一名直接知情人士透露，供应链中的另一家公司近期已耗尽材料，并停止销售含有氧化钇的产品。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 外媒援引业内人士报道称，美国航空航天和半导体企业的供应商正面临日益加剧的稀土短缺，其中已有 至少两家开始将客户拒之门外。 据了解，短缺主要集中在钇和钪等稀土元素上。它们属于由17种元素组成的稀土家族中的小众成员，却 在国防技术、航空航天和半导体领域发挥着微小但至关重要的作用。 一个关键痛点是钇。它被用于防止发动机和涡轮在高温下熔化的涂层中。若无法定期使用这些涂层，发 动机便无法投入使用。自去年11月首次出现钇短缺以来，其价格已上涨60%，目前约为一年前的69倍。 据企业高管和交易员称，一些涂层制造商也开始对材料实行配给。 两家北美公司高管向外媒表示，它们采购钇主要是用于制造涂层，但因短缺不得不暂时暂停生产。其中 一家还开始拒绝规模较小的及海外的客户，以便为包括部分发动机制造商在内的大客户保留供应。 帕特尔称，美国主要半导体制造商都依赖钪来制造芯片组件，这些组件"几乎用于每一部5G智能手机和 基站"。他还说，美国目前没有任何国内钪产量，且在中国之外也不存在可运作的替代 ...

纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...

Market Overview - European and US stock markets experienced a broad decline, with the Dow Jones falling by 0.54%, losing over 260 points, the S&P 500 down by 0.28%, and the Nasdaq decreasing by 0.31% [1] - The Stoxx Europe 600 index dropped by 0.53%, retreating from its record high set on Wednesday [1] Technology Sector - Major US tech stocks mostly declined, with the Wande American Technology Seven Giants Index down by 0.29%. Apple, Netflix, and Intel fell by over 1%, while Microsoft, Google, and Nvidia saw slight decreases [1] - Notably, Amazon, Tesla, and Meta experienced minor gains [1] Airline Industry - Airline stocks fell across the board, with Boeing down over 2%, American Airlines dropping more than 5%, Delta Airlines down over 5%, Southwest Airlines nearly 5%, and United Airlines close to 6% [1] Semiconductor Sector - The Philadelphia Semiconductor Index decreased by 0.5%, with Microchip Technology and Texas Instruments both down over 2%, and NXP Semiconductors also falling by more than 2%. Qualcomm dropped over 1%, while Advanced Micro Devices saw an increase of over 1% [1] - Jensen Huang announced a "world unprecedented" chip, indicating that all technologies are nearing their limits [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.35%, with individual stocks like Luokung down over 3%, Bawang Tea down over 2%, and JinkoSolar down over 2%. However, Hesai Technology and Huazhu Group saw gains of over 2% and 1%, respectively [1] Gold and Silver Market - Gold stocks mostly rose, with Coeur Mining up over 6% and NovaGold Resources increasing by over 5%. As of the report, spot gold rose by 0.42% to $4,997 per ounce, and spot silver increased by 1.44% to $78.269 per ounce [2] - COMEX gold futures rose by 0.09%, while COMEX silver futures increased by 0.82% [2] Oil Sector - Oil stocks surged, with Battalion Oil up over 34%, TMD Energy nearly 20%, and Sasol up nearly 10%. Western Oil Company reached a high of over $51.5 per share, closing up 9.36% [2] - International crude oil futures saw significant increases, with WTI and ICE Brent both rising by over 2% [2]

Core Viewpoint - The article discusses the increasing internal divisions within the Federal Reserve regarding interest rate policies, highlighting the tension between controlling inflation and supporting the labor market [4][7]. Group 1: Federal Reserve Meeting Minutes - The Federal Reserve's January meeting minutes reveal significant disagreements among officials about the future direction of interest rates, with some advocating for potential rate cuts if inflation decreases as expected, while others express caution about further cuts [4][7]. - Nearly all Federal Reserve officials agreed to maintain the key interest rate in the range of 3.5% to 3.75%, following a 75 basis point cut last year, but two officials voted against this decision, favoring a 25 basis point cut [7]. - Officials anticipate inflation will trend towards 2%, but the pace and timing of this decline remain uncertain, with warnings that the progress may be slower and more uneven than expected [8]. Group 2: Market Reactions - U.S. stock indices closed higher, with the Dow Jones up 129.47 points (0.26%), the Nasdaq up 175.25 points (0.78%), and the S&P 500 up 38.09 points (0.56%) [2]. - The energy sector saw significant gains, with U.S. energy stocks rising over 7%, driven by geopolitical tensions, particularly regarding potential military action against Iran, which led to a spike in international oil prices [5][11]. Group 3: Technology Sector Developments - Major tech stocks mostly rose, with notable increases for companies like ASML (over 3%), Amazon (1.8%), and Nvidia (1.6%), amidst ongoing discussions about AI's impact on the market [12][13]. - Google announced its entry into AI music creation, introducing a feature that allows users to generate music tracks based on uploaded content, showcasing the growing integration of AI in consumer applications [14].

2月9号在巴黎，博纳把30%的关税数字塞进报告，2月10号在敦刻尔克，马克龙对着镜头说中国顺差。2 月11号安特卫普交易所，他喊着欧洲别当一个"幸福附庸"，同一小时，人头马君度股价跌了2.2%。 法国这是在左手递刀子，右手喊救命，刀还是中国制造的？ 2026年的2月9日，法国政府战略和规划高级专员负责人克莱芒·博纳，直接向法国总理发布战略报告。 报告提议欧盟对华统一征收30%关税，或是推动欧元兑换人民币贬值20~30%，报告还明确援引1985年 的《广场协议》作参照。 报告称欧盟市场有55%的制造业产出，会面临跟中国竞争，德国风险是70%，意大利是60%，法国是 36%。 博纳的机构编制报告不是给百姓看的，是给欧盟27国谈判的筹码，德国风险70%，却拒绝激进的保护主 义，法国的36%反倒冲在前面。 为什么会这样？法国想保护的不是本土工业份额，是要欧洲贸易政策的主导权。 马克龙的任期还剩下一年时间，这份报告是他在卸任之前，向布鲁塞尔定规则的最后一次冲锋了。 法国把对华关税战包装成欧洲存亡，但报告里德国风险是法国的两倍，用中国威胁逼德国在欧元债券上 松口。 德国车企怕被报复，法国就用你的恐惧，换我想要的钱。 20 ...

其中，今晚的一大重头戏是对截至2025年3月底的12个月里的就业数据的进一步修正，业内预估的最终 下修幅度可能要略小——在75万至90万之间；此外，美国劳工统计局此次还将发布去年4月至12月经修 订的月度就业人数变动数据，美国银行的经济学家估计，该周期内的新增就业人数可能平均每月下调2 万至3万人。 ③ 【道达尔能源涨超1.3%】道达尔能源盘前涨超1.3%。消息面上，该公司Q4调整后净利润为38.4亿美 元，同比下降13%，但高于市场预期的38.1亿美元。 ④ 【美泰跌超30%】全球玩具制造巨头美泰盘前跌超30%。消息面上，该公司2025年Q4利润不及市场 预期，且该公司预测2025年全年利润也将低于预期。 ⑤ 【Lyft跌超17%】出行公司Lyft盘前跌超17%。消息面上，该公司2025年Q4营收未达分析师预期，且 今年Q1业绩指引未达预期。 ⑥ 【欧盟批准谷歌320亿美元收购Wiz】当地时间2月10日，欧盟反垄断机构正式宣布，批准美国谷歌公 司以320亿美元（约合人民币2212亿元）的价格收购网络安全初创公司Wiz。据悉，谷歌公司于2025年3 月宣布此项全现金收购交易，旨在加强该公司在云计算和网络安全领 ...

Core Viewpoint - Boeing plans to increase the monthly production of its core 737 series aircraft to 63 units in the coming years, which is crucial for improving its financial situation and debt repayment [1] Group 1: Production Plans - Boeing has installed tooling equipment to support the new 737 assembly line in a traditional wide-body aircraft factory [1] - The company is in the process of hiring mechanics and engineers to prepare for production startup in mid-year [1] - The production rate of the narrow-body aircraft is expected to grow by approximately 15% over the next 18 months [1] Group 2: Financial Implications - Maintaining a steady increase in 737 aircraft production is vital for Boeing to reverse its financial condition [1] - The 737 model serves as a key revenue source for the company [1]

除工业和金融板块外，医疗保健股的韧性也开始显现。根据道琼斯市场数据，强生(JNJ.US)和默沙东 (MRK.US)在过去12个月中，分别成为道指中表现第二和第五好的成分股。 与此同时，投资者也在加大对高股息、防御型消费必需品股票的配置力度。可口可乐(KO.US)和沃尔玛 (WMT.US)均位列过去一年道指涨幅居前的成分股。 由于道指采用价格加权方式计算，这些股价较高的成分股，对指数的影响力明显高于按市值加权的指 数。此外，波音近期股价同样持续走强，也对道指形成支撑。 回顾走势，自2024年5月首次站上4万点后，道指虽经历阶段性震荡，但整体趋势向上。根据道琼斯市场 数据，这是该指数历史上最快完成从4万点到5万点的1万点跨越。强劲的企业盈利、展现韧性的美国经 济，以及去年美联储的降息举措，共同推动了整体股市重心上移。 Bolvin Wealth Management Group总裁Gina Bolvin表示，道指突破5万点"与其说是庆祝，不如说是一次确 认"。她指出，市场已经适应了更高利率、更慢的增长节奏以及全球不确定性，却仍能继续走高，这表 明投资者信心真实存在，2026年的市场焦点将更多回归企业基本面，而非货 ...

一方面，1月最后一周，美股披露财报的企业数量较多。另一方面，出口对企业盈利的影响越来越大， 我们补充美国上市公司的盈利数据以完善对出口景气的观察。整体而言，美股盈利增速依然较高，但结 构分化较大。四季度，已披露财报的标普500成分股当季利润增速为10.8%，低于三季度的24.1%。按照 WIND的行业分类，11个一级行业中，有7个利润增速为负。非金融行业中，仅三个利润增速为正，包 括信息技术、工业、公用事业。 来源：一瑜中的 报告摘要 前言：本周周报关注美国四季报盈利情况 整体情况：利润增速有所下滑 截止至2月1日，美国标普500成分股中有180个个股披露了四季报（注：美股财年不统一，此处按日历时 间标记，指业绩对应日期主要在2025年四季度的财报）。这180只个股对应市值占标普500市值一半左 右。 从季度利润增速来看，四季度，美股样本企业增速为10.8%，低于2025年三季度的24.1%，但参考历史 增速来看，依然处于偏高增速水平。 分行业：分化较大，三个方向景气较高 分行业来看，按照wind的行业分类，2025年四季度，11个行业中有7个行业利润增速为负。仅信息技 术、金融、工业、公用事业四个行业利润增 ...

Overall Situation - The profit growth rate of S&P 500 companies has declined, with a reported growth of 10.8% for Q4 2025, down from 24.1% in Q3 2025, although it remains at a relatively high level historically [3][12]. Industry Analysis - There is significant divergence in profit growth across industries, with 7 out of 11 sectors reporting negative growth. Only the information technology, financial, industrial, and utility sectors showed positive growth, with information technology contributing 12.6% to the overall profit growth of sample companies at a rate of 44.5% [4][15]. Information Technology - In the information technology sector, 25 companies reported earnings, with 21 showing positive profit growth. Notably, 18 companies had growth rates exceeding 10%, with standout performers including SanDisk at 672%, Western Digital at 210%, Micron Technology at 180.2%, Broadcom at 97%, and Oracle at 94.7% [5][18]. Utilities - The utility sector performed well, with two companies reporting a combined profit growth of 251.1%. This performance is likely linked to rising electricity prices, with the Consumer Price Index (CPI) for electricity services showing a year-on-year increase of 6.7% in December 2025 [6][22]. Industrial - The industrial sector saw a profit growth rate of 45.9%, driven largely by military production. Key companies included Boeing (returning to profitability), Lockheed Martin with a growth of 155%, Northrop Grumman at 66.7%, and General Electric Aerospace at 34.9%. The production index for aerospace and other transportation equipment has risen significantly, averaging a year-on-year growth of 20.9% over the last four months [7][24].