-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们维持对Kinross未来12个月的目标价为58加元不变，该目标价对应的企业价值倍数（EV/EBITDA）为6.8倍（基于我们对2027年EBITDA的预测），高于Kinross过去三年的平均预期EV/EBITDA 5.4倍，但低于同行的预期EV/EBITDA中位数7.1倍。我们将Kinross 2026年的每股收益（EPS）预期上调0.23美元至3.20美元，并将2027年的EPS预期上调0.26美元至3.59美元。Kinross仍有望在2026年实现200万盎司的产量目标，其维持成本（AISC）为每盎司1730美元。该公司第一季度创造了创纪录的8.37亿美元自由现金流，这为其将40%的自由现金流通过股票回购和分红返还给股东的战略提供了支持。金罗斯公司拥有22亿美元现金和39亿美元流动资金，资产负债表稳健。其增长前景广阔，美国项目（Phase X、Curlew和Redbird）将于2028年投产，Great Bear项目也正朝着2029年底投产的目标稳步推进。金罗斯的矿石品位提升战略，结合燃料套期保值（2026年已套期保值63%）和运营改进，使其能够实现利润率提升和强劲的现金流。
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Commodities
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European natural gas futures traded lower after-hours on Friday after Iranian state media reported that Tehran had sent another proposal for negotiations with the US via Pakistani diplomatic channels, a development seen as potentially paving the way for renewed transit through the Strait of Hormuz.The front-month Dutch TTF contract fell 1.211% to 45.43 euros ($53.36) per megawatt-hour, while the UK NBP contract slipped 1.533% to 111.15 British pence ($1.51) per therm.US President Donald Trump, speaking to reporters at the White House on Friday, said, "Iran wants to make a deal, but I'm not satisfied with it," CNBC reported.Market participants continue to weigh geopolitical risk against relatively stable European supply conditions and weaker demand elsewhere. In a Thursday note, S&P Global analysts said Europe has benefited from "significant demand destruction elsewhere," noting that although the war has effectively removed about 20% of global LNG supply, European imports have remained broadly steady.The note said Asia has absorbed much of the demand adjustment. It said China recorded a 19% year-on-year drop in LNG imports in March, according to government data.Benchmark LNG prices remain elevated, but off recent highs, they said. The JKM benchmark for Northeast Asia put prices at $18.309/MMBtu on April 30, up 8.3% on the day. The DES Northwest Europe LNG marker was assessed at $15.719 per MMBtu on Apr. 29, up 7.9% day-on-day.The analysts said both benchmarks remain above pre-conflict levels but have retreated from peaks seen in the early weeks of the disruption.European storage levels remain below last year's levels. Gas Infrastructure Europe reported inventories at 32.49% as of Friday, compared with 39.22% a year earlier.CERA analysts project EU storage could reach about 80% by the end of October under a base-case scenario, assuming a resumption of steady Hormuz transit by Jun. 1.EU LNG imports rose slightly year over year in March, supported by cargoes already en route when the conflict began in late February, according to CERA data. However, that buffer has since faded, with April imports down roughly 6.9% from 2025 levels.Looking ahead, Severe Weather Europe said Friday it is monitoring the potential development of a "super El Nino" pattern. One scenario that could develop would be an increase in the risk of dry conditions and drought across Central Europe this summer.
Australia
Nebius to Acquire Eigen AI in $643 Million Cash-And-Stock Deal
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