Charnchai/iStock via Getty Images The State Street SPDR S&P Insurance ETF ( KIE ) has some features that actually put it into a decent position in the current environment, where investors are beginning to consider the possibility that hikes may be coming down the pipe as opposed to cuts. This is reflected clearly in the yield curve, which sees rates just going up with time. The plays in this environment are running, productive operations that have offsets to higher costs of capital—that means insurance, which has reserve portfolios that benefit from higher rates. At 10x PE, there is a decent earnings yield with companies perfectly capable of secularly growing earnings. Moreover, the KIE has a lower expense ratio than alternative insurance ETFs in the US market, like the ( IAK ), at 0.35% compared to 0.38% . With higher costs of capital not being that much of a problem for insurance, we'd be overweight if not in cash. KIE Breakdown KIE has just over 50 holdings and is focused primarily on the P&C market. But more than three-quarters of the portfolio is exposed to reserve-rich insurance companies. Their reserve portfolios roll over at prevailing short-term rates. Bull Case The bull case for insurance is the following, given the macroeconomic context: Insurance companies hold reserve portfolios to cover possible claims. While higher costs of capital mean harsher discounting of free cash flows, higher capital costs also mean higher returns on primarily short-term reserve portfolios focused on fixed-income instruments. Rollovers mean spot rates matter quite a bit and help offset more intense discounting with more yield on the portfolios. Therefore, insurance doesn't really suffer as the rest of the market does from higher costs of capital. The reason why this matters right now is that the yield curve is clearly shifting up across the board. But in the immediate term, it's clear that markets don't see further cuts as particularly likely this year due to the reinflation co...

据港交所文件：焦点国际有限公司向港交所提交上市申请书。

The US-Israel war on Iran has crippled exports of fertiliser from the Persian Gulf, raising the spectre of higher food prices if the conflict drags on. The disruption could hand China – the world’s largest fertiliser producer – greater political leverage over countries already locked in disputes with Beijing, though it is unlikely to weaponise exports, according to analysts. Global fertiliser prices have soared since Iran effectively blocked shipping through the Strait of Hormuz, through which...

屯門一間中學，有學生懷疑在進行文憑試校本評核時集體作弊，教育局要求校方書面交代。 據了解，涉及的是屯門宣道會陳瑞芝中學，本月23日一班中五學生進行中文科校本評核時，多人涉嫌利用手機抄襲作弊。 教育局稱十分關注事件，已要求學校以書面交代，提醒學校務必確保考試，在公平公正原則下進行，會繼續與學校保持緊密聯繫。局方據了解，學校正按校本機制嚴肅跟進，亦會加強建立學生正確價值觀及行為。

格隆汇3月31日｜据重庆发布，2025年，重庆住房公积金实缴单位7.23万家、实缴人数336.04万人、缴存额626.29亿元，同比分别增长5.07%、2.55%、4.28%，运行质效稳步提升。企业职工成为缴存主力，实缴人中企业职工占比68.61%；新增缴存中，企业职工与灵活就业人员占比近九成，制度覆盖面持续向新就业群体延伸。截至2025年末，全市公积金累计缴存达6266.53亿元。

美国2月JOLTS职位空缺 688.2万人，预期 689万人，前值 694.6万人。

For some, it’s a meat thermometer or a knife, for others a roasting tin, a reliable peeler or, yes, a teapot (gravy, anyone?). Let the cooking perfection begin Crispy roast potatoes, golden yorkshire puddings and perfectly cooked meat (or a vegetarian centrepiece) – there’s nothing like a good roast dinner. But making a roast can be quite a balancing act in the kitchen. There’s a fine art to juggling all the elements: you want to make sure nothing is over- or under-cooked, and that everything is still warm when you come to serve it. To refine your techniques and help you feel like a pro in the kitchen, we asked top chefs from around the UK about the cooking equipment they rely on to make the perfect roast. Featuring life-changing peelers, roasting tins that make the crispiest potatoes and a temperature probe to help you cook to perfection, these are their recommendations. Continue reading...

Claims of benefits have been amplified by the US health secretary, Robert F Kennedy Jr. How does the evidence actually stack up? Read more in the Antiviral series Influencers are telling their audiences that injectable peptides are the “glow up potion” they need for everything from clearing up hormonal acne, thickening hair, relieving back pain and even treating chronic UTIs. These peptides, intended for research purposes (as some influencers do point out) and not approved for human use , are being increasingly sold through unregulated online channels. Continue reading...

Prices are rising at Netflix and Amazon, while Hulu revives ‘Malcolm in the Middle’ and HBO Max has new seasons of ‘Hacks’ and ‘Euphoria’

美国3月谘商会消费者预期指数 70.9，预期 68.4，前值 72。

美国3月谘商会消费者现况指数 123.3，预期 118，前值 120。

美国3月谘商会消费者信心指数 91.8，预期 87.9，前值 91.2。

The merger is a sign that the fitness industry is continuing to move toward consolidation to compete at a larger scale. Recent moves include MyFitnessPal acquiring Cal AI, an AI calorie counting app, and Strava buying two apps: cycling app The Breakaway and running app Runna.

Runway is launching a $10 million fund and startup program to back companies building with its AI video models, as it pushes toward interactive, real-time “video intelligence” applications.

Major earnings expected after the bell on Tuesday include: NIKE ( NKE ) Beyond Meat ( BYND ) Workhorse Group ( WKHS ) Nano Dimension Ltd. ( NNDM ) RH ( RH ) Other Earnings slated for release after Tuesday's close include: AGPU , AQMS , BIRD , BTBT , CODX , DGXX , DUOT , FSI , JUSHF , KULR , LAES , MNSO , NCNO , NVVE , OMER , PLAY , PVH , REKR , RILY , SPWH For Seeking Alpha's full earnings season calendar, click here .

Shares of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) are down around 6% thus far in 2026, which is an unusually poor start. The stock has normally been much more stable than this. The last time it was off to a worse start in the first three months of the year was in 2020, in the early stages of the COVID pandemic, when it was down by more than 19%. Not only are concerns about the broader economy impacting the stock this year, but Warren Buffett is no longer CEO of the iconic company. Since the start of 2026, Greg Abel has been running the business. And while he follows the same investing principles and strategy as Buffett did, investors may nonetheless not feel as excited about the stock with a different CEO at the helm; Abel may still need to prove himself. Could now be a golden opportunity to buy shares of Berkshire Hathaway ? Continue reading

Apple needs to prove to Wall Street that it can continue to be a dominate tech force—and a solid tech investment—for the next 50 years.

We're spending the week documenting and analyzing the first half-century of Apple's existence , from the oft-overlooked creation of QuickTime to the iconic MacBook Air to Apple's veering into antitrust territory . We're also ranking the best Apple products of all time , and it's causing us all to feel many feelings. Verge subscribers, don't forget you get exclusive access to ad-free Vergecast wherever you get your podcasts. Head here . Not a subscriber? You can sign up here . On this episode of The Vergecast , we begin by stepping back a bit to ask a big question: How is Apple doing right now? Obviously, by many measures, Apple's doing great … Read the full story at The Verge.

Nvidia will get a boost as companies in the health care and life sciences industries increase their push into artificial intelligence, according to Goldman Sachs. The investment firm has a buy rating on Nvidia. It also has a $250 price target on shares, implying 51% upside from Monday's close. "By partnering with life sciences companies, NVDA can apply and achieve in-lab validation for its models. NVDA is also using agentic capabilities for applications such as evaluating digital health records, manufacturing, and automation, highlighting digital twins and simulation, which can improve the quality of lab automation/experiments and manufacturing while lowering costs," analyst Salveen Richter said Tuesday in a note to clients. In 2023, Nvidia invested $50 million in clinical-stage biotechnology firm Recursion Pharmaceuticals with the aim of developing the biotech firm's artificial intelligence models for drug discovery. Since then, Recursion and Nvidia have identified several critical applications for AI, including drug development and the organization of clinical trials, across the healthcare and life sciences sectors. At a recent meeting with Goldman Sachs, Recursion Pharmaceuticals said its AI-powered full vertical technology stack featuring multi-modal data enables drugmakers to synthesize 90% fewer compounds. It also allows companies to enter human trials in 17 months on average versus 42 months without those tools. The company also said it uses AI to evaluate appropriate patient populations for clinical trials, in addition to sorting signals from noise, according to Goldman Sachs' note. AI can also assist with patient recruitment for those trials, with the emerging technology increasing eligible participants between 30% and 50% in one of the biotech firm's programs, Recursion executives told Goldman Sachs. Finally, AI tools are also contributing to medicine design, enabling drugmakers to simulate their products' effects using computer simulations, Richter said. ...

未来大模型标准化API能力将规模化放量。 3月31日，“大模型第一股”智谱（2513.HK）发布上市后首份年度业绩公告。 财报显示，智谱2025年总营业收入7.24亿元，同比增长131.9%；年内亏损47.18亿元，同比扩大59.5%；经调整年内净亏损31.82亿元，同比扩大29.1%。毛利同比增长68.7%至2.97亿元，毛利率从56.3%降至41.0%，主要由于云端占比提升拉低整体。 具体业务分类上，智谱业务按收入由高到低，分别为营收3.657亿元的企业级通用大模型，收入1.904亿元的开放平台及API，收入1.657亿元的企业级智能体，以及收入0.254亿元的技术服务及其他。 从业绩表现来看，智谱2025年全年云端与企业级智能体收入大幅增加，涨幅分别为292.6%与248.8%，云端毛利率从3.3%提升至18.9%，高于行业平均水平，验证了MaaS（模型即服务）与Agent商业化路径。 但同时，财务数据显示，智谱亏损持续扩大，盈利周期拉长，反映大模型行业成本高企、短期难以扭亏的现状。云端业务的扩大使得低毛利业务拖累整体毛利率。虽然公司看好API等云端业务发展趋势，但本地化部署收入仍占73.7%。 财报电话会上，智谱CEO张鹏表示，智谱2025年开放平台及API业务ARR（年度经常性收入）增长60倍，在行业中拥有定价权。2026年，公司将继续沿着“中国的Anthropic”这条商业路径发展。API的收入表现是一个结构性的、长期的趋势起点，行业需要一个简洁、经济的商业模式。 张鹏认为AI的能力已从可用、可玩，走向真正解决越来越复杂和重要问题，使Token的API调用和消耗真正转化为经济价值。此外，OpenClaw等新应用形态的诞生，以及设备级原生智能的预期，使得未来API和Token的消耗会呈现指数级增长。 投资人对Token经济模式的可持续性仍有疑虑，投资人电话会上，智谱董事长刘德兵回应称，未来Token将走向分层：简单对话与轻量任务的低阶Token将走向低价、免费的广告模式。高复杂度、高可靠性、具备生产力能力的高阶Token将具备持续定价权，客户群体主要关注ROI（投入回报比）而非单价。 OpenClaw的热度带动大模型厂商与云厂商先后提价，行业进入Token“量价提升”阶段，但行业也有声音关于“OpenClaw是长期趋势还是阶段性繁荣？”对此，刘德兵表示，量...

财联社3月31日讯（记者 王晨） 就在刚过去的周一，港交所的上市大厅内锣声阵阵，四家企业同日鸣锣上市，其中德适生物开盘大涨超120%，极视角涨幅也一度突破100%，瀚天天成市值站上400亿港元，现场气氛之热烈，再一次让市场人士感叹“锣都要不够用了”。 与此同时，港交所门外仍有近500家企业正在排队等待IPO。这场始于2026年开年的上市热潮，正在以惊人的速度刷新着港股市场的多项纪录，第一季度累计已有超30家企业成功上市，总募资额仅用79天便突破1000亿港元大关。 然而，繁荣背后，一组数据却引人深思。 截至3月30日，2026年香港市场共迎来38只IPO新股，其中已有17只跌破发行价，破发率高达44.74%，2025年港股IPO破发率仅为27.6%。 资金的流动也呈现出极度的两极分化，一方面是硬科技、 AI 、 新能源 企业备受追捧，明星企业智谱和MiniMax上市后市值实现数倍增长；另一方面，一些传统行业或认购不足的企业则感受到了阵阵寒意，本应在周一上市的拥有356年历史的“ 同仁堂 医养”在上市前夕因认购不足而被迫暂缓IPO。 即将到来的解禁潮，同样令人忧心，据预测，2026年港股约有1.6万亿港元市值的限售股面临解禁，其中仅9月单月就可能超过5300亿港元。 破发率升至44.74% 与IPO数量、募资规模双升形成强烈反差的，是新股破发率的大幅走高。如何看44.74%的破发率？ 中信 证券 研究显示，2025年港股IPO破发率仅为27.6%，创下2018年以来最低水平，首日收益率中位数与均值均处于近八年高位，市场一度走出“打新稳赚”的行情。 华泰证券 研究显示，2025年港股IPO开盘的平均收益率约40%，破发率降至28%的历史低位，显著低于2018年至今的平均水平。 然而进入2026年甚至早至去年11月，这一趋势正在逆转，44.74%的破发率，较2025年全年水平大幅上升17个百分点，新股投资风险显著抬升。 从38只新股的表现来看，分化程度令人咋舌。涨幅前十的新股中，软件服务、 半导体 、 医药生物 行业占据绝对主导，智谱、MiniMax、极视角等AI企业涨幅领跑， 兆易创新 、天数智芯等半导体标的也收获超50%的涨幅。 在破发阵营中，传统制造、 食品饮料 、 有色金属 、硬件设备等行业企业扎堆，优乐赛共享上市以来收益率暴跌64.55%，红星 冷链 、卓正医疗...

北京时间3月31日晚，美股周二早盘继续上扬，道指上涨600点。投资者正在评估针对伊朗的军事行动可能在四至六周内结束的可能性，此前有报道称特朗普正在寻求结束对伊战争。 道指涨593.68点，涨幅为1.31%，报45809.82点；纳指涨410.45点，涨幅为1.97%，报21205.09点；标普500指数涨99.23点，涨幅为1.56%，报6442.95点。 据报道，美国总统特朗普正考虑在四至六周内结束军事行动。该报道称，特朗普的战略重点在于削弱伊朗的海军和导弹能力。 特朗普发表上述言论后，美国国债收益率全线小幅走低。10年期国债收益率降至4.32%，2年期国债收益率降至3.82%。 该报道称，特朗普总统已告诉助手，即使霍尔木兹海峡在很大程度上仍处于关闭状态，他也愿意结束中东地区的军事敌对行动。 自冲突爆发以来一直承压的科技板块普遍上涨。科技板块精选SPDR基金上涨0.6%。英伟达上涨1%， 微软 上涨近2%。 不过，原油价格仍保持高位，此前另一家媒体报道称，伊朗在迪拜水域袭击了一艘科威特油轮。迪拜政府媒体办公室在X平台上发布消息称，无人员受伤报告，且“所有24名船员均已确认安全”。 布伦特原油期货上涨4%，交易于每桶117美元上方；西德克萨斯中质原油期货上涨近1%，至每桶103美元上方。 华尔街此前一个交易日表现不一。标普500指数和 纳斯达克 指数下跌，而 道琼斯 指数小幅收涨。 标普500指数周一的下跌使其较收盘高点仅高出9%以上，跌幅由科技板块（下跌超1%）主导。但B． Riley Wealth Management首席市场策略师阿特·霍根表示，近期的回调可能反映的是正常的市场调整，而非异常情况。 他表示：“目前存在几种说法，但我认为长期投资者应记住，10%的回调是正常的。这种情况时有发生。平均每两年我们就会经历一次10%的回调，投资者还需理解，股市的波动是为获得更高的长期回报所付出的代价。” “当出现一丝利好消息时，我们也会迎来一些上涨的日子，”他补充道。 周二为本月最后一个交易日。标普500指数3月迄今已下跌7.8%。如果这一跌幅维持至收盘，将是该基准指数自2022年9月（当时暴跌9.3%）以来最差的月度表现。 责任编辑：张俊 SF065

亿万富豪投资者、伯克希尔・哈撒韦前CEO沃伦·巴菲特周二表示，他希望美国联邦储备委员会的通胀目标设定为0%。 在回答关于“若身处美联储会优先关注什么”的提问时，巴菲特称，相比美联储的就业目标，他会更担忧通胀问题，同时也会聚焦银行体系稳定。他强调，希望央行对通胀采取零容忍政策，因为若美联储容忍2%的通胀，其影响会快速累积放大。 巴菲特表示，“如果由我执掌美联储，我将全力聚焦通胀与银行体系稳定。” 这位亿万富豪还表示，美联储主席杰罗姆·鲍威尔降息的决定是正确的，并称若不降息将是一场“灾难”；但他拒绝就鲍威尔是否如特朗普所言“降息等待过久”发表评论。 责任编辑：刘明亮

According to Musk, the numbers just don't add up.

当地时间3月31日，美国总统特朗普在其社交媒体平台“真实社交”上发文称，英国国王查尔斯三世与王后卡米拉将于4月27日至30日对美国进行国事访问。此前，英国方面发布消息称，根据英国政府建议，同时应美国总统邀请，英国国王和王后将对美国进行国事访问。（央视新闻）

核心要点 伊朗战争导致能源价格暴涨，直接利好石油天然气生产大国俄罗斯。 3 月上旬，美国发布为期 30 天的豁免许可，允许各国购买滞留在海上的 俄罗斯石油 。 俄罗斯正处于一个微妙境地：从中东伙伴兼盟友伊朗遭遇的动荡中获益。 伊朗几乎全面封锁霍尔木兹海峡，推高了全球油气价格，让俄罗斯这类油气出口大国赚得盆满钵满。 卡内基俄罗斯欧亚中心高级研究员谢尔盖・瓦库连科周二对 CNBC 表示，俄罗斯因伊朗战争引发的能源价格上涨获得的意外收入已达数十亿美元。 “到目前为止，油价，尤其是乌拉尔原油，每桶暴涨了 60 多美元，这让俄罗斯政府每月增收近 90 亿美元，规模相当可观。” 他在《欧洲财经论坛》节目中表示。 “就连此前考虑减少采购俄罗斯石油的印度等国，现在也重新加大购买力度，美国甚至为此发放了豁免。” 他指出，这里指的是白宫 3 月上旬发布的 30 天豁免令，允许各国购买受制裁、滞留在海上的俄罗斯石油及成品油，以平抑全球能源价格上涨。 截至周二，俄罗斯乌拉尔原油价格为每桶 115 美元；而在美以 3 月 27 日对伊朗发动轰炸前一天（2 月 27 日），价格仅为每桶 57 美元。他还表示，俄罗斯的氦气、铝和氮肥出口也提振了财政收入，但 “规模远不及石油”。 尽管俄罗斯财政自身存在问题 —— 今年前两个月财政赤字约 350 亿美元，但瓦库连科指出，伊朗战争带来的收入提振 “效果十分明显”。 他称，这笔意外之财让俄罗斯总统普京得以推迟原计划在多个经济领域实施的、可能引发不满的政府开支削减。 “他之前为战争投入的开支，基本上是在拿国家前途做抵押。现在，他不必再这么做了。” 这位分析师说。 莫斯科这笔意外之财能持续多久，取决于冲突持续时间。而中东动荡不仅缓解了部分财政压力，还转移了外界对俄罗斯自 2022 年入侵乌克兰以来长期存在的经济问题的关注。 俄罗斯当前通胀率为 5.9%，仍是央行的一大棘手问题，利率不得不维持在 15% 的高位。由于克里姆林宫大规模军费开支、经济全面转向为战争机器服务，叠加食品价格上涨、劳动力短缺和制裁影响，俄罗斯央行正艰难遏制物价上涨。 乌克兰自然对伊朗战争在经济和地缘政治层面利好对手俄罗斯感到担忧。乌克兰总统弗拉基米尔・泽连斯基本周称，部分伙伴国已敦促基辅减少对俄罗斯石油领域的打击，原因是全球油价暴涨。 伊朗战争还极大分散了各方对俄乌冲突的注意力，原本可...

A Japanese prosecutor who publicly accused her boss of rape condemned her office on Tuesday for failing to protect victims, after it rejected her request for an independent probe into harassment within the organisation. Very few women in Japan speak out about sexual assault but Hikari (not her real name) came forward in 2024 to accuse Osaka’s then top prosecutor of raping her six years earlier. Kentaro Kitagawa, head of the Osaka District Public Prosecutor’s Office, was arrested and admitted the...