在昨夜，白银双位数飙涨，现货白银涨10.47%，COMEX白银上涨11.15%。现货白银今年以来上涨高达174%，碾压黄金，成为今年上涨最高的 贵金属品种。 01 白银史诗级上涨！ 就在昨夜贵金属市场全线爆发，国际金银续创新高。COMEX黄金期货涨1.31%，报4562美元/盎司。COMEX白银期货涨11.15%，报79.68美元/ 盎司。伦敦金现涨1.19%，伦敦银现涨10.47%，现货铂金涨10.39%，现货钯金涨11.69%。 消息面上，受美联储降息预期以及加剧避险需求的地缘政治紧张局势提振。据央视新闻报道，尼日利亚外交部证实，尼日利亚与美国开展安全合作 与情报协作，通过空袭行动，精准打击尼西北部地区的"恐怖目标"。当地时间12月26日，据也门安全官员消息，沙特阿拉伯对也门东南部哈德拉 毛省南方过渡委员会旗下的军事据点发动了空袭。 Sky Links Capital Group首席执行官Daniel Takieddine表示，地缘政治紧张局势不断升级，持续支撑包括黄金和白银在内的避险资产需求；同 时，年末市场流动性偏低，也放大了价格波动。 嘉盛集团资深分析师JerryChen表示，共同驱动因素还包括特朗 ...

那么，居民资金入市缓慢的深层原因是什么？如何看待未来增量资金的空间？在岁末年初的日历效应下，居民资金是否会缺席"春季躁动"行情？ 居民资金行为透视："去杠杆化"特征 与2015年"杠杆疯牛"的狂热或2020年核心资产抱团时期的"借基入市"不同，2025年的居民入市行为呈现出显著的 "去杠杆化"的特征。当前居民资金的"慢"， 并非市场缺乏流动性，而是居民资产配置偏好在当前宏观背景之下正在经历一些历史性变化。 第一，新增开户数量提升速度不及以前。2025年11月新增开户数为238万户，较7月低点有所回暖，但这一水平仅相当于2019年3月上一轮牛市初期的202万 户。这远低于2020年7月"基金热潮"时的405万户，更不及2015年牛市水平。 李迅雷 | 立方大家谈专栏作者 引言 通过对比2020年白酒消费、2021年新能源、2025年科技这三轮主线行情，可以发现一个显著特征：本轮科技结构性行情中，无论是机构资金还是散户资金的 入场节奏都表现得"相对克制"，流入加速度明显趋缓。 同时，杠杆资金净买入强度仍明显弱于2019-2020那种"单边净加仓"状态，更像是"观望、分段加仓"，右侧追涨扩张程度并不高。而与居民资金 ...

中经记者 方超 石英婧 上海报道 合并仅三年多时间后，全球汽车零部件巨头佛瑞亚（FORVIA）近期被曝或出售核心板块汽车内饰业 务。 公开信息显示，佛瑞亚可能出售旗下的汽车内饰业务，而对于市场传闻，佛瑞亚此后也发布公告 称："集团已启动某些程序，以出售其稳健业务组合中的部分资产，其中包括其内饰业务集团的资产。" 《中国经营报》记者注意到，尽管佛瑞亚方面对相关业务出售未释放出更多讯息，但市场对于其出售动 作早已不再陌生。佛瑞亚集团首席执行官Martin FISCHER此前就表示："剥离非战略性资产将加速去杠 杆化进程，同时使我们能够把握增长机遇、持续巩固在创新与可持续发展方面的领导地位。" 对于包括佛瑞亚在内的行业巨头开启的出售动作，中国汽车流通协会专家委员会委员章弘向记者表示， 此举或与相关企业面临的债务压力、战略转型需要及市场竞争加剧等因素有关，在其看来："剥离部分 业务可精简组织架构，提高运营效率，降低管理成本，同时避免资源分散导致的核心竞争力不足。" 内饰业务三季度营收下滑 对于旗下核心板块之一的汽车内饰业务，佛瑞亚或已启动出售程序。 日前，多家媒体报道，佛瑞亚正寻求出售部分汽车内饰业务，同时继续缩减投 ...

Core Viewpoint - Waste Management has a strong dividend history and cash flow coverage, despite recent earnings volatility, raising questions about the sustainability of its dividend amidst financial pressures [1][10]. Dividend Information - The annual dividend is $3.225 per share, yielding 1.51% with a recent increase of 7.1% [1]. - The company has maintained over 20 consecutive years of dividend increases, including during the pandemic [6]. - The five-year compound annual growth rate (CAGR) for dividends is 5.3%, with 2025 marking the largest increase in years at 7.1% [8][7]. Cash Flow and Payout Ratios - In 2024, Waste Management paid $1.21 billion in dividends against $2.16 billion in free cash flow, resulting in a 56.0% free cash flow payout ratio [2]. - The earnings payout ratio is 41.6%, indicating a healthy distribution of earnings [3]. - Operating cash flow coverage is strong at 4.5 times, with operating cash flow increasing by 69% from $3.18 billion in 2017 to $5.39 billion in 2024 [3]. Debt and Leverage - The company has a total debt of $23.36 billion against $9.52 billion in equity, leading to a debt-to-equity ratio of 2.45x, which is considered elevated [4]. - The net debt-to-EBITDA ratio stands at 3.19x, which is manageable for a capital-intensive business [5]. - Interest coverage is adequate at 4.4x, providing a cushion for debt obligations [5]. Management Perspective - CEO Jim Fish describes Waste Management as a "forever stock," emphasizing the company's strategy to generate consistent long-term value [9]. - In 2024, the company returned $1.47 billion to shareholders through dividends and buybacks, with a shift towards dividends reinforcing confidence among income investors [9]. Dividend Safety - The dividend is considered safe due to the 56% free cash flow payout ratio and 50.9% earnings payout ratio, providing a substantial cushion against earnings volatility [10]. - Management projects a return to targeted leverage levels by mid-2026, with synergies from the Stericycle acquisition tracking positively [10].

Summary of Organon Conference Call Company Overview - **Company**: Organon - **Event**: 37th Annual Piper Sandler Healthcare Conference - **Speakers**: Joe Morrissey (Interim CEO), Matt Walsh (CFO) Key Points Internal Investigation and Remediation - An internal investigation focused on sales practices related to Nexplanon and two wholesalers was concluded, identifying a weakness in the "tone at the top" [2][3] - A detailed remediation plan has been approved by the audit committee, emphasizing ethics training and mechanisms for employees to escalate concerns [2][3] - The investigation found that revenue management around quarter-end orders affected less than 1% of annual revenue and 2% in any quarter, confirming that revenue recognition practices were appropriate [3][5] Financial Performance and Cost Discipline - In 2025, Organon achieved a reduction of $200 million in operating expenses, with continued cost discipline expected in 2026 [11][14] - The adjusted EBITDA margin target of 31% for 2026 is considered challenging due to flattening Nexplanon sales and ongoing investments in Vtama [14][18] Research and Development (R&D) Strategy - The primary R&D focus is on maximizing the value of existing products, including Vtama, while deprioritizing larger, longer-term programs [21][28] - Organon aims to evolve into a more commercially focused organization, potentially leading to significant cuts in the R&D budget [28][30] Nexplanon Product Outlook - Nexplanon is expected to face flat to declining sales in the U.S. due to Title X funding challenges and policy changes affecting Planned Parenthood [39][44] - Internationally, Nexplanon continues to grow, with recent reimbursement wins in Brazil [53][41] - The product lost exclusivity in Europe, but generics have not yet entered the market [44][46] Vtama Sales Performance - Vtama's 2025 sales guidance was lowered due to challenges in volume growth and gross-to-net moderation, with access improving from less than 40% to around 70%-80% in preferred tiers [75][80] - The competitive landscape for topical dermatology products is challenging, but Vtama is positioned to compete based on its efficacy and safety profile [100][102] Established Brands and Market Challenges - Respiratory products, particularly Singulair and Dulera, are facing significant headwinds due to price reductions and loss of contracts [122][136] - The impact of Atozet's loss of exclusivity (LOE) is expected to be less than $75 million in 2026, compared to over $200 million in 2025 [154] Growth Opportunities - Emgality is performing well, with expansion into 22 markets, showcasing Organon's capability to leverage its global infrastructure for growth [156][161] - Organon is open to acquiring additional dermatology-focused assets to capitalize on its existing sales force and capabilities [111][112] Biosimilars and Divestitures - Biosimilars are viewed as a growth driver, with successful launches of Hadlima and plans for further expansion [168][172] - Divestitures will be approached opportunistically to improve capital structure and accelerate deleveraging [180][183] Additional Insights - The company is focused on maintaining a strong balance sheet while exploring strategic partnerships and acquisitions that align with its core capabilities [111][162] - The competitive dynamics in the dermatology space and the broader healthcare market are acknowledged as critical factors influencing future performance [100][102]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $44.5 million, a 10% increase from $40.4 million in Q3 2024, but below the record $47.2 million achieved in Q2 2025 [3][10] - Adjusted net income for Q3 was $14.4 million, slightly above last year's figure, with earnings per share on an adjusted basis at $0.39 for the quarter [3][12] - The company achieved a debt-free status after repaying a total of $350 million over the last three years, with all vessels now fully owned [3][14] Business Line Data and Key Metrics Changes - The fleet days increased by 7% due to the addition of two vessels, contributing to higher revenues [10] - Voyage expenses rose to $7.2 million, driven by increased port and bunker expenses, while operational utilization decreased to 90.3% [11] - TCE revenues for the quarter were $37.3 million, reflecting seasonal low activity [11] Market Data and Key Metrics Changes - Global LPG exports grew by 5% in the first nine months of 2025, with US exports showing close to 6% growth [17][18] - The European market is expected to import a record 8 million metric tons of competitive US LPG in 2025, significantly impacting demand [18] - Chinese LPG imports recorded a 1% growth in the first eight months of 2025, despite trade tensions affecting the market [19][20] Company Strategy and Development Direction - The company aims to maintain a conservative approach with a visible revenue stream, securing $130 million in contracted revenues [4] - There is a focus on selling older tonnage and replacing it with newer vessels, with a recent agreement to sell the Eco Invictus [4] - The company has achieved a cash flow break-even of $6,500-$7,000 daily, enhancing competitiveness even in a declining market [15] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the seasonal weakness in Q3 but expressed optimism for the short term as markets firm up entering winter [25] - There is a belief that geopolitical tensions are easing, which should positively impact market sentiment and rates [25] - The long-term outlook remains positive, driven by continuous growth in LPG demand, particularly from US production [25][26] Other Important Information - The company has scheduled dry dockings for six vessels in 2026, indicating ongoing maintenance and operational readiness [6] - The company maintains strong liquidity with cash expected to reach $100 million by year-end [13][14] Q&A Session Summary Question: What is the outlook for LPG demand in the coming years? - Management indicated that future capacity additions from US infrastructure projects and Middle East expansions create a positive outlook for sustained market expansion through 2030 [20] Question: How is the company managing its fleet in light of current market conditions? - The company is focusing on maintaining high period coverage and has secured 46% of fleet days for 2026, ensuring a stable revenue stream [6][4] Question: What are the implications of the US-China trade situation on operations? - Management noted that while trade tensions have affected imports, the recent truce may allow for a return to normalcy in trade relations [19]

近期美股下跌与美债结算日高度吻合。自10月30日以来的9个结算日中，标普500指数有7日收跌。自从7月债务上限提高后，美国财政部一直通过消耗逆回购 工具资金来应对发债需求。尽管10月末11月初逆回购工具尚有余额，但这些余额显然已不足以吸收美债结算带来的资金流动。 股市和比特币等风险资产首当其冲，因为当逆回购缓冲机制消失后，结算资金直接从准备金账户抽取，导致准备金规模下降。如今随着准备金减少且财政部 一般账户(TGA)资金回笼，支撑风险资产的流动性正在被持续抽离。 智通财经APP获悉，标普500指数11月迄今已下跌约3.7%，而更严峻的考验可能即将到来。由于美债结算导致市场流动性被持续抽离，而未来五个交易日内 预计将有1500亿美元因美债结算而被抽离，标普500指数面临进一步下跌的风险。 既然逆回购工具已不足以支撑美债结算，所需资金就必须另寻来源。可观测数据显示，当前资金正从风险资产中流出。这一现象自10月30日起尤为明显—— 期间9个美债结算日中标普500指数有7日下跌，这7个交易日平均跌幅达1.18%。 | Down Days | | Up Days | | | --- | --- | --- | --- ...

智通财经APP注意到，对冲基金在这轮剧烈的两日股市震荡中站错队：周四他们匆忙采取防护措施以规避损失，不料次日价格迅速反弹，又不得不匆忙平 仓。 这五次大幅波动中的三次发生在四月初，当时前总统特朗普的关税威胁令标普500指数在熊市边缘摇摇欲坠。 高盛的主要经纪业务数据显示，周四美国交易所交易基金的净空头头寸猛增4.6%，创下今年第五大单日增幅，也是过去五年来的最大增幅之一。 除了宏观对冲手段(如建立ETF和指数的空头头寸)外，对冲基金还削减了个股头寸。高盛尤其注意到科技股出现投降迹象，该板块在周四的暴跌中首当其 冲。去杠杆化几乎波及该行业各个角落，其中以半导体、半导体设备股和软件公司为首。 对冲基金急于对冲股市损失之际，标普500指数出现了自4月以来最剧烈的盘中反转。主要基准指数周四收于两个多月来的最低水平。 高盛集团合伙人约翰.弗勒德周五在给客户的一份报告中写道："我们的交易部门看到对冲基金在大举回补宏观产品(如指数和ETF)的头寸。考虑到昨天对冲 基金还处于纯粹的盈亏保护模式，积极通过宏观产品进行对冲，今天的举动也在情理之中。" 但建立空头头寸的举动在周五看来似乎时机不佳，随着股市反弹，对冲基金被迫平仓。标 ...

Core Viewpoint - Plug Power, Inc. announced a $375 million private offering of convertible senior notes, leading to a decline in its stock price, while analysts maintain a cautious stance on the company's financial execution and profitability targets [1][2]. Group 1: Financial Moves - The proceeds from the convertible notes will be utilized to retire $243 million of high-cost debt and repurchase a portion of its 2026 convertible notes [2]. - The analyst views the offering as a sensible move for de-leveraging, despite the stock's dip in after-hours trading [2]. Group 2: Financial Guidance and Projections - Plug Power reiterated its fiscal 2025 and fiscal 2026 guidance, expecting significant margin improvements on an adjusted basis, driven by higher sales volume and better equipment mix [4]. - The year-end 2026 guidance anticipates positive EBITDAS, with projected sales of approximately $300 million in Q4 2026 and gross margins of 15% [5]. - Fiscal 2025 EBITDAS will exclude stock-based compensation, supporting the goal of achieving EBIT positivity by fiscal 2027 and net income positivity by fiscal 2028 [6]. Group 3: Growth Expectations - Future growth is expected to be bolstered by the renewal of investment tax credits in 2026, fleet upgrades, and capacity expansion from key accounts, with additional upside from greenfield projects [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 截至二零二五年九月三十日止九個月的 未經審核營運數據 健 合(H&H)國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 （「董 事」）會（「董事會」）欣然公佈本集團截至二零二五年九月三十日止九個月（「有 關期間」）的 未 經 審 核 營 運 數 據。 2 營 養 補 充 品 包 括 合 生 元 益 生 菌 補 充 品、合 生 元 嬰 幼 兒 產 品、Swisse維 生 素、草 本 及 礦 物 補 充劑產品以及Solid Gold及Zesty Paws品 牌 的 寵 物 營 養 品。 – 1 – （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號 ...