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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-side卖方

WUS (002463)

  • AI PCB Demand & Margins: Q3 2026 revenue up 5% QoQ to Rmb7.8bn with gross margin expanding to 37.6% (vs. 8% YoY) driven by AI server/switch upgrades, higher-margin PCB product mix, and capacity expansion in China/Thailand.
  • Earnings & TAM Revision: 2026–2028 earnings revised up 8%/4%/4% (vs. prior), AI server PCB TAM raised to US$38bn by 2027E, with high-speed networking PCBs growing at 63% CAGR (2026–2028).
  • Valuation Upside: Target price raised to Rmb148 (31.8% upside from current Rmb112.29), based on 23x 2027E P/E (vs.
Oct 11, 2026 · 17:12 UTC
JPM Eye on the Market·CembalestSell-side卖方

JPM EOTM Oct 8 Califoreboding

  • US Budget Deficit Exceeds 5% of GDP: Deficit worsens during economic expansion (worse than 1970s), signaling urgent need for fiscal restructuring amid deteriorating fundamentals.
  • AI Concentration Dominates S&P 500: 42 AI stocks drive 67% of price returns, 58% of earnings growth, and 81% of capex/R&D since Jan 2024; 60% of S&P 500 stocks down 20%+ from highs.
  • Private Credit Stress Metrics: Cliffwater stress at ~5% vs.
  • JPM BDC universe at ~15%; 70% of amended PIK loans never return to cash pay, with key risks including maturity extensions and debt-to-equity conversions.
Oct 11, 2026 · 03:40 UTCCembalest
EastspringSell-side卖方

Investment bulletin weekly week 40 final

  • North Asia Earnings Momentum: Japan leads MSCI earnings momentum (1.4x 1m change in 12m forward earnings), with strong positive revisions across Asia (India, China) signaling robust growth, driven by corporate reforms and high earnings growth in Korea/Taiwan/Japan.
  • Fed Rate & Energy Geopolitics Risk: Fed expected to hike 25bps in Dec 2023 (35-40% chance of another Q1 2024 hike); energy supply shock risk if Iran-US truce fails, impacting USD strength and global market flows.
  • Regional Flow Divergence: Japan (Nikkei +2.93%) outperforms EM Asia ex-Japan (-1.3%) and global indices (MSCI World -0.73%), with JPY strengthening (+0.36%) amid risk-off flows, dollar strength (DXY +1.0%), and bond declines (Global Govt Bonds -0.5%).
Oct 11, 2026 · 03:14 UTC

2845 more institutional reports还有 2845 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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