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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。

Institutional research is being onboarded. New buy-side and sell-side desk reports land here hourly — read the ones that touch what you hold. 机构研报正在接入。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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J.P. MorganSELL

JPM JPM TECH SKETCH GOO

  • **GOOGL Q226 Cloud & TPU Momentum**: Cloud revenue +82% Y/Y driven by TPU hardware sales; Google Cloud margins at 35.6% (fantastic), signaling TPU as next growth leg; JPMorgan reiterates Overweight ($420 PT), "buy pullback".
  • **NOW Q226 Subscription Acceleration**: cRPO +21.5% Y/Y FXN (+200 bps above guide), Subscription Revenues +23% Y/Y FXN; US Federal demand accelerating net new ACV; Q36 guidance implies sustained momentum.
  • **TSLA Robotaxi Safety Risk**: Prioritizes 99.999999% reliability; regulatory clampdown risk from single injury (30k-40k annual US auto deaths); scaling constrained by safety/reputation, not growth speed.
  • **AI Cyberattack Efficiency Surge**: AI models (GPT-5.5-Cyber) complete network attacks ~6.7x faster than prior models (M7 in ~10M tokens vs.
Jul 29, 2026 · 15:55 UTC
TS LombardIND

RUPEE STABILITY FOR NOW BUT STRAINS AHEAD

  • **RBI Intervention & Oil Risk**: RBI's FX interventions offer short-term rupee stability, but India's >85% crude import dependency and oil price volatility (fueled by Iran-US tensions) threaten sustained stability, with limited cushion from overseas bank deposits/debt flows.
  • **Structural Weaknesses**: Persistent foreign equity outflows, tepid FDI inflows, and the rupee's prolonged undervaluation (REER below 100 for >1 decade) create underlying strains despite RBI support.
  • **Geopolitical & Climate Impact**: Rupee ranks among worst oil-sensitive Asian currencies due to high oil prices + drought-like monsoon (June-Sept rainfall 16% below normal), exacerbating inflation and economic stress (confirmed by manufacturing PMI contraction).
  • **Structural Depreciation Risks**: Trade and capital flow weaknesses signal long-term rupee depreciation; reforms needed to boost private investment and stabilize capital inflows amid current account deficit widening to 2% of GDP in FY27.
Jul 29, 2026 · 14:16 UTC
Deutsche BankSELL

Internet July 29

  • **Spotify Subscriber Gap**: 2026 premium net additions modeled at 6mn (vs.
  • buy-side’s 7mn), implying 14% upside risk from execution.
  • **Margin Guidance vs.
  • Street**: 33.1% consolidated gross margin guide (Q2Q6) below buy-side 33.3-33.4%, signaling 20-30bps upside potential.
Jul 29, 2026 · 14:15 UTC

332 more institutional reports还有 332 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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