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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

JPM Software Industry Thoughts and Rank Order AI Disruption Concerns Present Compelling Opportunities in Relation to Both Growth and Inexpensive Valuation

  • **AI Cost Structure Disruption**: Maintenance costs (80% vs 20% deployment) and token cost pressures are underappreciated disruption drivers impacting budget decisions and valuation.
  • **Sector Valuation Discount**: Software sector trades at ~4x EV/Revenue (vs.
  • ~20x pandemic highs), signaling limited optimism and creating a critical re-rating opportunity.
  • **Infrastructure vs Application Divergence**: Infrastructure software outperformed application software (YTD: +18% vs -12%), with infrastructure shares rising 18% vs application software’s 11% decline in 2025.
Aug 19, 2026 · 00:28 UTC
J.P. MorganSELL

JPM US Market Intelligence Afternoon Briefing Aug 18

  • **US Market Selloff Drivers**: Momentum/AI exposure (memory, semis, big tech) drove selloff; seasonality, low volume, and lack of catalysts outweighed bond yield concerns amid mixed housing data (July Housing Starts miss, Building Permits rise).
  • **Geopolitical & Yield Risks**: US/Iran tensions (Hormuz attacks, no talks) keep WTI elevated at $85.12; US 10-Year Yields at decade highs drive tech sell-off as yields rise (WSJ).
  • **Key Catalysts**: FOMC Minutes (2pm ET) dominate Fed policy expectations; Anthropic’s $65B ARR (vs.
  • $75-80B implied) fuels momentum reversal and AI sector volatility.
Aug 19, 2026 · 00:26 UTC
S&TSELL

GS CHART OF THE DAY Momentum Leadership Shifting 18 Aug 2026

  • **Momentum Leadership Shift**: 3m momentum (GSPRHMO3) diverging from 12m (GSPRHIMO), with Software as top 3m long (GSXUHMO3) and Semis/AI as top 3m short (GSXULMO3), while 12m remains max long on Semis/AI (GSXUHMOM); 6.4% High Beta Momentum sell-off (GSPRHIMO) exceeds 5-year volatility extremes.
  • **Market Volatility Risk**: 1-day sell-offs >5% projected at ~23 (2026*), indicating escalating short-term volatility and systemic stress risk.
  • **Momentum Divergence**: 3m vs 12m momentum decoupling (GSPRHIMO3 vs GSPRHIMO) signals shifting dynamics, increasing rotation risk as short-term trends no longer align with longer-term positioning.
Aug 19, 2026 · 00:14 UTC

1376 more institutional reports还有 1376 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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