来源：观点地产网 观点网 香港报道：3月2日，美银证券研究报告指，认为新世界发展截至去年12月底止2026上半财年业 绩大致上无惊喜，维持对该股"跑输大市"评级，因该股目前交易价格较美银证券的重估净资产(RNAV) 折让仅10%，且没有任何股息。相信目前股价已反映市场对第三方投资者潜在投资的预期。即使投资最 终落实，认为潜在新股及/或认股权证发行也会带来被低估的稀释风险。管理层提到，会考虑所有资本 市场的选项。 根据集团最新业绩，其2026年度上半年净亏损37.3亿港元，较2025年度上半年66.3亿港元亏损有所收 窄，但较美银证券预期2亿港元亏损差距庞大。该行表示，虽然新世界确拥有可观的短期可售资源(如大 围柏傲庄三期料可套现约65亿港元)，但该行信贷研究分析师Sirius Chan的基本情境仍是：集团会在 2026年下半年进行另一轮债务置换。 美银证券予集团目标价4.8港元，基于较资产净值折让60%计算，折让幅度较2018年以来的平均折让幅 度高出0.5个标准偏差，以反映公司因高杠杆而面对银行融资渠道的不确定性。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

资讯早班车-2026-03-02 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-02-14 | 2026/01 | 社会融资规模:当月值 | 亿元 | 72208 | 8178 | 70546 | | 2026-02-13 | 2026/01 | M0:同比 | % | 2.7 | 10.6 | 17.2 | | 2026-02-13 | 2026/01 | M1:同比 | % | 4.9 | 6.2 | 0.4 | | 2026-02-13 | 2026/01 | M2 ...

3月2日，万科A盘中下跌2.07%，截至10:13，报4.74元/股，成交3.06亿元，换手率0.66%，总市值565.52 亿元。 机构持仓方面，截止2025年9月30日，万科A十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股1.72亿股，相比上期增加1708.68万股。中国证券金融股份有限公司位居第六大流通股东，持 股1.33亿股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持股1.16亿 股，相比上期减少591.63万股。南方中证房地产ETF发起联接A（004642）位居第八大流通股东，持股 8602.90万股，相比上期减少83.09万股。易方达沪深300ETF（510310）位居第九大流通股东，持股 8377.54万股，相比上期减少266.46万股。华夏沪深300ETF（510330）位居第十大流通股东，持股 6251.58万股，相比上期减少87.23万股。 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@staf ...

2026 年 3 月 2 日 星期一 宏观动态： 人民币兑美元汇率收报 6.8559，跌 162 点子。2 月官方收市价升 1.35%，创 1 年半以来最大单月升幅。人民银行宣布下 调远期售汇风险准备金率，并加强对单边预期管理，预计可纾缓人民币升势。市场相信在中美元首 3 月底会面前，人民 币仍偏向上行，后市或逐渐升至近 6.8 兑 1 美元关口。 行业动态： 汽车板块：MSCI 中国指数在周五收盘后更换成分股，汽车板块的小马智行（2026 HK）和禾赛（2525 HK）被纳入。早前 数据显示，小马智行在马年春节期间(2 月 15 日至 23 日)，实现北上广深运营数据节节攀升。其中深圳增长尤为迅猛： 截至 2 月 16 日，小马智行 2026 年在深圳完成的付费订单数已超过 2025 年深圳全年付费订单总数；在此基础上，春节假 期期间每日付费订单数屡创新高。周五小马智行和禾赛尾盘拉升，分别上升 10%和 4.4%。 医药：恒生医疗保健指数周五反弹 1.7%，CXO 板块普涨。药明合联（2268 HK）宣布与 Earendil Labs 就药明合联自主研 发的 WuXiTecan-2 载荷连接子技术授权达成战 ...

更多政策解读、城市月报、房企研究报告...... 中指云 就在 N 中指 · 政策要闻｜三部委发文，明确新 建住宅项目要配建养老服务设施（1. 26- 2. 1) 政策要闻丨三部委发文，明确新建住宅项目要配建养老服务设施（1.26-2.1) 摘要:自然资源部 民政部 国家卫生健康委发文明确新建住宅项目要配建养老服务设施; 国务院办公厅发文,鼓励地方盘活存量房屋支持旅居服务;据报道,房企"三条红线"不 再每月上报。广东、吉林、山东等多省市跟进下调商业用房贷款首付比例;山东、南京出 台城市更新配套政策;天津、南京等多地优化公积金贷款政策。 1. 中央:三部委发文,支持养老服务改革发展 要闻一:三部委发文明确新建住宅项目要配建养老服务设施 1月27日，自然资源部 民政部 国家卫生健康委印发《关于深化自然资源要素保障支 持养老服务改革发展的若干措施》。《措施》中明确"鼓励"住宅+养老"'商服+养 老''医疗+养老'土地混合开发和空间复合利用,允许非独立占地养老服务设施与其他 建筑兼容建设,减少单独占地成本。新建城区、居住（小）区、新建住宅项目要按照规划 标准要求同步配套养老服务设施。"一"在符合安全、健康、环保要求的 ...

Report Summary 1. Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints On February 25, affected by the tax period and month - end factors, the capital market showed a tight balance, the bond market fluctuated and adjusted, the main indices of the convertible bond market showed mixed performance, individual convertible bonds were evenly split between gains and losses, yields of US Treasury bonds across various maturities generally increased, and the yields of 10 - year government bonds of major European economies showed divergent trends [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with German Chancellor Merz, emphasizing the importance of Sino - German relations [3] - The central parity rate of the RMB against the US dollar rose 93 basis points, and the on - shore RMB against the US dollar closed 177 basis points higher [3] - Shanghai issued the "Seven Measures for the Property Market", further reducing housing purchase restrictions [4] - Hong Kong's Financial Secretary Paul Chan announced the 2026/27 budget, stating Hong Kong's plans to cooperate with the mainland on financial development [4] 3.1.2 International News - The US Trade Representative said the "global import tariff" rate on some countries might rise from 10% to 15% or higher [5] 3.1.3 Commodities - WTI April crude oil futures fell 0.32%, Brent April crude oil futures rose 0.11%, spot gold rose 0.52%, and a technical glitch at CME interrupted natural gas and metal futures trading [6] 3.2 Capital Market 3.2.1 Open - Market Operations On February 25, the central bank conducted 409.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 9.5 billion yuan after 400 billion yuan of reverse repurchases matured [8] 3.2.2 Capital Interest Rates Affected by the tax period and month - end factors, the capital market was in a tight balance. DR001 rose 1.66bp to 1.384%, and DR007 rose 4.79bp to 1.507%. Other interest rates also showed various changes [9][10] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Due to the stock market rise and rumors about Shanghai's real estate, the bond market fluctuated and adjusted. The yield of the 10 - year Treasury bond active bond 250022 rose 1.40bp, and the yield of the 10 - year CDB bond active bond 250220 rose 1.35bp [12] - Multiple bonds were issued, with details such as issue scale, winning bid yield, and multiples provided [13] 3.3.2 Credit Bonds - Five industrial bonds had a trading price deviation of over 10%, with some falling and one rising significantly [13] - Multiple credit - related events occurred, such as debt transfer, extension of consent solicitation period, and being listed as a dishonest被执行人 [16] 3.3.3 Convertible Bonds - The A - share market rose, and the convertible bond market fluctuated narrowly. The CSI Convertible Bond Index and Shenzhen Convertible Bond Index rose, while the Shanghai Convertible Bond Index fell slightly. Individual convertible bonds were evenly split between gains and losses [17] - Some convertible bonds had significant price changes, and there were events such as new listings, proposed downward adjustment of the conversion price, and early redemption announcements [21] 3.3.4 Overseas Bond Markets - In the US bond market, except for the 5 - year Treasury bond yield remaining unchanged, yields of other maturities generally rose. The yield spreads of some maturities narrowed, and the break - even inflation rate of 10 - year TIPS rose [22][23][24] - In the European bond market, the yields of 10 - year government bonds of major European economies showed divergent trends [25] - The daily price changes of Chinese - funded US dollar bonds were provided, with some rising and some falling [27]

期货交易咨询业务资格：证监许可【2011】1285号 华联期货宏观月报 人民币兑美元汇率创新高 上海公布楼市新政 20260301 作者：石舒宇 0769-22116880 从业资格号：F03117664 交易咨询号：Z0022772 审核：黎照锋，从业资格号：F0210135,交易咨询号：Z0000088 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 • 春节假期过后，外汇市场迎来显著波动，美元指数持续承压下行，人民币对美元汇率延续2025年12月以来的偏强走势，呈 现单边拉升态势。2月26日上午，人民币汇率迎来直线上涨，离岸、在岸 ...

更多政策解读、城市月报、房企研究报告 ..... 中指云 就在 Q 房地产企业经营观察月报-2026年1月 RE RELL t 2 中指研究院 | 房地产企业经营观察月报 | 2026年第2期 房地产企业经营观察月报 本期要点 一、销售监测：TOP100 房企销售总额同比下降 18.9%，相比去年全年的降幅 基本持平 二、拿地跟踪: 拿地总额同比下降 52.1%，高基数下拿地规模下滑 三、融资分析:1月债券融资总额同比下降,新希望、瑞安等民企发行债券 四、资本市场：华南城披露境外债务整体重组方案，景瑞控股停牌，外媒报道万 科正在应相关部门要求尽快提交重组方案 五、专题研究：2025 年中国房地产企业交付规模排行榜 中指研究院 中指研究院 | 房地产企业经营观察月报 | 2026年第2期 一、销售监测:TOP100 房企销售总额同比下降 18.9%，相比去年全 年的降幅基本持平 1.TOP100 房企销售: TOP100 房企销售额 1 月同比下降 18.9%, 相比去年 全年的降幅基本持平 2026 年 1 月 , TOP100 房企销售总额为 1905.2 亿元, 同比下降 18.9%, 相 比去年全年的降 ...

Core Insights - The report emphasizes the potential for investment opportunities in commodities driven by geopolitical tensions, particularly in the Middle East, which may lead to rising prices for oil and precious metals in 2026 [2][5][6] - The A-share market is expected to experience short-term volatility due to geopolitical factors, but will likely refocus on domestic fundamentals and policy expectations in the medium term [3][15] - The report highlights a significant investment in AI applications by major domestic internet companies, indicating a competitive landscape focused on user habit formation and commercial viability [9][12] Market Overview - The report lists a "March Gold Stock Portfolio" featuring companies such as Poly Real Estate Group, CITIC Hanzhong, and Mindray Medical, indicating a focus on sectors like real estate, transportation, and healthcare [1][7] - The A-share market indices showed mixed performance, with the Shanghai Composite Index closing at 4162.88, up 0.39%, while the Shenzhen Component Index fell by 0.06% [1] - The report notes that the steel industry performed well, with a 3.37% increase, while sectors like construction materials and telecommunications saw declines [1] Commodity Insights - The report anticipates that geopolitical events will significantly impact oil and certain petrochemical product prices, with a focus on the implications of the closure of the Strait of Hormuz [5][29] - It is projected that Brent crude oil prices could exceed $80 per barrel due to potential supply disruptions from Iran, with historical comparisons to the 2022 Ukraine conflict [5][29] - The chemical industry is advised to focus on low-valuation leading companies and sectors benefiting from price increases under the "anti-involution" policy [28][33] AI Industry Developments - Major domestic internet companies invested over 4.5 billion yuan in promoting AI applications during the Spring Festival, marking a shift towards practical applications and user engagement [9][12] - The report highlights the rapid evolution of domestic AI models, with significant advancements in performance and market application, indicating a dual development path towards general models and vertical industry applications [10][12] - Concerns about AI replacing human jobs are noted, but the report emphasizes that current AI capabilities are more about enhancement rather than replacement [11][12] Investment Recommendations - The report suggests focusing on companies in the AI sector and those involved in the development of general models and industry-specific AI agents, such as MINIMAX-WP and iFLYTEK [13][12] - It also recommends monitoring traditional chemical leaders that are adapting to new materials and benefiting from improving industry conditions [33]

Core Insights - The report highlights a downward adjustment of the foreign exchange risk reserve ratio for forward foreign exchange sales to 0%, effective from March 2, 2026, aimed at promoting foreign exchange market development and supporting enterprises in managing exchange rate risks [4] - The report indicates a stable and slightly easing liquidity in the financial market, with major repo rates continuing to decline, leading to a recovery in the bond market [1][11] - The report notes that the U.S. core PPI rose by 3.6% year-on-year in January, which may complicate future monetary policy decisions by the Federal Reserve [6] Domestic News - The Central Political Bureau of the Communist Party of China held a meeting to discuss the 14th Five-Year Plan and emphasized the need for a more proactive fiscal policy and moderately loose monetary policy [3] - The China Securities Regulatory Commission (CSRC) announced the implementation of the Private Investment Fund Information Disclosure Supervision and Management Measures starting September 1, 2026, aimed at enhancing transparency in private fund operations [5] International News - The U.S. PPI data for January showed a year-on-year increase of 2.9%, exceeding expectations, which may lead to upward pressure on the core personal consumption expenditures (PCE) price index [6] - The report mentions a general decline in the yields of 10-year government bonds across major European economies, indicating a shift in market sentiment [24] Market Dynamics - The bond market showed signs of recovery on February 27, with the yield on the 10-year government bond falling by 1.10 basis points to 1.8020% [14] - The report notes significant price deviations in the secondary market for credit bonds, with some experiencing drastic declines [16] - The convertible bond market saw a collective decline in major indices, with a trading volume of 765.99 billion yuan, indicating a bearish sentiment [18] Overseas Bond Market - The U.S. Treasury yields fell across various maturities, with the 10-year yield down to 4.02%, driven by increased demand for safe-haven assets amid geopolitical tensions [21] - The report highlights a decline in the yields of 10-year government bonds in major European economies, reflecting a broader trend of easing yields [24]