证券研究报告 固收点评报告 hyzqdatemark 2026 年 02 月 24 日 25Q4 保险公司资金运用有何变化？ 投资要点： 张一帆 zhangyifan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 根据国家金融监督管理总局数据，截至 25Q4，保险公司资金运用余额共计 38.48 万亿元，较 25Q3 增长 2.71%。其中，人身险公司资金运用余额 34.66 万亿元，财 产险公司 2.42 万亿元，分别较 25Q3 增长 2.77%和 1.18%。截至 25Q4，人身险和 财产险公司银行存款投资共计 3.04 万亿元，在此两类公司合计资金运用余额中占比 8.19%；债券投资 18.70 万亿元，占比 50.43%；股票投资 3.73 万亿元，占比 10.07%； 证券投资基金 1.97 万亿元，占比 5.31%；长期股权投资 2.83 万亿元，占比 7.64%。 截至 25Q4 险资（财产险及人身险公司，下同）债券投资余额同比增长 17.43%，其 中 25Q4 单季同比少增。截至 25Q4，险资债券投资余额为 18.70 万亿元，较 24 年 末（1 ...

Core Viewpoint - FMC Corporation's stock has significantly declined following poor Q3 earnings and continued challenges in Q4, leading to a cautious outlook for investors [1][2]. Financial Performance - Q3 earnings revealed a 49% drop in sales, resulting in a loss of $4.52 per share, and a full-year revenue decline of 18% in 2025 [1][5]. - Q4 earnings missed revenue expectations, with management forecasting a further 5% decline in revenue to approximately $3.7 billion in 2026 and a 41% decline in adjusted EBITDA [2][8]. Stock Performance - Since the Q3 earnings report, FMC stock has stabilized, trading between $13 and $17, currently priced around $14.50 [3][8]. - The market capitalization of FMC is approximately $1.8 billion, with a current price-to-free cash flow ratio of 30 times, indicating a potentially expensive valuation given the debt load [8][9]. Strategic Options - FMC is exploring strategic options to maximize shareholder value, including the potential sale of the company [6]. - The company plans to raise $1 billion through asset sales and licensing agreements to reduce its debt, which currently exceeds cash by $3.5 billion [6]. Product Development - FMC is set to commercialize four new herbicides and fungicides, which may contribute to future revenue growth [7].

Core Viewpoint - Liquidity Services, Inc. (NASDAQ:LQDT) specializes in managing surplus assets for businesses and government agencies, distinguishing itself in the online auction and liquidation industry [1] Stock Performance - LQDT's stock has shown resilience despite a minor dip of approximately 0.50% over the past month, indicating potential for recovery and growth [1] - In the last 10 days, LQDT experienced a more noticeable decline of about 3.70%, which may present a buying opportunity for long-term investors [2][5] Growth Potential - LQDT has a significant growth potential of 38.67%, suggesting the stock is currently undervalued and has room for appreciation [3][5] - Analysts have set a target price of $44 for LQDT, indicating strong upside potential from current trading levels [3] Financial Health - The company has a robust Piotroski Score of 8, reflecting its financial strength based on profitability, leverage, liquidity, and operating efficiency [4][5] - A Piotroski Score of 8 suggests that LQDT is financially sound and well-positioned for future growth, making it an attractive option for long-term investors [4]

Core Viewpoint - The article discusses the upcoming 2026 Spring Conference organized by Guotai Junan Securities, focusing on macroeconomic outlooks, policy insights, and investment opportunities across various sectors, particularly in AI, real estate, and commodities. Group 1: Macroeconomic and Policy Outlook - The conference will feature speeches on China's macroeconomic and policy outlook, as well as the U.S. economic and monetary policy outlook, indicating a focus on global economic trends [2][12]. - Key discussions will include the reshaping of international order and the re-pricing of major assets, highlighting the importance of understanding macroeconomic shifts for investment strategies [5]. Group 2: AI and Technology Trends - The event will cover advancements in AI, including the development of AI memory engineering and its impact on CPU demand, suggesting a significant growth in the tech sector driven by AI applications [7][8]. - Various sessions will explore AI's penetration in marketing, gaming, and other sectors, indicating a broadening scope of AI applications and investment opportunities [8]. Group 3: Real Estate Insights - The conference will address the outlook for real estate prices in 2026, reflecting ongoing trends and potential investment opportunities in the property market [9]. - Insights into the Shenzhen real estate market will also be shared, providing localized perspectives on real estate dynamics [11]. Group 4: Investment Strategies and Opportunities - The conference will feature discussions on high-dividend stocks and technology transformation, emphasizing the search for resilient investment opportunities amid changing market conditions [11]. - There will be a focus on identifying beneficiaries of traffic redistribution and investment opportunities in the context of economic recovery and sectoral shifts [6]. Group 5: Commodity and Energy Sector Analysis - The event will include discussions on the energy sector, particularly the outlook for coal and electricity pricing, indicating a focus on commodity markets and their cyclical nature [41][42]. - Insights into the agricultural sector and potential investment opportunities will also be presented, reflecting a comprehensive approach to commodity investment strategies [36].

证券时报马年专属表情包来啦！ 乙巳将尽，丙午即至。在2026年农历马年即将到来之际，证券时报正式推出粉丝专属马年系列表情包。 该系列以活泼可爱的生肖马为核心形象，融合"马力全开""马上涨停"等富有投资文化特色的吉祥寓意， 陪你喜迎新春、旺运生财！ 财马驾到，"红"运当道，祝你股票马上涨！ 听说，见过财马的人，账户一路长"红"不停涨～ 当你见到招财小马，即刻开启 "马上涨" 的好运模式！ 剩下的交给财马，小马带你赚麻！ 跟着小马走，涨停天天有。 向"钱"看，向"厚"赚！ 因为，小马往前闯，股票天天涨！ 愿新的一年，市场稳健前行，投资者收获满满。 更多专属表情包，请戳下方二维码添加↓↓↓ 小马哒哒跑，涨停准时到！ 责编：李丹 校对：高源 版权声明 即刻领取你的年度财运表情，带走这匹携带着"马上涨"磁场的神奇财马吧~ 财马为你打开财路，时刻为你点赞哦~ 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 ...

2月11日，中富电路涨0.81%，截至发稿，报86.39元/股，成交11.18亿元，换手率6.73%，总市值165.38 亿元。中富电路股价已经连续4天上涨，区间累计涨幅18.08%。 资料显示，深圳中富电路股份有限公司位于广东省深圳市南山区蛇口招商局广场大厦6楼GH单元，成立 日期2004年3月12日，上市日期2021年8月12日，公司主营业务涉及从事印制电路板研发、生产和销售。 主营业务收入构成为：印制电路板89.34%，其他(补充)10.66%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金重仓中富电路。华夏产业升级混合A（005774）四季度持有股数37.54 万股，占基金净值比例为5.43%，位居第九大重仓股。根据测算，今日浮盈赚取约25.9万元。连续4天上 涨期间浮盈赚取496.65万元。 华夏产业升级混合A（005774）成立日期2018年8月24日，最新规模3.1 ...

Core Insights - BML Capital Management disclosed a new position in CarMax, acquiring 155,000 shares valued at approximately $5.99 million [1][2] - The new position represents 5.18% of BML Capital's reported 13F assets under management [3] Company Overview - CarMax is a retailer of used vehicles in the United States, utilizing a nationwide footprint and a multi-channel sales approach [6] - The company reported a revenue of $25.94 billion and a net income of $457.84 million [4] - As of February 2, CarMax's market capitalization was $6.58 billion, with shares priced at $44.78, reflecting a 46.84% decline over the past year [3][4] Financial Performance - CarMax's third-quarter results indicated a decline in retail used unit sales by 8% year over year and comparable sales down 9% [11] - Earnings per share fell to $0.43 from $0.81 a year earlier, with gross profit per retail unit declining to $2,235 [11] - Despite lower volumes, CarMax generated $590 million in gross profit and $174.7 million in income from CarMax Auto Finance, which grew over 9% year over year [12] Strategic Initiatives - Management is targeting at least $150 million in SG&A run-rate savings by fiscal 2027 while continuing aggressive stock buybacks, having repurchased $201.6 million of stock in the last quarter [12] - BML Capital's investment in CarMax indicates a structural choice to allocate capital to a cash-generative retailer amidst a portfolio dominated by early-stage biotech and asymmetric growth names [10]

Company Overview - Commercial Metals Company is a leading producer and recycler of steel and metal products, with a diversified presence in both domestic and international markets [5] - The company operates an integrated business model by sourcing scrap metal, producing finished and semi-finished steel products, and supplying fabricated steel and construction-related services to end markets [7] - It serves steel mills, foundries, manufacturers, distributors, construction companies, and infrastructure projects across the United States, Poland, China, and other international markets [7] Financial Performance - As of January 30, 2026, Commercial Metals Company reported a revenue of $8.01 billion and a net income of $437.66 million [4] - The company's shares were priced at $76.87, reflecting a 58.9% increase over the prior year, significantly outperforming the S&P 500 by 44 percentage points [3] - The dividend yield stands at 0.94% [4] Recent Developments - Artemis Investment Management LLP initiated a new stake in Commercial Metals Company by acquiring 1,501,906 shares during the fourth quarter of 2025, with an estimated transaction value of $103.96 million [1] - This new holding represents 1.26% of Artemis's 13F reportable assets under management after the trade [2] - Despite the stock's EV/EBITDA ratio increasing from 6 to 9, Artemis still sees potential upside in the stock, indicating confidence in the company's future performance [8]

Core Insights - A 10% owner of Under Armour purchased 2,641,105 shares for approximately $16.4 million, indicating potential confidence in the stock despite its recent performance [1][2]. Transaction Summary - The transaction involved 2,641,105 shares traded at a total value of $16.4 million, with a weighted average purchase price of $6.23 per share [2]. - Post-transaction, the insider holds a total of 65,000,000 shares indirectly, with this purchase accounting for 4.2% of their total indirect holdings [2][7]. Company Overview - Under Armour reported a trailing twelve months (TTM) revenue of $5.05 billion and a net income of -$87.65 million, indicating ongoing financial struggles [3]. - The company has 14,163 employees and has experienced a 1-year price change of -18.98% as of January 31, 2026 [3]. Company Snapshot - Under Armour is a global manufacturer of athletic apparel, footwear, and accessories, utilizing a multi-channel distribution strategy to reach consumers [4]. Current Challenges - The company has faced poor stock performance for four consecutive years, with negative net income reported in FY 2025 and continuing into FY 2026 [5]. - A legal setback occurred in January 2026 when an appeals court ruled against Under Armour regarding a $100 million Director & Officers insurance claim [6]. - The departure of the Chief Product Officer on February 2, 2026, adds to the company's executive turnover issues [6]. - A significant loss was noted when Under Armour failed to re-sign NBA star Steph Curry to a new brand deal in November 2025, highlighting ongoing challenges [8].

Core Viewpoint - Deckers has demonstrated solid growth despite skepticism from Wall Street, with significant stock performance since its IPO in 1993, showing a 9,660% increase, which is more than double that of Nike during the same period [1] Financial Performance - Deckers reported third-quarter revenue growth of 7.1% to $1.96 billion, surpassing the consensus estimate of $1.87 billion [5] - Hoka sales increased by 18.5% to $628.9 million, while Ugg sales rose by 4.9% to $1.31 billion [5] - Operating income grew by 8.3% to $614.4 million, resulting in an operating margin of 31%, and earnings per share (EPS) increased by 11% to $3.33, exceeding expectations of $2.76 [6] Market Dynamics - Deckers faced challenges from tariffs and weak consumer discretionary spending in the U.S., leading to a 46% decline in stock value over the past year [3][4] - However, the company showed improvement in both wholesale and direct-to-consumer channels, with domestic sales recovering to 2.7% growth and international sales up by 15% [7] Future Guidance - Management raised its fiscal year revenue guidance to $5.4 billion-$5.425 billion, with Hoka expected to grow by a mid-teens percentage and Ugg by a mid-single-digit percentage [8] - Projected EPS for the fiscal year is now $6.80-$6.85, up from previous guidance of $6.30-$6.39 [8] Valuation and Sentiment - Deckers' stock is currently trading at a price-to-earnings ratio of 17, which is attractive compared to the S&P 500's P/E ratio of around 28 [11] - The company has consistently beaten earnings estimates over the last four quarters, with a cumulative surprise of 26% [10] Strategic Outlook - The strong Q3 results suggest a solid outlook for fiscal 2027, with potential acceleration in growth due to the removal of a $110 million tariff headwind and successful new product launches [12]