The Alerian MLP ETF ( AMLP ) continues to yield strong income, and that is likely to remain. Where I am more interested, is how total returns are poised for long-term investments made today. The past year's total return performance does show some sluggishness inI am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a ...

基本面与技术面在这一阶段形成了明显呼应，一方面，美国就业数据释放出的降温信号支撑了市场对2026年美联储继续宽松的预期，为黄 金中期逻辑提供托底；另一方面，美元指数的阶段性反弹与数据博弈又对金价构成短线扰动，使价格难以在缺乏新催化的情况下直接突破 技术压制。叠加地缘政治不确定性持续升温，在特朗普强硬政策风格主导下，全球风险溢价仍处于高位运行区间，黄金的避险属性并未削 弱，反而在回调过程中持续吸引中长期资金关注。总而言之，当前黄金并未进入趋势反转阶段，而是处于关键结构收敛与方向抉择的前 夜，4440美元得失将成为短线走势的重要分水岭，在该位置上方运行，市场更偏向震荡偏强并等待向上突破的机会；一旦有效跌破，则需 警惕回调向4338美元支撑区延伸的可能性，在方向正式明确之前，金价仍将维持高位震荡、节奏反复的运行特征。 从技术结构来看，当前金价正运行在一个收敛形态之中，上方受制于自前高回落形成的下降趋势线压制，下方则受到自年初低点抬升而来 的上升趋势线支撑，价格正逐步逼近关键交汇区域，波动率在压缩的同时，也预示着方向选择正在临近。短线而言，4440美元附近是当前 多空反复争夺的核心区域，该位置不仅对应前期密集成交区， ...

证券日报网讯1月5日，天佑德酒（002646）在互动平台回答投资者提问时表示，公司会持续注重产品创 新和市场趋势，以满足消费者的需求。 ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation [1] Group 2: Research Focus - The company has a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1] - The goal is to provide actionable ideas for investors seeking to outperform the market [1]

美国总统特朗普在社交平台上发文称赞第三季度GDP数据，指出GDP增速达4.2%，远超2.5%的预期。 但现在市场反应反常：过去好消息推高市场，如今好消息反而常导致股市持平或下跌——因为华尔街总 担心好消息会立刻引发加息来预防"潜在"通胀。特朗普称，"这让我们再也难以重现国家崛起时期的繁 荣市场。强劲的市场本身不会引发通胀，错误政策才会。我希望新任美联储主席在市场向好时降息，而 非无端打压市场。我希望看到一个几十年来从未有过的市场：一个该涨就涨、该跌就跌的市场，一个理 应如此、曾经如此的市场。"特朗普还表示，"通胀问题会自然缓解，若有必要我们随时可适时加息，但 绝不应为了抑制上涨而加息。如果任由那些'书呆子'竭尽全力破坏上升趋势，国家永远无法强盛。"特 朗普最后直言，"任何与我意见相左的人，永远别想当美联储主席。" （文章来源：第一财经） ...

I am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vice President at Barclays, I led teams in model validation, stress testing, and regulatory finance, developing a deep expertise in both fundamental and technical analysis. Alongside my research partner (also my wife), I co-author investment research, com ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation, stress testing, and regulatory finance, showcasing a deep expertise in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights, focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1] Group 1 - The analyst has over 20 years of experience in the field, specializing in uncovering high-growth investment opportunities [1] - The approach combines rigorous risk management with a long-term perspective on value creation [1] - The focus is on providing actionable ideas for investors seeking to outperform the market [1]

Report Industry Investment Ratings - PX: Trend is weak [1] - PTA: Trend is weak [1] - MEG: Hold long MEG and short PX positions [1] Core Views - For PX, close long positions, take long MEG and short PX positions, and pay attention to calendar spread reversal arbitrage positions due to the impact of the sharp decline in US MX prices [5] - For PTA, close long positions at high valuations and take long MEG and short PTA hedging positions [6] - For MEG, close short positions and reversal arbitrage positions as the supply - demand balance sheet improves in December, and take long MEG and short PX hedging positions [6] Summary by Relevant Catalogs Market Dynamics - PX: On November 27, the PX price fell. The 12 - month MOPJ was estimated at $559/ton CFR. The PX valuation on November 27 was $826/ton, down $3 from November 26 [3] - PTA: The 250 - million - ton PTA device of Honggang restarted, the 120 - million - ton PTA device of Zhongtai increased its load. The PTA load was adjusted to 73.7% by Thursday, and the current PTA operating rate was around 79.3% [3] - MEG: A 90 - million - ton/year MEG device in East China restarted, and another 100 - million - ton/year MEG device in East China plans to shut down in early December [3] Production and Operation Data - As of November 27, the overall operating load of ethylene glycol in the Chinese mainland was 73.13% (up 2.46% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 72.03% (up 6.2% from the previous period) [5] - As of Thursday this week, the polyester load in the Chinese mainland was around 91.6%, and the overall theoretical operating load of domestic polyester industrial yarn was around 75% [5] Trend Intensity - PX trend intensity: - 1 - PTA trend intensity: - 1 - MEG trend intensity: 0 [5] Futures and Spot Market Data - Futures: The closing prices of PX, PTA, MEG, PF, and SC were 6718, 4632, 3873, 6162, and 447.6 respectively, with changes of - 56, - 52, - 23, - 102, and 2.6, and percentage changes of - 0.83%, - 1.11%, - 0.59%, - 1.63%, and 0.58% [2] - Spot: The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent were $826.33/ton, 4615 yuan/ton, 3889 yuan/ton, $566/ton, and $64.28/barrel respectively, with changes of - $2.67, - 32 yuan, - 21 yuan, $8.38, and $0.73 [2] - Spot processing fees: The PX - naphtha spread, PTA processing fee, staple fiber processing fee, bottle chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 261.8, 195.49, 203.75, 57.31, and - 4.34 respectively, with changes of 2.09, 20.9, - 6.12, - 10.22, and 0 [2]

Core Viewpoint - Meritage Homes reported weaker-than-expected Q3 2025 results, with earnings and revenues declining year-over-year, attributed to ongoing housing market challenges and increased costs [2][3][4]. Earnings & Revenue Discussion - Earnings per share (EPS) of $1.39 fell 18.7% short of the Zacks Consensus Estimate of $1.71 and declined 48% year-over-year from $2.67 [4]. - Total revenues amounted to $1.424 billion, down from $1.597 billion reported in the year-ago period [4]. - Total closing revenues were $1.42 billion, an 11% decline from the prior-year quarter and missing the consensus mark of $1.52 billion by 6.6% [5]. Segment Details - Home closing revenues of $1.40 billion declined 12% from the prior-year quarter due to lower average selling prices (ASPs) and reduced closing volumes [6]. - The company closed 3,685 units, down 7% from the year-ago quarter, with an ASP of $380,000, a 5% decline year-over-year [7]. - The quarter-end backlog totaled 1,699 units, down 26% year-over-year, with a backlog value decrease of 28% to $670 million [8]. Cost and Margin Analysis - Home closing gross margin contracted 570 basis points to 19.1%, primarily due to increased buyer incentives and higher lot costs [8]. - SG&A expenses as a percentage of home closing revenues rose to 10.8% from 9.9% in the prior-year quarter, driven by reduced leverage on lower revenues [9]. Financial Position and Shareholder Returns - The company ended the quarter with $729 million in cash and equivalents, up from $652 million at year-end 2024, with a debt-to-capital ratio of 25.7% [11]. - During the quarter, Meritage returned $85 million to shareholders, including $55 million in share repurchases and $30 million in dividends [12]. Q4 2025 Guidance - The company expects home closings between 3,800 and 4,000 homes, with projected home closing revenues between $1.46 billion and $1.54 billion [13]. - EPS is expected to be between $1.51 and $1.70, down from $2.36 reported a year ago [13]. Estimate Revisions and Market Outlook - There has been a downward trend in estimates, with the consensus estimate shifting -12.57% [14]. - Meritage has a Zacks Rank 4 (Sell), indicating expectations of below-average returns in the coming months [16]. Industry Comparison - Meritage belongs to the Zacks Building Products - Home Builders industry, where PulteGroup reported revenues of $4.4 billion, a year-over-year change of -1.6% [17].

Core Insights - Amplify's growth income ETF, QDVO, is identified as a Strong Buy due to its active underlying portfolio with a growth bias, which aligns closely with the S&P 500 while seeking additional growth opportunities [1] Group 1: Company Analysis - QDVO has a growth-oriented investment strategy, focusing on equity valuation and market trends to uncover high-growth investment opportunities [1] - The analysis is backed by over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing a blend of fundamental and technical analysis [1] Group 2: Research Methodology - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1] - The analysis aims to provide actionable ideas for investors looking to outperform the market [1]