remotevfx/iStock via Getty Images Twenty One Capital ( XXI ) was trading higher as it announced the formation of a bitcoin-native public company that gives investors a differentiated exposure to the cryptocurrency. Shares were 3.15% higher at $7.86 during pre-market trading on Wednesday. The company aims to bring bitcoin treasury, financial services, mining, and capital markets into a single operating platform focused on recurring revenue, capital-efficient bitcoin accumulation, and long-term value creation. Furthermore, Tether International, XXI's controlling stockholder, announced the acquisition of SoftBank Group's ( SFTBY ) ( SFTBF ) ( SFTB:CA ) stake in the company. More on Twenty One Capital, Inc. Twenty One Capital: A Bitcoin Treasury Company Under Scrutiny Twenty One Capital sees lowest short interest in April among mid-mega cap firms Most and least shorted $2B+ financial stocks in early March Financial information for Twenty One Capital, Inc.

事实证明，重仓科技巨头并不是获得更高回报的唯一途径。价值股同样有相当大的机会跑赢大盘 —— 前提是满足若干条件。 行业研究策略师表示，要从这类股价与经济周期高度相关的公司中挑选赢家，需要分两步走：首先筛选股价正在上涨的公司，然后进一步缩小范围，只保留盈利持续改善的企业。 由Christopher Cain领衔的彭博行业研究分析师团队在给客户的一份报告中指出，自2000年以来，这一投资组合的累计回报率达到3471%，是标普500指数同期涨幅的8倍以上。而且截至今年4月，该组合今年以来上涨12.1%，表现超过基准指数两倍以上。 这一发现给那些担心科技股配置过低会导致长期回报乏力的投资者带来一些安慰。同时，它也凸显了在选股时考虑盈利基本面的重要性。如果将“盈利改善”这一筛选条件去掉，该投资组合的回报率将降至2170%。 Cain表示，“这个投资组合只投资于基本面持续改善的公司。在估值偏高的环境下，这一点尤为重要，因为你买入的公司可能看起来很贵，但它们之所以昂贵，是有充分理由的。”他补充称，“这有助于避免买入那些虽然估值溢价很高、却缺乏基本面支撑的股票。” 责任编辑：江学思

Target posted its best comparable sales growth in four years and boosted its outlook as the retailer’s turnaround bid gains traction. The chain also raised its annual revenue guidance by 2 percentage points to about 4%. Jen Bartashus of Bloomberg Intelligence has more. (Source: Bloomberg)

In the wake of the summit between Chinese President Xi Jinping and US President Donald Trump, the China-US relationship is, in one critical respect, more dangerous than at any time since Tiananmen Square. The reason is not trade friction, tariffs, Taiwan or geopolitical competition – significant as those are. It is the competition over artificial intelligence supremacy , which will reshape every aspect of relations in the coming decade. This is not just a technological contest. It is a contest between institutional systems. A quarter-century ago, during the debate over permanent normal trade relations with China, Washington confronted a familiar strategic question: engagement or confrontation. One camp favoured sustained economic integration by supporting China’s admission into the World Trade Organization. The other sought to condition trade on human rights benchmarks. The underlying issue was whether economic engagement would moderate China’s behaviour or strengthen a strategic rival. Advertisement That question has returned – but on different terrain. Today, AI is the most critical battleground. In Washington, the prevailing view, as exemplified by export controls on semiconductor technologies, is that technological competition makes engagement obsolete. Decoupling – economic, technological and institutional separation – is increasingly treated as both a defensive necessity and a long-term strategy. That framing is wrong. AI differs from earlier technologies in one critical respect. Its greatest impact comes not from isolated applications but integration. The most advanced systems are not stand-alone tools; they are enterprise-wide platforms that operate across functions – finance, logistics, manufacturing, intelligence and decision-making. Their value lies in how they connect systems and functions. Advertisement

格隆汇5月20日｜美、布两油短线小幅走低，现分别报104.98美元/桶和104.76美元/桶。消息面上，伊朗称过去24小时放行26艘船只。

今年以来，港股两大游戏巨头腾讯和网易股价双双下跌，年初至今股价跌幅均已超过20%。 而从去年10月的高点以来，7个月的时间内，腾讯控股市值已然蒸发超1.5万亿港元。 有媒体甚至发出了，《腾讯没有犯错，资本为何在逃离》的追问。 放眼A股，这样的情况也在发生。 2025年，ST华通“带帽”情况下股价飙涨6倍，市值突破千亿。 然而，2025年9月之后，世纪华通的摘帽预期似乎已被消耗殆尽。 在营收净利均爆炸式增长的情况下，世纪华通股价持续向下。 截至目前，世纪华通较2025年高点已下跌超30%。 炸裂的业绩之下，世纪华通，被错杀了吗？ 01 2025年，世纪华通交出来的财报可谓相当惊艳—— 全年营业收入378.98亿元，同比增长67.55%。归母净利润56.05亿元，同比暴增362.02%； 2026年一季度，公司业绩增速丝毫未减。单季营收110.1亿元，同比增长35.19%，创上市以来新高，归母净利润也同比增长50.18%至20.27亿。 把这组数据放在整个A股游戏板块里看，世纪华通一家公司的营业收入已经是同赛道第二名的近三倍，利润更是占了20多家游戏上市公司总和的将近一半。 在游戏板块的规模上，世纪华通已经稳居国内手游公司前三，仅次于腾讯和网易。 与炸裂的业绩形成对比的是其低迷的股价，业绩发布当天，世纪华通股价暴跌近9%。 业绩发布以来，世纪华通股价已然下跌近20%。 伴随着股价持续下跌，世纪华通的PE（TTM）也已降至17.29倍，处于近十年9%的历史分位。 一家处于高速增长、利润规模行业领先、每季度净赚20亿元的公司，估值却处于历史底部、低于行业均值，这在A股的千亿市值龙头中相当罕见。 5月初，世纪华通的一纸公告更是激起“众怒”。 公告显示，世纪华通第一大股东、董事长王佶，计划通过集中竞价和大宗交易方式合计减持不超过2.2亿股，按当时股价估算，套现金额最高可达约35亿元。 尽管官方给出的理由是，要偿还五年前高杠杆入主时的借款，但在业绩大好的时候，大股东大举套现的举动，仍旧激起了投资者的密集质询。 对此，公司方面只能回应“真不存在大雷”“减持是因为大股东要还债”，但这种解释显然难以从根本上扭转市场的悲观情绪。 抛开光鲜的业绩，观察世纪华通的业务本质可以发现，世纪华通的爆发式增长，几乎完全建立在旗下子公司点点互动的拳头产品《Whiteout Survival》之上。 而...

2022 was a really weird year to be an investor. Even four years later, I still remember what happened. A lot of investors were panicking because their supposedly balanced 60/40 portfolios of 60% stocks and 40% bonds were falling almost as much as the stock market itself. At its low point that year, the S&P ... When 2022 Tore Through the S&P 500, This Healthcare ETF Barely Flinched. Why Isn’t It in More Retirement Accounts?

SpaceX ’s paperwork for its initial public offering could be made public as soon as Wednesday, offering a rare glimpse into the finances of the Elon Musk -led enterprise before its planned record-setting debut. The world’s largest private company, led by the world’s richest person, is targeting as much as $75 billion in its listing at a valuation of more than $2 trillion, Bloomberg News has reported . Here’s what to look for when it lands: The company, known formally as Space Exploration Technologies Corp. , is expected to pick Nasdaq as its listing venue, which would set it up for potential inclusion in the Nasdaq 100 The IPO filing could include key financial details like revenue and net income across its launch, Starlink and artificial intelligence businesses, as well as capital spending on key programs like its colossal Starship rocket SpaceX’s filing is set to reveal the hierarchy of the banks running the deal. Goldman Sachs Group Inc. and Morgan Stanley are the lead firms, with Bank of America Corp. , Citigroup Inc. and JPMorgan Chase & Co. also working on the transaction, people familiar with the matter have said SpaceX will list its largest shareholders, including Musk himself and Alphabet Inc. ’s Google; its investors also include Valor Equity Partners, Sequoia and Andreessen Horowitz We should find out how voting control of the company will be set up. SpaceX is considering a dual-class share structure, people with knowledge of with the plans have said , which could allow Musk to maintain control of the company even with a minority stake The filing likely won’t include information on the price range per share, number of shares offered, shares outstanding or precise shareholdings. Those usually come at the start of formal marketing, which could be as early as June 4, ahead of pricing as soon as June 11, Bloomberg News reported

For most investors, how much a stock's price changes over time is important. This factor can impact your investment portfolio as well as help you compare investment results across sectors and industries. The fear of missing out, or FOMO, also plays a factor in investing, especially with particular tech giants, as well as popular consumer-facing stocks. What if you'd invested in Generac Holdings (GNRC) ten years ago? It may not have been easy to hold on to GNRC for all that time, but if you did, how much would your investment be worth today? Generac Holdings' Business In-Depth With that in mind, let's take a look at Generac Holdings' main business drivers. Headquartered in Waukesha, WI, and founded in 1959, Generac Holdings Inc is a leading manufacturer of backup and prime power generation systems for residential and C&I applications, solar + battery storage solutions, advanced power grid software platforms and services, energy management devices and controls along with engine and battery-powered tools and equipment. The company has a wide distribution network spanning independent residential dealers, industrial distributors and dealers, national and regional retailers, e-commerce partners, wholesalers, equipment rental companies, equipment distributors, and solar installers. It also boasts a direct sales channel to various individual customers. Generac broadly classifies its products into three categories depending on the end user types, namely Residential, C&I, and Other products and services. The Residential business includes automatic standby generators (that run mainly on natural gas and liquid propane), air-cooled engine generators for emergency backup in small to medium-sized homes, and liquid-cooled engine generators for larger homes and small businesses. It also provides remote monitoring system for home standby generators called Mobile Link, offering Wi-Fi-enabled feature to conveniently check the status of generator online, while receiving maintenance and ...

How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries. Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks. What if you'd invested in Silicon Motion (SIMO) ten years ago? It may not have been easy to hold on to SIMO for all that time, but if you did, how much would your investment be worth today? Silicon Motion's Business In-Depth With that in mind, let's take a look at Silicon Motion's main business drivers. Founded in 1995, Silicon Motion Technology Corporation is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers and other customers. On May 31, 2019, Silicon Motion announced that it concluded the sale of its mobile communications business to Dialog Semiconductor Plc. for $45 million. Post the divestiture, the company’s product portfolio is primarily aimed at SSD controllers in the mobile storage market. Mobile storage remains its core focus, with offerings including embedded memory controllers, SSD controllers and solutions, flash memory card controllers, and USB flash drive controllers. Embedded memory controllers include products for eMMC and multi-chip package solutions integrating NAND flash and mobile DRAM, as well as controllers for other embedded storage solutions across commercial and industrial applications. SSD controllers and solutions include SATA SSD controllers, single-chip SSDs, and Ferri single-package SSD solutions. The company continues to expand into higher-performance segments with PCIe Gen5 controllers that offer improved power efficiency and performance. Enterprise storage solutions, including Shannon and newer enterprise-...

How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well. FOMO, or the fear of missing out, also plays a role in investing, particularly with tech giants and popular consumer-facing stocks. What if you'd invested in Seagate (STX) ten years ago? It may not have been easy to hold on to STX for all that time, but if you did, how much would your investment be worth today? Seagate's Business In-Depth With that in mind, let's take a look at Seagate's main business drivers. Headquartered at Dublin, Ireland, Seagate is leading provider of data storage technology and infrastructure solutions. The company’s primary product offering is hard disk drives which is commonly referred to as disk drives, hard drives or HDDs. HDDs are used as the primary medium for storing digitally encoded data on rapidly rotating disks with magnetic surfaces. Seagate also develops other electronic data storage products such as SSD (solid state drive) and storage subsystems. Also, the company offers storage solutions like a scalable edge-to-cloud mass data platform that includes data transfer shuttles and a storage-as-a-service cloud. The HDD and SSD product portfolio includes Serial Attached SCSI (SAS), Serial Advanced Technology Attachment (SATA), and NonVolatile Memory Express (NVMe) based designs to support a various mass capacity and legacy applications. The systems portfolio includes storage subsystems for scale-out storage servers, enterprises, cloud service providers (CSPs) and original equipment manufacturers (OEMs). Seagate reported revenues of $6.6 billion in fiscal 2024. The company offers its products under two heads — Mass Capacity Storage and Legacy. The Mass Capacity Storage product line includes high-capacity enterprise HDDs ship in capacities of up to 30TB. The company plans to ramp up volume for HAMR (heat-assisted ...

For most investors, how much a stock's price changes over time is important. Not only can it impact your investment portfolio, but it can also help you compare investment results across sectors and industries. The fear of missing out, or FOMO, also plays a factor in investing, especially with particular tech giants, as well as popular consumer-facing stocks. What if you'd invested in Comfort Systems (FIX) ten years ago? It may not have been easy to hold on to FIX for all that time, but if you did, how much would your investment be worth today? Comfort Systems' Business In-Depth With that in mind, let's take a look at Comfort Systems' main business drivers. Comfort Systems USA is a national provider of comprehensive mechanical and electrical contracting services serving commercial, industrial and institutional end markets across the United States. The company designs, builds, installs, maintains, repairs, and replaces mechanical, electrical, and plumbing systems, including HVAC, piping and controls, electrical systems, off-site construction, monitoring, and fire protection. It was established in 1997 as a Delaware corporation and leases its executive and administrative offices in Houston, TX. Operations are executed through 50 operating units with 190 locations across 142 cities nationwide, competing primarily at the local and regional levels. The company operates through two reportable segments. The Mechanical segment (accounted for 73.3% of total revenues in 2025) includes HVAC, plumbing, piping and controls, along with off-site construction, monitoring and fire protection services. The Electrical segment (26.7%) focuses on the installation and servicing of electrical systems. The company's work spans new construction and existing facilities: approximately 63.2% of 2025 revenues were attributable to installation services in newly constructed facilities, while 36.8% was related to renovation, expansion, maintenance, repair and replacement work in existing buildings....

Company Generated $22.3 Million of Operating Income and Reported $552.4 Million of GAAP Net Income, Including Significant Non-Cash Warrant-Related Gains Company Held Approximately 2.15 Billion SKY Tokens at March 31, 2026 and Approximately 2.26 Billion SKY Tokens at May 14, 2026 Key Highlights Operating income of $22.3 million for the first quarter of 2026, compared with an operating loss of $3.3 million for the first quarter of 2025. GAAP net income of $552.4 million for the first quarter of 2026, including a net non-cash gain of approximately $535.0 million from warrant-related effects during the period. Staking revenue of $2.5 million, representing 35,386,649 SKY tokens earned during the first quarter of 2026. Unrealized gain on digital assets of $22.7 million recognized during the first quarter of 2026. Cash and cash equivalents of $18.4 million, digital assets of $160.1 million and total assets of $179.7 million as of March 31, 2026. Approximately 2.15 billion SKY tokens held as of March 31, 2026, representing approximately 9% of the total supply of SKY. Approximately 2.26 billion SKY tokens held as of May 14, 2026, after additional open-market purchases subsequent to quarter-end. EMERYVILLE, Calif., May 20, 2026 (GLOBE NEWSWIRE) -- Stablecoin Development Corporation (NYSE American: SDEV) (the “Company” or “SDEV”) today announced financial results for the first quarter ended March 31, 2026. The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 was filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2026. “Our first quarter results mark the first reporting period in which SDEV’s financial statements reflect our transition to an on-chain holding company focused on the stablecoin economy,” said Michael Kazley, Chief Executive Officer and Chairman. “During the quarter, we generated staking revenue, recognized operating income driven primarily by our SKY position, and continued to execute our long-duration capital allo...

BELLEVUE, Wash., May 20, 2026--(BUSINESS WIRE)--UiPath (NYSE: PATH), a leader in business orchestration and automation technology, today announced that it submitted the winning bid in a charity auction benefiting Seattle Children’s, securing a luxury suite experience for the 2026 FIFA World Cup at Seattle’s Lumen Field. The auction, organized in partnership with GeekWire and supported by Microsoft, features a private suite for the FIFA World Cup Round of 16 match scheduled for July 6, 2026. The package includes VIP tickets, catering, commemorative gifts, and access to one of the premier viewing experiences for one of the world’s biggest sporting events. All proceeds from the auction benefit Seattle Children’s which serves as the pediatric and adolescent academic medical center for Washington, Alaska, Montana and Idaho—the largest region of any children’s hospital in the country. "Seattle is a city built on bold ideas from world-class organizations like Seattle Children's Hospital, GeekWire, Microsoft, and UiPath that change the world every day," said Michael Atalla, CMO, UiPath. "We're proud to join together to support the incredible, life-changing work Seattle Children's does every day for kids and families in our own backyard. When the opportunity came up to use the magic and reach of the 2026 World Cup to support our community, it was an easy decision—and a powerful reminder of what's possible when we can rally together around something bigger than any one of us." "The vital work done at Seattle Children’s wouldn’t be possible without the support of our generous community," said Dondi Cupp, senior vice president and chief development officer of Seattle Children’s. "We are grateful for this gift, which will help fuel our mission to provide hope, care, and cures so every child can live their healthiest and most fulfilling life possible." For more information on the auction, visit www.geekwire.com/2026/bid-on-the-ultimate-seattle-world-cup-suite-experience-and-suppo...

New capability reveals the reasoning behind every AI-driven forecast, recommendation, and inventory decision in ActivePlanning, deepening planner trust by turning hours of off-system investigation into in-application answers within seconds LAS VEGAS, May 20, 2026--(BUSINESS WIRE)--Manhattan Associates Inc. (Nasdaq: MANH), the global leader in native AI-empowered supply chain commerce solutions, today unveiled Sightline, a new capability within ActivePlanning™, to reveal the reasoning behind AI-driven forecasts, recommendations, and inventory decisions in plain business language. Sightline brings the "why" behind projected outcomes directly into the application, from a single order line to an entire network. It gives planners forensic-level understanding of the factors shaping forecasts, orders, and inventory positions, including forecast inputs, safety stock decisions, vendor minimums, lead times, promotional effects, fulfillment shifts, and network movements. For decades, planners have had to leave the system and work in tools like Microsoft Excel to understand the logic behind planning decisions. Sightline changes that by delivering real-time, in-application analysis that turns hours of off-system investigation into answers in seconds. Planners can quickly understand why a forecast changed, why a projection ran high or low, or what factors drove a recommendation. Advanced AI forecasting can often feel like a black box that requires a data scientist to do the analysis. Forecasts get adjusted by AI, replenishment recommendations come from AI, and allocation decisions get nudged by AI. Practitioners often have difficulty understanding exactly why it’s doing what it’s doing. But with Sightline they get real-time, in-application analysis, turning hours of investigation into answers in seconds. Sightline also introduces dynamic, configurable views built around how planners actually work, whether by role, promotion, activity, or a combination of those perspectives. These...

HRT Turns to Lambda as On-Premise Infrastructure Reaches Its Ceiling SAN FRANCISCO, May 20, 2026--(BUSINESS WIRE)--Lambda, The Superintelligence Cloud, today announced a partnership with Hudson River Trading (HRT), a leading quantitative trading firm, to accelerate HRT’s trading research and development. Lambda is providing HRT access to NVIDIA accelerated computing infrastructure, including NVIDIA HGX B200 systems, advanced networking, storage, and orchestration, enabling its researchers to develop and refine trading algorithms at scale. HRT's researchers run compute-intensive workloads to train models and simulate trading strategies at scale. As HRT demand for compute grew, the firm needed a partner that could rapidly deliver capacity, provide clear operational ownership, and ensure the uptime such workloads require. With Lambda, HRT gains a full-stack architecture that accelerates its research roadmap and expands the compute powering its quantitative work. "Lambda stood out for its technical depth and operational clarity," said Gerard Bernabeu Altayo, Compute Systems Lead at HRT. "We're confident we've found the right partner to help power our workloads." This partnership comes as Lambda continues to expand its AI infrastructure footprint, following six NVIDIA awards and a $1.5B+ Series E fundraise in November 2025. Lambda serves tens of thousands of customers ranging from individual researchers to enterprises and hyperscalers. "HRT is exactly the kind of customer Lambda was built for: researchers who need massive amounts of compute and infrastructure that delivers," said Stephen Balaban, co-founder and CTO of Lambda. "We're proud to power HRT's research, and we're here to make sure they have everything they need to do their best work." "Quantitative trading requires substantial computational power to train sophisticated models and run large-scale simulations that drive competitive advantage," said Ioana Boier, Global Head of Capital Markets Strategy at NVIDIA. "...

Getty Images It wasn’t that long ago that people were telling me Alphabet ( GOOGL ) ( GOOG ) was dead money because Google Search was being cannibalized by AI. There was this idea that because of ChatGPT, people wouldn’t need to utilize search anymore. The bear case actually evolved to the term generative AI rather than AI in general because the first attempt failed. Coming into Q1 earnings, the market was looking for growth in Google Cloud, what the CapEx spend would be, and if there was any validity to the generative AI narrative that had formed. I have argued that the idea that AI would hollow out Search before GOOGL could monetize its own models wasn’t accurate. The people making these arguments were probably the same people that were under the impression that Google Cloud was decelerating into a price war it could not win. The Q1 2026 print should have answered all the questions remaining on GOOGL as it obliterated the bear thesis. GOOGL delivered $109.9 billion in consolidated revenue, which increased 22% YoY and was their eleventh consecutive quarter of double-digit top-line growth. GOOGL came in with $39.7 billion in operating income, which increased 30% YoY in Q1. I don’t think people truly understand how incredible this is. GOOGL is generating more in operating income over the span of 3 months than many companies generate in revenue throughout the entire fiscal year. These aren’t the numbers of a business being disrupted out of existence. They are the numbers of a business that is converting an enormous installed base of users and infrastructure into one of the largest cash machines in corporate history. I believe that GOOGL may be the most complete AI powerhouse, as it owns the entire AI stack, including the chips, data centers, cloud services, foundation models, distribution, and the enterprise channels to sell it. I am still bullish on GOOGL from here, and while it isn’t as cheap as some companies, I believe its value proposition can still be lucrative ...

Lam Research Corporation LRCX and Applied Materials, Inc. AMAT are among the biggest beneficiaries of the global artificial intelligence (AI) boom. Both companies supply advanced wafer fabrication tools used to manufacture high-performance chips for AI servers, memory and advanced packaging. They compete directly in critical etch and deposition markets, where demand is surging as chipmakers expand capacity for AI workloads. However, while both companies are seeing strong momentum from AI-led semiconductor spending, their growth profiles, margins, product diversification and valuation levels are beginning to diverge. Amid this scenario, investors must be wondering which semiconductor equipment stock offers the better risk-reward opportunity in the current AI cycle. LRCX: Strong AI Momentum but Heavy Memory Dependence Lam Research continues to benefit from rising AI-driven demand across NAND, DRAM and foundry markets. During the lastearnings call the company raised its 2026 wafer fabrication equipment (WFE) spending outlook to $140 billion from $135 billion, reflecting stronger customer spending across semiconductor segments. In the company’s last reported financial results for the third quarter of fiscal 2026, total revenues rose 23.8% year over year to $5.84 billion and beat the Zacks Consensus Estimate by 1.3%, primarily driven by continued demand across the Systems and Customer Support Business Group segments. Lam Research’s non-GAAP earnings per share (EPS) surged 41.3% year over year to $1.47 and surpassed the consensus estimate by 8.1%. Lam Research Corporation Price, Consensus and EPS Surprise Lam Research Corporation price-consensus-eps-surprise-chart | Lam Research Corporation Quote LRCX’s biggest strength lies in etch and deposition intensity tied to advanced AI chips and high-bandwidth memory. During the lastearnings call management highlighted that AI workloads are accelerating demand for higher-layer NAND and advanced DRAM nodes, areas where Lam Research...

格隆汇5月20日｜中国地震台网自动测定：05月20日20时25分在台湾台东县海域附近(北纬23.22度，东经121.54度)发生4.1级左右地震，最终结果以正式速报为准。

打造“没有围墙的上海（长三角）国际创新中心”，核心在于全面打破行政壁垒、要素壁垒、创新链壁垒与制度壁垒，破除区域协同发展各类阻碍。 作为我国基础研究的核心战略高地与原始创新第一策源地，长三角正处于科创体系建设从打造“高峰”迈入构筑“高原”的新阶段。 近日，华东师范大学全球创新与发展研究院院长杜德斌教授在接受第一财经记者专访时表示，长三角科技创新的当前核心任务，是从“单点引领”升级为“系统集成”，将集群优势转化为不可替代的系统性创新优势。 随着上海国际科创中心扩围为上海（长三角）国际科创中心，在破解同质化竞争、打破要素壁垒的过程中，长三角如何破局？ 对标全球顶尖集群的短板在哪 目前，长三角三省一市研发经费投入占全国30%以上，其中上海基础研究投入占研发比重超过10%。 杜德斌认为，经过多年建设，上海国际科创中心建设取得阶段性重大成就，体系框架基本成形，综合实力显著增强。其中，大科学设施能级持续提升，战略科技力量体系初步形成；先导产业创新集群崛起，关键技术领域取得突破；创新生态持续优化，全球影响力初步显现。 然而，对标全球顶尖科技创新高地，上海还存在“硬实力强、软实力弱”的短板：当前多为参与国际大科学计划，缺少自主牵头主导的全球性科研工程，在前沿科研议题设置、学术规则制定、技术标准输出等关键话语权上不足，高端国际学术组织席位、顶级期刊集群稀缺，全球创新治理参与度有限。此外，基础研究投入占研发总投入的比例，与发达国家普遍达到的15%至25%水平相比仍有提升空间，且支持机制在长期性和稳定性方面尚需完善。 研究显示，国际科技创新中心通常具有五大功能：一是全球创新资源配置中枢，能够高效整合全球资本、人才、信息等创新要素；二是基础研究前沿主阵地，汇聚世界一流大学和科研机构；三是前沿技术创新策源地，集聚顶级科技企业，持续涌现颠覆性成果；四是产业变革战略引领者，通过技术驱动实现产业现代化转型；五是创新生态示范标杆，拥有开放包容的文化、高效便捷的服务、丰富多样的资源。 杜德斌认为，美国硅谷之所以长盛不衰，关键就在于持续不断的策源能力——斯坦福大学等机构提供基础研究的源头活水，顶尖企业不断定义技术前沿和产业方向，风险资本与创业文化加速成果转化。 “长三角地区整体创新规模优势突出，但对标硅谷、东京横滨等世界级创新集群，核心短板依然十分明显，最突出的问题是缺乏具备行业统治力、全球影响力的世界...

有律师表示，他们接到了非常多来自民营企业的法律咨询，其中以医疗、金融和建筑工程领域的公司居多。 “我最近一有时间就在给民营企业‘上课’。”深耕职务犯罪案件辩护的律师师青正感受到，“两高”发布的反腐重磅新规《关于办理贪污贿赂刑事案件适用法律若干问题的解释（二）》（下称《解释（二）》），在民营企业已经起到了显著的警示效果。 《解释（二）》已于5月1日正式施行，其中最值得关注的内容是其第八条规定，明确了非国家工作人员受贿罪、对非国家工作人员行贿罪、职务侵占罪、挪用资金罪的定罪量刑标准，分别参照受贿罪、行贿罪（单位行贿罪）、贪污罪、挪用公款罪定罪量刑标准执行。 第一财经记者从多名律师处了解到，新规发布后，他们接到了十分密集的来自民企的法律咨询，尤其对医疗、金融、建筑工程领域的企业震慑力十足。不少企业认为，《解释（二）》带来的是一场合规方面的“大考”。 但围绕如何理解第八条规定中的“参照执行”、司法实践如何做到审慎适用等问题的争议，始终未歇。 民企的不同反应 《解释（二）》于4月10日发布、5月1日起实施，师青正告诉第一财经记者，他接到了非常多来自民营企业的法律咨询，其中以医疗、金融和建筑工程领域的公司居多。 师青正指出，在建工行业，从招投标环节，到工程的实际分包，都可能有利益链条，涉及民营企业之间的商业贿赂行为，“在一些建筑行业的老板眼里，他们认为这是一种‘商业逻辑’，对潜藏的刑事风险有侥幸心理”。 不过，互联网大厂和一些上市公司则“非常欢迎”《解释（二）》的到来。师青正参与过多家大型企业的反舞弊调查，他指出，从企业管理的角度来看，新规不仅能在公司内部起到警示教育的效果，未来还能实打实地提高公司打击内部腐败的效率。 第一财经记者发现，近几年，腾讯、阿里巴巴、抖音等头部互联网大厂持续重拳反腐，反腐正在走向常态化。今年1月，腾讯通报的2025年公司反舞弊调查情况显示，当年腾讯反舞弊调查部共发现并查处触犯“腾讯高压线”案件70余起，90余人因触犯“腾讯高压线”被解聘，其中20余人因涉嫌犯罪被移送公安机关处理。 今年4月，抖音集团发布《2025年抖音集团反舞弊通报》，显示2025年全年共有50余人因涉嫌违法犯罪被移送司法机关处理，23家合作方被列入永不合作主体清单。 争议在哪儿 各界已经捕捉到《解释（二）》释放的信号，即反腐法网越织越密，对民企人员的职务犯罪从严惩处。 这符合近年来...

(RTTNews) - Insurer Progressive Corp. (PGR) reported Wednesday that April 2026 net income was $1.09 billion or $1.86 per share, up from $986 million or $1.68 per share in April 2025. Net premiums written for the month improved 6 percent to $7.28 billion and net premiums earned grew 7 percent to $7.11 billion from last April. Companywide total policies in force as of April 30, 2026 grew 8 percent to 39.77 million from 36.65 million in April 30, 2025. In Wednesday's pre-market trading, PGR is trading on the NYSE at $200.00, down $3.02 or 1.49 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

格隆汇5月20日｜永泰运公告，持股6.04%的股东王巧玲计划以集中竞价或大宗交易的方式减持公司股份不超过297.93万股(占剔除公司回购专用证券账户股份后总股本比例为3%)。

格隆汇5月20日｜唯特偶发布异动公告，公司股票连续30个交易日收盘价格涨幅偏离值累计超过200%。根据《深圳证券交易所交易规则》的有关规定，属于股票交易严重异常波动的情形。公司董事会确认，公司目前没有任何根据《深圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《深圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。

格隆汇5月20日｜1. 美国三大股指期货齐涨，纳指期货涨0.81%，标普500指数期货涨0.49%，道指期货涨0.42%。 2. 欧股主要指数集体上涨，德国DAX指数涨0.51%，英国富时100指数涨0.24%，法国CAC指数涨0.76%，欧洲斯托克50指数涨0.89%。 3. 英伟达将于今日美股盘后公布Q1财报，分析师普遍预期营收为789亿美元，同比增长79%，每股收益为1.77美元。 4. 三星电子劳资重启谈判，韩国劳动部长官金荣训亲自出面斡旋。 5. 谷歌I/O大会发布Gemini模型Omini和3.5 Flash，智能体Spark亮相。 6. 特斯拉中国发布多个与智能驾驶测试相关的招聘岗位，官方客服：正积极推进审批。 7. 英特尔CEO陈立武：随着AI从训练转向推理，CPU与GPU配比或可达4:1。 8. 阿斯麦CEO：首批High-NA光刻机生产的芯片将在数月内面世。 9. 阿里云面向Agentic时代全面升级，重磅发布全新“芯-云-模型-推理”技术体系。 10. 知情人士：SpaceX IPO主承销商排位战，高盛料居首位。 11. 亚德诺将以15亿美元收购AI电源管理初创企业Empower Semiconductor。 12. Roblox首次公布30亿美元股票回购计划。 业绩公告： 1. 塔吉特Q1销售额254.43亿美元，调整后每股收益1.71美元，均超出市场预期。 2. 劳氏Q1销售净额230.8亿美元，调整后每股收益3.03美元，均超出市场预期。 3. 中通快递Q1营收132.8亿元，同比增长22%；预计全年快递业务量同比增长10%至13%。 4. BOSS直聘Q1营收20.7亿元，同比增长7.6%；付费企业客户数达到710万。 (格隆汇)

格隆汇5月20日｜阿布扎比国家石油公司首席执行官：美国与阿联酋之间的关系每年都变得更加雄心勃勃、更加紧密和更加重要。美国是阿联酋的首要投资优先事项。全球石油需求预计在2040年将超过1亿桶/日。阿联酋将继续成为石油市场的稳定力量。阿联酋在美国的能源投资已超过850亿美元。

Both the Fidelity High Dividend ETF (FDVV 0.18%) and the Vanguard High Dividend Yield ETF (VYM 0.46%) target income but take different paths. While VYM tracks a broad index of high-yielding stocks, FDVV uses a proprietary model to find companies with strong dividend potential and specific sector constraints. This results in distinct performance and risk profiles for income-focused portfolios. Snapshot (cost & size) Metric FDVV VYM Issuer Fidelity Vanguard Expense ratio 0.15% 0.04% 1-yr return (as of 5/18/26) 20.65% 23.6% Dividend yield 2.8% 2.3% Beta 0.81 0.73 AUM $9.2 billion $94.6 billion Vanguard is the more affordable option with a 0.04% expense ratio, while Fidelity charges 0.15%. However, Fidelity currently provides a higher payout with a trailing-12-month dividend yield of 2.8% versus 2.3% for the Vanguard fund. Performance & risk comparison Metric FDVV VYM Max drawdown (5 yr) (20.17%) (15.87%) Growth of $1,000 over 5 years (total return) $1,863 $1,704 What's inside The Vanguard High Dividend Yield ETF provides exposure to around 600 holdings, primarily in financial services at 20%, technology at 15%, and industrials at 14%. Its largest positions include Broadcom at 8%, JPMorgan Chase at 3.33%, and ExxonMobil at 2.71%. Launched in 2006, it has a trailing-12-month dividend of $3.51 per share. Expand NYSEMKT : VYM Vanguard High Dividend Yield ETF Today's Change ( -0.46 %) $ -0.72 Current Price $ 155.91 Key Data Points Day's Range $ 155.34 - $ 156.64 52wk Range $ 126.00 - $ 157.63 Volume 735 In contrast, the Fidelity High Dividend ETF is more concentrated with about 110 holdings and leans heavily into technology at 29%, financial services at 19%, and consumer cyclical at 14%. Top holdings include Nvidia at 7%, Apple at 5.7%, and Microsoft at 4.5%. Launched in 2016, the Fidelity fund has a trailing-12-month dividend of $1.66 per share. Expand NYSEMKT : FDVV Fidelity Covington Trust - Fidelity High Dividend ETF Today's Change ( -0.18 %) $ -0.11 Current Price $ 59....

M. Suhail/iStock Editorial via Getty Images Home Depot ( HD ) shares came into focus after the retailer topped first-quarter earnings expectations and issued a guidance update that appeared to calm some investor concerns around consumer demand and housing-related spending. The daily chart shows HD continuing to trade within a large symmetrical triangle pattern that has been forming for more than a year. Tuesday’s modest rebound came directly off the lower ascending support trendline near the $300 area, a level that has repeatedly acted as a floor during recent pullbacks. The stock closed Tuesday at $302.44 a share, still below both its 50-day moving average near $328 and 200-day moving average near $364, leaving overhead resistance intact. On the upside, descending resistance from the broader triangle pattern continues to sit near the low-$400 area. The RSI subgraph remains below neutral territory, suggesting momentum has improved off support but has not yet fully turned bullish. Here is the chart: Seeking Alpha More on Home Depot Home Depot: Not Too Late To Abandon Ship Home Depot: Solid Q1 Earnings, But I'm Waiting For $270 To Buy The Home Depot, Inc. (HD) Q1 2027 Earnings Call Transcript What analysts are saying about Home Depot after its earnings report Home Depot tops expectations for the core spring selling quarter

恒生指數低開88點於25,709點後，曾挫242點至25,555點，全日跌146點或0.56%，報25,651點；國企指數跌34點或0.4%，報8,605點；科技指數升16點或0.33%，報4,873點。大市成交2,620億元。 科技股普遍下跌，騰訊跌1%；阿里巴巴跌1%；美團跌0.2%；小米集團跌1.6%；京東集團升1.5%；快手跌2.4%；嗶哩嗶哩績後跌4.7%。 金融股升跌不一，滙豐控股跌1.1%；友邦保險跌1.9%；中國平安跌0.4%；香港交易所升0.2%。 晶片股逆市做好，中芯國際升9.7%，是表現最好藍籌；華虹半導體升13.8%。 老鋪黃金挫6.9%，是表現最差藍籌。 信誠證券聯席董事張智威指，倘若恒生指數失守4月13日低位25,508點，下一步將測試4月初裂口24,901點。