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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…
Deutsche BankSELL

Snap Aug 4

  • **Q2 Beat & Sustainable Growth**: Q2 revenue $1.6bn (19% y/y, above est), EBITDA $250m (32% above est); Q3 guidance $1.70–1.74bn (13–15% y/y) exceeds Street, signaling growth beyond temporary drivers (FIFA/Middle East).
  • **Subscription Engine & SPECS Risk**: Subscriptions +85% y/y ($316m, 20% of revenue), with 7–12% penetration benchmark; SPECS adoption at $2.195 (2.195 ASP, 100k target) faces mass-market hesitation, threatening medium-term viability.
  • **Strategic Infrastructure Spend**: FY26 infrastructure cost raised $500m to $1.65–1.70bn for DR optimization/ad platform, driving 56% platform conversion lift—offensive spend to improve returns, not defensive.
  • **Margin Expansion & Cash Flow**: Gross margin +7pp y/y, EBITDA margin 15.6% (vs 3.1% in Q225), TTM FCF $706mn; FCF per share now primary objective (Q2 FCF $121mn).
Aug 4, 2026 · 16:17 UTC
S&TSELL

GS Tony Pasquariello markets and macro Aug 4

  • **Q2 Earnings Momentum**: 7th consecutive double-digit EPS growth (46% y/y mega caps, 12% median), sustained by robust retail demand and buybacks driving net positive August flows.
  • **Fed Policy & Disinflation Shift**: US financial conditions easing pre-FOMC, with disinflation trend (2026→2027) accelerating via tariff lapping, altering policy expectations.
  • **Geopolitical Policy Impact**: Tariff lapping absence driving disinflation, reducing near-term policy tightening risks despite elevated inflation readings.
Aug 4, 2026 · 16:15 UTC
Nomura·McElligottSELL

Nomura Cross Asset AND WE'RE BACK (AT U.S. EQUITIES ATH'S)

  • AI Theme Reversal**: Hyperscalers rallied +16.0% QTD vs Enablers falling -7.7% since June 26, signaling structural shift from "Long Enablers" to Hyperscalers leading the rally.
  • Reverse Dispersion**: S&P 500 correlation "CRUSHED" amid leaders/laggards role reversal; Top 50 single-name volatility high vs low index volatility sustaining "DESTROYED CORRELATION." **Fed Rate Hike Certainty**: SOFR implied probabilities show 95% chance of single rate hike (vs 63% yesterday), signaling strong market consensus and immediate policy impact.
  • Geopolitical Oil Shock**: Strait of Hormuz reopening rumors triggered crude oil -5% drop and UST futures rally, highlighting oil market sensitivity to geopolitical risks as key risk factor.
  • Earnings Momentum**: 85% of S&P 500 companies beat EPS (avg past 4Q 83%), driving "Everything Rally" via Netting-Up (adding Longs, covering Shorts) amid volatility spike.
Aug 4, 2026 · 16:15 UTCMcElligott

746 more institutional reports还有 746 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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