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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

Asset Allocation July 31

  • **Q2 Earnings Growth Surge**: S&P 500 earnings growth accelerated to 33% (Q1: 25%), highest in 30 years; 8 of 11 sectors show double-digit growth (Energy 130%, Materials 54%, MCG & Tech 52%).
  • **Sector Rotation & Diversification**: MCG & Tech’s contribution to S&P 500 earnings growth fell from 90% to 57%, signaling broadened growth beyond tech; non-tech sectors now driving momentum.
  • **Record Margin Expansion**: S&P 500 margins hit a record 15.7% (from 15.2%), with Ex-MCG & Tech margins surging to near-record highs, indicating robust profitability beyond tech.
  • **AI Dominance in Earnings**: AI and beneficiaries account for 53% of S&P 500 earnings growth (60.5% YoY vs.
Aug 1, 2026 · 14:17 UTC
Deutsche BankSELL

US Econ Notes July 31

  • **FOMC Rate Decision & Dissent Views**: FOMC holds rates steady at 3-1/2%–3-3/4% with three hawkish dissents (Hammack, Kashkari, Logan) arguing policy too accommodative; baseline implies 50bps hikes this year (25bps in Sept/Dec), signaling persistent hawkishness.
  • **July Employment Report & Unemployment Outlook**: Headline jobs (+65k) and private payrolls (+65k) expected to rise, but unemployment rate risks rising to 4.3% if labor force participation rebounds (last month’s LFPR drop to 61.55%).
  • **Fed Hawkish Speakers in August**: Schmid (Kansas City) and Musalem (St.
  • Louis) to deliver hawkish speeches (Aug-4, Aug-6), reinforcing rate hike expectations and pressuring bond yields/equity valuations.
Aug 1, 2026 · 14:17 UTC
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

533 more institutional reports还有 533 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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