格隆汇3月25日｜欧洲央行行长拉加德25日在德国法兰克福召开的名为“欧洲央行及其观察者”的会议上表示，受美以对伊朗军事打击造成（海湾地区）能源供应遇阻影响，欧元区经济前景面临新的不确定性。尽管通胀风险有所上升，但欧洲央行将“无条件保障中期2%的通胀目标”。拉加德说，欧元区2月通胀率为1.9%，接近目标，但新的地缘政治冲击迅速改变了局势。拉加德指出，国际能源署说近期（海湾地区）石油供应受阻成为全球石油市场“历史上最严重的情况之一”，液化天然气供应的影响也即将显现。能源价格上涨本身并非最主要风险，更关键的是其是否会传导至更广泛层面。

格隆汇3月25日｜伊朗最高联合军事指挥部：我们已经坚定而强有力地改写了霍尔木兹海峡的通行法规，通行的准核权掌握在我们手中。

Torsten Asmus/iStock via Getty Images Thesis We have covered the BlackRock Core Bond Trust ( BHK ) extensively in the past, having owned it as well for a period of time. The CEF is an interesting fund, representing a leveraged exposure to U.S. rates. In essence BHK does well when rates move lower, and gets eviscerated when yields spike higher. In our prior coverage we also spoke about a rights offering for the name last year, corporate action which put further pressure on the CEF's price. We are re-visiting the fund after almost a year, highlighting for readers the impact of the Iran war on this name, and our take on its forward. Fund composition - has switched to more corporate credit Compared to the last time we covered the CEF, the fund has switched to more corporate exposure: Holdings (Fund Website) The 'US Government Related' bucket and the 'Agency Mortgages' bucket now make up roughly 35% of the fund, down significantly from almost 50% in the past. The CEF has a sizable corporate credit segment via the 'Investment Grade Credit' sleeve, and sizable high yield component that comes to 18%. From a ratings standpoint roughly 80% of the fund is investment grade: Ratings (Fund Website) So we are getting the picture of an investment grade CEF which is now overweight corporate credit, although it still has a sizable treasuries/agencies segment. The CEF comes with a very high leverage ratio of 33.9%, and thus subject to significant volatility. Additional analytics for the CEF are as follows: AUM: $700 M Standard Deviation: 9% Distribution rate: 9.8% Duration: 9.8 years Portfolio YTM: 6.4% Discount to NAV: -6% The fund has a high distribution rate, but as we shall see shortly that figure is not supported by underlying cash flows. The CEF has also increased its duration profile, with the fund now targeting the longer end of the curve with a 9.8 years duration. Ravaged by higher rates The CEF moves lower in price when 10-year yields spike. As of late BHK has seen negative ...

JHVEPhoto/iStock Editorial via Getty Images The Super Micro Computer ( SMCI ) stock has come under renewed pressure after U.S. prosecutors charged its co-founder and Board member, Yih-Shyan “Wally” Liaw, for allegedly circumventing export controls and diverting around $510 million worth of servers powered by Nvidia ( NVDA ) accelerators to China between 2024 and 2025. Although the charges are currently isolated to the alleged wrongdoing of Liaw, an employee at SMCI’s Taiwan office, and an outside contractor, the development compounds already-fragile confidence around SMCI’s credibility as its recent brush with accounting woes remain unresolved. As discussed in my previous coverage on the stock, SMCI continues to bear an adverse audit opinion on its internal control over financial reporting (“ICFR”) environment for FY 2024 and FY 2025. This has effectively kept it exposed to elevated risks of material misstatement and potential restatement on retrospective financials, which the latest developments have reinforced. Specifically, the latest charges against Liaw highlight that SMCI’s remediation efforts over material weaknesses in its ICFR environment may still be falling short, in my opinion. This potentially exposes SMCI to heightened regulatory scrutiny, in addition to elevated restatement risks and dampened confidence over the reliability of the financial results currently underpinning the stock’s valuation. While the current situation remains contained to individual wrongdoing, the implications could extend further as it potentially opens the door for further regulatory scrutiny into SMCI’s broader operations. In the following analysis, I’ll dive deeper into the latest charges against Liaw and assess the potential implications for SMCI. I’ll also assess how the company’s continued exposure to material ICFR weakness could amplify its operational, regulatory and financial consequences. Taken together, the implications point not only to immediate multiple compression ...

Key PointsNASA Administrator Jared Isaacman has outlined a six-year plan to build an American base on the moon.

Space is hard. We're going to do it anyway -- and Rocket Lab can help.

Neoclouds are booming by offering faster, cheaper, more flexible AI computers than hyperscalers, while complementing big cloud platforms rather than replacing them.

Sandisk, Micron dive as Google Research unveils AI algorithm to reduce memory demands Sherwood News

格隆汇3月25日｜美国空军在伊朗战争中的损失(已确认/已宣称)： 1架F-35战斗机——被伊朗防空系统击伤。 3架F-15E攻击鹰战斗机——被科威特部队击落(友军误伤)。 1架KC-135——在空中相撞中被摧毁。 1架KC-135——在空中相撞中受损。 5架KC-135加油机——在伊朗对某空军基地的袭击中受损。 12架MQ-9“死神”无人机——被伊朗防空系统击落。 1架UH-60直升机——在某空军基地遭FPV无人机袭击受损。

布莱恩・索齐・执行主编 我向来不会为上市公司站台，这从来都不是我的风格。 但针对仓储零售巨头开市客本周推出的新款科克兰能量饮料，我们不妨用常识理性看待。 这款产品 不会击垮 Celsius 能量饮料帝国 。周二，随着科克兰能量饮料的图片刷屏 X 平台和 Instagram，Celsius 股价大跌近 7%，这一反应近乎荒唐。科克兰能量饮料 24 罐售价 16.99 美元，折合每罐约 0.70 美元；而开市客售卖的 Celsius 18 罐套装售价约 28 美元。 以下是 Celsius 将继续保持增长势头的最直接原因： 首先，科克兰是开市客的自有品牌，这意味着新款能量饮料 仅在开市客全球 900 多家门店销售 （也可能仅限美国门店，开市客并未披露具体计划）。你不会在 塔吉特 （Target）、 沃尔玛 （Walmart）看到它与 Celsius 并排陈列，也不会在凯西综合便利店（Casey‘s General Stores）的冷藏柜里见到它。 甚至想尝一尝这款新饮料，你还得先成为开市客会员。 其次，Celsius 通过收购已拥有 Alani 和 Rockstar 两大能量饮料品牌，且凭借与百事公司（PepsiCo）的深度合作，具备 强大的分销能力 。 Celsius 可以快速推出新口味、新配方饮品（例如很快将推出含蛋白质的 Celsius 饮料），并升级包装设计。而开市客完全不会这么做 —— 原因很简单：它只是为自家门店打造了一款自有品牌能量饮料，不可能借着科克兰能量饮料去组建一支 F1 车队，与红牛在赛道上竞争。 这未免太不切实际！ 或许会有开市客消费者为了省钱，从常买的 Celsius 转而尝试一箱科克兰，但这 不代表他们会成为忠实顾客 。事实上，买了一整箱新饮料最后却发现难喝至极，是最糟的消费体验 —— 纯粹是浪费钱。 此外，我们不能忽视 Celsius 品牌本身强劲的基本面。 该公司刚刚交出了具有里程碑意义的年度业绩，在整合 Alani、Rockstar 等收购品牌后实现了销售额破纪录；同时随着在便利店渠道获得更多货架空间，Celsius 品牌自身也实现了进一步增长。 责任编辑：郭明煜

Pakistani intermediaries deliver 15-point plan but some proposals proved intractable in previous negotiations Middle East crisis – live updates Iranian officials expressed initial disapproval of a US ceasefire plan on Wednesday, even as intermediaries suggested direct talks between the two could start as early as this weekend. Representatives from Pakistan who reportedly delivered the US plan to Iran told the Associated Press that it was a 15-point proposal that would include sanctions relief for Iran, dismantling Iran’s nuclear programme, restricting its use of missiles and reopening the strait of Hormuz, a chokepoint for about 20% of the world’s oil. Continue reading...

imaginima/iStock via Getty Images By Zeno Mercer The conversation about automation is still stuck in 2016. “Robots are coming for your job.” But look at what’s actually happening in the countries that leaned into robotics. South Korea has 1,012 robots per 10,000 manufacturing workers — the highest density on earth. Unemployment sits around 3%. Life expectancy is second-highest in the OECD. The country deploys robots to care for its aging population, reduce hazardous labor, and expand healthcare access. Germany and Japan tell the same story. These countries kept their jobs, improved how people live, built sovereign production capacity, and reduced their exposure to the kind of energy and supply chain shocks rattling the rest of the world right now. The market still treats robotics as an industrial efficiency play. It’s a quality-of-life infrastructure buildout. Across the 78 companies in the ROBO Global Robotics & Automation Index (ROBO) — spanning actuators and fiber lasers to surgical robots and logistics automation — the most recent earnings season tells a story of both turnaround and new growth shoots: +25% EPS growth, 95%+ profitability, and +77.5% forward three-year growth estimates (EPS). Meanwhile, the index trades at 4.16x forward EV/Sales. That’s 25% below its own historical average, even as the end-market expansion story comes into bloom. The receipts are here. But the market still hasn’t connected the dots. The Problem Underneath Oil price volatility is back. Energy costs are flowing through to food, goods, and last-mile delivery. That hits lower-income households hardest and widens the K-shaped economy. We spent the last decade building incredible logistics infrastructure (same-day delivery, on-demand everything) while wages stayed flat. Consumers got the convenience without the cost relief. The Answer Is Four Layers Deep Four layers of structural change are converging to rewrite that equation, even as the market still prices them individually. Energy Th...

VIDOK/iStock Unreleased via Getty Images Walmart ( WMT ) continues to show off impressive e-commerce sales growth despite intense competition in the sector. The retail giant highlighted in a recent SEC filing that of its total U.S. sales over the last three years, approximately $99.6B (FY26), $79.3B (FY25), and $65.4B (FY24) were from the e-commerce business. For comparison, that is much more than either Procter & Gamble ( PG ) or Coca-Cola ( KO ) generated for a roughly overlapping period. Of course, the e-commerce business generated even more revenue when the international business was factored in. Digging in further, Morgan Stanley analyst Simeon Gutman and his team estimate that since turning profitable earlier in calendar year 2025, Walmart's ( WMT ) e-commerce flywheel generated ~$2B in adjusted operating income for the year. In 1996, Walmart ( WMT ) began its first e-commerce initiative by creating both walmart.com and samsclub.com. Since then, the online presence has continued to grow. In 2007, leveraging physical stores, walmart.com launched its Site-to-Store service, enabling customers to make a purchase online and pick up merchandise in stores. The company started to move more aggressively in 2009, when it launched Walmart Marketplace and opened its site to third-party sellers, greatly expanding assortment and giving the business a more Amazon ( AMZN )-like model. The biggest turning point came in 2016, when Walmart ( WMT ) acquired Jet.com for about $3.3B to accelerate its online growth and bring in e-commerce talent and technology. Marc Lore, Jet’s founder, later became a key leader of Walmart’s U.S. e-commerce efforts, signaling how seriously the company was taking the shift. Notably, Walmart's ( WMT ) U.S. e-commerce sales positively contributed approximately 4.3% and 2.9% to comparable sales for FY26 and FY25, respectively. The growth reflects continued strength in customer and Walmart+ member engagement with omnichannel offerings and was primarily d...

Source: Bloomberg, 0:00

Alones Creative/iStock via Getty Images Thesis : While stock markets have enjoyed an uptick on reports that the Trump Administration and Iran may be able to make a quick peace deal, I believe negotiations will prove difficult. I would caution investors from buying into positive headlines, especially without carefully considering some of the key complications to cutting a peace deal, along with various risks in the global economy. Background and Key Considerations Outlines The United States has sent a 15-point proposal to Iran’s leadership, aiming to end the ongoing war and open up the Strait of Hormuz. The deal includes large concessions, including potentially the dropping of sanctions, but also makes big demands, such as a permanent end to uranium enrichment. The war’s impact on markets has already been considerable, and I expect further ups and downs. After news of the 15-point proposal broke, oil and natural gas went on a slide while stock markets around the world have been buoyed. Even if this is the start of the road to peace, however, the journey is likely to be bumpy and I doubt the Trump Administration will get the quick and durable peace they seek. With any potential peace deal, simply getting ink to paper will require overcoming immense hurdles, and words written and spoken all too often fail once put into action. A quick and easy peace is unlikely for several concrete reasons, and I suspect the Trump Administration is underestimating how thorny some of these obstacles are: For Iran’s Current Regime, The War Is An Existential Threat Backing Down Could Also Be An Existential Threat The Trump Administration Is Feeling A Lot of Heat For Iran’s New Supreme Leader, This War is Deeply Personal. I’m going to break these points down with a bit more depth to outline why I believe they are serious impediments to negotiations. I wouldn’t consider the list exclusive, either. Even mundane politics can get messy, and a major war and the shutdown of one of the world’s mo...

Interest-rate strategists at Morgan Stanley say this month’s Treasury market slump has hallmarks of forced selling of two-year notes, whose yields soared as traders abandoned wagers on Federal Reserve interest-rate cuts and began to price in a hike. Trade data from BrokerTec Inc. — the interdealer trading platform owned by CME Group Inc. — for the period since the US attacked Iran on Feb. 28 shows “clear evidence of reduced liquidity in the Treasury market, particularly in the front end,” Morgan Stanley strategists led by Eli Carter said in a report Wednesday. Longer-maturity tenors such as 10-year notes have enjoyed relative stability, they said. The evidence includes bigger gaps between the prices at which trading firms are willing to buy and sell, as well as increased volumes that wider bid-ask spreads — a transaction cost — normally would discourage, according to the report. For the most recently issued two-year note, bid-ask spreads were about 27% wider so far in March than in February, the strategists found. Their analysis was based on the average intraday spread for trades worth $50,000 per basis point. Meanwhile, volumes were the highest since April, when US President Donald Trump ’s so-called “Liberation Day” tariff announcement sparked a stock-market selloff that initially stoked demand for Treasuries. That gave way to rising yields as elevated market volatility caused an exodus from crowded trades. “Wider bid-ask spreads would tend to dissuade trading and the fact that volumes have picked up regardless reflects the idea that many of the trades have been done out of necessity, not desire,” the strategists said. The outbreak of hostilities in the Middle East unleashed a surge in oil prices that annihilated rate-cut expectations because of their potential to ignite consumer price inflation via its retail gasoline component. Two-year yields have risen about 50 basis points to 3.87% since the start of the conflict, however Morgan Stanley said its analysis show...

西班牙首相桑切斯25日在众议院发表讲话，重申西班牙政府始终坚持反对中东战争的立场。 桑切斯表示，西班牙拒绝美国使用罗塔和莫龙-德拉弗龙特拉军事基地参与针对伊朗的军事行动。他称这个“并不容易”的决定体现了西班牙作为主权国家“不参与非法战争”的原则，并强调真正的爱国主义是反对一场不符合西班牙和欧洲人民利益的非法战争。 桑切斯同时警告称，以色列正试图在黎巴嫩复制加沙的破坏与苦难，可能进一步加剧地区局势外溢风险。他重申西班牙反对一切违反国际法的军事行动，呼吁通过停火与对话推动局势降级。 桑切斯表示，西班牙已在欧盟外长会议上就伊朗冲突率先发声，并同约30个国家领导人展开沟通，推动通过多边协调缓解紧张局势。(新华社)

打车公司 Lyft 周三表示，由于汽油价格上涨挤压了临时工的收入，该公司将在美国推出一项临时司机（费用）减免计划。 由于美以与伊朗的冲突导致能源供应中断，燃料成本急剧上涨，这正在伤害临时工的利益。 最近几周，美国全国平均汽油价格飙升了30%以上，徘徊在每加仑4美元左右。 Lyft为期60天的计划将从3月27日持续到5月26日，为在符合条件的加油站使用Lyft Direct借记卡的司机提供返现奖励和燃油节省。 根据该计划，表现优异的司机在加油消费时将获得额外2%的现金返还，而中级司机将获得额外1%，此外，现有奖励根据司机身份从1%到10%不等。 该公司表示，按照全国平均油价每加仑3.97美元计算，包括Lyft合作伙伴提供的优惠在内，顶级司机每加仑可节省高达94美分。 送餐平台 DoorDash 周一表示，该公司正在推出一项类似的计划，该计划将持续到4月26日。 责任编辑：李桐

asbe/iStock via Getty Images Stock movements have become entirely dependent on headlines from Iran, moving inversely with oil prices, and any positive news could see the Invesco QQQ Trust ETF (NASDAQ: QQQ ). However, the risk-reward outlook is increasingly negative. Even an end to the war and a collapse in oil prices would still leave US tech stocks priced for low single-digit returns. Any further escalation in the war threatens to trigger much further losses at a time when economic uncertainty is rising. It is because stocks tend to perform poorly during times of economic uncertainty that they have historically offered a strong return outlook in the form of high free cash flow yields. Today, while the risks are extremely elevated, the premium offered to accept them is pitifully low. For the equity risk premium to return to levels seen during previous crisis lows, the QQQ would have to fall by at least half. The Fundamentals Have Deteriorated Fasted Than Valuations Have Improved Since my last article on the QQQ in January, the ETF is down a few percent, and valuations have edged down in response. However, its relative attractiveness has actually deteriorated for two reasons: Rising Real Yields: Firstly, real long-term safe haven yields have risen alongside the rise in the Nasdaq 100 free cash flow yield. Long-term US inflation-linked Treasuries now yield 2.7%, which compares to a free cash flow yield of around 2.7% for the Nasdaq, which falls to 2.0% once factoring in the cost of stock-based compensation. This means that even if companies pay out all their free cash flow, they would need to grow these free cash flows in real terms at 0.7% annually just for return expectations to match those of US long-term inflation-linked bonds. QQQ FCF Yield Vs Long Term US TIPS Yield (Bloomberg) Falling Real Growth Outlook: Secondly, even under a scenario where there is a soft landing to the war, the rise in oil prices, disruptions to transport and travel, and the direct cost of ...

恒瑞醫藥(01276) 海外監管公告-企業管治相關事宜 信報網站

恒瑞醫藥(01276) 海外監管公告-企業管治相關事宜 hkej.com

恒瑞醫藥(01276) 通函 - [一般性授權 / 在股東批准的情況下重選或委任董事 / 其他] hkej.com

Archaeologists believe remains found in Maastricht, Netherlands, may be of soldier who inspired novel character More than three-and-a-half centuries after a musket ball to the throat put an end to decades of exemplary swashbuckling, the French soldier who inspired Alexandre Dumas and went on to be immortalised on the stage and screen – not to mention as a plucky cartoon dog – may rise again. Workers repairing a church in the Dutch city of Maastricht have discovered a skeleton that could belong to the 17th-century Gascon nobleman Charles de Batz-Castelmore – better known as d’Artagnan – whose exploits led Dumas to make him the hero of the Three Musketeers. Continue reading...

Sunshine Seeds/iStock via Getty Images A lawyer for Sibanye-Stillwater ( SBSW ) was shot and killed in downtown Johannesburg this week in what authorities said likely was a targeted attack, prompting fears from South Africa's business community. The 35-year-old litigation attorney was gunned down near a state office that mediates labor issues and was due to represent the company in a dispute with some employees. Her death follows the September killing of a bankruptcy lawyer in the city, which was the latest in a string of murders of insolvency practitioners, tax consultants, and other professionals. The murder has intensified scrutiny around labor tensions in South Africa's mining sector, even as Sibanye-Stillwater ( SBSW ) recently secured a three-year wage agreement with major unions. "Legal professionals, investigators, prosecutors, and witnesses are increasingly exposed to intimidation and violence," a tactic used to "shield criminal networks from accountability," said Business Against Crime South Africa, a grouping that works with the South African government. More on Sibanye-Stillwater Sibanye Stillwater: I'm Not Willing To Bet On A Super-Cycle At This Stage Sibanye Stillwater: Lesser-Known PGM Play With A Turnaround Arc Sibanye Stillwater: Deep Value And A Major EPS Rebound Coming (Upgrade)

BofA Securities has upgraded Acadia Pharmaceuticals ( ACAD ) to buy from neutral following a recent 25% pullback in share price saying that the company's fundamentals are intact and the downturn was due to macro factors since the beginning of the year. The bank is maintaining its $29 price target (~38% upside based on March 24 close). BofA analysts say that steady Nuplazid (pimavanserin) sales can help protect against further downside, adding they are projecting $888M in peak sales in 2029. While the company estimates its pipeline could provide an $11B opportunity, the bank believes this figure is "currently discounted and could provide upside." The team noted remlifanserin, considered a next-generation version of Nuplazid, is due for a phase 2 data release between August and October. They give remlifanserin a 40% likelihood of success with $2.1B in nominal peak sales in 2038. BofA added that slowing Nuplazid growth, negative pipeline data, and continued stagnation in Daybue (trofinetide) growth are downside risks. More on Acadia Pharma Acadia Pharmaceuticals: Undervalued Despite Robust Revenues From Approved Drugs, With Pipeline Kicker ACADIA Pharmaceuticals Inc. (ACAD) Q4 2025 Earnings Call Transcript ACADIA Pharmaceuticals Inc. 2025 Q4 - Results - Earnings Call Presentation Acadia outlines 2026 revenue target up to $1.28B while advancing DAYBUE STIX and NUPLAZID growth Seeking Alpha’s Quant Rating on Acadia Pharma

格隆汇3月25日丨据路透，一名巴基斯坦消息人士称，伊朗方面告诉我们，他们将在今晚回复。媒体报道称他们已经拒绝了，但我们尚未收到来自伊朗的任何确认。所以我们目前只能等待。他们现在已经全都转入了地下，通信是一个巨大的挑战。

The technology company could cut up to 20 percent of its 79,000 employees to offset massive spending on artificial intelligence infrastructure

Elon Musk ’s lawyers are urging the Delaware Chancery Court’ s chief judge to step aside from lawsuits involving him and his companies, alleging she has shown bias against the billionaire after ruling against him in high-profile cases. In a filing concerning Judge Kathaleen St. J. McCormick , Musk’s attorneys pointed to a LinkedIn screenshot that they said shows she “supports” a post on the network celebrating Musk’s defeat in a California civil fraud trial as “the little guy” prevailing over “the richest man in the world.” McCormick, in a letter to lawyers , wrote that she does not support the post and while she may have hit the “support” button accidentally, she doesn’t think she did. The judge said she reported “suspicious activity” to LinkedIn and was locked out of her account when she tried to log in and check the status of that report. She said she prepared the letter prior to receiving the request that she recuse, which she said she will review. Musk’s attorneys claimed in their filing that the activity on McCormick’s LinkedIn account shows her predisposition to rule against him in violation of Delaware’s Judicial Code of Conduct, which requires judges to refrain from showing bias or prejudice. McCormick should recuse herself from the handful of Musk-related cases she is overseeing, the lawyers at Quinn Emanuel Urquhart & Sullivan LLP said in the filing. A spokesman for the judge said she declined to comment beyond the letter. LinkedIn Post Musk’s lawyers said in the filing that the LinkedIn post that McCormick endorsed was written by a jury consultant who worked with lawyers for the Twitter investors who prevailed in some of their claims against Musk in a trial this month in California. “It was a pleasure working against you,” the consultant wrote in the post that was included in the filing. In the filing, Musk’s attorneys included a screenshot of the post saying that a heart hovering in an outstretched hand, referring to the support button, required “delibe...