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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 Marson What Matters Today Over earning not bubble 18Sep2026

  • S&P 500 Earnings Sensitivity to Semiconductors: Semiconductor margin decline (70%→55%) risks 10% S&P 500 earnings cut; 2027 EPS growth ranges from 4% (55% margin) to 21% (75% margin), with consensus (70% margin) at 15%, highlighting high vulnerability to margin erosion despite AI-driven growth.
  • CTA Flow Shifts & Positioning: CTA US equity longs at $37.54bn (22nd percentile) amid $6bn sellers in flat tape, $14bn sellers in down tape, and $3bn buyers in up tape, signaling potential demand-driven flow shifts as SPX closes above short-term threshold.
  • Gold Structural Demand & Policy Dynamics: Central bank gold demand raised to 60 tonnes/month (2026-27), contributing ~23% to 2027 appreciation; Fed rate cuts (3x 2027-28) maintain $5,400/ton Dec-2027 forecast but near-term path adjusted downward due to rate drag offset by central bank purchases.
Sep 18, 2026 · 13:25 UTC
Institutional desk机构研究台Sell-side卖方

GS Crook GS MORNING BoJ Review Gold Update CEE FX Thoughts GS Webcast Replay

  • BoJ Policy Shift & Dissent: BoJ hiked rates to 1.25% with two Takaichi appointees dissenting (favoring hold), while hawkish members dissented on price stability language, signaling persistent inflation concerns and accelerated hike pace.
  • Inflation Fundamentals & Hawkish Stance: Persistent upside inflation risks from energy, AI-driven demand, and wage growth; BoJ maintains hawkish policy, risking inflation exceeding 2% target with Ueda’s flexibility on future adjustments.
  • USDJPY FX Options Dynamics: Bullish momentum driven by gamma demand; elevated volatility from intervention risks (spot 4 figures off lows, Treasury rhetoric) and light top-side positioning.
  • Gold Central Bank Demand & Fed Risk: Central bank demand raised to 60 tonnes/month (vs. 50/40 prior); Fed hike risks vs.
Sep 18, 2026 · 12:47 UTC
Institutional desk机构研究台Sell-side卖方

GS Novak GS U.S. Industrials Materials Fed LEN GNRC

  • Fed Hawkish Shift: Fed raised rates 25bps to 3.75-4%, more hawkish than expected (16-2 majority for further hikes, median terminal rate at 3.25-3.5%); second hike expected in October.
  • LEN Fundamental Risk: EPS miss ($1.19 vs $1.28), 9% new orders decline, backlog drop, CEO considering private sale (special committee formed); high risk of delisting.
  • GNRC Amazon Deal: $8bn AMZN transaction for warrant to acquire 1.6932mm shares at $200.93/share ($2.4bn initial deliveries 2027-2028); major growth catalyst.
Sep 18, 2026 · 12:47 UTC

2364 more institutional reports还有 2364 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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