瑞银周五表示，已将美股的建议配比降至中性，因为随着全球其他地区经济增长加速，美国股市可能面 临表现落后的风险。 该行策略师Andrew Garthwaite和Marc el Koussa在报告中指出，作此建议的理由包括美国企业盈利对全 球增长的敏感度相对较低、估值偏高、资金正向美国以外地区分散配置以及美元下行风险等。 尽管如此，由于美国市场规模庞大，即使按指标指数的配比计算，其权重仍相当可观——美股在MSCI 全球股指中的占比超过70%。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 他们表示："美国的经营杠杆在主要地区中最低，因此从历史上看，当全球增长加速至超过 3.5% 时， 美国往往表现不佳。" 瑞银预计2026年全球GDP增速将达3.4%。 随着大型科技股回报下滑，以及美国国内政策制定的混乱让投资者寻找替代选项，美国投资者正持续从 美国股市撤资。 美元疲软（去年创下2017年以来最差年度表现）成为另一大推动因素。 前述策略师表示："从我们在北美的营销情况来看，资金将走向全球已是不争的事实。" "ETF资金流向显示多元化配置正在发生。" 瑞银周五表示，已将美股的建议配比 ...

国外 1. 瑞银：美联储降息及地缘政治风险加剧的背景下，金价将升至6200美元 瑞银重申对黄金的积极立场，预计未来数月国际现货黄金目标价达6200美元/盎司。分析师认为，在美 国与伊朗紧张局势下，地缘政治风险将持续高企，而美联储宽松周期预计将继续，对实际利率构成压 力。分析师指出，2025年全球黄金需求突破5000吨，瑞银预计，在更强劲的投资流动和各国央行持续购 买的推动下，金价将进一步上涨。供应方面，增长似乎受限。虽然金价高企可能激励勘探活动，但咨询 公司伍德麦肯兹估计，到2028年，约有80座矿山将耗尽当前的生产计划，这表明短期内供应弹性有限。 2. 高盛：央行购金叠加私人投资，金价年底前将缓慢攀升至5400美元 高盛预计，黄金价格将逐步攀升，到2026年底达到5400美元/盎司，多元化配置将带来上行空间。与此 同时，高盛预计2026年央行购金活动将以2025年所见的步伐再度加速。其核心观点是，央行需求加上私 人投资者增加持仓（主要因应对美联储降息而增持）支撑金价稳步上涨。高盛指出，如果私营部门的多 元化举措（尤其是看涨期权结构）有所增加，那么市场将面临显著的上行风险。此外，中期趋势虽仍呈 上升态势，但可 ...

Group 1 - Smith & Wesson (SWBI.OQ) stock price fell by 4.00% to $11.53 on February 23, 2026, primarily due to the overall market environment and sector performance [1] - The aerospace and defense sector, to which Smith & Wesson belongs, experienced an overall decline of 1.07% on the same day, influenced by the drop in tech stocks and uncertainties related to tariff policies [3] Group 2 - The three major U.S. stock indices showed mixed performance, with the Nasdaq Composite Index down by 2.46% and the S&P 500 Index down by 0.77%, largely driven by former President Trump's announcement to raise global import tariffs to 15%, which heightened concerns over inflation and global economic growth [2] - The risk-averse market sentiment negatively impacted stocks like Smith & Wesson, which are sensitive to market emotions [2]

Financial Data and Key Metrics Changes - For Q4 2025, total net revenues were $17.4 million, a 19.9% increase from $14.5 million in Q4 2024 [26] - Net income attributable to controlling shareholders was $3.2 million, with earnings per diluted share of $1.14 [3] - Adjusted EBITDA for Q4 2025 was $7.5 million, compared to $1.85 million in Q4 2024, marking an increase of over 300% [28] - For the full year 2025, total net revenues were $52.3 million, a 14.4% decrease from $61.1 million in 2024 [30] - Adjusted EBITDA for the full year 2025 was $12.55 million, a 33% increase from $9.4 million in 2024 [31] Business Line Data and Key Metrics Changes - The company sold the M/V Eirini P. for $8.5 million, resulting in a gain of nearly $1 million, as part of its fleet renewal strategy [5] - The average time charter equivalent rate for Q4 2025 was $16,260 per day, significantly higher than $12,201 per day in Q4 2024 [34] - The fleet currently consists of 11 vessels with an average age of approximately 14 years, and two Ultramax vessels under construction [9] Market Data and Key Metrics Changes - Panamax spot rates declined from approximately $14,600 per day in Q4 2025 to about $9,650 per day by late December, before recovering to roughly $13,500 per day [10] - The Baltic Dry Index and the Baltic Panamax Index recorded year-over-year increases of approximately 47% and 52% respectively [11] - The global economy is projected to grow by 3.3% in 2026, with trade growth in the dry bulk sector expected at 1.9% in 2026 [12][14] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, operational efficiency, and delivering profits for shareholders [24] - There is an ongoing strategy to increase longer-term charters if market rates continue to rise [6] - The company is considering selling older vessels and potentially acquiring more modern ships as part of its fleet renewal strategy [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strengthening market but acknowledged uncertainties related to geopolitical developments and trade dynamics [56] - The company expects the average rate for 2026 to potentially be similar to 2025, with hopes for higher rates [57] - There are concerns about the impact of ongoing geopolitical tensions and trade frictions on the global economy [12] Other Important Information - The company has repurchased 334,000 shares for a total of $5.3 million as part of its share repurchase plan [4] - The cash flow breakeven rate for Q4 2025 was $13,231, compared to $11,259 for Q4 2024 [35] - The estimated net asset value per share exceeds $48, indicating significant potential upside for shareholders [42] Q&A Session Summary Question: Satisfaction with the joint venture with NRP Partners - Management expressed satisfaction with the joint venture and indicated a willingness to pursue more such deals in the future [46] Question: Cargo breakdown for the fleet - Management offered to provide data on the cargo breakdown for the fleet offline [48] Question: Coal demand compared to other commodities - Management noted that coal consumption has stabilized but is expected to decrease as a percentage of energy mix in the future [50] Question: Fixed rate coverage for 2026 - Management indicated that expanding coverage depends on market evolution and expressed willingness to fix more long-term charters [54] Question: Fleet renewal and modernization strategy - Management has not made fixed decisions regarding the sale of older vessels but is continuously discussing the strategy [60] Question: Changes to reported numbers for Q4 2024 - Management clarified that a claim was recognized in Q4 2025, which was included in the audited results [65]

从制造业看，中国物流与采购联合会数据显示，2025年全球制造业采购经理指数（PMI）均值为 49.6%，较2024年上升0.3个百分点，表明全球制造业恢复力度虽仍然偏弱，但略好于上年。特别是2025 年12月，全球制造业PMI为49.5%，连续10个月运行在49%至50%的区间内，显示出全球制造业复苏动 能持续小幅放缓，维持弱势复苏格局。 区域表现方面呈现明显分化趋势。2025年12月，亚洲制造业PMI升至51%以上，非洲制造业PMI也升至 50%以上，欧洲和美洲制造业PMI则均在50%以下，特别是美洲制造业PMI降至48%以下，显示出美洲 制造业弱势进一步下行。这种区域分化预示，2026年全球经济发展将面临不平衡的挑战。 通胀出现明显缓和。联合国贸发会议最新报告指出，全球通胀已从2021年至2023年的高峰回落，2025年 全球通胀率约为3.4%。这一趋势为各国央行提供了更多政策空间，但价格水平依然处于高位，生活成 本上升继续侵蚀低收入群体的购买力。其中，食品、能源和住房价格的累计涨幅仍然显著。 贸易方面，2025年全球贸易在不利政策环境下仍然实现3.8%的增长，表现好于预期。然而这背后存在 关税政策带来的 ...

Group 1: Macro Economic Insights - The IMF projects global economic growth rates of 3.3% for 2026 and 3.2% for 2027, an increase of 0.2 percentage points from previous forecasts[8] - The ACC's global chemical production index remained flat in December, with a slight increase of 0.3% in the Asia-Pacific region, while North America and Europe saw declines of 0.8%[8] - Since 2022, the number of chemical plant closures in Europe has surged sixfold, with a cumulative capacity loss of 37 million tons, representing about 9% of Europe's capacity[8] Group 2: Chemical Industry Outlook - The chemical industry is expected to improve sustainably, driven by enhanced domestic competitiveness and stable profitability among industry leaders[8] - Despite current oil prices being relatively low, they are still higher than the levels seen at the start of previous cycles, indicating a need to monitor oil price fluctuations[8] Group 3: Financial Market Overview - In the week ending February 6, 2026, global stock markets showed mixed results, with the Dow Jones and European stocks leading gains; the average daily trading volume in the domestic equity market was 23,880 billion yuan, down from 30,365 billion yuan[11][17] - The 1Y Chinese government bond yield rose by 2.08 basis points to 1.3207%, while the 10Y yield fell by 0.1 basis points to 1.8102%[12] Group 4: Commodity Tracking - WTI crude oil prices fell by 2.5% to $63.55 per barrel, with U.S. crude oil production decreasing by 263,000 barrels per day year-on-year[29] - Gold prices increased by 1.77% to $4,966.61 per ounce, with the Chinese central bank continuing to increase its gold reserves by 40,000 ounces in January[43]

中新社北京2月6日电 (记者阮煜琳)中国物流与采购联合会6日发布数据显示，1月份，全球制造业采购经 理指数(PMI)为51%，较上月上升1.5个百分点，结束连续10个月50%以下的运行趋势。 （文章来源：中国新闻网） 1月份，全球制造业PMI升至50%以上，意味着全球制造业景气水平较上月有明显提升。分区域看，欧 洲制造业PMI为50%，较上月上升0.7个百分点，结束了自2022年8月以来50%以下的运行趋势，显示欧 洲制造业景气水平较上月有所上升。亚洲制造业PMI为51%，较上月微幅下降，连续9个月在50%以上。 亚洲制造业持续保持在扩张区间，恢复态势相对稳定，仍将在2026年发挥稳定全球经济增长的重要作 用。 分析称，在全球市场有效需求持续不足的大背景下，全球经济实现快速回升的概率依然偏低，整体仍将 维持缓慢复苏的节奏。全球制造业景气趋升态势能否延续仍有待观察。进入2026年，各大国际机构对全 球经济增长预测均未出现明显上调。全球贸易紧张局势没有明显改变，地缘政治冲突隐患也没有消除， 这些扰动因素对全球贸易流动、市场信心及产业链稳定的影响仍将持续显现。(完) 1月份，美洲制造业PMI为51.8%，较上月上升 ...

Group 1 - The Asian manufacturing Purchasing Managers' Index (PMI) for January 2026 is reported at 51%, a slight decrease of 0.1 percentage points from the previous month, marking nine consecutive months above 50% [1] - China's manufacturing PMI has dropped below 50%, while India's PMI remains above 55%. ASEAN countries such as Thailand, Indonesia, Vietnam, and the Philippines have PMIs above 52%, and Malaysia, Singapore, and Myanmar are at or above 50% [1] - The overall index indicates that Asian manufacturing continues to remain in the expansion zone, with a stable recovery expected to play a significant role in global economic growth in 2026 [1] Group 2 - The International Monetary Fund (IMF) predicts that emerging markets and developing economies will continue to be the main engines of global economic growth, with growth rates expected to remain above 4.0% from 2026 to 2027 [1] - The Asian Development Bank forecasts a 4.6% economic growth rate for developing economies in the Asia-Pacific region in 2026 [1] - Asian countries are enhancing their economic recovery through strengthening endogenous growth drivers, deepening regional cooperation, and increasing supply chain resilience [1] Group 3 - The global manufacturing PMI for January is reported at 51%, an increase of 1.5 percentage points from the previous month [2]

从行业分布来看，全球工业与服务业领域有14%的受访企业将中国内地列为前三大投资目的地，比例较 上年有所上升；能源、公用事业与资源行业次之，比例由上年的10%提升至2025年的13%；消费市场比 例持平。 《第29期全球CEO调研报告》于2025年9月至11月开展，覆盖全球95个国家和地区的4454位企业CEO， 其中，中国内地216位，香港地区54位。调研主要围绕宏观发展信心、全球投资布局、创新发展及人工 智能落地应用等核心议题展开探讨，全景呈现了全球格局重塑与科技革命变革演进下企业的发展态势与 战略考量。 （编辑：吴婧 审核：朱紫云 校对：张国刚） 中经记者 杜丽娟 北京报道 普华永道发布的《第29期全球CEO调研中国报告：创新突围 韧性生长》显示，中国CEO对未来一年全 球经济增长的信心高于全球，且连续三年保持上升态势。具体来看，在信心指数中，中国CEO为67%， 全球平均水平为61%。"虽然当前中国企业家也面临着一定的营收压力，但对未来三年的收入增长更具 信心，这凸显出企业对中国市场长期韧性的认可。"普华永道中国公共事务主管合伙人周星解释。 周星表示，中国企业家长期乐观态度既得益于中国稳定可预期的营商环 ...

国家发展改革委价格监测中心预计，短期内国际油价仍将因地缘政治不确定性而加剧震荡。美伊虽然开启对话，但美国同时持续在中东加强军事部署，并 推进对伊制裁，地缘局势不确定性较高。此外，国际货币基金组织将2026年全球经济增长预期上调0.2个百分点至3.3%，国际能源署也将今年全球石油需 求增长预测值上调7万桶/日至93万桶/日。经济前景和石油需求预期呈现改善迹象，预计将对后期油价提供支撑。 编辑|何小桃 杜恒峰 记者今天从国家发展改革委了解到，2月3日24时国内成品油调价窗口将开启。据国家发展改革委价格监测中心监测，本轮成品油调价周期内（1月20日—2 月2日）国际油价先升后降。 2月3日24时起，国内汽、柴油零售限价每吨分别上调205元、195元。全国平均来看：92号汽油、95号汽油、0号柴油每升分别上调0.16元、0.17元、0.17 元。央视财经记者给您算了笔账，用92号汽油加满50升油箱将多花8元。 国家发展改革委价格监测中心： 短期内国际油价仍将加剧震荡 调价周期内，受地缘政治局势变化、美国风暴天气影响生产等因素影响，国际油价先升后降，平均水平较上一轮调价周期上涨。期初，美国加大对伊朗施 压力度，宣布向伊 ...