| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,427 | 22,772 | 23,722 | 24,717 | | 增长率（%） | 5.3 | 1.5 | 4.2 | 4.2 | | 归属母公司股东净利润（百万元） | 2,244 | 2,097 | 2,197 | 2,281 | | 增长率（%） | 3.0 | -6.6 | 4.8 | 3.8 | | 每股收益（元） | 2.80 | 2.62 | 2.74 | 2.85 | | PE | 16 | 17 | 16 | 16 | | PB | 5.6 | 5.7 | 5.6 | 5.6 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 24 日收盘价） 2026 年 02 月 25 日 苏泊尔(002032.SZ)2025 年业绩快报点评 全年营收稳健收官，费用投放拖累业绩 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 推荐 | 维持评级 | | ...

智通财经APP获悉，中金发布研报称，考虑渣打集团(02888)净利息收入预期改善，该行上调公司2026 年/2027年经调营业收入预测2.7%/3.8%至219/225亿美元;维持2026年经调归母普通股净利润基本不变， 上调公司2027年经调归母普通股净利润预测1.7%至56亿美元。公司当前交易于1.2x/1.1x 2026E/2027E P/B。综合考虑业绩预期与市场风险偏好变化，该行小幅上调公司目标价6.6%至227.27港元，对应 1.3x/1.2x 2026E/2027E P/B与14.8%的上行空间，维持跑赢行业评级。 中金主要观点如下： 股息超预期，重视股东回报 公司4Q25单季净利息收入环比+8%，同比-1%，高于一致预期7.5%。主要由于4Q25 HIBOR高于预期， 带动全年净利息收入YoY +0.8%。向前看，公司预计2026年按货币敞口结构计算的加权平均利率将下降 44bp，为控制信用成本而进行的零售部门信贷组合结构优化也将对2026年NII产生约2%的负面影响，综 合考虑信贷规模增长，2026年NII预计与2025年大致持平。 公司4Q25非息收入环比-21.2%，同比+2.3%，低 ...

Group 1 - The article emphasizes the importance of diversifying investments across both RMB and foreign currency assets, as well as between stocks and bonds, highlighting the role of US dollar bond funds in this strategy [2] - It suggests that investors can access a free course that systematically introduces knowledge about investing in US dollar bond funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article discusses how to calculate rental yield for real estate, comparing it to dividend yields of stocks and interest yields of bonds, indicating that rental yield can vary significantly even within the same city [5] - It provides specific data on rental yields in Beijing, noting that some neighborhoods have yields around 2%, while most range between 1.5% and 2%, and emphasizes the importance of considering vacancy rates in the calculation [5][6]

经济观察网 温迪（WEN.OQ）近期股价持续下跌，主要受基本面疲软、市场情绪转向防御以及技术面 因素共同影响。 同期餐馆板块整体表现平淡（2月17日涨0.81%），而纳斯达克指数近五日下跌2.84%，科技股调整可能 间接影响市场风险偏好，资金从部分高波动品种流出。 未来发展 温迪近期下跌是业绩疲软、机构谨慎预期、高股息资金流动及技术面破位等因素叠加的结果。未来需关 注公司下一财季财报、股息政策稳定性及宏观利率环境变化。 以上内容基于公开资料整理，不构成投资建议。 公司最新财报显示，2025财年第三财季（截至2025年11月）营业收入同比下降3.00%，净利润同比下降 11.89%。尽管部分负面预期已被市场逐步消化，但业绩下滑仍对股价形成压力。斯迪富（Stifel）等机 构近期下调目标价至9美元，反映出对短期前景的谨慎态度。 资金面与技术面 温迪股息率较高（截至2026年2月17日约为8.00%），在利率环境波动时曾吸引部分防御性资金。但随 着市场对美联储政策预期变化，资金可能转向其他防御板块，高股息策略的吸引力相对减弱。股价自 2026年1月以来呈现下行趋势，截至2月17日，区间跌幅达15.97%，最低触及6 ...

Core Viewpoint - The company faces pressure in Q4 2025 with a 4.2% year-on-year decline in revenue, primarily due to a downturn in the Chinese market, despite strong double-digit growth in India [1] Group 1: Financial Performance - Q4 2025 adjusted EBITDA decreased by 24.7%, with a net loss of approximately $12 million, slightly better than expectations [1] - For the full year, revenue and adjusted EBITDA fell by 6.1% and 9.8% respectively, reaching $5.76 billion and $1.59 billion, with the adjusted EBITDA margin declining by 1.1 percentage points to 27.6% [1] - In the Asia-Pacific West region, revenue declined by 5.6% in Q4, with price pressure (down 5.7% year-on-year) exceeding volume growth (up 0.1%) [2] Group 2: Market Analysis - The Chinese market saw a significant revenue decline of 11.4% in Q4, with volume and price down by 3.9% and 7.7% respectively, largely due to increased support for distributors and brand activation investments [2] - The Indian market continued to gain market share, achieving strong double-digit revenue growth in Q4, driven by high-end and super high-end product combinations [2] Group 3: Future Outlook - Management aims to reignite growth in the Chinese market by focusing on expanding non-ready-to-drink channels, optimizing the product mix, and increasing digital investments [1] - Despite a slow recovery in the Chinese market, there is potential for marginal improvement in 2026 due to a low base effect [3] - The company has slightly lowered its revenue forecasts for 2026-2027 by 2% and adjusted EBITDA/net profit forecasts by 1% and 4-5% respectively, while maintaining a target price of HKD 8.90 based on a 20x target P/E ratio for 2026 [3]

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | 潜在涨幅 | 2026 年 2 月 13 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 7.83 | 港元 8.90↓ | +13.7% | | | 百威亚太 (1876 HK) | | | | | | 中国市场仍待修复，但股息率吸引；小幅下调目标价，维持买入 财务数据一览 | 年结12月31日 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 收入 (百万美元) | 6,246 | 5,764 | 6,070 | 6,277 | 6,465 | | 同比增长 (%) | -8.9 | -7.7 | 5.3 | 3.4 | 3.0 | | 净利润 (百万美元) | 726 | 489 | 679 | 731 | 772 | | 每股盈利 (美元) | 0.06 | 0.04 | 0.05 | 0.06 | 0.06 | | 同比增长 (%) | -14.7 | -32.8 | 38 ...

7月版 2026年 数值 % 标普港股通低波红利 5.24 港股通红利低波ETF华宝159220 指数股息率 联接A 022887 联盟 022888 中证银行指数股息率 5.05 2 > 粗径ETF 512800 联接A 240019 国际 006697 标普沪港深中国增强价值 T+0 4.64 份值基金LOF 指数股息率 A类 501310 c集 007397 标普中国A股红利机会 标普A股红利ETF华宝562060 4.61 指数股息率 联接A 501029 ■ 005125 中证800红利低波动 800红利低波ETF 159355 4.52 指数股息率 联接A 023321 ■ 023322 中证A500红利低波动 4.48 ASUUEL 利用波EIF 指数股息率 价值ETF 510030 上证180价值指数股息率 4.33 联接A 240016 联接c 022826 沪深300自由现金流 3.64 指数股息率 300现金流ETF 562080 联接A 024367 024368 3.50 5年LPR 3.00 1年LPR 个人住房公积金贷款 2.60 (5年以上) 利率 2.29 30年国债到期收益 ...

Group 1 - The core viewpoint of the articles highlights the compliance issues faced by Jiangxi Bank, which resulted in multiple penalties and a deteriorating asset quality, particularly in the real estate sector [1][2] Group 2 - In 2025, Jiangxi Bank received a total of 7 penalties, amounting to approximately 4.45 million yuan, with a significant fine of 300,000 yuan imposed on the Nanchang Bayi branch for inadequate loan management [1] - The non-performing loan (NPL) ratio for Jiangxi Bank rose to 2.36% in the first half of 2025, significantly exceeding the average level for city commercial banks, with the real estate sector's NPL rate reaching 19.07% [1] Group 3 - Despite the negative events, Jiangxi Bank's stock price on the Hong Kong market closed at 0.71 HKD on February 12, 2026, with a trading range of 2.82% for the day and a 5.97% increase over the past 60 trading days [2] - The market performance appears to diverge from the fundamentals, potentially influenced by extreme undervaluation, with a current price-to-book ratio of only 0.10 times and a dividend yield of approximately 5.86% [2] - Regional policy expectations may also play a role, as Jiangxi Province's technology loan growth rate was the highest in central China in 2025, possibly leading to improved perceptions of the local financial environment [2]

经济观察网 公司于2026年1月16日召开董事会，审议通过了变更董事会秘书及财务负责人的议案。 公司2025年第三季度财报显示营收微增，但净利润同比下降，毛利率等指标面临压力。不过，长期基本 面指标如ROIC（投入资本回报率）和股息率仍提供一定支撑。 资金面情况 近期市场交投清淡，公司资金面呈现小幅波动。 以上内容基于公开资料整理，不构成投资建议。 高管变动 此次高管变动涉及公司治理结构的调整。 业绩经营情况 ...

- The report primarily focuses on tracking and analyzing market data of major broad-based indices in the A-share market, including their performance, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net-breaking rates [1][3][4] - **Market Performance**: All broad-based indices showed positive growth on February 9, 2026, with the highest daily increase observed in the ChiNext Index (2.98%) and CSI 1000 (2.26%). Year-to-date, CSI 500 recorded the highest growth (11.33%), followed by CSI 2000 (10.07%) and CSI 1000 (8.41%) [3][12][16] - **Moving Averages**: All indices surpassed their 5-day moving averages. CSI 500 and CSI 1000 remained below their 20-day moving averages, while other indices exceeded their 10-day and 20-day moving averages [14][15] - **Turnover Rates**: CSI 2000 had the highest turnover rate (4.02%), followed by ChiNext Index (3.55%) and CSI 1000 (2.85%). The turnover rate calculation formula is: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituents} \times \text{Turnover Rate of Constituents})}{\Sigma(\text{Circulating Shares of Constituents})} $ [18] - **Risk Premiums**: Risk premiums were calculated relative to the 10-year government bond yield. CSI 500 (96.67%) and CSI All Share (96.35%) had the highest 5-year percentile values, while CSI 2000 (94.21%) and SSE 50 (92.62%) had lower values. CSI 1000 and CSI 2000 exhibited higher volatility in risk premiums [27][28][30] - **PE-TTM Analysis**: CSI 500 and CSI All Share had the highest 5-year percentile values (99.26%), indicating elevated valuations. Conversely, SSE 50 (83.8%) and ChiNext Index (64.71%) had lower percentile values. The PE-TTM formula is: $ \text{PE-TTM} = \frac{\text{Market Price}}{\text{Trailing Twelve Months Earnings}} $ [38][41][42] - **Dividend Yields**: Dividend yields were tracked to assess cash return rates. ChiNext Index (55.29%) and CSI 300 (37.02%) had the highest 5-year historical percentile values, while CSI 500 (4.46%) and CSI 2000 (0.83%) were significantly lower [47][50][52] - **Net-Breaking Rates**: Net-breaking rates reflect the proportion of stocks trading below their book value. Current rates were highest for SSE 50 (24.0%) and lowest for CSI 2000 (2.4%) [54][57][59]