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The desk research, the way the analysts wrote it. 分析师原文研报，原汁原味呈现。

Showing the latest saved institutional reports.Refreshing the latest institutional reports. New buy-side and sell-side desk reports land here hourly — read the ones that touch what you hold. 正在显示最近保存的机构研报。正在刷新最新机构研报。买方与卖方研究每小时更新至此 —— 挑与你持仓相关的读。

The research the desks write for their clients — now on yours. 机构写给客户的研报 —— 现在也在你手中。
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Refreshing the latest reports…正在刷新最新研报…
J.P. MorganSell-side卖方

JPM JPM US Market Intelligence Afternoon Briefing Sept 22

  • Fed Inflation Focus: Barkin signals inflation may require more than one rate hike; global PMIs (France/Germany/Eurozone/UK) due tomorrow as key data catalyst.
  • US-Iran Oil Volatility: Oil down 1.2% amid Strait reopening framework, diesel export debate, and Trump’s peace deal rhetoric; critical risk for energy sector.
  • AI Sector Rotation: Hypercomputers (70% price return) and Software (25.4x NTM PE) lead; active buying in META/semis, selling AI Vulnerable (NFLX) as LOs shift.
  • Bank/WM Trust Erosion: Aggressive bank/WM offers lack fundamentals; Meta’s untrustworthiness and Hugging Face scenario disrupt models, driving systemic de-risking (large caps dominate volume).
Sep 23, 2026 · 02:31 UTC
J.P. MorganSell-side卖方

JPM Meta Platforms Inc The Models and Agents Are Here, With Muse Consumers and Businesses Coming Next

  • Muse Outperformance & Adoption: Muse surged 21% vs SPX +1%, #1 free US app (U.S./Canada), daily downloads exceed Meta’s core apps (Instagram, WhatsApp, Facebook), driven by agent capabilities, free tier, and Meta distribution.
  • Monetization Path Validated: Revenue via transaction take-rates (commerce/travel) and subscriptions; Commerce/Shopping score 10 and Travel score 10 confirm high purchase intent and habit-forming workflows.
  • Meta Connect Catalyst: Sept 23-24 event to showcase AI progress (agent integration, smart glasses); key for business adoption (e.g., Meta Connect event) and addressing Amazon access block risk.
  • Valuation Anchor: $820 target (21x 2028 EPS), overweight rating; driven by social graph moat, AI monetization path, and top-line growth (23x 2028E GAAP EPS + 16x SPX premium).
Sep 23, 2026 · 02:31 UTC
Institutional desk机构研究台Independent独立

GERMANY: MERZ IN TROUBLE AFTER STATE ELECTION DISASTER

  • CDU Collapse: CDU drops below 5% in MWP election (worst result ever), triggering leadership chaos and threatening pro-growth reform timelines amid coalition instability.
  • Berlin Political Shift: Left party secures 25.7% in Berlin regional election (overtaking CDU), signaling strong resistance to pension reforms and pro-growth agenda.
  • Reform Softening: Coalition likely delays entitlement cuts (e.g., extended early retirement transition) but accelerates defense/infrastructure spending via 2025 fiscal rules to offset political backlash.
Sep 22, 2026 · 23:49 UTC

2686 more institutional reports还有 2686 篇机构研报

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Not investment advice. The Research Vault hosts third-party institutional research for reference and education. Highlighted reports are chosen for the quality of their argument, not as recommendations to buy or sell. Documents are provided by their authors; ratings and views are the authors', not ours. Access is metered and every download is watermarked — not for redistribution. 非投资建议。研报库仅收录第三方机构研究，供参考与学习之用。精选报告因其论证质量入选，并非买卖建议。文档由作者提供，其中评级与观点均属作者本人，与本平台无关。访问受配额限制，下载均加水印 —— 不得转发。

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