周报 一级市场发行仍处低位，二级市场小幅上涨 中资美元债 2026-03-02 星期一 一级市场发行仍处低位： 上周中资离岸债一级市场发行仍处低位，新发 2 只债券，规模共约 3.65 亿美 元。其中，新城发展发行 3.55 亿美元债券，息票率 11.8%，为上周最大发行 规模及定价最高的新发债券。 二级市场小幅上涨： 美债收益率全线下行： 截至 2 月 27 日，2 年期美国国债收益率较上周下行 10.32bps，报 3.3749%； 10 年期国债收益率下行 14.51bps，报 3.9375%。 宏观要闻： 究 报 告 截至 2025 年末，点心债市场已连续六年增长。 研究部 姓名：段静娴 SFC：BLO863 电话：0755-21519166 Email：duanjx@gyzq.com.hk 2. 二级市场 2.1 中资美元债指数表现 请务必阅读免责条款 上周中资美元债指数（Bloomberg Barclays）按周上涨 0.42%，新兴市场 美元债指数上涨 0.17%。投资级指数最新价报 205.7648，周涨幅 0.45%； 高收益指数最新价报 165.0443，周涨幅 0.19%。 上周中资美元 ...

Company Overview - Proactive is a financial news and online broadcast organization that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates across key finance and investing hubs with offices in London, New York, Toronto, Vancouver, Sydney, and Perth [2] Content Production - Proactive's editorial team produces approximately 50,000 pieces of real-time news, feature articles, and filmed interviews annually [1] - The content covers a wide range of topics, including medium and small-cap markets, blue-chip companies, commodities, biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is committed to adopting technology to enhance workflows, utilizing automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [4][5]

Market Overview - U.S. stocks faced a setback in February, with the Nasdaq Composite and S&P 500 declining by 3% and 1% respectively, marking the Nasdaq's worst month since March 2025 [3] - Concerns about the sustainability of AI-related capital spending and sticky inflation have negatively impacted investor sentiment [2] Key Stocks with Momentum - Five stocks identified as top momentum picks for March include NVIDIA Corp. (NVDA), Comfort Systems USA Inc. (FIX), Onto Innovation Inc. (ONTO), Rio Tinto Group (RIO), and Brookfield Asset Management Ltd. (BAM), all holding a Zacks Rank 1 (Strong Buy) [4][9] NVIDIA Corp. (NVDA) - NVIDIA is a leader in generative AI-powered GPUs, benefiting from increased shipments of its Blackwell GPU computing platforms [7] - The company expects significant AI infrastructure spending between $3 trillion and $4 trillion by the end of the decade, with a projected revenue growth rate of 46.8% and earnings growth rate of 59.8% for the current year [8][10] - NVDA's earnings estimates have improved by 3.7% over the past week [10] Comfort Systems USA Inc. (FIX) - Comfort Systems USA operates in the HVAC market, with demand driven by AI and cloud computing, particularly for specialized cooling solutions [11][12] - The company anticipates revenue and earnings growth rates of 20.3% and 28.2% respectively for the current year, with earnings estimates improving by 20.9% in the last week [13] Onto Innovation Inc. (ONTO) - Onto Innovation is positioned for growth in AI-driven advanced packaging, having completed qualifications for its 3Di technology [14][15] - The expected revenue and earnings growth rates for ONTO are 19.5% and 29% respectively, with earnings estimates improving by 2.7% recently [16] Rio Tinto Group (RIO) - Rio Tinto is an international mining company with diverse interests, including aluminum, copper, and iron ore [17] - The company projects revenue and earnings growth rates of 10.7% and 21.8% respectively for the current year, with earnings estimates improving by 1.4% [18] Brookfield Asset Management Ltd. (BAM) - Brookfield Asset Management focuses on alternative asset management across various sectors, including renewable power and infrastructure [19] - The expected revenue and earnings growth rates for BAM are 12.5% and 15.2% respectively, with earnings estimates improving by 3.8% over the last 30 days [20]

Group 1 - Nvidia is investing $2 billion in Lumentum and Coherent to accelerate advanced optics technologies for AI infrastructure [1]

Core Viewpoint - UBS maintains a bullish outlook on Nvidia, highlighting strong long-term demand and margin strength, with a price target of $245, indicating nearly 40% upside potential [1][4]. Group 1: Company Performance - Nvidia reported record quarterly revenue of $68.1 billion, reflecting a 73% year-over-year increase and a 20% sequential rise [9]. - Data center revenue surged 75% annually to $62.3 billion, driven by robust demand for AI chips [9]. - Nvidia's management announced a strategic partnership with Coherent, involving a $2 billion investment to enhance optics technology and expand U.S.-based manufacturing [10]. Group 2: Market Position and Growth Drivers - UBS expressed increased confidence in Nvidia's networking expansion and long-term profitability following discussions with CFO Colette Kress [4]. - The company aims to become the largest global networking player, targeting to exceed the combined revenue of all other networking semiconductor suppliers by year-end [6]. - Hyperscale cloud providers are planning significant compute capacity expansions by 2027, indicating strong future demand [4]. Group 3: Analyst Sentiment and Price Targets - UBS maintains earnings per share estimates of approximately $12.50 for 2027 and $15 for 2028 [7]. - Across Wall Street, Nvidia holds a 'Strong Buy' consensus based on 39 analyst ratings, with 37 recommending a buy [7]. - The average 12-month price target for Nvidia is $273.38, suggesting about 54% upside from the last traded price, with targets ranging from $220 to $352 [8].

Core Insights - Nvidia is investing a total of $4 billion in two companies, Lumentum and Coherent, both focused on photonics technologies [1][2] - Each company will receive an investment of $2 billion from Nvidia [1] Group 1: Company Overview - Lumentum is developing optical and photonic technologies aimed at enhancing networks and infrastructure for AI, cloud computing, and next-generation communications [1] - Coherent specializes in photonics technology, which involves using light (photons) to create components and systems for high-performance optical applications [2] Group 2: Strategic Goals - Nvidia aims to advance silicon photonics technology in collaboration with Lumentum to build next-generation gigawatt-scale AI factories [2] - The partnership with Coherent will focus on developing next-generation silicon photonics specifically for AI infrastructure [3]

Nvidia agreed to invest $4 billion in two companies that develop data center optics that are essential for artificial intelligence systems https://t.co/cOQlowT7XV ...

Coherent美股盘前涨超10%，现报285.0美元；此前英伟达称将投资其20亿美元，旨在开发光学技术以推 动下一代数据中心架构的升级。 本文源自：金融界AI电报 ...

英伟达、诺基亚和T-Mobile美国公司与全球运营商携手，共同构建原生人工智能、开放且安全的6G平 台，在大规模商业化之前推进软件定义无线接入网和现场试验。 英伟达、诺基亚和T-Mobile美国公司与全球运营商携手，共同构建原生人工智能、开放且安全的6G平 台，在大规模商业化之前推进软件定义无线接入网和现场试验。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

英伟达宣布与Lumentum合作，共同开发；英伟达将向Lumentum投资20亿美元。 ...