据中指研究院数据统计，2025年房企境外债发行规模仅为161.45亿元人民币，占总融资规模的2.7%，发 行主体以华润、越秀等央国企为主，民营房企境外融资依旧承压。 在此背景下，新城作为少数成功发行美元债的民营房企，且接连实现三笔境外债的顺利发行，不仅印证 了国际资本市场对企业经营基本面、抗风险能力及长期发展价值的高度认可，更标志着公司境外融资渠 道持续畅通、融资能力稳步提升，为企业穿越行业周期、实现稳健高质量发展筑牢坚实的资金保障。 中信建投在近期研报中指出，新城控股持有的运营收入稳步提升，多层级REITS战略首单落地，公司向 资产运营深化转型取得了实质性突破，因此预测2025—2027年EPS分别为0.42元、0.52元、0.63元，维持 买入评级和21.82元的目标价不变。 （文章来源：中国经营报） 《中国经营报》记者了解到，2月26日，新城控股（601155.SH）母公司新城发展（01030.HK）宣布， 子公司新城环球有限公司成功发行3.55亿美元的优先担保票据，发行期限3年。 据悉，此次新城发行债券在花旗集团与海通国际的联席主导下，获得了国际投资者的积极认购，彰显了 资本市场对新城稳健经营及未来发 ...

据中指研究院数据统计，2025年房企海外债发行规模仅为161.45亿元人民币，占总融资规模的2.7%，发 行主体以华润、越秀等央国企为主，民营房企境外融资依旧承压。 在此背景下，新城作为少数成功发行美元债的民营房企，且接连实现三笔境外债的顺利发行，不仅充分 印证了国际资本市场对企业经营基本面、抗风险能力及长期发展价值的高度认可，更标志着公司境外融 资渠道持续畅通、融资能力稳步提升，为企业穿越行业周期、实现稳健高质量发展筑牢坚实的资金保 障。 中信建投在近期研报中指出，新城控股持有运营收入稳步提升，多层级REITS战略首单落地，公司向资 产运营深化转型取得了实质性突破。为此，预测2025-2027年公司EPS分别为0.42/0.52/0.63元，维持买入 评级和21.82元的目标价不变。 2月26日，新城控股（601155.SH）母公司新城发展（01030.HK）宣布，子公司新城环球有限公司成功 发行3.55亿美元的优先担保票据，发行期限3年。 此次发行债券在花旗集团与海通国际的联席主导下，获得了国际投资者的积极认购，彰显了资本市场对 新城稳健经营及未来发展的广泛认可。根据公告，本次发行所得款项净额将主要用于为 ...

美国商务部长卢特尼克承认曾到访爱泼斯坦私人岛屿 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 特朗普政府商务部长霍华德・卢特尼克周二承认，多年前他曾与家人在臭名昭著的性犯罪者杰弗里・爱 泼斯坦的私人岛屿上共进午餐。 "2012 年家庭度假时，我坐船途经那里，确实和他一起吃了午饭。" 卢特尼克在参议院拨款委员会作证 时说。 1、美国商务部长卢特尼克承认曾到访爱泼斯坦私人岛屿 2、附加新条款后 欧洲议会更接近批准美欧贸易协议 3、Alphabet 24小时发债募资近320亿美元 百年英镑债获近十倍超额认购 4、特斯拉领导层最新变动 任命欧洲高管负责全球电动汽车销售 5、阿布扎比MGX接近达成协议 拟参投Anthropic逾200亿美元融资轮 6、 美国考虑扣押运载伊朗石油的油轮以向德黑兰施压 "我妻子、四个孩子和保姆都在，还有另一对夫妇和他们的孩子也一起去了。" 附加新条款后 欧洲议会更接近批准美欧贸易协议 随着资深议员同意在计划于本月进行的投票前对相关内容进行调整，欧洲议会距离批准与美国的贸易协 议更近一步。 欧洲议会贸易委员会成员周二确认，他们将于2月24日进行表决。他们还同意在协议中加入一项日落条 款—除 ...

Core Viewpoint - Real estate companies are actively seeking various financing methods to address cash flow challenges, with recent actions including share placements and high-yield overseas bonds [2][3][5]. Financing Actions - Huafa Group plans to raise up to 3 billion yuan through a private placement of A-shares, primarily to fund ongoing projects [3]. - New City Development intends to raise 469 million HKD through a discounted share placement, with proceeds aimed at future development and debt repayment [3]. - Dalian Wanda Commercial Management issued a high-yield USD bond worth 360 million USD at a coupon rate of 12.75%, marking its return to overseas debt issuance after three years [5][6]. Financing Environment - The financing environment for real estate companies remains challenging, with a significant disparity between state-owned enterprises and private firms in accessing funds [8][10]. - Recent data indicates that financing for 65 typical real estate companies totaled 240.78 billion yuan in December 2025, with an annual total of 4,143.14 billion yuan, reflecting a low level of financing activity [8]. - The introduction of a financing coordination mechanism by regulatory authorities aims to improve the financing landscape, allowing certain projects to extend loan terms significantly [8][9]. Future Trends - The "lead bank system" is emerging as a new financing model, where a designated bank or syndicate will oversee project financing, ensuring that funds are managed effectively [9][10]. - Companies that can demonstrate strong asset quality and stable cash flows are expected to benefit from improved financing conditions in the future [10].

Core Insights - The report indicates that employment data in the U.S. is expected to decline slightly, but this should not cause panic [3] - The U.S. is moving to lower the so-called reciprocal tariffs on Bangladeshi goods and provide new exemptions for textiles [3] - The price of memory chips has surged nearly 90% quarter-on-quarter, setting a historical record [3] - The Ministry of Commerce held a meeting with automotive companies to promote the expansion and quality improvement of automotive consumption [3] - The penetration rate of new energy in light commercial vehicles is expected to continue increasing by 2026 [3] Economic Data Summary - The Baltic Dry Index closed at 1923.00, down 0.67% [4] - The Nasdaq Index closed at 23238.67, up 0.90% [4] - The Dow Jones Industrial Average closed at 50135.87, up 0.04% [4] - The S&P 500 closed at 6964.82, up 0.47% [4] - The Shanghai Composite Index closed at 4123.09, up 1.41% [4] - The Shenzhen Composite Index closed at 2700.22, up 1.91% [4] - The Hang Seng Index closed at 27027.16, up 1.76% [4]

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - The labor market's downward pressure is increasing, and the US dollar is expected to weaken in the short term [2][16] - The US stock market is expected to maintain high - level fluctuations, and the bond market has upward momentum but also faces adjustment pressure [20][22] - Most commodities show different trends, with some in a weak or strong oscillation state, and the prices of some are affected by supply and demand, policies, and geopolitical factors [25][34][53] Summary by Relevant Catalogs 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Gold prices oscillated and closed higher, benefiting from the sharp decline of the US dollar index and the existence of certain risk - aversion sentiment. The market's expectation of a March interest - rate cut is about 20%. It is expected that the overall trend of precious metals will be oscillatory before the Spring Festival. It is recommended to reduce positions [12][13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Hasset stated that employment data will decline, and the downward pressure on the labor market is increasing. The US dollar is expected to weaken in the short term [14][16][17] 1.3 Macro Strategy (US Stock Index Futures) - Google plans to raise about $20 billion through issuing US dollar bonds. The short - term situation of the US stock market is a mix of long and short factors, and it is expected to maintain high - level oscillations [19][20] 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 113 billion yuan of 7 - day reverse repurchase operations, with a net investment of 38 billion yuan on the day. The bond market has upward momentum, but the probability of an interest - rate cut in the short term is low. It is recommended to pay attention to short - selling opportunities after the upward momentum weakens [21][22][23] 2. Commodity News and Comments 2.1 Black Metals (Rebar/Hot - Rolled Coil) - Steel prices continue the weak oscillation pattern. Before the Spring Festival, the fundamental pressure increases, and the price is under pressure. It is recommended to treat steel prices with an oscillatory mindset and pay attention to risks with a light position before the festival [25][26] 2.2 Black Metals (Steam Coal) - The price of steam coal at Beigang is relatively stable. The Indonesian policy has some impact, but the coal price is seasonally strong, with the policy mainly strengthening the bottom and the upward elasticity being limited [27][28][29] 2.3 Black Metals (Iron Ore) - Iron ore prices are still weak and oscillatory. The iron - making process is moderately resuming production, and it is necessary to wait for the order situation in March after the Spring Festival [30] 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The palm oil inventory has increased. Before the release of the MPOB report, the market is in a wait - and - see state. It is necessary to pay attention to the impact of MPOB data and control positions to avoid risks [31] 2.5 Agricultural Products (Soybean Meal) - Private exporters sold 264,000 tons of soybeans to China. The CBOT soybeans are oscillating strongly, but the soybean meal inventory in oil mills has reached a record high for the same period. It is expected that the futures price will maintain an oscillation, and the soybean meal will be weaker than the external market [32][33][34] 2.6 Non - ferrous Metals (Lithium Carbonate) - The fundamentals of lithium carbonate are improving in reality, but the futures market is greatly affected by macro - sentiment and capital flow. After the Spring Festival, it is expected that the supply and demand will both increase, and the price center may rise significantly. It is recommended to take a bullish approach and pay attention to buying opportunities at low prices [37][38][39] 2.7 Non - ferrous Metals (Copper) - The macro - negative sentiment is gradually digested by the market, but the short - term fundamentals limit the price increase. It is expected that the price will oscillate widely in the short term, and it is recommended to wait and see [42][43] 2.8 Non - ferrous Metals (Lead) - The lead market is in a situation of weak supply and demand. The price is oscillating, and the decline space is limited. It is recommended to wait and see in the short term and pay attention to mid - term long - position opportunities [44][45] 2.9 Non - ferrous Metals (Zinc) - The zinc market is oscillating. The zinc ore production expectation may change. Before the Spring Festival, the operation difficulty is high. It is recommended to use call options instead for unilateral operations and wait and see for arbitrage [47][48] 2.10 Non - ferrous Metals (Tin) - The semiconductor industry's revenue is expected to reach $1 trillion in 2026. The supply of tin is expected to ease, but there are still uncertainties. The demand is weak. It is expected that the price will oscillate widely [49][51][52] 2.11 Energy Chemicals (Crude Oil) - Venezuela's oil production has rebounded. The oil price is oscillating upward, and the risk premium is expected to support the oil price. It is necessary to pay attention to the follow - up negotiations between the US and Iran [53][54] 2.12 Energy Chemicals (Liquefied Petroleum Gas - LPG) - Due to the geopolitical situation in Iran, the LPG price is expected to oscillate strongly [55][56] 2.13 Energy Chemicals (Asphalt) - The asphalt inventory has increased, and the market trading atmosphere is weak. The demand has basically stagnated. It is necessary to pay attention to the changes in the geopolitical situation [56][57] 2.14 Energy Chemicals (Urea) - The supply of urea is relatively abundant, and the demand fluctuation is not obvious. Before and after the Spring Festival, the urea price may oscillate and adjust. It is not recommended to continue to allocate more at the current price [59][60] 2.15 Energy Chemicals (Styrene) - The pure benzene inventory in East China ports has increased. The styrene market is entering the supply elasticity test stage. The current bullish trading of the styrene futures has temporarily ended. It is recommended to reduce the risk exposure before the festival [61][62] 2.16 Shipping Index (Container Freight Rate) - Affected by the Spring Festival and geopolitical factors, the container freight rate is expected to oscillate strongly in the short term. It is recommended to wait and see [63][64]

为支撑前所未有的人工智能投资计划，谷歌母公司Alphabet(GOOG.US,GOOGL.US)正加快在全球债市 融资。 智通财经APP获悉，知情人士称，该公司周一启动美元债发行，规模升至200亿美元，高于最初预计的 150亿美元；同时还向投资者推荐其在瑞士和英国的首次发债，其中包括一笔罕见的100年期债券。这将 是自上世纪90年代末互联网泡沫时期以来，科技公司首次尝试百年期债券。 摩根士丹利预计，超大规模云服务商今年的借款规模将达到4000亿美元，高于2025年的1650亿美元。该 行美国信贷策略主管指出，这轮集中发债或将把今年投资级债券发行总量推至2.25万亿美元的纪录高 位。部分信贷策略师认为，巨量供给可能推高企业债利差。"我们认为当前的路径更像1997/98年或2005 年：信用表现承压，但尚未进入'周期末期'。" Alphabet此前一次进入美元债市是在去年11月，当时发行175亿美元并获得约900亿美元认购，其中包含 一笔50年期债券，为去年美元计价科技企业中期限最长的一笔，二级市场表现良好；同期公司还在欧洲 发行了65亿欧元债券。 Alphabet上周披露，计划今年资本开支最高可达1850亿美元 ...

全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国将下调对孟加拉国的对等关税 并为纺织品提供新豁免 白宫周一表示，美国正着手下调对孟加拉国商品征收的所谓对等关税，并为纺织品提供新的豁免。 美国总统唐纳德·特朗普将把对孟加拉国的整体对等关税降至19%，美国已在去年将该税率从37%降至 20%。协议还包含一项机制，允许特定纺织品获得关税全面豁免，这将为孟加拉国的服装业带来支持。 1、美国将下调对孟加拉国的对等关税 并为纺织品提供新豁免 2、英国内阁全员表态支持 首相大位岌岌可危的斯塔默暂获喘息 3、FDA：诺和诺德减肥药Wegovy电视广告存在"虚假或误导性"宣传 4、认购需求空前旺盛 Alphabet料通过发行美元债筹资200亿 5、高盛称对冲基金创纪录增持美股空头头寸 信息技术板块成抛售重灾区 6、美联储理事沃勒：特朗普引发的加密货币热潮可能正在消退 孟加拉国临时领导人Muhammad Yunus在社交媒体发文称，该机制将适用于"使用美国生产的棉花和人 造纤维的部分孟加拉国纺织和服装产品"。 英国内阁全员表态支持 首相大位岌岌可危的斯塔默暂获喘息 基尔·斯塔默的内阁成员周一纷纷对这位英国首相表示支持，这为他 ...

证券研究报告 | 2026年02月09日 美元债双周报（26 年第 6 周） 弱于大市 景气回升难掩财政忧虑，美债曲线陡峭化博弈加剧 美国 1 月 ISM 数据显示，制造业与服务业景气度同步回升，经济动能明显改 善。制造业 PMI 从 47.9 大幅跃升至 52.6，显著高于预期，重返扩张区 间并创近几年新高，新订单与产出强劲反弹是主要拉动因素，显示企业 补库存与需求修复加快。不过，就业指数仍低于荣枯线，制造业用工恢 复偏慢，叠加物价支付指数回升，反映成本压力再度抬头。服务业方面， PMI 维持在 53.8 的阶段性高位，扩张态势稳健，商业活动表现较好，但 新订单增速放缓，就业几乎停滞于荣枯线附近，显示需求与用工修复并 不同步。同时，价格指数走高，提示服务业通胀压力有所回升。整体而 言，美国经济开年景气度改善明确，但就业恢复偏弱、成本压力上行， 结构性特征依然突出。 市场避险情绪升温，但美债需求并不强劲。在上周市场对美联储换帅导致 的流动性冲击以及 AI 对软件的替代影响的担忧而出现抛售时，美债价 格上涨幅度却相当温和，而且收益率曲线显著趋陡，10 年-2 年期限利 差逼近多年高位。这表明尽管市场存在避险情绪 ...

证券研究报告 | 2026年02月09日 美元债双周报（26 年第 6 周） 弱于大市 景气回升难掩财政忧虑，美债曲线陡峭化博弈加剧 美国 1 月 ISM 数据显示，制造业与服务业景气度同步回升，经济动能明显改 善。制造业 PMI 从 47.9 大幅跃升至 52.6，显著高于预期，重返扩张区 间并创近几年新高，新订单与产出强劲反弹是主要拉动因素，显示企业 补库存与需求修复加快。不过，就业指数仍低于荣枯线，制造业用工恢 复偏慢，叠加物价支付指数回升，反映成本压力再度抬头。服务业方面， PMI 维持在 53.8 的阶段性高位，扩张态势稳健，商业活动表现较好，但 新订单增速放缓，就业几乎停滞于荣枯线附近，显示需求与用工修复并 不同步。同时，价格指数走高，提示服务业通胀压力有所回升。整体而 言，美国经济开年景气度改善明确，但就业恢复偏弱、成本压力上行， 结构性特征依然突出。 市场避险情绪升温，但美债需求并不强劲。在上周市场对美联储换帅导致 的流动性冲击以及 AI 对软件的替代影响的担忧而出现抛售时，美债价 格上涨幅度却相当温和，而且收益率曲线显著趋陡，10 年-2 年期限利 差逼近多年高位。这表明尽管市场存在避险情绪 ...