格隆汇2月10日｜德银分析师指出，软件及科技行业对投机级信贷市场构成历来最重大的集中风险之 一。软件及科技行业在投机级信贷市场中的规模分别达5970亿美元及6810亿美元，占整体比重约14%及 16%。投机级债务涵盖高收益债券、杠杆贷款及美国私募信贷。分析师指出，相关规模属相当可观的未 偿还债务，一旦软件行业违约情况上升，或会拖累整体市场情绪，其潜在影响可与2016年能源行业危机 相提并论。 ...

由Steve Caprio牵头的分析师团队在周一报告中指出，软件与科技行业在投机级信贷市场中的规模分别 达到5970亿美元和6810亿美元，占比约14%和16%。投机级债务涵盖高收益债、杠杆贷款以及美国私募 信贷。 智通财经APP获悉，德意志银行分析师警告，软件与科技行业，正对投机级信贷市场构成前所未有的集 中度风险。 德银数据显示，BDC投资组合中，软件类实物支付贷款占比已升至11.3%，较本已偏高的指数平均水平 8.7%高出2.5个百分点以上。这类贷款通常允许借款方以新增债务而非现金支付利息。 "如今的现实环境，已与这些企业最初融资时截然不同，"分析师写道，"SaaS的价值创造模式，尚未成 熟到能抵御AI工具快速普及带来的冲击。" 分析师表示："一旦软件行业违约率上升，这一庞大存量债务可能拖累整体市场情绪恶化，其潜在冲击 堪比2016年能源行业危机。" 他们补充称，与2016年不同，本轮压力或将率先出现在私募信贷、商业发展公司(BDC)与杠杆贷款领 域，高收益市场将随后承压。同时，AI工具快速普及，可能进一步压制SaaS(软件即服务)企业的估值倍 数与营收;而美联储自2022年以来的鹰派立场已对企业现金流 ...

Investors interested in stocks from the Banks - Foreign sector have probably already heard of Deutsche Bank (DB) and HDFC Bank (HDB) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, whi ...

德意志银行包括Parag Thatte在内的策略师在研究报告中写道，周四，超大盘股和科技股相对于标普500 指数其余成份股的表现，从长达十年的趋势通道底部回升，并于周五延续了反弹势头。策略师们表示， 过去在盈利持续上升的背景下，该群体在触及通道底部后通常都会出现一轮上涨。报告指出，今年的表 现"完全取决于估值倍数的变化，而非盈利预期的调整，这与去年完全由盈利预期上修驱动的情况形成 了鲜明对比。" 来源：滚动播报 ...

Core Insights - Zacks Premium provides tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores offer a rating system for stocks based on value, growth, and momentum, aiding investors in selecting securities with high potential for market outperformance [2] Zacks Style Scores - Stocks are rated from A to F based on their value, growth, and momentum characteristics, with A being the highest score indicating a better chance of outperforming the market [3] - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E and Price/Sales [3] - The Growth Score assesses a company's future prospects through projected earnings and cash flow to find stocks with sustainable growth [4] - The Momentum Score identifies trends in stock prices and earnings estimates to help investors time their positions effectively [5] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors seeking attractive value, growth, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.83% since 1988, significantly outperforming the S&P 500 [7] - There are over 800 stocks rated 1 or 2, making it essential for investors to use Style Scores to narrow down their choices [8] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for maximizing upside potential [9] Company Spotlight: Deutsche Bank - Deutsche Bank AG, headquartered in Frankfurt, is the largest bank in Germany and a major global financial institution, offering a range of investment and financial services [11] - Deutsche Bank holds a Zacks Rank of 2 (Buy) and has a VGM Score of A, with a Value Style Score of B, supported by a forward P/E ratio of 8.71 [12] - Recent upward revisions in earnings estimates and a Zacks Consensus Estimate of $4.15 per share for fiscal 2026, along with an average earnings surprise of +3.7%, make Deutsche Bank a strong candidate for investors [12][13]

Group 1 - Deutsche Bank raised the target price for AstraZeneca from 11,000 pence to 11,500 pence [1]

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格隆汇2月5日｜德意志银行首席欧洲经济学家Mark Wall表示，欧洲央行决定维持政策利率不变是正确 之举。"在这样的时刻，央行需要保持良好的平衡感，在利空与利好之间作出权衡。"Wall指出，尽管存 在外部脆弱性，但经济仍具韧性，其中部分得益于德国在国防和基础设施方面的支出。 ...

Core Viewpoint - The U.S. Treasury yields have slightly decreased across the board during the Asian session as the market digests expectations surrounding the nomination of Kevin Warsh as Federal Reserve Chairman [1] Group 1: Market Reactions - U.S. Treasury yields are experiencing a slight decline, with the 2-year yield down by 0.6 basis points to 3.551%, the 10-year yield down by 1 basis point to 4.267%, and the 30-year yield down by 0.6 basis points to 4.909% [1] - The market is reacting to the nomination of Kevin Warsh, which has strengthened expectations that the Federal Reserve may not utilize its balance sheet as aggressively in the future [1] Group 2: Treasury Auction and Future Plans - The U.S. Treasury has decided to maintain the auction size while continuing to assess the potential for increasing the auction sizes of medium-term, long-term, and floating-rate notes, which aligns with market expectations [1]

2026年刚刚过去一个多月，美股却已经反复上演同一种情景：盘中急跌、情绪失控、但收盘前迅速修 复，甚至重返高位。 据追风交易台，德意志银行在最新报告中指出，仅1月以来，标普500指数已经出现至少5次"快速下挫— 迅速反弹"的典型案例。 这些波动往往伴随着地缘政治、关税威胁、科技股恐慌或AI竞争叙事，但几乎都未对大盘造成实质 性、持续性的破坏。 在德银看来，这并非偶然，而可能是当前美股正在形成的一种"新常态"。 五次"假摔"：风险事件频发，但市场拒绝深跌 德银宏观策略师Henry Allen梳理了2026年初以来几次具有代表性的快速回撤： 1月中旬地缘政治风险升温：标普500在1月12日创出新高后，因市场担忧美国可能介入 伊朗局势、叠加有关格陵兰岛的政治表态，指数盘中一度下跌逾1%。但恐慌迅速消 散，当日跌幅明显收窄，随后两天再度反弹。 1月下旬关税威胁引发抛售：美国提出对部分欧洲国家征收关税的可能性，导致标普 500单日大跌逾2%。然而，随着谈判框架浮现，指数在接下来两个交易日连续反弹， 几乎完全修复跌幅。 1月底科技股Capex担忧：微软财报显示资本开支高于预期，引发市场对AI投资回报周 期的担忧，软件板块 ...