《周期与财富》 （美）彼得·奥本海默 著 王德伦 王欢 译 中国人民大学出版社 2025年6月出版 ◎张译井 在与人类相关的诸多系统中，无论是社会形态、流行时尚，还是经济与金融市场，周期与趋势的存在及 其解释，都已有了悠久的历史。其中，金融市场的长期结构性变化，因其创造和吞噬财富的巨大力量， 成为专业学者和从业人员不断求索的课题。尽管不同时代的经济、政治和政策环境往往大相径庭，但是 金融市场周期却随时间推移反复重现。 金融周期的发展和变化不仅关乎金融史的演进，也与普罗大众的财富机遇息息相关。是什么因素驱动了 金融周期的形成？如何判断拐点？如何分析技术进步给传统周期带来的变化？作为拥有近40年宏观研究 经验的资深分析师，彼得·奥本海默在《周期与财富》这本书中，以宏观的历史视野，系统梳理了二战 以来的多轮金融周期，从GDP增长、利率、通货膨胀等多个维度，深入分析了周期背后的驱动因素及其 对资本市场的深远影响。 轮回之魅：金融市场的超级周期 作者指出，金融市场周期的形成和变化，既与经济发展的主要趋势密不可分，也与历史、文化、政治等 因素紧密相关。社会公平性、国际协作水平、地缘政治格局、人口变迁和科技创新等，共同对金 ...

来源：经济观察网 壳牌股价在近一周（2026年2月17日至2月23日）呈现上涨趋势，区间涨跌幅为2.92%。具体来看，2月 17日收盘价为77.20美元（单日跌1.06%），随后在2月18日受正面消息推动涨2.50%至79.13美元，2月23 日最新收盘价为80.31美元，单日涨0.66%。期间最高价触及80.94美元，最低价为76.20美元，振幅 6.07%。成交方面，区间成交额约17.54亿美元，换手率较低，显示市场交投相对平稳。 机构观点 2月16日，摩根士丹利将壳牌目标价从75.9美元上调至80.2美元，这一调整基于对公司资本回报和现金流 优化的评估。同时，全球能源价格回顾显示，截至2月20日布伦特原油期货结算价上涨5.92%至71.76美 元/桶，油价走强可能对壳牌等油气企业盈利形成支撑。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 近一周，壳牌公司有多项热点事件。2月18日，特立尼达能源部长表示对壳牌和英国石油公 司的天然气项目前景持乐观态度，主要基于委内瑞拉变动带来的机遇。2月20日，有报道称壳牌正考虑 出售其在阿根廷Vaca Muerta页岩资产的部分或全部权益，交易价值可能达数十 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of 蘇州優樂賽共享服務股份有限公司 ALSCO Pooling Service Co., Ltd. (the "Company") (A joint stock ...

Financial Performance - Vivo's total revenues in Q4 2025 increased by 7.1%, with mobile service revenue growing by 7% and fixed services by 5.4% [7][8] - EBITDA rose by 8.1% year-over-year, with a significant 17.7% increase when excluding concession migration effects, resulting in an EBITDA margin of 42.9% [7][21] - Net income for 2025 reached BRL 7.2 billion, reflecting a double-digit growth, while free cash flow increased by 11.4% to BRL 9.2 billion [7][23] Business Line Performance - The postpaid mobile segment saw a 6.5% year-over-year increase, reaching 70.8 million customers, representing 69% of the mobile base [6][9] - Fiber connections grew to 7.8 million, with a footprint extending to 31 million homes, and a take-up ratio of 25.2% [11][12] - New business revenues surged by 27% over the last 12 months, now accounting for 12.1% of total revenues, driven by B2C and B2B solutions [9][15] Market Performance - Vivo's mobile base reached 103 million accesses, with a 0.7% year-over-year increase, and 5G customers grew to 23.1 million, improving the 5G take-up ratio to 27.8% [10][66] - B2B revenues amounted to BRL 13.5 billion, up 13.7% year-over-year, with digital B2B solutions growing by 29.5% [15][16] - The fiber market remains competitive, with Vivo increasing its market share from 18.8% to 19.3% in 2025 [77] Company Strategy and Industry Competition - Vivo is focused on enhancing its digital platform, integrating connectivity with a diversified ecosystem of services [15][17] - The company aims to optimize CapEx while maintaining leadership in infrastructure deployment, particularly in 5G and fiber [38][39] - Vivo sees potential for consolidation in the fiber market due to fragmentation, indicating a willingness to explore M&A opportunities [77][78] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth, driven by effective customer retention strategies and the expansion of digital services [10][66] - The company anticipates stable net income growth for 2026, supported by reduced depreciation and amortization costs [31][32] - Vivo's commitment to sustainability and ESG initiatives remains a cornerstone of its strategy, with recognition in global rankings [17][18] Other Important Information - Vivo distributed BRL 6.4 billion to shareholders in 2025, achieving a payout ratio of 103.4% [24][25] - The company has approved a new share buyback program of up to BRL 1 billion, to be executed until February 2027 [25] Q&A Session Summary Question: Distribution strategy for 2026 - Management discussed the balance between buybacks, interest on capital, and capital reduction, emphasizing a commitment to distribute at least 100% of net income [29][30] Question: CapEx outlook for 2026 and competitive environment - Management highlighted ongoing CapEx optimization and planned price increases across various segments to enhance revenue [36][40] Question: Lease expenses reduction - Management explained the reduction in lease expenses due to ongoing renegotiations and a positive trend in lease costs [50][53] Question: Prepaid ARPU trends - Management noted improvements in prepaid ARPU driven by customer engagement strategies and migration to hybrid plans [56][58] Question: Mobile market share and B2B growth - Management confirmed stable mobile market share and strong growth in B2B revenues, particularly in digital services [66][68]

Financial Performance and Key Metrics - Vivo's total revenues in Q4 2025 increased by 7.1%, with mobile service revenue growing by 7% and fixed services by 5.4% [7] - EBITDA rose by 8.1% year-over-year, with a 17.7% increase when excluding concession migration effects, resulting in an EBITDA margin of 42.9% [21][7] - Net income for 2025 reached BRL 7.2 billion, reflecting a double-digit growth rate, while free cash flow increased by 11.4% to BRL 9.2 billion [7][23] Business Line Performance - The postpaid mobile segment saw a 6.5% year-over-year increase, reaching 70.8 million customers, representing 69% of the mobile base [6] - Fiber connections grew to 7.8 million, with a footprint extending to 31 million homes, and a take-up ratio of 25.2% [11] - New business revenues surged by 27% over the last 12 months, now accounting for 12.1% of total revenues, driven by B2C and B2B solutions [9] Market Performance - Vivo's mobile base reached 103 million accesses, with a 0.7% year-over-year increase, and 5G customers grew to 23.1 million, improving the 5G take-up ratio by 8.6 percentage points [10] - B2B revenues amounted to BRL 13.5 billion, up 13.7% year-over-year, with digital B2B growing by 29.5% [15] - The fiber market remains competitive, with Vivo increasing its market share from 18.8% to 19.3% in 2025 [75] Company Strategy and Industry Competition - Vivo is focused on enhancing its convergent offerings, with 62.7% of FTTH customers being convergent, and plans to drive more customers to the Vivo Total package [86] - The company aims to optimize CapEx while maintaining infrastructure leadership, with a CapEx to revenue ratio reduced to 15.6% [21] - Vivo sees potential for consolidation in the fiber market due to fragmentation, indicating a willingness to explore M&A opportunities [77] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about future net income growth, driven by stable EBITDA growth and reduced depreciation starting in mid-2026 [32] - The competitive landscape in mobile is stable, with Vivo planning price increases in line with inflation for various segments [40] - The company is leveraging AI to enhance operational efficiency and customer engagement, with expectations for significant cost savings [89] Other Important Information - Vivo's commitment to shareholder remuneration remains strong, with a payout ratio of 103.4% in 2025 and plans for BRL 7 billion distribution in 2026 [24] - The company has approved a BRL 1 billion share buyback program to enhance shareholder value [25] - Vivo's ESG initiatives have been recognized globally, reflecting its commitment to sustainability [17] Q&A Session Summary Question: Distribution strategy for 2026 - Management discussed the balance between buybacks, interest on capital, and capital reduction, emphasizing a commitment to distribute at least 100% of net income [29][30] Question: CapEx outlook for 2026 and competitive environment - Management highlighted ongoing CapEx optimization and plans for price increases in mobile services, indicating a stable competitive environment [36][40] Question: Lease expenses reduction - Management explained the reduction in lease expenses due to ongoing renegotiations and a favorable tenancy ratio, with expectations for continued improvements [50][53] Question: Prepaid ARPU trends - Management noted improvements in prepaid ARPU driven by customer engagement strategies and migration to higher-value plans [56][58] Question: Mobile market share and B2B growth - Management confirmed stable mobile market share and strong growth in B2B revenues, particularly in digital services [66][68]

RESULTS 4Q25 Telefônica Brasil S.A. Investor Relations February 23rd, 2026 This presentation may contain forward -looking statements concerning prospects and objectives regarding the capture of synergies, growth of the subscriber base, a breakdown of the various services to be offered and their respective results Our actual results may differ materially from those contained in such forward - looking statements, due to a variety of factors, including Brazilian political and economic factors, the development ...

然而， 近年来白酒巨头却频频跨界新能源。 从 茅台出资百亿设立新能源基金，到 五粮液密集布局光伏、储能、氢能，再到 习酒与中国石油共 建"白酒+能源"供应链平台，头部酒企的动作已经超出了单纯的技术改造范畴，而是试图在 被动脱碳的 转型中，找出一条 主动增长的第二曲线。 白酒，真卖不动了 对于白酒企业而言，跨界新能源属于 内外兼修。 数据显示，2025年，全国白酒产量 连续第八年产量下滑，前10月产量降幅高达 11.5%。 从内部看，酒企面临 政策与市场的双重压力。新修订的《党政机关厉行节约反对浪费条例》规定 "公务 接待不上酒"。曾经的主要消费市场正在收缩，倒逼白酒企业寻找新的增长点。 在传统认知中， 白酒与新能源，一个承载着古老的酿造智慧，一个代表着未来的能源革命，二者似乎 相隔遥远。 那么，白酒企业这些在年轻人眼中 "老登"的代名词，如何丝滑接入新能源？ 就像 把大象装冰箱，拢共分三步：第一步，解决自身痛点；第二步，开辟增长曲线，做产业投资；第 三步，生态构建，定义行业未来。 最务实的就是第一步。 赋能主业，打造绿色工厂，直接解决了酒厂高耗能的痛点。2025年， 五粮液酿 酒生产用电已全部采用绿电，并投资 ...

TAIPEI, Feb. 22, 2026 /PRNewswire/ -- CTCI Group announced that two Group companies, CTCI Corporation and ECOVE Environment Corporation, have been included as members of the Sustainability Yearbook 2026, published by S&P Global. CTCI Corp. received a score of 89 and continues to rank in the top 1% of the yearbook, leading the global construction and engineering category for the fourth consecutive year. Resource cycling service provider ECOVE Environment Corp., meanwhile, became a yearbook member for the sec ...

北交所策略专题报告 北交所 ESG 信披体系再完善：聚焦绩优股，掘金 ESG 组合领先的超额收益 北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | 事件：北交所增补三项环境议题指南，ESG 披露框架持续完善 2026 年 1 月 30 日，沪深北交易所修订发布《上市公司可持续发展报告编制指南》， 增补《第三号 污染物排放》《第四号 能源利用》《第五号 水资源利用》三项议 题指南。北交所于 2025 年 1 月 17 日首次发布《指南》及其附件《第一号 总体 要求与披露框架》《第二号 应对气候变化》。北交所表示，本次修订在保持原有 框架基础上，新增《第三号 污染物排放》《第四号 能源利用》《第五号 水资 源利用》三个应用指南，进一步细化环境维度披露要求，为上市公司提供更清晰、 可操作的披露指引。三份指南主要内容均分为相关风险和机遇评估、核算、披露 要点三大板块。《第 ...

Institutional Presentation 4Q25 We Stand For People An Empowered Team Results-Driven Together We Evolve We Stand for Customers Challenge Oriented I AM BRADESCO Translation | Corporate Profile / ESG | 3-19 | | --- | --- | | Transformation Plan | 20-31 | | 4Q25 Numbers | 32-54 | | Main Banking Businesses | 55-65 | | Insurance Group | 66-79 | | Valuation and selected Bradesco stock data | 80-86 | | Adjusting the Economic Policy Mix | 87-94 | | GDP Growth Cycle | 95-102 | | Credit Cycle | 103-113 | 2 02/10/2026 ...