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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…
Goldman SachsSELL

GS Early Morning Research Recap Ratings and Target Price Changes August 13, 2026 as of 5 30 AM ET

  • **US PCE Methodology Shift**: Old PCE methodology ends 12 Aug, creating volatility risk; macro outlook (favorable inflation/weak labor) drives risk asset rebound and issuance surge, critical for positioning.
  • **MSCI Index Strategy**: MSCI review implications drive market sentiment and index flows; monitor for volatility and positioning shifts.
  • **Vail Resorts Downgrade & Tingyi Upgrade**: Vail (MTN) downgraded to Sell (Americas sector risk); Tingyi (0322.HK) upgraded to Buy (Asia equity flow catalyst), direct portfolio action.
  • **China EV/Export Dynamics**: Domestic NEV decline narrows but export growth holds; Hiwin Corp faces price hike vs.
Aug 13, 2026 · 11:36 UTC
CitiSELLHighlighted

Citi The Point for Europe Thursday, 13 August 2026

  • **Vestas Margin Beat & Target Price Hike**: Q2'26 earnings beat with offshore margins at low-mid teens (since 2016/17), 10% group margin target by 2028; Buy maintained with DKK260 TP.
  • **ABN AMRO ROE Feasibility**: 2026 EPS growth to high-single digits (better NII/cost guidance), 15% ROE feasible at current rates; TP raised to €50.
  • **Global Macro Flows Shift to Goldilocks**: Hedge fund flows shifting from Consumer Discretionary/Staples to Financials/Energy/Tech; favored by dovish US data, FOMC easing, and geopolitical risks.
  • **Norges Bank Policy Outlook**: Hold expected (vs hike) after soft CPI, tightening likely in September; policy rate elasticity reduced due to strong NOK.
Aug 13, 2026 · 11:24 UTC
Goldman SachsSELLHighlighted

GS TMT SPEC SALES – Adyen topline good enough

  • **AI Infrastructure Divergence**: AI/semis (CoreWeave +20%, Lumentum +13%) outperform hyperscalers (MSFT/AMZN/META down ~2%) post-CPI; NVIDIA vs.
  • hyperscaler tension defines near-term demand backdrop.
  • **Tencent AI Strategy & Geopolitical Risk**: Aggressive AI spend (WorkBuddy, Weixin Xiaowei) vs.
  • cloud monetization debate; Prosus tied to Tencent; US-China IP disputes (Zuckerberg defends AI distillation) heighten supply chain vulnerability.
Aug 13, 2026 · 11:19 UTC

1058 more institutional reports还有 1058 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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