<p>今天早上来自欧洲顶级分析师的显著经纪活动汇总：</p>
<p><strong>巴克莱将德国汽车零部件制造商大陆公司评级下调至 “持平”，此前其在分拆后的表现强劲。</strong></p>
<p><strong>摩根士丹利将瑞士水泥制造商海螺的评级下调至 “持平”，原因是估值和去碳化带来的利润上行空间。</strong></p>
<p><strong>摩根士丹利将德国建筑材料集团海德堡材料的评级下调至 “减持”，原因是股价重新定价，但已反映出德国基础设施支出潜在的中期上行空间。</strong></p>
<p><strong>Exane BNP Paribas 将萨托里乌斯的评级上调至 “跑赢大盘”，原因是设备趋势改善和更好的融资环境。</strong></p>
<p><strong>同一券商将西门子医疗的评级下调至 “中性”，原因是母公司的负担、诊断业务退出的时间和结构不明确，以及对共识的上行空间有限。</strong></p>
<p><strong>德意志银行将英国家居改善零售商金鱼的评级下调至 “卖出”，原因是对英国和欧洲 2026 年零售前景的疲软预期。</strong></p>
<p><strong>摩根士丹利将瑞士贝利莫的评级上调至 “持平”，原因是数据中心需求强劲以及暖通空调增长前景良好。</strong></p>
<p>首次评级和恢复评级</p>
<p><strong>凯普勒·舒弗鲁克将英国赌博公司 Entain 的评级初始为 “持平”，原因是其专注于受监管市场、高杠杆和疲弱的现金流前景。</strong></p>
<p>(* 分析师排名来自汤森路透 StarMine。评级从 1 星到 5 星，5 星为最佳。分析师根据盈利准确性以及推荐在过去 12 个月和 24 个月的相对表现进行排名。)</p>

大陆轮胎/马牌轮胎(ADR)

<p>欧洲分析师已调整了几家公司的评级：巴克莱将大陆轮胎下调评级，摩根士丹利将 Holcim 下调评级；摩根士丹利将海德堡材料下调评级；Exane BNP Paribas 将萨托里乌斯上调评级；西门子医疗被同一券商下调评级；德意志银行将金丝雀下调评级；摩根士丹利将 Belimo 上调评级；凯普勒·舒弗鲁对 Entain 给予 “持有” 评级</p>

<p>A round-up of notable broker activity this morning from Europe's top-ranked* analysts:</p>
<div class="lb-trans"><p>今天早上来自欧洲顶级分析师的显著经纪活动汇总：</p>
</div><p>** Barclays cuts German car parts maker Continental  to &#34;equal-weight&#34; from &#34;overweight&#34; after strong post-spin-off run</p>
<div class="lb-trans"><p><strong>巴克莱将德国汽车零部件制造商大陆公司评级下调至 “持平”，此前其在分拆后的表现强劲。</strong></p>
</div><p>** Morgan Stanley (MS) cuts Swiss cement maker Holcim  to &#34;equal-weight&#34; from &#34;overweight&#34; on valuation and decarbonisation-led margin upside</p>
<div class="lb-trans"><p><strong>摩根士丹利将瑞士水泥制造商海螺的评级下调至 “持平”，原因是估值和去碳化带来的利润上行空间。</strong></p>
</div><p>** MS downgrades Germany's building materials group Heidelberg Materials  to &#34;underweight&#34; from &#34;equal-weight&#34; as shares re-rated, but already reflect the mid-term upside from potential German infraspend</p>
<div class="lb-trans"><p><strong>摩根士丹利将德国建筑材料集团海德堡材料的评级下调至 “减持”，原因是股价重新定价，但已反映出德国基础设施支出潜在的中期上行空间。</strong></p>
</div><p>** Exane BNP Paribas upgrades Sartorius  to &#34;outperform&#34; from &#34;neutral&#34; on improving trends in equipment and a better funding environment</p>
<div class="lb-trans"><p><strong>Exane BNP Paribas 将萨托里乌斯的评级上调至 “跑赢大盘”，原因是设备趋势改善和更好的融资环境。</strong></p>
</div><p>** The same brokerage downgrades Siemens Healthineers  to &#34;neutral&#34; from &#34;outperform&#34; given the parent firm's overhang, unclear timing and structure for a Diagnostics exit, and a limited upside to consensus</p>
<div class="lb-trans"><p><strong>同一券商将西门子医疗的评级下调至 “中性”，原因是母公司的负担、诊断业务退出的时间和结构不明确，以及对共识的上行空间有限。</strong></p>
</div><p>** Deutsche Bank cuts UK's home improvement retailer Kingfisher  to &#34;sell&#34; from &#34;hold&#34;, on weak 2026 retail outlook in Britain and Europe</p>
<div class="lb-trans"><p><strong>德意志银行将英国家居改善零售商金鱼的评级下调至 “卖出”，原因是对英国和欧洲 2026 年零售前景的疲软预期。</strong></p>
</div><p>** MS upgrades Swiss Belimo  to &#34;equal-weight&#34; from &#34;underweight&#34; on stronger data center demand and Heating, Ventilation and Air Conditioning growth outlook.</p>
<div class="lb-trans"><p><strong>摩根士丹利将瑞士贝利莫的评级上调至 “持平”，原因是数据中心需求强劲以及暖通空调增长前景良好。</strong></p>
</div><p>INITIATIONS AND REINSTATEMENTS</p>
<div class="lb-trans"><p>首次评级和恢复评级</p>
</div><p>** Kepler Cheuvreux initiates British gambling firm Entain  at &#34;hold&#34; on regulated-market focus, high leverage and weak cash flow outlook</p>
<div class="lb-trans"><p><strong>凯普勒·舒弗鲁克将英国赌博公司 Entain 的评级初始为 “持平”，原因是其专注于受监管市场、高杠杆和疲弱的现金流前景。</strong></p>
</div><p>(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month &amp; 24-month periods.)</p>
<div class="lb-trans"><p>(* 分析师排名来自汤森路透 StarMine。评级从 1 星到 5 星，5 星为最佳。分析师根据盈利准确性以及推荐在过去 12 个月和 24 个月的相对表现进行排名。)</p>
</div>

行业顶尖：大陆轮胎/马牌轮胎 (ADR)、Holcim、Heidelberg Materials