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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…
Institutional desk机构研究台Sell-side卖方

GS Saboureault Positioning Mondays Week 38 21Sep2026

  • CTA Equity Selling: $47bn global equity sell-off (including $38bn last week), models predict 1-month flip to buyers; CTAs reduced exposure to $91bn (62nd percentile).
  • Hedge Fund Positioning: Europe equities net bought fastest in 5 months (Industrials/Info Tech/Cons Disc bought; Energy/Financials/Staples sold); global book leverage at 309.2% (4.6 pts higher).
  • AAII Sentiment Extreme: Bears at 53.3% (vs historical 31%), bulls at 28.8% (vs 37.5%), most bearish since May 2025 (Neutrals 17.9%).
  • Trump/Xi Summit: Critical geopolitical event driving near-term market volatility and positioning shifts.
Sep 22, 2026 · 03:40 UTC
Institutional desk机构研究台Sell-side卖方

GS Stankard Eq Positioning and Key Levels 21Sep2026

  • CTA Sell Pressure & SPX Dynamics: Systematic trend could trigger $10bn equity sell (vs.
  • SPX’s $8.5bn buy baseline), with US equities at 5-week high net buying driven by Macro Products short covers and Single Stocks long buys.
  • SPX Key Levels & Buyback Blackout: SPX pivots at 7643 (short), 7420 (mid), 6944 (long); ~64% S&P500 in blackout (rising to ~85% by week-end), with 10b5-1s increasing ahead of earnings.
  • Down 2.5 STD 1-Month Flow Risk: Total expected flows under Down 2.5 STD for 1 Month are -$184,907M, with S&P 500 E-mini, DAX 30, and FTSE 100 showing severe negative flows (-$2,596M, -$5,797M, -$7,521M).
Sep 22, 2026 · 03:40 UTC
Goldman SachsSell-side卖方

Pulp & Paper Monthly Tracker — September 2026

  • China Inventory Glut: China pulp port inventories at 2.3mt (3% m/m rise) exceed 5yr avg (1.9mt), signaling structural supply overhang and margin pressure.
  • Europe Pricing Divergence: European hardwood prices down 3% m/m vs Kraftliner up 2% m/m; Chinese paper margins negative (-13%/-6%), highlighting downstream weakness and sector fragmentation.
  • Indonesia Export Collapse: Indonesia hardwood exports dropped sharply mid-2023 (Exhibit 25), indicating policy-driven supply disruption impacting global paper chains.
  • China Demand Policy Risk: Robust tissue margins but declining net exports (Exhibit 23) amid regulatory tightening on recycled pulp imports, threatening supply chain stability.
Sep 22, 2026 · 03:23 UTC

2613 more institutional reports还有 2613 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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