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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…
OtherIND

Quantum

  • **Quantum Threat Timeline & Bitcoin Exposure**: Q-day (cryptographic break) has 28-49% probability within 10-20 years, exposing $400bn in Bitcoin supply (30% by 2026) to immediate decryption; "harvest now, decrypt later" attacks enable future breaches without migration plans.
  • **Policy Divergence & Systemic Risk**: US leads with $11.4bn public quantum commitments (Usher order, post-quantum migration), while EU lacks cohesive strategy (fragmented, no unified market), risking crypto-agile readiness; BIS estimates 0.1% GDP loss in 5y from confidence erosion (not IT failure).
  • **NIST Deadline & Institutional Gap**: NIST finalized post-quantum standards (Aug 2024); regulators deprecate legacy crypto by 2030, disallowing after 2035.
  • Only 35% of large orgs have credible migration roadmaps, creating asymmetric risk vs.
Aug 2, 2026 · 15:35 UTC
OtherIND

India Equity Update July 2026

  • **India valuation reset**: MSCI India 12m forward P/E at 18.6x (~11% below 10-yr avg 21.0x), trailing P/E 14% below long-run average and 26% below EM peers, reversing "always expensive" narrative.
  • **Structural sector catalysts**: Power (FY26 capacity +56GW, solar 44.6GW), defense (FY25 exports $2.8bn record), and digital (AI rankings, open-source leadership) driving multi-year structural shifts.
  • **Consumer demand acceleration**: FMCG mid-teens growth (vs.
  • low-single-digit 2024), auto sales surge (tractors +21.0%, three-wheelers +12.8% FY26), retail credit re-accelerating to 16% (2023-24 peak 23%).
Aug 2, 2026 · 15:33 UTC
OtherIND

Find value in the AI stack D3

  • **Geopolitical Pricing Threat**: China’s state-backed AI "price dumping" risks global pricing power, with tiered access models determining productivity gains; adoption structure critical for value capture.
  • **HBM Bottleneck Shift**: Semiconductor constraints moving from GPU scarcity to high-bandwidth memory (HBM) production, signaling supply chain evolution beyond current GPU focus.
  • **Economic Value Verification**: AI spending structural only if tied to measurable economic value (productivity/revenue/costs); monitor via BLS data, job postings, and enterprise surveys—not just pilot adoption.
  • **Infrastructure Constraints**: Data center construction/operations (lease rates, vacancy) now critical bottleneck, not GPU scarcity, dictating AI capacity conversion from hardware investment.
Aug 2, 2026 · 15:33 UTC

610 more institutional reports还有 610 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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