-- 獨立研究機構CFRA向發布了以下研究報告。 CFRA分析師總結如下：Spotify公佈了強勁的2026財年第一季業績，每股盈餘（EPS）為3.45歐元，高於市場普遍預期的2.92歐元。儘管受到600個基點的匯率波動影響，Spotify的總營收仍達到45.3億歐元（年增8%），符合預期。該平台新增每月活躍用戶（MAU）1,000萬，高於先前預期的800萬，每月活躍用戶總數達7.61億（年增12%）。同時，付費用戶成長至2.93億（年增9%），所有指標的利潤率均有所提升。我們認為，Spotify持續的表現彰顯了其在全球音樂串流媒體領域的領先地位。其毛利率創下第一季新高，達33.0%（年增133個基點），營業利益率也從去年同期的12.1%提升至15.8%。公司預計2026年第二季營收為48億歐元，毛利率為33.1%，主要得益於高階業務的良好成長。自由現金流超出市場預期，達到8.24億歐元，高於先前預期的6.91億歐元，使得過去12個月的自由現金流達到32億歐元。公司資產負債表依然穩健，擁有53億歐元現金，用於支援3.06億歐元的股票回購、在特定市場開展人工智慧驅動的個人化服務以及在美國和英國市場推出升級版有聲書排行榜。
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Treasury
UBS Notes Mixed Signals in Canada's Economy Ahead of Wednesday's Bank of Canada Meeting
UBS said it expects the Bank of Canada to remain on hold and keep its options open regarding future policy decisions at Wednesday's policy meeting.Friday's retail sales were up 0.7% over the month in February, with an upward growth revision to January to 1.2% versus 1.1% prior, and a flash estimate for March of 0.6%. Now the bank would fade the March strength a little, given this is a nominal print and gasoline prices surged in the month, but overall, this data signals a robust start to the year for the Canadian consumer.Pair last week's data with the subdued labor market data and mixed inflation picture and UBS thinks the BoC has reason to pause, wait, and assess the outlook before adjusting policy.The BoC will also release its updated Monetary Policy Report (MPR) on Wednesday.The bank predicts a downward revision to the BoC's Q1 gross domestic product projection in the new MPR. In January, the BoC was tracking a 1.8% annualized pace of growth in Q1, but it was likely too optimistic on the contribution from net exports. UBS expects that it comes down to about 1.5% seasonally annually adjusted rate and shaved a tenth of its expectation for annual growth in 2026.However, the BoC may boost growth elsewhere and that could offset the hit to the annual projection. The bank estimates some shift in the composition of growth this year relative to January.While the full impact of the oil price shock on growth remains uncertain, it should shift the composition, boosting energy exports and dampening consumption. For 2027, UBS sees no change from the 1.5% pace of GDP growth expected in January and a 1.7% pace for 2028.In the January MPR, the BoC marked its expectations for potential growth in 2026 up but down in 2027. The bank forecasts that these aren't revised all that much in Wednesday's MPR, with slowing population growth to weigh on potential.UBS projects the BoC seeing a slightly stronger range for potential by 2028, with fading deltas from a slowing population growth and the potential boost of efficiency gains from the diffusion of Artificial Intelligence.
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Commodities
CNOOC Q1 2026 Production Hits Record as Output, Profit Rise on Overseas Growth
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