Core Viewpoint - The article suggests that it is still a good time to invest in Alphabet Inc. (GOOGL) stock due to strong growth in its cloud segment and aggressive capital expenditures despite rising valuations [1]. Group 1: Company Performance - Alphabet Inc. has shown strong growth in its cloud segment, which is considered crucial for the company's future [1]. - The company is engaging in aggressive capital expenditures (CapEx), indicating a commitment to expanding its operations and capabilities [1]. Group 2: Analyst Background - The author has a Bachelor of Commerce Degree with Distinction, majoring in Finance, and is a lifetime member of the Beta Gamma Sigma International Business Honor Society, highlighting a strong educational background in finance [1]. - The author emphasizes core values of Excellence, Integrity, Transparency, and Respect, which are deemed essential for long-term success in investment [1].

Core Viewpoint - The article suggests that it is still a good time to buy Alphabet Inc. (GOOGL) stock due to strong growth in their cloud segment and aggressive capital expenditures despite rising valuations [1]. Group 1: Company Performance - Alphabet Inc. has shown strong growth in its cloud segment, which is considered crucial for the company's future [1]. - The company is engaging in aggressive capital expenditures (CapEx), indicating a commitment to expanding its operations and capabilities [1]. Group 2: Analyst Background - The author has a Bachelor of Commerce Degree with Distinction, majoring in Finance, and is a lifetime member of the Beta Gamma Sigma International Business Honor Society, highlighting a strong educational background in finance [1]. - The author emphasizes core values of excellence, integrity, transparency, and respect, which are deemed essential for long-term success in investment [1].

Core Viewpoint - The article discusses the author's investment philosophy, emphasizing a long-term and sometimes contrarian approach to equities investing, with a focus on the Tech, Commodities, and Energy sectors as the world transitions to new energy sources [1]. Group 1: Investment Philosophy - The company adopts a long-term investment strategy that may involve contrarian views [1]. - Initially focused on the Tech sector, the company has expanded its coverage to include Commodities and Energy sectors [1]. Group 2: Market Context - The article highlights the ongoing energy transition as a significant factor influencing investment decisions in the Commodities and Energy sectors [1].

2026 年 02 月 28 日 内 相关研究 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 屠强 A0230521070002 tuqiang@swsresearch.com 贾东旭 A0230522100003 jiadx@swsresearch.com 侯倩楠 A0230524080006 houqn@swsresearch.com 研究支持 耿佩璇 A0230124080003 gengpx@swsresearch.com 联系人 屠强 A0230521070002 tuqiang@swsresearch.com 申万宏源研究微信服务- , 消费"升" "打破共识" 系列之一 本篇是"打破共识"系列首篇。市场通常认为，消费会持续受累于地产下行，现实并非如此；国际经 验显示，地产调整后半程，消费倾向会率先出现趋势性抬升，当前中国或正处于上述"拐点"。 国际经验显示，消费倾向在房地产拐点前后呈"U 型"特征、居民消费早于收入改善。 ● 房地产行业景气变化，对经济的影响大致可归结为三种效应："收入效应"、"财富效应"与"挤出 效应"。"收入效应"体现为，房地 ...

Nvidia - Nvidia has posted a remarkable return of 1,170% since January 2023, yet analysts believe the stock remains undervalued with a median target price implying a 43% upside from the current price of $182 [1][9] - The company reported a 73% increase in revenue to $68 billion in the fourth quarter, driven by significant growth in data center sales, particularly in compute (58%) and networking (263%) segments [5] - Nvidia's gross margin expanded by 1.7 percentage points, indicating strong pricing power despite competitive pressures [5] - The market is underestimating Nvidia's potential in the AI infrastructure market, with adjusted earnings expected to grow at 49% annually over the next two years, making its current valuation of 39 times earnings appear cheap [7] Robinhood Markets - Robinhood has seen an 875% return since January 2023, with a median target price suggesting a 62% upside from the current price of $76 [1][9] - The company is well-positioned for growth, having nearly double the number of millennial and Gen Z accounts compared to its closest competitor, as this demographic is expected to inherit over $100 trillion in assets [10] - Robinhood is gaining market share across various brokerage services, including cryptocurrency and equities, and has rapidly expanded its prediction markets segment [11] - The introduction of AI features through its Cortex suite, including personalized portfolio insights, is expected to enhance user engagement and drive growth [12] - Despite a 48% decline from its peak, Robinhood's total platform assets increased by 67%, indicating strong user engagement with equities and options [13]

Key TakeawaysUS and Israel launch coordinated "Operation Roaring Lion" and "Operation Shield of Judah," targeting Iranian nuclear facilities, military headquarters, and government installations across multiple cities.Major General Amir Hatami, Commander-in-Chief of the Iranian Army, has reportedly been killed in the strikes, marking a significant decapitation of Iran's military leadership.Iran has retaliated with a first wave of approximately 30 ballistic missiles launched toward Israel, triggering nationwi ...

Group 1 - The AXA Group held a press conference to present its annual results, featuring key executives including CEO Thomas Buberl and CFO Alban de Mailly Nesle [1] - The presentation included a deep dive into the group's performance and financial figures, with opportunities for questions from the audience [1] - Following the press conference, a lunch was scheduled for further dialogue between management and attendees [1]

Core Insights - Nvidia is planning to launch a new processor aimed at helping clients like OpenAI build faster and more efficient AI systems, focusing on AI inference computing to optimize response capabilities of AI models [1][2] Group 1: Product Development - The new system being developed by Nvidia is specifically designed for inference computing, which is expected to significantly enhance the efficiency of AI models when handling complex tasks [2][3] - This new platform is anticipated to be officially unveiled at the Nvidia GTC developer conference next month in San Jose and will utilize chips designed by the startup Groq [2][3] Group 2: Client Needs and Market Dynamics - OpenAI has expressed dissatisfaction with Nvidia's existing hardware regarding response speed for specific types of queries, such as software development and AI interactions, and is seeking new hardware solutions to meet approximately 10% of its inference computing needs [2][3] - OpenAI had previously explored collaboration opportunities with chip startups like Cerebras and Groq to accelerate inference computing capabilities, but discussions with Groq were interrupted due to Nvidia's recent $20 billion licensing agreement with Groq [2][3]

[Table_scodeMsg1] 公司研究丨深度报告丨古麒绒材（001390.SZ） [Table_Title] "织"道系列 11——古麒绒材：国产羽绒材料 龙头，拓产开启增长新篇章 %% %% %% %% research.95579.com 1 丨证券研究报告丨 2 [Table_scodeMsg2] 古麒绒材（001390.SZ） cjzqdt11111 报告要点 [Table_Summary] 本篇报告针对古麒绒材这一国内高规格羽绒材料供应商龙头进行复盘，公司位于全国羽绒羽毛 材料出口大省安徽，具有显著区位优势，历史上原材料价格传导顺畅。依托强工艺水平，古麒 绒材积极参与多项国家标准制定，于 2017 年直接对接品牌客户后持续拓客&提份额，实现对头 部品牌客户的深度绑定，近年来产品结构优化显著，毛利率及净利率稳步提升，公司 2025 年 上市募资，新产能投放后有望打开更大市场空间。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 2 / 23 %% %% %% ...

Core Insights - BlackRock's iShares MSCI Chile ETF (ECH) experienced significant growth, with gains exceeding 50% in the previous year, indicating strong performance among single-country ETFs [1] Group 1: ETF Performance - ECH is part of a group of single-country ETFs that had a successful year in 2025, showcasing the potential for high returns in specific markets [1] Group 2: Market Efficiency - The financial markets are viewed as efficient, with most stocks reflecting their true current value, suggesting that opportunities for profit may arise from less-followed stocks or those mispriced in their respective markets [1]