Check out the companies making headlines yesterday: Cloudflare (NYSE: NET): Cloud security and performance company Cloudflare (NYSE: NET) rose by 1.6% on Tuesday after the company announced a partnership with Anthropic to launch Cloudflare Environments for Claude Managed Agents. See our full article here. Is now the time to buy Cloudflare? Access our full analysis report here, it's free. Pinterest (NYSE: PINS): Social commerce platform Pinterest (NYSE: PINS) fell by 6.6% on Tuesday as investors grew increasingly concerned about persistent inflation and rising bond yields, raising worries about future Federal Reserve policy. See our full article here. Is now the time to buy Pinterest? Access our full analysis report here, it's free. AMD (NASDAQ: AMD): Computer processor maker AMD (NASDAQ: AMD) fell by 2.6% on Tuesday after a broader selloff hit the semiconductor sector amid valuation concerns and investor nervousness ahead of Nvidia's earnings report. See our full article here. Is now the time to buy AMD? Access our full analysis report here, it's free. Agilysys (NASDAQ: AGYS): Hospitality software provider Agilysys (NASDAQ: AGYS) rose by 15% on Tuesday after the company announced strong first-quarter 2026 results that surpassed analyst expectations on both revenue and profit. See our full article here. Is now the time to buy Agilysys? Access our full analysis report here, it's free. Intel (NASDAQ: INTC): Computer processor maker Intel (NASDAQ: INTC) rose by 4% on Tuesday after Melius Research analyst Benjamin Reitzes reiterated a buy rating and raised the price target to $150 from $100. See our full article here. Is now the time to buy Intel? Access our full analysis report here, it's free.

Oceans — to state the obvious — are big. That makes it hard for governments, shipping companies, and insurance providers to know exactly what’s happening on them at any particular moment. It doesn’t help that these modern-day ships often aren’t equipped with modern technology or the right software behind those sensors to properly analyze what they see. Quartermaster, an Arlington, Virginia-based startup, is building a solution to this problem that it calls “SmartMast.” It’s quite literally a package of weather-hardened sensors like cameras and radios that go on a ship’s mast and can relay real-time maritime data. Combined with an analytics platform that can interpret all that information, Quartermaster refers to it as a “continuous, distributed sensing network” — a hive mind for millions of ships. SmartMast is far more advanced than the current standard known as AIS, or the “automatic identification system,” according to Quartermaster CEO and founder Neil Sobin. AIS is very basic and more or less consists of relayed location pings. It’s also vulnerable. Sobin says Quartermaster’s tech will be less susceptible to fraud, which can be a big problem on the high seas. “In maritime, AIS is a completely broken system. It’s opt-in, [you] enter your own data, and if you want to do anything nefarious on the ocean, from petty smuggling all the way up to sanctions evasion, you can simply opt out of the system, or spoof it,” he said in an exclusive interview with TechCrunch. “You can take advantage of just how fragile it is.” Sobin has spent recent weeks repeating this pitch to investors, and they rewarded him with a $43 million Series A funding round. The investment, which Quartermaster announced Wednesday, was co-led by First Round Capital and Quiet Capital, a VC firm that backs “remarkable founders from day zero.” First Round partner Bill Trenchard, who led Uber’s seed round in 2010 and is an investor in Flexport, said in a statement that Quartermaster is “reshaping how marit...

期市夜盘开盘，国内期货主力合约多数下跌，沪锡涨超3% 2026-05-20 20:59:58 来源： 同花顺7x24快讯 分享 文章提及标的 LPG -- 低硫燃油 -- 原油 -- 聚丙烯 -- 对二甲苯 -- 塑料 -- 期市夜盘开盘，国内期货主力合约多数下跌。跌幅方面，LPG、燃油、低硫燃油、原油跌超2%，聚丙烯、对二甲苯、塑料、苯乙烯、沥青跌超1%。涨幅方面，沪锡涨超3%，沪银涨超1%。

LZ Technology Holdings Limited ( Nasdaq: LZMH ) on Wednesday said it approved a 1-for-20 reverse stock split of its Class A and Class B ordinary shares, effective May 22. The company’s Class B shares will continue trading on the Nasdaq under the symbol “LZMH” on a split-adjusted basis and will receive a new CUSIP number. LZ Technology said every 20 outstanding shares will be consolidated into one share, with fractional shares rounded up to the nearest whole share. The company said the reverse split is intended to increase its share price to meet Nasdaq’s $1 minimum bid price requirement for continued listing. Following the reverse split, the company expects to have about 1.125 million Class A shares and 7.85 million Class B shares outstanding. Source: Press Release More on LZ Technology Holdings Limited Financial information for LZ Technology Holdings Limited

格隆汇5月20日｜伍德麦肯兹在其新的报告中指出，霍尔木兹海峡长时间的关闭将对全球能源市场构成数十年来最大的威胁。目前，海湾地区的原油和凝析油日产量已减少逾1100万桶。与此同时，每年超过8000万吨的液化天然气供应(约占全球供应量的20%)仍无法进入全球市场。在其最新报告中，该机构提出了三种不同的情景：快速和平、夏季和解以及长期中断。每种情景都给出了结束冲突并重新开放海峡的不同时间表，并评估了对石油和天然气供应、价格、能源需求以及更广泛的全球经济可能产生的影响。公司的经济主管Peter Martin表示：“霍尔木兹海峡是全球能源市场中最为关键的咽喉要道，若该海峡长时间关闭，其影响将远不止是一场能源危机。持续时间越长，对能源价格、工业活动、贸易流量以及全球经济增长的影响就越大。”

高性能游戏外设与PC组件领军企业海盗船游戏周二宣布，公司首席财务官Gordon Mattingly将于2026年6月4日出席Baird全球消费者、科技与服务大会，并进行炉边谈话。此次会议将在纽约巴克莱洲际酒店举行，网络直播可通过公司投资者关系官网观看。 Q1业绩：毛利率创纪录，利润大增58% 就在上月初，海盗船刚交出了一份亮眼的一季报，此次投资者大会备受期待。财报显示，公司第一季度营收达3.545亿美元，超过管理层指引中值；得益于向更高利润率产品的战略倾斜，综合毛利率飙升500个基点至创纪录的32.7%。 盈利能力指标尤为突出：调整后EBITDA同比大增58%至3580万美元，连续两个季度实现两位数EBITDA利润率；GAAP每股收益从去年同期亏损转为盈利0.11美元，Non-GAAP每股收益达0.27美元，同比增145%。CEO Thi La称这是“业务转型的切实进展”。 业务结构优化：外设高端化，DTC占比提升至20% 两大业务板块表现分化：游戏与创作者外设收入增长10%，毛利率保持在40.8%的高位；而游戏组件与系统受半导体短缺和内存定价挑战影响，收入下降10%，但毛利率从21.7%大幅扩张至28.4%。直接面向消费者渠道占比从17%提升至20%，提供了结构性更高的利润率。 Q2展望：季节性回落，但全年指引不变 展望第二季度，公司预计营收2.95亿至3.20亿美元，调整后EBITDA 1250万至1550万美元。管理层重申全年业绩指引，并计划继续执行5000万美元股票回购计划。会上，投资者将密切关注半导体供应恢复节奏、Elgato流媒体平台增长，以及公司AI工作站等新兴业务的商业化进展。 责任编辑：张俊 SF065

imaginima/E+ via Getty Images Commodities and oil-linked income plays are emerging as some of the most attractive opportunities for dividend investors amid ongoing energy market disruptions, according to Will Barton of High Dividend Opportunities. Speaking on Seeking Alpha’s Investing Experts podcast, Barton said the prolonged disruption around the Strait of Hormuz has fundamentally reshaped the oil market outlook for at least the next one to two years. “Right now, the area that I really like right now is commodities,” Barton said, arguing that higher oil prices are likely to continue supporting cash flows for energy-linked income investments. Among the names he highlighted was Dorchester Minerals ( DMLP ), which earns royalty income from U.S. oil production rather than operating wells directly. “They make money from American oil that’s being pumped and sold,” Barton said. “As oil prices go up, that’s going right to their bottom line.” Barton noted that DMLP’s variable dividend structure makes the stock particularly sensitive to energy prices, with payouts rising and falling alongside oil markets. He added that his firm began accumulating the stock again late last year when crude prices were weaker, arguing that the current environment now points to “a lot more dividends” flowing from the company if elevated energy prices persist. More related stories Commodities: Supply Worries Remain As U.S. Extends Russian Oil Waiver Trump Cancels Planned Attacks On Iran, Stocks Rally - Market Reactions Index Hedging Jumps, But Stock Optimism Persists CFTC said to probe spike in oil bets before Trump delayed Iran strikes Crude oil edges lower as traders await clarity on U.S.-Iran talks

据央视，习近平同俄罗斯总统普京共同会见记者。 据新华社，李强会见俄罗斯总统普京。 据央视，外交部回应中美经贸合作：中美将尽快锁定经贸成果。 发改委郑栅洁：深入整治“内卷式”竞争，积极扩大有效益的投资。 外交部：中方决定将对俄罗斯免签政策延长至2027年12月31日。 伊朗革命卫队警告称若再遭袭，战火将溢出中东；美军加油机现身以色列机场。 伊朗：过去24小时有26艘船只通过霍尔木兹海峡。 据彭博，英国将推迟原定于9月启动的燃油税上调。 化肥贵、天气旱！亚洲大米价格飙升至一年新高。 霍尔木兹+厄尔尼诺双杀，花旗警告：大宗商品恐爆发超级通胀风暴！ 美股盘前：三大股指期货集体上涨，半导体股普涨，全球长债收益率高企，现货白银日内涨2%，原油跌3%，伦镍涨5%。 日经225指数收跌1.5%，沪指收跌0.18%，恒指收跌0.57%。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

Shares of Intel (NASDAQ:INTC) are up 5% in early trading Wednesday, changing hands near $116.20 after closing Tuesday at $110.80. The catalyst is a late Tuesday report that Intel is in talks to acquire AI chip startup Tenstorrent. The move extends what has already been one of the most powerful large-cap rallies of the year. ... Intel Is Up 5% Today: Here’s Why

阿里发布新一代千问旗舰模型Qwen3.7-Max…… ①阿里发布新一代千问旗舰模型Qwen3.7-Max； ②阿里平头哥发布训推一体AI芯片； ③阿里云：百炼平台将接入智谱GLM-5.1、MiniMax M2.7等第三方模型； ④腾讯升级Agent国产技术底座； ⑤智象未来超两千亿参数图像大模型HiDream-O1-Image-Pro发布； ⑥谷歌推出下一代大模型Gemini 3.5 Flash。

Tesla (NASDAQ:TSLA) just reported its strongest quarter in years. The EV maker delivered Q1 2026 EPS of $0.41 against a $0.36 consensus, with automotive gross margin expanding to 21.1% from 16.2% a year earlier and operating income up 135.8% YoY. Services and FSD revenue jumped 42% YoY to $3.75 billion, with 1.28 million active FSD subscriptions, ... This Will Be Tesla’s Stock Price in 2030

TradingKey - Samsung Electronics' labor negotiations have officially collapsed after management's refusal to accept terms led to the end of mediation. The union announced the largest general strike in its history from May 21 to June 7 local time, with an estimated 47,000 to 48,000 employees expected to walk out, representing over 64% of its semiconductor division's total workforce. Impacted by the negotiations, Samsung Electronics' stock price tumbled more than 3% in early trading before eventually finishing up 0.2%, marking the largest labor action in Samsung's history. Market expectations that disruptions to Samsung's production will exacerbate the global memory chip supply crunch caused capital to flow rapidly toward competitors, sending shares of Micron Technology and SanDisk higher. On May 20, Micron ( MU) rose more than 4% in pre-market trading, while SanDisk ( SNDK) also moved higher, rising more than 2.5% at one point, as the Philadelphia Semiconductor Index broadly recovered in pre-market action. In the previous session, Micron Technology, which had tumbled 15.2% over three consecutive days, rebounded 2.52%, while SanDisk rose 3.77% in tandem. As the global leader in memory chips, Samsung Electronics holds approximately 40% and 30% of the global DRAM and NAND flash markets, respectively. Currently, the 2026 capacity of the top three memory manufacturers is essentially sold out, with some customers even beginning negotiations for supply contracts for 2027 and beyond. TrendForce estimates that this strike could disrupt approximately 3% to 4% of global DRAM supply and about 3% of NAND flash supply. Industry analysts expect that if production lines are fully halted, downstream customers will accelerate order shifts to rivals such as Micron, SK Hynix, and SanDisk. According to TradingKey analysis, a prolonged strike would further impact global memory supply and drive prices higher again. Driven by the transmission of investor sentiment and sustained robust deman...

财联社5月20日讯（记者 封其娟） 过往多年，债基是公募分红的绝对主力，分红贡献率往往高达八、九成。今年以来，债基分红总额同比下滑近三成，权益类产品“突破性”地扛起了公募分红的半壁江山。 在票息变薄、资本利得缩水及分红更趋规范的大背景下，受累于债基分红额度大减，公募年内分红总额较去年同期缩减201.92亿元，减幅为24.08%。据Choice统计，截至5月20日，年初至今1563只产品（多份额分开统计）分红总额为636.72亿元；而2025年同期，1732只产品分红总额为838.64亿元；2024年同期，1456只产品分红总额为585.84亿元。 较去年同期，债基分红总额大减348.87亿元，近三年同期分红贡献率从88.56%一路下滑至48.83%，正式让出分红主导地位；与此同时，权益基金强势逆袭，分红规模同比大增 90.12%，分红贡献率升至50.61%。在分红这件事上，罕见权益基金与债基“平分秋色”。 曾有公开报道指出，2015至2018年，权益基金曾是当之无愧的分红主力。在今年，公募基金分红市场再度迎来格局切换。 权益市场回暖，公募基金正在通过真金白银向投资者兑现盈利果实。今年以来，富国基金朱少醒、中欧基金周蔚文、申万菱信付娟、摩根资产管理杜猛、万家基金莫海波、西部利得盛丰衍等多位知名基金经理旗下产品均已分红。 被动指数基金，尤其是宽基ETF，已经成为权益基金分红的核心力量。在公募分红总额的排行榜上，华泰柏瑞凭借111.52亿元的分红总额摘得榜首，成为年内分红总额超百亿元的唯一公募。公司旗下 沪深300 ETF年内已分红98.11亿元，直接为公司贡献了近九成的分红额度。此外，年内分红额度排名前四的均为宽基 ETF。 此外，易方达旗下ETF、债基分红贡献率相当，这一相对均衡的分红格局也交出96.37亿元的分红答卷，旗下两员固收老将王晓晨、胡剑在管多只固收+产品年内分红。 在宽基ETF扛起分红额度的同时，红利主题基金开始“掌管”分红频次，在年内已分红5次的基金中占比超七成。 有意思的是，年内分红频次最高的是一只名称中带有“分红”的主动权益产品，年内分红6次，仅1月就密集分红5次，目前已达合同规定的年度分红次数上限。据一季报披露，该产品自成立以来收益率已跑赢基准11倍多。 债基失守分红主力，权益分红贡献率超五成 今年以来，债基分红总额较去年同期减少348.87亿元，...

Valley National Bancorp周二发布第11份年度企业社会责任报告，披露2025年向社区投资超过36亿美元，用于扩大经济适用房、支持小企业和创业增长，以及帮助家庭建立更稳固的财务未来。 投资结构：社区发展贷款占半，慈善捐赠超680万美元 报告显示，36亿美元投资中包括18亿美元社区发展贷款，用于推进经济适用房及中低收入个人社区服务；8.16亿美元社区发展投资；3.71亿美元中低收入购房者住宅抵押贷款；2.35亿美元中低收入社区多户家庭贷款；以及3.19亿美元小企业贷款。此外，慈善捐赠达680万美元，员工贡献超过13500小时志愿者服务。 区域聚焦与新泽西社区重建 投资覆盖新泽西、纽约、佛罗里达、阿拉巴马、加利福尼亚和伊利诺伊六州。在新泽西，Valley通过邻里振兴税收抵免计划额外投入100万美元，支持Phillipsburg混合用途社区中心开发、帕特森Great Falls历史区改造等项目，累计通过该计划投资已超850万美元。 监管背书与银行概况 2026年2月，Valley Bank获得货币监理署连续第三个“杰出”社区再投资法案评级，覆盖2022至2024评估期。Bernadette Mueller表示，该评级反映了银行“对扩大资本获取、支持经济适用房和加强小企业的坚定承诺”。Valley Bank成立于1927年，目前资产约640亿美元，在全美拥有200多家分行。 责任编辑：张俊 SF065

Marvell Technology Gets Boost From New AMD Stake Yahoo Finance

Marvell Technology (MRVL) shares ended meaningfully higher on May 19 after Advanced Micro Devices (AMD) revealed a fresh stake in the firm. According to its latest 13F filing, the chipmaker holds just over 65,500 MRVL shares in total, with an implied entry price of nearly $99 per share. This means AMD’s investment, originally worth $6.5 million, has grown to a valuation of roughly $11.5 million already, thanks to a monster rally in Marvell stock in recent months. Significance of AMD’s Stake for Marvell Stock While the dollar amount is modest relative to AMD’s overall scale, its investment holds significant symbolic and strategic weight. The stake links AMD more closely to Marvell’s silicon photonics and AI data center interconnect platforms, signaling recognition that success in AI depends not only on raw compute power but also on the connectivity fabric that stitches accelerator clusters into high-performance systems. AMD’s announcement follows rival Nvidia’s much larger $2 billion investment in MRVL shares, indicating that the world’s leading GPU architects view the company’s infrastructure capabilities as essential to the broader AI ecosystem. And the logic is compelling: as data center servers scale toward hundreds of thousands or millions of GPUs, every improvement in interconnect power efficiency accelerates compute utilization and lowers the cost of ownership. Should You Load Up on MRVL Shares Today? Marvell’s portfolio of custom ASICs, high-performance Ethernet switches, data processing units, silicon photonics, and digital signal processing technologies addresses the major bottleneck that’s migrated from compute capacity to interconnect density, latency, and efficiency. And since the five largest AI hyperscalers have already guided for roughly $750 billion worth of capital expenditures in 2026 alone, it’s fair to assume that MRVL is set to witness massive demand for its connectivity solutions this year. For Marvell shares, the validation from both AMD and N...

Profitable Options Trade for Advanced Micro Devices (AMD) GuruFocus

Thapana Onphalai/iStock via Getty Images Investment Thesis I reiterate my buy rating on XP Inc. ( XP ) shares. This article is part of my coverage initiated on June 21, 2024, and my last article about the company was published on May 23, 2025. The company released its Q1 results recently, so I'll analyze and share my thoughts. XP Inc XP is the pioneer retail securities brokerage in Brazil. The company positions itself similarly to Charles Schwab in the U.S. Over the years, the company has improved its solutions to credit, wealth management, investment banking and insurance, among others. History (Institutional Presentation) Latest Earnings Results XP released its Q1 results on May 18 and based on the figure below investors can think that it was a bad result, especially by the fall in stocks after the results. The company missed revenue by $15 million. But I recommend reading the next chapters, as the negative points seem more punctual than structural. Latest Quarter's Earnings (SA) Before I start analyzing each segment, this is a Brazilian company! So XP releases the numbers in BRL ( USD:BRL ), and I'll convert to dollars using 1 USD = 5 BRL as SA used this exchange ratio to release the numbers. Net Revenue The net revenue varied +8% YoY and -6% QoQ to BRL 4.7 billion ($946 million). Net Revenue (IR Company) What most caught attention is the fall in revenue from fixed income (25% YoY). This happened because XP's DCM is fully marked to market and after the Iran war the spreads opened. This kind of accountability is proper from XP because the company is almost a pure distributor, different from other competitors that have other business models. Retail Revenue (IR Company) But we had good signals from equities (+22% YoY), as the Brazilian stock market performed very well (a draw to retail investors), and from wholesale banking (+26% YoY) driven by a volatile quarter. The perspective is an improvement in the next quarters as the attractiveness of Brazilian hard assets s...

Meta Platforms (META) trades at around $600 per share, reflecting a $1.5 trillion market capitalization and a trailing price-to-earnings ratio of around 22. This multiple sits below both the three-year average of 25 and the three-year peak of 33. Operating fundamentals present a trailing twelve-month revenue growth of 26.2% alongside a three-year compound annual growth rate of 22.4%. Meta currently generates a trailing net margin of 32.8%, positioned comfortably between its three-year average of 29.8% and its 47.5% peak seen in the latest quarter. Image by Alexandra_Koch from Pixabay Growth And Capital Expenditure Dynamics Evaluating the future trajectory requires applying a structural fade to recent peak acceleration. By projecting a conservative 22.3% annual revenue growth rate, the analysis builds necessary guardrails against extrapolating peak performance. This growth relies heavily on aggressive capital expenditures in artificial intelligence and compute infrastructure. While elevated CapEx pressures near-term free cash flow, these investments are strictly necessary to drive the ad targeting algorithms that sustain the projected 22.3% top-line compounding. If CapEx fails to translate into sustained ad pricing power, stock price growth may face headwinds if multiple compression offsets incremental earnings gains. See how Meta’s growth and margins compare with its peers, including Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL). The Three-Year Financial Outlook Under a straightforward three-year scenario, revenue compounding drives the core upside. Growing at 22.3% annually, total revenue scales from the current $215 billion base to reach $393 billion. During this period, the model assumes net margins ease from 32.8% to 31.9%. This pullback toward the historical 29.8% average accounts for the heavy infrastructure spend required to fuel top-line expansion. Combining this top-line growth with moderated margins produces a projected earnings base of roughly $12...

At $223.15, Arm Holdings (NASDAQ:ARM) screens as attractive to accumulators, with research desks pointing to the $210 to $215 range on any pullback as a favored entry zone. The stock has rebounded sharply from a steep first-quarter drawdown, and the post-earnings story has fundamentally changed what Arm is selling to Wall Street. Arm designs the ... Arm Holdings Is Up 104% and Smart Money Is Waiting for One Specific Level to Buy More

美国大型眼镜零售商National Vision Holdings宣布，公司管理层将于2026年6月3日出席威廉布莱尔第46届年度成长股大会，并进行现场演示。此次大会亮相正值公司一季度业绩超预期、高端化战略初见成效之际，备受投资者关注。 大会日程与参与方式 根据公司公告，National Vision的演示定于中部时间6月3日下午4：00举行。投资者可通过公司官网投资者关系板块观看现场网络直播，回放将在活动结束后不久上线。此前，公司已于3月出席了花旗全球消费者与零售大会及美银消费者与零售大会。 一季度业绩：营收利润双增，高端化驱动利润率扩张 National Vision近期公布的一季度财报显示，公司正稳步推进其转型计划。当季净营收达5.44亿美元，同比增长6.6%；调整后同店销售额增长4.5%，符合公司中个位数增长预期。 盈利能力显著提升，调整后营业利润率扩大210个基点至10.2%，调整后每股收益从去年同期的0.34美元增至0.45美元。首席执行官Alex Wilkes表示，一季度表现“提供了战略正在奏效的明确证据”。 高端化与智能眼镜成为增长引擎 增长主要得益于平均客单价同比上涨5.1%，以及产品组合向管理式医疗客户、渐进镜片和高端产品持续倾斜。智能眼镜需求尤为强劲，Wilkes透露Ray-Ban Meta客户的单次交易价值位居公司产品组合前列。公司已于4月初将Ray-Ban Meta和Oakley Meta扩展至所有America‘s Best和Eyeglass World门店及线上渠道。 财务稳健，全年指引重申 公司资产负债表稳健，季末持有6790万美元现金，总流动性达3.612亿美元，净债务与调整后EBITDA之比仅为0.8倍。National Vision重申2026财年全年指引，预计净营收20.3亿至20.9亿美元，调整后同店销售增长3%至6%，调整后每股收益0.85至1.09美元。 责任编辑：张俊 SF065

5月20日，阿里巴巴集团主席蔡崇信和首席执行官吴泳铭联合发布致股东信。信中称，阿里AI业务已跨越初期投入阶段，正式迈入商业化回报周期。“依托人才、技术和资源积累，我们对把握时代机遇充满信心，努力将AI+云打造成阿里巴巴的又一个增长动力。为了实现这一愿景，我们正在加大对全栈AI能力的投资力度：我们将持续加大AI基础设施建设和自研芯片的投入；在模型和应用层面，我们将投资打造更强大的基础模型能力，吸引更多应用接入，同时打造更强大的MaaS产品，来更高效地实现模型与应用的连接。” 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

格隆汇5月20日｜据市场消息，玻利维亚外交部宣布驱逐哥伦比亚驻玻利维亚大使。

Sundry Photography/iStock Editorial via Getty Images Keysight Technologies ( KEYS ) has taken advantage of artificial intelligence-related demand, as its AI-related revenue during the first half of fiscal year 2026 was more than the entirety of fiscal 2025. "Of note, commentary indicates minimal 'pull-in/forward' benefits in the +48% core growth in orders this quarter (vs. +22% in F1Q26), with KEYS only calling out a 'stronger sense of urgency' from customers on the AI infrastructure side," said Truist Securities analyst Matthew Niknam in an investor note. "On the latter, KEYS noted it has doubled its AI customer base (yoy), while it generated the same $500-$600mn in AI business in F1H26 that it did in the entirety of FY25 (i.e., AI made up ~17% of total sales in F1H26)." Niknam highlighted Keysight's minimal supply chain issues, as it has relatively low exposure to memory, particularly high-bandwidth memory. Truist retained its Hold rating and $310 price target. Meanwhile, Susquehanna increased its price target to $425 from $415 and maintained its Positive rating on the stock. "We expect the AI mix to expand to nearly 20% of total revenue, up from 8% in FY25, then move higher to 22% in FY27 and 25% in FY28, which supports 40%+ incremental margins," said Susquehanna analyst Mehdi Hosseini in a Wednesday investor note. "We note that KEYS has exposure across the entire networking stack, from product development (software emulation) through to testing, which we view as a positive," Hosseini added. "Full-stack coverage allows KEYS to engage early in product design, increasing the stickiness of its testing solutions downstream. Finally, we view the setup into 2H26 as constructive, with growth spanning all end-market segments." Shares of Keysight initially increased more than 8% during post-market trading on Tuesday after it released its second quarter fiscal 2026 results . However, the rally retreated, and shares were down about 2% during pre-market trading on Wednesday....

美国联邦参议员伊丽莎白·沃伦日前致信美联储负责监管事务的副主席米歇尔·鲍曼，要求美联储立即更新2026年大型银行压力测试的情境设定，以充分反映近期中东地缘冲突升级对全球能源市场及经济带来的冲击。 沃伦在信中指出，美联储当前的压力测试框架应当有机纳入历史经验与最新的现实变化。鉴于近几周现实中已出现剧烈的石油价格冲击，美联储必须及时调整测试情境，以确保评估环境明显严于预期的经济基准情形。她要求美联储明确说明计划何时完成此次情境更新。 责任编辑：龙运翔

长江存储为长控集团全资子公司。 继长鑫科技之后，又一国产存储芯片龙头筹备IPO。长江存储控股股份有限公司（下称“长控集团”）启动IPO辅导。 5月19日，证监会网站信息显示，长控集团已办理上市辅导备案登记，辅导机构为中信证券与中信建投，正式启动A股IPO进程。就在同日，长控集团控股的武汉新芯集成电路股份有限公司（下称“新芯股份”）撤回科创板IPO申请。 长控集团全资控股的长江存储科技有限责任公司（下称“长江存储”）情况备受市场关注，该公司为存储器IDM企业，主营3D NAND闪存晶圆及颗粒。正排队审核IPO申请的长鑫科技，专注于DRAM（动态随机存取存储器）产品的研发、设计、生产及销售。根据上交所官网信息，长鑫科技的IPO申请将于5月27日上会审核。 在资本市场高度关注存储芯片，以及长鑫科技等推进IPO进程的背景下，投资者也较为关心上市公司参股长江存储或者业务合作情况。根据公开资料，养元饮品直接参股长控集团，麦捷科技、江波龙、艾森股份等公司则明确有业务往来。 子公司撤单，长控集团接力IPO 长控集团前身为“长江存储科技控股有限责任公司”，系一家半导体领域的控股型公司。旗下有核心子公司长江存储。 根据长江存储官网信息，该公司是一家集芯片设计、生产制造、封装测试及系统解决方案产品于一体的存储器IDM企业，为全球合作伙伴提供3D NAND闪存晶圆及颗粒，嵌入式存储芯片以及消费级、企业级固态硬盘等产品和解决方案。其中，3D NAND为非易失性闪存的主要类别之一，拥有特殊的纵向多层结构， 可以较大提升存储密度。 另据新芯股份2025年9月份披露的招股说明书，长控集团持有新芯股份68.19%的股权，持有长江先进存储产业创新中心有限责任公司39.47%股权。 新芯股份是国内的半导体特色工艺晶圆代工企业，聚焦于特色存储、数模混合和三维集成等业务领域。 也就是说，目前长江存储与新芯股份都是长控集团旗下的兄弟公司。 5月19日，排队了1年8个月左右的新芯股份撤回科创板IPO申请。就在当日，长控集团与中介机构签署了辅导协议，辅导券商为中信证券、中信建投，律师事务所为上海市锦天城律师事务所，会计师事务所为德勤华永会计师事务所(特殊普通合伙)。 根据辅导工作安排，辅导前期阶段，中介机构对公司改制与设立、资产资质、财务状况、合法合规情况、主营业务与核心竞争力等进行全面核查，针对核查情况提出专业...

推动小微金融从“规模驱动”转向结构优化与质量提升。 小微企业金融政策思路发生重要转变。 5月19日，金融监管总局印发《关于做好2026年小微企业金融服务工作的通知》（下称《通知》），总体要求提出普惠信贷要“稳投资、优结构、提质量、可持续”。 金融监管总局每年都会发布小微金融服务专门法规，从2024年提出普惠信贷“保量、稳价、优结构”，到2025年提出普惠信贷“保量、提质、稳价、优结构”。2026年最大亮点是取消小微贷款增速指标。同时将“普惠小微增速不低于各项贷款增速”改为“提供与经济发展相适应，与小微企业、民营企业需求相匹配的信贷供给，实现贷款质的有效提升和量的合理增长”。 取消增速硬指标 《通知》最大的亮点在于推动小微金融从规模驱动转向结构优化与质量提升。 金融监管总局最新数据显示，2026年一季度末，银行业金融机构普惠型小微企业贷款余额38.8万亿元，同比增长9.9%。普惠型涉农贷款余额15万亿元，同比增长9.5%。 “规模快速扩张的背后，深层次矛盾越发突出。”招联首席经济学家董希淼对第一财经表示，部分银行为完成考核指标、应对激烈竞争，在贷款发放环节出现数据造假行为，通过虚增贷款规模、伪造借款主体、与贷款中介合谋等手段，使得小微金融资源被挤占和错配。 这种主观违规问题，叠加小微企业有效需求不足使得小微金融面临“量增质降”的不可持续风险。 董希淼认为，这也直接倒逼金融监管政策从追求“量的增长”果断转向强调“质的提升”与真实资产质量管控。 《通知》不再设定全国统一的硬性贷款增速考核指标，而是提出银行业金融机构要着力提供与经济发展相适应，与小微企业、民营企业需求相匹配的信贷供给，实现贷款质的有效提升和量的合理增长。各金融监管局要结合当地经济发展实际和小微企业融资需求，加强对辖内银行业金融机构的统筹指导，合理确定普惠型小微企业贷款投放力度。 法询金融监管研究院院长孙海波认为，小微硬性考核指标已经逐步在放松，2024年和2025年只保留了单一的增速指标，2023年之前是两增两控指标。总体也和银行业面临的大环境相关，小微信贷单纯从量上看持续增长几乎不可能。尤其是抵押品价值也面临下跌的环境下。 资产质量压力也是倒逼监管思维转换的一个关键因素。 金融监管总局数据显示，净息差与不良率“倒挂”的局面还在持续。今年一季度，代表银行业核心盈利指标的净息差进一步下探至1.40%，不良贷款...

转向适配本地支付习惯。 继东南亚、欧美之后，中国支付机构的海外牌照布局正持续向更多新兴市场延展。 5月19日，港股上市公司连连数字（02598.HK）公告称，已获得迪拜金融服务管理局（DFSA）颁发的第3D类支付牌照。根据公告，该牌照允许其在迪拜国际金融中心（DIFC）开展支付账户运营、支付交易执行、支付工具发行、账户信息服务及支付发起服务等业务。 在国内支付行业费率持续承压、增量市场趋近饱和背景下，越来越多支付公司正将“出海”视为第二增长曲线。从早期服务跨境电商收款，到布局全球本地收单，再到构建本地钱包、清结算与风控体系，中国支付机构的海外战略正从“跨境支付”升级为“全球支付”。 从“跨境收款”到“全球支付” 过去十年，中国支付机构出海大多围绕中国跨境电商展开。 最早阶段，支付机构主要为中国卖家提供海外收款、结汇及资金回流服务；随后，随着中国企业全球化扩张，支付机构开始布局本地收单、本地钱包及企业金融服务。 如今，行业竞争已进一步升级。一位跨境支付行业人士告诉记者，当前支付机构的战略目标已不再只是服务“中国商家”，而是逐渐演变为服务全球商户与本地消费者。“过去是帮助中国企业把海外的钱收回来，现在则是希望成为当地支付基础设施的一部分。” 这一转变，从全球牌照布局的加速即可见一斑。目前，PingPong已持有60余项全球支付牌照及许可；移卡则拥有中国香港MSO、新加坡MPI、美国MSB及美国MTL等牌照；CoGoLinks结行国际近期亦宣布获得阿联酋金钱服务许可。 在这一过程中，牌照布局的区域结构也在发生变化。除欧美与东南亚等传统重点市场外，中东、拉美等新兴市场的参与度正在提升，并与中国香港、新加坡等区域枢纽共同构成更分层的全球合规网络。 例如，Airwallex空中云汇2025年在获得巴西央行支付牌照后，又通过收购墨西哥持牌机构MexPago切入拉美市场，并已在澳大利亚、新加坡、中国香港、中国内地、日本、英国、欧盟、美国等多地完成牌照布局，形成覆盖主要贸易走廊的全球网络。连连数字目前亦累计持有66项支付牌照及相关资质，覆盖中国内地、中国香港、新加坡、美国、英国、卢森堡、泰国及印尼等市场。 业内普遍认为，支付机构加速获取海外牌照的核心驱动力仍在于利润结构变化。国内支付市场竞争高度饱和，费率长期维持在0.3%至0.6%区间，而跨境支付费率通常可达1.5%至3%，成为重要...

Robert Way With more than 800 exchange traded funds tied to its performance, NVIDIA’s ( NVDA ) upcoming earnings report on Wednesday evening is poised to have sweeping implications across the broader ETF market. According to industry data, 803 ETFs currently hold shares of the chipmaking giant, collectively owning roughly 3.7B shares of the company. The closely watched results arrive as investors continue to monitor demand tied to artificial intelligence infrastructure, a key driver behind Nvidia’s surge to become the largest publicly traded company by market capitalization. Any significant move in the stock following the earnings release could quickly ripple through a wide range of funds, particularly those heavily concentrated in large-cap technology and semiconductor holdings. Market participants are expected to scrutinize Nvidia’s outlook for AI-related spending, revenue growth, and profit margins as volatility across the tech sector remains elevated ahead of the report. Outlined below are the 25 ETFs that have the largest portfolio allocations towards NVDA: GraniteShares 2x Long NVDA Daily ETF ( NVDL ), 26.38% allocation. Global X PureCap MSCI Information Technology ETF ( GXPT ), 22.93% allocation. iShares ESG Advanced MSCI USA ETF ( USXF ), 20.85% allocation. Strive U.S. Semiconductor ETF ( SHOC ), 19.98% allocation. Direxion Daily Technology Top 5 Bull 2X ETF ( TTXU ), 19.94% allocation. Fidelity MSCI Information Technology Index ETF ( FTEC ), 19.14% allocation. Tradr 1.75X Long NVDA Weekly ETF ( NVDW ), 18.9% allocation. Natixis Loomis Sayles Focused Growth ETF ( LSGR ), 18.69% allocation. Touchstone Large Company Growth ETF ( TLG ), 18.67% allocation. Vanguard Information Technology ETF ( VGT ), 18.59% allocation. Touchstone Sands Capital US Select Growth ETF ( TSEL ), 18.32% allocation. Nuveen ESG Large-Cap Growth ETF ( NULG ), 18.15% allocation. CastleArk Large Growth ETF ( CARK ), 17.77% allocation. American Century Focused Dynamic Growth ETF ( FDG ), 17...

*ST高科公告，全资子公司北京高科智链科技有限公司拟与上海晨启教育科技有限公司共同投资设立高科晨启教育科技有限公司。其中，高科智链认缴出资780万元，占注册资本的65%；上海晨启认缴出资420万元，占注册资本的35%。高科晨启教育科技有限公司定位为国内及国际教育咨询服务平台，专注于海外院校合作、升学规划-留学规划-就业指导一站式服务、AI教育咨询等业务。