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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

South Korea Technology Korea WFE Substrate CCL Chip testing HBM Supply Chain Check reinforces our positive view on Samsung E...

  • **HBM TAM Growth Catalyst**: HBM total addressable market growth at 67% and 108% YoY drives robust demand for Samsung, SK Hynix, and SEMCO, with expanding order backlogs across WFE, substrate/CCL, and chip testing sectors.
  • **Structural Supply-Demand Imbalance**: 2026E DRAM undersupply at 5.0% (expanding to 5.9% in 2027E) and NAND undersupply at 4.4% (vs.
  • 2025E’s 4.2%) signal persistent demand outpacing supply, supporting capex growth and earnings.
  • **SEC Capex Surge & Profitability**: Korean front-end equipment firms project 59% YoY capex growth (2026) with Q2 2026 operating profit up 42% YoY, driven by 73% YoY WFE import surge and expanding order backlogs.
Aug 23, 2026 · 16:45 UTC
J.P. MorganSELL

JPM Flows & Liquidity Are large enterprises spending $1.5tr on AI already

  • **AI Capex Cycle Viability**: Revenue acceleration in AI companies makes the capex cycle economically viable vs.
  • six months ago, shifting sustainability from capital intensity concerns to ecosystem revenue generation (model/cloud/neocloud providers).
  • **Retail Equity Flow Shift**: June 2026 retail share in US equity trading spiked (per SEC Rule 606), intensifying deleveraging in July; OTC venues (Virtu, Citadel) saw highest retail flow share since Oct 2025 peak.
  • **Yen Carry Trade Status**: No meaningful unwinding post-Japan MoF/US Treasury intervention (April 2025); foreign equity inflows stabilized at $160bn (mid-2026), yen borrowing peaked at $450bn (Q4 2024) and stabilized at $415bn (Q2 2026).
Aug 23, 2026 · 15:00 UTC
OtherIND

Fed On Hold

  • **Fed on Hold Thesis**: TCW urges Fed to maintain current rates, emphasizing strategic patience for fixed income management amid economic uncertainty.
  • **Fed on Hold Rationale**: Inflation driven by supply shocks (tariffs, AI, oil), not demand; labor cooling (falling job openings, flat/negative wage growth) and slowing growth (Real GDP, payroll) render rate hikes ineffective.
  • **Policy Restrictiveness & Supply Shocks**: Current Fed Funds rate (3.5-3.75%) exceeds neutral rate (3%), but economy not overheating; rate hikes counterproductive as unemployment must rise (4-6%) to offset supply shocks like tariffs/Iran war.
Aug 23, 2026 · 14:53 UTC

1697 more institutional reports还有 1697 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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