证券研究报告 | 2026年02月26日 2026年02月27日 苏泊尔（002032.SZ） 优于大市 2025 年业绩快报点评： 内外销收入表现稳健，利润受费用投入影响 经营稳健，利润小幅承压。公司 2025 年实现营收 227.7 亿元，同比增长 1.5%； 归母利润 21.0 亿元，同比下降 6.6%；扣非利润 19.1 亿元，同比下降 7.3%。 预计公司 2025Q4 营收 58.7 亿元，同比下降 0.7%；归母利润 7.3 亿元，同比 下降 10.0%；扣非利润 5.9 亿元，同比下降 9.9%。在面临关税等外部扰动的 不利因素下，公司营收表现稳健，利润因费用投入加大而有所下降，整体经 营韧性较强。 内销增长稳健。SEB 披露的 2025 年业绩显示，排除汇率等影响的同口径下， 2025 年中国区收入增长 2.7%，其中 Q4 增长 1.0%。预计公司内销通过持续创 新及强大的渠道竞争优势，在核心品类的市占率上保持领先，实现内销收入 的稳定增长。 外销小幅拖累。公司 2025 年主要外销客户订单略有减少，外销收入同比略 降。SEB 财报显示，2025 年 SEB 实现营收 81.7 亿欧元，同 ...

证券研究报告 | 2026年02月26日 2026年02月27日 苏泊尔（002032.SZ） 优于大市 2025 年业绩快报点评： 内外销收入表现稳健，利润受费用投入影响 经营稳健，利润小幅承压。公司 2025 年实现营收 227.7 亿元，同比增长 1.5%； 归母利润 21.0 亿元，同比下降 6.6%；扣非利润 19.1 亿元，同比下降 7.3%。 预计公司 2025Q4 营收 58.7 亿元，同比下降 0.7%；归母利润 7.3 亿元，同比 下降 10.0%；扣非利润 5.9 亿元，同比下降 9.9%。在面临关税等外部扰动的 不利因素下，公司营收表现稳健，利润因费用投入加大而有所下降，整体经 营韧性较强。 内销增长稳健。SEB 披露的 2025 年业绩显示，排除汇率等影响的同口径下， 2025 年中国区收入增长 2.7%，其中 Q4 增长 1.0%。预计公司内销通过持续创 新及强大的渠道竞争优势，在核心品类的市占率上保持领先，实现内销收入 的稳定增长。 外销小幅拖累。公司 2025 年主要外销客户订单略有减少，外销收入同比略 降。SEB 财报显示，2025 年 SEB 实现营收 81.7 亿欧元，同 ...

证券研究报告 | 2026年02月26日 2026年02月27日 苏泊尔（002032.SZ） 优于大市 2025 年业绩快报点评： 内外销收入表现稳健，利润受费用投入影响 经营稳健，利润小幅承压。公司 2025 年实现营收 227.7 亿元，同比增长 1.5%； 归母利润 21.0 亿元，同比下降 6.6%；扣非利润 19.1 亿元，同比下降 7.3%。 预计公司 2025Q4 营收 58.7 亿元，同比下降 0.7%；归母利润 7.3 亿元，同比 下降 10.0%；扣非利润 5.9 亿元，同比下降 9.9%。在面临关税等外部扰动的 不利因素下，公司营收表现稳健，利润因费用投入加大而有所下降，整体经 营韧性较强。 内销增长稳健。SEB 披露的 2025 年业绩显示，排除汇率等影响的同口径下， 2025 年中国区收入增长 2.7%，其中 Q4 增长 1.0%。预计公司内销通过持续创 新及强大的渠道竞争优势，在核心品类的市占率上保持领先，实现内销收入 的稳定增长。 外销小幅拖累。公司 2025 年主要外销客户订单略有减少，外销收入同比略 降。SEB 财报显示，2025 年 SEB 实现营收 81.7 亿欧元，同 ...

证券研究报告 | 2026年02月26日 2026年02月27日 苏泊尔（002032.SZ） 优于大市 2025 年业绩快报点评： 内外销收入表现稳健，利润受费用投入影响 经营稳健，利润小幅承压。公司 2025 年实现营收 227.7 亿元，同比增长 1.5%； 归母利润 21.0 亿元，同比下降 6.6%；扣非利润 19.1 亿元，同比下降 7.3%。 预计公司 2025Q4 营收 58.7 亿元，同比下降 0.7%；归母利润 7.3 亿元，同比 下降 10.0%；扣非利润 5.9 亿元，同比下降 9.9%。在面临关税等外部扰动的 不利因素下，公司营收表现稳健，利润因费用投入加大而有所下降，整体经 营韧性较强。 内销增长稳健。SEB 披露的 2025 年业绩显示，排除汇率等影响的同口径下， 2025 年中国区收入增长 2.7%，其中 Q4 增长 1.0%。预计公司内销通过持续创 新及强大的渠道竞争优势，在核心品类的市占率上保持领先，实现内销收入 的稳定增长。 外销小幅拖累。公司 2025 年主要外销客户订单略有减少，外销收入同比略 降。SEB 财报显示，2025 年 SEB 实现营收 81.7 亿欧元，同 ...

Core Insights - The rapid adoption of artificial intelligence (AI) is leading to significant job losses in various industries, with Goldman Sachs estimating that AI was responsible for 5,000 to 10,000 monthly net job losses in the most affected U.S. sectors last year [1] - AI accounted for 7% of total planned layoffs in January, indicating a growing trend of companies restructuring their workforce in response to automation [1] Company Layoffs Linked to AI - AGORA plans to lay off up to 166 employees, or 6.56% of its workforce, to improve its digital business [2] - ALLIANZ intends to cut up to 1,800 jobs in its travel insurance division due to AI replacing manual processes [3] - AMAZON confirmed 16,000 corporate job cuts as part of an AI and efficiency-driven overhaul [3] - AUTODESK will reduce about 1,000 jobs, approximately 7% of its global workforce, to focus on cloud and AI initiatives [4] - BRITISH AMERICAN TOBACCO announced an AI-driven productivity program that will lead to unspecified job cuts [4] - DOW plans to cut about 4,500 jobs, which is 13% of its total workforce, by streamlining processes through automation and AI [5] - HP INC expects to cut 4,000 to 6,000 jobs globally by fiscal 2028 as it adopts AI [5] - MERCADOLIBRE laid off 119 employees as part of its AI expansion [6] - META is cutting over 1,000 jobs at its Reality Labs unit and around 600 positions in its Superintelligence Labs to pivot towards AI devices [6] - NIKE is laying off 775 employees to enhance profits and increase automation [7] - PINTEREST plans to cut up to 15% of its workforce to focus on AI roles and strategy [7] - SEB announced a restructuring plan that may impact up to 2,100 jobs worldwide by 2027 due to AI [8] - TELSTRA plans to cut 650 jobs in an AI-driven restructure [9] - WISETECH will reduce about 2,000 jobs, nearly one-third of its global workforce, as it integrates AI into its operations [9]

Core Viewpoint - BBVA has joined a consortium of 11 European banks to create Qivalis, a joint venture aimed at issuing a euro-linked stablecoin to facilitate faster and lower-cost payments and digital asset settlements within a regulated framework [1][2]. Group 1: Joint Venture and Regulatory Framework - Qivalis is established as an Amsterdam-based company and will operate under the EU's Markets in Crypto-Assets framework (MiCA), ensuring compliance with solvency, governance, and customer protection requirements [2]. - The venture is currently awaiting authorization from the Dutch central bank to function as an electronic money institution [4]. Group 2: Collaboration and Innovation - BBVA emphasizes the importance of collaboration among banks to create common standards that foster financial innovation and enhance the future banking model [3]. - The addition of BBVA to the consortium is seen as a significant advancement, bringing the total number of participating banks to twelve, all committed to developing a secure euro stablecoin framework [3]. Group 3: Use Cases and Benefits - A potential use case highlighted by the consortium involves enabling self-employed professionals to make quicker and cheaper payments to overseas suppliers through a euro-linked method integrated into their existing banking services [5]. - The shared stablecoin aims to provide new payment options and facilitate the settlement of tokenized financial assets on blockchain technology [4]. Group 4: BBVA's Commitment to Digital Assets - BBVA's involvement in Qivalis is part of its ongoing efforts to explore digital assets, building on previous initiatives such as a collaboration with SWIFT on a blockchain-based shared registry and participation in the Agorá initiative for improving cross-border payments [6].

Sweden’s Alight strikes a £34 million financing deal with lender SEB to expand in the UK https://t.co/DE9vKuSxcN ...

Swedish lender SEB reported fourth-quarter profit from lending in line with estimates as its fee and commission business helped offset the impact of lower interest rates https://t.co/uh9vTc7dDL ...

Core Viewpoint - The Japanese yen is expected to continue its downward trend despite the Bank of Japan's recent hawkish signals, as the lack of strong measures to support the currency keeps depreciation pressure intact [1][2]. Group 1: Current Economic Situation - The Bank of Japan maintained its benchmark interest rate at a 30-year high, leading to a 0.2% decline in the yen against the dollar, reaching 158.74 [1]. - Strategists express differing views on whether the yen can stabilize and rebound, with some indicating that the current exchange rate is close to a critical psychological level of 160 [1]. Group 2: Market Sentiment and Predictions - Despite the Bank of Japan's slight hawkish tone, the absence of substantial measures means that the yen's short-term downward pressure is unlikely to reverse [2]. - Market expectations suggest that current interest rates may be too low relative to inflation levels, leading to further anticipated weakness in the yen [2]. - Some strategists believe that the Bank of Japan's recent communication indicates a potential for future rate hikes, with expectations for the next increase possibly occurring in July [3]. Group 3: Strategic Insights - Certain strategists identify positive signals in the Bank of Japan's policy adjustments, suggesting a potential bottoming out for the yen [3]. - The outlook for inflation and wages appears relatively strong, which may support a hawkish stance and further rate hikes [3]. - The uncertainty surrounding the Federal Reserve's stance may complicate the situation for the yen, making decisive investor action challenging [3].

日本央行维持利率不变后，日元延续跌势，策略师们普遍认为央行释放的鹰派信号力度不足以扭转日元疲软态势。市场焦点已转向4月可能的加息 行动，但在美联储会议前，投资者对日元的观望情绪浓厚。 1月23日，日本央行如期维持基准利率在三十年高位不变，决议公布后日元对美元一度跌0.2%至158.74。央行正在评估上月加息对经济的影响。 决议略显鹰派，日元仍承压 日本央行此次维持利率不变符合市场预期，但决议声明的细节变化引发策略师们对政策走向的解读。 汇丰控股首席亚洲经济学家Frederic Neumann表示，日央行上调通胀预测暗示官员立场的鹰派倾斜。通过提高通胀预期，货币政策官员表达了对物 价前景的更大信心，这反过来应会强化进一步加息的理由。他指出，日本债券市场和汇率将受益于更强的货币政策锚定，日央行的鹰派倾斜将大 大有助于遏制波动性。 野村证券外汇策略师Yujiro Goto认为，日央行货币政策会议的沟通方式意在传递对4月加息的意识。在此次会议前，市场已完全消化了7月前的加 息预期。尽管决议显示鹰派，但在新闻发布会前，日元贬值压力仍在酝酿。 Minato Bank策略师Shogo Karitani指出，声明中增加了汇率 ...