股票代码 股票简称 报告名称 东财评级 评级变动 2026盈利预测 2027盈利预测 行业 收益 市盈率 收益 市盈率 002841 视源股份 Q1业绩高增，股权激励释放长期增长信心 买入 维持 1.700 21.51 消费电子 null

股票代码 股票简称 报告名称 东财评级 评级变动 2026盈利预测 2027盈利预测 行业 收益 市盈率 收益 市盈率 603256 宏和科技 织芯路，乘势AI 买入 维持 0.710 149.38 玻璃玻纤 null

投资要点 3月单月人身险公司保费同比+1.2%，保持稳定增长。1）2026年1-3月人身险原保费19289亿元，同比+7.9%，规模保费22301亿元，同比+8.7%。3月单月人身险公司原保费规模达4695亿元，同比+1.2%，保持稳定增长。2）1-3月保户投资新增交费（万能险为主）同比+14%，投连险同比-13%。3月单月保户投资新增交费同比+6%，较2月增速提升3pct；投连险同比-34%，增速转负（2月为+34%）。3）我们预计，Q1分红险在新单保费中占比显著提升，利好保险公司负债成本持续优化，考虑到当前上市险企新业务利差空间稳定，我们认为阶段性增加传统险销售以维持稳定的NBV margin表现亦是可选业务策略之一。 3月单月健康险保费同比+1.2%，较2月增速略有提升。1）2026年1-3月健康险保费为3989亿元，同比+5.5%。3月单月健康险保费为1453亿元，同比+1.2%，较2月增速提升0.1pct。3月末健康险占比为21%，较2月末提升2.6pct。2）我们认为，在医保商保合作深化背景下，商业健康险发展潜力大，保险公司通过打通保险、体检、康复、养老、药品、医院等产业链条，建立“健康管理+医疗服务+保险”的一站式健康生态系统，能够有效提高客户粘性，为保险业务增长赋能。 3月单月产险公司保费同比+1.8%，车险、非车险增速均有所改善。1）2026年1-3月产险公司保费达5302亿元，同比+2.8%。3月单月产险公司保费达1988亿元，同比+1.8%，增速转正（2月为-0.3%）。其中车险、非车险单月保费增速均有所改善。2）车险保费累计同比-0.4%。3月单月车险保费同比+0.6%，增速由负转正（2月为-1.1%）。根据汽车工业协会数据，3月份汽车产销回暖，环比分别+74%和+61%，同比分别-3%和-1%，较前两个月显著改善；3月新能源车产销则分别同比-4%和+1%。我们认为，由于新能源车单均保费较传统燃油车更高，伴随新能源汽车渗透率的提升，亦将增强车险保费增长动力。3）主要非车险保费3月增速均有所改善。3月非车险保费同比+2.7%，增速较2月提升2.4pct，其中：意外险/健康险/责任险/农险3月保费分别同比+12%、+10%、+2%、-2%，分别较2月增速+13pct、持平、+7pct、+13pct。4）我们认为，以人保为代表的头部险企保费整体维持...

手游发展趋势和玩家行为偏好分析 中国手游市场规模和用户规模中国手游市场规模与用户规模步入稳态发展期，行业迈入成熟竞争新阶段 2025年中国手游市场规模达2693.4亿元，同比增长6.7%，整体营收规模向3000亿元推高，增长节奏已从高速扩张转向稳健提质的成熟周期。与此同时，中国手游用户占整体游戏用户的比重稳定在96%以上，手游绝对主导地位全面确立；用户规模长期稳定在7.2至7.3亿区间，用户基础高度稳固，中国手游行业已全面步入以品质、体验与精细化运营为核心的成熟竞争新阶段。 中国手游市场版号及政策环境 中国游戏监管政策全面回暖与常态化利好，过审游戏中手游占比超97.6% 继2022年的短暂盘整后，版号发放数量呈现出强劲的逐年攀升态势。2025年共计有1729款手游获得版号，相较于2024年的1368款整体增加了26.4%，手游仍是过审游戏中最高的类型，占比超过97.6%。随着国家相关部门和地方多次明确释放支持游戏产业健康发展的积极信号，极大提振了行业信心，促使各梯队游戏企业的提审意愿及新品立项数空前高涨。面对玩家日益多元化、精品化的内容需求，以及游戏的强大吸金能力，从头部大厂到中小创新团队都在加速入局、加码产能，抢占市场先机。

伊朗拒绝和美国的谈判，认为时间在自已这边 伊朗认为在存在重大分歧的情况下，参与谈判是浪费时间。 中东原油产量每天消失1500万桶，巨大的经济压力最终会让美国让步。 伊朗仍拥有数量庞大的导弹和无人机，革命卫队认为美方不敢轻易发动地面战。 伊朗北方和俄罗斯、中亚的水路、陆路通道是畅通的，可以进行物资补充。 美国认为在对伊朗实施海上封锁情况下，伊朗最终会屈服 美国认为伊朗每天180万桶原油的出口无法继续，伊朗财政将崩溃。 伊朗储油罐将在一周左右满库，两周左右伊朗油田将被迫压产关井。 一旦伊朗油田关井，地质条件变化等或使部分油田永久性产能下降，甚至报废。 海上封锁伊朗，伊朗粮食、物资进口受限，民众生活水平将持续下降。（伊朗粮食储备只有三个月） 美国认为持续封锁压力下，伊朗将陷入内部动荡，甚至出现颜色革命。 纳指处于拉高出货状态，机构、散户均在持续卖出；本轮快速反弹缘于CTA基金回补，作市商被动买入个股或指数以对冲天量的看涨期权

【重点关注】 【策略研究】市场点评王君郭晓希。市场正从地缘冲击定价转向通胀与政策预期的重定价，A股逐步脱敏地缘风险，短期聚焦周期与科技修复。 【房地产】保利发展夏亦丰许佳璐。保利发展公布2025年年报。2025年公司实现营业总收入3081.4亿元，同比下降1.1%；归母净利润10.3亿元，同比下降79.3%。2025年拟每10股派发现金红利0.35元，现金红利占归母净利润的比例为40%，股息率为0.6%。 【基础化工】万华化学徐中良余姗姗。公司2025年度，万华化学实现营业收入2,032.35亿元，同比增长11.63%；实现归属于母公司股东的净利润125.27亿元，同比下降3.88%；扣非归母净利润121.44亿元，同比下降9.10%。公司2026年一季度，营业总收入540.52亿元，同比增长25.50%，归母净利润33.70亿元，同比增长20.62%。看好公司在聚氨酯行业的龙头地位，以及新材料平台型研发优势，维持买入评级。 【计算机】税友股份郑静文。公司发布2025年年报及2026年一季报。2025年公司实现营收20.54亿元，同增5.6%；归母净利1.36亿元，同增21.0%；扣非归母净利0.89亿元，同增8.0%。公司在税务智能体开发领域成果显著，有望打造垂直场景下AI应用护城河。维持公司买入评级。

Arca Continental, S.A.B. de C.V. press release ( EMBVF ): Q1 Net Sales remained in line with 1Q25, totaling Ps. 57,128M. Net Income reached Ps. 3,792M with a margin of 6.6%. More on Arca Continental, S.A.B. de C.V. Arca Continental, S.A.B. de C.V. (EMBVF) Q4 2025 Earnings Call Transcript Seeking Alpha’s Quant Rating on Arca Continental, S.A.B. de C.V. Historical earnings data for Arca Continental, S.A.B. de C.V. Dividend scorecard for Arca Continental, S.A.B. de C.V. Financial information for Arca Continental, S.A.B. de C.V.

财联社4月23日讯（记者 汪斌） 在当前IPO节奏调整与产业新旧动能转换的宏观背景下，并购重组正从企业发展的“可选工具”转变为穿越周期的“关键路径”。在今天举行的2026“千帆竞 会有时”产业并购重组推动实体经济高质量发展大会圆桌论坛上，来自银行、投资机构、上市公司及专业服务机构的对话嘉宾一致认为，当前并购市场活跃度显著提升，但其过程伴随估值逻辑差异、跨境审查趋严及整合风险等多重“挑战”。 普华资本创始管理合伙人沈琴华在会上透露，去年全国并购案例达2870起，而同期境内外IPO总数仅约200起。他直言，并购市场的规模可能是IPO市场的8-10倍。这一结构性变化，正促使投资机构与企业重新审视并购的战略价值。 退出路径生变：从IPO依赖到并购为王，市场空间亟待打开 “目前并购主体日益丰富。”太盟投资集团杭州嘉盟总经理项茹冰点出三大趋势：一是上市公司并购重组从创新和新质生产力角度出现更多机会；二是行业处于相对低位，整合空间巨大；三是央企在并购中的作用持续增强。 但她也坦言，并购生态仍有待完善。“并购本身就是一个信息极度不对称的过程。许多生态都倾向于关注上市公司的一二级市场套利，而真正服务于大量有需求的企业做得还不够。”项茹冰强调，资金天然具有流动性需求，如何在整个生态系统建设和监管要求中提供真正的支持，是关键问题。 论坛上，一个被反复论证的趋势是：并购正在成为重要的退出渠道。沈琴华指出，“去年全国并购案例达到2870起，而整个IPO数量仅两百多起。在美国，并购退出的规模是IPO的8到10倍，我们目前仅占其5%到10%。”他举例，普华资本投资的喜马拉雅与腾讯音乐并购、葆德计算机与飞博云通并购，以及新能源领域的易道新能源与 TCL中环 并购等，都是近期活跃的案例。 对于IPO节奏，沈琴华的观点很明确：“IPO市场的常态化非常关键，核心是具有可预期性。按照当前的节奏是可以接受的，香港市场也是一个重要补充。有了可预期性，我们才能为被投企业提供更好的指引。” 商业银行角色进化：从资金提供者到“价值发现与产业整合者” 作为并购交易的重要资金提供方，商业银行的态度兼具战略支持与战术审慎。 江苏银行 总行投资银行部总经理邹宏亮表示：“从商业银行的角度来看，我们在战略上给予支持，因为当前并购活动对于产业升级具有国家意义；但在战术层面，我们相对谨慎，核心是评估企业是否具备穿越周期的能力。” ...

Micron Stock Just Set New All-Time Highs. Again. Should You Chase MU Here? Barchart.com

Micron Stock Just Set New All-Time Highs. Again. Should You Chase MU Here? Barchart

Micron is maintaining a strong rally driven by a demand-supply imbalance. Should investors consider entering the stock at current levels?

In trading on Thursday, education & training services shares were relative laggards, down on the day by about 4.3%. Helping drag down the group were shares of Strategic Education, off about 13.4% and shares of Covista down about 6.6% on the day. Also lagging the market Thu

In trading on Thursday, railroads shares were relative leaders, up on the day by about 3.3%. Leading the group were shares of CSX, up about 6% and shares of Union Pacific up about 5.6% on the day. Also showing relative strength are waste management shares, up on the day by abo

Pfizer today announced that its board of directors declared a $0.43 second-quarter 2026 dividend on the company's common stock, payable June 12, 2026, to holders of the Common Stock of record at the close of business on May 8, 2026. The second-quarter 2026 cash dividend will be

Rogers Communications Inc. ’s decision to pull back on capital spending and boost free cash flow this year prompted at least two analysts to raise their recommendation on the telecommunications firm after the company released its first-quarter results Wednesday. TD Cowen analyst Vince Valentini upgraded Rogers to a buy rating from hold on Thursday morning, and left the company’s rivals Telus Corp. and BCE Inc. on hold. He earlier downgraded the Canadian telecoms on April 2, citing price competition and lower revenue expectations. Valentini upgraded Rogers because the company cut its full-year capital expenditure guidance by 30% from 2025, which resulted in a C$800 million boost in its free cash flow forecast. Rogers now estimates it to reach as much as C$4.3 billion in 2026. Read More: Rogers Hits Estimates, Boosts Cash Outlook on Spending Cut Bank of Nova Scotia analyst Maher Yaghi raised his team’s recommendation on Rogers to a buy equivalent rating from a hold equivalent and raised the price target to C$60.50 from C$57.75 on Wednesday, calling the expense cut “exactly the right call.” Rogers shares closed nearly 14% higher on Wednesday, posting its best performance in just over six years. The gains were also enough to help Rogers take back the entire share value lost since TD Cowen’s downgrade on April 2.

美国达拉斯联储最新能源调查显示，中东冲突引发的油市剧烈波动正令美国页岩油行业高管日益不满，多位受访企业高管直言，当前市场混乱正在加剧行业经营难度，并对美国政府未能清晰阐述冲突战略目标表达质疑。 达拉斯联储周四发布的这份报告在能源行业具有较高关注度，调查涵盖德州、路易斯安那北部及新墨西哥州南部的能源生产和油服企业。多位业内人士批评，美国总统特朗普未能清楚解释冲突背后的政策逻辑，使企业难以判断未来风险。 一位受访高管表示，如果政府认为有必要延长冲突，就应更明确说明长期战略目标，以及若不采取行动将面临的风险，“这不能只是关乎原油供应。” 值得注意的是，达拉斯联储在3月完成一季度常规调查后，罕见追加了特别问卷，以跟踪中东局势升级对能源市场的冲击。更新后的调查结果发布之际，国际油价正经历高波动阶段，也为美联储4月议息会议前观察通胀与能源市场风险提供了新线索。 自2月底美以对伊冲突爆发以来，美国基准原油西得州中质油(WTI)价格累计上涨逾三分之一。尽管高油价通常会刺激美国页岩油生产商增产，主要上市油企迄今尚未公布新的钻探计划，显示企业对扩大资本开支态度谨慎。 与此同时，霍尔木兹海峡大部分航运仍处于受阻状态，约占全球五分之一的原油供应因此被“困住”。调查显示，约80%的受访者预计航运恢复正常最早也要等到8月。不过，不少高管承认，在当前局势下，这类预测本身存在很高不确定性。 另一位受访高管直言，“在如此混乱的环境中，对能源行业做任何预测都极其困难。” 调查还显示，美国页岩油行业对特朗普政府的不满情绪明显升温。一位油服企业高管警告，这场战争的长期后果并未被充分评估，其对能源市场乃至更广泛宏观经济指标造成的扰动可能相当显著，而当前政府政策风格的不可预测性，几乎让企业商业模型失去参考基础。

The CRRC booth in Shanghai on April 14, 2026. Photo: VCG A Chinese state-owned trainmaker has been removed from a light-rail project in Portugal after the European Commission required its exclusion as a condition for approving the contract. On April 21, the European Union authorized a consortium led by Portuguese builder Mota-Engil to proceed with its 599 million euro ($701 million) bid for Lisbon Metro’s Violet Line, on the condition that it replace a local subsidiary of CRRC Corp. with a European subcontractor.

德州仪器 周四大涨 18%。若涨幅维持收盘，将创下这家芯片制造商自 2000 年 10 月 19 日以来的最强单日涨幅；该股当日曾暴涨 24.1%。 责任编辑：郭明煜

格隆汇4月23日｜小麦期货价格上涨，市场预计，恶劣天气可能导致包括最大出口国俄罗斯以及印度和美国在内的主要小麦生产国减产。交易员正在关注黑海产区气温下降的影响，以及印度的降雨情况，当地官员已下调产量预估。与此同时，美国大平原地区正遭受干旱，美国农业部近期评估显示，仅有30%的冬小麦被评为“良好或优”，为自2023年以来最差水平。作为全球基准的软红冬小麦周四一度上涨1.3%；而硬红冬小麦 —— 这种在美国最大产区堪萨斯州广受青睐的品种 —— 一度上涨1.8%。

Fuel crisis from Middle East conflict could push carrier into loss as it looks to offset costs with higher fares Business live – latest updates The soaring price of jet fuel will cost American Airlines another $4bn this year, the carrier has said, wiping out forecast profits. The airline, the world’s largest by passengers flown, said the fuel crisis from the US-Israel war on Iran could push it into losses during 2026, having forecast profits approaching $1.8bn before bombing started. Continue reading...

Oklo taps Nvidia and Los Alamos National Laboratory to accelerate research and development around nuclear fuel.

BofA Securities Maintains Taiwan Semiconductor(TSM.US) With Buy Rating, Maintains Target Price $490 富途牛牛

Image source: The Motley Fool. Thursday, April 23, 2026 at 11 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

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FSR developers are leaving AMD en masse for NVIDIA and Intel. GameGPU

Jian Fan Michael Contopoulos, head of multi-asset macro investing at Janus Henderson Investors, is maintaining an overweight position on international markets, citing a growing valuation gap between the U.S. and the rest of the world. In an interview with CNBC, Contopoulos expressed skepticism about the recent U.S. market rally, noting that Janus Henderson has held this international overweight stance since late 2025 and continues to see more opportunity abroad. The strategist raised concerns about the narrow breadth of the S&P 500’s ( SP500 ) recent 7% surge in April. “The one thing that concerns me about that move within the U.S. is the narrowness of the move,” Contopoulos said. “You’re really seeing it in the highflyers, the sort of more liquidity-driven areas of the market. You don’t have the breadth yet.” Addressing the apparent disconnect between bond ( AGG ), ( BND ), ( VCIT ), ( MUB ), ( HYG ), and stock market ( SP500 ), ( DJI ), ( COMP:IND ) signals, Contopoulos argued that the two are not necessarily at odds. He pointed to strong economic indicators, including jobless claims , retail sales , and first-quarter earnings growth, as evidence that robust growth naturally supports higher bond prices. Fears around inflation driven by elevated oil prices ( CL1:COM ), ( CO1:COM ) and secular changes are being reflected in bond markets, while stocks respond to the underlying economic strength. The impact of the Iran war on international markets hinges largely on oil prices, according to Contopoulos. He warned that prices at $100 or above for four to six months would create problems for parts of Europe ( VGK ), ( EZU ), ( BBEU ), ( IEUR ), and emerging markets ( IEMG ), ( VWO ), ( EEM ) , though commodity-producing nations could benefit. However, if oil prices settle in the $80 to $90 range, “Europe could be okay, and earnings growth could follow suit,” he said. Contopoulos emphasized that global economic conditions were strong heading into the conflict, with earnin...

After nearly a month's worth of extreme bullishness driving the car-rental company's stock more than 400% higher, today's tumble following a similarly sized setback on Wednesday has nearly dragged Avis Budget Group 's (NASDAQ: CAR) shares back to the rally's starting point. Superficially, blame JPMorgan . In reality, chalk it up as the inevitable eventual outcome of traders' efforts to force a stock to perform to their advantage. It's called a short squeeze . Continue reading

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Bankinter, S.A. press release ( BKIMF ): Q1 net interest income rose by 5.5% compared with the first quarter of last year, reaching 570.6M euros. Bankinter reports 291M euros profit in Q1 2026, up 8%. More on Bankinter, S.A. Bankinter, S.A. (BKNIY) Q1 2026 Earnings Call Transcript Bankinter, S.A. 2026 Q1 - Results - Earnings Call Presentation Historical earnings data for Bankinter, S.A. Dividend scorecard for Bankinter, S.A. Financial information for Bankinter, S.A.