Fubao electric-carbon spot basis index at -950 yuan/ton (unchanged). Battery-grade lithium carbonate 143,650 yuan/ton (+2,400 yuan/ton). Industrial-grade lithium carbonate (composite) 141,050 yuan/ton (+2,400). Premium battery-grade lithium carbonate 144,750 yuan/ton (+2,500). Lithium hydroxide index 130,833.33 yuan/ton (+2,500). Metallic lithium index 975,000 yuan/ton (unchanged). Fubao brine (lithium sulfate) discount factor 75% (-1).

A consortium led by Sichuan Rural Commercial Bank, together with Bank of Sichuan, Chengdu Bank and Chengdu Rural Commercial Bank, has moved into a substantive preparatory phase to set up a joint wealth-management company. A special working group has been established and each bank has seconded key staff to the project, with preparatory work underway. The banks say their current proprietary wealth-management operations are focused on maintaining scale, though some institutions continue to show shrinking assets. Since the December 2023 approval of Zhejiang Bank Wealth, no new bank wealth-management company licences have been issued; if approved, the Sichuan joint vehicle would end the licence drought and would be the first wealth-management company set up jointly by multiple banks. It would also be the second western-region bank wealth manager to open after Chongqing Rural Commercial Bank Wealth, filling a regional gap.

AI巨头利润创新高，为何自由现金流反而下滑？摩根大通指出，AI巨头的盈利与自由现金流正在出现明显背离。以Google、Amazon、Microsoft和Meta为代表的大规模云服务商，过去12个月净利润已升至约5990亿美元，但扣除资本开支后的自由现金流仅约1690亿美元，两者差距扩大至4300亿美元；而2023年底，净利润与自由现金流都还在约2400亿美元附近。 但原因并非AI需求转弱，而是资本开支增长得更快。 摩根大通预计，2026年AI相关资本开支将达到约9000亿美元，2027年进一步超过1.2万亿美元。大量新增现金被重新投入数据中心、服务器、GPU和网络基础设施，导致 利润增长暂时无法同步转化为可自由支配现金。 不过值得注意的是，AWS、Azure和GoogleCloud收入及订单仍在快速增长，说明AI变现能力正在改善。 摩根大通预计，除微软外，其覆盖的大多数大规模云服务商在2026—2027年自由现金流仍将承压。