产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 2026 年全国 " 两 会 " 展 望 股 票 A 股周四窄幅震荡，AI、航天板块 强势；港股高开低走，大型科技股 继续承压；欧洲股市再度走强，强 劲财报支持多个市场再创新高；美 股英伟达 (NVDA US) 连续超预期 财报未获市场青睐，半导体科技股 大跌，金龙中国指数表现不佳。 外 汇 / 商 品 美伊核谈判据称进展良好，周四纽 约期油连跌 5 天。避险情绪降温， 金价微跌。日本央行货币政策委员 会委员高田创重申呼吁央行上调利 率，日元上升。政治不确定性拖累 英镑下跌。 固 定 收 益 美国国债上涨，10 年期国债收益率 跌至去年 11 月以来的最低水平，主 要受到科技股大幅下跌的带动。同 时，由于月底指数再平衡将纳入本 季度大量新发行的美债，被动型投 资者的买盘预期也推高了需求。 2026 年 2 月 27 日 ▪ 2026 年 3 月 4-5 日，全国政协十四届四次会议与十四届全国人大四次会议将在北京召开。我们认为 2026 年全 国 "两会" 的关注重点如下：预计 2026 ...

BWX Technologies, Inc. (NYSE:BWXT) is one of the stocks that was on Jim Cramer’s radar recently. Cramer discussed the company’s performance and earnings during the episode, as he remarked: This has been a very good market for the defense contractors and the nuclear energy plays. So what about a company that’s in both of these businesses? I’m talking about BWX Technologies, which makes nuclear reactors for submarines and aircraft carriers. Here’s a stock that has more than tripled over the past three years ...

Key Takeaways ATI approved a new $500M multi-year share repurchase program. ATI cites strong aerospace and defense demand and strong financials backing the move. ATI maintains disciplined capital allocation, balancing investments with shareholder returns. ATI Inc. (ATI) recently announced a new multi-year share repurchase program, authorizing it to buy back up to $500 million of its outstanding common stock. The program is in combination with the currently $120 million remaining from ATI’s prior authorizati ...

Core Insights - Investors are optimistic about Nvidia's upcoming Q4 results, while several other Zacks-rated stocks have exceeded EPS expectations, indicating strong growth trajectories and potential for portfolio diversification [1] Group 1: Allison Transmission Holdings (ALSN) - Allison Transmission Holdings reported Q4 EPS of $1.70, surpassing expectations of $1.56 by 9%, although it decreased from $2.01 per share a year ago [2] - The full-year EPS for FY25 was slightly down to $8.21, but it is projected to rebound with an 18% increase to $9.68 this year [2] - ALSN trades at an attractive 12X forward earnings multiple and offers a respectable annual dividend yield nearing 1% [3] Group 2: BWX Technologies (BWXT) - BWX Technologies achieved Q4 EPS of $1.08, beating estimates of $0.91 by nearly 19% and increasing from $0.92 per share in the same quarter last year [4] - The full-year EPS rose 20% to $4.01, with annual earnings expected to increase another 6% in FY26 [6] - BWXT has a forward P/E multiple of 46X, reflecting high investor sentiment in the aerospace and defense sector amid geopolitical tensions [5] Group 3: Telefonica Brasil (VIV) - Telefonica Brasil reported Q4 EPS of $0.22, exceeding expectations of $0.17 and up from $0.18 per share last year [9] - As the largest wireless provider in Brazil, it offers a 2.49% annual dividend yield, with annual earnings up 8% and FY26 EPS forecasted to spike 26% to $0.86 [10] Group 4: V2X Inc (VVX) - V2X Inc posted Q4 EPS of $1.56, beating estimates of $1.33 by 17% and showing a 21% increase in FY25 EPS to $5.24 [11] - The company does not offer a dividend but trades at a relatively low 12X forward earnings multiple, indicating improving growth prospects [12]

Geopolitical risks are a negative for stocks. US-Iran nuclear talks are scheduled to resume on Thursday in Geneva, and Iranian Foreign Minister Araghchi said he saw a “good chance” of a diplomatic solution to the standoff over his country’s nuclear program. Last Friday, President Trump said that he’s considering a limited military strike on Iran to ramp up pressure on the country to strike a deal over its nuclear program, and that he thought 10 to 15 days was “pretty much” the “maximum” he would allow for n ...

The US Dec S&P composite-20 home price index rose +0.47% m/m and +1.38% y/y, stronger than expectations of +0.30% m/m and +1.30% y/y.Geopolitical risks are a negative for stocks. US-Iran nuclear talks are scheduled to resume on Thursday in Geneva, and Iranian Foreign Minister Araghchi said he saw a “good chance” of a diplomatic solution to the standoff over his country’s nuclear program. Last Friday, President Trump said that he’s considering a limited military strike on Iran to ramp up pressure on the coun ...

Chicago Fed President Austan Goolsbee said, "I remain optimistic that there can be more rate cuts this year, but that hinges on seeing actual progress on inflation that shows we are on a path back to 2%."The US Dec S&P composite-20 home price index rose +0.47% m/m and +1.38% y/y, stronger than expectations of +0.30% m/m and +1.30% y/y.Geopolitical risks are a negative for stocks. US-Iran nuclear talks are scheduled to resume on Thursday in Geneva, and Iranian Foreign Minister Araghchi said he saw a “good ch ...

Market Overview - A short rebound in stocks fizzled after Monday's drop, with concerns about the disruptive impact of artificial intelligence unsettling markets [1] - S&P 500 futures traded unchanged after an earlier gain, while the benchmark fell 1% in the previous session [1] - Nasdaq 100 contracts rose 0.1%, driven by AMD's 11% increase following a $100 billion deal with Meta [1][3] - Jamie Dimon noted parallels with the pre-financial crisis era, raising concerns about loan-making practices [1] Company News - Advanced Micro Devices (AMD) rose 11% as Meta Platforms Inc. will deploy 6 gigawatts of data center gear based on AMD processors [3] - BWX Technologies (BWXT) increased 8% after reporting adjusted earnings and revenue that beat analyst estimates [3] - Hims & Hers Health (HIMS) fell 5% due to subdued profit guidance for Q1 and the full year, citing increased investments [3] - Home Depot Inc. (HD) rose 2% after reporting a key sales metric that exceeded expectations, although macroeconomic challenges remain [3] - Keysight Technologies (KEYS) surged 15% after guiding for over 20% growth in revenue and earnings for FY26 [3] AI and Market Sentiment - The so-called AI scare trade has affected various sectors, including insurance brokers and private credit, indicating a broader market shift [6] - Concerns about labor-market disruption due to AI need to be balanced with job creation typically associated with technological progress [7] - Goldman Sachs has shifted focus to capital-heavy companies, which have outperformed capital-light businesses by 35% since the start of 2025 [7] Tariffs and Trade - A new 10% global tariff went into effect, with Trump threatening to raise it to 15%, causing uncertainty in trade relations [10][43] - The EU has expressed concerns that the new tariff policy may violate existing trade agreements [41][42] - The US is preparing additional national security investigations that could lead to new tariffs on various industries [43] Economic Indicators - Today's macro data focus includes weekly ADP employment change, home price indices, regional Fed activity indicators, and Consumer Confidence [1][17]

Performance in 2025 was driven by the ability to scale operations amid robust demand across all nuclear end markets, resulting in 18% revenue growth and a 50% increase in total backlog to $7.3 billion. The Government Operations segment secured critical new pricing agreements for naval propulsion and initiated major defense uranium enrichment and high-purity depleted uranium (HPDU) programs. Commercial growth was accelerated by the strategic acquisitions of AOT and Kinectrics, which enabled the company ...

Market Overview - Major U.S. indices traded higher, with Dow Jones Futures up 0.09% to 48,893, S&P 500 up 0.12% to 6,860.50, and Nasdaq up 0.18% to 24,808.25 [1] Hims & Hers Health Inc. (NYSE:HIMS) - Hims & Hers Health shares fell 0.77% to close at $15.51, with an intraday high of $15.80 and a low of $15.16; after-hours trading saw a further decline of 8.45% to $14.20 [2] - The company guided first-quarter revenue of $600 million to $625 million, below estimates of $653.12 million, and projected full-year 2026 revenue of $2.7 billion to $2.9 billion, compared to expectations of $2.74 billion [2] Novo Nordisk A/S (NYSE:NVO) - Novo Nordisk's stock dropped 16.43% to close at $39.63, marking a new 52-week low, with an intraday high of $41.09 and a low of $39.34 [3] - Analysts view the setback as a worst-case outcome that weakens the company's competitive position in the obesity market, with further data from REDEFINE 11 expected in 2027 and a higher-dose trial set to begin in late 2026 [3] PayPal Holdings Inc. (NASDAQ:PYPL) - PayPal's stock rose 5.76% to end the day at $44.05, with a high of $45.69 and a low of $40.52, within a 52-week range of $38.46 to $79.50 [4] - The company is experiencing takeover interest amid leadership changes, including a CEO change effective March 1, 2026, and a slowdown in Branded Checkout growth from 5%-6% to 1% in prior quarters, along with a reduced fiscal 2026 outlook projecting a single-digit earnings decline to slight growth [4] Uber Technologies Inc. (NYSE:UBER) - Uber's shares declined by 4.25% to close at $70.72, with an intraday high of $73.11 and a low of $70.15, within a 52-week range of $60.63 to $101.99 [5] - Investors are looking ahead to the May 6, 2026, earnings report, estimating revenue at $13.30 billion, up from $11.53 billion a year earlier, while earnings are projected at $0.71 per share, down from $0.83 year over year [5] BWX Technologies Inc. (NYSE:BWXT) - BWX Technologies experienced a 3.90% drop, closing at $198.38, with an intraday high of $206 and a low of $197.62, within a 52-week range of $84.21 to $220.57; however, in extended trading, the stock rose over 9% to $216.40 [6] - The company reported fourth-quarter EPS of $1.08, beating estimates of $0.89 by 21.35%, with revenue increasing by $139.57 million from a year earlier [6] - For fiscal 2026, BWX Technologies guided earnings to a range of $4.55 to $4.70 per share [7]