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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…
TS LombardIND

LONG EM CARRY

  • **Fed Hawkishness Easing**: Weaker US labor data (3.2% avg hourly earnings) and retail sales decline reduce Fed hiking urgency, intensifying dollar weakness; structural dollar bear case persists due to US allies' alienation and diversification trends.
  • **EM FX Basket Trade**: Added long positions in IDR, ZAR, HUF, BRL, MXN, COP, CLP vs USD, supported by resilient EM carry regime, improved EM FX carry indicator (z-score 0.6), and manageable oil surge risk.
  • **China Oil Import Structural Shift**: Crude oil imports fell to 35.7 million tons (2026), signaling structural energy strategy change with implications for global oil demand, supply chains, and energy transition investments.
Aug 20, 2026 · 13:53 UTC
S&TSELL

GS Meschoulam Operation Twist 4.0 Path vs Destination 20 Aug 2026

  • **Triple Threat Macro**: Simultaneous growth weakness, elevated inflation above pre-pandemic norms, and historically large fiscal deficits strain term premia—unlike historical patterns where bond markets forgave one issue, all three now converge structurally.
  • **Structural Capital Scarcity**: AI-driven capital demand and permanently scarcer capital (vs.
  • post-GFC era) dominate term premia, reducing sensitivity to policy tools like Treasury buybacks; fiscal deficits and inflation uncertainty are primary drivers.
  • **Duration Risk Acceleration**: 0.15% 3-month increase in 28-year USD swap rate signals heightened demand for long-duration fixed income, directly impacting portfolio duration risk and signaling persistent long-end rate pressure.
Aug 20, 2026 · 12:45 UTC
S&TSELL

GS Johnstone TMT Spec Sales 20 Aug 2026

  • **TMT Momentum Unwind & Semiconductor Catalysts**: Systematic L/S down 1.4% (3 SD, worst 2+ years), TMT underperformance driven by momentum drawdown (-60bps); Samsung foundry price hikes (+10–15% for 4nm/5nm) and SK Hynix buyback (2026E/2027E EPS +4%/10%) confirm memory cycle strength and structural semiconductor recovery.
  • **OpenAI Monetization Acceleration**: Q2 revenue +18% ($6.7bn), ARR up 35% ($40bn QTD), enterprise revenue run-rate +50%—validating AI monetization despite widening losses, critical for AI sector fundamentals.
  • **Semiconductor Foundry Structural Shift**: AI/HPC to exceed 30% of foundry revenue (vs 15–20% end-2025), enabling earnings recovery from 2027; Samsung’s pricing hikes amid tight capacity signal sustained sector strength.
Aug 20, 2026 · 12:35 UTC

1481 more institutional reports还有 1481 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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