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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…
J.P. MorganSELL

JPM Daily Credit Strategy

  • **Earnings Growth Fundamentals**: 86% S&P 500 coverage shows sector acceleration (Energy 147%, Communications 117%, Discretionary 92%, Tech 70%), with debt-weighted earnings growth >20% across all cohorts; intermediate debt buckets ($20-50bn, $10-15bn) accelerating to 33% and 37%.
  • **Credit Spread Divergence**: Strong earnings issuers (2Q >40%) trade at tighter spreads (e.g., Caterpillar 51bp vs Comcast 134bp), signaling credit quality differentiation; weak growth issuers face widening spreads reflecting deterioration risks.
  • **High-Grade Liquidity Risk**: HG net dealer inventories negative (-$5,296m), dealer net positions down $2.5bn to $2.4bn, coupled with $106mn HY ETF outflows, indicating acute liquidity pressure and price discovery risks.
  • **HG Flow Dynamics**: $1.256bn high-grade ETF inflows (9% below 5d avg) amid dealer selling; 10s30s curve flattened to 17.7bp (42% of 6m range), signaling sector-specific technical shifts.
Aug 20, 2026 · 10:08 UTC
J.P. MorganSELL

JPM US Market Intelligence | Morning Briefing

  • **10Y Yield Risk**: 10Y yield at 4.99% (vs 6.65% in 1990s) with >5.25% triggering historical sell signal (2007 context); bond volatility critical headwind over yields.
  • **Debt-Driven Earnings**: S&P 500 high-debt firms ($50bn+ debt) show 43% earnings growth vs 32% for mid-debt, signaling debt as growth catalyst but vulnerability to rate hikes.
  • **SPX Tech Dominance**: SPX Tech weighting surged to 37.8% (vs 15.2% in 2007Q2), replacing Financials (12.3%) and Energy (3.5%), reflecting structural growth shift.
  • **Student Loan Risk**: Student loans show 11.0% early delinquency (vs mortgages' 3.8%), highest among loan types, critical credit portfolio risk.
Aug 20, 2026 · 10:08 UTC
S&TSELL

GS MORNING: 1 UST Buybacks, 2 USD Update, 3 FX Trader Call Takeaways and 4 FOMC Minutes Recap

  • **UST Buyback Scale**: Treasury to increase long-end buybacks by $2bn/operation (9 ops → $18bn/quarter, $72bn/year), totaling $144bn/year, reducing 20y/30y supply by ~16% and altering curve steepening dynamics.
  • **EURUSD Technical Breakout**: EURUSD breaks 200d MA (1.1693 vs 1.163) with low volatility, 60bps breakeven on EUR call, and EUR-funded EM carry supporting sustained upside.
  • **BRL Election Volatility Risk**: Tight Lula lead (narrow margin) drives defensive positioning and rising "election premium," with fiscal "more of the same" view impacting BRL depreciation and carry trade dynamics.
Aug 20, 2026 · 10:01 UTC

1473 more institutional reports还有 1473 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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