华数传媒（000156）公告，2025年营业收入91.78亿元，同比下降2.30%。净利润4.66亿元，同比下降12.65%。公司董事会审议通过的利润分配预案为：以2025年12月31日总股本18.53亿股为基数，向全体股东每10股派发现金红利1.6元(含税)，送红股0股(含税)，不以公积金转增股本。

For more than two weeks, missiles and drones have been crossing the skies of the Gulf, as a war many in the region sought to avoid – between the USand Israel, and Iran – continues to escalate. Airlines are diverting flights, shipping routes are being disrupted and air defence systems across the region are operating at constant alert. Now, with attacks extending to energy infrastructure including gas facilities and production sites, it is likely that the war has entered into a dangerous phase of escalation. Yet the governments now living with these risks were among those that most tried to prevent the conflict, encouraging negotiations in recent months and warning about the dangers of escalation. For governments in Riyadh, Abu Dhabi, Doha and elsewhere, this moment is particularly unsettling because it is disrupting a strategy they have spent decades trying to build. Gulf states have sought to shield themselves from the region’s cycles of conflict through a mix of economic diversification, diplomatic engagement and carefully managed security partnerships. That strategy rested on three pillars: reliance on US security guarantees, cautious outreach to Iran and expanding economic ties with Israel. The war is revealing the fragile foundations of all three. The effective closure of the strait of Hormuz has disrupted one of the world’s most critical energy and shipping corridors, sending insurance costs soaring and forcing commercial vessels to halt or reroute traffic across the region. Port activity across the Gulf has slowed sharply, including at major logistics hubs such as Jebel Ali in Dubai, as shipping companies delay or suspend calls and global supply chains adjust to mounting risk. Airlines are diverting flights to avoid missile and drone activity across Gulf airspace, disrupting the operations of major global transit hubs in Dubai and Doha that serve as critical gateways linking Europe, Asia and Africa. These developments carry particular significance at a moment ...

If you think the Israeli-American war of aggression against Iran is bad, it could get a lot worse. For the first time, a senior American official has openly acknowledged that Israel possesses nuclear warheads and could deploy them in the war. “Israel is getting hit harder than they’ve ever been hit before in their history,” said David Sacks, the White House’s artificial intelligence and crypto tsar, on the All-In Podcast. “If this war continues for weeks or months, then Israel could just be destroyed … Their air defences could become exhausted if it hasn’t happened already … And then you have to worry about Israel escalating the war by contemplating using a nuclear weapon, which would truly be catastrophic.” This is not hypothetical. In 2023, as Israel launched its war in Gaza – where the Palestinian resistance had no hope of retaliating, like its Iranian backers do now – far-right Israeli lawmaker Revital Gotliv suggested unleashing a “doomsday weapon” with ballistic missiles. Advertisement Like Sacks, other independent experts have sounded the alarm. In a Middle East Eye interview, John Mearsheimer, a leading US political scientist, warned that Israel could resort to using nuclear weapons. “If the Israelis lose in Iran … they will be fully aware that they will have enraged the Iranian body populace. They will be fully aware that an Iran with nuclear weapons will be very, very dangerous from Israel’s perspective,” he said. Advertisement “If they can’t prevent that through conventional means, then we get to a scenario where they think about using nuclear weapons. And as we know, there is no state on the planet that is more ruthless.”

As the Philippines forms partnerships with several countries to harness its potentially huge wealth of critical minerals, analysts have called for a coherent road map to develop the country’s mining industry to globally competitive standards. President Ferdinand Marcos Jnr ’s administration has signed multiple agreements over the past months, including a memorandum of understanding with the United States to cooperate on diversifying global critical mineral supply chains. The accord, signed during an inaugural ministerial meeting on critical minerals hosted by US Secretary of State Marco Rubio in Washington last month, is expected to shift Manila’s mining sector from raw mineral ore exports to domestic processing. Advertisement Philippine Environmental Secretary Raphael Lotilla touted the partnership as one that would help build “a Filipino-led industry that processes our own resources, creates high-skilled jobs, and strengthens our position in the global hi-tech supply chain”. The Philippines also agreed to expand cooperation on critical minerals with South Korea during President Lee Jae Myung ’s visit to Manila earlier this month, when both sides also signed agreements on artificial intelligence, defence industry and nuclear energy. Philippine President Ferdinand Marcos Jnr (left) and South Korean President Lee Jae Myung in Manila on March 4. Photo: via Reuters

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. 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 a 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 SSDs (solid state drives) 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 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 $9.1 billion in fiscal 2025. It offers its products under two heads — Mass Capacity Storage and Legacy. The Mass Capacity Storage product line includes high-capacity enterprise HDDs that ship in capacities of up to 44TB. The portfolio also includes enterprise nearline SSDs, video and image HDDs (...

Yuliia Kaveshnikova/iStock via Getty Images Co-authored with Beyond Saving In the popular "Hunger Games" books, North America is a dystopian world where children "tributes" are selected from each district and forced into a "game" of survival. While the tributes are trying to survive, people in the Capital watch and gamble on the results. It's a rather disturbing concept, but one rooted in the darkest urges of humanity. In recent years, we've seen a boom in the popularity of "prediction markets," where people can bet on almost anything. They can bet on what the price of Bitcoin will be in an hour, what the high temperature will be in LA, whether Elon Musk will go to Mars, and all sorts of random things. People can even bet on human tragedy. For example, you can bet on how many tornadoes or hurricanes there will be. Or how many people will get measles? Think about that for a second—someone could be financially incentivized to find a way to spread measles. At the very least, there is someone out there who took a high number and is rooting for more measles. I suppose we can be thankful that we haven't become so morbid as to bet on how many casualties there will be in Iran... yet. You can't take the gamble out of people. While prediction markets provide gambling directly, the stock market is full of the same gambling mentality. Recently, we've seen it in the oil markets. Just in the past week, we saw oil rocket up over $115, down below $80, and as I write this, it is a little over $98. By the time you're reading this, oil will be something completely different. The stock market has been moving in response. Intermittently rallying and falling as investors bet on how long the war in Iran will last. The reality is that none of us know. From the time I write this to the time it will be published, I have absolutely no idea if ships will be sailing through the Strait of Hormuz. Nor does anyone else, although many people are betting one way or the other. Fortunes will be lost a...

ridham supriyanto/iStock Editorial via Getty Images As I’ve covered in the past , I have been bullish on Prudential Plc ( PUK ) due to a combination of good growth prospects and an attractive valuation. Not surprisingly, its shares have performed relatively well since my last article on the company almost two years ago, being up by more than 62% when including dividends and outperforming the overall stock market by a wide margin since then. Article Performance (Seeking Alpha) As Prudential has recently released its earnings related to 2025, I think it’s now a good time to revisit its investment case and update recent financial figures, to see if it still offers value for long-term investors within the global insurance sector. Prudential’s PLC 2025 Earnings Analysis Prudential Plc has a different business profile than other European insurance companies, due to its business pivot to Asia and Africa some years ago, leading to better long-term growth prospects than most of its European peers. While this pressured its operating performance during the COVID period, when China and Hong Kong had strong restrictions, its business has performed much better over the last three years, and the positive momentum continued during 2025 . Indeed, Prudential reported double-digit growth related to most key performance indicators, showing that its business performed even better than what management was expecting and Prudential is well on track to achieve its 2027 financial targets. As shown in the next graph, new business profit increased by 12% YoY and organic free surplus generation was up by 15% compared to the previous year, both surpassing its guidance of 10% growth during 2025. KPI (Prudential) This strong business growth was broadly based across channels and markets, as the need for protection, retirement and wealth products remain robust across Asia and Africa. This business growth was also supported by the company’s efforts to digitalize its customer acquisition and servicing...

spawns/iStock via Getty Images ZEO:CA At A Glance The BMO Equal Weight Oil & Gas Index ETF ( ZEO:CA ) is a passively managed exchange-traded fund with an NAV of ~$317 million CAD that invests in stocks designed to provide exposure to a portfolio of Canadian energy stocks. BlackRock and most of the other big Canadian banks/fund managers have multiple ETF offerings that end up providing various investment portfolios that track very similar metrics. ZEO:CA is not very liquid but has an easily verifiable portfolio and mandate, this article seeks to compare this offering with not only other options, but also to review whether investors can simply buy the top few energy companies in Canada without paying 0.6% in fees. ZEO:CA's benchmark target is the Solactive Equal Weight Canada Oil & Gas Index, and after further review, I like the concept and I think it's a legit way to play Canadian oil in an ETF form. Canadian energy has done pretty well recently, and with the war causing even more volatility in energy markets, I don't want to discourage investors from looking at the sector to invest. The mid-cap oil trade hasn't caught up, and ZEO:CA has underperformed XEG:CA, but I wrote about XEG:CA recently and it's simply an ETF with a few energy stocks charging 0.6% in fees, unlike ZEO:CA which is market cap weighted and holds 12 stocks pretty evenly, including mid and small cap. If investors want to get exposure to higher dividend-paying Canadian energy stocks, they can easily buy these other ETFs or recreate the portfolio XEG:CA has, since the portfolio is mostly weighted in about five easily identifiable large-cap and liquid names on the TSX. After further geopolitical shifts, I think ZEO:CA should outperform as smaller producers stand out with oil above $100, and rate it at a Buy. I think it will outperform XEG:CA the rest of the year. Fund Breakdown and 2026 Outlook ZEO:CA was launched on October 20, 2009 , by BMO with a plan to create an easily tradable fund that replicate...

Dennis Diatel Photography/iStock Editorial via Getty Images Gemini Space Station, Inc. ( GEMI ) has been a peculiar company since going public in September and restructuring the business already. The crypto exchange has aggressively re-organized to focus on U.S. operations along with the launch of prediction markets and growing success with credit cards. My investment thesis is more Neutral as the financial picture hasn't improved enough while the stock has plunged to intriguing valuation levels. Source: Finviz Lots To Learn Gemini reported the 2nd quarterly results since the Winklevoss twins led company went public. Investors usually learn a lot from a company during this period with the management style and business operations more visible and the results better understood. The fintech reported Q4'25 revenues reached $60 million and beat consensus estimates. The crypto exchange portion isn't growing with revenues generally flat to down in Q4 at $24.5 million and 2025 revenues slipping from 2024 levels. Source: Gemini Q4'25 presentation While crypto prices have slumped since the IPO, Gemini remains a small company with investors hoping the business can drive higher volumes via additional customers to offset the lower prices. More importantly though, the investment story is increasingly clouded by the large expense structure. Gemini exited the international business due to the failure to scale in oversea markets and the high costs combined with the enhanced opportunities in the U.S. The company reported Q4 operating expenses at $171 million, up sequentially, to immediately raise alarm bells. The company had about $36 million in stock-based compensation, which immediately reduces the cash operating expenses to $135 million. Gemini cut ~30% of costs with the elimination of 30% of the workforce and the exit of markets in the UK, EU and Australia. In general terms, the quarterly expense base would fall under $100 million, still far above the revenue base. A big problem ...

champpixs/iStock via Getty Images By Mike Larson Transcript Mike Larson: At the 2026 MoneyShow Las Vegas in late February, we brought together more than 100 of the nation's sharpest traders, analysts, economists, sector specialists, authors, and more to share their top investing and trading strategies, insights, and recommendations with attendees over three full days in the desert. Personally, I think we gave attendees a better buffet of portfolio education anyway, and they could have gotten across the way at Caesars, though yes, I am a little biased. With that said, during the conference, I did sit down with two of our top speakers - one who focuses on longer-term investing and one who focuses on active trading - to get their take on the markets. Some things have changed in the world since our conversations, including the outbreak of another conflict in the Middle East, but their timeless guidance and time-tested approaches to the markets have not. So, I know you're going to benefit from what they had to say in this double MoneyMasters Podcast episode. The first segment features Sam Ro, founder of TKer. The second features Deron Wagner, founder of Morpheus Trading Group. Folks, let's get right to it. __________________________ ML: Sam, how are you doing? Sam Ro: Great. Thanks for having me. ML: Good. As we're talking, today's Euphoria Day, everything's great. Yesterday, everything was terrible in this market. So, I have to ask you, what is going on? What is your take on the action we've seen, not just in the last few days but really since the year started? SR: I mean, I think there's two things. Well, first of all, market will be up one day, market's going to be down the next day. If you look at data going back to a 100 years or 50 years, whatever it is, on a one-day basis there's about a 50% chance it's going to be up or down. So, who knows? I think all the concerns from yesterday haven't been completely addressed despite the rally today, and then, we haven't full...

自2022年由盈转亏以来，小牛电动已连续四年陷入亏损，累计亏损超5亿元。 2025年，有“电驴界爱马仕”之称的小牛电动（NIU.US）再次陷入亏损。 财报显示，小牛电动2025年营收43.08亿元，同比增长31%；净亏损3940万元，较上年同期亏损（1.93亿元）有所收窄，毛利率达19.6%，提升4.4个百分点。 自2022年由盈转亏以来，小牛电动已连续四年陷入亏损，累计亏损超5亿元。回望四年亏损轨迹，2022年小牛电动首度由盈转亏（亏损0.49亿元），2023年亏损扩大至2.72亿元，创下上市以来的最大亏损规模，2024年亏损收窄至1.93亿元，2025年持续减亏。 2025年，小牛电动销量达119.8万辆，同比增长29.09%。不过，2025年第四季度压力尤为明显，第四季度销量达17.28万辆，同比下跌23.8%；单季亏损达8810万元，同比扩大21.5%。 小牛电动成立于2014年，以智能高端为标签，凭借差异化设计与品牌调性占据细分优势，也曾依托海外市场打开增长空间。2018年，小牛电动在纳斯达克上市。过去几年间，小牛电动收入规模曾大幅增长，实现扭亏为盈。但从2022年开始，小牛电动陷入亏损状态。 2022年，锂电池行业涨价，小牛电动对旗下全系锂电产品进行多次调价，价格上调幅度在200-1000元不等。在两轮电动车行业，多家企业采用铅酸电池，受影响较小。定位高端的小牛电动采用三元锂电池，在进行调价后直接冲击了终端市场需求，这是业绩下滑的重要因素。 随后几年，小牛电动市场承压。一方面，两轮电动车行业竞争激烈，小牛电动通过降价让利、推出中低端车型等方式“以价换量”，品牌溢价流失。与此同时，高毛利的海外业务持续收缩，小牛电动将业务重心逐步转向国内市场，2025年小牛电动海外市场遭遇滑铁卢，全年海外销量同比腰斩。而国内电动两轮车市场早已是红海格局，雅迪、爱玛凭借千万级年销量与强大供应链议价能力构建起规模壁垒，小牛电动在中低端市场难以形成竞争优势，同时在高端市场难以上量。 值得注意的是，近年来小牛电动在品牌推广、门店扩张上投入居高不下，营销投入远超研发投入。业内分析，小牛电动的资源投入结构失衡，使其未能筑牢产品的核心竞争力。2022年至2025年，小牛电动的研发费用分别为1.76亿元、1.51亿元和1.3亿元和1.7亿元；同期，营销费用则分别为4.4亿元、4.96亿元和...

While the eyes might be the window to the soul, lapels are certainly doing some talking. On the Oscars red carpet last Sunday night, Hollywood’s leading men flashed a lot of bling on their suits. From Adrien Brody who wore an astronomically large brooch titled Ulysses, arguably as big as the James Joyce tome is thick, to a clean-shaven Pedro Pascal, who distracted from his newly bare chin with a silk and feather Chanel Camélia brooch, lapels were vying for the spotlight. View image in fullscreen Javier Bardem on stage at the Oscars, complete with lapel message. Photograph: Mike Blake/Reuters The Spanish actor Javier Bardem used his lapels arguably most effectively with his “No a la Guerra” (No to War) badge in dripping blood-red letters and a pin showing the figure of Handala, the cartoon boy created by political cartoonist Naji Al Ali that has become an enduring symbol of Palestinian resistance. Leonardo DiCaprio wore a vintage Boucheron bumble bee pin from 1964, which some saw as a nod to Re:wild, the conservation group he helps to lead. Wagner Moura, who was recognised for his role in The Secret Agent, wore a custom Andre Lasmar brooch inspired by the Dove of Peace. Michael B Jordan attended the Vanity Fair after-party, fresh from winning the Oscar for best actor, wearing not just one but three brooches on his brown suit. The sheer number of brooches on show during the Oscars and this awards season more broadly, was so overwhelming that it led some commentators, including the stylist Chad Burton on Instagram, to question if we’d “seen too many bro brooches?” He said: “Bro brooches seem to have been on every male celebrity stylists mood board this year for the red carpet. I’m fully down for some accessorising but please make it connect with the outfit (ie: Pedro Pascal’s Chanel flower) rather than just slap on a massive piece of metal for blings’ sake (ie: the brooch that wore Adam Brody).” Male brooches, or lapel pins, have been quietly shimmying out of jewellery...

(Big Hit Music) Ending a hiatus that began in 2022, the septet recapture a distinctiveness that had been threatening to ebb away The general consensus seems to be that as BTS’s commercial stock has gone stratospheric – more than 500m units sold worldwide, including over 104bn streams, making them the bestselling Asian act of all time – the actual music has become more and more irrelevant. Before taking their hiatus in 2022 to fulfil their mandatory military service in South Korea, their saccharine, English-language bops such as Dynamite and Butter – while gargantuan global hits – had smothered the K-pop-specific idiosyncrasies that peppered their earlier material. By 2020’s double whammy of Map of the Soul: 7 and Be, the band’s early years as a hip-hop-focused collective were a distant memory, and thanks to a more westernised sound and studio cast list, so was their identity as a Korean act. On the eagerly anticipated Arirang – pointedly named after a Korean folk song dating back to 1896, and presented with the tagline “born in Korea, playing for the world” – the septet do their best to right those wrongs. Crucially, it manages to capture the K-pop spirit of experimentation while welding it to a litany of memorable hooks. And when western collaborators are brought in, they’re interestingly off-kilter, including outsider rapper-producer Jpegmafia, and producer El Guincho, known for his work with Björk and Rosalía. Continue reading...

3月20日，光伏设备板块躁动不安。 截至收盘，上能电气（300827.SZ）、首航新能（301658.SZ）、永臻股份（603381.SH）、禾迈股份（688032.SH）、艾罗能源（688717.SH）等多股涨停，锦浪科技（300763.SZ）、海优新材（688680.SH）、昱能科技（688348.SH）等涨超10%。 这背后是一条足以搅动全球光伏产业格局的消息——特斯拉正与中国企业洽谈采购价值29亿美元（约合200亿元人民币）的光伏设备，用于其美国100吉瓦太阳能发电容量的建设计划。 令人深思的是，这宗规模庞大的订单，究竟会落入哪家企业囊中？喧嚣之下，是集体盛宴，还是少数企业的独角戏？ 一场早有伏笔的产业联动 事实上，早在今年2月初，马斯克旗下考察团就已悄然到访中国多家光伏企业，彼时市场便有零星传闻称，特斯拉正为其太阳能项目寻找供应链合作伙伴。 直到3月20日，路透社援引知情人士消息，首次披露了这场采购的核心细节：特斯拉计划从中国供应商处购买价值29亿美元的设备，用于制造太阳能电池板和电池，苏州迈为科技、捷佳伟创、拉普拉斯新能源等企业均在潜在供应商名单中，部分设备需获得中国商务部出口许可，且需在今年秋季前完成交付，运往美国德克萨斯州。 当日下午，国内一家光伏企业向媒体证实了这一消息，并透露合同规模达到吉瓦级。与此同时，协鑫集团对外披露，马斯克旗下公司团队曾考察其集团，并表达了在颗粒硅与钙钛矿方面的合作意向。 更有消息人士补充，特斯拉的订单分为两条链路：SpaceX（S链）聚焦太空卫星供能及AI数据中心，已与国内某头部异质结设备厂达成订单合作，预计5月第一周发货；特斯拉（T链）则聚焦地面光伏电站，正与多家TOPCon设备厂洽谈，尚未最终落地。 “特斯拉此时选择中国光伏设备，本质上是全球产业分工与技术优势叠加的必然结果。”中国光伏行业协会副秘书长刘译阳在接受采访时表示，马斯克提出要在美国新增100吉瓦的太阳能发电容量，而美国本土缺乏成熟的光伏产业链，无论是设备制造能力还是成本控制，都无法满足这一规模化需求，“中国占据全球80%的光伏产能，设备技术和性价比均处于全球领先地位，特斯拉没有更好的选择”。 清华大学能源环境经济研究所教授张希良则从能源战略角度给出了不同解读：“特斯拉的核心诉求是构建‘光伏+储能+电动车’的全能源闭环，而光伏设备是这一闭环的基础。中国光伏设备...

TLDR Amazon is developing a new smartphone codenamed “Transformer,” its first since the 2014 Fire Phone flop The project is being led by J Allard’s ZeroOne group within Amazon’s devices unit AI integration is a key focus, potentially eliminating the need for a traditional app store Amazon is exploring both a full smartphone and a minimalist “dumbphone” option The timeline is unclear and the project could still be canceled 💥 Find the Next KnockoutStock! Get live prices, charts, and KO Scores from KnockoutStocks.com , the data-driven platform ranking every stock by quality and breakout potential. Amazon is back in the smartphone game — or at least trying to be. More than a decade after the Fire Phone burned out, the company is quietly working on a new device codenamed “Transformer.” The project is being developed inside Amazon’s devices and services unit, according to four people familiar with the matter who spoke to Reuters. AMAZON $AMZN IS REPORTEDLY DEVELOPING A NEW MOBILE PHONE, ITS FIRST SINCE 2014’S FIRE PHONE The latest effort, known internally as “Transformer,” is being developed within its devices and services unit “The phone is seen as a potential mobile personalization device that can… pic.twitter.com/TwcSkVjiUk — Evan (@StockMKTNewz) March 20, 2026 The phone is being positioned as a mobile personalization device. It would sync with Alexa, make shopping easier, and act as a daily touchpoint between Amazon and its customers. Amazon.com, Inc., AMZN The initiative fits into a long-held vision by founder Jeff Bezos — a voice-driven computing assistant inspired by the communicators from Star Trek. That dream didn’t work out in 2014. Now Amazon is trying again. What Went Wrong Last Time The original Fire Phone launched in June 2014 with a $649 price tag and high expectations. It came with a proprietary version of Android called Fire OS, a 3D display system that required four cameras, and a product recognition feature called Firefly. None of it worked well enough....

格隆汇3月20日｜据央视财经，霍尔木兹海峡航运受阻，已推动氦气价格明显走高。美国银行近期估计，根据不同市场情况，氦气现货价格最高已经上涨了大约40%。分析指出，在供应趋紧的情况下，对氦气有需求的关键行业往往更看重供应安全，而非价格，这也使得供应商更容易上调报价。

Welcome to Going Private , I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at why one BDC manager with minimal software exposure is still fretting about the future, Pimco’s distaste for private credit opportunities and why one of Japan’s biggest insurers is keeping faith with the asset class. But first we look at whether continuation vehicles could help or hurt liquidity-starved investors. If you’re not already on our list, sign up here . Have feedback? Email us at goingprivate@bloomberg.net Hail Mary “Zombie” funds on life support or trophy investments simply too good to let go. The private capital secondaries market is bracing to see many more of both. The pros and cons of continuation vehicles are dominating conversations among market participants again as they question the true risks and fair values of their portfolios against a backdrop of base rate volatility , potential stagflation and war . For some, continuation vehicles are pragmatic structures that can help them avoid selling into crashing markets, stay invested in sectors that have temporarily fallen out-of-favor, or in companies needing more time to reach full return potential. But others say the vehicles conceal sins sponsors don’t want to confess, whether that’s poor management performance or outdated valuations that have stymied exit sales at price-tags they once promised. In those instances, the secondaries market offers fund managers an appealing trifecta — more time to perform, a chance to cut ties with impatient partners and an opportunity to unlock some value. Sandro Galfetti , a managing director in Houlihan Lokey's Capital Solutions team, told Going Private that “myths” and “misconceptions” about CVs are steadily eroding and CVs are now widely recognized as a strategic tool that can benefit both GPs and LPs. “The growth of the market is such that virtually every GP we speak to today h...

财联社3月20日讯（编辑 杨斌）伴随着监管对资管产品信息披露要求的强化，近期不少银行理财产品将含有明确上、下限的固定区间型业绩比较基准，调整为与指数动态挂钩的形式。业内认为，指数型基准能更贴合产品的投资策略与市场走势，有效减少基准调整频次，更好地满足监管对业绩基准连贯性的要求。尽管当前指数型基准在银行理财中仍属小众，长期是理财回归本源、落实净值化要求的必经之路。 理财业绩基准与指数挂钩 在债市收益率走低的背景下，理财产品下调业绩比较基准并不罕见。根据华源证券固收首席廖志明的统计，2026年2月理财公司新发人民币固收类理财的平均业绩比较基准上限为2.69%，平均业绩比较基准下限为2.16%。廖志明预计，未来理财产品平均业绩比较基准下限将缓慢降至2.0%左右。 而在近期理财产品的业绩比较基准下调潮中，多个产品将业绩比较基准由含有上限和下限的固定区间型，改变为指数挂钩型或市场利率型。 例如，招银理财招睿日开30天滚动持有1号固定收益类理财自3月10日起将业绩比较基准由“2.00%-3.70%”调整为“30%×中国人民银行公布的活期存款利率+70%×中债0-3 个月国债财富（总值）指数收益率。 类似的还有兴银理财悦动(1年最短持有期)日开2号固收类理财产品，其A份额原业绩比较基准为年化2.50%-4.00%，调整为“中债新综合财富（ 1-3年）指数收益率×92%+人民银行活 期存款利率×5%+南华商品指数 (NH0100.NHF)×3%”。该以信用债券为主的标准化资产作为底仓，利用大类资产的多样化表现，构建商品等衍生品的多策略组合。 华夏理财固定收益纯债最短持有7天理财产品A款则将业绩比较基准与市场利率挂钩，3月18日起调整为“同期央行公布的活期存款利率（HQCK）*100%+0.50%”。兴银理财将稳添利日盈增利109号日开固收类理财产品的业绩比较基准由原先的年化1.15%-1.95%，调整为7天通知存款利率。 资管产品强化信披要求，指数型基准大势所趋 对于银行理财业绩基准方式的变化，上海冠苕信息咨询中心创始人周毅钦表示，一大动因在于监管对资管产品信息披露要求的强化。 国家金融监督管理总局已于2025年12月发布《银行保险机构资产管理产品信息披露管理办法》（简称“信披新规“），并将于2026年9月1日正式实施。资管产品信披新规第13条明确指出：“资产管理产品披露业绩比较基...

This article first appeared on GuruFocus. Tesla (NASDAQ:TSLA) stock is in focus Friday after reports indicated the company is in talks to acquire about $2.9 billion worth of solar manufacturing equipment from Chinese suppliers. Discussions are said to involve several firms, including Suzhou Maxwell Technologies, as well as S.C. New Energy Tech and Laplace Renewable. Suzhou Maxwell, a producer of screen-printing equipment used in solar cell manufacturing, has emerged as a leading candidate. The company is also seeking approval from Chinese regulators to export the equipment for Tesla's planned project. Suppliers have reportedly been asked to deliver the machinery before autumn, according to people familiar with the matter. The potential purchase aligns with Chief Executive Elon Musk's broader plan to expand solar capacity in the U.S. to about 100 gigawatts by 2028, supporting both Tesla operations and SpaceX energy needs. Tesla shares were little changed in early trading. Meanwhile, shares of Suzhou Maxwell rose about 12% in China, while other related companies gained more than 7% following the report.

3月20日，交通运输部党组书记、部长刘伟主持召开部务会。会议强调，要深入学习贯彻习近平总书记关于有效降低全社会物流成本的重要指示精神，坚持问题导向，把发展多式联运作为重中之重，高标准联通市场设施，打通堵点卡点，推动有效降低全社会物流成本。要实施多式联运攻坚行动，聚焦重要枢纽节点1小时换装率，加快完善联运设施体系、信息联通体系、标准规则体系和企业服务体系。要加快培育具有国际竞争力的交通物流领军企业和综合物流集成商，“一企一策”指导企业制定实施方案，完善企业培育评价指标体系。要深化交通物流与产业融合发展，以规模化产业园区为重点，推动交通物流要素和服务向制造业集群延伸，协同提升产业链供应链安全韧性。要培育壮大新质生产力，推动网络货运、低空物流等新业态规范健康有序发展，加快人工智能在交通物流领域应用。要持续完善国际物流供应链体系，不断拓展多元化、韧性强的国际运输通道，巩固提升国际物流服务保障能力。(界面快讯)

2026春节以来，越来越多人打招呼的第一句话变成了—— “你养龙虾了吗？” 而此“龙虾”并非彼龙虾。它是一款Logo形似龙虾，名为OpenClaw的AI程序，因为能主动替人在电脑上干活，而迅速火遍全球。社交媒体上， 为人装载它可日入几十万；买它的概念股可几天翻倍；老板可养它来裁员；员工可养它战力倍增甚至离职去开一人公司； 更多人则被困在 “龙虾焦虑 ”里，担心失业，担心掉队，担心被时代抛弃。 3月9日，中国传媒大学党委书记廖祥忠透露，受AI带来巨大冲击，中国传媒大学一次性停办了翻译、摄影等16个本科专业，直面“人机分工时代”。 AI，正加速朝向改变世界前进。 暴富传说 年初以来，猎豹移动董事长傅盛又火了一把。 骨折卧床期间，闲在家的傅盛“养”出了一只名为“三万”的AI龙虾，在春节一个月里替他给611位联系人拜年、管理排期、撰写发布14篇公众号文章，并逐渐参与公司邮件、运营等多项工作。 ▲图源：傅盛 伴随傅盛对“三万”的持续直播，一股因“龙虾”而起的财富洪流，也加速涌向四面八方。 收费为人安装龙虾的人，最先尝到甜头。 社交媒体、电商平台上，充斥着售价4.9元到499元的龙虾安装服务。不少代部署的兼职者透露，一个月赚上万元是平均水平， “AI龙虾爆火有人几天赚了26万” 的话题也冲上了微博热搜。 旧金山，一个名为SetupClaw的服务商，面向“人忙、钱多”的高管团队做私人定制，单次“龙虾部署”的收费高达6000美元。 深圳，3月6日，腾讯总部大厦楼下打出了“免费安装龙虾”的广告，一天之内吸引超千人排长队，网友戏称“一代人有一代人的鸡蛋要领”。 ▲图源：腾讯 下载“龙虾”是免费的，但用“龙虾”却是收费的，因为需要购买大模型算力——就像灯泡是免费的，但用电得花钱。 第二波接住这泼天富贵的，就是卖“龙虾算力”以及炒作相关大模型和算力的人。 今年春节以来，“龙虾概念股”一路走高，MiniMax上市两个月，股价飙升640%；3月10日，智谱上线“一键安装”AutoClaw（中文“澳龙”），股价开盘大涨12.6%；腾讯发布全系“龙虾”矩阵QClaw、WorkBuddy、Lighthouse，股价上涨7%。 阿里、字节、百度也全都不甘人后，纷纷推出一键部署服务，堪称 “全民养龙虾，大厂笑哈哈”。 社交网络上，一大批“龙虾账号”也悄然崛起。 细心的网友发现，自己已经不止一次在小红书、...

这三家公司正在悄然重建现代经济中战略意义最为重大的供应链之一——稀土产业链。该产业链为导弹、战斗机、电动汽车及先进制造业提供核心材料。 在加州，MP Materials运营着美国唯一的大型稀土开采综合体芒廷帕斯矿，也是国内稀土精矿的主要来源。在犹他州，Energy Fuels在其白 Mesa工厂加工独居石砂，生产用于下游精炼和金属制造的稀土碳酸盐。在俄亥俄州，REalloys已在其欧几里得工厂运营着北美唯一的重稀土金属化产能，将稀土氧化物转化为制造高性能永磁体所需的金属和合金。如今，REalloys正计划扩建，宣布将建设一个资金到位的项目，预计将成为美国最大的重稀土金属化设施。 这一努力得到了美国国防采购政策的全力支持。从导弹制导、雷达到先进飞机，现代武器系统都依赖稀土磁体，而这些材料的供应链仍然高度集中在其他国家。从2027年开始，美国的采购规则将禁止国防系统使用源自外国稀土供应链的磁体，迫使制造商寻找替代来源。 REalloys董事长表示：“在美国本土建立重稀土金属生产能力，是北美工业战略的一个决定性时刻。俄亥俄州的设施将创造一种金属化能力，连接加拿大的氧化物生产与美国的磁体制造——这是西方从未大规模存在过的关键环节。这不是一个试验工厂；这将是一个全面的商业规模设施，完全符合国防采购要求。这就是我们从零开始重建供应主权的方式。” 报道显示，如果供应中断加剧，华盛顿可能只有几个月的某些稀土库存可用于国防制造。这一警告发出之际，美国正继续对伊朗进行高强度空袭，消耗大量先进武器系统。 几十年来，美国及其盟国让稀土供应链中技术要求最高的阶段转移到了海外。多个国家仍在进行采矿，但将稀土氧化物转化为金属和磁体材料的工业过程绝大多数集中在他国。如今，这种集中构成了西方国防工业基础中最敏感的脆弱点之一。 从2027年开始，美国的采购规则将禁止国防系统使用源自中国稀土供应链的磁体，迫使制造商在整个价值链上——从采矿到金属化再到磁体生产——寻求替代来源。而这三家公司正在完成这一切。 #1 REalloys （NASDAQ：ALOY） — 重建供应链的精加工阶段 如果说采矿是稀土供应链的起点，加工是中间环节，那么金属化就是材料最终变得可用的阶段。稀土氧化物——分离后产生的粉末——不能直接用于制造。在生产磁体之前，这些氧化物必须通过化学还原为纯金属，并混合成精确的合金，作为永磁体生产的...

Global equity funds see $20 billion weekly outflows, biggest in three months Reuters

This article first appeared on GuruFocus. Tesla (NASDAQ:TSLA) looks like it's quietly ramping up its solar ambitions, exploring a roughly $2.9 billion deal to buy production equipment from Chinese suppliers. The talks involve several companies, including Suzhou Maxwell Technologies, S.C. New Energy Tech and Laplace Renewable. Maxwell seems to be the front-runner for now, and its stock jumped about 12% after the news, with other related names rising more than 7%. According to reports, the equipment would need to be delivered before autumn, suggesting Tesla is working on a relatively tight timeline. This lines up with Elon Musk's broader vision. He has talked about building 100 GW of solar capacity in the U.S. by 2028 to power Tesla's operations and support rising electricity demand, especially from data centers. But it's not a completely straightforward path. The U.S. solar market is still heavily protected by tariffs on Chinese imports, which could complicate how this plan plays out.

China this week announced a major crackdown on fentanyl precursors, a move widely seen as a gesture of goodwill ahead of President Donald Trump’s planned visit. But analysts warned that while this may address one major US grievance , it remained to be seen whether the United States would reciprocate and help the two sides move on to tackling other serious disputes, such as tariffs. The crackdown in the central province of Hubei started in December and included a raid on a company in the provincial capital Wuhan following a tip-off from the US anti-drug authorities, who suspected the firm was selling precursor chemicals and stimulants. Advertisement The investigation is targeting the whole supply chain from production to export, state media reported. As of last month, a dedicated task force was investigating 22 cases while seven people had been arrested and another 12 detained pending criminal investigation. Advertisement Four companies have received administrative penalties, while internet regulators have shut down more than 200 non-compliant company websites and removed over 400 illegal posts.

Adams was being sued for "vindicatory" damages of £1 each by John Clark, Jonathan Ganesh and Barry Laycock, who were injured respectively in the Old Bailey attack in 1973, and the London Docklands and Manchester bombings in 1996.

Micron in focus as Citi ups price target after blowout earnings MSN