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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

Connecting the Dots Beach reading & listening plus key research

  • **Oil Capex Upcycle**: Reserve life down 65% for top projects since 2013, US shale flattening, and geopolitical capacity risks signal structural supply shortage.
  • **Europe Resilient Growth**: Outperformed US despite energy/tariff shocks (2025), with improving ROE (Exhibits 3-6) and strong diversified investor charts.
  • **Ulanqab AI Cluster**: Ulanab in Inner Mongolia has 12.5 GW AI data center commitment (10x capacity by 2025), leveraging low temps, cheap power, and renewables—critical APAC AI infrastructure.
  • **RWE EPS Catalyst**: Q2 results imply 2031 EPS lift to €6 (vs.
Aug 14, 2026 · 23:15 UTC
Goldman SachsSELL

Global Economics Wrap Up August 14, 2026

  • **Central Bank Communication Shifts**: Enhanced transparency (forecasts, press conferences) by DM central banks reduced year-ahead rate volatility by ~10% and improved policy transmission (e.g., 100bp hawkish surprise → 100bp FCI tightening vs.
  • 70bp median).
  • **US Inflation & GDP Revision**: Core CPI +0.22% MoM (shelter +0.26%, medical +0.6%), core PCE +0.20%; Q3 GDP estimate lowered to +2.2% (home sales -1.7%, retail sales -0.6%).
  • **Global Inflation Divergence**: India CPI at 4.5% (19-mo high, food-driven) vs.
Aug 14, 2026 · 23:11 UTC
Morgan StanleySELL

MS How Could Open Weight Models Impact GenAI ROIC

  • **Hyperscalers' ROIC Resilience**: Hyperscalers maintain 20–60% ROIC despite open-weight pricing pressure ($1.75/million tokens) via throughput optimization (2,000–3,500 tokens/sec/GPU on GB300 hardware) and proprietary infrastructure.
  • **Open-Weight Pricing Pressure**: Open-weight models (e.g., Meta Muse Spark, Google Gemini Flash) drive per-token pricing down, forcing providers to prioritize throughput to sustain margins amid competitive pricing.
  • **Compute Monetization Imperative**: Hyperscalers monetize scarce compute via token throughput (not just pricing), with revenue/GW tied to custom silicon (TPUs/Trainium), request batching, and MoE sparsity.
  • **AWS Growth Acceleration**: AWS revenue growth surges to 36.8% (2028e), driving core revenue/gross profit expansion while paid units decline, positioning it as the primary growth engine.
Aug 14, 2026 · 17:22 UTC

1101 more institutional reports还有 1101 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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