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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…
Deutsche BankSELL

Euro Weekly Digest

  • **Q2 GDP & Wage Dynamics**: EA GDP +0.4% q/q (exceeding ECB’s 0.2% forecast), driven by resilient domestic demand; wage tracker confirms stable pressures through Q1-2027 with no second-round inflation risk.
  • **Credit Flows & Geopolitical Resilience**: June bank lending survey shows EUR 46B monthly flows (corporate loans EUR 26B), defying geopolitical risks; contradicts growth concerns and signals ECB rate hike potential.
  • **ECB Policy Divergence & Rate Outlook**: Kazimir signals potential additional hike amid sticky inflation, while Patsalides remains uncertain; market pricing at ~2.75% vs.
  • DB forecast of 2.5%.
Jul 31, 2026 · 16:51 UTC
Goldman SachsSELL

Wiwynn (6669)

  • **AI Server Demand Acceleration**: 32% CAGR revenue growth (2026-28E) driven by US CSP AI spending (21% CAGR), agentic AI demand (June revenue +33% MoM), and new GPU/ASIC server adoption; Q3 revenue expected +28% QoQ.
  • **Profitability Scalability**: Revenue projected to surge from 950.7M NT$ (12/25) to 2,173.0M NT$ (12/28E), with EBITDA rising 131% (66,608M to 131,055M NT$) and free cash flow expanding to 43,014M NT$.
  • **AI Server Margin Leadership**: AI server full racks show 402% GM growth in 2026E; ASIC AI servers drive higher gross margins (lower GPU cost, better customization) vs.
  • consensus (Goldman 5% GP vs.
Jul 31, 2026 · 16:24 UTC
Goldman SachsSELL

Japan June Production Slightly Beats Market Forecast, Rising for Third Straight Month

  • **Earthquake Risk**: Kumamoto earthquake drags July production outlook to -0.7% mom (vs June's +1.3% mom), risking sustained industrial output decline amid sector recovery; METI bias-adjusted forecast contradicts June momentum.
  • **Retail Sales Collapse**: June retail sales fell -0.5% yoy (vs +2.0% forecast), with machinery/equipment (-10.3% mom) and textiles/apparel (-14.2% mom) collapsing due to typhoons and supply chain issues.
  • **Naphtha Inventory Dip**: Sharp decline in naphtha inventory (2025–2026) signals manufacturing supply chain stress or reduced industrial demand, critical for Japanese manufacturing fundamentals.
Jul 31, 2026 · 16:23 UTC

520 more institutional reports还有 520 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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