now deemed inexpensive on key operating metrics, amid ongoing institutional interest and analyst optimism. As of: 22.03.2026 By Dr. Elena Voss, Senior Tech Equity Analyst – Specializing in cloud computing and AI-driven growth stocks, where enterprise adoption meets valuation resets for long-term DACH portfolios. Azure AI Fuels Core Growth Engine Microsoft's Azure platform stands as the company's fastest-growing division, with substantial year-over-year revenue increases in the latest quarter. This segment provides primary exposure to artificial intelligence trends, positioning Azure as a leading neutral environment for AI model development. Investors note its model-agnostic approach attracts developers across ecosystems, bolstering Microsoft's role in global AI adoption. The cloud business benefits from Microsoft's substantial stake in OpenAI, enhancing capabilities in gaming hardware, business software, and enterprise tools. Overall corporate revenue posted strong growth, underscoring durable demand. Yet, despite these metrics, the stock's valuation has compressed, creating appeal for value-conscious buyers. For software and platforms, key metrics like growth durability, AI monetization, and enterprise retention remain strong. Azure's expansio...

Amazon.com, Inc founder Jeff Bezos is reportedly in early discussions with major global investors to raise as much as $100 billion for a new fund. Bezos Eyes $100 Billion AI Fund To Transform Manufacturing The fund is aimed at acquiring manufacturing companies and accelerating their shift toward automation using artificial intelligence, the Wall Street Journal reported on Thursday. Bezos has reportedly engaged with asset managers and sovereign wealth funds across regions, including the Middle East and Asia, as part of the fundraising push. Don't Miss: The fund plans to buy companies in key industries like chipmaking, defense and aerospace. It would be so large that it could surpass many of the world's biggest investment funds and compete with SoftBank Group's $100 billion Vision Fund. Bezos did not immediately respond to Benzinga’s request for comment. Project Prometheus To Power AI-Driven Automation Central to the strategy is Project Prometheus, a startup where Bezos serves as co-CEO, the report said. The company is developing AI systems capable of simulating real-world physical environments — such as predicting material stress or airflow — with applications in industrial design and manufacturing. It is also seeking billions in additional funding and has attracted talent from leading AI labs like Alphabet Inc.'s Google DeepMind and OpenAI. Trending: What If Tires Didn't Need Air — Or Replacing? This Startup Says It's Possible Amazon Automation Plans Raise Job Loss Concerns The developments come amid reports that Amazon is increasingly relying on robotics to streamline warehouse operations. In a report last year, documents indicated that Amazon may avoid hiring up to 600,000 workers needed to support long-term growth, instead turning to robots to cut costs and improve efficiency. Sanders Warns of ‘All Out War' On Workers Sanders criticized the reported plans in a post on X, writing, "Jeff Bezos, worth $234 billion, plans to replace 600,000 Amazon workers with robots...

美國總統特朗普表示，將於明日調派移民執法人員進駐機場。 國土安全部因為不獲國會撥款，上月14日起陷入局部停擺，導致運輸安全管理局部分人員被迫無薪工作，累計有數百名官員辭職。美國多個城市的機場，安檢人手嚴重短缺。總統特朗普早前警告，民主黨若不支持撥款，他會下令調派移民及海關執法局人員進駐機場。 特朗普周日再發文，宣布翌日派員到機場，協助緊守崗位的運輸安全管理局人員。 曾領導政府效率部的美國富商馬斯克，稱願意在停擺期間，先為政府相關員工支付薪酬，以緩解他們財政困境。

总台记者获悉，莫斯科时间3月22日15时，搭载“进步MS-33”货运飞船的俄罗斯“联盟-2.1a”运载火箭从位于哈萨克斯坦的拜科努尔航天发射场顺利升空。飞船将向国际空间站运送2509公斤各类物资。(央视新闻) 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。

This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: What we're watching What we're reading Economic data releases and earnings Three years ago, I was more upbeat about artificial intelligence from a job-creation perspective. As of today, I officially declare any remaining optimism on that front dead. The more leaders I talk to about how they are deploying AI, the more I'm left with a sense of dread for America's workforce. Sure, the best and the brightest will use new AI tools and drive massive productivity gains. But what happens to everyone else who's just a solid worker? Or an older worker who can't suddenly pick up AI workflows? I can tell you what happens: They get to spend a year searching for a job or opting for a career switch to drive for Uber (UBER). Though even that job appears at risk, given how Uber is keen on rolling out Rivian (RIVN) robotaxis to compete against Tesla robotaxis. "I think by 2027 the scrutiny on operating expenses from Wall Street is going to be super-intense, probably by the back half of this year ... because you're going to be able to figure out which organizations are optimizing on using this technology or not," Circle (CRCL) co-founder and CEO Jeremy Allaire said Tuesday night at the Economic Club of New York. "I do think it will impact the labor market in the near term." The impact is already evident in massive layoffs at Block (XYZ), Amazon (AMZN), and likely soon at Meta (META). Companies across five sectors that Morgan Stanley deems most likely to experience significant near-term impacts from AI adoption reported a 4% net reduction in jobs, according to a new survey of employers. The number of roles eliminated and not replaced was highest among early-career employees, or those with no previous experience. Here are some conversations I had on the AI front this week. Circle CEO Jeremy Allaire "I think the first is that agentic AI in particular is going to enabl...

北角一幢大廈發生火警，有住戶從窗口爬下樓逃生，三人吸入濃煙不適送院。 從市民提供片段可見，有兩名住戶看到濃煙後，冒險爬出窗外，嘗試爬下樓。其中一人背著背囊，險象環生。 現場是北角春秧街仁德大廈，警方下午約5時半接到多人報案指，大廈其中一層冒出大量濃煙。消防到場，在約一個小時後，將火救熄。 期間多名住戶需要疏散，一男兩女吸入濃煙不適，清醒被送往東區醫院治理。

War in Iran disrupting established trade flows raises an important question: how serious could the consequences be, and for whom will they be most severe? To answer this, it is useful to look at history. During the fifth and fourth centuries BC, Athens, a major centre, depended heavily on grain imports. Whenever routes were blocked during wars, Athens almost immediately faced the threat of a food crisis. In the Middle Ages, Venice became one of Europe’s richest cities and a crucial hub linking European and eastern trade. When wars disrupted routes, the effects were felt almost instantly in the Venetian economy. For centuries, trade between China and Europe moved along the Silk Road. As trade networks expanded, disruptions to key routes began to have far wider consequences. In response to the 1973 Yom Kippur war, Arab oil-producing countries imposed an embargo on the United States and several Western economies. Oil supplies fell sharply, prices surged, global inflation accelerated and many major economies slipped into recession. Advertisement A similar pattern appeared in 1956 when Egypt nationalised the Suez Canal, disrupting European trade with Asia. The canal’s closure again from 1967 to 1975 forced global shipping to reorganise routes. In 2021, the container ship Ever Given blocked the Suez Canal for six days, leaving hundreds of vessels waiting and delaying supply chains around the world. During the 1980s Iran-Iraq war, attacks on shipping in the Persian Gulf led to the deployment of international naval escorts. These examples tell us that whenever a narrow trade corridor carries strategically important goods, blocking that corridor tends to produce consequences far beyond the immediate region. From the Bosphorus Strait to the Strait of Malacca , world trade has long depended on vulnerable chokepoints. 04:04 How US-Israeli strikes on Iran are sending shock waves through global energy markets How US-Israeli strikes on Iran are sending shock waves through global e...