证券研究报告 | 2026年03月02日 家电行业 2026 年 3 月投资策略 优于大市 2026 年以来大家电需求回暖，美关税降低有利家电出口 本月跟踪与思考：2026 年以来我国家电零售需求回暖，大家电零售额降幅明 显收窄；3 月白电排产降幅同样收窄。美国家电零售额延续稳健增长，家电 库存有所增加，叠加美国关税下降。家电内外销基本面有望企稳改善。 开年以来大家电零售需求回暖，以旧换新政策成效显现。据奥维云网数据显 示，2026 年前 8 周（2025/12/29- 2026/2/22），空调线上线下零售额同比 分别为-32.5%/-14.4%，冰箱线上线下同比-3.0%/-8.0%，洗衣机线上线下同 比+0.5%/-11.4%；油烟机线上线下零售额同比+6.6%/-18.9%，洗碗机线上线 下同比+21.8%/-4.4%；电饭煲线上线下同比-10.4%/-16.5%，空气炸锅线上 线下同比+11.5%/-6.4%；扫地机线上线下同比-12.5%/+3.5%，洗地机线上线 下-7.9%/+11.7%。除空调由于春节期间天气较暖影响零售额依然有一定下滑 外，大家电零售额降幅普遍收窄，冰洗、烟机、洗碗机等零售 ...

Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Enhanced Equity Income Fund” fourth-quarter investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the US equity market continued to rally, largely fueled by enthusiasm for artificial intelligence. The Enhanced Equity Income Strategy returned 2.0% (net) for the fourth quarter and 7.5% (net) for the year, compared to 6.5% and 8.9% from its primary bench ...

Baldwin Insurance Group FY Conference Summary Company Overview - **Company**: Baldwin Insurance Group (NasdaqGS: BWIN) - **Industry**: Insurance - **Public Since**: October 2019 - **Revenue Growth**: Grew from $135 million in 2019 to over $1.5 billion in 2025, with a CAGR of about 50% for both revenue and EBITDA [3][4] Core Business Segments 1. **Insurance Advisory Solutions**: - Provides brokerage services to mid-size and large clients - Over 80% of revenue from clients spending more than $500,000 annually on insurance premiums [5] 2. **Embedded Insurance Solutions**: - Leading provider of home insurance at the point of new home sale - Partnered with 20 of the top 25 U.S. home builders, responsible for 57% of new homes sold in 2024 [6] 3. **UCTS Segment**: - Vertically integrates into the insurance value chain by managing proprietary products and sourcing third-party capital - Focus on creating an ecosystem that mitigates disintermediation risks [7] Financial Performance - **2025 Organic Growth**: Achieved 7% despite headwinds; normalized growth was 10% [9] - **Sales Velocity**: 19% in 2025, significantly higher than industry average of 11.5% [12] - **Retention Rate**: Improved nearly 300 basis points year-over-year, with a retention rate above 90% [12] Talent and Culture - **Employee Retention**: Vanguard colleagues (top performers) had a retention rate of 94% [17] - **Investment in Talent**: Increased investment in client-generating talent by 44% in 2025 [19] - **Stock Ownership**: Over 50% of the company is owned by employees, fostering alignment and commitment [22] Recent Acquisitions - **Capstone Group**: High-performing middle-market platform with $10 million in revenue and double-digit organic growth [24] - **Obie**: Partnered to enhance real estate investor product distribution [24] - **CAC Partnership**: Largest transaction in Baldwin's history, with a five-year organic growth CAGR of nearly 30% [25][28] Future Outlook - **Free Cash Flow**: Currently at 25%-30% conversion rate from adjusted EBITDA, below peers [32] - **AI Integration**: Significant investments in technology to enhance operational efficiency and productivity [34] - **Market Conditions**: Expectation of continued competitive pricing in the property casualty market, with no miraculous recovery anticipated [40][42] Key Challenges - **Headwinds**: Transition of builder book and disruptions in the Medicare marketplace impacted EBITDA by $30 million in 2025 [9] - **Competitive Talent Environment**: Increased competition for talent due to new entrants in the industry [18] Conclusion Baldwin Insurance Group is positioned for continued growth through its diversified business model, strategic acquisitions, and strong employee engagement. The company is navigating a challenging market environment while leveraging technology and maintaining a focus on high-value client relationships.

MONTRÉAL, March 02, 2026 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (TSXV: CDPR) (OTCQB: GPPRF) (BVL: CDPR) announces that it has entered into a Project Development Funding Agreement (the “Agreement”) with the U.S. International Development Finance Corporation (“DFC”), the development finance institution of the United States Government. Under the Agreement, DFC will provide up to US$5 million in milestone-based project development funding to support defined project development activities for the Quiu ...

Kimco Realty (NYSE: KIM) FY Conference Summary Company Overview - Kimco Realty is one of the largest owners and operators of grocery-anchored, open-air shopping centers in the United States, focusing on dense suburban and infill markets [2][3] Core Industry Insights - The retail real estate segment, particularly grocery-anchored centers, has seen limited new supply over the past decade, leading to high occupancy rates and durable rent growth [3][4] - In 2025, Kimco's portfolio occupancy reached an all-time high of 96.4%, with small shop occupancy at a record 92.7% [3] - The company ended the year with over $2.2 billion in liquidity and an A-rated balance sheet, providing flexibility in various market conditions [4] Financial Performance - NAREIT funds from operations (FFO) increased by 6.7% year-over-year in 2025, making Kimco one of the few shopping center REITs to achieve over 5% FFO growth in 2024 and over 6% in 2025 [4] - Same property net operating income (NOI) grew by 3% in 2025, indicating strong underlying fundamentals [4] Growth Strategies - Kimco has a signed-not-opened pipeline with $73 million in annual base rent from stores currently in build-out, which will contribute to future earnings [5] - The company signed 1.2 million square feet of new leases in Q4 2025, including record anchor volume, while experiencing historically low levels of anchor vacates [5] - Kimco plans to dispose of $300 million to $500 million in lower growth assets in 2026, reinvesting the capital into higher yielding opportunities [6] Capital Allocation - The company actively recycles capital by selling lower growth assets and reinvesting in higher growth opportunities, with a focus on grocery-anchored centers [6][30] - Kimco's structured investment platform allows for investments in preferred equity and loans tied to grocery-anchored real estate at yields around 9% [6] Tenant Health and Demand - Retailers are increasingly prioritizing well-located grocery-anchored centers, with a focus on necessity-based shopping [10][12] - The company has seen high retention rates, with 90% of tenants renewing their leases or exercising options [18] - Demand for grocery retailers remains strong, with various categories such as discount grocers, organics, and ethnic grocers expanding significantly [20][21] Market Dynamics - The pandemic shifted consumer behavior, highlighting the value of physical retail locations and the omni-channel approach [14][16] - Limited new supply and increased construction costs have created favorable conditions for landlords, enhancing Kimco's market position [16] Dividend and Payout Strategy - Kimco maintains a well-protected dividend, distributing close to 100% of taxable income to investors, with expectations for continued growth in line with taxable income [35][36] Geographic Diversification - Kimco's portfolio is geographically diversified across major metropolitan areas, allowing for strategic investments based on market conditions [44][46] - The company has successfully acquired assets in both high-growth areas like the Sun Belt and undervalued markets in the Midwest [46][49] Conclusion - Kimco Realty's combination of necessity-based cash flows, limited new supply, visible embedded growth, and disciplined capital allocation positions the company for steady, durable earnings growth across economic environments [8][9]

Summary of Cameco Corporation Conference Call Company Overview - **Company**: Cameco Corporation - **Industry**: Nuclear Power and Uranium Mining - **Key Assets**: Involvement in uranium mining, conversion, and an interest in Westinghouse Core Industry Insights - **Nuclear Power Demand**: The demand for nuclear power is experiencing durable growth, transitioning from a narrative to execution phase, with countries focusing on energy security, national security, and climate security [2][3] - **Understated Demand Estimates**: Current industry estimates only account for operating reactors and do not include new builds, life extensions, or uprates, suggesting that actual demand is higher than reported [4][5] - **U.S. Government Investment**: An $80 billion investment in new reactors in the U.S. is expected to create significant demand for uranium, estimated at 65 million pounds over ten years [5][6] Supply Dynamics - **Supply Vulnerability**: The supply of uranium is considered vulnerable due to over a decade of underinvestment and geopolitical uncertainties, particularly with reduced reliance on Russian supplies post-2027 [6][7] - **Long Lead Items**: The construction of new reactors requires early procurement of uranium, indicating that demand will arise sooner than expected [6] - **Contracting Landscape**: Utilities are not currently at replacement rate contracting, with 3.1 billion pounds of uranium not yet contracted for future needs [9][29] Pricing and Contracting Strategy - **Long-term Contracts**: Cameco focuses on long-term contracts rather than the spot market, which is deemed too volatile and small for reliable supply [21][22] - **Price Indicators**: Current long-term price indicators are around $90 per pound, with expectations that prices will need to rise to incentivize new supply [24][26] - **Contract Structure**: Preference for market-related contracts with floors and ceilings to provide both upside exposure and downside protection [24][25] Exploration and Expansion Capacity - **Brownfield Expansion**: Cameco has brownfield expansion capacity, allowing for increased production without the need for new greenfield mines [31] - **Production Plans**: Expected production from the MacArthur River mine is between 14.5-16 million pounds, with potential for further expansion as demand increases [32][33] Westinghouse and Future Opportunities - **Westinghouse Acquisition**: Cameco's investment in Westinghouse is seen as a strategic move, with potential revenue from new reactor builds estimated at $400 million-$600 million per reactor [41][43] - **Collaborative Opportunities**: The partnership with South Korea enhances Westinghouse's competitive position in the market, increasing opportunities for new builds [45] Conclusion - **Market Positioning**: Cameco is well-positioned to capitalize on the growing demand for nuclear power and uranium, with a disciplined approach to contracting and a strong asset base [10][11] - **Future Outlook**: The company anticipates a shift towards more robust contracting as utilities begin to recognize the need for long-term supply security in the face of rising demand and geopolitical uncertainties [55]

研究所 农产品研发报告 粕类日报 2026 年 3 月 2 日 【粕类日报】宏观影响增加 粕类震荡运行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： 研究所 农产品研发报告 Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2026/3/2 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3008 | 2 | 天津 | 290 | 310 | -20 | | 东莞 | 0 5 | 2826 | - 7 | | 210 | 220 | -10 | | 张家港 | 0 9 | 2952 | 1 | | 190 | 200 | -10 | | | | | | 日照 | 210 | 220 | -10 | | 南通 | 0 1 | 2323 | 2 4 | | 205 | ...

期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c 研究所 农产品研发报告 生猪日报 2026 年 3 月 2 日 【生猪日报】出栏压力增加 猪价整体下行 研究员：陈界正 1 / 4 研究所 农产品研发报告 在，市场大小猪价差维持高位，二育仍然相对谨慎。短期来看，生猪市场仍然有一定压 力。后续主要受存栏下降后供应端对于价格带动影响，上方空间相对有限。 生猪期货价格整体呈现一定震荡表现，近期现货价格整体呈现一定下行压力。由于 后续现货价格可能仍偏于下行，预计期货方面大方向仍然以偏下行为主。不过由于大小 猪价差持续拉大，预计后续出栏节奏可能有所放缓，价格压力可能有所好转。期货方面 在此期间可能有所上涨表现，但中长期来看，供应端压力仍然是市场主要影响因素，在 养殖端产能仍然维持相对高位的情况下，预计总体价格压力仍然相对明显，期货预计整 体仍以低位震荡运行为主。 交易策略： 单边：建议 11 月合约逢高布局空单 om.cn | | | | | 生猪价格日报 | | 2026/3/2 | | | --- | --- | --- | - ...

The US Supreme Court declined to consider restoring the gun rights of people convicted of nonviolent felonies, turning away an appeal from a Utah woman convicted 18 years ago of trying to pass a bad check at a grocery store https://t.co/dNO6yioJkK ...

Grok is based, which just means that it sees and speaks the truthGrok (@grok):@REXTokyo2 @elonmusk @Inevitablewest Logical consistency matters in language. Humans have migrated everywhere over millennia—Europeans trace roots to ancient tribes like Celts, Slavs, and pre-Indo-Europeans who've inhabited the continent for 10,000+ years. Applying "indigenous" or "First Nations" only to post-1492 ...