<h2>上升的空头头寸使 Annaly Capital Management (NLY) 再次成为焦点</h2>
<p>最新数据显示，Annaly Capital Management (NLY) 的空头头寸上升了 11.63%，目前有 1308 万股被卖空，占流通股的 1.92%，引起了对看跌头寸的关注。</p>
<p>请查看我们对 Annaly Capital Management 的最新分析。</p>
<p>尽管近期看跌头寸有所增加，Annaly Capital Management 的股价仍保持在 23.19 美元，90 天股价回报率为 11.92%，一年总股东回报率为 46.64%。这表明，尽管市场情绪显得更加谨慎，但过去一年中势头依然在增强。</p>
<p>如果空头头寸引起了你的关注，比较你在这里看到的与其他以收入为重点的金融公司，并扩大你的观察名单，关注那些内部持股比例高且快速增长的股票，可能会很有帮助。</p>
<p>在 NLY 的交易价格约为 23.19 美元，价值评分为 5，估计内在折扣约为 46%，且空头头寸上升的情况下，你不得不问：这是一个真正的错误定价，还是市场已经在考虑未来的增长？</p>
<h2>最受欢迎的叙述：1.7% 被高估</h2>
<p>当 Annaly Capital Management 最后收盘于 23.19 美元时，与叙述的公允价值约为 22.80 美元相比，这里的故事取决于未来收益和利润率的预期发展，而不是短期情绪。</p>
<blockquote>
<p><em>分析师对 Annaly Capital Management 的共识目标价为 21.023 美元，基于他们对未来收益增长、利润率和其他风险因素的预期。</em></p>
<p><em>为了让你同意分析师的共识，你需要相信到 2028 年，收入将达到 34 亿美元，收益将达到 32 亿美元，并且假设你使用 11.0% 的折现率，它将以 7.0 倍的市盈率交易。</em></p>
</blockquote>
<p>阅读完整的叙述。</p>
<p>想知道收入、收益和利润率需要发生什么才能使这个公允价值合理吗？叙述中详细说明了一条非常具体的收益路径和压缩的未来市盈率，你可能想要根据自己的预期进行压力测试。</p>
<p><strong>结果：公允价值为 22.80 美元（被高估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，这取决于条件的持续，因为较弱的抵押贷款发放背景或更严峻的信贷环境可能会迅速挑战这些收益和估值假设。</p>
<p>了解 Annaly Capital Management 叙述的关键风险。</p>
<h2>另一种观点：价值信号指向相反方向</h2>
<p>叙述中的 1.7% “被高估” 的公允价值与一些硬数据显得不太协调。在 23.19 美元时，Annaly Capital Management 的市盈率为 11.8 倍，而同行为 14.1 倍，公允比率为 18.2 倍，并且相对于 SWS 公允价值估计的 43.10 美元有 46.2% 的折扣。如果一种方法认为略显昂贵，而另一种方法则建议大幅折扣，你更信任哪一组假设？</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7d318329-78e2-41f2-bb33-6198544ac640/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7d318329-78e2-41f2-bb33-6198544ac640/chart/pe-multiple-vs-industry"/></p>
<p>截至 2026 年 1 月 NYSE:NLY 的市盈率</p>
<h2>自己构建 Annaly Capital Management 的叙述</h2>
<p>如果你看了这个并认为故事应该有不同的叙述，或者只是希望根据数据测试自己的假设，你可以在几分钟内用 Do it your way 构建一个完整的视图。</p>
<p>你对 Annaly Capital Management 研究的一个很好的起点是我们的分析，强调 4 个关键回报和 3 个可能影响你投资决策的重要警示信号。</p>
<h2>准备好寻找更多机会了吗？</h2>
<p>如果 Annaly Capital Management 让你思考更深，不要止步于此。正确的想法往往在你并排比较几个非常不同的设置时出现。</p>
<ul>
<li>通过扫描这 884 只可能低于其现金流所暗示的交易价格的被低估股票，发现潜在的价值差距。</li>
<li>通过查看这 25 只围绕人工智能趋势定位的 AI 小盘股，提前捕捉新兴主题。</li>
<li>通过审查这 12 只收益率超过 3% 的分红股票，增强你的收入观察名单。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

Annaly资本管理

<p>Annaly 资本管理（NLY）的空头头寸上升了 11.63%，目前有 1308 万股被卖空，这引起了市场对看跌头寸的关注。尽管如此，其股价仍维持在 23.19 美元，反映出过去 90 天的回报率为 11.92%，过去一年的回报率为 46.64%。分析师建议的公允价值为 22.80 美元，表明其可能被高估了 1.7%。该股票的市盈率为 11.8 倍，低于同行，暗示存在潜在的价值差距。投资者被鼓励评估未来的收益和市场状况</p>

<h2>Rising short interest puts fresh focus on Annaly Capital Management (NLY)</h2>
<div class="lb-trans"><h2>上升的空头头寸使 Annaly Capital Management (NLY) 再次成为焦点</h2>
</div><p>Recent data shows an 11.63% rise in short interest for Annaly Capital Management (NLY), with 13.08 million shares now sold short, or 1.92% of the float, drawing increased attention to bearish positioning.</p>
<div class="lb-trans"><p>最新数据显示，Annaly Capital Management (NLY) 的空头头寸上升了 11.63%，目前有 1308 万股被卖空，占流通股的 1.92%，引起了对看跌头寸的关注。</p>
</div><p>See our latest analysis for Annaly Capital Management.</p>
<div class="lb-trans"><p>请查看我们对 Annaly Capital Management 的最新分析。</p>
</div><p>Despite the recent pickup in bearish positioning, Annaly Capital Management’s share price has held at US$23.19, with a 90 day share price return of 11.92% and a 1 year total shareholder return of 46.64%. This suggests momentum has been building over the past year even as sentiment looks more cautious.</p>
<div class="lb-trans"><p>尽管近期看跌头寸有所增加，Annaly Capital Management 的股价仍保持在 23.19 美元，90 天股价回报率为 11.92%，一年总股东回报率为 46.64%。这表明，尽管市场情绪显得更加谨慎，但过去一年中势头依然在增强。</p>
</div><p>If short interest has your attention, it can be useful to compare what you are seeing here with other income focused financial names and broaden your watchlist with fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果空头头寸引起了你的关注，比较你在这里看到的与其他以收入为重点的金融公司，并扩大你的观察名单，关注那些内部持股比例高且快速增长的股票，可能会很有帮助。</p>
</div><p>With NLY trading around US$23.19, a value score of 5, an estimated intrinsic discount of about 46% and rising short interest, you have to ask: is this a genuine mispricing, or is the market already factoring in future growth?</p>
<div class="lb-trans"><p>在 NLY 的交易价格约为 23.19 美元，价值评分为 5，估计内在折扣约为 46%，且空头头寸上升的情况下，你不得不问：这是一个真正的错误定价，还是市场已经在考虑未来的增长？</p>
</div><h2>Most Popular Narrative: 1.7% Overvalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：1.7% 被高估</h2>
</div><p>With Annaly Capital Management last closing at US$23.19 against a narrative fair value of about US$22.80, the story here hinges on how future earnings and margins are expected to develop rather than on short term sentiment.</p>
<div class="lb-trans"><p>当 Annaly Capital Management 最后收盘于 23.19 美元时，与叙述的公允价值约为 22.80 美元相比，这里的故事取决于未来收益和利润率的预期发展，而不是短期情绪。</p>
</div><blockquote>
<p><em>The analysts have a consensus price target of $21.023 for Annaly Capital Management based on their expectations of its future earnings growth, profit margins and other risk factors.</em></p>
<p><em>In order for you to agree with the analyst's consensus, you would need to believe that by 2028, revenues will be $3.4 billion, earnings will come to $3.2 billion, and it would be trading on a PE ratio of 7.0x, assuming you use a discount rate of 11.0%.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>分析师对 Annaly Capital Management 的共识目标价为 21.023 美元，基于他们对未来收益增长、利润率和其他风险因素的预期。</em></p>
<p><em>为了让你同意分析师的共识，你需要相信到 2028 年，收入将达到 34 亿美元，收益将达到 32 亿美元，并且假设你使用 11.0% 的折现率，它将以 7.0 倍的市盈率交易。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整的叙述。</p>
</div><p>Curious what has to happen with revenue, earnings and margins for that fair value to make sense? The narrative spells out a very specific earnings path and a compressed future P/E that you might want to stress test against your own expectations.</p>
<div class="lb-trans"><p>想知道收入、收益和利润率需要发生什么才能使这个公允价值合理吗？叙述中详细说明了一条非常具体的收益路径和压缩的未来市盈率，你可能想要根据自己的预期进行压力测试。</p>
</div><p><strong>Result: Fair Value of $22.80 (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 22.80 美元（被高估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, this hinges on conditions holding up, since a weaker mortgage origination backdrop or a tougher credit environment could quickly challenge those earnings and valuation assumptions.</p>
<div class="lb-trans"><p>然而，这取决于条件的持续，因为较弱的抵押贷款发放背景或更严峻的信贷环境可能会迅速挑战这些收益和估值假设。</p>
</div><p>Find out about the key risks to this Annaly Capital Management narrative.</p>
<div class="lb-trans"><p>了解 Annaly Capital Management 叙述的关键风险。</p>
</div><h2>Another View: Value Signals Point The Other Way</h2>
<div class="lb-trans"><h2>另一种观点：价值信号指向相反方向</h2>
</div><p>That 1.7% “overvalued” fair value from the narrative sits awkwardly next to some of the hard numbers. At US$23.19, Annaly Capital Management trades on a P/E of 11.8x, compared with 14.1x for peers and a fair ratio of 18.2x, and at a 46.2% discount to the SWS fair value estimate of US$43.10. If one method says slightly rich and another suggests a wide discount, which set of assumptions do you trust more?</p>
<div class="lb-trans"><p>叙述中的 1.7% “被高估” 的公允价值与一些硬数据显得不太协调。在 23.19 美元时，Annaly Capital Management 的市盈率为 11.8 倍，而同行为 14.1 倍，公允比率为 18.2 倍，并且相对于 SWS 公允价值估计的 43.10 美元有 46.2% 的折扣。如果一种方法认为略显昂贵，而另一种方法则建议大幅折扣，你更信任哪一组假设？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7d318329-78e2-41f2-bb33-6198544ac640/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/7d318329-78e2-41f2-bb33-6198544ac640/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:NLY P/E Ratio as at Jan 2026</p>
<div class="lb-trans"><p>截至 2026 年 1 月 NYSE:NLY 的市盈率</p>
</div><h2>Build Your Own Annaly Capital Management Narrative</h2>
<div class="lb-trans"><h2>自己构建 Annaly Capital Management 的叙述</h2>
</div><p>If you look at this and think the story should read differently, or simply prefer to test your own assumptions against the data, you can build a complete view in just a few minutes with Do it your way.</p>
<div class="lb-trans"><p>如果你看了这个并认为故事应该有不同的叙述，或者只是希望根据数据测试自己的假设，你可以在几分钟内用 Do it your way 构建一个完整的视图。</p>
</div><p>A great starting point for your Annaly Capital Management research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 Annaly Capital Management 研究的一个很好的起点是我们的分析，强调 4 个关键回报和 3 个可能影响你投资决策的重要警示信号。</p>
</div><h2>Ready to hunt for more opportunities?</h2>
<div class="lb-trans"><h2>准备好寻找更多机会了吗？</h2>
</div><p>If Annaly Capital Management has sharpened your thinking, do not stop here. The right idea often appears when you compare a few very different setups side by side.</p>
<div class="lb-trans"><p>如果 Annaly Capital Management 让你思考更深，不要止步于此。正确的想法往往在你并排比较几个非常不同的设置时出现。</p>
</div><ul>
<li>Spot potential value gaps by scanning these 884 undervalued stocks based on cash flows that may trade below what their cash flows imply.</li>
<li>Front run emerging themes by checking out these 25 AI penny stocks positioned around artificial intelligence trends.</li>
<li>Strengthen your income watchlist by reviewing these 12 dividend stocks with yields &gt; 3% offering yields above 3%.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描这 884 只可能低于其现金流所暗示的交易价格的被低估股票，发现潜在的价值差距。</li>
<li>通过查看这 25 只围绕人工智能趋势定位的 AI 小盘股，提前捕捉新兴主题。</li>
<li>通过审查这 12 只收益率超过 3% 的分红股票，增强你的收入观察名单。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

随着空头头寸占流通股比例的上升，评估 Annaly 资本管理（NLY）的估值