联邦快递虽然Q4业绩超出华尔街预期，但管理层对未来的谨慎态度让投资者颇为不安，股价在盘后交易中下跌近5%。 周二美股盘后，联邦快递（FedEx）交出了一份表面上看起来相当不错的2025财年第四季度成绩单，营收和利润双双超出了 华尔街的预期。然而，疲软的短期指引和对未来全年盈利预测的刻意回避，让市场颇为担忧： 值得注意的是，联邦快递创始人弗雷德·史密斯于6月21日去世。媒体指出，这位80岁的创始人曾在耶鲁大学写下隔夜配送的 商业计划，被教授评为不可行而得了C，但他最终用联邦快递改变了全球物流业，史密斯的离世恰逢公司面临转型挑战的关 键时刻。财报公布后，联邦快递美股盘后一度跌近5%。 "漂亮"的业绩数字与背后的隐忧 根据财报，联邦快递第四季度实现了222亿美元的营收和6.07美元的调整后每股收益，分别高于分析师预期的218亿美元和 5.87美元。 这主要归功于公司大刀阔斧的成本削减计划——DRIVE计划。公司宣布已成功完成其在2025财年削减22亿美元结构性成本的 目标，这无疑是管理层执行力的有力证明。 然而，市场的目光显然没有停留在过去的功劳簿上。真正的"预期差"来自于公司的前瞻指引。 财务表现： 2025财年 ...

匈牙利总理欧尔班对乌克兰总统泽连斯基表示，欧盟的成立是为了给其成员国带来和平与繁荣。接纳一 个与俄罗斯处于战争状态的国家会立即将欧盟拖入直接冲突。指望任何成员国承担这种风险都是不公平 的。 ...

Industry Overview - The semiconductor industry is crucial for technological advancements in HPC, AI, automated driving, and IoT, with a bright long-term outlook due to the essential role of semiconductors in cloud functionality and data analysis [1] - Global semiconductor sales are projected to grow by 11.2% this year, following a 19% increase in 2024, driven by AI workloads demanding high-end logic chips and high-bandwidth memory [4] - Advanced nodes (below 20nm) capacity is expected to increase by 12%, with utilization remaining above 90%, while mature nodes utilization is projected to rise from 70% in 2024 to above 75% this year [5] Market Challenges - Geopolitical instability and U.S. tariffs are creating challenges, disrupting supply chains, delaying deliveries, and increasing prices, which may lead to a rich valuation despite the industry's long-term potential [2][3] - The ongoing geopolitical tensions, particularly regarding China and Taiwan, are raising concerns about supply chain disruptions and national security implications [9][17] Company Insights - NVIDIA Corp. is highlighted as a strong investment opportunity, with its GPUs leading in gaming and significant growth in enterprise, data center, and automotive sectors [24][27] - Texas Instruments (TXN) is also recommended for tracking, focusing on internal manufacturing capacity expansion and benefiting from U.S. semiconductor manufacturing incentives [31][34] Financial Performance - The semiconductor industry has gained 17.9% over the past year, outperforming the broader technology sector and S&P 500 index [18] - The industry is currently trading at a forward P/E ratio of 32.79X, which is below its median value but appears overvalued compared to the S&P 500 and broader sector [21][22] Future Growth Drivers - The industrial IoT market is expected to grow at a 12.7% CAGR between 2025 and 2033, driven by advancements in connectivity and AI adoption [7] - AI is identified as the largest driver of the semiconductor industry, transforming efficiency and competitiveness across various sectors [11][12]

Core Viewpoint - Quantum Computing Inc. has successfully closed a private placement of 14,035,089 shares of common stock, raising $200 million at a price of $14.25 per share, reflecting strong institutional interest in the company's vision for quantum and photonic technologies [1][2]. Financial Position - Following the capital raise, the company has over $350 million in cash and cash equivalents with no debt, providing significant financial resources for product development and strategic opportunities [2][8]. Use of Proceeds - The net proceeds from the offering will be utilized to accelerate commercialization efforts, pursue strategic acquisitions, and for general corporate purposes [2]. Company Overview - Quantum Computing Inc. specializes in integrated photonics and quantum optics technology, offering affordable quantum machines and foundry services for photonic chip production based on thin-film lithium niobate [6].

据介绍，香港书展作为香港7月焦点盛事及"香港·盛夏派对"的节目之一，将为市民及旅客带来一系列丰 富的文化活动，涵盖世界各地知名作家的讲座、新书推介会及多元文化活动，推广阅读文化。 本届香港书展的"世界文化艺术廊"呼应年度主题，以饮食作为连接世界的桥梁，让入场人士在餐桌品味 人生、阅读世界。展览由8位艺术家围绕食疗、永续、餐桌礼仪等主题设立8张餐桌，并与多国驻港总领 事馆合作展示世界各地相关书籍及展品。现场更设有互动装置，为参观者推介书籍。 新华社香港6月24日电（黄茜恬）香港贸易发展局24日举行记者会表示，第35届香港书展将于7月16日至 22日在香港会展中心举行。今年书展将以"饮食文化·未来生活"为年度主题，场内外将举办超过620项文 化活动。 香港贸发局副总裁张淑芬表示，饮食与阅读皆是文化载体，饮食文学作品及书籍通过文字记录地方饮食 传统，写一道菜式也是写一个故事，非常值得推介。香港是美食天堂，中西文化荟萃，相信饮食文学将 是推动中外文化艺术交流的极佳切入点。 今年书展首设"文化及创意产品区"，将带来香港非物质文化遗产互动体验，以及展示具有澳门特色的文 创产品和故宫博物院宫廷文创精品等。 今年的中国内地出 ...

Core Insights - Swiss Water Decaffeinated Coffee Inc. has successfully completed the renewal and amendment of its revolving credit facility, resulting in an $80 million facility with $35 million of incremental borrowing capacity [1][2][3] Group 1: Financial Details - The Amended Revolving Facility includes $10 million of expanded revolving credit capacity with CIBC and $25 million with Rabobank [1] - The maturity date for the new facility is June 23, 2027, with an option to extend to June 23, 2028 [1] Group 2: Business Context - The increased credit capacity is aimed at supporting working capital needs due to rising sales volumes and elevated coffee prices [2] - The CFO expressed gratitude towards CIBC and welcomed Rabobank as a new lending partner, highlighting the importance of this milestone for the company's growth in a volatile coffee market [3] Group 3: Company Profile - Swiss Water Decaffeinated Coffee Inc. is a leading specialty coffee company known for its proprietary Swiss Water Process, which decaffeinates coffee without chemical solvents [4] - The company also owns Seaforth Supply Chain Solutions Inc., which handles and stores green coffee [4]

美联储理事Michael Barr表示预计关税将推高通胀，并支持对利率调整采取观望态度。在为堪萨斯城联 储在奥马哈主办的一场活动准备的讲话中，Barr表示，目前经济形势稳固，失业率低，通胀率在向美联 储2%的目标回落。"不过，展望未来，我预计通胀将因关税而上升，"他说。"短期通胀预期上升、供应 链调整和第二轮效应可能会导致通胀持续一段时间。"(新浪财经) ...

Company Overview - Algoma Steel Group Inc. is a leading Canadian producer of hot and cold rolled steel sheet and plate products, based in Sault Ste. Marie, Ontario [6] - The company is a key supplier of steel products in North America and the only producer of discrete plate products in Canada [6] Annual Meeting Results - All nominees listed in the management information circular were elected as directors, with a total of 64,907,782 votes cast [2] - The appointment of Deloitte LLP as the Company's auditors for the 2025 calendar year was approved by a majority of votes [2] - A non-binding advisory resolution on executive compensation was also approved by a majority at the Meeting [3] Transformation and Sustainability Initiatives - Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology to lower carbon emissions [7] - The company aims to become one of North America's leading producers of green steel, focusing on recycling and environmental stewardship [7] - Algoma is committed to investing in its people and processes to enhance safety and teamwork [7] Market Position and Strategy - Algoma's Direct Strip Production Complex (DSPC) is recognized as one of the lowest-cost producers of hot rolled sheet steel in North America [6] - The company emphasizes delivering responsive, customer-driven product solutions across various sectors, including automotive, construction, energy, defense, and manufacturing [6][8]

Summary of Annovis Bio (ANVS) Update / Briefing June 24, 2025 Company Overview - **Company**: Annovis Bio (ANVS) - **Focus**: Development of treatments for neurodegenerative diseases, specifically Alzheimer's and Parkinson's diseases Key Points and Arguments Alzheimer's Disease Program - Annovis Bio is conducting a pivotal Phase 3 trial for Alzheimer's, with expectations to file a New Drug Application (NDA) for both symptomatic and disease-modifying treatments [3][4] - The company has completed a large study with 350 patients and is currently conducting a study with 760 early Alzheimer's patients [6][20] - Initial studies showed a 3.5-point improvement in cognition over placebo, indicating potential efficacy [9][28] - The company emphasizes the safety of its drug, pontanetab, particularly in APOE4 carriers, where no significant side effects were observed [13] Parkinson's Disease Program - A large study in Parkinson's has been completed, and an open-label study is planned for patients with deep brain stimulation [4][30] - The drug has shown cognitive improvement in Parkinson's patients, particularly those with cognitive impairment [14][15] - The company is preparing to submit protocols for pivotal studies in Parkinson's disease dementia and dementia with Lewy bodies [30][34] Clinical Trials and Data - The company has treated over 800 patients across various studies, focusing on safety and efficacy [5] - The screening process for the current Alzheimer's study has a 38% failure rate, primarily due to strict inclusion criteria [23][54] - The company aims to recruit 1,500 patients and randomize 760 for the Alzheimer's study, with a target of completing enrollment by the end of the year [22][44] Regulatory and Market Considerations - The FDA has been supportive, with potential for fast-tracking the approval process for drugs addressing significant unmet needs [39] - If the data from the ongoing studies are positive, the company anticipates filing for NDA by fall 2027 for symptomatic treatment and fall 2028 for disease modification [39][86] - The company is actively seeking funding to support ongoing and future studies, with a current focus on raising $70 million for Parkinson's studies [73][92] Other Important Content - The company is exploring the use of biomarkers and volumetric MRI to assess disease modification and cognitive improvement [18][50] - There is a discussion about the impact of FDA leadership changes on drug development for neurodegenerative diseases, with a focus on ensuring fair evaluation processes for both biologics and traditional drugs [56] - The company is open to public support and lobbying for funding to enhance research and development efforts [120][126] This summary encapsulates the key points from the Annovis Bio briefing, highlighting the company's focus on Alzheimer's and Parkinson's disease treatments, ongoing clinical trials, regulatory strategies, and funding challenges.

周二（6月24日）纽约尾盘，美国10年期基准国债收益率下跌5.30个基点，报4.2945%，日内于窄幅震荡 行情中在北京时间21:24刷新日高至4.3692%，随后出现一波"急剧的"下跌行情，在低位震荡中于02:45 （美联储主席鲍威尔听证会结束之后）刷新日低至4.2827%。 两年期美债收益率跌3.81个基点，报3.8251%，全天处于下跌状态，鲍威尔给出美联储今年降息线索之 前刷新日高至3.8632%，01:36跌至3.8019%刷新日低。 ...