铜产业链周度报告 国泰君安期货研究所·季先飞·首席分析师/有色及贵金属 组联席行政负责人 投资咨询从业资格号：Z0012691 日期：2026年03月01日 Special report on Guotai Junan Futures 1 Guotai Junan Futures all rights reserved, please do not reprint 铜：弱现实但强预期，叠加地缘政治扰动，阶段提升市场风险情绪 强弱分析：震荡偏强，价格区间：100000-120000元/吨 国内铜社会库存持续增加 铜精矿加工费持续弱势 0 10 20 30 40 50 60 01-02 01-13 01-23 02-03 02-17 02-28 03-12 03-24 04-06 04-17 04-29 05-14 05-26 06-06 06-18 06-30 07-11 07-23 08-04 08-15 08-27 09-08 09-19 10-07 10-18 10-30 11-11 11-22 12-04 12-16 12-27 万吨 国内铜社会总库存 2021 2022 2023 2024 2025 ...

证券研究报告 关注 3 月利差压降的结构性机会 ——信用分析周报（2026/2/24-2026/2/27） 投资要点： 本周信用热点事件：（1）中国人民银行等四部门联合发文助力乡村振兴；（2）香 港特区政府财政司司长提出完善离岸人民币债券市场等几点举措。 固收定期报告 hyzqdatemark 2026 年 03 月 01 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 联系人 本周市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所减少；资 产支持证券净融资额环比上周减少 708 亿元。 2）二级市场：本周信用债成交量环比上周减少 4801 亿元；换手率方面，本周信用 债换手率较上周整体下行。本周不同评级不同期限的信用债收益率较上周有不超过 5BP 的波动。总体来看，本周 AA+休闲服务行业信用利差较上周大幅走扩，AA 采掘、 AA+商业贸易、纺织服装行业信用利差较上周大幅压缩，其余不同行业不同评级的 信用 ...

When I last checked on Gucci owner Kering ( PPRUY )( PPRUF ) in January 2025, the stock's prospects were muted at best. However, since then, it's up by 43%, even with a 4.6% YTD drop in price. The stock isManika is a macroeconomist with over 20 years of experience in industries including investment management, stock broking, investment banking. She also runs the profile Long Term Tips [LTT], which focuses on the generational opportunity in the green economy. Her investing group, Green Growth Giants, takes t ...

The complexity of human-made markings remained roughly unchanged for thousands of years. Then, in the space of a few centuries, the first true writing system emerged, a new study shows https://t.co/SvRFDJNw1r ...

Group 1 - Kering, the owner of Gucci, has seen its stock price increase by 43% since January 2025, despite a year-to-date drop of 4.6% [1] - The stock's prospects were previously considered muted, indicating a significant turnaround in market sentiment [1] Group 2 - Manika, a macroeconomist with over 20 years of experience, focuses on investment opportunities in the green economy through her profile Long Term Tips [1] - Her investing group, Green Growth Giants, delves deeper into opportunities within the green economy segment [1]

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 中东风险升温，贵金属、战略金属价值再重估 报告要点 [Table_Summary] 本周随中东局势骤然恶化，避险情绪回升，周内金价震荡上行突破 5200 美元/盎司。2 月下旬， 以色列对德黑兰的预防性打击打破了市场的脆弱平衡。尽管美伊在日内瓦的核谈判据称有所进 展，但实际军事行动的升级直接导致了月末的"避险潮"。当前三重维度下，重视贵金属板块的 弹性。国内刺激政策，海外中东风险，推涨工业金属。商品端，短期中东风险升温，催化铜铝 涨价，中长期经济底部与逆全球化促进供需结构优化，弹性可期。权益端，重视板块节后机会。 碳酸锂供给扰动也现，重视权益第二轮行情。全面重视战略金属配置价值。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490 ...

瑞幸咖啡 2025Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | [当前价格 Table_CurPrice] (美元)： | 38.26 | 本报告导读： 公司聚焦增长、持续关注份额，利润率短期波动，不改长期价值。 投资要点： 股票研究 /[Table_Date] 2026.03.01 Q4 同店环比降速，持续推进规模增长 瑞幸咖啡(LKNCY.OO) 风险提示：开店不及预期，同店下滑明显，消费需求疲软。 | 财务摘要(百万人民币) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | -- ...

第 1 頁 共 10 頁 v 1.2.0 本月底法定/註冊股本總額： RMB 30,886,000 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 198,860,000 RMB | | 0.1 | RMB | | 19,886,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 198,860,000 RMB | | 0.1 | RMB | | 19,886,000 | | 證券代號 (如上市) | 08286 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份 ...

Geopolitical Developments - The U.S. and Israel conducted a joint military strike on Iran, leading to increased geopolitical uncertainty for investors [1] - Iran retaliated with attacks on Israel and Gulf nations, which may impact market sentiment in the coming days [1] Labor Market Insights - The jobs report for February is anticipated after strong job gains in January, where U.S. employers added 130,000 jobs, exceeding economists' forecasts [1] - The report also included downward revisions to previous months' job data, indicating weaker hiring in 2025 [1] - Investors are also looking forward to the private-sector ADP jobs report scheduled for release on Wednesday [1] Economic Data Releases - Retail sales data for January is expected this week, following a stall in December, attributed to weak labor market growth [1] - The Federal Reserve's Beige Book will provide insights into economic conditions ahead of the central bank's meeting on March 17-18 [1] Corporate Earnings Reports - Apple is set to launch new products, including the iPhone 17 and a lower-cost MacBook, starting Monday [1] - Broadcom is scheduled to release its quarterly results, with projections of doubling AI-related revenue [1] - CrowdStrike, Marvell Technology, and several prominent retailers like Target and Costco are also reporting earnings this week [1] Key Events Calendar - March 2: Apple product launches and earnings from EchoStar and MongoDB [1] - March 3: Earnings from CrowdStrike, Target, and Best Buy, along with Federal Reserve officials speaking [1] - March 4: Earnings from Broadcom and Veeva Systems, along with key economic data releases [1] - March 5: Earnings from Costco and Marvell Technology, with additional economic data [1] - March 6: Earnings from Genesco and the U.S. employment report for February [1]

证券研究报告 | 2026年03月01日 转债市场周报 转债分歧加剧，预计资产夏普下降 核心观点 固定收益周报 上周市场焦点（2 月 24 日-2 月 27 日） 股市方面，节后市场呈现回暖态势，主要指数震荡上行，成交额稳步放 大至 2.5 万亿左右，市场情绪整体偏积极；在供需格局及政策推动的影 响下，上游资源品成为行情主线，有色金属、油气、化工、煤炭等板块 轮番表现，而影视娱乐、AI 应用调整下传媒板块调整幅度较大。 债市方面，周初在上海地产新政超预期落地、股商联动走强等因素压制 下，债市连续调整；周五资金面转松叠加政治局会议基调平稳，市场情 绪逐步企稳，各期限收益率小幅下行，全周呈现调整中渐趋稳定的格局。 周五 10 年期国债利率收于 1.7877%，较节前最后交易日下行 0.51bp。 转债市场方面，上周转债个券跌多涨少，中证转债指数全周-0.23%，价 格中位数+1.22%，我们计算的算术平均平价全周+3.46%，全市场转股溢 价率与前周相比-4.65%。个券层面，优彩（涤纶短纤维）、双良（太空 光伏）、广联（商业航天）、大中（锂矿）、冠中（环保）转债涨幅靠 前；汇成（先进封装）、微导（半导体设备）、 ...