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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。

Institutional research is being onboarded. New buy-side and sell-side desk reports land here hourly — read the ones that touch what you hold. 机构研报正在接入。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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J.P. MorganSELLHighlighted

JPM Europe Equity Research Today’s Morning Meeting

  • **European Style Rotation Shift**: Kospi down 40%, SOX 30%, reversal in momentum/growth factors; J.P.
  • Morgan QMI contraction signals early rotation to Value/Quality/Low Vol, underweight Growth/Risk.
  • **Adyen Positive Catalyst**: 16.6% Q2 customer growth (outperforming peers), 27% processed volume growth potential, FY26 revenue 20-22% YoY; strong fundamentals support upside.
  • **URW Retail Property Outperformance**: Lowest shopping center vacancy in a decade, 9% sustainable yield, inflation-linked earnings growth, US exposure as key differentiator.
Jul 31, 2026 · 10:38 UTC
CitiSELL

Citi The Point for Europe Friday, 31 July 2026

  • **UK BoE Policy Uncertainty**: MPC's weak inflation profile and real economy slack undermine rate hike credibility, creating significant policy uncertainty for interest rates and market expectations.
  • **EDP Growth & Valuation Discount**: Strong H226 delivery, 2027 CMD commitment (500MW land capacity), and material valuation discount vs peers (PE/EV/EBITDA) justify Buy rating.
  • **Shell Production & Earnings**: Q326 O&G production cut (15% to 2,380 kboe/d) offset by strong refining margins ($23/bbl, 49% above cons), raising adj.
  • NI by 20% (Neutral, TP 3200p).
Jul 31, 2026 · 10:37 UTC
Deutsche BankSELL

Deutsche Bank Research, Europe

  • **SILTRONIC: 300mm Wafer Shortage** AI-driven demand surge creates 300mm wafer shortage, pricing above LTA, LTA renewals boosting sales (fundamentals, supply chain dynamics).
  • **ANDRITZ: Record Backlog & Q2 Beat** Q2 revenue +9% YoY, EBITA +15% YoY, record order backlog (EUR 12.6B) drives FY27-28E upgrade (data releases, fundamentals).
  • **SCHNEIDER: Semiconductor/DC Order Surge** Triple-digit order growth in data center/semiconductor verticals, target raised to EUR320 (execution on track, margin actions).
  • **OUTOKUMPU: EBITDA Cut & Flat Guidance** Q2 results softer, EBITDA estimates cut 8-9% (FY26-28E), PT reduced to €5.0 amid flat Q3 guidance (risk factor).
Jul 31, 2026 · 10:36 UTC

452 more institutional reports还有 452 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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