-- 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：CGI公布的3月季度销售额为41.6亿加元（同比增长3%），低于市场预期（42.4亿加元），按固定汇率计算，增速从上一季度的3.4%放缓至1.6%。尽管销售额不及预期，但调整后每股收益为2.27加元（同比增长7%），符合预期，这主要得益于利润率提升10个基点至16.6%，其中美国商业/州政府业务（同比增长180个基点）和加拿大业务（同比增长230个基点）的业绩显著改善。各业务板块的收入表现参差不齐，英国和澳大利亚业务以19%的同比增长领跑，而受持续的支出削减影响，美国联邦政府业务同比下降11%。 订单量有所下降，订单出货率从上一季度的109.5%降至103.8%，过去12个月的订单出货率也从110.4%降至108.4%；然而，CGI在收购支持下积压的315亿加元订单量仍略有增长，提供了可靠的业绩可见性，预计未来12个月内将有115亿加元订单转化为实际订单。我们预计美国联邦政府疲软和订单增长放缓将继续构成不利因素，但我们不愿将此归因于人工智能领域的竞争（与IT服务领域的空头观点相反）。
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Commodities
Market Chatter: UAE Reportedly Reviews Multilateral Ties After OPEC Exit, But No Further Withdrawals Planned
The United Arab Emirates is reviewing its participation in multilateral organizations but is not considering any withdrawals at present, Reuters reported Wednesday, citing a UAE official.The report came a day after Abu Dhabi announced it would leave the Organization of the Petroleum Exporting Countries and OPEC+ effective May 1. The official said the broader review focuses on the "utility" of UAE membership in international and regional bodies.The comments have fueled speculation that the UAE could reassess its role in other organizations, including the Arab League and the Gulf Cooperation Council.The UAE Ministry of Foreign Affairs did not immediately respond to a request for comment from.The OPEC exit, which involves one of the group's largest producers, has sharpened tensions with Saudi Arabia, OPEC's de facto leader. Relations between Abu Dhabi and Riyadh, long-standing allies, have grown increasingly strained in recent years over oil policy disputes, regional security concerns, and competition for investment and skilled labor, Reuters reported.The reassessment comes amid wider debate in Abu Dhabi over regional alignments following the Iran war, with Emirati officials criticizing the GCC's collective response.Senior UAE official Anwar Gargash said on Monday the GCC's political and military response to the conflict was "the weakest in history," adding that expectations for the Arab League were already low."I expected such a weak position from the Arab League... but I have not expected it from the GCC, and I am surprised by it," Gargash reportedly said.He also said the Gulf's strategy to contain Iran had "failed miserably" and warned that Tehran could remain a long-term threat, according to The National.Gargash said the UAE would "scrutinize" its regional and international relationships to assess the reliability of partners while strengthening its economic resilience. "Strategic autonomy remains the UAE's enduring choice," he said.OPEC+ is expected to approve a modest output increase on Sunday despite the UAE's departure, three sources reportedly told Reuters. The group is likely to raise production targets by about 188,000 barrels per day, roughly in line with last month's 206,000 bpd hike after adjusting for the UAE's exit.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Oil & Energy
UAE Exit From OPEC Signals Oversupply Risk, Weaker Oil Prices From 2027, Wood Mackenzie Says
The UAE will exit OPEC on May 1, a move that raises risks of oversupply and weaker oil prices from 2027, Wood Mackenzie strategists said in a Wednesday note.The UAE announced its departure on April 28 after reviewing production strategy and capacity plans, aiming to accelerate domestic energy investments, the report noted.The country joined OPEC in 1967 and grew into its second-largest producer by liquids capacity, making the exit a major shift for the group, the report said."As the nation with the second-largest liquids capacity in OPEC, the UAE's exit is momentous," said Simon Flowers, chairman and chief analyst at Wood Mackenzie.He said tensions between the UAE and Saudi Arabia have built over recent years and intensified amid the Iran conflict, contributing to the decision."UAE's departure from OPEC will have minimal impact on market fundamentals in 2026," Flowers said, noting that Gulf producers need months to restore output even if the Strait of Hormuz reopens.He added that losing the UAE will make it harder for OPEC to balance markets and increase the risk of oversupply weakening prices beyond 2026.The UAE committed $145 billion to upstream investment through 2030 to lift output from under 4 million barrels per day in 2020 to 5 million b/d by 2027, Wood Mackenzie macro oils and upstream experts said.Capacity reached about 4.85 million b/d by 2024, widening the gap between production potential and OPEC+ quota limits, the experts said."OPEC+ quotas constrained output well below capacity," Alan Gelder, senior vice president at Wood Mackenzie, said.He said the group raised the UAE baseline from 3.17 million b/d to 3.5 million b/d in May 2022, but the adjustment reflected only partial capacity growth.The UAE accounted for about 14% of OPEC capacity, and its exit reduces the group's influence as it controls a smaller share of the global oil market, Wood Mackenzie said.The closure of the Strait of Hormuz has shut in nearly 2 million b/d of UAE offshore output, limiting supply growth in 2026, and restoring pre-conflict production may take up to six months.The UAE's exit will likely reshape supply dynamics from 2027, as rising market share competition with OPEC could pressure prices if both sides increase output, Wood Mackenzie said.Flowers said the UAE holds lower fiscal breakevens than peers, leaving it better positioned to withstand a prolonged period of lower oil prices.
Australia
Boston Scientific Shares Fall After Daiwa Securities Downgrade
Boston Scientific (BSX) shares fell 3.4% in Wednesday afternoon trading after Daiwa Securities downgraded the stock to neutral from outperform, and lowered its price target to $60 per share from $83 earlier.Trading volume stood at about 12.9 million shares, compared with a daily average of over 17.6 million.Price: $56.49, Change: $-1.96, Percent Change: -3.35%
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