imaginima/iStock via Getty Images Investment Thesis Hims & Hers Health Inc. ( HIMS ) shares rallied to ~$27 before resetting to ~$20, still leaving the stock roughly 40% higher since my last coverage . However, it’s been all about expectations rather than fundamentals. The removal of the major regulatory overhang following the Novo Nordisk ( NVO ) deal saw the stock re-rate significantly towards $27. However, this, in my view, pulled forward execution without any meaningful revenue contribution. What we’ve seen since is not a failed breakout but a return to reality. I believe that the market is still misunderstanding HIMS. This is no longer an early growth story. We’ve seen $2.35 billion in revenue in 2025, as well as continued ARPU expansion and strong subscriber growth. We’re in a much better place today. The short interest is high, volatility is gone, and we’re left with fundamentals driving the next move. This is where things often get interesting as we begin to see some asymmetry build before we begin to realize it. Data by YCharts Crowded Shorts, Calm Conviction, But Pressure Is Building At first glance, HIMS is an obvious short squeeze story. It combines volatility, high short interest, and a clear catalyst narrative. However, I don’t believe it’s as simple as that. The move towards $27 was not an increase in earnings or revenue growth—it was an acceleration of expectations following the Novo deal. When those expectations were not met right away with numbers, the stock corrected. The correction, to me, is not a sign of weakness in the business but a sign of a stock that got ahead of itself. The reality, of course, is that beneath the surface, the dynamics of the stock have actually changed in a more interesting manner. The short interest level, for example, remains high at 83.3 million shares , or roughly 40% of the float. While that is a high level of short interest, the more interesting reality is how that level of short interest performs as the environment...

nzphotonz/iStock via Getty Images By Mike Larson Transcript Mike Larson: Headline risk. If ever there was a market illustrating that concept, it's this one. One day everything's selling-off due to disturbing developments out of the Middle East, and the next day everything's soaring on discussions of detente. So, what do you do as an investor or trader? How can you navigate geopolitical volatility that you have no control over? And more importantly, how has the economic and market outlook changed since the U.S.-Israel, Iran conflict broke out? And what about all those things Wall Street was talking about just a few weeks ago, like a possible AI bubble and spiraling risk in private credit? To get you the latest intelligence on all of those important developments, I went straight to one of my favorite MoneyShow MoneyMasters Podcast guest. He's Dr. Ed Yardeni, President of Yardeni Research and Editor of the Yardeni QuickTakes newsletter. Ed, thanks for joining me. I want to start by asking you to maybe set the stage for where things stood in the markets and the economy before the conflict broke out and then how you think and how your worldview has changed since then in the last few weeks? Ed Yardeni: Well, my view hasn't really changed that dramatically. I think certainly in the short run, the war is going to mean higher inflation. It also, I think, greatly reduces the likelihood that the Fed will cut rates. I think the Fed will probably do nothing for the rest of the year because for the next few months, they are going to have an inflation problem that they're going to have to think about as an offset to maybe a continuation of relatively weak labor markets. And it's a fog of war. They don't really know how it's coming out, how we're coming out of it as the rest of us don't. And they will also have these lingering effects of the war on the economy. And I think the Fed should just declare that there's just some things that monetary policy can't fix. Monetary policy can'...

Death Stranding. | Image: Ludovic “Shinobi” Helme Three children stare at the dilapidated remains of a battlefield, with trees and man-made structures mostly razed to the ground, save for the sturdy frame of a lone trebuchet. It's a pensive snapshot of the bloodshed in A Plague Tale: Innocence by virtual photographer Ludovic "Shinobi" Helme - but it's no mere screenshot. It's a meticulously framed photograph, enhanced with real-world photographic techniques: composition, lighting, depth of field, and more. "[Virtual photography] is a way to discover the game differently, because you can check every single detail," says Helme. "It's really enhancing the artistry in a game for your eyes, and … Read the full story at The Verge.

Clinical testing is turning into a product of its own. | Image: Cath Virgina / The Verge, Grüns This is Optimizer , a weekly newsletter sent every Friday from Verge senior reviewer Victoria Song that dissects and discusses the latest gizmos and potions that swear they're going to change your life. Opt in for Optimizer here . Influencer after influencer says the same thing about Grüns. The gummy vitamins are delightful, chockful of whole organic ingredients, and much tastier than icky powders or pills. One of my most indelible childhood memories is the chalky, gritty, vaguely fruit-flavored taste of a Flintstones vitamin. I hated those cursed tablets so much, I learned how to swallow pills to avoid having to chew them. So I get the whole … Read the full story at The Verge.

Ross Pomerantz, a former Oracle employee, has carved out a lucrative niche in a crowded creator economy.

US consumer sentiment slid to a three-month low in March and year-ahead inflation expectations jumped as the war in the Middle East drives up gasoline prices. The University of Michigan’s final March sentiment index fell to 53.3 from a preliminary reading of 55.5, according to a report released Friday. The survey period includes responses from Feb. 17 to March 23, with about two-thirds of those collected after the Iran war began. Consumers expect prices to rise at an annual rate of 3.8% over the next year from 3.4% a month earlier, the biggest increase since April 2025. At the same time, longer-term inflation expectations eased. Gasoline prices have shot up about $1 a gallon on average in the US since the start of the US-Israeli war with Iran, which is about to enter its fifth week. This jolt is compounded by existing worries over higher costs for everyday goods and risks causing consumers to cut back on discretionary spending. Economists in a Bloomberg survey raised their estimates for inflation through year-end, while tempering expectations for growth, consumer spending and employment. “The persistence of high prices continues to be the dominant factor for consumer views of the economy, with 47% of consumers spontaneously noting that prices are currently eroding their personal finances,” Joanne Hsu , director of the survey, said in a statement. She added that year-ahead gas price expectations jumped to the highest since June 2022, when inflation peaked in the wake of Russia’s invasion of Ukraine. “Consumers with middle and higher incomes and stock wealth, buffeted both by escalating gas prices and volatile financial markets in the wake of the Iran conflict, exhibited particularly large drops in sentiment,” Hsu said. The current conditions gauge slipped to 55.8 in March from 56.6 a month earlier, while the expectations index decreased to a four-month low. Consumers’ perception of their expected financial situation fell to the lowest level in five months.

Workers and retirees are anxious when faced with unpredictable policies.

QatarEnergy Declares ForceMajeure For LNG Shipments Through May, Representing As Many As 90 Cargoes The already dismal LNG supply situation just got worse. With up to 20% of global LNG flows shuttered due to the ongoing blockade of the Hormuz Strait and the extensive damage of Qatar LNG infrastructure, QatarEnergy has declared force majeure on some of ⁠its long-term liquefied natural gas (LNG) supply contracts, including ‌for customers ⁠in Italy, Belgium, South Korea ⁠and China, effectively canceling contractual obligations . That would represent as many as 90 cargoes according to Bloomberg. The move on Tuesday comes amid ongoing production and supply disruptions caused by the United States-Israeli war on Iran. Force majeure is a clause in contracts that allows a party to be excused from its obligations due to unforeseeable events. Petroleum companies in Kuwait and Bahrain have also recently invoked force majeure. Last week, QatarEnergy CEO Saad al-Kaabi said an Iranian attack on Qatar’s Ras Laffan gas facility wiped out about ⁠17 percent of the country’s LNG export capacity, causing an estimated $20bn in lost annual revenue and threatening supplies to Europe and ⁠Asia . Repairs are expected to take 3-5 years. Saad al-Kaabi told the Reuters news agency that two of Qatar’s 14 LNG trains, the equipment used to liquefy natural gas, and one of its two gas-to-liquids facilities were damaged in Iranian attacks. The repairs will sideline 12.8 million tonnes of LNG production per year for three to five years, he said. The Iranian attack on Ras Laffan came after the Israeli military targeted Iran’s offshore South Pars gasfield, the largest in the world, located off the coast of the country’s southern Bushehr province. Majed al-Ansari, spokesperson for Qatar’s Ministry of Foreign Affairs, had condemned Israel for targeting South Pars, noting that the Iranian gasfield is an extension of Qatar’s North Field. Qatar and other Gulf countries have also condemned Iran’s continued at...

Monty Rakusen/DigitalVision via Getty Images Arxis Is Growing Quickly And Now Profitable Arxis, Inc. ( ARXS ) has filed to raise capital from an IPO of its Class A common stock to pay down debt, according to an S-1 registration statement . The company designs and manufactures electronics and mechanical components for a variety of aerospace, medical, and industrial applications. ARXS has produced strong top line growth, margin improvement and is profitable and producing substantial cash flow, although it faces many risks. Institutional demand for the IPO will likely be significant, assuming reasonable valuation assumptions by management. What Does Arxis Do? The company has acquired more than 30 companies to create a range of electronic and mechanical products for mission-critical aspects of defense and aerospace, and to a lesser extent, medical technology, via its 47 customer-facing brands. Its primary end markets are Defense, Space, Commercial Aerospace and Industrial Technology, as shown in its partial product list examples here: SEC In 2025, the company said that 90% of its revenue was generated from products that are uniquely designed, developed and produced by Arxis, often protected by patents, trade secrets or exclusive manufacturing processes. Arxis’ revenue contribution by type and region is shown in the pie charts here: SEC The firm’s President and Chief Executive Officer is Kevin Perhamus, who has been with Arxis or predecessor companies since 2020. He was previously CEO of Winchester Interconnect. Investors in Arxis include Arcline Investment Management, and the total fair market value of investment in the company as of the end of 2025 was $3.1 billion. What Are Arxis’ Markets? The aerospace electronics market was an estimated $127 billion in 2025 and is forecasted to exceed $237 billion in 2035, according to a market research report by Precedence Research. If achieved, this growth would represent a CAGR of 6.44% from 2026 to 2035, a moderate rate of growt...

Torsten Asmus U.S. Treasury yields climbed sharply on Friday morning, with benchmark rates reaching multi-month highs and drawing heightened investor attention across global markets. The U.S. 10 Year Treasury yield ( US10Y ) rose to 4.48%, marking its highest level since July 17, 2025, as sustained upward pressure continues to build in longer-duration bonds. Meanwhile, shorter-term rates also advanced notably, with the U.S. 2 Year Treasury yield ( US2Y ) hitting its highest point since June 11, 2025, reflecting shifting expectations around monetary policy and interest rate outlooks. On the long end of the curve, the U.S. 30 Year Treasury yield ( US30Y ) extended gains as well, reaching levels last seen on September 3, 2025. The broad-based move higher in yields underscores persistent market volatility and ongoing adjustments in rate expectations. Furthermore, see how yields are trading across the curve below: U.S. 2 Year Treasury yield ( US2Y ) 1 bps to 3.98%. U.S. 5 Year Treasury yield ( US5Y ) +1 bps to 4.12%. U.S. 10 Year Treasury yield ( US10Y ) +3 bps to 4.46%. U.S. 20 Year Treasury yield ( US20Y ) +4 bps to 5.02%. U.S. 30 Year Treasury yield ( US30Y ) +4 bps to 4.98%. Fixed Income ETFs: ( TLT ), ( TLH ), ( IEF ), ( IEI ), ( SHY ), ( SGOV ), ( SCHO ), ( BIL ), ( AGG ), ( BND ), ( VCIT ), ( MUB ), ( MBB ), ( JNK ), ( LQD ), ( HYG ), ( VTIP ), ( TIP ), ( SCHP ), ( STIP ), ( TIPX ), ( SPIP ), ( WIP ), ( GTIP ), ( LQDI ), and ( RINF ). More on markets Dividend Roundup: Micron Technology, Cisco, Nucor, Freeport-McMoRan, and more 20 dividend stocks to watch as the Middle East conflict continues to shake markets OECD lifts G20 inflation outlook as rising energy prices impact global markets Exxon Mobil tops Nvidia in valuation amid the ongoing Middle East conflict Consumer staples stocks flash oversold signals as sector slides

格隆汇3月27日｜WTI原油短线走高0.7美元，日内大涨4美元，现报98.12美元/桶，报道称美以空袭伊朗钢铁厂及配套发电厂。

TCL科技公告，2025年营业收入1840.63亿元，同比增长11.67%。净利润45.17亿元，同比增长188.78%。公司董事会提议2025年度每10股分红0.9元。

复旦微电公告，2025年营业收入39.82亿元，同比增长10.92%。净利润2.32亿元，同比下降59.42%。拟向全体股东每10股派发现金红利人民币0.58元（含税），预计分配现金红利总额为4777.54万元（含税）。本次利润分配不送红股，不以公积金转增股本。

格隆汇3月27日｜据AXIOS，美国副总统万斯在本周早些时候的一次电话通话中“批评以色列总理内塔尼亚胡对本次美以伊冲突的预测过于乐观”，认为内塔尼亚胡“夸大了伊朗政权更迭的可能性”。报道援引一名美国官员的消息称，美以袭击伊朗前，内塔尼亚胡曾向美方渲染这场冲突“容易应对”，并强调伊朗“政权更迭可能性很大”，但万斯对此持怀疑态度。这名官员还表称，在美方与伊朗的“停火谈判”中，万斯“发挥了主导作用”，而以色列正试图破坏谈判。

格隆汇3月27日丨美股三大指数均跌超1%。消息上，美国与以色列空袭了伊朗胡齐斯坦钢铁厂及伊斯法罕穆巴拉克钢铁厂，穆巴拉克钢铁厂配套的发电厂也遭到了袭击。

据伊朗国家电视台今天（3月27日）报道， 伊朗军方发布公告表示，位于特拉维夫的以色列军队后勤基地及运输中心遭到伊朗无人机群的攻击。据称，这是以色列最大的运输中心。（CCTV国际时讯）

Arvydas Lakacauskas/iStock Editorial via Getty Images Introduction Shattuck Labs, Inc. ( STTK ) caught my eye because of the massive loss in value over the last five years, and I wanted to see if that was completely warranted and whether trading at single FW P/E digits is justified. It seems that as revenues increased, its share price continued to stumble on fears of AI and a dying business, which is not true. However, there are too many unknowns regarding AI and the merger, so I am going to sit on the sidelines for now. Performance Let’s take a look at the last three years of performance to see if we can find any sort of interesting patterns or revelations. We can see that in the past three years, the company’s revenues continued to grow, which is not at all what I expected. I was expecting to see revenues dip in the advent of ChatGPT, but that was not the case at all. Seeking Alpha It seems that SSTK benefited from this and leaned into it hard. The management saw the opportunity and pounced. Making licensing deals with OpenAI, Meta Platforms, Inc. ( META ), Amazon.com, Inc. ( AMZN ), and Google ( GOOG )( GOOGL ). This essentially created a new revenue stream for the company that is now expected to bring in $250 million by 2027 . Just a year before that, this was essentially zero, so kudos for leaning into it. Unfortunately, the company seems to have stopped providing conference calls because of the planned merger with Getty Images Holdings, Inc. ( GETY ) from back in January of 2025, so we don’t have any proper numbers on how much that AI licensing segment has grown. What we do have is that Data, Distribution, and Services have grown to $203.2m at the end of 2025. That’s around 16% growth y/y. SSTK 10-K In terms of profitability over the same period, we can see quite a mixed bag. Since the beginning of 2023, the company has experienced some margin erosion and only saw them starting to come back up in the second quarter of 2025. I am honestly a little disappointed ...

No Mercedes car started last race in China Norris: ‘I believe we can get close’ McLaren’s intent is clear as they enter the Japanese Grand Prix after a trying opening to the season: the only way is up. Suzuka’s singular and spectacular test will form another part of the team’s learning curve of the new regulations, with optimism that the defending champion Lando Norris’s title and the team’s constructors’ championship are still within reach. After Mercedes dominated the opening two rounds, McLaren found themselves third fastest but well behind Ferrari and as much as half a second off the pace. They were honest in acknowledging they had work to do on the aerodynamic side of the chassis and on understanding how best to exploit their new engines under the power management rules that are now a key part of performance. Continue reading...

blackred/E+ via Getty Images U.S. large-cap industrials stocks have delivered robust year-to-date performance in 2026, but March faced headwinds amid broader market volatility and geopolitical concerns. Below is a list of the 10 worst-performing large-cap industrial stocks with market capitalizations of $10B or more, ranked by their year-to-date performance. The list is topped by Broadridge Financial Solutions ( BR ), with a YTD decline of 28.38%. SS&C Technologies Holdings ( SSNC ) and Axon Enterprise ( AXON ) follow as the next two bottom performers, down 23.18% and 20.68% respectively. Automatic Data Processing ( ADP ) and TransUnion ( TRU ) also appear among the worst performers, with declines exceeding 20%. The list spans a diverse range of industries within the industrial sector, including Data Processing & Outsourced Services, Human Resource & Employment Services, Aerospace and Defense, Research and Consulting Services, and Passenger Airlines. Here is the list: Broadridge Financial Solutions, Inc. ( BR ), YTD perf: -28.38%, Quant rating: 2.70 SS&C Technologies Holdings, Inc. ( SSNC ), YTD perf: -23.18%, Quant rating: 3.08 Axon Enterprise, Inc. ( AXON ), YTD perf: -20.68%, Quant rating: 2.78 Automatic Data Processing, Inc. ( ADP ), YTD perf: -20.50%, Quant rating: 3.22 TransUnion ( TRU ), YTD perf: -20.42%, Quant rating: 2.65 Equifax Inc. ( EFX ), YTD perf: -19.57%, Quant rating: 2.05 United Airlines Holdings, Inc. ( UAL ), YTD perf: -17.11%, Quant rating: 3.14 Verisk Analytics, Inc. ( VRSK ), YTD perf: -16.96%, Quant rating: 2.65 Paychex, Inc. ( PAYX ), YTD perf: -16.57%, Quant rating: 2.83 HEICO Corporation ( HEI ), YTD perf: -15.75%, Quant rating: 3.18 Industrials ETFs: ( XLI ), ( VIS ), ( FXR ), ( IYJ ), ( FIDU ), and ( RSPN ) More on industrial stocks Time Is Running Out The Middle East War: Let's Talk About U.S. Defense Stocks A Rare XLI/XLF Decoupling Is Flashing That Also Happened In 1999, 2007, And 2020 Quant-rated logistics leaders and laggards as US...

Anthropic PBC is considering going public as soon as in October, according to people familiar with the matter, as the artificial intelligence company races with rival OpenAI Inc. to hold an initial public offering. Ed Ludlow of Bloomberg Tech reports. (Source: Bloomberg)

当地时间27日，伊朗伊斯兰议会议长卡利巴夫针对潜在地面军事威胁强硬表态，“美国连自己在该地区基地里的士兵都保护不了，反而要把他们藏在酒店和公园里，这种情况下，他们又怎么可能在我们的领土上保护得了这些士兵？”，此前，伊朗外交部长阿拉格齐在社交媒体发帖指责美军把海湾阿拉伯国家合作委员会（海合会）成员国的平民当作“人盾”，他呼吁这些国家的酒店拒绝美军的预订。阿拉格齐在社交媒体上发文说，“自这场战争开始以来，美军士兵逃离在海合会国家的军事基地，躲进酒店和办公场所。”（央视新闻）

经济学家表示，油价上涨往往会推高食品杂货成本，但这并不意味着消费者需要匆忙外出囤货。 近几周，布伦特原油价格从 1 月份每桶约 60 美元的水平飙升至 100 美元以上，原因是伊朗冲突扰乱了霍尔木兹海峡的石油运输。这条咽喉要道承担着全球约五分之一的石油运输量。 圣路易斯联邦储备银行指出，油价上涨会推高整个食品供应链的成本，涵盖农业生产、化肥制造所需燃料，以及运输、冷藏等各个环节。 不少消费者已开始行动：电商平台 Omnisend 于 3 月 9 日至 13 日对 1000 名美国成年人开展的调查显示，约 48% 的受访者表示，因预期物价上涨，正批量购买部分商品。 但经济学家称，这种行为可能适得其反，会造成需求激增、供应链紧张，并进一步推高物价。 与此同时，油价飙升等投入成本的变化，并不会立刻传导至消费者端。 密歇根州立大学食品经济学家、教授戴维・奥尔特加表示，部分生鲜易腐商品的价格可能在几周内就出现上涨，但更广泛的影响通常是逐步、不均衡显现的，而非一蹴而就。 “这不会在一夜之间发生。” 奥尔特加说。油价上涨对食品杂货成本的全部影响可能需要数月时间才会完全体现，甚至会持续大半年。他补充道，如果油价暴涨只是短期现象，对杂货价格的影响可能有限，因为通常只有高油价持续数月，物价才会明显上涨。 为何食品价格不会同步立即上涨 尽管油价波动迅速，但食品价格通常不会紧随其后上涨，因此消费者并无匆忙囤货的必要。相反，这类成本会通过食品体系的多个环节逐层传导，使得其对杂货价格的影响更缓慢、也更间接。 奥尔特加表示：“燃油或天然气价格上涨 10% 至 20%…… 并不会一对一地反映在超市售价上。” 堪萨斯城联邦储备银行 2025 年的一份分析显示，这类成本会通过供应链逐步传导，最终才体现在货架价格上。 部分原因在于，能源只是食品生产体系众多投入要素之一。美国农业部数据显示，在每一美元食品支出中，直接能源成本仅占约 3 美分。 奥尔特加称，这 3 美分仅涵盖燃料与电力的直接支出。而食品支出中的其他部分，如运输、仓储、加工等环节虽也依赖能源，但这类成本更为间接，通常会更缓慢地反映在消费端价格上。 此外，生产商不会立即转嫁成本上涨。穆迪供应链行业负责人安德烈・奎因 - 巴拉巴诺夫表示：“价格上涨通常是渐进式的，且往往是在确定成本上涨具有持续性后才会触发。” 他还指出，由于多数食品市场竞争激烈，...

Over 90% of Nvidia’s chips are made at TSMC in Taiwan. This includes Blackwell. Much of Taiwan’s energy is powered by natural gas (about 90%). According to the Atlantic Council, “Taiwan relied on imports to meet 95 percent of its energy needs in 2025, including over 99 percent of its demand for oil and natural ... Nvidia Share Price Could Be Hit Hard By Iran War

电气风电公告，2025年营业收入136.81亿元，同比增长31.07%；归属于上市公司股东的净亏损9.89亿元，上年同期净亏损7.85亿元。

Lithium Argentina ( LAR ) shares down over 6% in morning trading on Friday following block trade pricing. According to reports, Lithium Argentina is involved in a 15-million-share block trade, with pricing indicated in the range of $6.15 to $6.50 per share. More on Lithium Argentina AG Lithium Argentina 2025 Results Disappointing, But Still Remains On My Bargain-Hunting List Lithium Argentina GAAP EPS of -$0.47 misses by $0.50; gives 2026 production guidance Historical earnings data for Lithium Argentina AG

The 16-year-old boy from Northumberland is jailed for three-and-a-half years.

On this episode of Stock Movers: Unity Software (U) rose on a strong earnings forecast and news that it plans to sell its video-game publisher and close its advertising unit to focus on better business. Absolut owner Pernod-Ricard (RI FP) and Jack Daniel's maker Brown-Foreman (BF/B) both rose on the news of a potential merger between France's largest alcohol producer and a top producer of American whisky. The companies are describing it as a 'merger of equals.' (Source: Bloomberg)

据美国“阿克西奥斯新闻网（Axios）”今天（3月27日）报道，美国副总统万斯在本周早些时候的一次电话通话中“批评以色列总理内塔尼亚胡对本次美以伊冲突的预测过于乐观”，认为内塔尼亚胡“夸大了伊朗政权更迭的可能性”。 报道援引一名美国官员的消息称，美以袭击伊朗前，内塔尼亚胡曾向美方渲染这场冲突“容易应对”，并强调伊朗“政权更迭可能性很大”，但万斯对此持怀疑态度。这名官员还表称，在美方与伊朗的“停火谈判”中，万斯“发挥了主导作用”，而以色列正试图破坏谈判。（CCTV国际时讯）

Oaktree Capital Management is meeting all redemption requests for its $7.7 billion private credit fund, allowing investors to take out 8.5% of net assets. Dana El Baltaji has more on "Bloomberg Open Interest." (Source: Bloomberg)

财联社3月27日讯（记者 郭子硕） 2026年3月27日，交通银行（SH:601328; HK:3328）发布2025年度业绩。 截至2025年末，集团资产总额突破15.5万亿元，较上年末增长4.35%；全年实现归属于母公司股东净利润956.22亿元，同比增长2.18%；营业收入2,650.71亿元，同比增长2.02%；不良贷款率1.28%，较上年末下降0.03个百分点，拨备覆盖率提升至208.38%。 据交通银行发布的利润分配方案，董事会建议以截至2025年末总股本88,363,784,223股为基数，向A股和H股股东派发末期现金股利，每10股人民币1.684元（含税），合计分配金额约148.80亿元。 净息差有望企稳向好 存款再定价支撑成本下行 在2025年度业绩说明会上，交通银行执行董事、副行长周万阜详解息差走势。他表示，该行自去年三季度起净息差基本稳定。今年存款到期规模较去年增加，较大比例集中在一季度。近两年大量定期存款到期再定价以后，存款的付息成本将明显下降。 展望全年，预计净息差能够保持企稳向好的态势，其支撑条件一方面是存款再定价，另一方面是定价自律机制约束明显增强。下阶段，交行将重点做好：一是严格开展存贷款量价评审管理，压实各业务条线及经营单位在量价平衡发展中的责任；二是精细化实施存贷款定价管理，严格遵守定价自律机制；三是动态优化调整资产负债结构。 零售AUM近6万亿 私行客户数双位数增长 2025年，交通银行在财富管理领域展开了一系列战略布局。去年12月，交行在总行层面整合成立财富管理部；近日，交行拟申请撤销私人银行专营机构牌照，推动零售板块体制机制改革，以强化财富金融特色，进一步提升客户服务能力。 财富管理方面，截至2025年末，交通银行零售AUM规模5.98万亿元，较上年末增长8.91%；代销业务方面，代销个人理财余额为1.02万亿元，代销个人公募基金余额达2300亿元，代销个人保险余额为3740亿元。集团私人银行客户数达10.51万户，同比增长11.62%；管理私人银行客户资产规模为1.43万亿元，较上年末增长10.39%。 “3月以来按揭贷款的进件量明显上升” 针对今年信贷投放节奏，周万阜表示，安排全年的贷款投放的增长不低于去年。在投放节奏的安排上，将平衡好适度靠前发力与均衡可持续增长。按照这样的安排，一季度大概安排40%，半年到60%多一点...