2月8日，泰国举行全国大选，将选举产生500名国会下议院议员。 我们认为尽管短期内政策框架可能调整、市场或出现波动，但大选亦有望成为经济复苏 的催化剂。 泰国2026年大选或将成为政治格局重构的转折点 点击小程序查看报告原文 2023至2026年间，泰国政局经历频繁更迭，三年内先后有三任总理执政。2024年8月，赛塔·他威信（Srettha Thavisin）因内阁任命争议被宪法法院罢免。 继任者佩通坦·钦那瓦（Paetongtarn Shinawatra）执政约一年后，于2025年8月被解除总理职务。同年9月，自豪泰党领袖阿努廷·参威拉军（Anutin Charnvirakul）在与人民党达成联合执政协议后就任总理。为履行此前为争取支持而作出的承诺，阿努廷于2025年12月宣布解散下议院，提前举行大选。 根据2017年宪法，这是首次由民选议员完全主导总理人选与政府组建的选举，军方任命的参议员不再参与总理投票。本次大选同步举行了关于是否修改 2017年宪法的全民公投。截至2月9日中午的初步民调显示，约59.8%的选民支持修宪[1]。 初步计票显示自豪泰党大幅领先 根据选举委员会截至2月9日中午的统计（计票率约 ...

NYSE-listed stocks largely led the upside during a mixed Tuesday session for the stock market. Building stocks shined. ...

Core Viewpoint - The company has released its operational performance summary for January 2026, providing key metrics for investors to review [2]. Group 1 - The company emphasizes that the data presented may differ from those in regular reports due to various uncertainties, and the figures are considered preliminary and for reference only [3]. - The board of directors assures that the announcement does not contain any false records, misleading statements, or significant omissions, and they bear legal responsibility for the content's authenticity, accuracy, and completeness [1]. - The announcement was made by the board of directors on February 10, 2026 [4].

重要程度：★★★★★ 央行发布2025年第四季度中国货币政策执行报告。报告指出，继续实施好适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策的重要考 量，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时机。 灵活高效运用降准降息等多种政策工具，保持流动性充裕和社会融资条件相对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量 增长同经济增长、价格总水平预期目标相匹配。 2、五部门重磅发布，低空经济迎利好!绩优低估值潜力股揭秘 重要程度：★★★★ 工业和信息化部等五部门办公厅(秘书局、综合局、综合司)发布《关于加强信息通信业能力建设 支撑低空基础设施发展的实施意见》，其中提到，持续提升 信息通信业技术基础能力、产业供给能力、网络支撑能力和安全保障能力，有序推进低空场景通信网络建设，丰富拓展感知技术手段，辅助提升导航定位精 度，支撑建设低空智能网联系统，为低空经济发展提供坚实基础。 西南证券认为，国家"十五五"规划建议加快航空航天、低空经济产业发展。国家战略聚焦低空经济新赛道，各地相继出台低空经济发展纲领性政策，国资央 企密集成立低空经济公司。从应用场景来看 ...

Financial Data and Key Metrics Changes - The company reported full-year organic sales growth of 2%, operating EBITDA growth of 6%, and adjusted EPS of $1.68 per share, up 16% year-over-year [5][6][12] - Free cash flow generation was strong, with expectations for solid free cash flow conversion of greater than 90% in 2026 [12][21] Business Line Data and Key Metrics Changes - Healthcare and Water technologies saw fourth-quarter net sales of $821 million, up 4% year-over-year, driven by 3% organic growth [17] - Diversified Industrials reported fourth-quarter net sales of $872 million, a 3% decline year-over-year, with a 4% organic decline [18] - Organic sales for Healthcare and Water technologies grew 5% in the second half of 2025, while Diversified Industrials experienced a 1% decline [16] Market Data and Key Metrics Changes - Organic growth in Europe was up 2% year-over-year, while Asia-Pacific saw a 2% decline [16] - The company expects mid-single-digit growth in Healthcare and Water technologies for 2026, while Diversified Industrials is expected to grow in the low single digits [22] Company Strategy and Development Direction - The company aims to drive above-market organic growth and build a robust business system while maintaining a balanced capital allocation model [8][11] - The strategic priorities for 2026 include enhancing core values, focusing on growth, and continuing operational excellence [7][9] Management's Comments on Operating Environment and Future Outlook - Management noted a mixed macro environment, with expectations for mid-single-digit growth in Healthcare and Water technologies, while automotive demand is expected to be flat [12][13] - The company is seeing improving order trends in its Industrial Technologies business, indicating market stabilization [14] Other Important Information - The company completed the separation of Qnity Electronics and is focused on operational and portfolio transformation [6][7] - A $2 billion share repurchase authorization was announced, with $500 million executed in the fourth quarter of 2025 [11][50] Q&A Session Summary Question: Insights on industrial orders and channel inventories - Management indicated that industrial orders are picking up, particularly in aerospace, with low double-digit improvements expected [30][32] Question: Pricing and inflation outlook - The company does not expect significant headwinds from inflation and anticipates improvements in gross margins due to productivity initiatives [33] Question: Shelter business outlook - The Shelter business is expected to start slightly down in 2026 but improve throughout the year, aiming for flat performance overall [40] Question: Vitality Index and product innovations - The Vitality Index remains strong at about 30%, with new products contributing positively to both top-line growth and margins [42][44] Question: Margin improvements in diversified segments - Margin expansion in Diversified Industrials was attributed to favorable mix and productivity gains, with benefits from ongoing initiatives expected in the future [56] Question: M&A opportunities - The company is actively scouting M&A opportunities, particularly in the healthcare sector, to enhance its portfolio [106] Question: Water business growth in China - Slower growth in China is attributed to reduced industrial production, but the company expects to ramp up to mid-single-digit growth by the end of the year [68] Question: U.S. construction outlook - The outlook for U.S. construction is flat, with low single-digit growth expected in non-residential and repair and remodel sectors, offset by declines in residential [99]

作者|娅沁 声明|题图来源于网络。惊蛰研究所原创文章，如需转载请留言申请开白。 "我们两年没办年会了，团建也没了。"提到年会的缺席，建筑行业HR刘芳（化名）的情绪并没有任何波澜。过去两年，她所在的公司经历了人力大幅缩 减，从过去的两百多人到如今只剩下六十人，并且"春节前还会再减"。刘芳说："公司能存活下来，按时发工资就很好了。" 近几年，不少企业开启了"年会改革"，曾经雷打不动的年终仪式悄然退场或大幅缩水。当人们谈论它的变化时，语气里没有愤怒，甚至鲜有怀念，只有一 种近乎"麻木"的平静。这份平静背后，是一个正在压倒一切的共识——活下去。 一场集体仪式的"退化" 年会曾经是集体归属感的象征。上世纪八九十年代，由单位组织的联欢会可以说是年会的雏形：工厂礼堂作为年会场地、员工自发排练节目、单位负责采 购瓜子糖果，而举办这场联欢会的核心目的是营造集体归属感。 进入二十一世纪，随着市场化改革深入和经济增长加速，年会迅速演变为企业实力的展示窗口，活动规模和预算不断攀升。然而近年来，受多方因素影 响，年会在许多行业中逐渐收缩，甚至消失了。 "从2020年至今，我们公司已经不开庆祝色彩的年会了。"从事电力相关软件工作的江朗（ ...

西藏天路公告称，公司承建林芝天路企业管理交流中心项目，已完成竣工验收但未收回费用1.48亿元。 经协商，厦门东翔以林芝毛纺厂的酒店房产及相关权益，作价1.29亿元等额抵偿对应债务，剩余1452.41 万元未抵偿金额，厦门东翔出具还款计划，拟于2026年底前分批支付。此外，林芝毛纺厂等同意支付项 目逾期资金利息1541.09万元。公司将督促还款及资产过户，维护股东利益。 ...

Group 1 - ST京蓝 may apply for suspension of trading if stock price continues to rise abnormally [1] - ST * 4 is under investigation by the CSRC for suspected information disclosure violations [1] - Alliance Material plans to invest in a project to produce 30,000 tons of lithium-ion battery cathode materials annually [1] - Jin Tanglang has won a contract for a project worth 242 million yuan [1] - Zhongmin Energy intends to acquire a 51% stake in Mintou Pumped Storage for 864 million yuan [1] - Weimais expects a net profit of 557 million yuan for 2025, a year-on-year increase of 39.22% [1] - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan [1] - Tengya Precision plans to reduce its stake by up to 2.68% [1] - Optoelectronics intends to issue convertible bonds not exceeding 1.38 billion yuan [1] - Zhiguang Electric has received customer orders worth 1.004 billion yuan [1] Group 2 - Borui Communication plans to acquire a 9% stake in its subsidiary Hongxing Education [2] - Changchuan Technology's actual controller plans to reduce its stake by up to 1.1128% [2] - Optoelectronics plans to issue convertible bonds to raise no more than 1.38 billion yuan for AI intelligent vision solution R&D [2] - Zhiguang Electric has secured customer orders worth 1.004 billion yuan [2] - Xiamen Tungsten plans to acquire a 39% stake in Jiujiang Dadi [2] - Fangda Carbon plans to acquire 100% of Tongda Huanyu for 319 million yuan [2] - Eastern Airlines Logistics intends to acquire a 49% stake in Eastern Airlines Supply Chain for 200 million yuan [2] - Jinhui Co. plans to acquire 100% of Fusheng Mining for 210 million yuan [2] - Zhongmin Energy intends to acquire a 51% stake in Mintou Pumped Storage for 864 million yuan [2] - Yunyi Electric plans to repurchase shares worth 100 million to 150 million yuan [2] - Gaoweida plans to repurchase shares worth 30 million to 35 million yuan [2] - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan [2] - Tiankang Biological plans to repurchase shares worth 100 million to 200 million yuan [2] - Dianzhu Technology plans to repurchase shares worth 100 million to 200 million yuan [2] - Tengya Precision plans to reduce its stake by up to 2.68% [2] - Bowei Alloy plans to increase its stake by 100 million to 150 million yuan [2]

美国学生当中，"非大学化"正逐渐流行。 越来越多的美国学生开始考虑四年制本科学位之外的教育选择，诸如，两年制项目甚至更短期的职业证 书。 大学学费不断上涨及随之而来的学生贷款债务是推动这一趋势的重要因素。此外，根据特朗普提出 的"大而美法案"，2026年新的借贷上限也将影响学生决策。 与此同时，为在当前逐渐放缓的劳动力市场中站稳脚跟，学生们更加关注职业培训和以就业为导向的路 径，也导致"非大学化"的倾向日趋明显。 "总体入学人数略有上升，但真正的趋势是各教育类型之间的转移，"美国国家学生信息中心高级研究总 监马修·霍尔萨普尔（Matthew Holsapple）表示，"社区学院和公立大学正在扩张，而私立高校在下滑。 这与近年来广泛增长的态势明显不同。" 美国社区学院协会（American Association of Community Colleges）主席兼首席执行官德里翁·波拉德 （DeRionne Pollard）表示，两年制学位、职业项目或其他认证项目的优势在经济不确定环境中更为显 著。 目前，应届毕业生的就业市场正面临多年来最为动荡的局面。人工智能（AI）的兴起重塑劳动力市 场，导致入门级岗位减少 ...

2月9日的东京股市，日经平均股指大幅续涨，收盘较上周末上涨2110点（3.89%），报56363点，刷新 历史最高纪录。涨幅一度超过3000点，盘中还有站上57000点区间的时刻。日本2月8日进行投计票的众 议院选举中，自民党取得压倒性胜利。二战后首次出现单一政党单独确保三分之二议席的情况，政权基 础牢不可破，市场对政策执行力的期待推动资金流入股市。此前因不确定性而观望的海外资金也开始买 入，为行情增添动能。 "也有交易系统一度变慢的情况，可见投资者关注度之高"，SBI证券执行董事土居雅绍如此表示。自民 党胜选幅度超出市场预期，日本股市从开盘起便涌现集中买盘。 日经平均股指大幅续涨，收盘较上周末上涨2110点（3.89%），报56363点，创新高。在8日的众议院选 举中，自民党取得压倒性胜利，高市政权基础牢不可破，市场对政策执行力的期待推动资金流入股 市…… 创上市以来新高的个股接连出现。丰田汽车股价一度上涨5.82%，约两年来首次刷新最高价；川崎重工 业一度上涨17.95%，时隔三周再创历史新高；三菱UFJ金融集团也一度刷新三周来高点。大成建设一度 上涨7.93%，建筑类股票的强势同样引人注目。 市场关注点 ...