N.E.W. Advisory Services LLC boosted its stake in shares of Microsoft Corporation (NASDAQ:MSFT - Free Report) by 19.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,602 shares of the software giant's stock after purchasing an additional 1,238 shares during the quarter. N.E.W. Advisory Services LLC's holdings in Microsoft were worth $3,677,000 as of its most recent SEC filing. Other large investors also recently bought and sold shares of the company. Longfellow Investment Management Co. LLC increased its holdings in Microsoft by 51.3% during the 2nd quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant's stock worth $29,000 after purchasing an additional 20 shares during the period. Bayforest Capital Ltd purchased a new stake in Microsoft during the 3rd quarter worth about $38,000. Fairway Wealth LLC increased its holdings in Microsoft by 287.0% during the 4th quarter. Fairway Wealth LLC now owns 89 shares of the software giant's stock worth $43,000 after purchasing an additional 66 shares during the period. LSV Asset Management purchased a new stake in Microsoft during the 4th quarter worth about $44,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Microsoft during the 3rd quarter worth about $49,000. Hedge funds and other institutional investors own 71.13% of the company's stock. Get Microsoft alerts: Sign Up Analysts Set New Price Targets Several equities research analysts have weighed in on MSFT shares. Evercore cut their price target on Microsoft from $580.00 to $510.00 and set an "outperform" rating on the stock in a report on Thursday, April 30th. Wolfe Research lowered their price objective on Microsoft from $625.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, January 29th. Guggenheim reaffirmed a "buy" rating and set a $586.00 price objective on shares of Mi...

Cullen Frost Bankers Inc. lowered its stake in Oracle Corporation (NYSE:ORCL - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 329,528 shares of the enterprise software provider's stock after selling 8,747 shares during the period. Cullen Frost Bankers Inc.'s holdings in Oracle were worth $64,228,000 at the end of the most recent quarter. A number of other hedge funds and other institutional investors have also made changes to their positions in ORCL. HFM Investment Advisors LLC raised its holdings in shares of Oracle by 290.9% in the fourth quarter. HFM Investment Advisors LLC now owns 129 shares of the enterprise software provider's stock worth $25,000 after buying an additional 96 shares during the last quarter. FSA Wealth Management LLC purchased a new position in shares of Oracle in the third quarter worth $28,000. Joseph Group Capital Management purchased a new position in shares of Oracle in the fourth quarter worth $29,000. Investors Research Corp raised its holdings in shares of Oracle by 465.5% in the fourth quarter. Investors Research Corp now owns 164 shares of the enterprise software provider's stock worth $32,000 after buying an additional 135 shares during the last quarter. Finally, Mpwm Advisory Solutions LLC raised its holdings in shares of Oracle by 76.9% in the third quarter. Mpwm Advisory Solutions LLC now owns 115 shares of the enterprise software provider's stock worth $32,000 after buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 42.44% of the company's stock. Get Oracle alerts: Sign Up Insiders Place Their Bets In other Oracle news, EVP Stuart Levey sold 15,000 shares of Oracle stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $176.19, for a total value of $2,642,850.00. Following the completion of the transaction, the executive vi...

在Google I/O 2026上，Gemini 3.5 Flash拿到了非常靠前的位置：主舞台、默认模型、多条核心产品接入。 按照Google的说法，这是一款为Agent时代准备的Flash模型，速度更快，成本低于Pro，主打代码、工具调用和长任务执行。 它本应该是这场发布会最大的赢家。 但发布之后，社区情绪并不兴奋。早期用户的评价很快分裂成两派： 一派承认它“快得离谱”，另一派则质疑它“快是快，但不够聪明”。 有人写道："3.5 Flash唯一的强处就是快，也就是能够更快地消耗token，完成同样任务反而比3.1 Pro还贵，真绝了。” Gemini 3.5 Flash到底是Agent时代的性价比之王，还是又一个benchmark好看、但真实体验打折的鸡肋模型？ 无懈可击的benchmark 如果只看官方数据，Gemini 3.5 Flash几乎是一次完美发布。 在谷歌公布的benchmark表格上，3.5 Flash以83.6%的成绩领跑MCP Atlas，在Toolathlon、Finance Agent v2、CharXiv Reasoning等多项测试中同样排名第一。 对手包括Anthropic的Claude Opus 4.7和OpenAI的GPT-5.5。 更反常识的是，这是一款Flash级别的模型做到的。 通常，Flash意味着以速度换能力，是Pro系列的精简替代。 但这一次，谷歌声称Gemini 3.5 Flash在多项agent、coding和多模态benchmark上，都超过了自家上一代旗舰Gemini 3.1 Pro。 同时，保持Flash系列一贯的速度优势，输出token速度是其他前沿模型的四倍。 价格是另外一张牌。 Gemini 3.5 Flash定价为输入$1.50、输出$9.00每百万token，按标准API单价计算，分别比 Gemini 3.1 Pro低约25%。 叠加90%的缓存折扣后，对于大规模调用Agent的企业用户，成本优势进一步放大。 谷歌甚至算了一笔账： 企业若将80%的工作负载切换至Flash，在每日万亿token的规模下，每年可节省超过十亿美元。 速度、能力、成本，三张牌同时打出，这组数字讲述了一个完美的AI故事。 但benchmark是在实验室里跑出来的。用户要面对的，是真实世界里的任务。 当3.5 Flash离开...

文章提及标的 理奇智能 -- 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。

两股史诗级力量正在同步绞杀全球大宗商品市场。 花旗在5月19日的报告中，发出迄今最为严厉的通胀警告： 霍尔木兹海峡封锁与超强厄尔尼诺正形成历史罕见的"双杀"格局，能源与粮食价格的上行风险极度不对称，若当前态势延续六至九个月，全球石油库存将跌至1970年代第二次石油危机时的水平，届时全球通胀将面临失控风险。 数字足以令任何宏观投资者不寒而栗： 自2026年初至今，全球石油及油品消费支出已飙升约2万亿美元，折算年率高达约4.6万亿美元（约占全球GDP的3.7%），而年初这一数字仅为约2.6万亿美元（占GDP约2.1%）。 在花旗的预测中，布伦特原油近期目标价设定为120美元/桶，牛市情景下或冲击150美元/桶。 一旦油价升至约200美元/桶，石油支出占GDP比例将复制2008年中及1970年代晚期第二次石油冲击时7%-8%的历史极值。 农产品压力同步升温，且风险来源更为复杂。BCOM农产品指数年初至今已上涨13%，粮食综合价格指数上涨5%。 花旗指出，霍尔木兹长期封锁将通过中断化肥和农药供应直接冲击全球农业产出，而美国NOAA预测发生概率高达82%的强厄尔尼诺现象将进一步打击南亚、东南亚等主要产区收成——两道冲击叠加，令未来6-12个月内农产品价格风险"严重偏向上行"。 面对上述双重冲击，花旗建议投资者通过多种大宗商品敞口对冲食品和能源价格上行风险，并指出大宗商品广义指数目前提供约10%的正展期收益（positive roll yield），为近30年来最高水平。花旗当前对布伦特原油、欧洲及亚洲天然气（TTF/JKM）、铝、动力煤以及ICE食糖和可可均维持近期看涨立场。 霍尔木兹前景：基准情景7月达成意向书，时间线高度不确定 在花旗的基准预测情景（概率50%）中，美伊双方将于7月前后就某种形式的降级意向书（MOU）达成共识，霍尔木兹海峡在2026年三季度逐步重开，但年底前难以完全恢复。 悲观情景下（30%概率）军事升级导致区域能源基础设施受到实质性破坏，协议久拖不决。乐观情景（20%概率）则是伊朗于5月底达成更广泛协议，中东闲置产能在下半年逐步释放，油价快速回落至供应过剩区间。 就伊朗维持海峡封锁的动机，花旗列举了多重考量：最大化对未来攻击的威慑力、通过持续库存消耗将未来石油收入现值最大化、对已阵亡领导层人物实施报复等。推动伊朗最终回到谈判桌的关键变量则包括：改善国内经...

玩具界顶流“变天”了。一个名叫“娜塔莎”、皮肤黝黑的人形解压玩具近期迅速席卷各大网络平台。这个既没有精致做工，也没有明星带货的解压娃娃，在社交媒体中已超出原本解压玩具的概念，变成了网友发挥创意的实验对象：给娃娃化妆、穿衣打扮，制作娜塔莎拼豆，与娃娃拍亲子照，研究娜塔莎仿妆…… 目前，娜塔莎在抖音上的话题播放量已达45.8亿次，小红书相关话题浏览量达1.9亿次。一个解压玩具，为何如此火爆？ 玩具厂商产品截图 有厂家半个月卖出几十万个娜塔莎 公开资料显示，解压玩具，即通过简单的物理操作帮助使用者缓解压力、焦虑情绪，并提升注意力的玩具，主要通过挤压、揉捏、旋转、摔砸等触觉与动作互动来达到放松效果。娜塔莎正是其中之一。 据深圳潮玩展公众号信息，娜塔莎出身“草根”，是一款存在多年的解压捏捏乐玩具，因一位潮汕博主的创意视频意外走红，后因明星与该玩具的互动视频进一步“出圈”。 上海居民李华（化名）是最近“入坑”娜塔莎的玩家之一。“我是在抖音刷到的娜塔莎视频，觉得很好玩、很抽象，就买了一个试试，价格8.8元。”李华告诉中新经纬。在购入娜塔莎后，李华又陆续购买了连衣裙、裤子、T恤、项链、墨镜等各类衍生产品，自己动手为娃娃加工了专属妆容，每天热衷于给娃娃换装、拍照。不过，李华目前并不打算再继续购买娜塔莎娃娃，原因是太多了“负责不过来”。 重庆居民张雪也是娜塔莎爱好者。自4月刷短视频看到娜塔莎后，她便被这个长相“丑萌”的娃娃吸引，以单个9.9元的价格一口气买了三个，收到后不仅专门买了娃衣，还自己动手给娜塔莎做了套婚纱。“与其他玩具相比，娜塔莎手感很好，可以变形，很解压，很魔性。”张雪告诉中新经纬，尽管娃娃的相关消费次数已经不少，但目前她总开支不到40元。 中新经纬注意到，在接触娜塔莎之前，李华、张雪等受访者都是潮流玩具的消费者。但娜塔莎这一解压玩具与潮玩不同，其吸引受访者的并不是精致的设计或者开盲盒时的刺激，而是有趣和可玩性。 中新经纬在1688平台上看到，不少厂家的娜塔莎娃娃已售数量超过10万。中新经纬以采购方的名义咨询了多家生产厂家，均被告知目前已没有现货，必须等排单生产。 “没有货，生产时效现在跟不上了，得下单后排单生产，一个月内能拿到。”浙江金华市某玩具厂负责人向中新经纬表示。 “现在娜塔莎特别好卖。”义乌某玩具厂负责人告诉中新经纬，“截至目前，5月我们已经卖了几十万个娜塔莎娃娃...

格隆汇5月20日｜据央视，受强降雨影响，广东漠阳江水位迅速上涨。5月20日13时30分，广东省水文局江门水文分局发布漠阳江（江城段）洪水蓝色预警。水文部门预计，位于广东阳江江城区双捷镇的漠阳江双捷水文站将于21日6时前后出现2900立方米每秒的洪峰流量，洪峰水位5.9米。提醒河道沿岸相关单位、沿河村镇和社会公众加强防范，及时避险。

今日，由量子位主办的第四届中国AIGC产业峰会在京启幕。 2026年，AI产业一路高歌猛进。从“龙虾”到“Harness”，爆款Agent接连出圈、风靡全网。面对层出不穷的新业态与新玩法，不少从业者和普通用户都感到困惑：如何找准AI的使用方式？怎样把握产业机遇？又该如何跟上行业发展的步伐？ 正是在这一背景下，本届大会以「@所有人，马上AI起来」为主题，集结近20位行业重磅嘉宾，联动产业头部企业、新锐创业公司、顶尖学术力量，围绕AI Agent商业化落地、多模态技术突破、千行百业场景深耕、算力基础设施变革等核心议题，开启了一场深度交流与思想碰撞。 嘉宾阵容堪称豪华： 既有昆仑万维、商汤、百度、蚂蚁、MiniMax、亚马逊云科技、京东等领军企业代表齐聚现场；也有复旦大学特聘教授邱锡鹏、香港大学助理教授黄超等顶尖学者带来前沿技术研判；还有盛大EverMind、太初元碁、风行在线、轻松健康集团、趣丸科技、ColaOS&MarsWave、EvoMap等一线实战玩家分享落地经验；以及硅谷Fusion Fund创始合伙人张璐带来AI产业与算力赛道新视角。 与此同时，量子位重磅揭晓了“2026年度值得关注的AIGC企业”与“2026年度值得关注的AIGC产品”两大奖项，并同步发布了《2026年中国AI应用全景图谱报告》。 锚定技术革新，洞察行业发展核心趋势 2026年，AI Agent已从行业讨论的热点，演变为企业与开发者必须直面的现实议题。本届峰会上，多位大咖从不同视角拆解了Agent落地的关键路径与挑战。 昆仑万维董事长兼CEO方汉从一线视角回答了“个人和企业如何应对Agent冲击”，他表示冲击是真实的，但关键不是要不要被冲击，而是怎么度过过渡期。 亚马逊云科技产品技术部技术总监王晓野则聚焦“跨越Agent落地鸿沟”，拆解从顶级大模型到企业级AI Agent之间的工程化挑战与解决方案。 香港大学助理教授、博士生导师黄超结合学术前沿视角，探讨了AI Agent范式变革带来的技术机遇与行业挑战。 盛大集团副总裁、EverMind CEO邓亚峰分享了长期记忆驱动的自进化技术，阐释AI如何从工具型应用，演化为可持续成长的数字生产力系统。 在Agent成为行业焦点的同时，为其提供底层支撑的大模型本身也在不断突破能力边界。 商汤科技执行副总裁、首席科学家林达华深入分析了“从多模态统一到空间...

格隆汇5月20日｜随着英国通胀放缓程度超预期，交易员削减对英国央行的加息押注，英国国债上涨。两年期英债收益率下滑8个基点至4.43%。英镑兑美元短线跌0.1%至1.3376，随后收复部分失地。尽管投资者对通胀放缓表示欢迎，但受中东冲突及工党内部动荡影响，收益率仍处多年高位。瑞穗国际多资产策略师伊芙琳·戈麦斯-列奇蒂表示，尽管数据偏软，但“尚未亮起绿灯”，市场并未完全买账。英国央行年内预计仍将加息，但CPI及疲弱就业数据降低了紧迫性。掉期市场定价显示，市场对6月加息概率已降至20%以下，而上周曾高达50%。

Russian President Vladimir Putin met Chinese engineer Peng Pai on Wednesday, over a quarter century after a chance encounter between the two when Peng was 12 years old during Putin’s first presidential visit to China. Putin received Peng at the Diaoyutai State Guesthouse in Beijing and praised his decision to study in Russia, which he said was “very pleasing” to him. He also observed that Peng was born in southern China, where the weather is different from Moscow, and said he hoped Peng had found a good and friendly environment there. Advertisement The two shared a hug after a long handshake, exchanged utensils and memorabilia, and Putin signed a commemorative photo of their first meeting. According to Russian state broadcaster RT, the initial encounter took place in July 2000, when Putin made an unscheduled stop at Beijing’s Beihai Park after touring the Forbidden City during his first trip to China as Russia’s leader. Advertisement The park visit was not part of the official itinerary and the area had not been cleared. RT reported that Putin bypassed on-duty armed police and noticed the young boy.

Bitcoin was edging higher but remained below the key $80,000 level as heightened uncertainty over the Iran war keeps investors cautious. President Donald Trump said Iran was "begging" to make a deal but the U.

格隆汇5月20日｜伦敦证券交易所集团和Kpler航运数据显示，两艘载有400万桶中东原油的中国超级油轮，在海湾地区滞留两个多月后，在5月20日驶出霍尔木兹海峡。 据路透，数据显示，悬挂中国国旗的超大型原油运输船“远桂阳”号(Yuan Gui Yang)于2月27日装载200万桶伊拉克巴士拉原油。当时距离美国与以色列对伊朗开战仅一天。数据显示，这艘由亚洲最大炼油企业中国石化旗下贸易公司联合石化(Unipec)租用的油轮，预计将于6月4日抵达广东省茂名市附近的水东港卸货。 数据也显示，悬挂香港特区政府区旗的超大型原油运输船“海洋百合”号(Ocean Lily)于2月下旬至3月初期间，分别装载了100万桶卡塔尔沙欣原油和100万桶伊拉克巴士拉原油。这艘由中国大型国有企业中化集团拥有的油轮，预计将于6月5日抵达福建省泉州港卸货。

Advanced Micro Devices’ SWOT analysis: stock faces capacity constraints amid AI boom Investing.com

Cullen Frost Bankers Inc. boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,513 shares of the electric vehicle producer's stock after purchasing an additional 5,813 shares during the period. Cullen Frost Bankers Inc.'s holdings in Tesla were worth $31,261,000 at the end of the most recent quarter. Several other institutional investors have also recently added to or reduced their stakes in the company. Hardy Reed LLC lifted its holdings in Tesla by 20.0% during the 4th quarter. Hardy Reed LLC now owns 1,111 shares of the electric vehicle producer's stock valued at $500,000 after purchasing an additional 185 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. lifted its holdings in Tesla by 131.6% during the 4th quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 8,800 shares of the electric vehicle producer's stock valued at $3,958,000 after purchasing an additional 5,000 shares during the last quarter. Creative Financial Designs Inc. ADV increased its position in Tesla by 1.1% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 10,597 shares of the electric vehicle producer's stock valued at $4,766,000 after acquiring an additional 114 shares in the last quarter. Harvest Portfolios Group Inc. increased its position in Tesla by 8.0% in the 4th quarter. Harvest Portfolios Group Inc. now owns 530,521 shares of the electric vehicle producer's stock valued at $238,586,000 after acquiring an additional 39,325 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Tesla in the 4th quarter valued at about $2,315,000. 66.20% of the stock is owned by institutional investors. Get Tesla alerts: Sign Up Analyst Ratings Changes Several equities research analysts have weighed in on TSLA shares. UBS Group raised their price objective on shares ...

ExxonMobil (XOM +1.28%) and Chevron (CVX +1.51%) are leaders in the oil patch. They both have globally integrated operations, low costs, fortress balance sheets, and excellent records of delivering value to shareholders. The energy giants also boast strong long-term growth outlooks. Given their similarly strong profiles, it can be difficult to decide which of these top energy stocks to buy. Here's a look at which one is the better buy right now. The undisputed leader in the oil patch ExxonMobil and Chevron share many similarities. However, when comparing these two large international oil companies (IOCs), it's abundantly clear that Exxon reigns supreme. Last year, the oil giant generated $28.8 billion in earnings and $52 billion in cash flow from operations, putting it well ahead of Chevron ($13.5 billion of earnings and $33.9 billion in cash flow from operations). Exxon not only bested its closest peer last year but has also delivered IOC-leading earnings and cash flow growth over the last five years (compound annual growth rates of more than 20% and 10%, respectively). Those aren't the only categories where Exxon leads all IOCs. As of the end of last year, Exxon had delivered $15.1 billion in cumulative structural cost savings since 2019, more than all other IOCs combined. It has also delivered an average return on capital employed of 11% since 2019, leading all IOC. Meanwhile, Exxon ended last year with an industry-leading balance sheet, backed by an ultra-low 11% net debt-to-capital ratio. Exxon's financial strength enabled it to pay $17.2 billion in dividends last year, making it the second-largest dividend payer in the S&P 500. Exxon has also increased its dividend for an industry-leading 43 straight years. As a result, Exxon has delivered peer-leading total shareholder returns since 2019. Expand NYSE : XOM ExxonMobil Today's Change ( 1.28 %) $ 2.06 Current Price $ 162.55 Key Data Points Market Cap $674B Day's Range $ 159.64 - $ 163.32 52wk Range $ 101.19 - $ ...

Key Points ExxonMobil and Chevron are two of the largest oil companies in the world. While they're both similarly strong companies, one stands out as the best in the sector. They also have robust growth prospects. 10 stocks we like better than ExxonMobil › ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) are leaders in the oil patch. They both have globally integrated operations, low costs, fortress balance sheets, and excellent records of delivering value to shareholders. The energy giants also boast strong long-term growth outlooks. Given their similarly strong profiles, it can be difficult to decide which of these top energy stocks to buy. Here's a look at which one is the better buy right now. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The undisputed leader in the oil patch ExxonMobil and Chevron share many similarities. However, when comparing these two large international oil companies (IOCs), it's abundantly clear that Exxon reigns supreme. Last year, the oil giant generated $28.8 billion in earnings and $52 billion in cash flow from operations, putting it well ahead of Chevron ($13.5 billion of earnings and $33.9 billion in cash flow from operations). Exxon not only bested its closest peer last year but has also delivered IOC-leading earnings and cash flow growth over the last five years (compound annual growth rates of more than 20% and 10%, respectively). Those aren't the only categories where Exxon leads all IOCs. As of the end of last year, Exxon had delivered $15.1 billion in cumulative structural cost savings since 2019, more than all other IOCs combined. It has also delivered an average return on capital employed of 11% since 2019, leading all IOC. Meanwhile, Exxon ended last year with an industry-leading balance sheet, backed by an ultra-low 11% net debt-to-capital ratio. Exxon'...

全市场成交额2.98万亿元 5月20日，A股三大指数涨跌不一，沪指跌0.18%报4162点，深证成指平收，创业板指涨0.34%，科创50指数涨3.2%创历史新高。 全市场成交额2.98万亿元，较前一交易日增量675亿元，超3800股下跌。 盘面上，国产存储双雄长江存储、长鑫科技冲刺IPO，半导体、存储芯片板块走高；氟化工板块活跃，光刻机板块走强，光学元件、逆变器及有机硅等板块涨幅居前。电力股下挫，公用事业、教育及轮毂电机等板块跌幅居前。 具体来看： 存储芯片、半导体股大爆发，联芸科技、上海合晶、晶方科技、兆易创新等多股涨停。消息面上，国产存储“双雄”长鑫科技和长江存储均冲刺IPO。上海证券表示，国产AI芯片、超节点整机及算租/AIDC领域值得关注，这些板块在人工智能基础设施建设中扮演关键角色，核心配套企业则为整个产业链提供必要支撑，随着AI技术持续发展，相关产业链有望迎来增长机遇。 光伏设备股大涨，欧晶科技涨停，固德威涨超11%，晶盛机电涨超9%，微导纳米涨超8%，德业股份涨超7%，阳光电源涨超6%。东吴证券研究称，2025年光伏行业延续调整态势，主链亏损加剧、扩产放缓，光伏设备新签订单阶段性承压，但龙头设备商凭借“3421/3601”等收款模式强化现金流管理，应收账款结构集中于头部客户，信用减值充分计提，经营风险基本释放。随着落后产能出清提速、行业规范与定价机制逐步优化，供给侧结构改善信号明确，预计2026年在海外需求释放与国内市场化出清完成的背景下，设备订单有望进入修复通道，板块具备明显的周期修复弹性。 能源金属股走强，博迁新材、盛新锂能涨超5%，融捷股份、天齐锂业涨超2%，赣锋锂业、西藏矿业等跟涨。 电力股回调，京能电力、大唐发电、晋控电力、浙能电源、华电辽能等跌停，广西能源、深南电A跌超9%。 黄金股走低，潼关黄金、紫金黄金国际跌超4%，赤峰黄金、招金矿业跌超3%。中信期货指出， 短期焦点集中于沃什宣誓就职后的首次政策表态。 若沃什释放明确的抗通胀信号，当前利率恐慌可能进一步强化，黄金将面临更大的去杠杆压力；若其表态偏向平衡或对经济下行风险表达关切，则可能为市场提供喘息窗口。此外， 美债收益率能否从极端水平回落、伊朗谈判信号能否转化为实质进展，也是观察金价能否在急跌后企稳的关键变量。 展望后市，东方证券表示，市场经过短暂调整后开始反弹，即“市场出现周级别调整...

Source: Bloomberg, 4:40

近期，美妆行业接连传出两则前所未有的人事变动。 5月中旬，国货美妆龙头珀莱雅宣布，原丸美生物联席CEO吴梦正式加盟，出任集团首席增长官（CGO）。这是珀莱雅创立23年来首次设立这一核心高管岗位。 而就在不到一个月前，4月底的欧莱雅中国战略沟通会上，黄冰榕以“欧莱雅北亚及中国首席增长官”的身份亮相，与科技博主、AI虚拟偶像同台论道，阐释AI与美妆的融合之道。 一个是国内头部，一个是国际巨头，几乎同时为同一个新职位招兵买马。这绝非偶然，它向整个行业发出了一个清晰而迫切的信号： 增长，正成为美妆行业现阶段最奢侈也最棘手的关键词。 珀莱雅百亿之后，增长面临考验 珀莱雅此次设立CGO，既有前瞻布局的考量，也有应对当前增长瓶颈的现实需求。 2025年年报显示，这家国货美妆龙头在突破百亿规模后，迎来了一次调整期：全年营收105.97亿元，同比微降1.68%；归母净利润14.98亿元，同比下滑3.50%。这是珀莱雅2017年上市以来首次出现年度营收与净利润双双回落。进入2026年一季度，调整态势仍在延续，营收23.05亿元，同比下降2.29%；净利润3.67亿元，同比下降6.05%。 业绩变化的背后，主品牌珀莱雅的表现值得关注。2025年，该品牌营收76.89亿元，同比收缩10.39%。而在此前的四年间，这个主品牌一直保持着稳定的两位数增长节奏：2021年至2024年营收增速分别为28.25%、37.46%、36.36%、19.55%。从近20%的正增长到两位数的负增长，转轨幅度不小，也反映出存量竞争环境下主品牌增长压力的真实存在。 从结构上看，珀莱雅对线上渠道的依赖程度进一步加深 ，已达到95.58%。与此同时，线下渠道收入持续收缩至4.68亿元，同比再降12.04%。 流量成本也在近年持续攀升， 销售费用占营收比重逼近50%。在这样的背景下，过往“高投入换高增长”的惯性正面临边际效益递减的挑战。 正是在这个节点上，珀莱雅选择增设CGO，引入在自然堂有“电商一姐”之称的吴梦。这位拥有二十余年全域零售经验的管理者，曾为自然堂从0到1搭建电商业务，并将其培育为公司近七成收入的核心盈利来源。吴梦在业内一直被认为是少数既懂渠道又懂营销的高管，善于操盘全域电商以及拉动增长，其能力模型刚好匹配现阶段的珀莱雅。 珀莱雅CGO吴梦 《节点美妆》认为，吴梦的加入，可以视作珀莱雅增长思路的一次战略升...

格隆汇5月20日｜据财新，摩根士丹利中国首席经济学家邢自强近日在财新时间栏目《动荡中的增长》中就关税、美元与黄金、GDP增速、社保福利、房地产等阐述了最新观点。主要观点如下： 1、最近一次美国最高院IEEPA(《国家紧急状态法案》)的裁决认定了去年特朗普加的两轮关税不合法，取消了。表面上来讲对中国最有利，中国面临的特朗普第二任上以来的关税加幅，从30个点下降到了23个点，下调7个百分点，缩小了与别国的关税差距，对我们是好事。 2、用游戏玩家的话说，IEEPA是一个“地图炮”，针对全球所有国家普遍性加所有产品的关税，而301调查、232调查，这些就是传统意义上的法律途径，针对个别国家个别行业加关税，比IEEPA困难得多，耗时长。我觉得经历了关税的此起彼伏，中国这边从企业到决策肯定都是平常心对待。 3、全球现在逐渐对“美元至上”有一个祛魅的过程，这个祛魅过去两年就体现出来了。因为美国作为第一大经济体，很多政策从移民到关税，到中央银行的独立性，到单边主义的一些干预行为，对美国长期的信用是有蚕食的。再叠加他债务高赤字高，所以去年美元已经贬值了10%，今年至少一二月也在贬值过程中。 4、往往地缘政治的乱局中，美元暂时起到一个避风港的作用。美元的下行和衰落不会是一条直线式的，美元适度地有所反弹企稳也是正常的。但是长期来讲，以黄金、大宗商品，战略资源为代表的这些另类资产，重要性也日渐凸显。因为大家可能也很难暂时从美元切换到欧元、日元。 5、长期配置上，黄金的配置价值上升，我觉得还在过程当中。现在全球央行持有的黄金刚刚到4万亿美元，刚刚超过持有的美债。仔细一看，很多国家持有的黄金只占它外汇储备的20%不到，还有进一步上升的必要性。相信各国中央银行、主权基金等配置黄金的比例可能还没到位，要渐进地加。 6、今年两会把经济增长目标定为4.5%~5%，我觉得反映了更务实的心态，聚焦转型和质量，对纯粹的速度的要求略有淡化。转型我觉得有两层含义：科技驱动、经济均衡发展(消费起到的作用更大)。我觉得当前两会以及十五五规划已经透露出来的还是科技为纲，对第一个转型投入的笔墨比较多。 7、关于社保改革，总体社会福利的支出已占到GDP的12个百分点左右，比2012年翻了一番，这是很大的进步。但体系外的农民和农民工的社保相对有限，比如城里的低保都有700多，农村就是靠社保养老补贴200多。社保机制“现收现...

TLDR Nvidia reports Q1 fiscal 2026 earnings on May 20, with Wall Street expecting EPS of $1.76 on revenue of $78.75 billion. Data center revenue is projected at $72.85 billion, roughly double the $39.11 billion posted in Q1 last year. CEO Jensen Huang said Nvidia’s China market share has dropped to zero as Beijing pushes domestic chip development. The next-gen Vera Rubin platform is on track for production shipments in the second half of 2025, with samples already sent to customers. Q2 guidance will be closely watched — Wall Street expects around $87 billion; anything below that could weigh on the stock. Nvidia is about to deliver one of the most watched earnings reports of the year. The company is expected to post $78.75 billion in revenue and earnings per share of $1.76 for Q1, according to Bloomberg consensus estimates. That compares to $44.06 billion in revenue and $0.96 EPS in the same quarter a year ago. NVIDIA Corporation, NVDA The stock closed at $220.61 on May 19, down slightly on the day, but is still up around 19% year to date. It touched an all-time high closing price of $235.74 on May 14. Data center revenue is expected to carry the load again, with analysts projecting $72.85 billion from that segment alone. Of that, $60.53 billion is expected to come from compute, and $12.45 billion from networking. Gaming is forecast at $3.64 billion, down about 3%. What to Watch Beyond the Headline Numbers The Q2 outlook may matter more than Q1 results. Wall Street is sitting at around $87 billion for next quarter. If management guides below that number, even a strong Q1 beat may not be enough to hold the stock. There’s also a change in how Nvidia will present its financials this quarter. Starting now, the company is including stock-based compensation in its non-GAAP figures, so comparisons to prior quarters will need to account for that shift. The Vera Rubin platform is another focal point. Nvidia’s next-generation rack-scale system succeeds Blackwell and is positio...

文章提及标的 超威半导体 -- 半导体 -- 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。

“2020年8月我们买了这个地，2021年7月动工，当时地块还是空的，我们搬移了好多棵梧桐树，现在都准备搬回来了。”在上海K11 ELYSEA项目的展厅里，新世界发展执行董事兼行政总裁黄少媚眺望着窗外淮海中路的繁华街景，感慨万千，“大概六年多的时间，这个项目做起来了。” 这个被命名为K11 ELYSEA的项目，是新世界在上海的第二座K11，也是K11品牌焕新战略的最新注脚。 面对消费趋势的剧烈变化，新世界集团旗下这个以“艺术、人文、自然”为核心DNA的文化零售品牌，正在经历着一场深刻而系统的焕新，通过内地与香港的紧密联动，构建起一个覆盖顶级奢侈、年轻潮流、文旅体验的全新高端零售文化地标。 差异化定位，以复合形态锚定目标客群 在香港九龙半岛南端，规划占地面积不足200公顷的尖沙咀，有两座体量差异大、风格定位迥异的K11。在这样一片竞争激烈的区域里，两座K11正凭借差异化定位，不断精进改善，持续锚定各自的目标客群。 2019年开业的K11 MUSEA位于Victoria Dockside综合体，是一座国际文化零售地标，坐拥各大国际一线奢侈品牌和各类品牌首店、旗舰店。目前正在进行开业七年来最大规模的品牌升级。 据K11中国香港行政总裁林灏哲介绍，升级计划分三阶段进行，首阶段聚焦奢侈品牌，预计于2026年底完成。“升级后，奢侈品牌数量将创开业以来新高，超过30%的铺位面积将完成更新。” 国际奢侈品牌的入驻名单令人瞩目：瑞士高级制表品牌爱彼、Balenciaga升级为全港首间复式双层旗舰店、Brunello Cucinelli升级为复式店面及新入驻的Prada、Miu Miu……“2026年对于K11 MUSEA来说是非常重要的一年，差不多有十几个非常重要的品牌都在这一年内开业。”林灏哲说。 K11 Art Mall开业至今已有17年的时间，“在K11 MUSEA开业一两年之时，我们就决定两座K11要走不一样的路线。”林灏哲表示，“我们把一些单价比较高的品牌从K11 Art Mall移到K11 MUSEA里，后者专注做VIP服务和国际化的品牌，K11 Art Mall就更年轻化。” 历经不同周期和品牌调整，“超过70%的出租面积在过去4-5年全都更新了一遍”，如今的K11 Art Mall拥有Wilson香港首店、Salomon香港首店、全港最大的始祖鸟旗舰店，谷子经济相关的...

Richard Drury/DigitalVision via Getty Images The Janus Henderson B-BBB CLO ETF ( JBBB ) makes an attractive case for itself. With monthly distributions, floating-rate exposure, low duration, and a yield profile above ordinary core bond funds, there are many things to like here. For most investors, a 12-month distribution yield of 6.86% and a 30-day SEC yield of 6.02% are enough to get attention. But JBBB has some concerning facets . It is not a plain bond fund, and it is not simply Janus Henderson AAA CLO ETF ( JAAA ) with a higher coupon. JBBB owns lower-ranking CLO debt, as its name implies, mostly BBB rated. That is a higher risk, for which you are being compensated a little more. Your tranche is subordinate to AAA CLO ETFs, and there could be liquidity risks as well. In Seeking Alpha’s comment section for JBBB, I see investors comparing JBBB with JAAA, PAAA, and FAAA. Some are holding, but the recent volatility is holding them back from buying more. Some worry that CLO equity stress may jump to CLO debt as well. These are real concerns. My own take on JBBB is that it is useful as a specialized income ETF. It may work as a secondary allocation, and only for investors aware of the risks. My near-term view is that JBBB can still work in 2026 if credit remains calm, but I expect most of the return to come from coupon income rather than NAV upside. My general rating for JBBB is Hold. JBBB's Portfolio JBBB seeks capital preservation and current income through floating-rate CLO exposure. The prospectus says that JBBB invests at least 80% of assets in CLOs rated between BBB+ and B-. Portfolio snapshot Author JBBB has a reported 82.19% trailing one-year turnover on the current portfolio page . The fund invests in the same asset class, although in different CLO issues. Investors are exposed to one specialized area of structured credit. That is not necessarily negative; that depends on whether BBB/B CLO debt is attractive enough for the risk. JBBB’s fact sheet shows 91.0% ...

格隆汇5月20日｜百济神州(ONC.US)盘前大涨近11%报329美元；摩根大通恢复其覆盖，给予增持评级，目标价415美元。

格隆汇5月20日｜全球顶尖芯片设备制造商阿斯麦(ASML)盘前涨1.56%，报1482.2美元。消息面上，阿斯麦首席执行官克里斯托夫.富凯于当地时间周二表示，公司预计数月内就能看到首批采用新款高数值孔径(High-NA)光刻机生产的产品。(格隆汇)

来源：金十数据 铝正经历现代史上最严峻的供应冲击之一，花旗分析师明确表示，当前铝市多重脆弱因素叠加，价格处于50多年来“最看涨的局面”，未来上涨动能充足。 中东地缘冲突引发的供应中断，恰好击中铝市的薄弱环节。目前全球铝闲置产能已近乎归零，冲突爆发前库存就已跌至55年新低，缓冲空间彻底耗尽。 与此同时，铜、塑料等替代材料价格仍处于历史高位，难以通过替代效应缓解铝的需求压力，进一步加剧市场紧张格局。 花旗自2025年中铝价约2600美元/吨时便持续看涨铝市，如今更是大幅上调价格预期，预计2026年下半年（0–3个月）铝价均价将达4000美元/吨，乐观情景下2027年均价甚至可能攀升至5350美元/吨。 分析师在报告中指出，未来6至12个月，铝库存将进一步降至历史新低，现货采购与 期货 对冲行为将共同推动价格走高。 这一看涨判断背后，是铝市难以逆转的结构性紧张。花旗表示，中国以外地区的新增产能不足以填补供需缺口，且中东冲突造成的供应损失已“成为既定事实”，短期内无法修复。 即便在需求疲软的情况下，该行仍预计2026年全球铝市将出现约270万吨的供应缺口，且市场已无需强劲需求增长，就能维持结构性紧张格局。 分析师解释，供需缺口最终需通过消耗库存来平衡，初期隐性库存、融资库存等可短暂缓冲压力，使得铝价呈现震荡走势而非立即暴涨，但随着这些缓冲耗尽，融资对冲平仓将加剧市场波动，小幅短缺就可能引发价格的非线性飙升。 基于这种动态，花旗 银行 认为，铝价下行空间已越来越有限，除非爆发堪比沃尔克时期衰退或2008年全球金融危机的严重经济低迷，否则价格下跌将“自我限制”。 目前，花旗仍持有两笔针对铝的多头交易推荐，分别是2026年12月到期的期货多头以及3300/3600看涨期权价差多头（ ‌买入行权价为3300美元/吨的铝看涨期权‌，同时卖出行权价为3600美元/吨的铝看涨期权‌），这两笔交易均于今年1月开立。 分析师提示，当前铝价上涨的核心风险的是全球风险偏好急剧恶化，或是爆发深度全球衰退，这两种情况可能逆转铝价的上涨趋势。

格隆汇5月20日｜继昨日止跌反弹后，港股三大指数走势分化，恒生科技指数拉升转涨0.34%报4873点，恒生指数、国企指数全天疲弱，分别收跌0.57%及0.4%，恒指报25651点。 具体盘面上，大型科技股多数继续走低，快手跌2.45%，百度跌1.8%，小米跌1.63%，阿里巴巴、腾讯跌1%，京东逆势上涨1.5%；在外围芯片集体杀跌的背景下，市场存储半导体股逆势走强，兆易创新大涨17%再创历史新高！华虹半导体、中芯国际均出现大涨行情；中东冲突海峡受阻，运价中枢大幅飙升，港口及海运股部分上涨，生物医药股、家电股、石油股、影视股部分活跃。 另一方面，风电股承压，新天绿色能源放量大跌近6%，美债飙涨金价走低，黄金板块延续跌势，汽车股、航空股、光伏股跌幅明显。(格隆汇)

聊起中国机器人出海，过去大家第一反应永远是深圳的消费级机器人、上海的人形机器人概念，很少有人把目光投向北方。但你翻完近一年全球工业机器人订单、海外渠道布局、高端场景中标数据之后，只有一个结论：天津机器人军团，正在海外悄无声息地“杀疯”了，而且走的是最硬核、最赚钱、最不容易被卡脖子的路线。 不是靠低价内卷，不是靠代工走量，更不是靠资本故事撑场面。天津机器人出海，靠的是别人做不了的重载技术、别人拿不下的高端场景、别人抢不走的全球订单，硬生生在欧美巨头垄断了几十年的工业机器人赛道，撕开了一条属于中国智造的全球化通路。 先给大家上一组最直观、最能说明问题的实战数据，没有半句虚标。 天津本土龙头朗誉机器人，主打全球独一档的重载AGV无人运输车，目前保持着600吨级载重的世界纪录，这个数字是什么概念？相当于一次性轻松搬走一整节满载的高铁车厢。过去这项技术完全被欧美企业垄断，大吨位、高精度、高安全性的无人搬运设备，中国企业连进场投标的资格都没有。 而现在，朗誉的产品已经反向出口到12个国家和地区，美国市场占到总出口量的近三成，欧洲、日韩的高端制造、航空航天、核电风电项目里，到处都是它的设备。2025年全年营收同比增速超过170%，海外大单接连落地，单批次十台级别的整厂订单直接拿下，在欧美本土市场，把德国、日本的老牌机器人企业打得节节败退。 另一个隐形冠军天津深之蓝，更是把水下机器人做到了全球市占率第一。别以为水下机器人就是小众玩具，它覆盖的是深海科考、海缆巡检、应急救援、海洋工程这些高门槛、高毛利、高壁垒的绝对蓝海市场。全球能做到全谱系商业化、下潜深度突破6000米、极端环境稳定作业的企业，只有深之蓝一家。 目前它的产品已经进入全球20多个国家，海外营收占比超过60%，在欧美专业水下作业领域，已经形成了「非它不可」的品牌认知。毛利率长期稳定在70%以上，这才是高端制造真正的赚钱逻辑，不是靠拼产能、拼人力，而是靠别人无法复制的技术壁垒。 公开数据显示，整个天津机器人产业，现在已经形成了超过200家企业集聚、年产值突破250亿的完整生态，工业机器人产值占比高达75%，这个比例远远超过全国40%-50%的平均水平。换句话说，全国很少有城市能像天津这样，把机器人产业的重心，全部压在最硬核、最能代表国家制造实力的工业赛道上。 今年德国汉诺威工业展，天津直接组团带队出海，和西门子、库卡这些全...

The comedian Munya Chawawa on satire in the age of social media and what Donald Trump has in common with wrestlers Even if you don’t know Munya Chawawa’s name, you will almost certainly have seen one of his skits. He’s the guy on your feeds who’ll take a nostalgic chart-banger and turn it into a political parody. He first blew up in the Covid pandemic, when he mocked the health secretary for his affair, the prime minister for rule-breaking, and the sheer absurdity of living through lockdown. Since then he’s racked up more than a billion views, appeared on Celebrity Bake Off and Taskmaster and made documentaries on Kim Jong-un and Robert Mugabe, all the while putting a modern twist on the hoary tradition of political satire. But as the news moves faster and grows darker, he tells Nosheen Iqbal how he finds jokes in the growing political chaos. Continue reading...