为调结构、防风险、促改革留出空间 摘要 事件：3月5日，国务院总理李强代表国务院，向十四届全国人大四次会议作政府工作报告。 一、主要经济目标设定为区间形式，为调结构、防风险、促改革留出空间 “4.5%-5%”的经济增长目标，为调结构、防风险、促改革留出空间。 “改革”和“创新”是本次报告的高频词，或意味着2026年经济工作重点在于制度改革和创新发展。对应地，经济增速目标中，4.5%的增速下限，既是保障就业民生、稳定财政收入、防风险的前提，也与2035年远景目标的总体要求相衔接。5%的增速上限结合“努力争取更好结果”的政策表述，明确政策保持积极主动的核心取向。 向 “改革”要红利，2026年统一大市场建设、财税金融改革、民生保障相关改革、绿色低碳转型等或加快推进。 统一大市场建设或可着重关注“反内卷”等；就业帮扶、“一老一小”等民生保障改革与居民增收计划或为扩内需提供持续支持，服务消费或是新增长点；财税金融改革中，消费税相关改革值得重点跟踪。扩大制度型开放将同步加速，或侧重服务业领域，并加速对接CPTPP等高标准经贸规则。 报告披露 “十五五”规划的主要目标指标、重大战略任务和重大工程项目。 “十五五”GDP目标增速延续“保持合理区间、年度视情提出”的务实基调，锚定2035年人均 较 2020年 GDP翻番的的长远目标。研发投入维持7%以上的年均增速，提出数字经济核心产业增加值占GDP比重达12.5%。单位国内生产总值二氧化碳排放目标累计降低17%。人口教育与健康等指标均有上调，粮食及能源产能目标被重点提及。 二、“既要政策给力，也要改革发力”，用改革的办法打通经济循环的卡点堵点 “既要政策给力，也要改革发力”是核心施策导向。 报告延续 2025年中央经济工作会议的政策基调，在突出“发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度”、强化政策协同与精准滴灌的基础上，更加强调改革作用，提出“要用改革的办法打通经济循环的卡点堵点，将政策效果转化为经济内生增长动能”。统一大市场建设、财税金融改革、制度型开放等或加快推进。 财政政策延续 “更加积极”的总基调，政策力度保持平稳、投向结构持续优化。 2026年赤字率拟按4%左右安排，与2025年持平，对应赤字规模5.89万亿元，较上年增加2300亿元；拟发行超长期特别国债1.3万亿元；拟发行3000亿元特别国债支持国有...

格隆汇3月6日｜据华尔街日报：阿联酋考虑冻结伊朗资产，以惩罚其袭击行为。

格隆汇3月6日｜两名美国高级官员：美国已发布为期30天的临时豁免，允许向印度出售目前滞留在海上的俄罗斯石油，以缓解全球石油市场的压力。

Garnacho gets his chance to stake a claim, a big day for Port Vale and more scheduling concerns for Guardiola Who would have thought approaching mid-March Wolves would be the Midlands team – at least in the Premier League – with the most to cheer? Aston Villa, while fourth and still capable of securing a place in the Champions League, are wobbling. Nottingham Forest are fighting relegation. In the Championship, Coventry are at the summit but West Brom and Leicester are in danger of dropping into League One. Wolves and third-tier Mansfield are the only Midlands sides remaining in the FA Cup and, while the latter host Arsenal, the former may quietly fancy their chances when Liverpool visit Molineux for the second time in four days. Rob Edwards’s side triumphed on Tuesday and, while it got lost amid the stoppage-time drama, he made several changes with Friday’s Cup tie in mind. “Does it have to be one or the other?” Edwards said. “No, so we are going to try and win both. It is going to be a really exciting night.” Ben Fisher Wolves v Liverpool, Friday 8pm (all kick-offs GMT) Mansfield v Arsenal, Saturday 12.15pm Wrexham v Chelsea, Saturday 5.45pm Newcastle v Manchester City, Saturday 8pm Continue reading...

The patient was in Gibraltar. The surgeon was in London. The outcome was a remarkable triumph for remote robotic surgery that saved the life of a 62-year-old football fan with prostate cancer. Inside the operating theatre at St Bernard’s, the only hospital in the British overseas territory, a hi-tech robot with four arms, and fitted with a 3D camera, removed the prostate of Briton Paul Buxton, who moved to Gibraltar 40 years ago. Performing the procedure 1,500 miles away, from London’s Harley Street district, was Prof Prokar Dasgupta, a professor of urology who heads The London Clinic’s robotic centre of excellence. With the help of technology services provider Presidio, Dasgupta used a console in London to guide the Toumai Robotic System, made by Microport, through an intricate sequence of steps to successfully give Buxton a prostatectomy, a surgical removal of the prostate. The procedure went to plan with a lag of only 0.06 seconds between the surgeon in London and the robot in Gibraltar. After his unique experience, Buxton said he felt “fantastic” within days. View image in fullscreen Prof Prokar Dasgupta preparing to perform the remote telesurgery operation on 4 March. Photograph: Aaron Chown/PA “A lot of people actually said to me: ‘You’re not going to do it, are you?’” Buxton said. “I thought, I’m giving something back here. “I love football – we’ve gone from being in the Championship to the Champions League as far as surgeons are concerned.” Buxton, originally from Burnham-on-Sea in Somerset, said it was a “no-brainer” to be involved, telling the Press Association he was happy to be the “guinea pig”. After his cancer diagnosis, Buxton had expected to join the NHS waiting list and travel to England because of the complex nature of the operation. But then he got the opportunity to have surgery remotely, and jumped at the chance. “If I hadn’t gone for the telesurgery in Gibraltar, then I would have had to have flown to London, I would have had to go on the NHS w...

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汽车之家发布公告，2025年第四季度，该集团取得净收入总额14.62亿元，归属于汽车之家（HK2518）的净利润约2.34亿元，归属于汽车之家的经调整净利润约3.04亿元，每股基本净利润0.48元。2025年全年，净收入总额64.52亿元，归属于汽车之家的净利润约14.43亿元，归属于普通股股东的净利润13.85亿元，普通股每股基本净利润2.95元。 汽车之家2025年归属于公司净利润为14.43亿元（2.06亿美元），较上年同期的16.81亿元下降14.2%；2025年归属于普通股股东的净利润为13.85亿元（2亿美元），较2024年同期的16.2亿元下降14.5%。 2025年归属于汽车之家的经调整净利润（非美国通用会计准则）为16.07亿元（2.3亿美元），较2024年的20.5亿元下降21.6%。 Q4营收14.62亿 同比降18% 汽车之家2025年第四季度净收入为14.62亿元（2.09亿美元），较2024年同期的17.83亿元下降18%。 其中，汽车之家2025年第四季度媒体服务收入为3.34亿元（4770万美元），较上年同期的4.37亿元下降23.6%，同比下降主要由于燃油车销量下降导致燃油车厂商减少了广告支出。 汽车之家2025年第四季度线索服务收入为6.68亿元（9550万美元），较上年同期的7.58亿元下降11.9%。 汽 车之家2025年第四季度在线营销及其他收入为4.6亿元（6580万美元），较上年同期的5.88亿元下降21.8%。 汽 车之家2025年第四季度净利为2.24亿元（约3199万美元），较上年同期的3.13亿元下降28%。 2025年第四季度归属于汽车之家的净利润为2.34亿元（3340万美元），较上年同期的3.21亿元下降27%。 汽车之家2025年EBITDA为2.79亿元（约3995万美元），较上年同期的3.9亿元下降28.5%。 拟斥资2亿美元回购 在2024年9月4日起生效的股票回购计划期内，公司已回购7,116,939股美国存托股，总金额约为1.85亿美元。 2026年3月5日，汽车之家董事会授权批准了一项新的股票回购计划，根据该计划，公司可在未来18个月内回购至多2亿美元的美国存托股。

Japan could build a “China-free” supply chain for defence equipment, but doing so would be costly and could take years as Tokyo tries to reduce its reliance on a strategic rival, analysts have said. The debate gained urgency after Defence Minister Shinjiro Koizumi last week said Tokyo should consider creating a “China-free” supply chain for defence equipment, following Beijing’s ban on exports of dual-use items to Japan. Speaking during a Lower House Budget Committee session, Koizumi said reducing reliance on Chinese exports was important. Advertisement Koizumi citied his observations from a recent visit to Los Angeles, saying American drone companies did not use parts manufactured in China, and noting the importance of boosting “self-reliance”. Japan’s Defence Minister Shinjiro Koizumi has noted the importance of boosting “self-reliance”. Photo: Kyodo Grant Newsham, a senior research fellow at the Japan Forum for Strategic Studies, said a “China-free” supply chain was feasible as the Japanese government was better able to influence the behaviour of private companies. Advertisement “If the ‘will’ exists and the shift is done with a focus on specific key equipment and hardware … relatively fast progress is possible. This can have a snowball effect,” Newsham said.

全國多地以煙花匯演和璀璨燈飾迎接馬年到臨，多地活動延續至正月十五元宵節。從北國冰城到西南邊陲，處處洋溢節日氣氛。 長春冰雪新天地：煙花映冰雕 14萬人次潮湧 在吉林長春，冰雪新天地主題樂園上演璀璨煙花匯演，繽紛煙火在造型各異的冰雕雪塑上空綻放，將冰雪世界染上絢麗色彩。園區從小年至除夕期間，已接待約14萬遊客。 來自當地的遊客孟非在煙花下道出新歲願望：「這麼多朋友一起過除夕，太熱鬧了，太有年味兒了！闔家團圓，身體健康，這就是幸福的春節。祝願祖國繁榮昌盛，國泰民安！」 濟南：趵突泉畔花燈亮 「泉城」迎春祈好運 在山東濟南，除夕夜趵突泉公園花燈如期亮起，點亮這座「泉城」。春節期間到泉邊漫步相傳能帶來好運，奔流不息的泉水象徵祝福連綿，精緻花燈與古典園林建築交相輝映。遊客陳玉坤表示：「我深深地愛着我的祖國，感恩生於盛世，可以看到這麼美的景色，跟家人團聚，跟家人一起玩樂，這也是一種樂趣。」 西雙版納：夜市煙花綻放 瀾滄江畔慶馬年 在雲南西雙版納傣族自治州，一個夜市同樣舉辦了璀璨煙花匯演慶祝馬年。煙花在瀾滄江上空綻放，照亮夜空，下方萬盞燈籠將熱鬧的夜市映襯得格外繽紛。

Explore the exciting world of Stratasys (NASDAQ: SSYS) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities! *Stock prices used were the prices of Jan. 21, 2026. The video was published on March 5, 2026. Continue reading

Asia’s $8 trillion in foreign-exchange reserves are giving central banks more firepower to defend their currencies as the escalating Middle East war drives up energy prices, a key risk for the region’s oil-importing economies. Indonesia, India and Taiwan have already stepped into markets, while China signaled support through its daily reference rate. Other authorities have so far limited themselves to verbal warnings as they monitor volatility. Currencies across the region have come under pressure as investors weigh the impact of higher oil prices on the import bill, inflation, growth and fiscal balances, with sharp depreciation risking capital outflows. The Indian rupee fell to a new record this week, the South Korean won hit levels last seen during the global financial crisis, and the Indonesian rupiah slid to a six-week low. “FX stability anchors financial stability and heavy speculative positioning tends to have negative feedback loop for macros and markets, more than what the fundamentals demand, thus requiring central banks to be on guard,” said Madhavi Arora , chief economist at Emkay Global Financial Services Ltd. Foreign-exchange reserve piles across major central Asian banks have risen by $600 billion from the end of 2024, according to Bloomberg calculations. Authorities have been mopping up inflows over the past year, while a rally in gold prices and a weaker dollar have also raised the value of their holdings. Policymakers are now drawing on that buffer to manage the fallout from the war in Iran. The stakes are significant: a 10% rise in oil prices cuts Asia’s current account balance by about 0.3% of gross domestic product on average, according to Nomura Holdings Inc. Indonesia is intervening in currency markets and will continue “firm and consistent interventions” in offshore non-deliverable forwards as well as in onshore NDF, spot and bond markets, Bank Indonesia’s Senior Deputy Governor Destry Damayanti said Wednesday. Later in the day, Fitch Ratings ...

Watch US Considers Permits for Global Nvidia, AMD AI Chip Sales | Bloomberg Tech 3/6/2026 Bloomberg.com

机构认为，市场短期调整有结束迹象。 【财经日历】 十四届全国人大四次会议经济主题记者会 恒生指数系列季度调整于收市后实施 美国2月失业率、2月季调后非农就业人口 ►►央行公告，为保持银行体系流动性充裕，2026年3月6日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为3个月（91天）。 ►►世界黄金协会称，2月全球黄金ETF净流入53亿美元，实现连续第九个月资金流入。由于金价持续上涨推高估值，全球黄金资产管理总规模（AUM）攀升至7010亿美元的历史新高，全球持仓量达到4171吨。北美和亚洲地区是资金流入的主要驱动力，而欧洲受1月下旬抛售潮的影响，在月初出现了资金流出。全球日均交易量降至4780亿美元，但仍远高于2025年的水平。 ►►3月5日，比亚迪董事长王传福在当日的技术发布会上表示，第二代刀片电池从10%到70%的充电速度仅5分钟，从10%到97%的充电速度仅9分钟。 ►►阿里千问大模型技术负责人林俊旸及部分团队成员离职后，记者关注到，智谱近日在GLM团队的一份最新招聘中，开放Date Infra、AI Coding、Agent、GLM基座研发、GLM后训练、Infra、多模态、评测、创新方向等岗位，招聘海报在对求职者的画像要求中，特别附注了“某大厂某团队的高优面试直通车”。 ►►据新华社，美国《政治报》5日报道称，美国并未为对伊朗军事行动扩大化做好“充足准备”，目前正追加人力等资源以支持战争持续“至少100天甚至到9月”。 ►►当地时间周四，美股三大股指集体收跌，道指跌近800点。截至收盘，道指跌1.61%，标普500指数跌0.56%，纳指跌0.26%。 科技股涨跌互现。博通涨4.80%，微软涨1.35%，亚马逊涨0.98%，英伟达涨0.16%；超威半导体跌1.30%，Meta跌1.07%，苹果跌0.85%，谷歌-C跌0.84%，谷歌-A跌0.74%，特斯拉跌0.10%。 纳斯达克中国金龙指数收跌1.43%。阿里巴巴跌2.19%，拼多多跌0.44%，网易跌2.64%，百度跌0.88%，腾讯音乐跌4.67%，富途控股跌1.22%，贝壳跌4.40%，理想汽车跌2.03%，中通跌1.71%；京东涨0.28%，携程涨2.16%，小鹏汽车涨1.08%，唯品会涨1.11%，小马智行涨0.67%。 大宗商品方面，金价由涨转跌，...

财联社3月6日讯（记者 闫军） 作为十五五规划的开局之年，今年的政府工作报告不仅定调当年的经济社会发展目标，更是打通短期任务单与长期路线图，系统铺开了未来五年的战略蓝图。 面对新的宏观环境与发展任务，今年的政府工作报告多个“首次”的提法透露出哪些新信号？资本市场如何响应并布局新一轮投资蓝图？投资主线何在？多家头部基金公司第一时间对报告进行了深度解读，为投资者梳理出清晰的政策脉络与投资逻辑。 报告新亮点：弹性经济发展目标务实，长远蓝图并重 在基金公司看来，2026年政府工作报告在宏观目标设定上展现出显著的“弹性”与“务实”特征，政策工具箱的运用也更具创新性。 首先，经济增长目标的设定方式迎来新变化。 政府工作报告明确今年GDP增长目标为4.5%-5%，城镇新增就业1200万人以上。 创金合信基金首席经济学家魏凤春指出，这一目标务实守底、弹性有度，契合转型期总量与结构平衡。富国基金同样认为，除GDP增速目标从2025年的“5%左右”调整为区间值外，城镇调查失业率、居民消费价格涨幅等指标维持不变，体现了“稳中求进”的总基调。 景顺长城投研团队进一步分析，这是2020年以来我国首次采用区间式增长目标，4.5%的下限划出了经济增长的底线，而强调“在实际工作中努力争取更好结果”，则体现了务实进取的态度。 其次，财政与货币政策协同发力，工具创新层出不穷。 政府工作报告提出继续实施更加积极的财政政策，赤字率维持4%。 对此，景顺长城指出，今年财政政策亮点上，赤字率连续第二年维持在4%的高位，赤字规模达5.89万亿元，一般公共预算支出首次站上30万亿元大关。在债券发行上，安排1.3万亿元超长期特别国债和4.4万亿元专项债。 摩根资产管理认为，继续通过适当的财政扩张促进经济稳定增长，扩大内需和科技创新在今年仍然被定位为推动经济增长的优先事项。货币政策方面，明确继续实施适度宽松的货币政策。 “政策坚持总量合理充裕、结构精准导向，不搞大水漫灌，意在打通宽货币到宽信用的传导。”魏凤春点评称。 最为引人注目的是，今年政府工作报告首次系统铺开“十五五”蓝图和109项重大工程。 财通基金指出，报告不再只是“年度任务单”，而是把中长期路线图和当年工作打通。在“十五五”目标中，多项具体民生指标被量化，如劳动年龄人口平均受教育年限提高到11.7年、人均预期寿命提高到80岁等，让发展方向“看得见、算得动”...

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Canadian backpacker Piper James died “as a result of drowning” following a dingo attack at K’gari , the Queensland coroners court says. The court on Friday said Piper’s cause of death had been determined by a forensic pathologist and accepted by the investigating coroner. “Piper died as a result of drowning in the setting of multiple injuries, due to, or as a consequence of a dingo attack,” a spokesperson for the court said. “The investigation into Piper’s death is ongoing, and no further information can be provided at this time.” The 19-year-old’s trip to Australia ended in tragedy when she was found dead on a beach in January on the world heritage-listed island formerly known as Fraser Island off the Queensland coast. The coroners court said in January that the autopsy had found “physical evidence consistent with drowning and injuries consistent with dingo bites”. “Pre-mortem dingo bite marks are not likely to have caused immediate death. There are extensive post-mortem dingo bite marks. There is no evidence that any other person was involved.” It had been speculated that James could have entered the water to escape dingoes before drowning. K’gari is home to about 150 human inhabitants and a population of dingoes genetically distinct from those on mainland Australia. Violent dingo and human interactions have been increasing in recent years. In 2023, a pack of three dingoes rushed and bit a woman who was jogging along a beach. She ran into the ocean to escape. A dingo was shot and killed with a spear gun in 2024, and several others were put down after attacking people.

Earnings Call Insights: Atea Pharmaceuticals, Inc. (AVIR) Q4 2025 Management View Jean-Pierre Sommadossi, Founder, Chairman, CEO & President, reported substantial clinical progress, highlighting advancement in the global Phase III program evaluating bemnifosbuvir and ruzasvir for HCV infections. He stated, "Due to the rigorous execution of our two pivotal Phase III trials, C-FORWARD and C-BEYOND, we expect top line readout this year for both trials." The company also announced the expansion of its antiviral hepatitis pipeline to include immunocompromised patients with chronic hepatitis E infection and selected AT-587 as the lead candidate for this indication. Sommadossi added, "We anticipate our cash runway will extend through 2027." Andrea Corcoran, CFO, reported, "We are pleased to report that our cash and investments were $301.8 million at December 31, 2025." She continued, "The funds expended in 2025 were principally directed to the advancement of our HCV Phase III program...and to discovery efforts leading to the nomination in January 2026 of AT-587 as the lead product candidate for the treatment of HEV." Outlook The company expects to complete enrollment for C-FORWARD by midyear and report top line results for C-BEYOND midyear, with C-FORWARD results expected by year-end. Sommadossi stated, "We anticipate initiating a first-in-human study [of AT-587] midyear." Corcoran indicated, "We expect to realize value-creating milestones for both programs and project our cash runway to extend through 2027." Financial Results As of December 31, 2025, Atea reported $301.8 million in cash, cash equivalents, and marketable securities. The company returned $25 million to shareholders through a share repurchase program in 2025. Corcoran noted, "For R&D expenses quarter-over-quarter and year-over-year, there was an increase in 2025 compared to 2024. The net increase in 2025 was principally driven by an increase in external spend for our HCV Phase III clinical development, offse...

今日，京东集团（09618.HK）公布2025年第四季度及全年业绩，2025年全年，实现收入1.31万亿元，同比增长13%；归属于母公司普通股股东的净利润为196.31亿元，去年同期为413.59亿元， 同比减少 52.54%。 来源：京东集团业绩 从各业务板块盈利情况来看，2025年全年京东零售实现收入1.13万亿元，同比增长10.87%，京东 物流 实现收入2171.46亿元，同比增长18.76%；包括外卖在内的新业务实现收入492.82亿元，同比增长157.25%。 单季度来看，去年第四季度京东零售实现收入3019.02亿元， 同比减少 1.68%，京东物流实现收入635.31亿元，同比增长21.95%；包括外卖在内的新业务实现收入140.85亿元，同比增长200.9%。此外，2025年第四季度，京东实现收入3522.84亿元，同比增长1.5%；归属于母公司普通股股东的净损失为27.13亿元。

十四届全国人大四次会议首场“部长通道”集中采访活动3月5日举行。工业和信息化部部长李乐成表示，“人工智能+制造”是一个必答题，不是一个选择题。“今年，我们将大力推动“人工智能+制造”，制造业的各行各业都要拥抱人工智能，深度挖掘高价值的应用场景，培育一批高水平的典型应用，打造一批特色智能体。 中国银河证券彭雅哲指出，“人工智能+制造”可遵循“上游—中游—下游”三条投资主线。上游聚焦制造场景适配的算力、芯片与工业软件智能化升级，强调“可落地、可适配”而非单纯规模扩张。中游作为政策资源与应用需求最集中的环节，行业解决方案与智能装备的工程化落地和规模化推广具备更强弹性。下游围绕数据治理、模型安全评测与系统运维等生态服务，由配套选项逐步转为规模化应用的刚性支撑，适合中长期持续跟踪。 据财联社主题库显示，相关上市公司中： 中控技术 推出时间序列大模型TPT2，通过大模型与控制系统的深度结合，推动工业AI加速走向规模化落地。 鼎捷数智 业务领域已全面覆盖工业软件的四大类别，包括研发设计类、数字化管理类、生产控制类及AIoT类，并持续推进鼎捷雅典娜平台的研发升级与数智驱动的AI新应用拓展。

Earnings Call Insights: Grove Collaborative Holdings, Inc. (GROV) Q4 2025 Management View CEO Jeff Yurcisin opened by stating, "We delivered on our revised full year 2025 revenue and adjusted EBITDA guidance, and we returned to positive adjusted EBITDA in the fourth quarter. This was our first positive adjusted EBITDA quarter in the last 6 quarters, and the result reflects a deliberate choice to prioritize liquidity and adjusted EBITDA profitability while we work through customer experience disruptions tied to our e-commerce platform migration." Yurcisin highlighted the company’s mission to be the leading destination for clean, sustainable nontoxic products, explaining, "Our mission is also unchanged to be the leading destination for clean, sustainable nontoxic products for every room in the home." He acknowledged challenges in 2025 due to the e-commerce platform migration, which led to higher customer churn, and noted that active customers at year-end were 599,000, down 13% from the prior year. Management launched the Grove Green Rewards loyalty program and released a redesigned mobile app in February, aiming to rebuild customer engagement and stabilize the core experience. Yurcisin stated, "Mobile is too important to the customer experience to tolerate instability. This release restores much of the functionality and experience customers have prior to the migration." The company executed a reduction in force in November expected to generate approximately $5 million of annualized savings. Yurcisin also reiterated a continued evaluation of strategic alternatives, including potential acquisitions, partnerships, and divestitures. CFO Tom Siragusa stated, "Revenue for the fourth quarter was $42.4 million, down 14.3% year-over-year...That decline was partially offset by $2.9 million of QVC revenue driven by 8Greens Today’s Special Value program." Siragusa added, "Our gross margin was 53.0%, an increase of 60 basis points compared to 52.4% in the fourth quarter of 2024. T...

摩根大通 建议对2年期美国国债战术性空头头寸获利了结，称收益率几乎已无进一步攀升的空间。 “2年期美债收益率目前处于1月下旬以来的最高水平，也是去年夏季以来的交易区间顶端，我们认为短期内收益率继续上涨的空间有限，”Jay Barry等策略师在报告中写道，尤其是考虑到美国就业数据将于周五公布。 “我们预计2月非农就业人数增加3万人，略低于市场预期的5.5万人；同时，我们预计失业率将上升0.1个百分点至4.4%”。 油价在过去两周已上涨近20%，市场对美联储降息次数的预期降温，实际收益率随之上升。 “油价面临的风险依然偏向上行，而任何大幅上涨都可能对经济增长产生不利影响，我们以小幅获利状态退出10年期通胀保值债券空头头寸”。 责任编辑：王许宁

winhorse/iStock Unreleased via Getty Images Boeing (NYSE: BA ) and Airbus ( EADSF ) are both working on a multi-year trajectory to ramp up airplane production. While order collection has not been a problem, evident from the nearly 2,000 net orders collected in 2025 , hiking production has been far more challenging, with both jet makers navigating their own set of challenges. In this report, I analyze the airplane orders and deliveries for January. As mentioned in prior analyses, we're uniquely positioned to provide value estimates on orders and deliveries to more closely reflect the actual benefit to the businesses. Below, I have attached the explanation of the analysis methodology from a prior report : Explanation Of Analysis Methodology For Airplane Orders And Deliveries The Boeing Company For this analysis, I use an internally developed tool available on The Aerospace Forum . I will be assessing the net orders and deliveries. For each, I will discuss the units ordered and delivered and the associated dollar value. The net orders provide us with a view of demand. This is a reflection of factors such as pricing and availability. Boeing and Airbus have a total backlog of nearly 15,000 airplanes. So, currently, we're not viewing things through the scope of needing more orders to support or increase production. The fact is that the backlogs have to be brought down to healthier levels, and that can be achieved through higher deliveries. Deliveries are what matter, and that's also the area where we see that neither Boeing nor Airbus has been able to support demand. Assessing the deliveries gives us a view of how the recovery for both manufacturers is pacing. As we assess the broader in-year trends, this report considers the year-to-date figures rather than monthly figures on orders and deliveries. Boeing Takes First Lead Of The Year The Aerospace Forum Boeing booked a total of 71 single-aisle orders compared to 48 for Airbus, while in the wide-body segment, Boeing booke...

Toltek/iStock via Getty Images U.S. w heat futures led grains higher Thursday on the Chicago Board of Trade, as the Middle East conflict drives up the dollar and crude oil. CBOT wheat ( W_1:COM ) for May delivery settled +3% to $5.85 1/4 per bushel, corn ( C_1:COM ) for May delivery ended +2.2% to $4.53 1/2 per bushel, and soybeans ( S_1:COM ) for May delivery finished +0.8% to $11.79 per bushel. Analysts said wheat jumped on the back of drier forecasts for the western plains; while dryness eased slightly from the previous week, conditions are still drier than when they started the year, and traders see the potential for rainfall to turn more sparse in the coming week, Dow Jones reported. CBOT corn and soybeans followed energy futures higher, and have been moving closer to the way petroleum futures move due to the role the grains have as a feedstock for renewable fuels such as ethanol and biodiesel. "The general marketplace is factoring in an extended conflict in the Middle East, as neither side is showing any signs that an end to the attacks is coming anytime soon. That's fueling buying in the grain and soy markets," Brian Grete of Commstock Investments said in a note. ETFs: ( WEAT ), ( CORN ), ( SOYB ), ( DBA ), ( MOO ) More on U.S. grain futures Corn: Runner Up In Oil Spike Commodities: Persian Gulf Disruptions Hitting Upstream Oil Production Commodities: Oil Softens Ahead Of Further U.S.-Iran Talks, Rising Tariff Uncertainty

美东时间3月5日，中东战火的外溢效应席卷全球金融市场。伊朗冲突的持续升级触发恐慌情绪，美股遭遇大幅抛售，国际油价狂飙至多年高位，而避险资产 黄金 意外跳水。这场由地缘政治主导的波动，正重新定价美联储政策路径与全球经济风险。 股市哀鸿遍野，道指盘中暴跌千点 美股三大指数全线重挫，道琼斯指数盘中一度狂泻超1100点，最终收跌784.67点，跌幅达1.61%，报47954.74点；标普500指数跌0.57%，纳斯达克指数相对抗跌，但仍收跌0.26%。欧洲市场同步跟跌，德国DAX、法国CAC40及英国富时100指数均跌超1.4%。 科技股走势分化，微软、亚马逊逆势收涨约1%，博通因 AI芯片 收入预期突破千亿美元而大涨超4%；但Meta、苹果、谷歌均跌近1%。 半导体 板块成为重灾区，费城半导体指数跌1.17%，闪迪跌超5%，应用材料、科天半导体等跌逾3%。中概股多数下跌，纳斯达克中国金龙指数跌1.4%，哔哩哔哩重挫7%，禾赛科技跌超6%。 原油暴涨引爆通胀焦虑 能源市场成为冲突最大赢家。WTI原油 期货 一度飙涨10%，收盘涨超8.5%，报81美元/桶，创2020年5月以来最大单日涨幅；布伦特原油突破85美元，本周累计涨幅均超17%。市场担忧霍尔木兹海峡 航运 持续中断，该水道承担全球约20% 石油 供应。尽管伊朗否认封锁海峡，但巴林炼油厂遇袭、美国航母遭无人机击中等事件加剧供应焦虑。 油价飙升推升通胀预期，交易员大幅下调美联储降息押注。利率互换市场显示，年底前降息预期已从60基点缩水至35基点。明尼阿波利斯联储主席卡什卡利坦言，冲突加剧经济不确定性，利率路径更难研判。 伊朗军方宣称击中美国“林肯”号航母 据央视新闻报道，伊朗武装部队司令部发言人当地时间3月5日宣称，伊朗 伊斯兰 革命卫队海军无人机在阿曼海击中了接近伊朗水域的美国“亚伯拉罕·林肯”号航空母舰，并迫使其撤离。同时，伊朗启动了第21轮“真实承诺4”反击行动，发射 导弹 袭击了特拉维夫的目标。作为回应，以色列国防军也宣布对德黑兰发动了新一轮空袭，并誓言将加大对伊朗政权根基的破坏力度。 冲突的外溢效应已经显现。巴林国家石油公司的主要炼油厂被伊朗导弹击中并引发火灾；阿联酋阿布扎比再次遭到袭击；卡塔尔首都多哈传出巨大爆炸声并提升安全级别；甚至连阿塞拜疆也宣布将报复伊朗的无人机袭击。虽然伊朗常驻联合国代表团否认封锁霍尔...

3月4日全面开源后，阶跃星辰新一代基座模型Step 3.5 Flash的全球热度进一步攀升，模型调用量在OpenClaw（被网友称为“小龙虾”的全球知名开源项目）上已迅速攀升至全球第一。 OpenAI正式发布GPT-5.4，提供“Thinking（思维）”模式，上线ChatGPT、API及Codex平台。同时发布针对复杂任务优化的GPT-5.4 Pro。OpenAI称，在ChatGPT中，GPT-5.4的思维在深网研究方面有所提升，长时间思考时的上下文保留更好——现在用户可以在模型响应过程中打断它，添加指令或调整方向。 中信建投研报表示，AI发展日新月异，大模型持续迭代升级，算力需求非常强劲。如智谱新模型编程能力大幅提升，引发算力需求激增，Seedance视频能力表现非常亮眼，引发业界大佬关注。大模型的商业变现路径畅通，正在从“低价/免费圈地”阶段走向“为高质量付费”阶段，且带动的算力需求非常旺盛。继续看好AI产业链，包括大模型、AI算力链等。 据财联社主题库显示，相关上市公司中： 恒华科技 在投资者互动平台表示，公司深耕电力能源市场，同时积极承接数据中心业务，为数据中心提供用能规划、新能源设计以及能效管理等综合能源解决方案，助力“电力+算力”融合。 海兰信 在海南陵水建设的海底智算中心平台项目，是全球首个海底智算中心平台。该项目规划了超过2000PFlops（FP16精度）的高质量算力集群。

媒体报道，被动元器件作为电子信息产业的“工业大米”，是保障电子设备信号传输、能量存储与电路保护的核心基础。从2025年下半年开始，包括MLCC、电阻、电感、钽电容、磁珠等产品在内的多种被动元器件在不同原因驱使下，已经经过多轮次涨价，价格涨幅普遍在5%至30%。 爱建证券研报指出，AI带动的元器件涨价周期已从存储向核心被动元器件环节延伸。据媒体2月24日报道，全球重要MLCC（多层陶瓷电容）厂商三星电机，正评估旗下产品的定价上调计划。MLCC是电子电路中负责滤波、稳压、储能的核心基础元器件，韩国媒体分析指出，AI服务器迭代带来的结构性高需求，是本轮MLCC涨价预期的核心支撑。AI服务器功耗远高于传统服务器，对高容量、耐高温MLCC的需求激增，单机MLCC用量较一般服务器增加3倍以上。爱建证券认为，全球MLCC涨价周期有望延续至2026年。 据财联社主题库显示，相关上市公司中： 国瓷材料 是全球领先的MLCC介质粉体生产厂商，拥有涵盖所有类型基础粉和配方粉的全系列产品。 宏达电子 2025年共开展了11项自主研发科研项目，其中完成了CTK41B型多层片式瓷介电容器、片式薄（厚）膜固定电阻器贯标扩展，推出了高可靠的多层瓷介和片式电阻器。

今日热点导览 魔法原子回应创始人离职：确有此事，目前技术团队稳定 伊朗：禁止美以欧船只通过霍尔木兹海峡 现货白银向下跌破81美元/盎司 MacBook Neo国补后低至3000多元 亚马逊在机器人部门裁员约100人 TOP 3 大新闻 消费者称在寿司郎吃出寄生虫卵，当地市监局通报 3月2日，有网友发视频称，3月1日他排了三个小时队吃寿司郎，不料却吃到一块全是寄生虫卵的金枪鱼。视频中，一名自称是寿司郎长安天街店主管的工作人员对该网友表示：“您在我们店铺吃了这种带虫卵的金枪鱼，如果今后因为这个鱼片导致您身体受到损伤损害，或感染寄生虫卵各种问题，我们会全程负责到底，包括各种医疗赔偿等问题。” 据微信公众号“门头沟市场监管”消息，3月4日，北京市门头沟区市场监督管理局发布情况通报：针对市民反映“自己在门头沟区长安天街商场寿司郎吃出金枪鱼寄生虫卵”问题，我局高度重视，第一时间组织执法人员到现场进行检查，对店内剩余的金枪鱼板块（赤身）进行证据保存，并开展立案调查。市场监管部门将坚决维护消费者合法权益，依法严肃查处违法违规行为。（中国新闻周刊） 全国人大代表田轩：建议尽量不要调休 全国人大代表田轩在接受采访时表示，尽量不要调休，尽量扩大公共假期。田轩表示，调休确实能够延长假期，但从休息到工作模式的切换是比较难适应的。据公开报道，2023年，清华大学教授田轩在一档节目中谈到调休时就表示，确实调休可以强化释放部分的购买力，但是调休也还是要合理，不要因为调休给居民工作、生活带来困扰，所以建议调休的原则还是适当增加和延长假期，逢周末还是顺延，不要调休，释放快乐消费的活力。（中国青年报） 阿里批准林俊旸离职后，谷歌DeepMind高管“隔空喊话”千问团队加盟 正当阿里巴巴通义千问（Qwen）团队出现人员变动之际，谷歌DeepMind高管“隔空喊话”挖人。3月5日下午，谷歌DeepMind开发团队相关负责人Omar Sanseviero在社交平台喊话千问团队：“如果您想找个新地方来构建优秀的模型，并为开放模型生态系统做出贡献，请联系我们！我们的发展路线图上有很多令人兴奋的内容，未来还有很多工作要做。” 3月5日上午，阿里巴巴CEO吴泳铭在内部邮件中回应千问大模型技术负责人林俊旸离职一事，表示已经批准林俊旸的辞职，感谢其在任期间的贡献；同时宣布成立基础模型支持小组。（界面新闻） 大公司/大事件...