2026 年 03 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 34 期 观点精粹: 最新报告摘要 债市可以乐观一点--固定收益点评 证券研究报告 1、最新报告摘要 1.1、债市可以乐观一点--固定收益点评 分析师：颜子琦 S0350525090002 分析师：洪子彦 S0350525100001 事件: 近期在地缘政治扰动下，股弱债强，截至 3 月 4 日，10 年国债活跃券到期收益率下行至 1.79%附近。 点评: 近期两会召开，我们对债市整体看好，特别是 30 年国债，理由大致如下。 第一，从方向性上来看，3-4 月债市的回调风险不高。2 月 PMI 整体不及市场预期，2 月环比回落，随着后续 通胀、金融等数据披露，短期我们认为基本面对债市的压制影响不强。另一方面，近期市场宽货币预期有所升 温，临近两会投资者有降准降息预期，截至 3 月 3 日，大型银行的资金融出量在节后明显回升至 5.63 万亿元， 狭义资金面无虞，3 月 4 日短端利率表现较强，TS 合约主连更是单日 ...

Core Insights - Many Americans are feeling uneasy about their finances due to persistent inflation and a weakening job market, with 32% believing their financial situation will worsen in 2026, the highest level of pessimism since 2018 [2][3] - The affiliate marketing industry is valued at $18.5 billion, with over 80% of businesses incorporating it into their digital strategies, particularly in the education and e-learning segments [5] - Dividend payments are a popular method for generating passive income, with companies that have stable dividend policies being of particular interest to investors [6][8] Group 1: Financial Outlook - 32% of Americans expect their personal finances to worsen in 2026, up from 23% in 2025, indicating a growing pessimism [2][3] - Among those expecting financial deterioration, 78% cite high inflation as a primary concern [3] Group 2: Income Generation Trends - There is a rising trend of individuals seeking additional income through side hustles, with passive income opportunities gaining popularity [4] - Affiliate marketing is experiencing strong growth, with Amazon's affiliate program holding a 46.21% market share [5] Group 3: Dividend Stocks - The methodology for selecting dividend stocks includes screening for yields above 3.5% and focusing on companies with stable dividend policies [8] - Harley-Davidson, Inc. has seen its price recommendation lowered by UBS to $19 from $27, while Essex Property Trust, Inc. has a dividend yield of 3.99% and has increased its annual cash dividend for 32 consecutive years [11][14][15]

How Trump's war with Iran could have already cost more than $1 billion.Read more: https://t.co/Df9xrILC6k https://t.co/g3ycTb971N ...

Core Viewpoint - Rakovina Therapeutics Inc. has successfully closed a non-brokered private placement of convertible debenture units, raising gross proceeds of $1,000,000, and has entered into debt settlement agreements to address an outstanding debt of $1,587,130.59 [1][4] Debenture Unit Private Placement - The Debenture Units were issued at a price of $50,000 each, consisting of one unsecured convertible debenture in the principal amount of $50,000 and 100,000 warrants [2] - Each warrant allows the holder to purchase one common share at an exercise price of $0.20 per share until January 28, 2029 [2] Debt Settlement - The company has settled an aggregate amount of $1,587,130.59, which includes a principal amount of $1,454,000 and accrued interest of $133,130.59 [1] - Holders of existing debentures can choose to receive either settlement shares or replacement debentures; approximately 3,265,585 settlement shares will be issued at a deemed price of $0.12 per share [6] - The remaining holders will receive replacement debentures and warrants totaling $1,195,259.99, with terms similar to the new debentures issued in the private placement [6] Use of Proceeds - The proceeds from the Debenture Private Placement will be utilized for near-term working capital to support ongoing corporate activities and strategic initiatives [4] Company Overview - Rakovina Therapeutics is focused on developing innovative cancer treatments using AI-powered drug discovery technologies, specifically targeting the DNA-damage response [9][10]

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RT Mr hunter (@TrueGemHunter)BREAKINGIRAN IS HAVING A NUKE.TRUSTED SOURCE REPORTS THAT IRAN FINISHED MAK... show more ...

Costco Says It Will Turn Possible Tariff Refunds Into ‘Lower Prices And Better Values’ For Customershttps://t.co/q16BSoEpde https://t.co/ctrScUh0Rl ...

Core Viewpoint - Lucid is experiencing a slowdown in vehicle production growth despite previous gains, which raises concerns about its future performance in a challenging electric vehicle (EV) market [1][2][5]. Company Performance - Lucid reported a nearly doubled production in 2025, reaching 17,840 vehicles, but the current year's guidance indicates a production increase of only 40% to 51%, aiming for 25,000 to 27,000 vehicles [4][5]. - The production increase for this year is significantly lower than the previous year's performance, where Lucid produced fewer than 18,000 vehicles, especially when compared to Rivian's production of 42,284 vehicles [6]. Production Challenges - The company is set to introduce a new mid-sized EV model priced under $50,000, which is expected to attract budget-conscious consumers; however, there will be no "meaningful" production of this model in the current year [8]. - Despite having three models in production, the anticipated production growth is slowing, which raises questions about the company's operational efficiency [8]. Market Environment - The EV industry is facing a tough consumer environment, with expired EV tax credits and a general decline in consumer demand for EVs; only 16% of American car buyers expressed a likelihood of purchasing an EV, the lowest since 2019 [9][10]. - Economic pessimism among Americans is high, with 72% rating recent economic conditions as "fair" or "poor," which could further impact luxury EV sales, as Lucid's cheapest vehicle starts at around $70,000 [10]. Future Outlook - The combination of production challenges, market conditions, and consumer sentiment suggests a difficult year ahead for Lucid, with potential volatility for current shareholders and caution advised for potential investors [11].

Omdia首席分析师李泽刚（Zaker Li ）表示："不断上升的存储器成本和宏观经济压力预计将对不同价格段的智 能手机需求产生不同的影响。2026年，售价低于100美元的智能手机出货量预计将同比下降近31%，反映出超 低价位市场面临的严重利润压力。这一价格段对宏观经济环境的轻微变化也极为敏感。" 同时，100–399 美元 价格区间作为全球智能手机市场的核心出货段，也预计将出现收缩，因为存储器价格上涨正在推高零售价格， 特别是在价格敏感市场。这些市场主要由专注入门级设备的厂商服务，它们高度依赖 LPDDR4X 存储、利润率 较低，并且在存储供应链中的优先级通常较低，因此更容易受到成本上涨和潜在供应短缺的影响。结果是，集 中在这些价格段的厂商将面临生产限制和出货下降，许多厂商在 2026 年可能出现两位数的出货下滑。" "相比之下，高端市场预计将保持相对韧性，尽管元器件成本上升。售价800美元以上的设备预计将在2026年实 现约4%的增长，这主要得益于更强的品牌定位以及更高的定价灵活性。苹果在高端市场仍占据主导地位，并 凭借稳固的供应链关系和更高的利润率来消化元器件成本上涨。三星也受益于垂直整合和自身半导体能 ...

Core Insights - Deutsche Post AG, trading under the symbol OTC:DPSTF, is a significant player in the logistics and postal services industry, operating globally under the DHL Group brand, and is closely monitored by investors and analysts due to its market presence [1] Financial Performance - On March 5, 2026, the company reported earnings per share (EPS) of $1.09, which was below the estimated $1.19, but exceeded revenue expectations with approximately $25.95 billion compared to the estimated $24.09 billion [2][6] - The price-to-earnings (P/E) ratio is approximately 15.75, indicating moderate valuation compared to earnings, while the price-to-sales ratio of about 0.67 suggests potential undervaluation [3][6] - The enterprise value to sales ratio is around 0.94, indicating total valuation is slightly less than sales, and the enterprise value to operating cash flow ratio of approximately 8.36 reflects the valuation compared to cash flow from operations [4] Financial Health Metrics - The earnings yield of about 6.35% provides insight into the return on investment for shareholders, while the debt-to-equity ratio of 1.22 indicates significant use of debt compared to equity [5][6] - The current ratio of approximately 0.92 suggests potential challenges in covering short-term liabilities with short-term assets [5][6] - Despite these challenges, the company anticipates earnings growth this year amid global economic uncertainties [5]