市场成交量较前一日明显萎缩，标普500指数成交量约31.7亿股，远低于周一的56.4亿股，显示抛售压力有所减轻。 超过3000只个股上涨，市场广度得到 改善。 大型科技股多数收高，苹果公司股价上涨2.24%，特斯拉上涨2.39%，微软和亚马逊涨幅均超过1%。 然而，真正点燃市场热情、并决定当天市场走向的，是一则来自芯片行业的爆炸性新闻。 超威半导体公司，也就是AMD，在当天盘前交易中一度暴涨 超过14%，收盘时涨幅锁定在8.77%，股价报收于213.84美元。 推动其股价飙升的，是其与社交媒体巨头Meta Platforms达成的一项战略性合作协议。 这项协议在2月24日正式对外公布。 根据协议内容，Meta将在未来五年内部署高达6吉瓦（GW）算力的AMD Instinct系列图形处理器（GPU），用于其 下一代人工智能数据中心。 6吉瓦的算力规模有多大？ 根据AMD方面的描述，满负荷运行所需的电力，相当于500万美国家庭一年的用电量。 这笔交易的价值引发了市场广泛猜测。 路透社等多家媒体报道称，交易总价值预计在600亿美元至超过1000亿美元之间。 AMD首席执行官苏姿丰博士 在谈及协议价值时透露，每千兆瓦 ...

◎钱佳滢 记者 闫婧 夜幕降临，步入江苏太仓浏河南岸的罗腾堡风情街，有一种置身德国小镇的感觉。走进德式餐吧"申德 勒加油站"，吧台满墙的啤酒杯和空气中始终飘着的烤猪肘焦香，复刻了原汁原味的德式生活场景，与 门口的中国福字挂饰和马年吉祥物公仔融合在一起，仿佛在传统节日里述说着"他乡有我乡"…… "包子"，来到中国还不到两年的德国青年菲利普·佐恩（Philipp Zorn），用中文说出他最喜爱的中国美 食。"我非常喜欢中国的包子和饺子，很好吃！"他告诉上海证券报记者。 马年春节假期，"新朋友"菲利普·佐恩忙着开拓市场，没有回德国老家休假，而已在中国连续工作、生 活了14年的"老朋友"——太仓德国中心总经理马莉珂（Marieke Bossek）也没有回德国家乡休假，能讲 一口流利中文的她，与从德国飞来的父母一起欣赏太仓水乡里的江南韵味和现代风尚。从2012年开始， 马莉珂已连续14年在中国度过春节。 "首先是员工素质。在太仓招聘的许多员工曾在外企工作，尤其是德国公司，他们理解我们的工作方式 和企业文化，沟通更顺畅；其次是地理位置，太仓靠近上海，交通便利，本地供应链已相当成熟，能够 满足大部分需求，无论是客户来访，还 ...

来源：市场资讯 （来源：创业板观察） 韩国综合指数(KOSPI)在突破了曾经难以想象的5000点大关仅一个月后，又再度树立了一个新的里程碑 ——周三首次站上了6000点大关，这主要得益于全球对存储芯片需求的激增，推动了韩国两大芯片巨头 三星电子和SK海力士的股价。 根据业内汇总的数据显示，韩国股市的市值当前已达到逾3.76万亿美元，自2025年初以来累计攀升了约 2.23万亿美元。目前，韩国股市市值已超越法国股市，升至全球第九。而在更早之前，韩国股市市值在 1月下旬已超越了德国股市，历史性地跻身全球前十市场之列。 行情数据显示，韩国综合股价指数日内涨逾2%，盘中一度触及6144.71点的历史新高。随着基准指数 KOSPI2026年累计上涨近45%，成为全球表现最佳的主要市场。 注：橙色为KOSPI指数走势 注：上图中黑色为韩国股市市值，橙色为德国股市市值，灰色为彭博法国交易所市值；下图中由高至低 分别是德国、韩国和法国GDP规模 分析人士指出，尽管长期以来因估值不振而被外国基金忽视，但韩国股市现已成为全球市场中愈发闪耀 的明星。所谓的"AI恐慌交易"眼下已被证明反而对该国股市有利，因为在韩国市场上，软件股只扮 ...

Financial Data and Key Metrics Changes - Q4 revenue grew by 13.7% and Q4 EBITDA increased by 37.6% [4] - Gross margin for the quarter finished at 41.9%, relatively flat compared to Q3 [10] - Net income attributable to stockholders increased by 50.7% to $13.4 million, reflecting an 11% net income margin [22] - EPS for the quarter was $0.48, and for the year, net income attributable to stockholders grew 12.6% to $51.2 million, with a 10.8% net income margin [22] Business Line Data and Key Metrics Changes - Total window film product line grew by 10% in Q4 and 21.7% for the year, driven by market share gains in auto and Windshield Protection Film [19] - Total installation revenue increased by over 17% in the quarter and 17.2% for the year [19] - Corporate store, dealership, service business, and aftermarket all saw growth in their respective segments [5] Market Data and Key Metrics Changes - U.S. region revenue grew by 11% in Q4, despite ongoing market dynamics [4] - Canada experienced a slight revenue decline, with car sales down 13% sequentially in Q4 [9] - Europe showed strong performance with revenue growing by 26.8% in Q4 [9] - China revenue came in at $14 million, higher than expected, marking the first full quarter post-acquisition [8] Company Strategy and Development Direction - The company is focused on investments in manufacturing and supply chain to support growth in key markets [4][16] - A strategic pivot has been made to concentrate on core products and improve sales efficiency [13][14] - The company aims to enhance its DAP platform and integrate it further into customer operations [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing increased customer engagement and positive feedback from the dealer conference [17][50] - The company anticipates a rebound in EV sales through its referral channel and expects gross margins to improve as the year progresses [10][11] - Management acknowledged headwinds in Canada and the impact of weather on Q1 performance but remains confident in overall growth prospects [9][31] Other Important Information - The effective tax rate for the quarter was just under 14%, with a future planning assumption of a 21% effective rate [21] - Cash flow from operations was $2.7 million for the quarter and $66.9 million for the year, representing a 40% increase from the previous year [24] Q&A Session Summary Question: What is contemplated in the Q1 revenue guide? - Management acknowledged the impact of weaker auto demand and weather on Q1 performance but indicated that they have factored these elements into their guidance [27][30] Question: How do you see in-house manufacturing playing out over time? - Management indicated that the build-out could be gradual or involve larger chunks depending on decisions made in the coming months [33][35] Question: Can you provide more color on the increase in DSO? - Management noted that the increase in DSO is likely due to new OEM business with longer payment terms, but there is nothing alarming [39][43] Question: What underpins your optimism for 2026? - Management highlighted increased optimism from customers, structural improvements in vehicle affordability, and a positive pipeline of new customer wins as key factors [50][53] Question: How do you expect gross margin to trend this year? - Management expects gross margin headwinds to abate in Q1, with improvements anticipated in Q2 as pricing issues resolve [55][57]

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and lower spreads [17] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [18] - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [18] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [9] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [9] Market Data and Key Metrics Changes - CGBD's net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [10] - The company reported a total aggregate realized and unrealized net loss for the quarter of about $7 million, primarily due to unrealized markdowns on select underperforming investments [20] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [7][8] - The formation of a new joint venture, Structured Credit Partners (SCP), aims to increase diversification and portfolio yield at CGBD, focusing on investing in broadly syndicated first lien, senior secured loans [14][21] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [19] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown strong performance metrics [10][12] Other Important Information - CGBD's software exposure as a percentage of the portfolio is below that of its peer group, with a strong track record of no defaults in software deals over the last five years [11] - The company has nearly exhausted its existing $200 million share repurchase program and has approved an increase to $300 million [19] Q&A Session Summary Question: Who will CGBD take market share from? - CGBD plans to take market share from the BSL market, other private credit funds, and banks, leveraging its strong credit culture and industry expertise [28][29] Question: What is driving borrowing demand? - The middle market provides a consistent flow of opportunities, with increased activity in sectors like industrials, aerospace, and healthcare contributing to strong pipeline flow [32][33] Question: Rationale for the SCP joint venture? - The SCP joint venture aims to maximize non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns based on a no-fee structure [35][36] Question: How significant is interest expense for borrowers? - Interest coverage ratios are improving, and borrowers are adopting more conservative leverage profiles, which is beneficial for overall credit quality [53][55] Question: Is share repurchase or new investment the best use of capital? - A balanced approach is being taken, with ongoing share repurchases while also investing in joint ventures that are expected to be accretive [58][60]

2026年以来，港股IPO市场延续火热态势，新股上市节奏加快，募资规模同步攀升。新股数量方面，截 至2月25日，港股市场已迎来了24只新股，2月26日—28日港股暂无新股上市安排，新股数量较2025年前 2个月的9只大幅增长166.67%。根据安排，下一只备受关注的新股为岚图汽车，将于3月19日正式登陆 港交所。新股募资端的表现更为亮眼，据同花顺iFinD统计，已上市的24只新股合计募资额超890亿港 元，较2025年前2个月大增10倍。值得一提的是，AI赛道掀起的资本热潮也仍在继续，壁仞科技、智 谱、MINIMAX等AI企业均完成港股上市。 港股IPO开年募资大增 经同花顺iFinD统计，截至2月25日，已有24家企业完成港股IPO，根据最新安排，2月26日—28日港股市 场未有新股发行上市安排。这也意味着开年两月，港股将迎来24只新股，这与上年同期的9只上市新股 相比增长166.67%。 募资表现方面，经计算，港股2026年已上市的24只新股募集资金额合计达892.26亿港元。其中，牧原股 份、东鹏饮料两股的募资额突破百亿港元。 根据最新安排，岚图汽车将于3月19日登陆港股市场，不过，岚图汽车暂未披露具体 ...

（来源：中国经济导报） 报告建议，有关方面应该聚焦企业发展和产业转型需要，以系统思维统筹推进制造业数字化转型。要以 提升发展质量和效益为目标，坚持两化深度融合主线，聚焦智能制造主攻方向，强化工业互联网等新型 基础设施底座，协同推进典型场景培育、示范改造与规模化推广，并统筹加强技术攻关、标准制定、安 全防护与政策保障，加快实现数字技术普及与智能技术探索应用。 本报讯 记者刘宝亮报道 中国信息通信研究院日前发布的《制造业数字化转型发展报告（2025年）》显 示，当前，我国制造业数字化转型覆盖广度明显提升，进入规模化普及阶段。截至2025年12月，全国规 上工业企业开展数字化改造比例达89.6%，数字化设备普及率达到57.7%。 中国信通院信息化与工业化融合研究所工程师焦贝贝说，在全球科技革命和产业变革加速演进、产业格 局深度调整背景下，制造业数字化转型是提升效率、增强韧性和实现绿色低碳发展的关键引擎。 根据工业和信息化部制造业数字化转型综合信息服务平台数据显示，截至2025年12月，重点行业数字化 转型已形成梯队分化格局，其中，汽车、船舶和电子信息制造业开展数字化改造的企业比例最高，分别 达94.4%、94.2% ...

市行政中心3号楼二楼大会议室内气氛热烈、暖意融融，全市新春第一会在这里隆重举行。今年大会的 主题格外鲜明——坚定不移实施"工业强市、产业兴市"战略，奋力实现"十五五"良好开局。来自全市的 龙头企业负责人、科创平台代表、党政干部等齐聚一堂，共同勾勒新一年高质量发展的宏伟蓝图。 翻开参会人员名单，一组数字格外引人注目：39、20、10。 39名经济高质量发展先进集体代表，来自全市各行各业，既有亩均效益"领跑者"，也有招商引资的"金 牌店小二"，还有社会贡献、跨越发展、乡村振兴"领头雁"。他们在会议的第一个环节，走上主席台， 从市领导手中接过沉甸甸的奖牌。 20名工业重点企业负责人、科创平台、产业链"链主"，则被安排在会场中前区就座。 10名重大项目集中签约企业代表，与各区块负责人交换签约本，在会议期间完成"关键一跃"。这些项 目，是2026年衢州投资的"第一把火"，将在会后直接落地各县（市、区），涵盖新材料、新能源、智能 装备等多个领域，与衢州六大标志性产业链高度契合。 （来源：衢州日报） 转自：衢州日报 记者 徐双燕 2月25日，农历丙午年正月初九。春节的喜庆氛围尚未散去，衢州已经擂响了新一年奋进的出征鼓。 " ...

经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；工业互联网数据服务； 大数据服务；数据处理服务；人工智能公共数据平台；区块链技术相关软件和服务；互联网设备销售； 信息系统集成服务；数据处理和存储支持服务；软件开发；信息咨询服务（不含许可类信息咨询服 务）；有色金属合金销售；化工产品销售（不含许可类化工产品）；教育咨询服务（不含涉许可审批的 教育培训活动）；会议及展览服务（出国办展须经相关部门审批）；互联网销售（除销售需要许可的商 品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 天眼查显示，近日，厦门都市云谷科技有限公司成立，法定代表人为吴邦海，注册资本2000万人民币， 由江苏老虎云科技股份有限公司全资持股。 序号股东名称持股比例1江苏老虎云科技股份有限公司100% 来源：市场资讯 企业名称厦门都市云谷科技有限公司法定代表人吴邦海注册资本2000万人民币国标行业科学研究和技术 服务业>科技推广和应用服务业>技术推广服务地址厦门市同安区云谷路36号501室之二百九十四单元企 业类型有限责任公司（自然人投资或控股的法人独资）营业期限2026-2-25至无固定期限 ...

Booking Holdings Inc. (NASDAQ:BKNG) is included among the 13 Most Promising Long-Term Stocks to Buy According to Hedge Funds. Booking’s (BKNG) Long-Term Growth Outlook Drives Upgrade from Morgan Stanley Maxx-Studio/Shutterstock.com On February 24, Morgan Stanley analyst Brian Nowak upgraded Booking Holdings Inc. (NASDAQ:BKNG) to Overweight from Equal Weight. He set a price target of $5,500, down from $6,150. In his research note, Nowak said that even as agentic tools evolve, Booking is likely to remain ...