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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

Salesforce Aug 19

  • **AI Adoption Hurdles**: F2Q demand constrained by governance/data readiness challenges and extended evaluation cycles (compute/data integration), delaying deals despite AI transition focus.
  • **Favorable Valuation**: 11x Street EV/CY27E uFCF and 15x ex-SBC valuation deemed attractive, supporting Buy rating despite modest upside potential.
  • **Salesforce Adoption Metrics**: Agentforce adoption accelerating (13 avg activated agents/enterprise, 53% faster creation), but scaled growth hindered by data quality/integration constraints.
  • **Contentful Acquisition Impact**: Closing F3Q27 adds ~$80M to FY27 subscription revenue (+20bps growth) and ~50bps to cRPO, with timing critical for near-term guidance.
Aug 20, 2026 · 01:19 UTC
TS LombardIND

LONG-END YIELDS HAVE A MESSAGE

  • **UK Structural Yield Extremity**: UK yield curve repricing driven by structural pension fund demand (pre-GFC), QE-induced duration gaps, and broken cross-currency arbitrage, amplifying negative duration gaps during yield declines.
  • **Hedge Fund Intermediation Shift**: Hedge funds now dominate global bond intermediation over central banks/real money, with UK’s shift more pronounced; post-tariff shock term premium widening confirms expanded market influence.
  • **30-10s Spread Deterioration**: UK’s widening 30-10s spread since 2022 signals deteriorating fiscal perception (market pricing longer-term risks), debunking "high debt = high yields" myth despite yield cheapening.
  • **Duration Gap Amplification**: Post-GFC regulation constrained intermediation, creating unstable duration search; negative duration gaps amplify UK yield repricing volatility vs.
Aug 20, 2026 · 01:18 UTC
UBSSELL

Daily Europe

  • **Yield Pressure Nuance**: Long-end yield pressures (US 30-yr: 5.33%, German 30-yr: 3.78%, UK gilt: 5.8577%) do not threaten short-to-medium maturity quality bonds due to anchored front-end yields and income cushion against rate hikes.
  • **Critical Data Releases**: UK July inflation and ECB President Lagarde’s speech are pivotal for assessing policy shifts and liquidity risks.
  • **Central Bank Policy Shift**: Weakening US inflation/labor data reduce Fed hike expectations; Europe’s growth risks limit tightening, driving yield decline expectations.
  • **China Robotics Momentum**: IPOs (e.g., 3x price, CNY 6.1bn raised) signal strong investor enthusiasm, highlighting opportunities in sensors, actuators, and overseas supply chains for diversified exposure.
Aug 19, 2026 · 23:36 UTC

1443 more institutional reports还有 1443 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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