Research Vault — Institutional Desk Research

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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New this week本周新增

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Desks publishing在发机构

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Most-covered theme覆盖最多主题

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In the vault库内总量

CICitiSELLHighlighted

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

JPJ.P. MorganSELL

JPM Retail Radar Aug 12

**Retail Flows Shift to Commodities & Tech Traction Loss**: Retail ETF flows rebounded to 64%ile, rotating from Tech to Commodities (gold-led ETFs +2.5z demand; inflation-linked/dividend ETFs at 89%ile), while Tech (MSFT, Semis) lost momentum despite Mag7/SPCX concentration.
**Momentum Valuations at 0.3x (4.1%ile) vs Market Median 1.8x**: Momentum stocks now significantly cheaper than market (fwd P/E spread), signaling potential value opportunity amid recent unwind.
**Retail Imbalance in GDx/STIP Peaks at $20B**: Extreme retail overexposure (GDx daily imbalance) signals unsustainable positioning and high reversal risk.
**Dividend Yield Crowding at 77th Percentile**: High concentration in dividend ETFs (Fig 11) raises drawdown risk if yield sustainability is questioned, though below S&P 500 level (Fig 14) mitigates reversal speed.

Aug 13, 2026 · 10:50 UTC

GSGoldman SachsSELL

Hon Hai (2317)

**2026 Revenue Beat & Margins**: Hon Hai forecasts 2026 revenue growth across AI servers (GPU/ASIC), Consumer Electronics, PCs, and Components; 6.1% GM (vs.
consensus 5.7%/6.0%), 35% YoY NI to NT$60bn, Opex down to 2.4% driven by AI server ramp (double-digit QoQ) and EV Model B delivery by end-2026.
**AI Server & EV Growth Catalysts**: AI server rack shipments growing at high double-digit QoQ (2026) due to market share gains; EV business advancing with Model B (AUS/NZ delivery end-2026) and CAVIRA in Taiwan, supported by vertical integration and global production.
**Target Price Upside & Valuation**: Goldman Sachs target price NT$400 (193.50 NTS above current price), 18.9x 2027E P/E, reflecting bullish sentiment on AI server/EV outsourcing expansion despite stock trading below target.

Aug 13, 2026 · 01:24 UTC

1054 more institutional reports还有 1054 篇机构研报

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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。

Highlighted this week本周精选

Citi The Point for Europe Thursday, 13 August 2026

JPM Retail Radar Aug 12

Hon Hai (2317)

Pro research report

1054 more institutional reports还有 1054 篇机构研报