行业核心观点： 截至2026年2月26日，农林牧渔板块共79家上市公司发布2025年业绩预告，行业披露率为69%。利润表现分化，行业预盈率为57%，预增与预亏公司占比各有提升。从二级子行业来看，除林业与饲料板块表现不佳外，其余板块业绩表现良好，其中种植业及动物保健板块预盈率高企，养殖业公司在猪价下行周期加速分化，农产品加工及渔业业绩保持稳健。当前生猪养殖产业去产能有望加速，建议关注具备成本优势的生猪养殖龙头。 投资要点： 业绩多数披露，利润表现分化：截至2026年2月26日，农林牧渔行业 共计114家A股公司，已有79家发布业绩预告，行业披露率为69%，在消费八大行业中排名居首。在所有已发布业绩预告的公司中，2025年农林牧渔行业预计盈利的公司数量为45家，行业预盈率57%，在消费八大行业中排行第四。分具体业绩预告类型来看，行业业绩分化，归母净利润较2024年预计有所增长的公司占比由16%小幅提升至19%，同时有13%的公司扭亏为盈。亏损企业占比也有所提升，首次亏损公司占比由15%上升至20%，持续亏损公司占比由21%上升至23%。 子板块普遍表现良好，种植业与动物保健最优：从披露率来看，全部子板块披露率均过半，养殖业23家公司仅2家未披露年报预告，披露率超九成。从预盈率来看，多数板块业绩表现良好，除林业板块已披露业绩公司全部预计亏损、饲料板块预盈率仅46%外，其余板块预盈率均过半。其中，种植业预盈率超70%，动物保健、农产品加工、养殖业及渔业预盈率分别为67%/62%/52%/50%。从子板块预告类型占比来看，2025年种植业板块与动物保健板块业绩向好，预增公司占比均有所提升，同时各有21%/22%的公司实现扭亏为盈；农产品加工板块与养殖业板块表现分化，农产品加工预增占比由29%提升至46%，但亏损占比由28%提升至38%；养殖业板块预增占比由5%提升至10%，但亏损占比由20%提升至48%；饲料板块表现不佳，过半公司预计业绩亏损。 风险因素：产业政策变化风险，成本上升风险，疫病防控风险，统计偏误风险。

在人民币快速升值引发关切之际，中国央行采取措施降低了交易员押注人民币走弱的成本。 中国央行已采取行动减缓人民币的升值势头。人民币的强势可能会威胁到中国以出口为导向的经济，人民币的快速升值正在考验北京方面对这种状况的容忍度。 中国央行(PBoC)周五表示，将远期售汇业务的外汇风险准备金率从20%下调至0。这降低了交易员押注人民币走弱的成本。 北京方面严格管理人民币汇率，近年来一直倾向于通过保持人民币弱势来提振出口。在2025年贸易顺差达到创纪录的1.2万亿美元之后，近几个月来，中国面临着来自国内外的呼声，要求允许人民币升值。 自今年年初以来，人民币对美元已经升值近2%，使其成为亚洲表现最好的货币之一。这样的升值速度令许多分析师感到意外。 “他们正在采取一些措施来减缓（升值）速度，”高盛(Goldman Sachs)亚太区首席经济学家兼新兴市场经济研究部主管迪安竹(Andrew Tilton)表示，“他们不想为市场制造一种持续的单向交易。” 中国央行通过设定每日中间价（允许上下浮动2%）来管理货币，周五，央行将该中间价设定得弱于市场预期。 央行表示，将“继续引导金融机构”，“保持人民币汇率在合理均衡水平上的基本稳定”。 周五，人民币对美元贬值0.2%，至6.85元人民币兑1美元。 中国有关部门经常进行干预，以遏制他们认为是一边倒或引来了投机资金流的市场波动。 央行周五取消的外汇风险准备金，是2022年为对抗人民币贬值压力而出台的，当时人民币对美元下跌超过7%。 渣打银行(Standard Chartered)大中华区宏观策略主管刘洁(Becky Liu)表示，取消该规定表明“中国央行认为不再需要维持”针对贬值的“预防性措施”。 纽约梅隆银行(BNY)高级策略师张伟勤(Wee Khoon Chong)表示，此举对汇率的影响有限，因为市场上并没有押注人民币走弱的显著需求。 人民币出现一定程度的升值已被广泛预期，因为中国出口商往往会在春节假期前的12月和1月将更多美元收入兑换回人民币，用于向工人支付奖金和工资。 这导致人民币每年年末和年初都走强。 但法国巴黎银行(BNP Paribas)新兴市场利率和外汇策略师钱德雷什•贾因(Chandresh Jain)表示，市场并未预期人民币会在2月23日假期结束后继续升值。 纽约梅隆银行的张伟勤表示，今年人民币的快速升值是对始于去年的汇...

核心观点 内容供给不足，2026年春节档票房51.66亿。2026年中国春节档票房51.66亿（不含服务费），在高基数下同比下滑39.6%，主要是由于内容供给的不足。拆分量价来看，2026年春节档平均票价42.9元，同比下滑5.9%，主要是由于特效片的缺乏；观影人次1.2亿，同比下滑35.8%。 内容端：缺乏头部IP和特效大片，《飞驰人生3》相对领先。1）今年春节档共有6部影片上映，其中《飞驰人生3》贡献总票房50.8%、《惊蛰无声》《镖人：风起大漠》分别贡献档期票房的15.1%/14.0%，头部效应显著；2）春节档票房贡献绝对值、集中度均较高，反映出观众对优质影片需求较高。但整体而言，本次春节档的影片供给略显不足，导致春节档票房表现平淡。 渠道端：万达系维持市占率第一，中小影院持续出清，竞争结构持续改善。 从渠道来看，1）Top1和Top2的万达、中影院线市占率呈提升趋势，万达的市占率从2019年的13.0%提升至2026年的15.1%，中影院线的市占率从2019年的7.1%提升至2026年的13.1%；而TOP4-10的院线集中度下降；2）影投公司集中度则持续提升，从2019年的18.1%提升至2026年的30.3%；3）趋势上来看，万达系在院线和影投方面市占率均维持第一，中小院线持续出清。展望：娱乐需求仍旺盛，AI技术推动内容供给转向。1）回顾2025年票房表现，优质内容如《哪吒之魔童闹海》《疯狂动物城2》均取得良好表现，其中，《疯狂动物城2》在上映后的一个月内取得40亿元的票房，说明观众对优质内容的需求十分高涨；2）短期从排片的角度来看，目前2026年片单中缺乏头部IP影片和特效大片，短期内供给端承压，且影视院线类公司经营杠杆较高，收入如果下滑将对利润率造成较大影响；3）中长期来看，海内外AI视频技术突破，AI视频模型成为工业化工具，解决了AI在影视生产中一致性确实、物理逻辑违背、视听异步、导演控制权缺失的问题，并使得视频生成成本大幅下降、制作周期大幅缩短，有望推动AI漫剧和短剧等短视频以及电视剧和电影等长视频的供给改善。 风险提示：政策监管风险；内容供给不足；市场竞争加剧；AI技术进展缓慢。投资建议：下调影视院线行业评级至“中性”，中长期看好AI应用带动下的AI漫剧短剧产业机会。1）考虑到短期缺乏优质头部影片供给、影视院线类公司经营杠杆较高，我们将影视院线...

产品矩阵：摆脱极客玩具定位，构建听觉向视觉递进的三级产品矩阵 穿戴式计算产业已走出早期“极客玩具”的定位局限，转向以时尚属性为核心的成熟发展阶段。Meta吸取了Google Glass的经验，通过将计算单元隐形于经典镜框之中的策略，降低了设备的异化感，并在2025年第二季度占据了全球AR/VR市场近60%的份额。 目前，Meta已构建起清晰的三级产品矩阵：以Ray-Ban Meta为代表的AI音频眼镜主打轻量化与内容捕捉，以Hypernova为代表的平视显示眼镜探索神经交互，而以Orion为原型的全息AR眼镜则展现了从“听觉延伸”向“视觉增强”逐步递进的战略逻辑。 产业拐点：突破续航与AI瓶颈，拓展专业运动场景的商业版图 2025年至2026年标志着智能眼镜行业的产业拐点，硬件瓶颈与AI能力的双重突破推动了产品的全天候普及。Ray-Ban Meta Gen2通过引入高能量密度的硅负极电池，将混合续航提升至8小时基准，配合端侧Llama4大模型，实现了低延迟的多模态交互与短期记忆能力。 同时，Meta利用EssilorLuxottica的品牌组合将版图拓展至专业运动领域，推出的Oakley Vanguard系列凭借抗风噪算法和“音频增强现实”技术，验证了智能眼镜在垂直细分市场的可观商业潜力。 演进路线：验证神经交互形态，确立分体式无线计算的工程标准 在向AR跨越的过程中，Meta采取了务实与激进并行的技术路线。Ray-BanDisplay(Hypernova)采用成熟的LCoS方案，其配套的神经腕带（EMG）验证了无手柄微手势交互的未来交互形态；Orion原型机通过碳化硅光波导与MicroLED技术实现了70度视场角，确立了“分体式无线计算”的工程标准。 尽管消费级AR产品Artemis受限于MicroLED的量产良率而推迟至2027年，但这并未影响Meta“先AI占领面部，后AR增强视觉”的长期战略。 竞争壁垒：绑定核心供应链优势，利用数据飞轮抢占未来视觉入口Meta已构建起具有显著竞争优势的生态护城河：一方面通过绑定Luxottica占据了核心供应链优势，另一方面利用用户产生的视听数据反哺AI模型，提升其对物理世界的理解能力。尽管面临隐私伦理与物理极限的挑战，但通过在全息显示技术成熟前培养用户佩戴习惯，Meta已为未来AR时代的全面普及奠定了硬件基础与数据底座。 ...

投资要点 金价自2024年3月以来，持续上涨总计约130%。近两年来，金价体现较快速的上涨，2018年8月低点至2024年2月，沪金由300元，涨至500元，六年时间金价上涨约60%。而2024年3月起金价加速上涨，2024年3-12月，金价上涨约26%，2025年全年金价上涨约55%，2026年年初至2月17日春节，金价上涨约12%。 我们采取问卷形式来描绘黄金消费者的消费心态的变化情况。金价和消费者需求，并不是简单的线性关系。我们采取问卷的形式来调查消费者对于黄金珠宝的消费心态，涉及黄金消费形式，渠道，对于金价的态度等问题方向，调查时间为2026年春节期间，即2026年2月9日至2026年2月24日，覆盖人群城市白领群体为主，涵盖全国各省份，基本上反映全国情况，共回收问卷485份。 黄金上涨具有带动效应，但也会带来观望态度，对消费需求同时具备促进和抑制两方面影响。通过问卷调查，三年内买过黄金的人的比例67%，一年内买过黄金的人比例55%，过去一年黄金大涨的时候，很多人开始买黄金的，黄金上涨是具有需求刺激效应的。同时，买黄金已经是大众化的行为，仅3%的受访者表示周围没有人买黄金，而10%的受访者表示周围几乎所有人都在买黄金。而三分之二以上的受访者表示感觉到了周围的人买黄金赚了钱，并持续在观望黄金的机会，金价上涨带来的财富效应，具有刺激需求的效应。但大部分消费者还没有习惯现在的金价，金价上涨让很多人觉得太贵，进入观望状态。金价上涨，同时具备刺激和抑制两方面的效应。 品牌金饰店依然是黄金购买的主要渠道，金饰依然是黄金的最主要销售形式——黄金的购买“投资”和“消费”需求是不可分割的。黄金珠宝的购买，有场景、验真等不同要素的影响，品牌金饰店依然是71%调查人群购买黄金珠宝的最主要渠道，这也体现了黄金珠宝品牌的价值。过去一年购买黄金的人当中，78%的受访者，只买金饰，而13%左右的受访者是只买金条的。即便“金条性价比更高”，但金饰依然是绝大部分的黄金珠宝的销售形式，这反映出在黄金的购买过程中，是无法区分“投资”和“消费”需求的。 金价震荡或二次新高，有望带来黄金珠宝消费心态的回补。基于以上调查结果和历史复盘，我们认为有两种情况会带来黄金珠宝消费心态的回补：①金价震荡3-5个季度，让消费者的心理价位和实际黄金珠宝价格趋近，以回补需求。②金价（以较缓和趋势）实现二次新高：从20...

春节期间市场交易风格已然生变 春节期间，大部分资金担忧的海外科技股继续调整、美伊地缘冲突的风险没有兑现，反而海外算力、日韩存储、贵金属上涨，而A股则未能延续2025年科技股领衔上涨的趋势，春节前炒作的影视和AI应用板块已经出现调整，2026年开年第一个交易日影视股继续回调，机器人、AI应用高开低走，市场风格逐步向上游周期切换，油气、磷化工、贵金属、稀土等产品涨价的方向明显上行。 国内TMT强预期未兑现和海外流动性变化是主因 从催化因素来看，春节档票房不及预期是影视行业调整的主要原因。另外，今年春节期间对于机器人的讨论热度也不及2025年机器人横空出世“从无到有”时期，字节的seedance2.0也同样在春节前较长的交易日中已经提前表现，导致2026年春节期间国内市场对于TMT板块整体的讨论热度同比2025有所下滑。 另一个催化因素来自于海外流动性预期的反复对于AI叙事的冲击。互联网巨头纷纷投入大量资本开支的重资产建设趋势，让市场对“轻资产”的信心有所动摇。近期市场风格逐步实现切换的主要方向如输电网、油气管道、公用事业、交通基础设施、关键设备、化工品等，均属于AI叙事下的凭借传统供需模式的涨价品。同时，这条主线也承载了地缘政治紧张带来的避险与供给溢价。两条线索交汇下，从成长风格到周期资源品的切换较为流畅。 大势较为稳定，行业配置风格转向上游 从国内市场来看，在春节流动性回流的驱使下，大盘宽基指数均呈现稳定回升的态势，截至2026年2月26日，市场成交额也较春节前低点有近30%的回升，市场流动性仍然较为宽松。往后看，参考往年春节至两会期间及两会后的日历效应，大盘整体稳定的趋势仍将维持一段时间。从行业层面看，两会确定全年经济增长目标，更多稳增长政策出台，顺周期板块上涨概率更高且平均收益也相对较高。因此，近期市场风格或从小盘、成长逐步转向大盘、价值，关注上游行业。 从海外环境来看，春节期间海外市场表现较为强劲也给A股市场提供了良好的外部环境。海外AI叙事的瑕疵被持续提起，尽管长期的宽松方向较为明确，但市场定价长远的宽松不妨碍短期市场对HALO交易的认同程度较高，因此风格上更多集中于涨价品，A股交易也因此受到一定程度的影响。 从短期看，我们认为海外交易与国内日历效应可能同步呼应，涨价品相对应的油气、有色、化工、公用等中上游方向有望成为近期的主线，同时，AI叙事中较为明晰的科技...

Filing Type: 8-K Filed: 2026-02-27 Filed: 2026-02-27 AccNo: 0001104659-26-021050 Size: 349 KBItem 1.01: Entry into a Material Definitive AgreementItem 7.01: Regulation FD DisclosureItem 8.01: Other EventsItem 9.01: Financial Statements and Exhibits

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Deutsche Telekom (ETR:DTE) executives struck an upbeat tone on the company’s full-year 2025 results call, citing a strong fourth quarter, growing shareholder returns, and progress toward its Capital Markets Day (CMD) ambitions, while acknowledging areas where the group is currently behind target—mos

Apple Inc. (AAPL): The S&P 500’s Gravity and the AI Supercycle FinancialContent

Jutharat Pinpan/iStock via Getty Images This is my first coverage on Sezzle ( SEZL ). In the BNPL sector, we have ''Prime'' players like Affirm ( AFRM ) and Klarna ( KLAR ), and the players in the ''Subprime'' vertical that serve the unbanked. Sezzle fits into this category. In this article, I will explore their business model, the successful pivot to subscription based revenue, and the trajectory of their credit losses. So far, I have watched Sezzle from the sidelines due to my concerns over rising credit losses as a percentage of GMV. But in the Q4 released February 25, 2026, we saw a significant YoY decline in provisions for credit losses, and consequently a rise in the stock price in the after hours trading. This data de-risks investing in the company, and therefore, I am initiating a Buy rating. In my opinion, this remains a high-risk, high-reward play due to the undeniable high growth, but subprime lending sector risk remains, although it seems management is successfully mitigating it. Business Model For those unfamiliar with Sezzle, they are a Buy-now-Pay-later provider that is specifically targeting the customer with the lowest credit score, who is unable to access traditional credit cards. The company’s primary differentiator is the Sezzle Up credit-building platform. This allows the user to slowly build up their credit score while using the platform, since Sezzle reports to all three major bureaus - TransUnion, Equifax, and Experian. Users link their bank accounts via Plaid and agree to credit reporting, which allows Sezzle visibility into a user's bank balance and their income streams. This direct access to cash-flow data allows Sezzle to better estimate a user’s ability to repay, allowing them to filter out liabilities before they default. I believe that this feature creates high retention rates. A user that is actively building their credit score from, say, 500 to 600 using Sezzle is less likely to churn than, for example, a user that is using BNPL simp...

Earnings Call Insights: Qnity Electronics, Inc. (Q) Q4 2025 Management View Jon Kemp, CEO, opened the call by stating, "When we launched Qnity late last year, we detailed our focus on establishing ourselves as the premier technology solutions provider across the semiconductor value chain." He highlighted that Qnity delivered its seventh consecutive quarter of strong organic growth and exceeded full year 2025 financial objectives, growing organic sales by 10% and achieving an 11% increase in pro forma adjusted operating EBITDA year-over-year. Kemp emphasized the company's innovation in advanced nodes, advanced packaging, and the introduction of the Emblem CMP pad platform, which is designed for advanced chips and has received strong customer feedback. He also announced a multiyear transformation plan expected to deliver approximately $100 million EBITDA run rate benefit by the end of 2028. Interim CFO Michael Goss reported, "We had a strong finish to the year with fourth quarter net sales of $1.2 billion, up 8% year-over-year." Goss shared that adjusted pro forma operating EBITDA was $349 million and adjusted pro forma EPS for the quarter was $0.82. He noted full year net sales of $4.75 billion, adjusted pro forma operating EBITDA of $1.4 billion, and an adjusted pro forma EPS of $3.35. Goss also announced a $500 million share repurchase authorization and described the company’s financial flexibility with a year-end total cash balance of over $900 million and net leverage of approximately 2.2x. He outlined the three areas of focus for the transformation plan: commercial and innovation excellence, productivity and quality improvements, and strengthening the local-for-local operating model. Outlook Qnity Electronics provided 2026 guidance with net sales expected in the range of $4.97 billion to $5.17 billion, adjusted operating EBITDA between $1.465 billion and $1.575 billion, adjusted EPS in the range of $3.55 to $3.95, and adjusted free cash flow of $450 million to $...

Artificial intelligence (AI) chipmaker Nvidia (NVDA) came out with its fourth quarter results after Wednesday's close, reporting results that came out above Wall Street's expectations: adjusted earnings per share (EPS) came in at $1.62 per share (compared to estimates of $1.53) while revenue came in at $68.1 billion (compared to estimates of $65.91 billion). Yahoo Finance Technology Editor Dan Howley and Yahoo Finance Executive Editor Brian Sozzi sit down for a chat with Morning Brief host Julie Hyman to discuss the earnings print, what it means for the company and the broader sector, and what the results indicate about the economy. To watch more expert insights and analysis on the latest market action, check out more Morning Brief.

Nvidia was getting a ton of praise on Thursday after its fourth-quarter earnings beat analysts’ expectations—but the artificial-intelligence chip maker’s stock plunged in intraday trading. Shares fell 5.6% to $184.66, on pace for their largest percentage loss since April 2025. D.A. Davidson analyst Gil Luria wrote in a research note that Nvidia’s results were a “notable beat over expectations,” adding that he sees “no reason to doubt compute-demand given the accelerating trajectory of AI progress.”

布伦特原油日内涨2%，现报72.11美元/桶。

Europe’s biggest port warned that it’s increasingly exposed to geopolitical risks related to trade with China. In light of recent controversy about Chinese control of container terminals in the region “the real economic vulnerability is not who leases those terminals, but what’s inside those containers,” said Boudewijn Siemons , the chief executive officer of the Port of Rotterdam Authority . “Around a quarter of all containers arrive from China, and more than another quarter contain components made in China.” Speaking in an interview on Thursday, Siemons said the port has seen a jump in imports from East Asia over the past year, while also having to send back empty containers. “That is not a good sign,” he said. The Rotterdam port announced a 1.7% decline in total throughput for 2025 from a year earlier. “Less and less is produced here, but more is imported and consumed,” which is detrimental to Europe’s gross domestic product. To illustrate growing European dependence on China, Siemons pointed to the Nexperia chip crisis last year when export disruptions hit supply chains across industries. His comments come at a time of increased scrutiny of the Port of Rotterdam’s exposure to foreign influence. Roughly half of the container terminals at the port — a key European logistics hub — are operated by China-linked firms. China’s growing influence has triggered concerns among Dutch politicians. “Critical infrastructure is called critical for a reason and must remain in our own hands,” the new Dutch foreign minister Tom Berendsen said in a radio interview last month, when he was still a member of the European Parliament. “We cannot rule out the possibility that, if China wants to put pressure on us, it will use its ability to shut down cranes in the Port of Rotterdam or cause disruptions at our terminals.” Siemons didn’t comment on the concerns, but noted that Rotterdam “is no Piraeus,” referring to the Greek port operated by China’s Cosco . “There they own the land, but ...

格隆汇2月26日｜美联储理、负责金融监管事务的副主席事鲍曼：众多机构已经围绕资本计划达成共识。

Intel Expands AI Inference Capabilities: Will it Drive Growth? The Globe and Mail

格隆汇2月26日｜美国众议院少数党领袖Hakeem Jeffries的办公室在声明中表示，众议院民主党人下周将强制就一项针对伊朗的战争权力决议案进行表决。声明称，两党共同提出的Khanna-Massie决议案将在“下周国会复会后立即”进行表决。

Morgan Stanley Sees A Valuation Floor For Nutanix After AMD Deal Finimize

格隆汇2月26日｜据央视，俄罗斯总统特别代表德米特里耶夫已抵达瑞士日内瓦。据俄罗斯方面消息，德米特里耶夫抵达了美乌正在举行谈判的酒店。

Source: Bloomberg, 8:46

美联储理事斯蒂芬·米兰（Stephen Miran）周四重申， 尽管劳动力市场有所改善，他仍预计2026年需降息整整一个百分点（即100个基点），并倾向于尽早行动。 米兰在接受福克斯商业网络电视台采访时表示： “我认为四次降息是合适的，而且我宁愿尽早实施，而不是拖延。” 米兰指出， 当前货币政策框架面临的结构性挑战之一是银行监管过度 。他认为，过高的合规成本抑制了银行的信贷创造能力，导致信贷活动从传统银行体系向非银行机构转移。他称： “我们对银行的监管过度了，从监管角度来看，这使得银行向经济放贷的成本过高，结果导致了私人信贷的激增。” 他虽承认私人信贷市场的扩张可能伴生一定过度行为， 但表示目前尚未观察到足以引发宏观层面担忧的系统性风险。 与此同时， 尽管近期就业数据表现稳健，米兰对劳动力市场前景仍持谨慎态度，认为现阶段做出全面乐观的判断尚为时过早。 这一立场进一步强化了其“尽早降息以对冲潜在风险”的政策倾向。 通胀压力疲弱支撑降息立场 这并非米兰首次呼吁大幅降息。 早在2月3日，他便表示经济中缺乏强劲的价格压力，认为当前利率水平“过高且具有限制性”。 米兰彼时称： “当我观察潜在通胀时，我没有真正看到经济中存在非常强劲的价格压力。没有很多货币政策应该应对的那种强劲供需失衡。所以我们维持高利率，主要是由于通胀衡量方式的特殊性，而非实际价格压力本身。” 去年底，米兰曾在美联储实施25个基点降息时投下反对票，主张更大幅度的50个基点降息；今年1月，他再次反对维持利率不变的决定，支持降息25个基点。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

Barclays Plc and Atlas SP Partners are among Wall Street firms that helped arrange more than £2 billion ($2.7 billion) of loans to a UK mortgage-finance company that has unraveled amid allegations of financial irregularities. Market Financial Solutions Ltd. , or MFS, collapsed into a UK form of insolvency Wednesday with the judge overseeing the case citing accusations of fraud and double-pledging of assets. Barclays and Atlas, the structured-credit arm of Apollo Global Management Inc. , each lent hundreds of millions of dollars while Banco Santander SA and Castlelake LP are also among the lenders, according to people familiar with the matter. The unraveling of MFS could add to concerns over loose underwriting in credit markets. Last year, the bankruptcies of US auto parts supplier First Brands Group and sub-prime auto lender Tricolor Holdings unsettled Wall Street. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Monday that some of his rivals are doing “ dumb things ” to boost returns, reminding him of the years leading up to the 2008 financial crisis. Spokespeople for Barclays and Santander declined to comment. An Atlas spokesperson confirmed its involvement as a senior creditor and said the firm is “pursuing all legal avenues to maximize recoveries” on £400 million of exposure. Read More: Why First Brands’ Collapse Rattled Wall Street: QuickTake Barclays also operated bank accounts for MFS, the people said. The London-based bank froze those accounts in recent weeks, the people said. Paresh Raja, founder and owner of MFS, didn’t respond to a request for comment made through his LinkedIn profile. A spokesperson for AlixPartners, the firm overseeing the administration, declined to comment. MFS, which has an office in London’s Mayfair neighborhood and employs more than 100 people, offered “complex, property-backed lending” to customers including short-term debts known as bridging loans, according to a March 31, 2025 statement on its website. The firm had...

cacaroot/iStock via Getty Images Optimism may seem scarce in the headlines, but a bullish trend still powers global asset allocation strategies, based on a set of ETFs through yesterday’s close (Feb. 25). Although the risk appetite from a global perspective has periodically wavered in recent history, betting against the trend has been a losing proposition. Echoing previous updates (see here and here , for example), an ETF-based proxy for monitoring the directional bias of multi-asset class strategies continues to skew positive, based on the ratio of two funds: an aggressive asset allocation strategy ( AOA ) vs. its conservative counterpart ( AOK ). Looking below the surface, however, reveals substantial changes in leadership as bullish momentum accelerates in foreign stocks relative to US shares. The previous relative strength in American equities ( VTI ) has fully reversed against stocks in developed markets ex-US ( VEA ). A similarly sharp U-turn is in progress for US equities ( VTI ) vs. stocks in emerging markets ( VWO ). Another notable change: Within the US stock market, sentiment has recently shifted in favor of large-cap value ( IWD ) over large-cap growth ( IWF ). Although this turn is significant in that it breaks the long-running dominance of large-cap growth, it’s not yet clear if this is yet another short-term change or the start of a secular trend. As the chart above shows, there have been several periods since 2010 of short-lived relative strength for large-cap value that quickly faded. The current pivot into value looks solid so far, but it’s still an open question if this trend signals a durable change in market sentiment. If the value leadership persists, some analysts say it could have implications for the broader stock market outlook. Stifel’s chief equity strategist, Barry Bannister, warns in a research note this week that some investors view the recent value rebound and growth stock weakness “as a sign of cyclical economic recovery, and it may ...

JHVEPhoto/iStock Editorial via Getty Images Here at the Lab, we are back to comment on Moncler ( MONRF ) ( MONRY ) following the release of its Q4 and full-year 2025 results. In our last update, we increased our estimates for both top-line sales and core operating profit margin; however, despite forecasts sitting above Wall Street consensus, valuation was largely reflected in the share price. Following the earnings release, the company's shares re-rated, although the current price remains within our valuation range. Our analysis also incorporates additional insight from Moncler's latest collection (happening nowadays in Milan with an exhibition called 'The Beyond Performance Exhibit'), where management provided an update on the Grenoble line. Moncler Results and Our Neutral Take Moncler delivered solid results in 2025, with sales acceleration in Q4. In numbers, the company reached top-line sales of €3.13 billion ( Fig. 1 ), up 3%, while Q4 turnover increased by 7% compared to Q4 2024. On the company's margins, the company reported an EBIT of €913.4 million, down from €916.3 million in 2024. So, EBIT margin declined by 30 basis points to 29.2% from 29.5%. Looking at the Wall Street consensus, the company delivered a 5% beat on Fiscal Year EBIT, with clear acceleration in H2 performance. Both Moncler and Stone Island sales accelerated in Q4. In numbers, the Moncler brand grew retail sales by 7%, accelerating from Q3 flattish results, and Stone Island was impressively up by +16% ex-FX movement in the DTC segment. Going down to the P&L, Moncler recorded higher interest payments (due to a higher net debt position), so net profit reached €626.7 million, down from €639.6 million in 2024. Moncler FY 2025 results in a Snap Fig 1 Why are we still muted? After this set of results, Moncler's post-earnings re-rating was expected; however, we believe much of the positive news flow is now reflected in the current valuation. Businesswise, there are at least four negative considerat...

This SaaS provider delivers cloud, AI, and analytics solutions to streamline insurance workflows for carriers and automotive clients.

Source: Bloomberg, 3:31

Market sentiment among individual investors grew more cautious in late February, according to the latest survey from the American Association of Individual Investors. Bullish sentiment declined to 33.2% for the week ended February 25, down from 34.5% in the prior week, while bearish sentiment rose to 39.8% from 36.9%. Equity markets were mixed during the week as investors assessed earnings developments and broader technology-sector trends, including results from Nvidia. U.S. indexes fluctuated, with technology shares experiencing periods of weakness even as some segments staged rebounds. Global markets showed a divided performance, with parts of Asia reaching record highs while European indexes softened after touching fresh peaks amid renewed tariff concerns. Investors remained selective, with defensive positioning gaining traction at times. Bonds outperformed equities during periods of risk aversion, and gold attracted safe-haven demand. Broader market commentary pointed to cautious trading conditions, uneven market breadth, and heightened sensitivity to policy, geopolitical, and technology-related developments. According to AAII, neutral sentiment or expectations that stock prices will stay essentially unchanged over the next six months, edged down to 27.0% from 28.5% a week earlier. The survey has been conducted by the American Association of Individual Investors since 1987, in which it asks respondents for their thoughts on where the market is heading in the next six months. S&P 500 Tracking Funds: (MUTF: FXAIX ), (MUTF: VFIAX ), (MUTF: VFFSX ), (MUTF: SWPPX ), (NYSEARCA: SPY ), (NYSEARCA: VOO ), (NYSEARCA: IVV ), (NYSEARCA: RSP ), (NYSEARCA: SSO ), (NYSEARCA: SH ), (NYSEARCA:SDS), and (NYSEARCA: SPXU ). More on S&P 500 Index Why I Am Sick Of Rotation Talk: It Misses The Destination Yen And Yuan Gains Featured In Quiet FX Market Playing Real-Life Monopoly: How I'm Building Lasting Wealth Wall Street trades lower as investors digest Nvidia results Nasdaq, S&P 500...

KanawatTH/iStock via Getty Images The Trade Desk: Getting From Bad To Worse The stock of The Trade Desk, Inc. ( TTD ) offers us a cautionary tale into why we must not be too eager in trying to catch the falling knife unless the stock is priced at an extreme pessimism. There is no denying that while TTD is considered a profitable company within the highly competitive advertising technology business, it still must justify why it deserves the highly expensive multiple that it used to trade at in its heyday. And after seeing the stock take a tumble of more than 80% through the lows this week, I think investors want to see changes, and I'm not talking about just fundamental or structural changes, that might even potentially involve a new leadership team. I mean, why not, right? Because for similar companies that used to trade at such an expensive multiples (PayPal ( PYPL ) anyone?), I think it's fair to say that the top leadership would have made way for operators with new ideas in bringing the mojo back. Because there's so much at stake here for investors of TTD. Not only does the company consider itself the poster boy in the demand side equation of the advertising technology business, it also holds tremendous proprietary data advantages over the more fragmented supply side rivals. And for long followers of TTD stock, I believe you have known that management has attempted to even narrow the path towards the publisher side through its OpenPath initiatives , which has obviously ruffled some feathers with its supply side partners, no matter how TTD tries to frame the so called partnership. It has also triggered larger worries of lower transparency in its push, leading to the reported exits of some buyers in late 2025. Therefore, for TTD investors, who voted to reinforce CEO Jeff Green's 48% voting control last year, as shareholders “pushed back a looming deadline by 10 years that would have automatically converted all Class B shares,” suggests that investors are still conf...