商务部表示，春节假期前两天，各地年味浓厚，购销两旺，其中绿色、智能、健康类消费需求旺盛。商务大数据显示，2月15日，重点平台智能穿戴设备销售额增长1.3倍，智能血压仪、血糖仪增长超60%，有机食品增长52%。服务消费方面，2月15日，重点平台年夜饭预订量增长80.7%，酒店住宿交易额增长32.7%，租车订单量增长54%，冰雪游消费增长1.2倍，避寒游消费增长68%。（商务部）

Famed investor Stanley Druckenmiller, who mentored both Treasury Secretary Scott Bessent and Fed Chair nominee Kevin Warsh, looks to have already made a handsome profit with a well-time bet on Brazil.

Artificial intelligence (AI) stocks have accounted for about three-quarters of S&P 500 (SNPINDEX: ^GSPC) returns since ChatGPT's launch in late 2022, according to JPMorgan Chase . But these Wall Street analysts still see substantial upside in The Trade Desk (NASDAQ: TTD) and Datadog (NASDAQ: DDOG) : Importantly, while most analysts who cover The Trade Desk and Datadog do not expect triple-digit gains in the next year, the majority do think the stocks are undervalued. Here are the important details. Image source: Getty Images. Continue reading

作者：凯蒂・鲁夫 如果你错过了上周五的消息，我们先来划重点： Anduril正洽谈新一轮融资，估值有望翻倍至约 600 亿美元 。 这轮融资值得关注的不只是估值。尽管Anduril的名字里恰好包含 A 和 I，但它并非本轮投资热潮中那种典型的 以 AI 为核心 的初创公司。而此次融资足以说明， 国防科技领域的增长势头依然十分强劲 。 无人机企业 Shield AI 同样在洽谈融资，估值目标为 120 亿美元 —— 该公司凭借自主飞行软件也搭上了 AI 投资热潮。我们获悉，未来几个月内，还有多家更年轻的初创企业有望完成融资。 通用催化风投（General Catalyst）董事总经理保罗・关表示，该机构之所以对国防科技极为乐观，部分原因在于： “全球防务相关的 万亿级市场屈指可数 ，这些领域对全球安全至关重要，目前仍由传统厂商主导，同时正经历 技术变革与地缘格局转型 双重驱动。” 通用催化已投资Anduril，以及其他国防相关企业，包括军用自主装备制造商 Saronic 、Anduril在欧洲的竞争对手 Helsing 。 随着世界（遗憾地）为更多冲突做准备，各国政府不断增加的国防开支，为国防科技企业带来了高额合同。关先生表示，美国国防部已经意识到： “国防科技是战略威慑的关键” 。 他还指出，创业者群体也出现了转变：许多最优秀的 “天才创始人正选择为国防工业体系创业”。 他们甚至不必住在旧金山。该领域许多大型初创公司都位于南加州，在埃尔塞贡多一带聚集尤为密集，这里也被俗称为 “Gundo”。 这类创业者正受到越来越多投资者的青睐。Anduril投资方之一安德森・霍洛维茨（a16z）近期为旗下 “美国活力基金” 募资 25 亿美元 ；同样投资了Anduril的勒克斯资本（Lux Capital）也刚刚完成 15 亿美元 新基金募集。 尽管行业已获得大量投资，但整体规模才刚起步， 退出案例正逐渐增多 。Groq 近期被英伟达收购，背后也有国防因素 —— 这家 AI 芯片新锐曾表示，其系统可用于探测新兴威胁。Anduril或许并不急于 IPO，但 SpaceX 上市 将凸显星链在战时为军方提供支持的价值。 如果 SpaceX 上市顺利，预计国防科技领域的投资者会借此进一步为行业的高估值造势。 责任编辑：郭明煜

格隆汇2月18日｜欧洲斯托克600指数触及新纪录高位，上涨0.7%。

IFSG.OB 互動股市圖表 | 股市 Yahoo 財經

Intel (INTC) Stock Rebounds After 1.3% Drop as Valuation Debate Grows Eudaimonia and Co

Raspberry Pi ( RPBPF ) shares continued their rally on Wednesday after jumping as much as 42% on Tuesday, marking a record two-day gain. The surge followed CEO Eben Upton ’s stock purchase, which halted a months-long slide amid speculation that the company’s products could see increased demand from low-cost AI projects. Two London traders, according to Reuters, said the driver behind the surge was not clear, though the move followed a filing showing Upton bought about 13,224 pounds worth of shares at around 282 pence each on Monday. The stock is still about 50% below a record high hit a year ago. Raspberry Pi was up 21% in London at press time. X user @aleabitoreddit, who has more than 58,000 followers, posted on Monday, “Fun Trade Idea: Long $RPI (Raspberry Pi),” claiming buyers have recently begun hoarding the company's devices because they are far cheaper than “$500‑plus Apple products.” More on Raspberry Pi Holdings plc Seeking Alpha’s Quant Rating on Raspberry Pi Holdings plc Historical earnings data for Raspberry Pi Holdings plc Financial information for Raspberry Pi Holdings plc

ISerg/iStock via Getty Images By Ewa Manthey , Commodities Strategist | Warren Patterson , Head of Commodities Strategy Energy – Oil edges lower Oil prices remain under pressure in early trade today after settling lower yesterday. The decline was largely driven by reports that Iran has reached a “general agreement” with the US on the terms of a potential deal. ICE Brent fell nearly 2% to settle below $68/bbl, while NYMEX WTI ended the session around 1% lower. Recent market reports suggest the two sides could resume negotiations on a new proposal within the next two weeks. European natural gas prices extended losses for a third consecutive session, with TTF settling below EUR 30/MWh yesterday. Milder weather forecasts, including the potential for warmer and windier conditions in the coming days, have offset concerns around low inventories. In addition, slower Asian demand amid ongoing holidays and stronger LNG imports into northwest Europe this month have weighed further on prices. Gas storage levels stand at 33% of capacity as of 16 February, well below the five‑year average of 49% and last year’s level of 44% at this point in the season. Metals – Gold bounces back above $4,900/oz Gold moved back above $4,900/oz this morning as dip buyers stepped in after two days of declines. The earlier pullback had come as the US dollar strengthened and risk‑off sentiment spread across broader markets. Moves were amplified by thin liquidity, with much of Asia closed for the Lunar New Year, leaving prices more sensitive to macro and FX dynamics. While near‑term price action remains sensitive to dollar dynamics and risk sentiment, the recent setback appears corrective. With Asian liquidity set to normalise and macro uncertainty persisting, gold should find stronger underlying support, with constructive fundamentals suggesting further dips are likely to be met by renewed buying interest. Agriculture – Coffee falls on expectations of rising stockpiles Arabica coffee extended losses, ...

Key PointsConsumer-facing tech platforms are powerful business models.

Australian natural gas producer Santos ( STOSF ) plans to reduce its workforce by about 10% following a sharp decline in its fiscal year 2025 profits. The cuts will roughly impact 400 of its 4,000 employees and will target short-term staff and contractors amid project completions and cost-saving efforts. CEO Kevin Gallagher stated the reductions "rightsize" operations post major growth projects like Barossa and Pikka, shifting to a low-cost model. Its FY net profit after tax dropped 25% to $898 million, while attributable net income fell 33% to $818M, missing analyst expectations due to lower oil and gas prices. Its annual sales revenue fell by 8% to $4.94B More on Santos Limited Seeking Alpha’s Quant Rating on Santos Limited Historical earnings data for Santos Limited Dividend scorecard for Santos Limited Financial information for Santos Limited

格隆汇2月18日丨英伟达涨1.68%，美光科技涨1.43%，MetaPlatforms涨1%。

2026年2月18日截至12时，外滩滨水区累计客流量约6.79万人次，同比上升36.2%。南京路步行街累计客流量约8.8万人次，同比上升25.7%。豫园核心区累计客流量约7.66万人次，同比上升37.4%。（上海发布）

Vilotti/iStock via Getty Images Suburban Propane ( SPH ) has been around for a while. But the model on which it is based is another matter. Anytime you see a limited partnership model, most investors think "income". But Suburban Propane distributes natural gas at the retail level. This was covered more in the last article to result in a strong sell. Since the main idea still holds, I am not about to change my stance. This is a very weather dependent business, even though natural gas is often considered a utility by many. Furthermore, as a retailer, there is less benefit from a hot summer than is the case for some of the upstream companies that I follow. That means the earnings emphasis is on the winter. It is a very unpredictable variable distribution entity as a result. It therefore should not surprise anyone that I recommended this stock after the distribution was cut back around 2018 because of a series of warm winters. Generally, there will be a cold winter sooner or later. As usual, the "buy low" part of the deal is just hard to execute. After all, things will look dire after a warm winter and really not much hope of a significant profit until the next winter. Nonetheless, that idea did not really work out. It was a combination of the weather going forward and a reduction in the market valuation compared to the past. For an investor, that is a lot of bad things happening at one time that can be prevented by avoiding the whole situation in the first place. The last article spent time on the weather uncertainties. But as shown below, there is more to worry about than just the weather. Suburban Propane Key Ratio Summary And Trend (Suburban Propane Partners Corporate Presentation December 2025) Despite management assertions about conservative balance sheet management, that debt ratio is way out of line for a business that is significantly dependent upon the weather. Management can and should control that debt ratio much more than is the case right now (in my opinio...

格隆汇2月18日｜欧盟委员会主席冯德莱恩主导的振兴欧洲工业总体规划遭到欧盟委员会内部的强烈反对，陷入了僵局。所谓的《工业加速法案》是清洁工业协议的核心内容，在过去一周征求意见后，法案遭到了九个政策部门的批评。这可能会导致该计划的发布第三次延期，而该计划原定于2月26日发布。此次推迟将使布鲁塞尔方面再次陷入困境，他们需要在3月19日至20日的领导人峰会上拿出一套连贯的整体策略，以提升欧盟的经济竞争力。

Nothing is more valuable on Wall Street than data -- and investors are rarely hurting for information that can guide their decision-making. Between earnings season and near-daily economic data releases, it's easy for something of importance to fall through the cracks. For example, Feb. 17 marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission, and it's possible you missed it. A 13F provides invaluable information on which stocks Wall Street's savviest money managers bought and sold in the latest quarter (in this instance, the fourth quarter). Image source: Getty Images. Continue reading

作者：马丁・皮尔斯 这波是直接 “回击” 皮查伊！三个月前，我们独家爆料 Meta 正洽谈斥资数十亿美元采购 谷歌 TPU 张量处理单元 用于数据中心。如今，Meta 与英伟达正式宣布扩大 多年、多代次战略合作关系 。Meta 本就是英伟达的长期客户，而此次更是再度承诺将采购 数百万枚 英伟达 AI 芯片及其他处理器与设备。 目前尚不清楚该协议是否会阻止 Meta 同时购买谷歌 TPU。考虑到 Meta 在 AI 数据中心领域的激进扩张计划，它完全有可能同时向两家采购芯片。但不难推测，Meta 对谷歌芯片表现出兴趣的消息，很可能促使英伟达加大对这家 “脸书母公司” 的销售力度，甚至提供折扣。当然，协议具体条款并未公开，我们也无法确定此次声明是否超出 Meta 原本计划的采购量。 无论如何，这一消息让投资者对英伟达更有信心：这家 AI 芯片巨头股价收盘上涨 1.2%，盘后交易再涨约 1%。 马桶厂商成 “被低估的 AI 概念股” 如今这个世界真的 “颠倒” 了 —— 一家马桶制造商竟被贴上 “被低估、被忽视的 AI 概念股” 标签。据《金融时报》报道，一位激进投资者正是这样形容 Toto（东陶） 这家公司的。 除了卫浴产品，Toto 还为半导体制造设备生产 高精度陶瓷部件 ，其中包括 静电吸盘（electrostatic chuck） 。报道称，这类组件在芯片（尤其是存储芯片）制造中的重要性日益提升，而 AI 热潮正让存储芯片需求暴涨。 （说实话，家里用过 Toto 马桶的人都会说，这东西可一点都不 “被低估、被忽视”，那就是另一回事了。） ServiceNow 高管 “护盘” 难挽颓势 也许现在真该让软件公司去收购 Toto 了，这样或许能让投资者相信它们的业务还有未来。显然，目前软件企业安抚紧张投资者的做法收效甚微。 以 ServiceNow 为例，该公司周二向美国证券交易委员会（SEC）报备：CEO 比尔・麦克德莫特及其他数名高管 取消未来股票出售计划 。这听起来态度很坚决，但考虑到 ServiceNow 股价在过去一年近乎腰斩，高管们此时不愿减持也不足为奇。 更有实际意义的是，公司同时宣布麦克德莫特承诺在本月底 增持 300 万美元公司股票 ，算是 “真金白银” 表态了！但消息并未打动投资者：ServiceNow 股价周二仍下跌 1%。 影视圈 “最长连续剧”...

(RTTNews) - European stocks traded higher on Wednesday as geopolitical tensions eased, and investors reacted to reports of a leadership change at the European Central Bank.

Key PointsNvidia could face a high-expectations problem with its upcoming Q4 update.

Prediction: Nvidia Stock Will Drop After Feb. 25 Yahoo Finance

马年新春到来之际，多位联合国官员、国际组织负责人和多国政要向中国人民表达新春祝福。联合国拉加经委会执行秘书萨拉萨尔、世界贸易组织总干事伊维拉、斯洛文尼亚国民委员会主席洛特里奇、赞比亚信息与媒体部常务秘书卡瓦纳等纷纷送上新春祝福，祝愿中国人民健康与繁荣，事业成功，并对中赞两国的务实合作表示期待。（央视新闻）

Key PointsIn November, the Federal Reserve's Financial Stability Report warned that the S&P 500's valuation was near the upper end of its historical range.

Medal table | Live scores and schedule | Results | Briefing Follow us over on Bluesky | And you can email Tanya Good morning! We’re racing towards the finishing line now in Milan, stylish snow suit in one hand, espresso in the other. Nine golds hang glistening on the line to be claimed . The final snowboarding events swoosh onto our screens soon, with the men’s and women’s slopestyle ; while out on the mountains, cowbells and exhaution in the cross-country team sprint skiing . Continue reading...

A March quarter-point interest rate cut is now currently seen as an 81.5% chance, up from 77% last night, and around 65% last week.

澳洲悉尼一名精神病人在逃離醫院十日後，在鬧市斬人，造成一死兩傷。 被捕的25歲男子周三在法院提堂，他早一日在悉尼西區一條繁忙的街道上，走入一間尼泊爾雜貨店，用廚房刀割傷一名47歲女顧客的頸部，再刺死一名38歲男顧客，之後走到街上，斬傷一名21歲男子，然後逃到附近一間房屋的後院匿藏。 警員到場把他拘捕，經調查後發現，他在十日前由坎伯蘭醫院的精神病房，轉往韋斯米醫院急症室時，擺脫衞生部門的監護人員，從醫院逃脫。警方指，他與三名受害人互不相識，相信是一宗隨機襲擊事件。 警方發言人說：「警方目前尚不清楚犯案動機，但初步判斷這是一宗隨機襲擊。」 警方表示，已聯絡被捕男子的家人，對方表示不清楚他在逃離醫院後的十日，去了甚麼地方。

(RTTNews) - Valeo (VLOF.PA, VLEEF.PK, VLEEY.PK) said it plans to invest more than 200 million euros in the coming years, to significantly expand its industrial footprint in India. The company believes the investments will enable Valeo as a first step to triple its sales in India

一輛旅遊巴年廿八在深圳灣公路大橋發生意外，導致17人受傷，司機被控危險駕駛，在西九龍裁判法院提堂。 63歲被告李啟波早上由警車押至法院應訊，他被控一項危險駕駛引致他人身體受嚴重傷害罪。案情指，他在周日駕駛旅遊巴，駛至深圳灣公路大橋時失控撞欄，導致他人身體嚴重受傷。 裁判官將案件押後，至4月29日在屯門法院提堂。被告獲准以五萬元保釋，期間不得離港，不准駕駛任何車輛。

秀茂坪一名92歲老翁，懷疑吃湯圓鯁喉，送院後不治。 事主住在秀華樓。據了解，他本身患有高血壓，須長期臥床、由妻子照顧。 早上約9時，妻子在客廳餵他進食湯圓，他突然鯁倒、其後昏迷，妻子即時通知女兒及報警，家人亦有為老翁急救。 警方及救護員到場後，將他送往聯合醫院，搶救後不治。初步相信，事主是食湯圓時鯁喉導致窒息，案件無可疑。