Core Viewpoint - Volkswagen has received preliminary bids for its diesel engine division Everllence, valuing it at approximately €8 billion ($9.44 billion), which is higher than some analysts' estimates, indicating a trend of major corporates streamlining their portfolios and creating opportunities for buyout funds [1][1][1] Group 1: Bids and Valuation - The bids for Everllence include debt and are reported to be around €8 billion ($9.44 billion) [1][1] - This disposal is expected to be one of the largest carveouts by a European company in 2023, highlighting the ongoing trend of portfolio optimization among major corporations [1][1] Group 2: Interested Parties - Private equity firms such as Brookfield, CVC, and Blackstone have submitted bids for the unit, which produces shipping engines and heat pumps, as they seek stable industrial businesses [1][1] - Japanese diesel engine manufacturer Yanmar has also submitted a bid for Everllence [1][1] Group 3: Strategic Considerations - Porsche SE, Volkswagen's largest shareholder, is considering investing in Everllence, reflecting strategic interest from existing stakeholders [1][1] - Volkswagen has requested bids to be submitted by mid-February and has informed some bidders that they are advancing to the second round of discussions [1][1]

Financial Data and Key Metrics Changes - The company reported a net profit of $109.7 million in Q4, marking it as the strongest quarter of the year, with an unexpected level of market strength [10] - The dividend payout ratio is set at 80% when the net loan-to-value is between 20% and 30%, and it will increase to 90% if it drops below 20% [11][13] - The market capitalization of the company is currently $3.7 billion, reflecting a 30% increase this year [1] Business Line Data and Key Metrics Changes - Hafnia operates close to 200 vessels, primarily in the transportation of refined oil products, with a significant portion of earnings derived from the spot market [4] - The company manages approximately 80 vessels on behalf of third-party owners, providing commercial management services [5] Market Data and Key Metrics Changes - The crude market has been strong, pulling many vessels from the clean oil transportation sector, resulting in a decrease in supply [20] - Geopolitical uncertainties have influenced demand, particularly with the situation in Venezuela positively impacting the US Gulf market [21] Company Strategy and Development Direction - Hafnia emphasizes a culture of innovation and active management, focusing on capturing opportunities during market lows and returning value to shareholders during highs [6][7] - The company is exploring consolidation opportunities, having acquired a 14% stake in TORM, which is seen as a strategic investment to enhance exposure in the product tanker market [69] Management's Comments on Operating Environment and Future Outlook - The management noted that the supply side of the market has seen almost zero growth, while demand has been bolstered by geopolitical factors and strong refinery margins [20][32] - There is cautious optimism regarding the market strength in Q1, with expectations that it may approach the high-profit levels seen in 2022 and 2023 [33] Other Important Information - Hafnia is investing in strategic projects like Complexio, which focuses on utilizing AI to enhance operational efficiency [90][91] - The company is aware of the potential impact of AI on logistics and emphasizes the importance of ensuring that technology investments yield a return on equity [96][97] Q&A Session Summary Question: What is behind your less positive market outlook, especially with mixed market outlooks from peers for 2026? - The management highlighted concerns regarding the sanctioned fleet and dark fleet, which could significantly impact market dynamics [83] Question: Is some of Hafnia's LR1s or LR2s trading crude? - Yes, some LR1s are trading as Panamaxes in the Caribbean Sea, which is currently a strong market [82] Question: What specific market or fleet-related factors should investors focus on through 2026 and 2027? - Investors should consider the interrelated nature of the product tanker market and the liquidity of medium-range vessels, as they are crucial for market dynamics [85][87]

Group 1: Department of Homeland Security Shutdown - The Department of Homeland Security (DHS) is entering its third week of shutdown, affecting over 57,000 employees, with some classified as "accepted" not receiving pay until the shutdown ends [1][3] - The shutdown is described as a partisan issue, with calls for reforms in agencies like TSA, FEMA, and Border Patrol without interrupting their pay [4][5] Group 2: Save America Act - The Save America Act, which requires proof of citizenship to vote, is stalled in the Senate, with bipartisan support indicated by 80% of Americans finding it sensible [2][19] - Concerns are raised about potential voter suppression, as approximately 40% of Americans may not have the required documents like birth certificates or passports [16][19] Group 3: AI and National Security - Anthropic's CEO has refused to allow their AI products to be used for mass domestic surveillance, raising questions about the implications of AI in military and surveillance contexts [6][8][13] - The Pentagon is urged to maintain a competitive edge in AI, especially against advancements made by China in military applications [7][11]

Core Viewpoint - Credicorp Ltd. is set to hold its 2026 Annual General Meeting of Shareholders on March 31, 2026, where the Board of Directors will propose new candidates for election as part of a structured refreshment process aimed at enhancing expertise in technology, AI, and financial governance [1][2]. Board Composition and Nominees - The Board will propose the election of three new directors: María Inés Álvarez (Independent), Juan Paredes Manrique (Independent), and Manuel Romero Valdez (Non-Independent) [3]. - The new nominees are intended to succeed retiring directors Antonio Abruña Puyol, Alexandre Gouvêa, and Patricia Lizárraga Guthertz, while all other current directors will stand for re-election [3][9]. Nomination Process - The nomination process was overseen by the Compensation and Nominations Committee, ensuring compliance with the Company's Bye-laws and Corporate Governance Policies, including independence assessments and conflict-of-interest safeguards [4]. - The Audit Committee will remain composed entirely of independent directors, maintaining robust oversight of financial reporting and risk management [4]. New Director Profiles - **María Inés Álvarez**: A technology executive with over 30 years of experience in AI and cybersecurity, previously at Microsoft, enhancing the Board's oversight of digital transformation [5]. - **Juan Paredes Manrique**: An independent consultant with extensive experience in external audit and regulatory matters, reinforcing financial reporting and compliance oversight [6]. - **Manuel Romero Valdez**: Chairman of Grupo Romero with a background in corporate finance and strategy, contributing to long-term capital allocation and governance [7]. Continuity and Experience - The Board will also propose the re-election of existing directors, including Nuria Aliño Pérez and María Teresa Aranzabal Harreguy, who bring continuity and deep institutional knowledge [8]. - The Board emphasizes maintaining diversity, with women representing one-third of its composition [4]. Dividend Policy Update - The Board approved an update to the Company's dividend policy, maintaining a minimum payout of 25% of consolidated net profits, aligning with regulatory capital considerations [11]. Company Overview - Credicorp is the leading financial services holding company in Peru, with operations in multiple countries and a diversified business portfolio across Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [12].

分组1 - Jack Dorsey's Block (XYZ) shares increased by 20% after the company reduced its workforce by nearly 50% due to advancements in intelligent technology [3] - Netflix (NFLX) received a $2.8 billion breakup fee after withdrawing from a deal to acquire Warner Bros. (WBD), with Paramount Skydance (PSKY) making a competing offer valued at $111 billion [4][5] - Despite the gains, Netflix shares are down 12% since the initial agreement with Warner Bros., while Paramount Skydance shares are down 18% [5] 分组2 - Netflix stated that the deal with Warner Bros. was not financially attractive at the price required to match Paramount's latest offer, emphasizing that it was a "nice to have" rather than a necessity [6] - Paramount Skydance is eager to expand and views Warner Bros. as crucial for its turnaround strategy, aiming to create a compelling subscription service [7] - Larry Ellison has personally backed much of the Paramount Skydance deal, enhancing his influence in the media sector [7] 分组3 - DraftKings (DKNG) is expanding its operations to Arkansas, reaching a total of 30 U.S. states [8] - Brinks (BCO) is set to acquire NCR Atleos (NATL) for $6.6 billion [8] - Citigroup (C) plans to integrate Bitcoin into its core banking services within the year [9]

Core Viewpoint - Nvidia's latest earnings report shows strong revenue growth primarily driven by its data center segment, but concerns about the sustainability of this growth have led to a decline in stock price [1][4]. Group 1: Financial Performance - Nvidia reported fourth quarter revenue of $68.13 billion, surpassing analysts' expectations of $66.21 billion [2]. - The data center segment accounted for 90% of the company's total revenue in the fourth quarter, highlighting Nvidia's critical role in the AI industry [2]. Group 2: Growth Opportunities - The company is exploring growth opportunities beyond data center chips, including autonomous systems and advanced computing platforms, which could significantly increase its market share [3]. - Management expressed confidence that AI applications will expand into various industries, including automotive and industrial sectors [3]. Group 3: Investor Concerns - Investors are wary of potential risks, particularly the reliance on spending from large cloud providers and AI startups, as any slowdown in capital expenditure could negatively impact revenue growth [4]. - Other economic factors, such as competition within the sector and supply chain conditions, are also critical variables affecting long-term growth [4].

Group 1 - Guidewire Software (GWRE) shares increased by 6% to $144.08, following a period of 16.5% loss over the past four weeks, driven by market optimism and company-specific factors [1] - The transition to a cloud-based subscription model has been a significant driver of Guidewire's performance, with annual recurring revenues (ARR) growing by 22% year over year, reaching $1.063 billion [2] - The company is enhancing its Guidewire Cloud platform with new capabilities, which is expected to boost sales of subscription-based solutions in the long term [3] Group 2 - International momentum and frequent product launches, including new applications like PricingCenter and UnderwritingCenter, are contributing positively to the company's outlook [4] - Guidewire announced a $500 million share repurchase plan and expects total revenues for fiscal 2026 to be between $1.403 billion and $1.419 billion, compared to $1.202 billion in fiscal 2025 [5] - The company is projected to report quarterly earnings of $0.77 per share, reflecting a 51% year-over-year increase, with revenues expected to rise by 18.3% to $342.52 million [6] Group 3 - The consensus EPS estimate for Guidewire has remained unchanged over the last 30 days, indicating that stock price movements may be influenced by trends in earnings estimate revisions [7] - Guidewire Software holds a Zacks Rank of 3 (Hold), while VNET Group, a peer in the same industry, has a Zacks Rank of 4 (Sell) [7]

01 按参数算，人脑相当于多大的模型？ 答案是：要看怎么算。 如果只看神经元的个数，人脑大概是860亿个神经元，也就是86B的模型，并不大。 参考一下，DeepSeek V3是671B，Kimi K2.5大概1000B，即1T； 但事实上人脑每个神经元又有7000个突触，从技术的角度类比，颗粒度更小的突触才更像AI模型的权重参数。 如果这么算，860亿*7000，那么人类大脑相当于大约600T模型。 而这么大的模型，今天的硬件肯定暂时还跑不动。 这么类比略糙。 但也说明——咱们这颗脑子的架构还是很复杂的，属于先进制程。 有点牛逼。 02 那么，大脑的制程到底有多先进呢？ 我随即问了Claude opus 4.6和Gemini 3.1 Pro一个问题（实在受不了GPT无比谄媚的风格）—— "如果人脑是一块芯片，那么它的制程是几纳米的？" 他们的答案出奇一致： 如果看神经元细胞体直径的直径，大概 10000-100000 纳米 (10-100微米)。 这么看大脑相当于几十年前的电子管计算机。 这TM也太落后了。 但逻辑显然不是这样的： 神经元并非一个简单的开关，它更像处理器的一个核，真正的开关和信号传递发生在突触 ...

Core Insights - Global smart glasses shipments are expected to grow by 139% year-on-year in the second half of 2025, with AI smart glasses accounting for 88% of total shipments, driven by seasonal demand, Meta's product line expansion, and new product launches from Chinese manufacturers [1][3] - The average selling price (ASP) of AI smart glasses increased from $347 to $360, primarily due to higher pricing of new Meta products, while the ASP of basic smart glasses decreased to $63 due to reduced shipments from Huawei and Amazon [1][3] Group 1 - Meta continues to dominate the market with a 82% market share in the second half of 2025, with the first generation of Ray-Ban Meta AI glasses peaking in shipments in Q3 2025 and the second generation quickly gaining market acceptance after its launch in September 2025 [2][3] - The Oakley Meta HSTN and Vanguard models accounted for over 30% of Meta's total shipments in Q4 2025, reinforcing Meta's leadership in the global smart glasses market [2] Group 2 - User feedback indicates significant improvements in the video performance of the second generation Ray-Ban Meta AI glasses, including an upgrade in resolution from 1080p to 3K and enhanced stabilization features [3] - Xiaomi ranks second globally, with its AI glasses driving a shipment increase of over 200% following software optimizations [3] - North America is the largest market for smart glasses, accounting for 37% of shipments, followed by Western Europe at 30%. India saw a 15-fold increase in shipments, but its overall market share remains at only 2% [3] Group 3 - The global smart glasses market is expected to maintain rapid growth beyond 2026, driven by Meta's expansion and the entry of more manufacturers, although rising storage chip prices may have some impact [3]

智通财经APP获悉，在全球金融市场风险上升且美股陷入剧烈波动的背景下，美国国债市场实现一年来的最佳单月 表现。由于美国科技股估值高企、"AI颠覆一切"基调重创软件与数字经济领域以及市场对科技巨头们主导的人工智 能愈发庞大支出不可持续的担忧情绪升温，美债需求再度全线升温也凸显出，投资者们在恐慌时刻仍然将美国国债 视为动荡时期首屈一指的避险资产。 AI颠覆恐慌、特朗普关税不确定性、股市震荡与资金回流美债/黄金/瑞郎的市场脉络，共同构筑起美债市场上行轨 迹的强劲推动力量。在这个月里，其他市场不断闪现警示与危机信号——从人工智能所展现出的史无前例颠覆性且 可能带来通缩效应的现实证据，到地缘政治紧张局势持续升温，再到市场对私人信贷领域隐藏风险的担忧，在这种 金融市场整体风险急剧上升的背景下，交易员们纷纷涌向美国国债。 长期以来具备避险属性的美债市场的结果是——一项跟踪美国国债市场的基准指数2月回报率达到1.5%，有望创下 自去年同期以来的最佳表现。10年及以上的长期限美国国债表现最为亮眼，以价格衡量的投资回报上涨约4%，市场 开始转向长期以来被资金唾弃的长期限美国国债作为抵消负面压力时期的关键避险资产。 这轮美债上涨轨 ...