LVMH集团四季度时装与皮草有机销售下降3%，分析师预期下降2.94%。 四季度营收227.2亿欧元，分 析师预期225.9亿欧元。 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。 风险提示及免责条款 ...

传闻落地，安踏正式出手，将PUMA近三成股权收入囊中。 安踏目前没有对PUMA发起全面要约收购的计划，充分尊重PUMA的管理文化，以及其作为德国上市公司的独立治理架构。 这与亚玛芬、狼爪并购时代形成了鲜明的反差，使安踏并购模式从以往"买来改造品牌"的整合，转向以资本为纽带、进入全球产业治理层的战略 协作。 丁世忠表示："未来，双方将在高度共识的领域开展协作、实现优势互补，同时严格保持各自业务运营的独立性、纪律性与战略清晰，共同支持品 牌的复兴之路。" 此次安踏收购资金全部来源于集团内部现金储备，且特别强调不影响2025年的派息政策。 此次对PUMA的出手，究竟是安踏为"抄底优质资产"打出的一张安全牌，还是其全球化野心的又一次全新冲击？ 非典型并购 1月27日，安踏宣布收购运动品牌彪马（PUMA SE）29.06%的股权，现金对价15亿欧元。 交易完成后，安踏将正式成为PUMA最大单一股东。 然而，与过往深度整合模式的关键不同在于，安踏此次采取了战略性财务投资的立场，并未进一步寻求运营控制权，仅计划寻求向监事会委派代 表。 安踏集团董事局主席丁世忠表示：安踏看重PUMA品牌蕴含的长期价值与潜力，并认为其近期股价 ...

Core Insights - Google has officially announced a price adjustment for data transmission methods such as CDN Interconnect, Direct Peering, and Carrier Peering, effective May 1, 2026, with significant increases in North America [1] Pricing Adjustments - North America: The price will increase to $0.08 per GB from the previous $0.04 per GB, representing a 100% increase [1] - Europe: The price will rise to $0.08 per GB from $0.05 per GB, indicating a 60% increase [1] - Asia: The price will change to $0.085 per GB from $0.06 per GB, reflecting a 41.67% increase [1]

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。 风险提示及免责条款 美元兑日元短线走低约30点，日本财务大臣片山皋月称将与美国协调就汇率采取适当措施。将根据美日 外汇协议采取行动。 ...

首批预计纳入新部门管理的资产包括SK株式会社和SK Innovation持有的美国小型模块化反应堆公司 TerraPower的股份。这显示SK集团将AI投资的范畴扩展至支持AI基础设施的能源领域，反映出对AI算 力需求背后能源供应的重视。SK海力士将很快召开董事会会议，就设立新投资部门的议程进行讨论。 针对相关报道，SK海力士回应称正在考虑多种方案，包括成立人工智能投资部门。这一表态显示公司 对AI投资整合持开放态度，但具体方案尚未最终确定。 新公司将逐步接管SK集团各关联公司目前持有的海外AI相关投资资产。首批纳入的资产预计包括SK株 式会社和SK Innovation持有的美国小型模块化反应堆公司TerraPower的股份。 整合分散投资提升效率，首批资产包括核能项目 报道称，SK海力士设立美国新部门的核心目标是整合此前由集团各关联公司分别进行的人工智能投 资。知情人士透露，这一调整旨在加快决策速度并增强投资专业能力。 新公司预计将陆续接管SK集团各关联公司目前持有的约10万亿韩元海外AI相关投资资产。这一整合举 措将使集团能够更统一地管理AI投资组合，避免资源分散和重复投资。 韩国存储芯片巨头SK海力士 ...

在这49次威胁中，约25%被完全实施，43%被撤回或尚未落地，其余则处于调查阶段。从时间线看，真 正付诸实施或启动调查的威胁主要集中在去年2月至9月期间。去年底，随着通胀担忧影响其民意支持 率，特朗普的关税威胁明显减少。 彭博经济研究指出，特朗普倾向于撤回那些最引人注目的威胁，特别是可能大幅提高美国实际关税税率 或威胁贸易休战的措施。"这种模式并非完美，但总体而言，我们看到特朗普会收回那些最吸引眼球的 威胁，"两位研究员在报告中写道。 美国总统特朗普重返白宫后密集发出关税威胁，但彭博经济研究的最新分析显示，他真正付诸实施的比 例仅约25%，超过四成威胁最终被撤回或未能落地。这一数据揭示了特朗普关税策略的核心特征：更多 是谈判筹码而非实际行动，市场和企业高管对此已形成共识。 综合央视、新华社报道，不到三周时间内，特朗普已针对伊朗贸易伙伴、格陵兰支持者、加拿大和韩国 发出四轮关税威胁。最新一轮威胁中，1月26日，他宣称将对韩国汽车等产品加征25%关税。韩国总统 府27日回应称尚未收到美方正式通报，韩国政府当天上午召开跨部门会议研究对策，产业通商部部长金 正官将尽快赴美磋商。据央视新闻报道，韩方正密切关注事态发展。 ...

Core Viewpoint - Ping An is significantly increasing its stake in China Life Insurance, reflecting a strategic move to strengthen its position in the financial sector amidst a low-interest-rate environment [1][4][6]. Group 1: Investment Actions - On January 22, Ping An Life increased its holdings in China Life by purchasing 11.891 million H-shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million [1]. - Following this transaction, Ping An's total holdings in China Life H-shares rose to 681 million shares, increasing its ownership percentage from 8.98% to 9.14% [1]. - This is not the first time Ping An has taken action against China Life, having previously crossed the 5% threshold for H-shares in August 2025 [2][3]. Group 2: Broader Market Strategy - Since 2025, Ping An has been actively acquiring shares in the Hong Kong stock market, focusing not only on insurance companies but also on state-owned banks, with significant increases in holdings in Agricultural Bank and Industrial and Commercial Bank [4]. - Ping An's strategy includes building a large portfolio of high-dividend financial assets through its asset management channels [4]. Group 3: Rationale Behind Investments - The rationale for increasing stakes in China Life and other financial institutions is to find stable and substantial assets to match the liabilities faced by insurance companies in a declining interest rate environment [4][5]. - H-shares in the financial sector are seen as undervalued compared to A-shares, providing a high margin of safety for investors [5]. - The adoption of IFRS 9 allows these high-dividend stocks to be classified in a way that enhances profits while mitigating the impact of stock price volatility on net income [5]. Group 4: Industry Perspective - Ping An's significant investments can be viewed as a vote of confidence in the insurance sector's fundamentals, suggesting that current valuations of insurance stocks may be overly compressed and present long-term investment opportunities [6]. - The investment principles articulated by Ping An's co-CEO emphasize reliability, growth potential, and sustainable dividends, which align with the characteristics of companies like China Life and China Merchants Bank [7]. - As "asset scarcity" becomes a norm, insurance giants with strong cash flows are reshaping the pricing power within the Hong Kong financial sector [8].

Core Insights - The financial accounting process is identified as a fertile ground for AI monetization potential, which is largely underestimated by investors [1] - Leading software providers like Intuit and Workday are expected to significantly enhance customer ROI and tap into new market spaces through AI [1] Group 1: Automation in Accounting - Accounting work is ideal for AI automation due to its clear rules, large data volumes, and high repetition, with accountants currently spending 50%-65% of their time on data processing and account classification [2] - AI can reduce tasks that typically take about 3 hours to approximately 8 minutes, allowing accountants to focus on higher-value consulting and strategic work [3] - Each significant improvement in AI application can save about 20% of processing time per client task, potentially doubling the number of clients an accountant can serve [3] Group 2: Labor Market Dynamics - Concerns about AI leading to job losses in accounting are overstated, as the industry faces a labor shortage with 75% of CPAs set to retire in the next decade and new entrants at a historical low [4][7] - AI is expected to enhance the capabilities of existing accountants rather than replace them, enabling teams to handle more business and clients without increasing headcount [7] Group 3: Monetization Pathways for Software Giants - The significant ROI from AI indicates that software providers should capture a portion of this value, with Intuit expected to monetize through upgrades to higher-tier QuickBooks plans and increased adoption of online services [8] - Workday may monetize through additional purchases of its intelligent agent products and accelerated use of Flex Credits [8] Group 4: Adoption Speed and Market Readiness - The adoption speed of AI varies, with small and medium-sized businesses (SMBs) likely to adopt faster due to simpler infrastructure and higher risk tolerance compared to larger enterprises [11] - Initial AI use cases are expected to target low-risk tasks, with acceleration towards more complex tasks as data readiness and governance improve [11] Group 5: Structural Opportunities in Financial Accounting - The financial accounting sector is seen as a fertile ground for AI due to high ROI from back-office process automation, low existing automation levels, and increasing labor shortages [12] - Evidence suggests that AI applications in financial accounting are driving quantifiable efficiency revolutions, reshaping software vendors' business models and revenue growth trajectories [14]

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。 康宁美股盘前涨超7%，此前报道称，Meta准备向康宁公司支付高达60亿美元用于购买光纤电缆。 ...

Core Insights - The core contradiction of the electricity supercycle has shifted from "how to increase power generation capacity" to "how to improve electricity usage efficiency" [1] - A global electricity supercycle has begun as the U.S. anticipates a 50 GW power supply gap by 2030, yet capital market reactions reveal a significant cognitive bias [1][3] - Companies focused on power generation, such as Caterpillar and Cummins, have seen stock prices surge by 80% over the past year, while those in power distribution and management, like Eaton and Schneider, have declined by 10% [1][3] Market Understanding - The valuation divergence reflects a limited understanding of the electricity supercycle, with most investors fixated on "building more power plants" rather than optimizing electricity efficiency through technological innovation [3] - The demand explosion, driven by the AI industry's rapid growth, is a key factor, with electricity demand projected to grow at an annual rate of 3.5%, significantly outpacing historical trends [6] Technological Innovations - High-voltage technologies, such as 800V data center architecture and 765kV transmission lines, can enhance electricity efficiency by up to 5% without increasing generation capacity [5] - The 800V architecture addresses critical issues in current power systems, offering efficiency improvements, cost optimization, and space savings, potentially saving nearly $12 billion annually for a 1 GW data center [8] - The 765kV transmission lines, which have not been built in the U.S. for 20 years, can transport 2 to 2.5 GW of electricity, significantly reducing costs and land use compared to lower voltage lines [12][13] Market Dynamics - The current phase of the electricity cycle is characterized by a shift from capacity expansion to efficiency enhancement, with previously undervalued distribution and power management companies likely to recover and reshape market dynamics [5][7] - The market is witnessing a long-term opportunity in high-voltage transmission due to the significant capacity gap, despite some data centers considering on-site generation [13]