由于伊朗战争导致油气供应受阻，能源高度依赖进口的亚洲主要经济体纷纷采取措施确保油气供应。 亚洲各大型制造业经济体正在竞相确保新的石油和天然气供应源、保全储备并互相协调，从而为可能出现的严重短缺做好物资准备。这些经济体担心中东冲突长期化会阻断能源供应，重创自己的经济。 亚洲各国高度依赖经由霍尔木兹海峡(Strait of Hormuz)运输的油气。美国和以色列对伊朗实施打击后，这条重要水路的航运交通已基本停摆。 本周油气价格飙升已冲击亚洲市场并引发通胀担忧，官员们越来越担心实物供应可能遭到冲击。 成为高端会员，阅读高端专享内容 如您已经是高端会员， 请点击这里登录 成为高端会员►

此举旨在不违反美国针对中国科技领域的投资限制，这些领域包括先进半导体、量子计算和人工智能等。美国多个州还出台法律，限制其公共养老金基金投资中资企业。 美国投资者正日益要求亚洲基金管理公司设立专门的投资工具，以便在不违反美国针对中国科技领域投资限制的情况下投资该地区。 根据美国财政部的数据，截至2024年底，美国投资者持有3610亿美元的中国股票和债券，但去年出台的法规让投资于某些中国高科技领域的人士面临巨额罚款甚至监禁，这些领域包括先进半导体、量子计算和人工智能等。 美国多个州还出台法律，限制其公共养老金基金投资中资企业。 成为高端会员，阅读高端专享内容 如您已经是高端会员， 请点击这里登录 成为高端会员►

一、市场背景 1.1摘要 中国过敏性哮喘新药研发呈现多元态势。在单克隆抗体药物研发上，多个候选药物临床研究有不同进展，部分进入临床2期及以上关键阶段。靶点涵盖IL-5、TSLP、IL-4Rα等多个方向。如康诺亚司普奇拜单抗（IL-4Rα靶点）进临床III期，安进Rocatinlimab等众多药物处于临床II期，正进一步验证有效性及安全性。 1.2过敏性哮喘定义 过敏性哮喘（又称特应性哮喘或变应性哮喘）是由过敏原引起和/或触发的一类哮喘，以前称为外源性哮喘。它是哮喘的主要临床表型之一，主要由Th2细胞介导的免疫机制驱动。通常与特应性和其他过敏性疾病相关，如湿疹、过敏性鼻炎、食物和药物过敏。 1.3市场演变 过敏性哮喘药物市场正经历从传统治疗向精准医疗的深刻转型，早期市场以吸入性糖皮质激素（ICS）和长效β2受体激动剂（LABA）复方制剂为主导，通过控制气道炎症与缓解痉挛实现症状管理，随后抗IgE单抗奥马珠单抗的获批开启生物制剂时代，针对重度过敏性哮喘患者提供对因治疗选择，近年来随着对2型炎症通路（如IL-4Rα、IL-5）的深入研究，度普利尤单抗、美泊利珠单抗等靶向药物加速上市，推动治疗策略向表型驱动的个体化方案演进，同时吸入制剂技术持续升级，超细颗粒干粉吸入剂与智能给药装置提升药物肺部沉积率与患者依从性，而政策端医保覆盖扩大与基层诊疗能力提升进一步加速创新药物可及性，形成传统药物优化、生物制剂突破、给药技术迭代与支付体系完善的多维驱动格局。 二、市场现状 2.1市场规模 中国过敏性哮喘药物市场规模由2018年的112亿元增加至2024年的196亿元，期间年复合增速为9.8%。中国过敏性哮喘患者已超4,000万人，且每年新增患者近百万，持续扩大的患者群体直接拉动了药物需求。同时，随着公众对疾病认知的深化，患者从“缓解症状”转向“长期控制”的治疗需求显著增加，尤其是对减少急性发作、改善生活质量的创新药物付费意愿提高，进一步推动市场扩容。另外，国家通过《“健康中国2030”规划纲要》等政策强化慢性呼吸系统疾病防治，同时加速创新药物审评审批，为市场注入活力；药企研发投入持续增加，国产吸入制剂技术升级和靶向生物制剂突破丰富了治疗选择，形成供需两旺的良性循环。 预计未来将以年复合增速15.6%增长，到2030年市场规模将达到467亿元。随着针对IL-4R、IL-5等多靶点的联合...

植保喷洒场景： 植保喷洒传统模式以人工背负式和拖拉机为主，人工作业成本20-30元/亩、效率仅5-10亩/天，拖拉机成本15-20元/亩、效率80-240亩/天，但二者农药利用率仅30%，作物损伤率5%-8%。无人机模式作业成本降至8元/亩，效率提升至400-800亩/天，农药利用率达58.9%，作物损伤率＜1%，每亩可节省成本10-17元。 以年作业2,000亩计算，无人机年节本2.4万元，扣除0.35万元/年维护成本（设备价10%），年净收益2.05万元，投资回收期约1.71年。若叠加中央补贴（如50L以上机型补贴1.44万元），实际购机成本降至2.06万元，回收期可缩短至1年以内，规模化作业（年作业≥3000亩）时，回收期进一步压缩至0.8年。

在1月美国宏观经济指标中，最超预期的是美国ISM制造业PMI：1月美国ISM制造业PMI录得52.60，较前值上行4.70个百分点，时隔10个月重返荣枯线之上，创近41个月新高，表明美国制造业处于扩张区间。 如果美国ISM制造业PMI的上行具有持续性，则预示美国宏观经济走势向好，则美联储大概率在中短期暂停降息，这对全球资本市场具有较大的影响，具有很强的“风向标”作用。我们从多个维度对美国ISM制造业PMI的走势进行研判。 风险提示：1.关税对我国出口的影响超预期；2.美联储降息力度低于预期。

事件 2026年3月6日，中国证监会主席吴清在十四届全国人大四次会议经济主题记者会上表示，证监会近期将推出深化创业板改革和优化再融资机制两大核心增量政策，旨在推动要素资源向新质生产力领域聚集，强化资本市场对科技创新、产业升级的服务能力。 观点 证监会近年聚焦服务现代化产业体系和新质生产力发展，推出了一系列资本市场改革举措，“科八条”、“并六条”、科创板“1+6”改革、常态化绿色通道机制等政策举措，形成了“以科创板改革为示范、以制度创新为核心”的政策体系，且落地成效显著，为本次增量政策奠定了坚实基础。本次公布的深化创业板改革和优化再融资机制的两大增量政策是资本市场服务新质生产力发展的关键升级，既立足当下补齐制度短板，又着眼长远完善服务体系，将进一步夯实资本市场服务实体经济的基础，为新兴产业发展、传统产业转型提供更有力的资本支撑。 加强服务于新质生产力的两项增量政策 1、深化创业板改革：复制科创板经验，全链条提升公司质量 科创板改革总体方案已基本成型，吴清主席进一步明确创业板服务新兴产业、未来产业及实体经济的功能定位，核心三举措紧扣服务实体经济与科创发展：一是增设更精准包容的上市标准，拓展制度覆盖面，支持新产业、新业态、新技术企业及新型消费、现代服务业优质双创企业发展；二是复制科创板改革经验，对关键核心技术突破的优质创新企业实施IPO预先审阅，允许在审企业向老股东增资扩股，优化新股发行定价；三是构建推荐、上市、审核到监管的全流程机制，全方位提升上市公司质量，重点服务地方经济与民营经济。 2、优化再融资机制：提升便利度、突出科创导向、强化全流程监管在2026年春节前沪深北交易所已推出再融资优化措施的基础上，从制度规则层面进一步升级审核注册机制，核心围绕“包容适配、扶优扶科、从严监管”三方面展开：一是提升制度适配性，优化战略投资者认定标准、推出储价发行、完善锁价定增机制，便利中长期资金参与，平衡投融资双方利益；二是强化扶优扶科导向，大幅提升优质上市公司审核效率，将科创企业轻资产、高研发认定标准拓展至主板，放宽研发融资限制、缩短再融资间隔；三是全流程从严监管，强化募集资金全链条监管，严惩忽悠式再融资等违规行为，切实保护投资者权益。 增量政策四大特征：协同性、包容性、导向性、延续性 本次推出的两大增量政策并非孤立施策，而是对证监会近年资本市场改革的延续、深化与拓展，既吸收了过往...

宏观策略 宏观点评20260305：细微处见大势，关注5个信息——学习政府工作报告精神 核心观点：今年政府工作报告在总量政策方面与市场预期较为一致，但在投资、消费、绿色、财税、民生等细节方面有较多重点细节信息，可以从细微处见大势布局。一是8000亿政策性金融工具，比去年增加3000亿，挖掘投资潜力；二是设立1000亿财政金融协同促内需专项资金，从供需两端促消费、扩内需；三是能耗目标改为碳排放目标，单位GDP碳排放量目标降幅3.8%，淘汰落后产能；四是加强初婚初育家庭住房保障，可以起到鼓励婚育、地产去库存、降成本促消费三方面作用；五是调整优化消费税征收范围、税率。风险提示：房地产市场走弱；出口下行；地缘政治变化影响物价和外贸。 固收金工 固收点评20260302：祥和转债：电子元器件配件领域先行者 祥和转债（113701）于2026年3月3日开始网上申购：总发行规模为4.00亿元，扣除发行费用后的募集资金净额用于智能装备生产基地项目和年产1.8万吨塑料改性新材料生产线建设项目。 固收点评20260302：统联转债：高端精密制造引领者 我们预计统联转债上市首日价格在139.70-155.09元之间，我们预计中签率为0.0023%。 固收周报20260301：建议关注“困境反转”相关主题转债标的 建议关注“困境反转”相关主题标的，而高波标的一方面受再融资新规中期影响，一方面受海外地缘格局演化影响，估值未来或存在进一步回调压力。 固收周报20260301：周观：震荡格局延续，政策催化仍待确认 震荡格局延续，政策催化仍待确认 固收点评20260228：二级资本债周度数据跟踪（20260224-20260227） 一级市场发行情况：本周（20260224-20260227）银行间市场及交易所市场无新发行二级资本债。二级市场成交情况：本周（20260224-20260227）二级资本债周成交量合计约1132亿元，较上周减少913亿元。 固收点评20260228：绿色债券周度数据跟踪（20260224-20260227） 一级市场发行情况：本周（20260224-20260227）银行间市场及交易所市场共新发行绿色债券2只，合计发行规模约7.50亿元，较上周减少32.51亿元。二级市场成交情况：本周（20260224-20260227）绿色债券周成交额合计514亿元，较上周减少56...

【今日要点】 【行业评论】通信：周跟踪（20260223-20260301）-英伟达业绩超预期，3月催化剂密集关注市场波动下的布局良机 【行业评论】国际运动服饰品牌2026财年营收展望汇总 【今日要点】 【行业评论】通信：周跟踪（20260223-20260301）-英伟达业绩超预期，3月催化剂密集关注市场波动下的布局良机 【投资要点】 行业动向： 1）英伟达公布FY2026Q4业绩，数据中心业绩超出市场预期，网络业务同环比大幅增长。英伟达2026财年第四财季实现营收681亿美元，同比增长73%，环比增长20%，高于分析师普遍预期，净利润达430亿美元，同比增长94%，环比增长35%。其中，数据中心营收在第四财季收入623亿美元，同环比分别增长75%、22%，HyperscaleCSP仍然是最大客户类别。在数据中心营收中，第四财季计算、网络分别实现营收513亿、110亿美金，网络产品同环比分别增长263%、34%，表现亮眼。公司认为，增长动力主要来自面向GB200、GB300的的NVLink计算架构出货以及以太网和InfiniBand平台发展，我们认为铜连接、1.6T光模块相关产业链公司25Q4、26Q1有望实现显著环比增长。英伟达表示，过去四个季度已累计出货600万颗BlackwellGPU，Blackwell+Rubin预计销售额将超过5000亿美元。英伟达对2027财年第一财季给出的指引为营收780亿美元左右，高出市场此前预期。我们认为，AI编程智能体工作流的token增长具有超线性、多线程、不可预测特性，将是中短期token增长的主要驱动，相关公司如Anthropic近期推出的产品定价也表明客户愿意为AI助理交付按结果付费，B端、G端市场空间爆发在即。 2）英伟达或于3月中旬GTC2026上揭晓CPO、LPU、Feynman最新Roadmap，海外算力板块催化在即。根据Semianalysis近期报告，Rubin平台或包括NVL8、VRNVL72、VRCPX等多种SKU产品，通过VeraCPU、RubinGPU、NVLINK6Switch、ConnectX9、Bluefield4、Spectrum6六大核心芯片在算力、HBM、NVLINKSERDES、光连接、散热、供电方面实现了全面升级。Scaleout方面，Rubin平台或有多款CPO交换机可供选择，我们...

股市回顾 A股行情：上证指数报4108.57点，上涨0.64%，成交额10680.44亿元；深证成指报14088.84点，上涨1.23%，成交额13219.94亿元；创业板指报3216.94点，上涨1.66%，成交额6121.81亿元。 亚太市场：香港恒生指数涨0.28%，报25321.34点。恒生科技指数跌0.69%，报4796.33点。国企指数跌0.38%，报8451.43点。日经225指数涨1.9%，报55278.06点。韩国KOSPI指数涨9.63%，报5583.90点。 欧洲市场：英国富时100收跌1.45%，报10413.94点；德国DAX30收跌1.61%，报23815.75点；法国CAC40收跌1.49%，报8045.80点。 美股市场：道指收跌1.61%，报47954.74点；纳指收跌0.26%，报22748.99点；标普500收跌0.56%，报6830.71点。 中概股：3月5日，中概股多数下跌，纳斯达克中国金龙指数跌1.43%，万得中概科技龙头指数跌1.75%。 国际要闻 中东冲突持续，各方表态强硬，伊朗驳斥特朗普干涉选举言论 美国24州起诉反对特朗普援引新条款加征15%关税 美国七家公司于白宫签自主供电承诺，特朗普称可解决电费担忧 英国央行拟推演“全面人工智能冲击”影响 国内要闻 十四届全国人大四次会议开幕，李强作报告明确今年发展目标 “十五五”规划纲要草案提出6方面109项重大工程 人大首场“部长通道”集中采访，三部委详解科创与产业发展 2026政府工作报告定调：财政政策更加积极，货币政策适度宽松 重要公告 ST松发：下属公司签订4艘原油船合同，金额4-6亿美元 瑞德智能：拟5000万增资谷东智能，布局AR眼镜光学技术 东华软件：拟出资3亿元设立广西东河智能公司 研报推荐 【金元传媒】周报20260303—AI春节档：C端用户争夺战打响，内容消费分化显著

观点精粹 总量视角 【宏观经济】春节效应拖累PMI，复工略快于往年——兼评2月PMI数据-20260305 制造业：春节效应下PMI延续偏弱。非制造业：建筑业续弱，服务业微升。我们在春节海内外见闻报告中测算返乡复工曲线，提示“2026年复工进度略快于往年”，百年建筑节后复工数据进一步证明了该判断。往后看，专项债前置、资金到位以及复工提前指向3月有望边际改善，但Q1经济基本面仍有压力，稳增长政策存在发力必要性，例如再增一批政策性金融工具，超长债、专项债和预算内财政加快投放，科技领域相关资金支持。 【固定收益】春节假期效应影响下PMI季节性下行——2026年2月PMI数据点评-20260305 事件：国家统计局公布2026年2月采购经理指数运行情况，制造业PMI为49.0%（前值为49.3%，下同），环比下降0.3pct；非制造业PMI为49.5%（49.4%），环比提升0.1pct；综合PMI为49.5%（49.8%），环比下降0.3pct。 投资观点：预计10年国债目标区间2-3%，中枢或为2.5% 【金融工程】港股量化：2月市场表现不佳，3月组合维持价值配置——金融工程定期-20260305 在前期报告《基于港交所CCASS数据的港股投资策略》中，我们利用港股CCASS数据，对单一经纪商在港股上的持仓进行月度持仓复制跟踪。经回测发现，不少绩优经纪商可供我们进行持仓借鉴。我们采用“先选经纪商，再选个股”的两步筛选法，构建每一期20只的港股CCASS优选20组合，基准指数为恒生指数。2026年2月，组合的收益率为-3.36%，恒生指数的收益率为-2.76%，组合超额收益率-0.60%。 从全区间来看（2020.1-2026.2），港股CCASS优选20组合的超额年化收益率17.0%，超额夏普比达2.23。 港股CCASS优选20组合的3月持仓：维持价值风格配置 行业视角 【非银金融】存款迁移，非银负债和资产两端受益——非银金融行业2026年春季投资策略-20260305 保险：负债和资产端双轮驱动，权益弹性突出 负债端：充分受益于居民存款迁移，分红险在牛市预期加持下性价比凸显，叠加低基数，2026年开年个险渠道新单增速向好；银保渠道有望延续2025年的较高增长。分红险占比持续提升，刚性负债成本回落利好险企估值抬升。

数据日期:2026-03-05 上证综指深证成指沪深300指数中小板综指创业板综指科创50 收盘指数（点）4108.5614088.834647.6915391.214059.441405.35 涨跌幅度（%）0.631.220.971.151.481.72 成交金额（亿元）10680.4313219.945704.434528.166088.90822.90 晨会主题 【常规内容】 宏观与策略 宏观快评:2026年政府工作报告解读-力争实现更好结果 行业与公司 石化化工行业2026年3月投资策略：推荐原油、天然气价格上行及地缘政治驱动的投资方向 商贸零售行业3月投资策略：美护龙头积极布局3·8大促，金价高位分化行业需求 携程集团-S(09961.HK)财报点评:2025业绩韧性增长，出行履约壁垒难撼，关注监管进展

重点推荐 1.务实筑基拓新程——2026年两会政府工作报告学习 2.半导体行业涨价蔓延未止，关注AI驱动下细分赛道结构性机会——半导体行业2月份月报 财经要闻 1.伊朗：禁止美以欧船只通过霍尔木兹海峡 2.《中华人民共和国国民经济和社会发展第十五个五年规划纲要（草案）》 3.央行：开展8000亿元买断式逆回购操作，期限为3个月

国内市场综述 量价齐升震荡上扬 周四（3月5日）大盘量价齐升，震荡上扬。截至收盘，上证综指收于4108.57点，上涨0.64%；深成指收于14088.84点，上涨1.23%；科创50上涨1.72%；创业板指上涨1.66%，万得全A成交额共24126亿元，较前一日有所上升。 行业方面，30个中信一级行业有254个上涨，其中通信、电力设备及新能源、电子涨幅居前，而农林牧渔、石油石化及有色金属则跌幅较大，概念方面，MiniLED、智能电网及核聚变等指数表现活跃。 海外市场综述 美国三大股指全线收跌，高盛跌超3% 周四（3月5日），美国三大股指全线收跌，道指跌1.61%，标普500指数跌0.56%，纳指跌0.26%。高盛集团、卡特彼勒跌超3%，领跌道指。万得美国科技七巨头指数跌0.05%，脸书跌超1%，苹果跌0.85%。纳斯达克中国金龙指数跌1.43%，禾赛科技跌逾6%。 新闻精要 1.李强在政府工作报告中指出，“十四五”圆满收官，中国式现代化迈出新的坚实步伐 2.十四届全国人大四次会议首场“部长通道”举行 3.央行：3月6日将开展8000亿元买断式逆回购操作 4.中东冲突局势持续升级，各方表态趋于强硬 5.美国24州宣布提起诉讼，阻止特朗普最新全球关税政策 6.全球重要经济数据发布 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。

一、宏观消息汇总 1.2月中国大宗商品价格指数同比上涨10.9%。 2.乘联分会：1月轿车市场成交价13.76万，环比提高3.91%。 3.最新报告预测：2036年全球人形机器人市场规模将达295亿美元。 4.1月全国新增建档立卡新能源发电项目共5690个。 二、行业最新动态 1.国巨再度调涨钽电容价格下月起生效，这两家公司有望受益行业涨价趋势，相关个股：东方钽业(000962)、宏达电子(300726)等。 2.美国电网大规模扩建，中国电网出口订单望受益，相关个股：国电南瑞(600406)、四方股份(601126)等。 3.人形机器人“大脑”将拥有国标，商业化进程加速，相关个股：领益智造(002600)、长盛轴承(300718)等。 三、上市公司聚焦 1.双欣环保(001369)：全资子公司双欣化学拟投资5.42亿元建设工业尾气综合利用二期年产10万吨电子级DMC配套年产3万吨EMC/DEC项目。 2.康为世纪(688426)：全资子公司健为诊断自主研发的九项呼吸道病原体核酸检测试剂盒(荧光PCR法)收到国家药品监督管理局颁发的类《医疗器械注册证》。 3.招商南油(601975)：下属全资子公司南京扬洋以含税合同造价4.92亿元，在招商船舶扬州鼎衡新建三艘6600吨不锈钢化学品船。 四、市场回顾及展望 三月五日（星期四），两市成交额23900亿元，上涨家数3864家，下跌家数1227家。大盘资金净流入3.27亿元，成交额相较前一日增加243亿元。 指数方面，三大指数高开后日内窄幅震荡收十字星形态。从指数黄白线来看，代表中小盘股的黄线再上领涨，代表权重的白线全天表现相对较弱，两市整体涨多跌少市场是平量弱修复的表现。 市场热点方面，芯片、数据中心等板块资金净流入较多，面板、光学电子等板块涨幅较大。农业、油气、有色金属等板块下跌，小金属、军工、稀土永磁等板块资金净流出较多。两市共68家涨停，3家跌停，涨停板主要集中在电网设备、面板等板块。 总结：从上证指数结构来看，周四回补完周三跳空低开缺口后震荡回落，整体来看周四反弹偏向于外围普反因素导致，因为反弹过程中量能并没有放大，表明反弹力度没有吸引场外资金回流，如此周五整体预期偏向于弱分歧为主。方向上，电网设备、面板概念强势，但并没有带动市场放量修复，持续性预期需要打折，油气、有色等概念延续分歧符合预期，但分歧中仍有结构性机会...

事件：3月5日，李强总理在人大会议上作《政府工作报告》（简称《报告》）。 形势判断：我国经济韧性强，内外部不确定性加深 2025年作为“十四五”收官之年，我国经济展现出较强韧性，向新向优发展。但当下仍面临不少内外部的挑战，外部地缘政治风险上升、世界经济动能疲弱、多边主义、自由贸易受到冲击；内部新旧动能转换任务艰巨、供强需弱、部分企业和群众面临困难、地方财政矛盾、房地产调整等。 目标衔接长远，展现提质增效的内涵要求 1、4.5%-5%的区间目标是留空间、衔接远期的考虑。一方面，要“为调结构、防风险、促改革留出空间”。2026年重视提质增效，既是跟上国际科技发展趋势，又是应对接下来可能更激烈的科技、关键矿产博弈的必然准备。另一方面，同2035年远景目标衔接。《四中全会辅导百问》测算实现2035年目标需要“十五五”和“十六五”GDP年均增长4.17%。由此看，4.5%-5%的目标符合潜在增速，高于4.17%增速要求，高于世界多数国家。地方也要因地制宜争取更好结果。 2、2026年CPI目标为2%左右，对于物价转正更加乐观、政策力度也将边际提升。《报告》指出，推动价格总水平由负转正、消费价格合理温和回升。 宏观政策更加积极有为，财政货币适时发力 1、广义财政力度平稳，支出结构略有调整。（1）广义财政总体维持较积极力度。赤字率、专项债、超长期特别国债分别安排4%、4.4万亿和1.3万亿。隐含名义GDP增长率为5%，广义财政赤字为11.89万亿，广义赤字率约为8.1%。综合更广义范畴的财政力度与2025年差距不大：发行新型政策性金融工具8000亿元，比2025年多3000亿，且节奏更靠前。（2）持续优化支出结构，重视民生。预算支出结构侧重促消费、投资于人、保障民生（相对2025年增加了“投资于人”）。广义支出结构略有调整。专项债的使用方向从投资建设、收储、消化欠款转为重大项目、置换隐债、消化欠款，或表明资金将更多回归项目建设。 2、货币政策延续“适度宽松”，降准降息还有空间，支持内需、科技、中小企业。《报告》指出“灵活高效运用降准降息等多种政策工具”，促进社会综合融资成本改为“低位运行”。货币宽松的必要性和紧迫性有所收敛，但必要时仍需发力。《报告》起草组成员陈昌盛主任强调“降准降息还有条件”，我们预计降准空间50-100bp，降息10bp。预计结构性货币政策加码，以稳增长和支持...

核心观点：我们认为美国国内的客观环境并不支持特朗普长期维持对伊朗的大规模军事行动。从经济层面来看，持续冲突阻碍霍尔木兹海峡通航推升油价，进一步加剧美国通胀担忧；从政治层面来看，深陷中东的长期军事行动背离特朗普“美国优先”的承诺，从而失去国内选民的支持；从法律层面来看，派出地面部队将被定义为战争行为，未来将面临国会的立法授权限制。特朗普当前的“强硬姿态”仍是对伊朗的“极限施压”手段，以期在核协议谈判中获取更多筹码。向前看，我们预期对伊打击仍将在特朗普给定的时间框架范围内提前结束，即冲突持续约4周，但同时仍需关注伊朗新任最高领袖的鹰派外交方针与以色列对伊朗敌对态度令冲突时长超预期的尾部风险。 特朗普白宫最新表态将长期维持对伊朗的大规模军事行动。北京时间3月3日凌晨，美国总统特朗普于白宫就在伊朗的军事行动发表演说。期间特朗普表示行动将持续4-5周，且已经做好了“行动时间远超这个期限”的准备。同时特朗普还表示未来“不排除派遣地面部队的可能”。特朗普的演讲内容加剧市场对未来美伊冲突进一步升级的担忧。受此影响，全球权益市场普跌，原油价格大幅上行，通胀担忧带动美债利率和美元指数走高，黄金则一度受强美元的影响有所回落，但在避险情绪的支撑下依旧维持高位。 我们认为，虽然特朗普在讲话中表现出强硬姿态，但美国国内客观环境并不支持其维持长期的大规模冲突，具体来看： 经济层面上，持续冲突阻碍霍尔木兹海峡通航推升油价，进一步加剧美国通胀担忧。美伊冲突令霍尔木兹海峡的通航能力受阻从而推升油价。美联储研究显示实际油价上行10%时，美国CPI在第一年末上行约0.15%，核心CPI则在二轮效应（Second Round Effect）的带动下上行约0.06%1。若冲突持续令油价长期维持高位，则美国“二次通胀”的风险将令特朗普提名的新美联储主席沃什上任后无合理理由再度降息（详见报告《新美联储主席沃什真的鹰派吗？》）。极端情况下美联储甚至将重启加息以抑制通胀水平，由此对美国经济和股市的抑制作用将对特朗普今年11月5日的中期选举产生毁灭性打击。尽管特朗普已经表示未来美国海军将开始为通过霍尔木兹海峡的油轮提供武装护航，但在冲突持续存在的背景下，霍尔木兹海峡的通航能力仍将得到大幅削弱，从而令油价维持高位震荡。 政治层面上，深陷中东的长期军事行动背离“美国优先”的承诺，从而失去国内选民的支持。2月24日，特朗普在...

京东集团-SW(09618.HK)4Q25业绩点评：外卖环比减亏 零售主业利润稳定 - Futubull 富途牛牛

Getty Images BigBear.ai Holdings, Inc. (NYSE: BBAI ) is a specialized provider of artificial intelligence-powered decision intelligence solutions, which include supply chain, logistics, and cybersecurity. BigBear AI's largest consumers are notably government departments, as demand is growing in the defense sector, especially with all the recent escalations in the Middle East. BigBear AI could benefit if spending is accelerated, with President Trump's next focus potentially being Cuba . Despite the potential for growth with recent developments, poor guidance when 2025's numbers aren't even great, while not even profitable yet, makes it extremely unattractive. Though I'm not bearish on fundamentals and potential being there, it is still at a speculative stage, and high valuations are making me hold off despite already being less than half of its 52W peak. Hence, I'm rating BigBear AI at a 'Hold.' BigBear AI's Business Every aspect of BigBear is obviously related to AI, with AskSage being a 'generative AI platform purpose-built for secure AI deployment, orchestration, and agentic capabilities across defense and other highly regulated environments. Even though private companies don't tend to release how many users/government entities actually use their software, we have some transparency, and AskSage alone has over 100k users across 16k government teams and 100s of commercial organizations. AskSage essentially runs as a government organization's LLM, essentially having large amounts of security compliance, options to different LLMs, vendor lock-in, and FedRAMP High authorization, which is extremely important to have. This creates a moat for AskSage users since it creates high switching costs for government departments, as security compliance isn't easy to get, and the existing relationship between governments is hard to break since BigBear is providing specialized AI to governments that will likely continue to be a key part of the future of government institutions globa...

派拉蒙首席执行官确认将合并HBO MAX和PARAMOUNT+ 2026-03-05 23:59:44 来源： 同花顺7x24快讯 分享 派拉蒙首席执行官确认将合并HBO MAX和PARAMOUNT+。

Image source: The Motley Fool. Thursday, March 5, 2026, at 8:30 a.m. ET Call participants President and Chief Executive Officer — Yann Brandt Chief Financial Officer — Cathy Behnen Head of Capital Markets and Business Development — Patrick Cook Vice President, Investor Relations — Bill Michalek Takeaways Revenue -- $32.9 million for the quarter, up 26% sequentially and up 149% year over year, reaching the highest level since 2023. -- $32.9 million for the quarter, up 26% sequentially and up 149% year over year, reaching the highest level since 2023. Gross margin -- GAAP gross profit was $6.9 million, or 21% of revenue; non-GAAP gross profit was $7.7 million, or 23.4% of revenue, representing the best quarterly result since going public; margin expansion driven by a positive product mix. -- GAAP gross profit was $6.9 million, or 21% of revenue; non-GAAP gross profit was $7.7 million, or 23.4% of revenue, representing the best quarterly result since going public; margin expansion driven by a positive product mix. Adjusted EBITDA -- Loss narrowed to $300,000, the best quarterly adjusted EBITDA in six years and a significant improvement from the prior quarter's $4.0 million loss and prior year's $9.8 million loss. -- Loss narrowed to $300,000, the best quarterly adjusted EBITDA in six years and a significant improvement from the prior quarter's $4.0 million loss and prior year's $9.8 million loss. GAAP net loss -- Loss of $33.7 million, or $2.23 per diluted share, impacted by a $26 million noncash loss related to warrant fair value changes due to share price appreciation. -- Loss of $33.7 million, or $2.23 per diluted share, impacted by a $26 million noncash loss related to warrant fair value changes due to share price appreciation. Backlog -- Contracted backlog stood at $491 million at period end; $61 million in new contracted backlog added since the prior call, with $29 million net of fourth-quarter revenue. -- Contracted backlog stood at $491 million at period end; $...

Dynamic Graphics/Dynamic Graphics Group via Getty Images One of the most incredible things about the stock market in 2026 is how quickly the AI narrative turned from a tailwind to a headwind for stocks. The "SaaSpocalypse" headlines have dominated trading this year and decimated software stocks, with seemingly no end in sight. This gives investors with strong stomachs who prioritize entering at good value a great opportunity to buy stocks like Wix.com ( WIX ). Wix, the web hosting and web creation platform, has seen its revenue and bookings growth pull well ahead of peers, suggesting that Wix is a net winner in the AI race. And yet investors have been dumping the stock as if it were already a legacy play. Over the past year, Wix has lost about 60% of its value: however, a strong "beat and raise" in Q4, alongside commentary on the rapid growth in the company's AI/vibe coding subsidiary, Base44, have helped spark a post-earnings rally. On top of a boosted buyback program, I believe this is the beginning of a much broader rebound for the company. Data by YCharts I last wrote a "Buy" article on Wix in December, when the stock was trading closer to $95 per share. While I acknowledge that my "B uy" call was ill-timed, I have no less conviction in the stock today even after its recent correction. I continue to emphasize that all the data coming out of Wix's most recent earnings supports the narrative that AI is a huge net tailwind, not a headwind for the company. Amid the striking value opportunity we have here, I'm bumping up Wix to a "S trong Buy" rating, representing my highest level of conviction that I reserve for very few stocks. Deep value amid vibrant and growing business, massive buybacks The number-one reason driving my conviction on Wix is the fact that investors already have a highly de-risked entry point in the stock, thanks to the sharp slide over the past year that has been completely incommensurate with actual business fundamentals. This is especially true ...

Investors in ProShares Ultra Silver (Symbol: AGQ) saw new options become available today, for the April 24th expiration. At Stock Options Channel , our YieldBoost formula has looked up and down the AGQ options chain for the new April 24th contracts and identified one put and one call contract of particular interest. The put contract at the $144.00 strike price has a current bid of $26.20. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $144.00, but will also collect the premium, putting the cost basis of the shares at $117.80 (before broker commissions). To an investor already interested in purchasing shares of AGQ, that could represent an attractive alternative to paying $144.90/share today. Because the $144.00 strike represents an approximate 1% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 63%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 18.19% return on the cash commitment, or 132.93% annualized — at Stock Options Channel we call this the YieldBoost. Below is a chart showing the trailing twelve month trading history for ProShares Ultra Silver, and highlighting in green where the $144.00 strike is located relative to that history: Turning to the calls side of the option chain, the call contract at the $148.00 strike price has a current bid of $27.20. If an investor was to purchase shares of AGQ stock at the current price level of $144.90/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $148.00. Considerin...

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the iShares Core S&P 500 ETF (Symbol: IVV) where we have detected an approximate $206.5 million dollar outflow -- that's a 0.03% decrease week over week (from 1,089,150,000 to 1,088,850,000). Among the largest underlying components of IVV, in trading today Goldman Sachs Group Inc (Symbol: GS) is down about 1.5%, Uber Technologies Inc (Symbol: UBER) is off about 0.4%, and Stryker Corp (Symbol: SYK) is lower by about 2.4%. For a complete list of holdings, visit the IVV Holdings page » The chart below shows the one year price performance of IVV, versus its 200 day moving average: Looking at the chart above, IVV's low point in its 52 week range is $484 per share, with $700.97 as the 52 week high point — that compares with a last trade of $684.14. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ». Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs. Click here to find out which 9 other ETFs experienced notable outflows » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the Vanguard Mega Cap Growth ETF (Symbol: MGK) where we have detected an approximate $1.1 billion dollar outflow -- that's a 3.5% decrease week over week (from 78,089,192 to 75,389,192). Among the largest underlying components of MGK, in trading today GE Vernova Inc (Symbol: GEV) is off about 1.2%, Standard and Poors Global Inc (Symbol: SPGI) is up about 0.4%, and TJX Companies (Symbol: TJX) is lower by about 1.4%. For a complete list of holdings, visit the MGK Holdings page » The chart below shows the one year price performance of MGK, versus its 200 day moving average: Looking at the chart above, MGK's low point in its 52 week range is $262.655 per share, with $426.795 as the 52 week high point — that compares with a last trade of $388.66. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ». Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs. Click here to find out which 9 other ETFs experienced notable outflows » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Investors in Dollar General Corp (Symbol: DG) saw new options become available today, for the April 24th expiration. At Stock Options Channel , our YieldBoost formula has looked up and down the DG options chain for the new April 24th contracts and identified one put and one call contract of particular interest. The put contract at the $144.00 strike price has a current bid of $6.65. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $144.00, but will also collect the premium, putting the cost basis of the shares at $137.35 (before broker commissions). To an investor already interested in purchasing shares of DG, that could represent an attractive alternative to paying $145.99/share today. Because the $144.00 strike represents an approximate 1% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 59%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 4.62% return on the cash commitment, or 33.74% annualized — at Stock Options Channel we call this the YieldBoost. Below is a chart showing the trailing twelve month trading history for Dollar General Corp, and highlighting in green where the $144.00 strike is located relative to that history: Turning to the calls side of the option chain, the call contract at the $149.00 strike price has a current bid of $7.90. If an investor was to purchase shares of DG stock at the current price level of $145.99/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $149.00. Considering the call sel...

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the Vanguard International Dividend Appreciation ETF (Symbol: VIGI) where we have detected an approximate $161.4 million dollar outflow -- that's a 1.8% decrease week over week (from 97,670,105 to 95,934,156). The chart below shows the one year price performance of VIGI, versus its 200 day moving average: Looking at the chart above, VIGI's low point in its 52 week range is $74.27 per share, with $96.60 as the 52 week high point — that compares with a last trade of $91.72. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ». Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs. Click here to find out which 9 other ETFs experienced notable outflows » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the Invesco QQQ Trust (Symbol: QQQ) where we have detected an approximate $4.0 billion dollar outflow -- that's a 1.0% decrease week over week (from 657,750,000 to 651,200,000). Among the largest underlying components of QQQ, in trading today Amgen Inc (Symbol: AMGN) is down about 2.4%, CrowdStrike Holdings Inc (Symbol: CRWD) is up about 3.9%, and MercadoLibre Inc (Symbol: MELI) is higher by about 1.4%. For a complete list of holdings, visit the QQQ Holdings page » The chart below shows the one year price performance of QQQ, versus its 200 day moving average: Looking at the chart above, QQQ's low point in its 52 week range is $402.39 per share, with $637.01 as the 52 week high point — that compares with a last trade of $608.10. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ». Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs. Click here to find out which 9 other ETFs experienced notable outflows » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Waste Connections ( WCN:CA ) announced plans to offer senior notes in an underwritten public offering. The notes will be issued as senior unsecured obligations of the company. The company intends to use the net proceeds along with existing cash to repay part of its revolving credit facility borrowings. The offering aims to optimize the company’s capital structure and manage existing debt obligations. More on Waste Connections Waste Connections: A Path To Double-Digit EPS Growth Despite Volume Pressures Waste Connections, Inc. (WCN) Q4 2025 Earnings Call Transcript Waste Connections targets $9.9B–$9.95B 2026 revenue as AI and acquisition gains bolster margin outlook Waste Connections tops profit estimates as margins expand in Q4 Seeking Alpha’s Quant Rating on Waste Connections

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the iShares Convertible Bond ETF (Symbol: ICVT) where we have detected an approximate $141.0 million dollar outflow -- that's a 2.5% decrease week over week (from 54,000,000 to 52,650,000). The chart below shows the one year price performance of ICVT, versus its 200 day moving average: Looking at the chart above, ICVT's low point in its 52 week range is $77.02 per share, with $106.32 as the 52 week high point — that compares with a last trade of $103.75. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ». Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs. Click here to find out which 9 other ETFs experienced notable outflows » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In early trading on Thursday, shares of The Trade Desk topped the list of the day's best performing components of the S&P 500 index, trading up 25.9%. Year to date, The Trade Desk has lost about 16.5% of its value. And the worst performing S&P 500 component thus far on the day is Ciena, trading down 8.8%. Ciena is showing a gain of 34.0% looking at the year to date performance. Two other components making moves today are McKesson, trading down 4.1%, and Expedia Group, trading up 9.9% on the day. VIDEO: S&P 500 Movers: CIEN, TTD The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.