哥伦比亚比索从周四的大幅下跌中反弹，上涨1.8%，领跑新兴市场。 来源：滚动播报 ...

芯朋微发布业绩快报，2025年度实现营业总收入11.43亿元，同比增长18.47%；净利润1.86亿元，同比 增长67.34%。报告期内，公司2025年度营业收入同比增长18.47%，主要得益于新兴市场（服务器/通信/ 工业电机/光储充/新能源车）营收同比大幅成长50%左右以及新品类产品（DC-DC、Driver、Digital PMIC、Power Device、Power Module）营收同比大幅增长39%左右。 ...

Group 1 - Bank of America predicts gold prices may reach $6,000 per ounce within the next 12 months, while silver prices could exceed $100 per ounce again this year despite current demand concerns from solar panel manufacturers [1] - Citigroup analysts indicate that emerging markets are expected to be the most favored trading markets this year, with major asset management firms investing in emerging market stocks and bonds, betting on strong global economic growth and a weaker dollar [1] - ING suggests that investors looking to avoid volatility in the U.S. stock market due to AI developments may find European government bonds attractive, as they offer relatively stable yields amid rising U.S. market volatility [1] Group 2 - JPMorgan forecasts that the Bank of Thailand will maintain its policy interest rate at 1% until 2027 to preserve policy space amid rising uncertainties, with the Thai economy expected to accelerate further due to political stability post-election [2] - CITIC Securities reports that Zimbabwe's ban on lithium exports is likely to lead to a significant increase in lithium prices, as the country is projected to account for 12% of global lithium resource output by 2026 [3] - Huatai Securities notes that the U.S. designation of phosphate-based agricultural inputs as strategic resources could impact market prices, particularly if demand increases due to supply stability concerns [3] Group 3 - CITIC Securities believes that the non-ferrous metals bull market is far from over, suggesting that investors should hold positions but avoid blindly chasing prices, with opportunities arising during market corrections [4][5] - CICC reports that recent policy adjustments in Shanghai may help stabilize housing prices in key cities, as the supply-demand structure shows positive changes [5][6] - Galaxy Securities indicates that the real estate industry may see overall valuation recovery as housing demand is expected to be released, leading to a healthier market development [6][7]

·花旗：新兴市场有望成为今年最受青睐的交易市场 【机构分析】 ·花旗集团分析师表示，全球前几大资产管理公司（合计管理着超过20万亿美元的资产）正在买入新兴 市场的股票、本币债券和信贷产品，押注全球经济增长和美元走软将有利于这些市场。尽管本周全球市 场因担忧人工智能可能颠覆经济的诸多领域而震荡，但新兴市场资产依然表现良好。MSCI新兴市场指 数周四一度上涨0.7%。相关主题ETF的交易量也大幅飙升。这一转变也反映出发达市场前景更加不明 朗。由于政策不确定性和财政担忧令市场情绪承压，美国、日本和德国国债收益率飙升。 ·澳新银行在最新报告中强化了对黄金的看涨立场。该行指出：1. 美联储预计将于第二季度（可能6月） 重启降息，并于第四季度再次降息，这一路径将为黄金提供支撑。2. 美伊紧张局势再度升级，将重振黄 金的避险需求。3. 经济风险持续存在，市场尚未完全消化美国关税上调的影响；而对AI驱动股市上涨 的担忧，正加剧金融风险。4. 在不确定性背景下，黄金仍是抵御市场风险的极具吸引力的对冲工具。5. 经历最新一轮获利了结后，投资者持仓已不再拥挤，为建立新的多头头寸留下了充足空间。 ·澳新银行：黄金前景依然乐观目前仍有 ...

2月26日，据外媒报道，花旗集团分析师在审查了各基金发布的展望报告后表示，全球前几大资产管理 公司（合计管理着超过20万亿美元的资产）正在买入新兴市场的股票、本币债券和信贷产品，押注强劲 的全球经济增长和美元走软将有利于这些市场。尽管本周全球市场因担忧人工智能可能颠覆经济的诸多 领域而震荡，但新兴市场资产依然表现良好。 MSCI新兴市场指数周四一度上涨0.7%，创下历史新高。相关主题ETF的交易量也大幅飙升。这一转变 也反映出发达市场前景更加不明朗。由于政策不确定性和财政担忧令市场情绪承压，美国、日本和德国 的国债收益率飙升。 来源：金十数据 ...

据媒体消息，"非洲手机之王"传音控股(688036.SH)将于3月12日启动香港上市NDR(非交易路演)，预期 交易规模约为5亿至10亿美元，目标2026年第二季度登陆港交所。 传音控股，于2025年12月2日在港交所递交招股书，中信证券为其独家保荐人、摩根大通为其财务顾 问；中信证券、摩根大通、中金公司（601995）、海通国际、德意志银行为其整体协调人。 根据弗若斯特沙利文的统计数据，以2024年手机销量计，传音是全球新兴市场第一大手机提供商，市场 份额高达24.1%。在其传统优势区域，公司在非洲市场的份额达到了61.5%，同时在新兴亚太市场和中 东市场也均排名第一。 作为全球领先的智能终端与移动互联网服务商，传音凭借其对非洲、南亚、中东等新兴市场的深度聚 焦，通过高度本地化的技术创新和多品牌矩阵，已在目标市场构建起竞争壁垒。 ...

智通财经APP获悉，上周五，随着美国最高法院驳回了美国总统特朗普的全球关税政策，一只规模最大 的主动管理型新兴市场股票交易所交易基金(ETF)资金流入激增，凸显出市场对风险资产的需求再度升 温。 管理资产规模达203亿美元的泛大西洋投资集团新兴市场股票ETF(Avantis Emerging Markets Equity ETF) 上周五录得4.295亿美元的资金净流入，创下自5月13日以来的最大单日流入规模，并将其总资产推至历 史峰值。资金涌入的同一天，美国最高法院裁定特朗普的全面关税无效，这为该地区股市增添了新的上 行动能。随后，特朗普宣布了一项新的、统一为15%的进口关税，此举取消了此前针对印度、中国和巴 西等国的更高惩罚性关税，实际上为美国的贸易伙伴重置了竞争环境。 "尽管这很可能并非故事的终结，但头条新闻本身无疑是积极因素，政策不确定性的消除应会促使市场 做出正面回应，" Global X Management Co. 高级投资组合经理马尔科姆·多尔森表示。 市场汇编的数据显示，今年迄今，追踪新兴市场股票的ETF已吸引超过350亿美元的资金净流入。从巴 西、哥伦比亚到韩国，多个新兴市场国家的股票基准 ...

来源：宏观对冲陈凯丰Kevin 新兴市场 油价上涨推动拉美股市在动荡的一周中走高，第四季度财报季即将到来 拉美市场本周经历了动荡，地缘政治紧张局势加剧推高了油价，支撑了能源公司股价，而金属价格走软 则拖累了材料板块。在国内方面，秘鲁摆脱了政治动荡的影响，阿根廷在改革预期下依然波动。第四季 度财报季即将到来，这将是该地区财报季最繁忙的一周。与此同时，在海外，英伟达的业绩可能会考验 全球人工智能风险偏好。 印尼MSCI评级下调风险看似不大，但改革至关重要 印尼被MSCI从新兴市场降级的风险似乎不大。机械压力测试表明，仅靠流通股压缩不会违反MSCI的新 兴市场标准，而且印尼在市场准入方面得分仍然很高，表明其结构性门槛依然有效。目前正在进行的改 革旨在解决透明度问题，但在MSCI 5月份的评估之前，能否有效落实这些改革至关重要。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内 容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 印度股指横盘整理；市场脉搏指数显示中性 印度股市指数横盘整理，掩盖了整体市场的疲软态势。综合的BI印度市场脉搏指数徘徊在中 ...

Group 1 - Investors continued to flow into emerging market stocks and bond ETFs for the 18th consecutive week, with a total inflow of $2.61 billion for the week ending February 20, down from $3.98 billion the previous week [1][3] - Year-to-date inflows for emerging market ETFs have reached a total of $32.7 billion, with stock ETFs contributing $2.52 billion and bond ETFs $85 million, increasing total assets from $500.8 billion to $511 billion [1][3] - The MSCI Emerging Markets Index rose by 0.8% last week, reaching 1567.23 points [4] Group 2 - South Korea saw the largest inflow among markets, totaling $694.7 million, with the iShares MSCI South Korea ETF leading the way [5] - This marks the second consecutive week that South Korea has attracted the highest inflow, following a previous week inflow of $1.36 billion [6] - There were no outflows recorded in any market [2][7]

Core Viewpoint - Goldman Sachs believes that while the economic cycle is still early, some market valuations are too high, predicting high volatility in AI and tech stocks, with funds continuing to flow into "cheap" cyclical assets [1][2]. Economic Data and Market Performance - Economic data remains strong, supporting the performance of cyclical assets, with the US ISM index rising and labor market stabilizing [3]. - Globally, developed market manufacturing PMI reached its highest level in a year, and emerging market manufacturing PMI also increased month-on-month [4]. - Goldman Sachs indicates that the market is underestimating the growth outlook for the US economy, which is projected to grow at 2.5% for the year, suggesting room for upward adjustments in cyclical expectations [5]. Sector Rotation and Investment Strategy - Investors are encouraged to embrace cyclical assets benefiting from economic recovery while being cautious of overvalued AI and large tech stocks [2]. - Emerging market stocks, the Australian dollar, copper, and capital goods and materials sectors in the US have seen significant gains, while previously leading AI and tech themes have experienced volatility [2]. - The market is shifting from expensive tech stocks to cheaper exposures, particularly in underperforming sectors, leading to "value" outperforming "growth" [6]. AI Sector Dynamics - The AI sector is facing increased volatility, with Goldman Sachs acknowledging the real productivity gains from AI but noting that the market has overvalued these benefits, particularly for companies directly involved in the AI boom [6][9]. - Concerns are rising regarding cash flow consumption by large cloud service providers and potential disruptions to software providers and certain financial/real estate sectors [8]. Currency and Global Market Trends - The US dollar has weakened due to tariff concerns and worries about the independence of the Federal Reserve, with the relative underperformance of US stocks compared to Europe and Japan prompting discussions on diversification and hedging [12]. - Currencies that align with global cyclical views, such as the Australian dollar, South African rand, Chilean peso, and Brazilian real, have become the biggest gainers against the US dollar [13]. Investment Strategy Recommendations - Goldman Sachs suggests continuing to bet on cyclical assets while selecting those with relatively cheap valuations, as there is still room for upward adjustments in growth expectations [15]. - The combination of ongoing volatility in AI themes and the potential for periodic spillover into index-level volatility supports a diversified equity portfolio and healthy non-US exposure, including emerging markets [16].