证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-03-11 宏观策略 [Table_MacroStrategy] 宏观点评 20260310：蜜糖还是黄连："输入型涨价"能否破局低通胀 核心观点：近期国际油价上涨，为中国经济送来了短期改善物价的"蜜 糖"，但也带来了成本挤压的"黄连"苦味。我们测算，油价每上涨 10%， 国内 PPI 和 CPI 将分别被拉动约 0.42 和 0.07 个百分点，这使得 PPI 和 GDP 平减指数有望在今年一季度提前转正，初步缓解低通胀压力。然而， 输入型涨价能否像 2022 年后的日本一样，带动中国永久走出低通胀，关 键不在于外部冲击的强度，而在于能否形成内生的"工资-物价螺旋"。日 本之所以能告别长期低物价，是因为进口成本冲击恰逢其劳动力供给触 及瓶颈，迫使企业开启加薪抢人模式，从而实现了供需协同涨价。对我国 而言，关键是接下来能否启动"工资-物价螺旋"，建议重点关注服务业价 格和就业，服务业作为劳动密集型行业，劳动报酬占比显著高于工业，其 价格与工资联动性更强，更容易形成正向循环。此外，高油价的"黄连" 效应可能向中下游传导，非金属矿采、印刷、文教工美、装备 ...

Financial Data and Key Metrics Changes - IDT achieved record levels in several key consolidated financial metrics including gross profit, gross profit margin, adjusted EBITDA, adjusted EBITDA margin, and non-GAAP EPS in Q2 of fiscal year 2026 [8] - The consolidated adjusted EBITDA guidance for fiscal 2026 was raised from the range of $141-$145 million to $147-$149 million, reflecting a $5 million increase and a 12% rise compared to fiscal 2025 actuals [10][11] - The three higher margin growth segments (NRS, Fintech, and Net2Phone) contributed 53% of IDT's consolidated adjusted EBITDA less CapEx, up from 45% in the year-ago quarter [9] Business Line Data and Key Metrics Changes - NRS recurring revenue grew year-over-year, driven by significant increases in merchant services and SaaS fee revenues [4] - BOSS Money's digital channel transactions increased by 17% year-over-year, benefiting from the new federal remittance tax that accelerated customer migration to the higher margin digital channel [4][12] - Net2Phone's adjusted EBITDA grew by 37% year-over-year to $3.9 million, exceeding initial expectations [11] Market Data and Key Metrics Changes - The implementation of the federal remittance tax on January 1 led to a shift from lower margin retail transactions to higher margin digital transactions, positively impacting revenue dynamics [5][12] - The advertising and data segment experienced lower-than-expected results due to decreases in CPM rates, which pressured revenues [4] Company Strategy and Development Direction - The company is focusing on expanding its merchant services and SaaS growth while developing offerings for differentiated retailer verticals [4] - IDT is investing in AI product development, with positive customer reviews and increased spending on new offerings like Agentic AI [5] - The company plans to continue increasing shareholder returns through stock repurchases and dividend increases, with a 17% increase in the annual dividend to $0.28 per share [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing rotation towards higher margin segments and the positive outlook for the remainder of the fiscal year [9][10] - The company noted that the remittance tax has had a significant impact on the remittance industry, particularly benefiting digital channels [12] - Management acknowledged the competitive landscape but emphasized the strength of their app and customer experience as key differentiators [41][42] Other Important Information - The company repurchased $15 million in stock during the first six months of fiscal 2026, indicating a commitment to returning capital to shareholders [10] - Traditional Communications segment remains a strong cash generator, contributing $19 million in adjusted EBITDA, although it saw a decrease compared to the previous year [7][14] Q&A Session Summary Question: Will NRS monthly reports be released again? - Management indicated that the report would likely be released soon [20] Question: What caused the increase in SG&A and advertising? - Management attributed the increase to new product sales, hiring in advance of product launches, and a higher percentage of sales through resellers [21] Question: How is BOSS Money adapting to the new remittance tax? - Management noted a significant increase in digital transactions since the tax implementation and observed a migration of retail customers to digital [28][29] Question: What is the outlook for MarketSpark? - Management refrained from commenting on MarketSpark's future plans due to confidentiality [30] Question: Any updates on M&A plans? - Management stated there are no updates on M&A discussions at this time [33] Question: What are the trends in the single store operator market? - Management indicated that economic factors are more impactful than immigration policies on retailer performance [38] Question: How does BOSS Money view competition in the digital space? - Management acknowledged strong competition but emphasized their app's quality and customer experience as competitive advantages [41][42]

Financial Data and Key Metrics Changes - IDT achieved record levels in several key consolidated financial metrics, including gross profit, gross profit margin, Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP EPS [8] - The company raised its consolidated Adjusted EBITDA guidance for fiscal 2026 from the range of $141-$145 million to $147-$149 million, reflecting a $5 million increase and a 12% increase compared to fiscal 2025 actuals [10][11] Business Line Data and Key Metrics Changes - NRS recurring revenue grew year-over-year, driven by significant increases in merchant services and SaaS fee revenues [4] - BOSS Money's digital channel transactions increased by 17% year-over-year, outperforming the industry [4] - Net2Phone's Adjusted EBITDA grew by 37% year-over-year to $3.9 million, benefiting from strengthening gross margins and operating leverage [11][12] Market Data and Key Metrics Changes - The new federal remittance tax, effective January 1, has accelerated customer migration from lower-margin retail channels to higher-margin digital channels [5][12] - The impact of the remittance tax has been primarily felt on transactions originated at retailer agents rather than those initiated through digital channels [11] Company Strategy and Development Direction - The company is focusing on expanding its higher-margin growth segments, namely NRS, Fintech, and Net2Phone, while the contributions from the lower-margin Traditional Communications segment are becoming less impactful [8] - IDT is developing new AI offerings, such as Agentic AI, targeting small and medium businesses [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing rotation towards higher-margin digital transactions and the positive impacts expected from the new federal remittance tax [5][12] - The company is pleased with its financial results and is continuing to build on its momentum, with expectations for further growth in the second half of the fiscal year [14] Other Important Information - The board has increased the annual dividend by 17% to $0.28 per year, marking the second consecutive year of dividend increases [6][9] - IDT repurchased $15 million of stock in the first six months of fiscal 2026, indicating a commitment to returning capital to shareholders [9] Q&A Session Summary Question: Will the monthly report for NRS be released again? - Management indicated that the report would likely be released soon [18][19] Question: What caused the increase in SG&A and the pickup in advertising? - The increase in SG&A was attributed to new product sales, hiring in advance of product launches, and a higher percentage of sales through resellers [20] Question: What are the dynamics of the advertising market? - Management acknowledged challenges in advertising sales but expressed confidence in improving connections between data and ads to drive future sales [22][23] Question: How has the remittance tax affected BOSS Money's revenue? - The tax has led to a significant increase in digital transactions, with management noting a strong uptick in January and February following the tax implementation [27][29] Question: What is the competitive landscape for BOSS Money? - Management acknowledged strong competition but emphasized the quality of their app and customer experience as key differentiators [43][44] Question: What are the plans for MarketSpark? - Management refrained from commenting on MarketSpark's business without authorization [32][34] Question: Any updates on M&A plans? - Management stated there are no updates on M&A discussions at this time [36]

PresentationAll right. Good morning, everyone. Welcome again to the [indiscernible] talking about what you believe were the most important takeaways from the day before we get into some questions around the business.Elizabeth MannChief Financial Officer Yes. Thanks so much, Scott. And thanks, everyone, here for joining and being inside with us here on what looks to be another beautiful day in New York. Yes, we are just fresh off of our Investor Day last Thursday. If you haven't seen it yet, I encourage you ...

PROG (NYSE:PRG) 2026 Investor Day March 10, 2026 08:30 AM ET Company ParticipantsBobby Griffin - Managing DirectorBrian Garner - CFODavid Dakis - Portfolio ManagerGary Harman - VP of Investor RelationsHal Goetsch - Managing DirectorJody Putnam - Chief Revenue OfficerJohn Baugh - VP of Investor RelationsJohn Trainor - President of Four TechnologiesKyle Joseph - Managing DirectorLee Wright - President of Purchasing PowerLisa Walker - President of Jewelry ServicesNate Rowe - Chief Commercial OfficerSridhar Nal ...

1月9日，毕马威主办的"中国雄安金融科技产业促进活动——毕马威中国金融科技企业双50榜单发布 会"于雄安新区盛大启幕。会议现场揭晓了2025年度毕马威中国「金融科技企业双50榜单」，众安信 科凭借在金融行业领域的持续深耕，连续第三年成功登榜。 两大智能解决方案 赋能金融企业客户迈向AI升级 作为企业级AI解决方案提供商，众安信科致力于通过智能营销和智能运管两大解决方案， 为金融领域的企业客户提供优质的AI赋能，助力其实现业务迭代升级。 其 中 ， 智 能 营 销 解 决 方 案 围 绕 客 户 生 命 周 期 管 理 ， 整 合 了 客 户 分 群 、 策 略 制 定 、 产 品 匹 配、权益激励运营及多渠道互动等环节，形成可执行的端到端工作流程，通过数据洞察与 营销智能驱动持续运营。 智能运管解决方案为企业提供AI驱动的能力，以提高决策、业务管理、研发及风险管理的 运营效率。该方案有助于企业从人工作业过渡至由AI驱动的智能管理。这些解决方案提供 自动化工作流程执行、智能决策支持、实时监控和预测分析。 XK-Qi anAI与Qi an Ne xus AI智能体矩阵，构建跨行业AI架构 以上两大解决方案的独特优 ...

中金研究 近期美伊地缘政治冲突升级，导致霍尔木兹海峡航运受阻，在短期内将国际油价快速推高至110美元以上，较年初的水平上涨了70%（图表1）。油价的上 升不仅直接抬升CPI中能源类价格，也会通过运输和制造成本向更广泛的商品与服务价格传导。历史经验表明，油价每上涨10%，大约推升美国CPI通胀 0.25个百分点[1]。我们估计，倘若2026年全年平均油价从去年的67美元上升到80美元，或令CPI通胀全年额外上升0.5个百分点，从年度展望基准情形的 2.8%上升至3.3%；若油价上升到100美元，CPI将额外上升1.2个百分点至4.0%；若油价上升到120美元，CPI将额外上升2.0个百分点至4.8%（图表2）。 对于GDP影响方面，油价上涨10%的首年对于GDP的拖累系数大概在0.05个百分点左右[2]，我们估计倘若2026年油价平均上升到80美元，或令GDP增速从 年度展望基准情形的1.7%至1.6%；若油价上升到100美元，GDP增速或降至1.5%；若油价上升到120美元，GDP增速或降至1.3%（图表3）。值得警惕的 是，如果美伊冲突引发的油价大涨引发了广泛的金融动荡，那么高油价与金融条件被动收紧的叠加， ...

2026.03. 09 本文字数：918，阅读时长大约1分钟 同日，宁德时代 （300750） 发布了2025年度利润分配预案，公司拟向全体股东每10股派发现金 分红人民币69.57元（含税），共计派发现金分红315.32亿元（含税）。2025年度，公司不实施资 本公积金转增股本，不送红股。 公告称，公司2025年度现金分红包括年度现金分红及特别现金分红，合计派发的现金分红总额占 2025年度合并报表归属于上市公司股东的净利润的50%，旨在积极响应相关政策导向，切实回馈广 大投资者。 来源 | 证券时报综合公司公告 多只A股 上市公司 公告大手笔分红。 3月9日 ， 同花顺（300033）公告称，2025年公司实现营业收入60.29亿元，同比增长44.00%； 归属于上市公司股东的净利润32.05亿元，同比增长75.79%。 | | 2025 年末 | 2024 年末 | 本年末比上年末增减 | 2023 年末 | | --- | --- | --- | --- | --- | | 总资产 | 15,832,994,333.52 | 10,976,501,567.53 | 44.24% | 9.844.860 ...

智通财经APP获悉，周一，Klarna(KLAR.US)约3.35亿股股票将迎来解禁，标志着该公司首次公开募股 (IPO)后的禁售期正式结束。这给这家本就因短期盈利能力欠佳而承压的金融科技公司，增添了新的估 值压力。 自去年9月Klarna完成15.8亿美元的IPO以来，约有90%的公司股份一直处于禁售状态。自上市以来，该 公司股价已下跌约三分之二，估值也随之缩水至约50亿美元。截至3月7日，Klarna股价收于13.75美元， 较IPO发行价下跌66%。 贝恩资本风险投资合伙人Matt Harris表示："这些长线投资者有全新的时间考量，没人做完一笔投资， 就非要在禁售期一到期就立刻卖出。"他还补充道，大股东可通过其他独立持股平台继续持有股份。 Klarna采用多重股权结构，使得包括首席执行官Sebastian Siemiatkowski在内的部分核心股东能够保持对 公司的重大控制权。与此同时，据知情人士透露，Siemiatkowski未来将把更多时间投入美国市场。他上 周出席了摩根士丹利在旧金山举办的TMT会议，并就AI效能及公司银行业务战略等议题发表看法。 从"先买后付"到银行化转型 Klarna正积极 ...

晨会纪要 证券研究报告 2026 年 03 月 09 日 核心结论 分析师 【基金】工具型基金研究专题(一) -微盘风格：微盘风格基金研究框架及优 选 本文从四个维度——指数特征溯源、微盘标签体系设计、基金优选池构建及 投资策略研究，建立了系统化的微盘风格基金研究框架。 【电子】摩尔线程（688795.SH）首次覆盖：端云协同+开放生态，自研 MUSA 架构改写算力格局 摩尔线程是国内高端 AI 芯片领域极为稀缺的领军企业，始终专注于全功能 GPU 的自主研发与设计。其产品已应用于大模型训练推理、消费电子、云 计算等领域，服务云计算数据中心、智算中心建设等多个关键行业。受益于 GPU 国产化率提高，我们预测 25/26/27 年实现营业收入 15.08/27.58/46.90 亿元，首次覆盖，给予"增持"评级。 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 4,124.19 | 0.38 | | 深证成指 | 14,172.63 | 0.59 | | 沪深 300 | 4,660.44 | 0.27 | | 上证 180 | 10,264.50 | 0. ...