2025年8月1日-8月31日国外投行金融机构1112份行业研究报告PDF网盘资源合集，包含摩根大通/瑞银/美银/花旗/高盛/汇丰/贝莱德…等机构报告

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包括行业投资报告在内的诸多研报资源均在299素材网百度网盘群组持续更新，本行业报告系列将持续将群组中的部分研报资源进行展示，紧跟时事，持续更新。

目前在更的是2025行业报告系列，本文对2025年8月1日-8月31日更新的国外研报电子版PDF合集进行汇总，百度网盘分享，文件大小共7.5G，后续持续更新中，包含1112份+摩根大通/汇丰/瑞银/美银/花旗/高盛/贝莱德……等国外金融机构投行报告。

 目录如下 

1112份+国外报告国外研报国外机构报告国外投行报告

├── 250807更新
│ ├── 其他渠道
│ │ ├── 250803-Citi-英伟达公司预览–人工智能需求拐点;下一步是什么.pdf
│ │ ├── 250801-MS–邢自强-中国–经济温度计 亚洲太平洋供给起风，需求乏力.pdf
│ │ ├── 250803-UBS-比亚迪.pdf
│ │ ├── 250731-JPM-中国股权策略 抗内卷 周期性股票的广泛反弹.pdf
│ │ ├── 250728-MS-亚洲暑期学校 中国互联网.pdf
│ │ ├── 250803-Citi-中国互联网中国国际数码互动娱乐展览会2025亮点(1)–对A股游戏公司的更高期待.pdf
│ │ ├── 250801-MS-泡泡玛特 亚洲太平洋 不要让市场回调白白浪费;首选.pdf
│ │ ├── 250801-MS-美国经济周刊 北美 失业率报告.pdf
│ │ ├── 250730-UBS-中国农业 猪肉行业专家电话会议要点 反内卷政策如何影响猪肉行业.pdf
│ │ ├── 250801-MS-大中华区科技硬件 亚太地区 亚马逊业绩对亚太科技硬件股票的影响.pdf
│ │ ├── 250803-MS- Three Actionable Ideas.pdf
│ │ ├── 250730-MS-诺和诺德 欧洲不过火.pdf
│ │ ├── 250804-UBS-中国股票策略反内卷–暂时择机参与.pdf
│ │ ├── 250801-MS-中国互联网及其他服务 美图承诺支持反内卷.pdf
│ ├── Economic自有渠道
│ │ ├── UBS-China Healthcare：Biopharma funding： July 2025 YoY +133% and MoM +34%； follow~on momentum continues with VC PE picking up-250805.pdf
│ │ ├── UBS-China Oil， Gas and Chemical：H225 outlook： Seeking investment opportunities in chemicals sector under anti~involution-250731.pdf
│ │ ├── UBS-China Insurance Sector：Fast Take-250804.pdf
│ │ ├── Goldman Sachs-Healthcare： Biotechnology： Boston Biotech Bus Tour~Day 2 takeaways-250806.pdf
│ │ ├── J.P. Morgan-China E~Commerce （News） Nintendo （Awaiting pipeline） Positioning Intel （HF De~grossed） CCBJ （Positive MTP） GRAB （+ve 2H Margin Outlook） Preview Today （JP July Retail Sales， Ajinomoto）-250803.pdf
│ │ ├── Morgan Stanley-Where Are We Trading Now： Into the Final Week of Internet EPS-250805.pdf
│ │ ├── Goldman Sachs-India Weekly Kickstart：NIFTY closed 1% lower for the 5th straight week； FII selling intensified amid US tariff announcement； 2Q results in line； Sectors & stocks sensitive to tariffs-250801.pdf
│ │ ├── Morgan Stanley-Autos & Shared Mobility：Global Auto Monitor： The US Auto Industry Needs China-250801.pdf
│ │ ├── Goldman Sachs-Japan Weekly Kickstart：Solid 1Q results， but negative surprises punished harder than positive surprises have been rewarded-250803.pdf
│ │ ├── Morgan Stanley-China Autos Overview-250801.pdf
│ │ ├── Morgan Stanley-The Week Ahead – Europe：Earnings Previews-250801.pdf
│ │ ├── J.P. Morgan-Global Fixed Income Markets Weekly：Carry into summer but with caution-250802.pdf
│ │ ├── CITI-China Aerospace & Defense：Transferring Coverage-250801.pdf
│ │ ├── UBS-European Real Estate NAV Chartbook-250805.pdf
│ │ ├── Morgan Stanley-Building & Construction：Bricks and Mortar Databook-250801.pdf
├── 250803更新
│ ├── 其他渠道
│ │ ├── 250729-Citi-全球外汇策略头寸挤压创造欧元多头的吸引性再入场机会.pdf
│ │ ├── 250730-UBS-大中华银行每日亚太焦点报告 股息可持续性分析;季度业绩预览宁波禁止按揭货款佣金返现政策.pdf
│ │ ├── 250729-HSBC-投资者配置 全球最不受青睐的医疗保健行业;德国的强大全球吸引力.pdf
│ │ ├── 250730-UBS-鸿海精密 鸿海与东元贸易暂停交易，周三730待消息公布.pdf
│ │ ├── 250729-Citi-康宁公司管理层电话会议要点.pdf
│ │ ├── 250730-Citi-中国经济学当ZZJ会议遇上贸易谈判.pdf
│ │ ├── 250730-MS-半导体 北美 更新人工智能半导体价格目标.pdf
│ │ ├── 250730-GS-理想汽车股份有限公司进军纯电动SUV市场;i8定价符合预期买入.pdf
│ │ ├── 250729-UBS-全球电池供应链七月反弹能否持续.pdf
│ │ ├── 250730-野村-亚洲洞察 中国 ZZJ对增长前景持更乐观态度.pdf
│ │ ├── 250730-GS-中国“反内卷”运动会对市场产生更大影响吗.pdf
│ │ ├── 250730-BofA-大中华区电动汽车及电池 中国“未来汽车“评述 第62期 理想i8价格较预期略显激进.pdf
│ │ ├── 250730-UBS-中国汽车零部件行业拆分分析理想汽车i8上市，受益方解.pdf
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-Greater China Technology Hardware：Automation – Read~across from China’s July Manufacturing PMI-250731.pdf
│ │ ├── Morgan Stanley-China Sustainability：Anti~Involution and Decarbonisation-250730.pdf
│ │ ├── UBS-China Banks：APAC Focus，Are dividends sustainable？-250729.pdf
│ │ ├── Goldman Sachs-The 720： CATL （downgrade H）， China July Politburo， Hon Hai， MediaTek， Elite Material， Fujitsu， HSBC-250731.pdf
│ │ ├── Morgan Stanley-July 30： Still Waiting-250730.pdf
│ │ ├── Goldman Sachs-European Week Ahead： July 28 ~ August 03-250725.pdf
│ │ ├── BofA Securities-US Economic Weekly：Hawks in ascendance-250718.pdf
│ │ ├── UBS-Daily Commodities Note：US~China trade talks end without deal， next steps unclear-250730.pdf
│ │ ├── Bernstein-China Consumer Pulse 2Q25： Recovery remains uneven； Experiential spending and digital channel outperformed-250801.pdf
│ │ ├── J.P. Morgan-China Healthcare Service：GST stands to benefit from big expansion of elderly care market-250801.pdf
│ │ ├── Goldman Sachs-Global Healthcare： Pharmaceuticals： Friday Fodder： Pharma Moves； Earnings Matters-250725.pdf
│ │ ├── CITI-US Semiconductors：Sentiment Check Short~Term Views Heading into Earnings – INTC Squeeze， AMD Likely Trades Higher MU Lower， MCHP Still Top Pick-250718.pdf
│ │ ├── UBS-China Auto Parts Sector：Breaking up the whole into parts： who could be the suppliers for ONVO L90？-250801.pdf
│ │ ├── Goldman Sachs-China Automobiles： NEV OEMs 2Q25 Preview： better product mix and opex optimization to drive qoq profitability improvement-250801.pdf
│ │ ├── UBS-China MLCC Sector APAC Focus：Passive components with largest localisation upside； Chinese makers set to thrive-250731.pdf
│ │ ├── Morgan Stanley-China – Clean Energy：Solar Products Price Tracker – Week 31， 2025-250730.pdf
│ │ ├── J.P. Morgan-Foodservice：Initiate coverage of FOOD & LIFE COMPANIES at Overweight； plenty of room for store openings in China-250724.pdf
│ │ ├── UBS-China Healthcare：Obesity drug R&D monthly tracker~July 2025-250731.pdf
│ │ ├── UBS-US Pharmaceuticals & Biotechnology：Biopharma weekly script tracker （v.7 18 2025）-250718.pdf
│ │ ├── J.P. Morgan-China Lithium Dashboard：Production hike to put out the lithium heat-250729.pdf
├── 250808更新
│ ├── Economic自有渠道
│ │ ├── UBS-China Travel， Lodging and Leisure：Korea will launch visa~free entry policy to Chinese tour groups from 29th Sept 2025 to Jun 2026-250806.pdf
│ │ ├── Goldman Sachs-APAC Conviction List~Directors’ Cut：August Update~Adding Jardine Matheson & Namura Shipbuilding； Removing M&M， Kotobuki Spirits & Worley-250803.pdf
│ │ ├── Morgan Stanley-Greater China Technology Hardware：TFT~LCD Panel Prices Outlook for Aug~25： TVs ~0.3% MoM， and Monitors NBs Flat-250806.pdf
│ │ ├── DBS-HK China Power Sector：Downtrend in coal price to persist-250728.pdf
│ │ ├── Barclays-European Consumer Staples：HPC： Interim US Nielsen insights （1 w e 26th Jul’25）-250805.pdf
│ │ ├── Morgan Stanley-Agency MBS Weekly：Rolling With It-250801.pdf
│ │ ├── Deutsche Bank-US Economic Notes：What you need to know for the week ahead-250801.pdf
│ │ ├── CITI-China Internet：Citi’s Proprietary Survey On Chinese On~Demand Delivery Behavior-250804.pdf
│ │ ├── UBS-Pole Position：UBS European & US Autos Daily-250806.pdf
│ │ ├── 20250804-MS-Global Cloud CAPEX Now Tracking to +56% in 2025.pdf
│ │ ├── Goldman Sachs-China Weekly Kickstart：Markets corrected 2~3% from ytd highs； July Politburo meeting shows less urgency for stimulus； Higher index and Southbound targets-250803.pdf
│ │ ├── J.P. Morgan-China Auto Industry：Early positive sign on pricing after one month of antiinvolution campaign-250805.pdf
│ │ ├── J.P. Morgan-China monthly data outlook：Policy focus shifts to structural rebalancing-250805.pdf
│ │ ├── Morgan Stanley-Positions of Active Long~only Managers in China HK-250805.pdf
│ │ ├── J.P. Morgan-EMEA Metals & Mining Weekly Wrap： US Copper tariffs exemptions collapses Comex~LME premium， Q2 reporting mixed so far， Glencore & Fresnillo to watch next week-250801.pdf
│ ├── 其他渠道
│ │ ├── 250805-GS-安费诺-拟收购康普通信的连接与电缆解决方案业务.pdf
│ │ ├── 250804-BlackRock-每周投资评论盈利与关税的拉锯战.pdf
│ │ ├── 250804-MS-大中华半导体 亚太云半导体 全球需求增强.pdf
│ │ ├── 250804-MS-理想汽车-i8仍然是后起之秀.pdf
│ │ ├── 250804-HSBC-中国GDP上调按计划进行.pdf
│ │ ├── 250805-citi-富途控股展望预计2025年第二季度净利息收入超预期，可能超出共识;加密业务规划及2025年第三季度趋势为关注重点.pdf
│ │ ├── 250805-JPM-亚洲半导体 NVDA采用CoWoP的前景.pdf
│ │ ├── 250804-MS-北美全球云计算资本支出现状 预计2025年同比增长56%，2026年增长有望超过30%.pdf
│ │ ├── 250804-UBS-中国经济评论_1.pdf
│ │ ├── 250804-UBS-美国半导体-Capex.pdf
│ │ ├── 250804-GS-美洲数据中心近期超大规模云服务商财报评论对我们覆盖范围的启示.pdf
│ │ ├── 250804-Citi-全球宏观量化策略八月新兴市场外汇因子模型更新.pdf
│ │ ├── 250804-UBS.中国经济透视出口企业如何应对美国加征关税.pdf
│ │ ├── 250804-Citi-中国互联网-按需配送行为调查报告.pdf
│ │ ├── 250805-MS-全球科技 人工智能供应链 人工智能资本支出上调，而台积电2026年CoWos供应保持不变.pdf
│ │ ├── 250804-Mizuho-全球经济与金融每周观察.pdf
├── 250819更新
│ ├── 250819更新
│ │ ├── 其他渠道
│ │ │ ├── 250814-GS-GS-全球科技推出交换机总可寻址市场;数据中心交换机预计2025至2026年同比增长42%-32%，受高速传输驱动.pdf
│ │ │ ├── 250812-MS-全球宏观评论.pdf
│ │ │ ├── GS交易台：注意到中国了吗？.pdf
│ │ │ ├── 250813-HSBC-中国宏观跟踪报告 另一项90天关税休战.pdf
│ │ │ ├── 250813-GS 中国20年来首次出现7月净新增贷款负增长.pdf
│ │ │ ├── 250813-MS-腾讯业绩.pdf
│ │ │ ├── 250815-GS-720京东，大中华科技启动，日本交易所升级，网易，鸿海，新秀丽，亚瑟士，中国数据中心.pdf
│ │ │ ├── BenThompson：ChatGPT5、产品取舍、个性与模型升级——BenThompson的Stratechery—ChatGPT5,ProductTrade-.pdf
│ │ │ ├── 250814-MS-COHR.pdf
│ │ │ ├── 交易台GS科技日报新易盛臻鼎CRWV.pdf
│ │ │ ├── 250815-GS-鸿海(2317.TW)AI服务器显著环比提升推动第三季度;2025年第二季度毛利率和营运利润超预期;买入评级.pdf
│ │ │ ├── 250815-GS-微博.pdf
│ │ │ ├── 250813-GS-腾讯控股(0700.HK)2025年第二季度回顾人工智能推动各业务线增长将目标价上调至701港元买入评级.pdf
│ │ │ ├── 250815-GS-京东健康国际(6618.HK).pdf
│ │ │ ├── 250815-GS-唯品会.pdf
│ │ │ ├── 250812-JPM-Coreweave业绩2_20250901_103731.pdf
│ │ │ ├── 250814-GS-京东集团(9618.HK)2025年第二季度初步观察–零售业务强劲增长，核心利润率超预期;关注食品配送投资动态.pdf
│ │ │ ├── 250813-Bofa-小马智行.pdf
│ │ │ ├── 250814-jefferies-腾讯业绩.pdf
│ │ │ ├── 250813-Gs-思科-人工智能订单强劲;2026财年符合预期.pdf
│ │ ├── Economic自有渠道
│ │ │ ├── Nomura-China healthcare：MNCs’ 2Q25 China results summary-250808.pdf
│ │ │ ├── Goldman Sachs-Foxconn Industrial Internet （601138） AI servers in expansion； TP up to Rmb59.5， Buy-250817.pdf
│ │ │ ├── BofA Securities-Greater China Earnings Calendar Aug 14th to Aug 29th Announcements-250814.pdf
│ │ │ ├── Goldman Sachs-EM Weekly Fund Flows Monitor：Southbound saw record daily buying on Fri （+US$4.6bn）； EPFR prelim data suggests MFs added China exposure in July； MSCI rebalancing analysis-250815.pdf
│ │ │ ├── Barclays-Capital Goods~Chart of the Week #81：China automation slowed in 2Q25： discrete more stable， process weakened-250810.pdf
│ │ │ ├── UBS-Beijing Roborock Technology（688169） 2Q25 result beat on both sales and margin； global share consolidation continues-250818.pdf
│ │ │ ├── Goldman Sachs-The 720： Taiwan Semis~chiplet adoption， Asia Views， Japan Semis， China Basic Materials， Lenovo， India GST-250818.pdf
│ │ │ ├── Goldman Sachs-Japan Weekly Kickstart：uid laggards and Low AGM approvals-250817.pdf
│ │ │ ├── J.P. Morgan-China Property：Goodbye， Evergrande-250813.pdf
│ │ │ ├── UBS-China Hotel Sector：Summer RevPAR decline as expected below market consensus； cautious stance for Q4-250815.pdf
│ │ │ ├── BofA Securities-US Rates Watch Fed B S & rate setting：debate time-250815.pdf
│ │ │ ├── UBS-China solar biweekly： prices stabilised across the solar supply chain-250815.pdf
│ │ │ ├── Goldman Sachs-Asia Economics Analyst：Mapping India’s household financial savings-250817.pdf
│ │ │ ├── CITI-China Auto Manufacturers Rein~in 2H25 Stimulus； Begin fortifying a fine~tuned growth path for FY26-250811.pdf
│ │ │ ├── Jefferies-USA _ Equity Strategy：JEF’s Weekly Flows—Interesting Flow Trends With ARK & QQQ Seeing Big Inflows-250817.pdf
├── 250821更新
│ ├── 250821更新
│ │ ├── 其他渠道
│ │ │ ├── 250815-BofA-中国宏观经济观察.pdf
│ │ │ ├── 250816-GS-中国人民银行二季度货币政策报告语气趋于谨慎.pdf
│ │ │ ├── 250813-Nomura-中国快递专家电话会议要点.pdf
│ │ │ ├── 250815-GS.中国电信(0728.HK)在利润率、自由现金流及增长方面表现强劲;买入，目标价为7.2港元.pdf
│ │ │ ├── 250817-GS-US TMT.pdf
│ │ │ ├── 250814-MS京东.pdf
│ │ │ ├── 250815-GS-贝斯特(300580.SZ)2025年第二季度业绩符合预期，类人机器人组件进展有限;中性评级.pdf
│ │ │ ├── 250815-GS-禾赛集团2025年第二季度盈利回顾毛利率提升和销售管理费用下降推动毛利与净利润超预期;买入评级.pdf
│ │ │ ├── 250813-JPM-广达.pdf
│ │ │ ├── 250816-JPM-龙湖集团.pdf
│ │ │ ├── 250815-Citi-美国股票策略评估扩展论述.pdf
│ │ │ ├── 250815-GS-GC科技停止覆盖欧菲光、石基信息、大华、精测电子、中金公司、三安光电及普利玛斯的报告.pdf
│ │ │ ├── Blayne’s_Bytes__EPS_(P)reviews,_NVDA_Rubin_Update,_INTC_&_US_20250816202351.pdf
│ │ │ ├── 250815-JPM-中国互联网收益日历本周我们学到了什么.pdf
│ │ │ ├── 250814-jefferies-nanyaPCB.pdf
│ │ │ ├── 250814-GS-网易公司初步观点2025年第二季度符合预期，创纪录的毛利率抵消了逐季上升的销售与营销费用;强劲的递延收入。.pdf
│ │ │ ├── 250815-MS-吉利汽车.pdf
│ │ │ ├── 250815-GS-全球医疗保健制药行业.pdf
│ │ │ ├── 250814-Citi-吉利汽车(0175.HK).pdf
│ │ │ ├── 250815-JPM-中国生物医药.pdf
│ │ │ ├── 250815-MS-亚洲经济研究 亚太观点消费逆风何时消散.pdf
│ │ │ ├── 250812-MS-亚太地区中国电子商务–2025年第二季度业绩展.pdf
│ │ │ ├── 富邦：2026年半导体展望CoWoS扩展以满足AI，HPC时代的需求.pdf
│ │ ├── Economic自有渠道
│ │ │ ├── J.P. Morgan-JPM APAC Technology ~ NVDA B30A ~_ Huaqin-250819.pdf
│ │ │ ├── Nomura-Shenzhen T&S Communication（300570.SZ）： Sizable room to grow in global AI networking market-250819.pdf
│ │ │ ├── Bernstein-Chinese Autos： Easing off the accelerator， brace for cooling pace； July retail volume +2.1% yoy， EV sales penetration 52.7%-250817.pdf
│ │ │ ├── Morgan Stanley-China Coal： Weekly Coal Update： Coking Coal Inventory Slightly Piles up-250818.pdf
│ │ │ ├── Morgan Stanley-Greater China Semiconductors： Global AI Supply Chain Updates； Key Opportunities in Asia Semi-250818.pdf
│ │ │ ├── Goldman Sachs-Leader Harmonious Drive Systems Co. （688017） 2Q25 beat on share gain and humanoid component ramp~up； Neutral-250818.pdf
│ │ │ ├── BofA Securities-Global FX weekly：Inflation erosion-250815.pdf
│ │ │ ├── Goldman Sachs-US Weekly Kickstart：2Q 2025 earnings season recap-250815.pdf
│ │ │ ├── Goldman Sachs-China Medical System Holdings（0867.HK）Earnings Review： In~line 1H； Double~digit sales growth guidance re~iterated； Buy-250820.pdf
│ │ │ ├── CITI-China Internet：Jul’25 Online Retail Sales Online Physical +13.5% +8.3% YoY-250815.pdf
│ │ │ ├── BofA Securities-Systematic Flows Monitor：CTAs gradual buyers of US Treasury futures； Gold long at risk of stop~loss-250815.pdf
│ │ │ ├── Goldman Sachs-Europe Weekly Kickstart：Investing in Europe’s investments-250815.pdf
│ │ │ ├── UBS-China Semi Equipment ：July semi production equipment （SPE） imports： US$3.4bn， +14% YoY， +11% MoM-250818.pdf
│ │ │ ├── Goldman Sachs-Sinocera Functional Material （300285）： NDR takeaways： Emerging option value from new products； Buy-250819.pdf
│ │ │ ├── J.P. Morgan-China Chemicals：Expert call takeaways： _Anti~involution” for PVC CA more a case of voluntary exits than forced shutdowns-250812.pdf
│ │ │ ├── BofA Securities-Global FX weekly：Inflation erosion-250815_20250901_103840.pdf
├── 250826更新
│ ├── 250826更新
│ │ ├── Economic自有渠道
│ │ │ ├── Goldman Sachs-Laopu Gold（6181.HK）Earnings Review： Expect robust growth to continue with GPM improvement in 2H； All eyes on momentum post price hike； Buy-250822.pdf
│ │ │ ├── CITI-China Materials：Assessing the Impact of Regulating Investment Promotion Activities on Recycled Copper-250822.pdf
│ │ │ ├── Morgan Stanley-China Sustainability：Decarbonisation Through AntiInvolution： How Much Can Be Achieved？-250818.pdf
│ │ │ ├── J.P. Morgan-China Securities：Robust ADT， healthy leverage， growing _bull market” narrative， stay positive-250824.pdf
│ │ │ ├── CITI-Dongfang Electronics （000682） High Profit Growth in 1H25 with Both Revenue & Margin Up for Selling High End Products-250822.pdf
│ │ │ ├── Morgan Stanley-Laopu Gold（6181.HK）1H25 interim result~GPM compressed deeper than thought； Rapid inventory buildup reflects strong sales ambition for 2H-250820.pdf
│ │ │ ├── Morgan Stanley-China Equity Strategy：Focus List Changes – China HK-250820.pdf
│ │ │ ├── J.P. Morgan-Epoxy Resins：China July Exports-250820.pdf
│ │ │ ├── BofA Securities-Emerging Insight：China demand picture of CGBs-250818.pdf
│ │ │ ├── Goldman Sachs-Hua Hong （1347.HK）： Capacity expansion and ASP recovery on strong UT rates； 28nm as potential next driver； Neutral-250825.pdf
│ │ │ ├── Goldman Sachs-VeriSilicon （688521.SS） AI ASIC design and production services ramp up with strong order momentum； TP raised to Rmb193； Buy-250824.pdf
│ │ │ ├── UBS-China Petroleum & Chemical~A（600028.SS）Q2 dragged by lower oil prices muted chemicals； L~T refining tailwinds from ‘anti~involution’-250821.pdf
│ │ │ ├── J.P. Morgan-Global Power Equipment：HVDC ~an overlooked technology to de~bottleneck energy transition-250820.pdf
│ │ │ ├── Goldman Sachs-Jason Furniture Hangzhou Co.（603816.SS）2Q25 Earnings Review： Continued outperformance and GPM expansion despite property weakness； Buy-250825.pdf
│ │ │ ├── UBS-Biofuel Producers and Fertilizers Agchems：Why Are Soybean Oil Prices Rallying？-250624.pdf
│ │ │ ├── UBS-China Semi Equipment：Non~litho catching up； total imports again led by Shanghai and Guangdong-250820.pdf
│ │ │ ├── Jefferies-Ganfeng Lithium（1772.HK）1H Was Tough， but Hope Is Ahead-250825.pdf
│ │ │ ├── Morgan Stanley-Greater China Semiconductors： Global AI Supply Chain Updates； Key Opportunities in Asia Semi-250818 2.pdf
│ │ │ ├── J.P. Morgan-China Internet Earnings Calendar： All eyes on competition in food delivery and quick commerce-250822.pdf
│ │ │ ├── Morgan Stanley-China Equity Strategy：A~Share Sentiment Up Further； Signposts to Monitor-250821.pdf
│ │ │ ├── UBS-China Healthcare：Weekly recap，Chinese premier calls for policy support for high quality biomed development-250822.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250821-MS-龙源电力.pdf
│ │ │ ├── 250821-Citi-长电科技.pdf
│ │ │ ├── 250819-JPM-亚太技术-OpenAIGenius.pdf
│ │ │ ├── 250818-JPM-中美柴发.pdf
│ │ │ ├── 250821-Citi-歌尔股份.pdf
│ │ │ ├── 250818-GS-中国策略反内卷重燃利润再通胀的希望.pdf
│ │ │ ├── 250821-JPM-台积电 英特尔的代工厂复兴 有时，选择的幻觉才是更好的结果.pdf
│ │ │ ├── 250820-JPM-全球宏观-中国另类数据追踪器图表包.pdf
│ │ │ ├── 250820-MS-中国股票策略 亚太重点关注名单变动-中国香港.pdf
│ │ │ ├── 250821-JPM-富途控股.pdf
│ │ │ ├── 250820-JPM-恒瑞医药.pdf
│ │ │ ├── 250820-GS-中国太阳能六部委联合会议暗示正在推进更多具体的供给侧政策支持.pdf
│ │ │ ├── 250821-Citi-欧菲光.pdf
│ │ │ ├── 250821-GS-《中国 Gs 经济指标更新 8月 宋.pdf》.pdf
│ │ │ ├── 250821-Citi-星源材质.pdf
│ │ │ ├── 250820-GS-共进股份.pdf
├── 250809更新
│ ├── 其他渠道
│ │ ├── 250805-MS-大中华区科技硬件 亚太区 当日图表 中国个人电脑和平板电脑出货量六月增长.pdf
│ │ ├── 250804-GS-汇川技术300124.pdf
│ │ ├── 250806-GS-中宠股份(002891.SZ)盈利回顾提高国内外自有品牌销售目标;买入评级.pdf
│ │ ├── 250804-UBS-全球经济与策略核心信念(多资产综述).pdf
│ │ ├── 250805-Citi-地平线机器人(9660.HK)上半年预览及下半年催化剂解析.pdf
│ │ ├── 250804-MS-类人机器人 北美 类人机器人消费者及互联网调查 中国 热情，美国分歧.pdf
│ │ ├── 250805-JPM-亚太股票衍生品策略交易人工智能动量溢出中国科技股轻伽玛期权交易，科技股高低波动率差价，生物科技股波动率溢价，盈利丰富波动性比较.pdf
│ │ ├── 250804-UBS-中国A股风格指南 价值投资在其他因素受挫时依然保持.pdf
│ │ ├── 250805-JPM-SMCI.pdf
│ │ ├── 250804-MS-北美信息技术硬件 美国消费者追踪报告仍处于原地踏步状态.pdf
│ │ ├── 250805-MS-中国股票策略 亚太区主动做多管理人在中国的仓位.pdf
│ │ ├── 250804-Jefferies-本周图表 数据中心建设作为增长动力.pdf
│ │ ├── 250806-Gs-驾驭中国互联网二季度巨头财报预期与关键投资者关注点.pdf
│ │ ├── 250805-GS-比亚迪股份有限公司腾势体验日要点迈向品牌高端化之路;买入建议.pdf
│ │ ├── 250805-MS-北美区2025年第二季度宏观经济与人工智能分析报告.pdf
│ ├── Economic自有渠道
│ │ ├── Deutsche Bank-US Fixed Income Weekly：Strategy Update-250801.pdf
│ │ ├── J.P. Morgan-Default Monitor：Default LME volume in July a 31~month low-250801.pdf
│ │ ├── UBS-UK Grocery Price Monitor：UBS Evidence Lab inside： Turning Data into Evidence ~ Price Monitor-250806.pdf
│ │ ├── J.P. Morgan-Municipal Markets Weekly：Ongoing record supply drives muni opportunity， Pari Credit Pre~Pay Rel Val， Public power issuance-250801.pdf
│ │ ├── Goldman Sachs-China Solar： Glass，Expect a worse 2H25~2026； Reiterate Sell on Xinyi and Flat-250804.pdf
│ │ ├── UBS-Global Oil and Gas：Global Oil & Gas Valuation 5 August 2025-250805.pdf
│ │ ├── CITI-Greater China Gas Pipelines & Distribution Utilities：PRC Gov’t Cut Return Cap of Intra~Provincial Mid~Stream Gas Pipeline Return Cap-250803.pdf
│ │ ├── Barclays-European Construction， Building Materials & Infrastructure：Building Blocks-250805.pdf
│ │ ├── Morgan Stanley-July ’25 Trust Bank Trends：Mixed Month-250801.pdf
│ │ ├── Goldman Sachs-US Weekly Kickstart：What we’ve learned from the 2Q earnings season so far-250801.pdf
│ │ ├── Morgan Stanley-China Internet and Other Services：Food Delivery Platforms Vow to Support Anti~Involution-250801.pdf
│ │ ├── J.P. Morgan-China CXO：Stocks largely steady amidst Trump’s pharma tariff headlines-250807.pdf
│ │ ├── UBS-China Banks：Restatement of VAT on bonds mildly negative-250804.pdf
│ │ ├── J.P. Morgan-The REIT Reality 2Q25 #3：18 Credit Updates Inside； Downgrading KRG to N from OW-250801.pdf
│ │ ├── Morgan Stanley-PDD Holdings Inc （PDD.US）Temu Progress Check – July 2025-250805.pdf
├── 250830更新
│ ├── 其他渠道
│ │ ├── 250824-GS：对NV AMD 博通的想法.pdf
│ │ ├── 250827-GS-TMT：美国云计算软件公司业绩超预期；Nvidia 成为焦点.pdf
│ │ ├── 250826-Bofa-蓝思科技.pdf
│ │ ├── 250824-GS-华虹半导体.pdf
│ │ ├── 250824-BofA-金山办公.pdf
│ │ ├── 250825-MS-H20.pdf
│ │ ├── 250825-JPM 亚太市场主题-中国 增长的(低)价格 中国策略 流动性与仓位更新 英伟达业绩预览.pdf
│ ├── Economic自有渠道
│ │ ├── UBS-China Sustainability：Pulse： First structural CO_ emissions decline driven by renewables-250825.pdf
│ │ ├── J.P. Morgan-Payment Processing：Industry Landscape–Wall Street View-250822.pdf
│ │ ├── Goldman Sachs-Hundsun （600570） Earnings review： 2Q25 core revenue decline despite GPM stabilization， robust net profit growth fueled by investment income-250825.pdf
│ │ ├── 1.China Strategy_ Anti-involution_ Reigniting hopes for profit reflation.pdf
│ │ ├── Jefferies-VNET Group（VNET.US）2Q25 Big Beat： Remains Top Pick， But NearTerm Pressure-250821.pdf
│ │ ├── UBS-Zhengzhou Yutong Bus（600066）Bus exports to accelerate in H225； reiterate Buy rating-250826.pdf
│ │ ├── UBS-Kuaishou Technology（1024.HK） Solid Q2 beat； solid H2 domestic progress dragged by overseas one~off-250822.pdf
│ │ ├── UBS-China Communications Services：H125 review，challenging business outlook-250822.pdf
│ │ ├── UBS-Zhuhai CosMX Battery（688772.SS）Q225 results： earnings turnover； new steel~case capacity announced-250826.pdf
│ │ ├── UBS-Luxshare Precision Industry（002475）Q225 results： non~consumer business continues to lead growth-250826.pdf
│ │ ├── Goldman Sachs-PDD Holdings （PDD.US）2Q25 review： Profit beat from lower S&M and one~offs； Continued re~investments yet to benefit from easier base from 3Q； Buy-250826.pdf
│ │ ├── Goldman Sachs-China Consumer Staples：Offline retreated by 2.3% yoy on weaker MT channel； Online IMF sales declined by 1% yoy in July-250826.pdf
│ │ ├── UBS-Zhong An Online P&C Insurance（6060.HK） H125 results： Multi~engine earnings growth-250821.pdf
│ │ ├── BofA Securities-Technology~Asia Pacific：Taiwan Tech Tour，AI at multiple~year upcycle and higher value to supply chain-250822.pdf
│ │ ├── Morgan Stanley-Huizhou Desay SV Automotive Co Ltd （002920.SZ）Key Takeaways from Call with Chairman-250821.pdf
│ │ ├── Bernstein-Piotech Inc（688072）Piotech 2Q25： with GPM recovering faster than expected， the stock should enjoy strong alpha~Reiterate Outperform-250825.pdf
│ │ ├── Goldman Sachs-Kuaishou Technology （1024.HK） Earnings Review： solid 2Q25， a fine balance across growth， margin and AI investment； Buy-250822.pdf
│ │ ├── Nomura-EVE Energy（300014）Volume growth likely to persist in 2H25F-250824.pdf
│ │ ├── Morgan Stanley-Simcere Pharmaceutical Group（2096.HK）：New Product Cycle & Early Innovation Set Stage for Mid Term Upside-250822.pdf
│ │ ├── Goldman Sachs-US Weekly Kickstart：Hedge funds and mutual funds both navigating beta and alpha headwinds-250822.pdf
├── 250828更新
│ ├── Economic自有渠道
│ │ ├── Jefferies-XPeng Inc（9868.HK）1H25 NDR takeaways – A Tech~Powered EV Leader Poised for Breakout Growth-250824.pdf
│ │ ├── Morgan Stanley-Is the HIBOR Spike a Headwind？-250820.pdf
│ │ ├── Nomura-iFlytek（002230）2Q25： slight improvement， intensive AI investment to continue-250824(1).pdf
│ │ ├── Goldman Sachs-China Smartphones： August price & spec updates： more gaming models launched； GenAI features closer to daily life use-250822.pdf
│ │ ├── Morgan Stanley-China Materials：Scrap Policy Change May Support Refined Copper in Near Term -250820.pdf
│ │ ├── Bernstein-Sungrow Power Supply Co.， Ltd（300274）Quick Take： Sungrow 1H25~Strong ESS sales and HK listing lifts sentiment-250825.pdf
│ │ ├── Morgan Stanley-Li Auto Inc.（LI.O）：VLA – AI ambition meets auto reality-250826.pdf
│ │ ├── Goldman Sachs-Sunny Optical （2382.HK）： Specification upgrade to support profitability； Vehicle Cameras riding on AD ADAS adoption； Neutral-250821.pdf
│ │ ├── J.P. Morgan-Zhejiang Leapmotor Technology Co.，Ltd（9863.HK）Chairman’s ambition after a strong beat-250820.pdf
│ │ ├── Goldman Sachs-BeOne Medicines （688235）： US$950mn royalty deal as first milestone return from AMGN partnership； Buy-250826.pdf
│ │ ├── Goldman Sachs-Anta Sports Products （2020.HK）： First Take： Healthy core OP beat， higher non~OP， partially offset by higher tax； Buy （on CL）-250827.pdf
│ │ ├── Morgan Stanley-GoerTek Inc （002241）Goeroptics to invest wafer~level micro~nano optics for AI glasses AR headsets-250824.pdf
│ │ ├── Morgan Stanley-Tencent Holdings Ltd.（0700.HK）Strong Valorant Mobile Momentum So Far-250822.pdf
│ │ ├── J.P. Morgan-China Power Semiconductor Sector：Key takeaways from Silan Micro’s 1H25 earnings results ~no price hikes despite improved UTRs-250825.pdf
│ │ ├── Goldman Sachs-Shenzhen Envicool Technology （002837） Raise TP on overseas liquid cooling potential； Maintain Buy-250824.pdf
│ │ ├── UBS-Crystal Clear Electronic Material（300655）H125 high~purity chemical GPM improved significantly YoY-250825.pdf
│ ├── 其他渠道
│ │ ├── 250821-JPM-泡泡玛特.pdf
│ │ ├── 250819-JPM 亚太科技-NVDA B30A-华勤.pdf
│ │ ├── 250819-MS-小鹏汽车.pdf
│ │ ├── 250821-JPM-互联网-美国电子商务模型更新.pdf
│ │ ├── 250822-GS-酒鬼酒.pdf
│ │ ├── 250821-GS-市场洞见-中国——追赶还是不追？.pdf
│ │ ├── 250821-MS-大中华区科技硬件.pdf
│ │ ├── 250822-GS-锐捷网络.pdf
│ │ ├── 250821-GS-金山云.pdf
│ │ ├── 250822-GS-药明康德.pdf
│ │ ├── 250819-GS-华润啤酒(0291.HK).pdf
│ │ ├── 250822-GS-亚洲主题-NVIDIA暂停H20芯片工作.pdf
│ │ ├── 250821-JPM-内存市场更新 解答有关HBM行业动态的常见问题.pdf
│ │ ├── 250820-Gs-Alphabet公司(GO0GL).pdf
│ │ ├── 250820-Citi-北美互联网.pdf
│ │ ├── 250822-JPM 亚太市场主题– 中国“临界点”股市与利率背离.pdf
│ │ ├── 250819-Citi-市场动态-杰克逊霍尔会议.pdf
│ │ ├── 250819-GS-美洲金融科技评估稳定币在金融服务和金融科技领域 adoption 的机会.pdf
│ │ ├── 250820-MS-台达电子-数据中心电力与液冷亮点.pdf
│ │ ├── 250821-GS-小鹏汽车.pdf
│ │ ├── 250821-JPM-福耀玻璃.pdf
│ │ ├── 250821-GS-奥普特 688686.pdf
│ │ ├── BofA-Xiaomi Corporation.pdf
├── 250813更新
│ ├── 250813更新
│ │ ├── Economic自有渠道
│ │ │ ├── J.P. Morgan-China SOEs and Korea Corporates：Transfer and termination of coverage-250806.pdf
│ │ │ ├── Barclays-Weekly Valuation Sheet-250805.pdf
│ │ │ ├── Morgan Stanley-China Healthcare：Chart of the Week – Single~Use Technology for Bioprocessing-250801.pdf
│ │ │ ├── UBS-China Healthcare Weekly recap： 11th Round of generics VBP； biosimilar VBP-250808.pdf
│ │ │ ├── Nomura-China Internet & New Media：Takeaways from FD expert call-250807.pdf
│ │ │ ├── Goldman Sachs-China Internet & Restaurants： Food delivery expert session takeaways： Focusing on anti~involution policies； improving unit economics &-250810.pdf
│ │ │ ├── CITI-Japan Autos and Auto Parts：Pre~results outlook following announcement of tariff cuts-250728.pdf
│ │ │ ├── Morgan Stanley-Investor Presentation：Asia Summer School： Australia Financials ex~Banks-250805.pdf
│ │ │ ├── Goldman Sachs-US Daily： Q&A on the Revisions in the July Employment Report （Abecasis Walker）-250802.pdf
│ │ │ ├── Bernstein-Japan Autos & Auto Parts： US tariffs~is this really positive？-250723.pdf
│ │ │ ├── Goldman Sachs-Americas Consumer Products：NielsenIQ data thru 7 26 ~Total US Cosmetics sales decelerated in latest 2~wk period-250806.pdf
│ │ │ ├── CITI-China Insurance：1H25E Preview： Robust NBV Growth； Enhanced P&C CoR； Diverged Earnings Trends Between Life & P&C-250807.pdf
│ │ │ ├── J.P. Morgan-JPM _ Sunday Machinations： Peace still needs superior firepower， Rotations and post earnings thoughts-250810.pdf
│ │ │ ├── UBS-Nordic Savings Platforms：Jul~25，Signs of pick~up in activity and customer confidence-250805.pdf
│ │ │ ├── Morgan Stanley-Chemicals~The C~Hain #11： Uncertainty Effects To Intensify？-250806.pdf
│ │ │ ├── Goldman Sachs-Weekly Fund Flows Credit Demand Split by Duration-250808.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250807-JPM-中国互联网2025年第二季度预览 消费互联网股票负面盈利修正已过，是否还有更多调整.pdf
│ │ │ ├── 250807-GS-中国-谁在买？.pdf
│ │ │ ├── 250807-GS-英伟达公司(NVDA)财年第二季度预览鉴于资本支出增加对前景的信心增强;预计对中国市场增长的讨论将围绕其形态展开.pdf
│ │ │ ├── 250807-Citi-苹果公司额外1000亿美元美国投资及半导体产品100%关税豁免.pdf
│ │ │ ├── 250808-GS-华虹(1347.HK)2025年第三季度收入环比增长预计为+10%至+13%，毛利率指引超预期.pdf
│ │ │ ├── 250807-UBS-美国股票持仓 美中贸易 芯片、医药关税 资料-瑞银新视野.pdf
│ │ │ ├── 250807-Citi-中国经济出口韧性及关税差距缩小.pdf
│ │ │ ├── 250807-Citi-全球观点2025年8月7日，星期四.pdf
│ │ │ ├── 250806-MS-极智嘉科技.pdf
│ │ │ ├── 250808-GS-中国移动(0941.HK)尽管面临收入和现金流压力，股息每股仍保持稳健增长;维持买入评级，目标价下调至93港元。.pdf
│ │ │ ├── 250807-BofA-江苏恒立液压股份有限公司(A) 2025年第二季度预览 需求持续改善，预计净利润同比增长9%.pdf
│ │ │ ├── 250807-JPM-232关税比想象中温和.pdf
│ │ │ ├── 250807-MS-亚太边缘人工智能市场扩展.pdf
│ │ │ ├── 250807-MS-台积电亚太半导体关税可能获豁免，鉴于其承诺在美国建设晶圆厂;重申看好评级.pdf
│ │ │ ├── 250807-MS-软件 北美 2025年第二季度软件即服务财报综述.pdf
│ │ │ ├── 250807-GS-老板电器.pdf
├── 250820更新
│ ├── 其他渠道
│ │ ├── 250812-MS-京元电小会NDR.pdf
│ │ ├── 250814-Citi-美股策略宏观与微观的交汇点.pdf
│ │ ├── 250815-MS-北美叙述云服务持续存在，但稳定迹象可喜.pdf
│ │ ├── 250813-GS-720-Sea中国保险、富卫保险、中国锂业、腾讯音乐娱乐、茅台、小马智行、银河、Life360.pdf
│ │ ├── 250812-MS-大中华区半导体-云半导体来自OCP的积极反馈.pdf
│ │ ├── 250815-GS-重庆啤酒.pdf
│ │ ├── 250814-GS-中国数据中心2025年第二季度业绩预计符合预期，但DayOne的出色执行或成为亮点.pdf
│ │ ├── 250813-MS-亚洲技术HBM–坏消息即好消息.pdf
│ │ ├── 250815-Citi-中国经济中国出口跟踪.pdf
│ │ ├── 250813-Citi-金蝶国际软件(0268.HK)分析师简报要点长期目标令人鼓舞.pdf
│ │ ├── 250812-GS-腾讯音乐娱乐集团首次观点2025年第二季度业绩稳健，非订阅音乐收入加速增长，超级会员现已超过1500).pdf
│ │ ├── 250813-富邦-臻鼎FY25-26capexexpansion.pdf
│ │ ├── 250815-GS-台北科技芯片组件采用增长开启先进封装新纪元.pdf
│ │ ├── 250813-MS-Hong Kong Financials Asia Pacific Domestic Headwinds Mean International Banks Still Preferred Asia Pacific.pdf
│ │ ├── 250815-中信证券-环球市场动态安全需求推动欧洲增加国防开支.pdf
│ │ ├── 250813-Citi-光模块.pdf
│ │ ├── 250814-Citi-微软公司有效的价格上涨应为PBP增长提供适度的助力.pdf
│ │ ├── 250813-Citi-阅文集团(0772.HK)2025年上半年业绩超预期;强劲的知识产权授权和短剧业务支撑利润增长.pdf
│ ├── Economic自有渠道
│ │ ├── Nomura-Greater China Semi：Key takeaways from Asia Tech Tour-250815.pdf
│ │ ├── J.P. Morgan-China banks：July TSF lower than expected due to weak loan creation-250813.pdf
│ │ ├── UBS-China Healthcare：Weekly recap： Who’s participating in NRDL CIDL 2025？-250815.pdf
│ │ ├── Goldman Sachs-Korea Weekly Kickstart：KOSPI gained further by 0.5% amid continued sector rotation and foreign inflows-250817.pdf
│ │ ├── Goldman Sachs-UK Weekly Kickstart：Data only update-250815.pdf
│ │ ├── BofA Securities-Quantamental Insights：Carrying into deceleration-250815.pdf
│ │ ├── Jefferies-China Travel Tracker Aug 25： Airlines Raise Capacity From November-250818.pdf
│ │ ├── Goldman Sachs-China Industrial Indicators：Manufacturing FAI sharply deteriorated in July while sector order trend largely stable with bifurcations-250818.pdf
│ │ ├── UBS-Mining Strategy China Demand：Broad~based weakness-250815.pdf
│ │ ├── Goldman Sachs-EM Weekly Kickstart：MSCI EM rose 1.4% w w led by China； Strong mtd performance despite historically weak summer seasonality； 2Q results mostly in line-250815.pdf
│ │ ├── Nomura-China consumer：Social retail sales slowed in July-250815.pdf
│ │ ├── Barclays-China：Property， anti~involution and subsidies are key drivers to watch-250815.pdf
│ │ ├── J.P. Morgan-China：Anti~involution generated reflation takes time，July CPI inflation flat， PPI deflation elevated-250810.pdf
│ │ ├── UBS-China Online Entertainment Sector：Signs of regulation relaxation for long~form video-250819.pdf
│ │ ├── CITI-China Auto Manufacturers：Bi~Monthly Duo NEV Pricing Trends （Discount & MSRP）： Mid~Aug~25 Update-250818.pdf
├── 250806更新(1)
│ ├── 250806更新
│ │ ├── Economic自有渠道
│ │ │ ├── Jefferies-Autos & Auto Parts：Smart Driving Expert Series #11： LiDAR-250626.pdf
│ │ │ ├── DBS-Lidar： Beneficiary of the AD & robotics race-250313.pdf
│ │ │ ├── UBS-China A~Share Style Guide：Value retained while other factors suffer-250804.pdf
│ │ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 30 ~ NEV ICE dealer discount widened wow； BYD XPeng market share +0.9pp +0.4pp-250730.pdf
│ │ │ ├── UBS-China Construction Machinery Sector：Hengli Hydraulic， XCMG and Zoomlion call takeaways-250730.pdf
│ │ │ ├── Morgan Stanley-Federal Reserve Monitor：July FOMC Reaction： A Higher Bar for September Cuts-250731.pdf
│ │ │ ├── BofA Securities-Global Rates Weekly：Musical Chairs-250718.pdf
│ │ │ ├── BofA Securities-Greater China Earnings Calendar：Jul 31st to Aug 29th Announcements-250731.pdf
│ │ │ ├── UBS-China Medtech：Q225 read~across，A mixed bag with consumables outperform and IVD underperform-250731.pdf
│ │ │ ├── UBS-Copper US copper： Tariffs on ~_ Tariffs off-250731.pdf
│ │ │ ├── UBS-China Securities Sector：Q225 results preview； multiple regulatory tailwinds-250718.pdf
│ │ │ ├── J.P. Morgan-China Healthcare：China’s New National Childcare Subsidy Policy aims to boost childbirth-250729.pdf
│ │ │ ├── Morgan Stanley-Hong Kong China Insurance 1H25 Preview：Healthy earnings and VNB with continued business quality improvement-250731.pdf
│ │ │ ├── CITI-China Materials：2025 On~ground Demand Monitor Series #111 – Steel Inventory and Consumption Data-250731.pdf
│ │ │ ├── Morgan Stanley-Global In the Flow：July Recap-250801.pdf
│ │ │ ├── Morgan Stanley-China Financials：Restored VAT on government and financial bonds to modestly support yields-250804.pdf
│ │ │ ├── Morgan Stanley-China Healthcare： Ten~year Anniversary of _722_ -250721.pdf
│ │ │ ├── UBS-Japan Autos， Auto Parts and Auto~tech Sector：US tariffs set at 15% for Europe as well-250728.pdf
│ │ │ ├── BofA Securities-Banks ~China Weekly wrap： insurance guaranteed rate cuts may promote further buying of banks-250728.pdf
│ │ │ ├── J.P. Morgan-Eyes on Asia Consumer：China birth subsidy； Japan foodservice initiation； 2Q results collection for Asia and global brands-250804.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250730-Citi-美国通讯设备META–持有人工智能股票的千亿美元理由.pdf
│ │ │ ├── 250803-MS- 亚太地区供给侧波动，需求侧低迷.pdf
│ │ │ ├── 250803-Citi-全球策略本周花旗全球观点.pdf
│ │ │ ├── 250801-JPM-中国房地产七月销售困境加深开发商压力.pdf
│ │ │ ├── 250804-MS-亚太地区下半年增长放缓，重组更加困难.pdf
│ │ │ ├── 250804-UBS-中国神华.pdf
│ │ │ ├── 250801-MS- 中国股票策略 夏季前瞻.pdf
│ │ │ ├── 250730-BofA-大中华区电动汽车及电池 中国“未来汽车“评述 第62期 理想i8价格较预期略显激进.pdf
│ │ │ ├── 250801-MS-亚太科技 亚太苹果六月季度供应链影响.pdf
│ │ │ ├── 250804-UBS-中国经济评论.pdf
│ │ │ ├── 250803-Citi-中国互联网中国国际数码互动娱乐展2025亮点(二)–腾讯与网易展位观察.pdf
│ │ │ ├── 250730-IPM-香港数字资产专家电话会议要点 揭示数字资产扩展新时代.pdf
│ │ │ ├── 250729-MS-大中华区技术硬件-人工智能GPU采用CoWoP而不是CoWoS，减少对ABF基板的依赖.pdf
│ │ │ ├── 250803-GS-Three things in China.pdf
├── 250802更新
│ ├── 250802更新
│ │ ├── Economic自有渠道
│ │ │ ├── UBS-China Agriculture：Key takeaways on hog expert call： how antiinvolution policies affect hog industry？-250730.pdf
│ │ │ ├── Goldman Sachs-GOAL： Asset Allocation，Goldilocks and the three bears-250724.pdf
│ │ │ ├── Goldman Sachs-China Property Weekly Wrap：Week 30 Wrap ~ Primary transactions rebounded while secondary held steady-250729.pdf
│ │ │ ├── J.P. Morgan-China Battery & Materials：Expect slowing growth momentum in August； demand not yet collapsed-250729.pdf
│ │ │ ├── UBS-Greater China Banks Daily：Downgrade HSB to Sell on DPS and EPS cuts； Anti~involution underway in the banking industry； China’s July factory activity weakened-250801.pdf
│ │ │ ├── CITI-Global Metals & Mining：China grid investment grew 15% in 1H’25 （FY’24 +15%y y）， implying +4%y y for Jun’25 （on high comps）-250729.pdf
│ │ │ ├── Barclays-China：Anti~involution takes the limelight-250728.pdf
│ │ │ ├── Goldman Sachs-China and Japan Machinery Export Tracker：Jun 2025 update，Europe recovery and EM strength sustained but North America saw decline re~widened-250730.pdf
│ │ │ ├── UBS-China Dairy Sector：China has announced an annual nationwide subsidy of Rmb3，600 （$502） for children under age of 3.-250728.pdf
│ │ │ ├── Morgan Stanley-Greater China Semiconductors：Memory Refresh： NAND Controllers See Green Shoots； DDR4 Upcycle May Last Longer-250730.pdf
│ │ │ ├── BofA Securities-Greater China EV and EV battery：China _Future Car” Review #62： Li i8： price slightly aggressive vs our expectation-250730.pdf
│ │ │ ├── J.P. Morgan-China HK First to Market：Top Stories-250730.pdf
│ │ │ ├── Morgan Stanley-China Equity Strategy：China Free Liquidity vs. MSCI China YoY Change-250729.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Hardware：Power and Cooling Solutions – Implications from Vertiv 2Q25 Results-250731.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250729-BofA-药明康德-订单积压增长好于预期;将目标价上调至115.70港元，重中买入评级.pdf
│ │ │ ├── 250729-JPM-中国医疗保健 新国家育儿补贴政策旨在促进生育 (1).pdf
│ │ │ ├── 250729-中信证券-环球市场动态关税加剧亚太新兴经济体增长分化.pdf
│ │ │ ├── 250729-Citi-台W半导体CoWoP–无基板集成人工智能芯片 对半导体供应链的潜在影响.pdf
│ │ │ ├── 250729-野村-亚洲苹果供应链iPhone 17产量目前同比基本持平.pdf
│ │ │ ├── 250728-UBS-亚马逊公司准备超越预期.pdf
│ │ │ ├── 250729-GS-艾德生物(300685.2)盈利回顾2025年上半年收入未达预期，但净利润超预期;目标价下调至人民币33元;买入评级.pdf
│ │ │ ├── 250728-UBS-美国半导体与半导体设备盈利预测预览.pdf
│ │ │ ├── 250729-JPM-TW印刷电路板基材 我们对集成芯片封装技术(芯片封装于晶圆再封装于印制电路板)的观点.pdf
│ │ │ ├── 250729-UBS-大中华银行每日 中国与美国reportedly 将关税暂停期再延长90天中国财富管理市场在2025年上半年超过人民币30万亿元.pdf
│ │ │ ├── 250728-UBS-中国工业追踪美国对中国关税变化中的贸易流动(第30周).pdf
│ │ │ ├── 250729-MS-全球宏观评论 北美 7月28日 美欧贸易协议.pdf
│ │ │ ├── 250728-UBS-美国经济展望美国与欧盟关税协议.pdf
│ │ │ ├── 250729-BofA-股票策略-中国 24小时中国宏观与策略展望 2025年下半年.pdf
│ │ │ ├── 250729-JPM-中国医疗保健 新国家育儿补贴政策旨在促进生育.pdf
│ │ │ ├── 250728-UBS-中国人工智能 2025世界人工智能大会亮点.pdf
│ │ │ ├── 250728-UBS-药明康德H125符合其初步数据;业绩指引上调，略有小幅偏差.pdf
│ │ │ ├── 250729-MS-上海复旦微电子 亚太地区 关联交易增加显示卫星需求提升，增持建议.pdf
│ │ │ ├── 250728-UBS-中国石油天然气及化工周刊聚焦化工行业内受反内卷影响较大的细分领域.pdf
│ │ │ ├── 250728-UBS-美国半导体及半导体设备半字节超级计算资本支出、模拟收益迄今、中国极紫外线发展.pdf
│ │ │ ├── 250729-GS-中国高盛经济指标更新七月.pdf
│ │ │ ├── 250728-UBS-中国互联网行业.pdf
│ │ │ ├── 250729-Citi-中国汽车制造商电动汽车订单更新(7月21日-7月27日).pdf
│ │ │ ├── 250729-GS·中国软件产品追踪世界人工智能大会人工智能新品发布;具备代理、推理和多模态能力的人工智能模型.pdf
│ │ │ ├── 250729-UBS.中国消费电器行业8月国内空调出货量上调，但2025年第三季度出货量仍承压.pdf
│ │ │ ├── 250729-UBS-每日商品报告 中国锂期货下跌10%.pdf
│ │ │ ├── 250729-JPM-今日科技通信媒体.pdf
├── 250811更新
│ ├── Economic自有渠道
│ │ ├── J.P. Morgan-Vertical Application Software：2025 Summer Series-250810.pdf
│ │ ├── UBS-Australian Retail & Consumer Sector：Jul~25 Investor Positioning in the Australian Retail & Consumer Sector-250805.pdf
│ │ ├── CITI-China Economics：Resilient Exports and Narrowing Tariff Gap-250807.pdf
│ │ ├── Morgan Stanley-Global Macro Commentary：August 8： Silence Is Golden-250808.pdf
│ │ ├── Barclays-QPS Equity：Managing Risk Exposures and Liquidity of Equity Factor Portfolios-250805.pdf
│ │ ├── Morgan Stanley-China ~Clean Energy：Solar Products Price Tracker – Week 32， 2025-250806.pdf
│ │ ├── J.P. Morgan-European Derivatives：Hold long duration and short vol-250801.pdf
│ │ ├── Morgan Stanley-Greater China Materials：China Steel and Iron Ore Weekly Update-250807.pdf
│ │ ├── J.P. Morgan-China： A smaller than expected fall in July FX reserves，CNY fixing signals tolerance for modest appreciation-250807.pdf
│ │ ├── J.P. Morgan-China Gen AI Ecosystem-250808.pdf
│ │ ├── Morgan Stanley-China Industrials July Excavator Sales：Both Domestic and Overseas Sales Growth Beat Consensus-250808.pdf
│ │ ├── Goldman Sachs-Weekly Debates in Emerging Biotech： Aug.8th Edition： 2Q25 Earnings， NUVL Bus Tour， Orfor Read~through for VKTX， +Others-250808.pdf
│ │ ├── Nomura-Asia Economic Monthly：World minus one-250808.pdf
│ │ ├── Goldman Sachs-US Autos & Industrial Tech： 5 days in 5 minutes-250808.pdf
│ │ ├── Goldman Sachs-European Economics Analyst：Europe’s Moment （Pierdomenico Stehn）-250809.pdf
│ │ ├── Goldman Sachs-Americas Banks：2Q25 in pictures； Looking ahead to the balance of 2025-250806.pdf
│ ├── 其他渠道
│ │ ├── 250806-Citi-全球经济全球贸易快报关税持续挑战全球贸易.pdf
│ │ ├── 250804-GS-全球观点削减的进程.pdf
│ │ ├── 250805-BofA-关于看涨人工智能基础设施的采购订单申请.pdf
│ │ ├── 250806-Citi-中国互联网2025年上半年游戏行业报告于Chinajoy发布，重申行业加速增长.pdf
│ │ ├── 250805-Citi-科沃斯机器人(603486.SS)剔除未来30天的利好催化因素观察.pdf
│ │ ├── 250805-GS-中国新能源汽车周报图表集.pdf
│ │ ├── 250806-Citi-美国电力公用事业数据中心增长–劳动力短缺可能比燃气轮机问题更为严重.pdf
│ │ ├── 250806-GS-中国工业技术2025年第二季度展望防御性+人工智能作为杠铃方法来应对.pdf
│ │ ├── 250807-Citi-巨人网络(002558.SZ)超自然动作类游戏的稳定市场表现;调升为买入评级，目标价32元人民币.pdf
│ │ ├── 250806-Citi-中国可再生能源多晶硅及太阳能玻璃价格本周上涨;偏好太阳能价值链上游.pdf
│ │ ├── 250806-GS-中航光电(002179.SZ)基于坚实的航空航天发展前景、液冷技术贡献提升及盈利能力拐点，将评级由中性上调至买入.pdf
│ │ ├── 250806-GS-三花智能控制(2050.HK-002050.SZ)高可见度人形机器人执行器，配备坚实的核心业务;首次覆盖H股，评级买.pdf
│ │ ├── 250806-GS-埃斯顿(002747.SZ)高度暴露于不利终端市场，年初至今的超额表现缺乏合理依据;评级下调至卖出.pdf
│ │ ├── 250806-Citi-北美硬件与存储2025年未来内存与存储大会的见解.pdf
│ │ ├── 250805-Citi-全球量化-尽管宏观存在不确定性，风格趋势仍然在延续.pdf
│ │ ├── 250806-Citi-杰瑞股份(002353.SZ)业绩符合预期;订单增长强劲.pdf
│ │ ├── 250806-Citi-中国电力公用事业因高温导致中国现货煤价环比上涨3.3%，但九月预计将回落;燃煤独立发电厂收益率较高.pdf
├── 250801更新
│ ├── 250801更新
│ │ ├── 其他渠道
│ │ │ ├── 250728-UBS-AMDpreview.pdf
│ │ │ ├── 250728-Citi-花旗最受关注–消费者7月21日-7月27日.pdf
│ │ │ ├── 250728-UBS-全球经济与策略核心信念(多资产概览).pdf
│ │ │ ├── 250728-Citi-老铺黄金(6181.HK)行业调研与个人代购分析.pdf
│ │ │ ├── 250727-Citi-全球电信基础设施全球数据中心吸纳量未达我们第二季度预期;仍期待下半年表现更强劲.pdf
│ │ │ ├── 250727-全球燃气与电力洞察量化“一项庞大而美丽法案”对美国太阳能和风能项目经济性的潜在严重影响.pdf
│ │ │ ├── 250728-Citi-花旗最受关注报告-泛亚地区7月21日-7月27日.pdf
│ │ │ ├── 250728-JPM-半导体行业订单固有的波动性。尽管这种波动性影响了2025年，但预计2026年销售和收益将显著改善.pdf
│ │ │ ├── 250728-Citi-花旗最受关注报道-医疗健康7月21日-7月27日.pdf
│ │ │ ├── 250728-MS-中国工业品 亚洲太平洋 2025年第二季度自动化市场 — 主要产品销售表现稳健;本地化持续推动.pdf
│ │ │ ├── 250728-Citi-花旗最受关注 一科技与通信7月21日-7月27日.pdf
│ │ │ ├── 250728-citi-中国多元化公用事业中国大陆六月电力需求增长但电网资本支出增长放缓.pdf
│ │ │ ├── 250728-Citi-花旗全球最受关注内容精选7月21日-7月27日.pdf
│ │ │ ├── 250728-UBS-中国汽车零部件行业 关于上海建设高水平自动驾驶区域规划的思考.pdf
│ │ │ ├── 250728-citi-桌面谈-美国股票巨头财报前瞻.pdf
│ │ │ ├── 250728-Citi-全球要点2025年7月28日，星期一.pdf
│ │ │ ├── 250728-Citi-深圳英威腾科技(300124.SZ)2025年第二季度业绩预览尽管毛利率收缩，盈利可能超预斯.pdf
│ │ │ ├── 250728-MS-中国煤炭 亚太地区每周煤炭更新 焦煤持续走强.pdf
│ │ │ ├── 250728-MS-金属与摇滚 欧洲中国情绪转变.pdf
│ │ │ ├── 250728-JPM-中国股权策略抗内卷(第二卷)周期股的广泛反弹.pdf
│ │ │ ├── 250728-citi-花旗最受关注-经济学7月21日-7月27日.pdf
│ │ │ ├── 250728-JPM-股票策略 重中对新兴市场股票的看涨观点;期待中国市场参与度持续扩大.pdf
│ │ │ ├── 250728-UBS-中国经济评论 中国周报 财政与利润数据，超级水坝，贾易谈判，政治局会议.pdf
│ │ │ ├── 250728-JPM-硬件与网络 规模化人工智能网络 数字化规模化人工智能及首选技术的650集团关键预测.pdf
│ │ │ ├── 250728-Citi-金风科技股份有限公司因风力涡轮机销量及价格上调，提升盈利预期;买入评级.pdf
│ │ │ ├── 250728-Citi-大族激光(002008.SZ)东山精密高端PCB投资计划的积极影响.pdf
│ │ │ ├── 250728-Citi-中国互联网7月批准134款游戏 包含7款进口游戏;腾讯和网易各获批1至2款游戏名单.pdf
│ │ │ ├── 250728-Citi-花旗最受关注 –固定收益、货币和商品市场7月21日-7月27日.pdf
│ │ │ ├── 250728-Citi-中国互联网国家市场监督管理总局规范对电商商家流量广告支出预算的影响.pdf
│ │ ├── Economic自有渠道
│ │ │ ├── UBS-Greater China Banks Daily：APAC Focus report： Are dividends sustainable？； BOCHK H125 Q225 preview； Ningbo bans mortgage loan commission rebate-250730.pdf
│ │ │ ├── Goldman Sachs-China： GS Economic Indicators Update：July （Song）-250729.pdf
│ │ │ ├── UBS-China Consumer Appliances Sector：Investor feedback on our sector downgrade-250728.pdf
│ │ │ ├── CITI-Global Metals & Mining：Iron ore imports from non~traditional sources into China down 13%y y in 1H’25 with price， declining m m for Jun’25 also-250728.pdf
│ │ │ ├── Goldman Sachs-Japan Consumer Products：L’Oreal P&G results read~across，China trend improving-250730.pdf
│ │ │ ├── BofA Securities-China An Equity Strategist’s Diary （H A），Weekly wrap （21~25 Jul），Efforts ramp up on anti~involution push-250728.pdf
│ │ │ ├── UBS-U.S. Food Distribution：Highlights from an Expert Call on Food Distributors-250728.pdf
│ │ │ ├── Morgan Stanley-Agency MBS Weekly：Iron Man-250725.pdf
│ │ │ ├── UBS-China Banks：Q225 preview： Overall mildly better sequentially-250730.pdf
│ │ │ ├── Morgan Stanley-Asia Summer School： Greater China Telecoms-250727.pdf
│ │ │ ├── UBS-Greater China Banks Daily：China banks Q2 Preview； Hang Seng Bank H1 result note； China to hold fourth Plenum in Oct to discuss next Five~Year Plan-250731.pdf
│ │ │ ├── Morgan Stanley-China Automation 2Q25. Siemens back to growth， helped by recovering market shares-250730.pdf
│ │ │ ├── Goldman Sachs-China Software： Product Tracker，WAIC AI new product launches； AI models with Agentic， reasoning， and multi~modal capabilities-250729.pdf
│ │ │ ├── CITI-China Online Lenders：2Q25 Preview： Sizing Earnings Impact of Potentially More Stringent New Loan Facilitation Rule Implementation-250729.pdf
│ │ │ ├── J.P. Morgan-JPM _ APAC Market Thematics~China~US talks： No surprise （yet） Anti Involution： Debating duration Aus：Tech~tonic positioning Central Bank：Previews into Fed & BoJ-250729.pdf
├── 250804更新
│ ├── 250804更新
│ │ ├── Economic自有渠道
│ │ │ ├── Goldman Sachs-Korea Weekly Kickstart：KOSPI gained moderately amid continued foreign inflows and stronger KRW-250725.pdf
│ │ │ ├── UBS-China on the ground：Yiwu in focus—H125 exports up 25% YoY vs China’s 6% YoY-250728.pdf
│ │ │ ├── UBS-China Economic Perspectives：How are exporters coping with US tariff hikes？-250724.pdf
│ │ │ ├── Bernstein-China Emerging Internet：Kuaishou and Bilibili： MrBeast’s livestreaming debut~what does this mean for platform traffic？-250724.pdf
│ │ │ ├── Morgan Stanley- Feedback from Ethanol Expert-250717.pdf
│ │ │ ├── Morgan Stanley-metal&ROCK：China Sentiment Shift-250728.pdf
│ │ │ ├── UBS-Global Rates Strategy：Weekly Supply ~EU， 40y Japan and US funding-250718.pdf
│ │ │ ├── Morgan Stanley-China Hong Kong Consumer：General F&B： Where to Be Positioned Amid Anti~Involution-250724.pdf
│ │ │ ├── CITI-China Materials：2025 On~ground Demand Monitor Series #112 – Thermal Coal Production and Inventory-250731.pdf
│ │ │ ├── UBS-China Auto Parts Sector：Breaking up the whole into parts： Li Auto i8 launched， who could benefit？-250730.pdf
│ │ │ ├── CITI-China Airlines & Airports：Discontinuing Coverage-250801.pdf
│ │ │ ├── Goldman Sachs-Global Weekly Kickstart：Global markets up， Japan leads after trade deal-250728.pdf
│ │ │ ├── Goldman Sachs-Weekly Fund Flows：Reallocation Continues to Support FX Performance-250801.pdf
│ │ │ ├── Goldman Sachs-China Consumer Durables： Mixed read~across from Whirlpool and Electrolux 2Q25 results-250729.pdf
│ │ │ ├── Morgan Stanley-China Healthcare： Chart of the Week ~May SSSG for Pharmacies-250725.pdf
│ │ │ ├── Goldman Sachs-EM Weekly Kickstart：MSCI EM fell 2% w w； 2Q results in line； We see consolidation risk into the summer， but stay positive medium~term； Hedges for pullback risk-250801.pdf
│ │ │ ├── UBS-Life Sciences & Diagnostic Tools：Thoughts on China Dx Post Earnings-250729.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Hardware：Implications from Amazon’s results for AP Tech Hardware Stocks-250801.pdf
│ │ │ ├── Morgan Stanley-Equity & Fixed Income Strategy：Pulse Survey： Self~Directed Retail Investors Turn Bullish-250725.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250731-BofA-中国长江电力股份有限公司(A股)2025年上半年业绩预告符合预期，但大额投资或对分红构成压力.pdf
│ │ │ ├── 250730-Citi-美国通讯设备META–持有人工智能股票的千亿美元理由.pdf
│ │ │ ├── 250730-MS-Spotify科技公司 北美 Amplitude-重申增持评级.pdf
│ │ │ ├── 250731-JPM-中国股权策略 抗内卷 周期性股票的广泛反弹.pdf
│ │ │ ├── 250730-MS-诺和诺德 欧洲不过火.pdf
│ │ │ ├── 250731-GS-720中国7月ZZJ，鸿海，联发科，精材，富士通，汇丰.pdf
│ │ │ ├── 250730-UBS-中国农业 猪肉行业专家电话会议要点 反内卷政策如何影响猪肉行业.pdf
│ │ │ ├── 250730-JPM-亚太区科技.pdf
│ │ │ ├── 250730-USA商务部经济分析局2025Q2GDP.pdf
│ │ │ ├── 250731-UBS-中国经济视角 反内卷 既视感还是灵丹妙药.pdf
│ │ │ ├── 250730-UBS-中国工程机械行业 恒立液压、徐工集团和中联重科电话会议要点.pdf
│ │ │ ├── 250730-Citi-中国电池材料与ZE咨询电池专家通话要点.pdf
│ │ │ ├── 250730-Citi-微软公司随着Azure再次显著加速，推动其快速发展.pdf
│ │ │ ├── 250730-GS-维谛技术.pdf
│ │ │ ├── 250730-MS-北美信息技术硬件 – 衡量信息技术硬件领域的强劲增长势头.pdf
│ │ │ ├── TMTB：MSFT 与 META 重点总结 – TMT 突破 — TMTB- MSFT & META Takeaways – TMT Breakout.pdf
├── 250812更新
│ ├── 其他渠道
│ │ ├── 250806-Gs-中国中车(1766.HK,601766.SS).pdf
│ │ ├── 250806-GS-武汉锐科光纤激光技术(300747.SZ)防务业务利好被过度反映，光纤激光器前景充满挑战;建议卖出.pdf
│ │ ├── 250806-Citi-人工智能主题从推动者到采用者的转变.pdf
│ │ ├── 250806-MS-电源和散热.pdf
│ │ ├── 250804-MS-亚洲经济观点 -CN的通货紧缩与关税–它们如何影响印度.pdf
│ │ ├── 250806-GS-凌云光(688400.S)受人形训练需求推动，光学动作捕捉业务激增;由增持转中性评级.pdf
│ │ ├── 2025_年年中LLM市场更新：基础模型格局与经济学___Menlo_Ventures_20250805094736.pdf
│ │ ├── 250807-GS-唯捷创芯(688153.SS)车辆射频支持收入多元化;智能手机功率放大器保持竞争力.pdf
│ │ ├── 250806-Citi-分众传媒与支付宝合作扩大电梯媒体的总可寻市场规模，提升投资回报率.pdf
│ │ ├── 250806-Citi-中国经济评估转运关税的影响.pdf
│ │ ├── 250805-citi-超微计算机业绩及指引低于预期，财政年度收入指引高于预期.pdf
│ │ ├── 250806-Citi-全球宏观策略相关性角落第1期月–高股市应配对何种资产.pdf
│ │ ├── 250805-CIti-纽威股份603699-一颗隐藏的宝石.pdf
│ │ ├── 250805-JPM-中国另类数据追踪报告(第40辑)政府债券发行稳健，出口及住宅销售疲软.pdf
│ │ ├── 250806-Citi-中国电气设备南瑞获得更多数字设备新订单电网设备供应商稳健增长.pdf
│ │ ├── 250806-Citi-康宁公司宣布与苹果公司扩大合作伙伴关系，在肯塔基工厂生产全球iPhone和Apple Watch覆盖玻璃.pdf
│ │ ├── 250806-Citi-中国硬件关于美国100%芯片关税及苹果1000亿美元美国投资的简要看法.pdf
│ │ ├── 250805-Citi-英飞凌科技强劲的成本执行力充分抵消宏观逆风.pdf
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-US Weekly Kickstart：The outlook for Quality in a market of haves vs. have~nots-250808.pdf
│ │ ├── UBS-China Banks：Expert call takeaway： outlook for China’s interest rates and credit market-250808.pdf
│ │ ├── Goldman Sachs-China Restaurants： Monthly Tracker： Jul update： Mixed performance amid fluid demand； delivery boost continued with aggressive subsidies-250810.pdf
│ │ ├── Goldman Sachs-Europe Weekly Kickstart：Europe ~ More Breadth， Less Concentration， and Lower Correlation-250808.pdf
│ │ ├── Bernstein-Japan Autos & Auto Parts：Denso Toyota Industries Aisin Post Q1 FY3 26： Resilient performance outlook despite tariff pressure-250806.pdf
│ │ ├── Morgan Stanley-Chemicals：Urea up， Phosphate Stable， Potash mixed， Soy Crush higher-250804.pdf
│ │ ├── DBS-China Property Weekly Digest-250730.pdf
│ │ ├── J.P. Morgan-China Consumer：Results Calendar （as of 8 August 2025）-250808.pdf
│ │ ├── Barclays-Sustainable Investing Research：Carbon Pricing Monitor： July 2025-250805.pdf
│ │ ├── J.P. Morgan-China Property：Beijing further eases home purchase restrictions-250810.pdf
│ │ ├── Goldman Sachs-Korea Weekly Kickstart：KOSPI fell by 2.4% amid the US and South Korea’s trade deal and government’s tax proposals-250803.pdf
│ │ ├── Morgan Stanley-Oil Data Digest：China Oil Data Summary-250801.pdf
│ │ ├── J.P. Morgan-Securitized Products Weekly-250801.pdf
│ │ ├── CITI-China Economics China Export Tracker （14）：Brace for Volatility in August-250807.pdf
│ │ ├── Goldman Sachs-Asia~Pacific Weekly Kickstart：MXAPJ rebounded 2%， led by Korea， Taiwan， and Tech， amid strong foreign inflows driven by easing concerns over semiconductor tariffs-250809.pdf
│ │ ├── Morgan Stanley-Global Auto Monitor： 2Q Okay， 2H Fears at Bay？-250808.pdf
│ │ ├── J.P. Morgan-EM Edge Data Watch：Mixing it up-250808.pdf
│ │ ├── CITI-Hong Kong Multi~Asset Stablecoins： Assessing FX & Rates Impact， Deciphering Value Chain-250731.pdf
│ │ ├── Morgan Stanley-China EVs~What to expect from 2Q prints-250811.pdf
├── 250814更新
│ ├── Economic自有渠道
│ │ ├── J.P. Morgan-China Cathode and Precursor：Transfer of coverage of two stocks-250806.pdf
│ │ ├── Morgan Stanley-Investor Presentation：China Energy and Batteries-250808.pdf
│ │ ├── CITI-China Economics：Potentially More Impact of Anti~Involution on CPI Than PPI in July-250810.pdf
│ │ ├── J.P. Morgan-China CXO：Attempt to pass a lighter ‘Biosecure Act’ bill not considered as significant threat-250811.pdf
│ │ ├── Bernstein-Asia~Pacific Oil & Gas：Global LNG，US LNG exports surge but will buyers in China turn up？-250807.pdf
│ │ ├── Morgan Stanley-China Equity Strategy：A~Share Sentiment Remained Flat With Lower Trading Volume-250807.pdf
│ │ ├── J.P. Morgan-China Utilities & Renewables Blog：Shandong’s latest Doc 136 points to a slight improvement in renewable power prices； solar glass prices up in Aug， likely on the enforcement of anticompetition law-250805.pdf
│ │ ├── Morgan Stanley-Auto Parts：Reports of Reduction in USJapan Automobile Tariffs-250723.pdf
│ │ ├── CITI-Japan Economics JP~US tariff talk： Reciprocal and auto tariffs both agreed at 15%-250723.pdf
│ │ ├── UBS-Mining Strategy：China Commodity Trade： Resilient in July-250808.pdf
│ │ ├── UBS-European Insurance News & Views：SJP management meeting Munich estimate change-250805.pdf
│ │ ├── Goldman Sachs-Taiwan Tech： July review，Apple supply chain and AI components outperformed on new models； PCs underperformed on 2Q pull~in-250810.pdf
│ │ ├── UBS-Japan Autos， Auto Parts and Auto~tech Sector：US tariffs set at 15% for Europe as well-250728.pdf
│ │ ├── Morgan Stanley-China Property：Marginal Help from Policy Easing in Beijing-250810.pdf
│ │ ├── Morgan Stanley-Fears of data quality erosion： Extracting the signal from the noise-250808.pdf
│ ├── 其他渠道
│ │ ├── 250807-JPM-中国七月出口放缓幅度小于预期，第三季度将进一步下滑.pdf
│ │ ├── 250807-citi-全球金属与矿业中国钢铁净出口7月25日环比持稳，同比增长28%，2025年前7个月同比增长13%.pdf
│ │ ├── 250808-JPM-苹果供应链因iPhone电子制造服务(EMS)生产计划上调.pdf
│ │ ├── 250807-JPM-全球资本支出热潮将趋于冷却.pdf
│ │ ├── 250807-MS-ai眼镜.pdf
│ │ ├── 250808-JPM 亚太区科技-鸿海 群光 讯连.pdf
│ │ ├── 250807-BofA-多邻国第二季度利润率表现强劲，全年指引上调。最大渗透率与日活跃用户趋势为关注重点。.pdf
│ │ ├── 250807-Citi-亚洲半导体美国半导体关税一-预计对台湾半导体公司的影响基微.pdf
│ │ ├── 250807-GS-中芯国际.pdf
│ │ ├── 250808-JPM-鸿海精密 在人工智能追赶交易中仍有更大空间，受益于iPhone带来的上行潜力;将目标价上调至新台币230元.pdf
│ │ ├── 250807-UBS-美国股票 头寸已满，市场脆弱 资料-瑞银新一代.pdf
│ │ ├── 250808-JPM-老铺黄金-重申增持评级.pdf
│ │ ├── 250807-MS-半导体 北美 关于232条款的思考.pdf
│ │ ├── 250806-JPM-Applovin.pdf
│ │ ├── 250807-GS-亚洲高盛2025年下半年中国工业科技展望，首次覆盖三花智能评级买入.pdf
│ │ ├── 高盛周末思考.pdf
│ │ ├── Jefferies-APureGaNPlay_RightPlace,RightTime.pdf
│ │ ├── 250808-JPM-中国太阳能与“反内卷”专家通话纪要–前路未必坦途.pdf
├── 250822更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-China Battery Separator 2Q25 earnings missed， we maintain 2025 bottoming out view supported by supply responses-250820.pdf
│ │ ├── J.P. Morgan-China Quick Commerce Deep Dive-250819.pdf
│ │ ├── J.P. Morgan-China CXO：Attempt to pass a lighter ‘Biosecure Act’ bill not considered as significant threat-250811.pdf
│ │ ├── Goldman Sachs-US Daily： Tariff Passthrough Update： More Underway Through June （Peng）-250810.pdf
│ │ ├── BofA Securities-Asia Pacific Credit Biweekly：What we published over the last 2 weeks-250815.pdf
│ │ ├── Goldman Sachs-China Unicom （600050）： Robust DPS growth despite near~term growth headwinds-250818.pdf
│ │ ├── MACU-Xiaomi A weaker 3Q ahead-250820.pdf
│ │ ├── 英文【伯恩斯坦】伯恩斯坦-中国AI芯片.pdf
│ │ ├── Goldman Sachs-GC Tech： FIT （6088.HK） Mgmt. Call： Connectors and power solutions in AI servers to drive growth ahead； Toward Data Center business-250820.pdf
│ │ ├── Morgan Stanley-China E~Commerce~What to expect from 2Q25 prints-250812.pdf
│ │ ├── J.P. Morgan-Copper Dashboard：China demand remains upbeat， but inventories up ~100kt in a month on strong supply growth-250811.pdf
│ │ ├── Nomura-iRay Tech（688301）First take on 2Q25 results： growth picked up-250817.pdf
│ │ ├── Morgan Stanley-Futu Holdings Ltd（FUTU.US）2Q25： Strong Client Assets Growth Drives Profit Beat-250820.pdf
│ │ ├── Goldman Sachs-India Weekly Kickstart：NIFTY recovered +1% w w； Inflows in domestic funds surged in July； FII ownership fell to multi~year low in 2Q； 2Q MXIN earnings grew +12%-250815.pdf
│ │ ├── CITI-China Economics：Incremental Support Underway as Domestic Demand Weakens-250815.pdf
│ │ ├── UBS-Hong Kong Property：Update on Top Talent Pass Scheme visa renewal-250818.pdf
│ ├── 其他渠道
│ │ ├── 250817-GS-亚洲市场周末感悟.pdf
│ │ ├── 中文-AI_Supply_Chain_20250815_0143_20250815145743.pdf
│ │ ├── 250815-Citi-怡合达(301029.SZ)2025年第二季度收益超预期，收入增长加速;重申买入评级.pdf
│ │ ├── 250815-MS-全球科技人工智能供应链台北开放计算项目要点;人工智能工厂分析;Rubin日程表.pdf
│ │ ├── 250815-bernstein-全球半导体-如何解读台积电的资本支出投资者手册.pdf
│ │ ├── 250815-GS市场洞察美股周报2025年8月15日—USEquitiesWeeklyRundown-August15,2025.pdf
│ │ ├── 250815-Jeffries-鸿海.pdf
│ │ ├── 250815-BofA-美国经济周报.pdf
│ │ ├── 250815-JPM-中国电子商务7月25日线上销售情况2025年第三季度良好开端.pdf
│ │ ├── 250811-MS-大中华区科技硬件 亚洲太平洋 七月机架出货量下降原因分析.pdf
│ │ ├── 250813-MS-ALCHIP.pdf
│ │ ├── 250815-Citi-中国宏桥(1378.HK)2025年上半年净利润同比增长35%，维持首选评级.pdf
│ │ ├── 250816-JPM-东方财富.pdf
│ │ ├── 250815-GS-网易公司盈利回顾第二季度表现稳健，常青作品推动下半年持续增长;买入建议.pdf
│ │ ├── 250816-GS-联想控股.pdf
│ │ ├── AI_Supply_Chain_20250815_0143_20250815144949.pdf
│ │ ├── GS-Pony AI Inc. (PONY)_ Gen-7 mass production to support Robotaxi fleet ramp up; 2Q GM better-than-expected; Buy.pdf
│ │ ├── 250813-GS-毛戈平.pdf
│ │ ├── 250815-JPM-中国云.pdf
│ │ ├── 250815-GS-全球医疗保健制药行业.pdf
│ │ ├── 250814-MS-网易.pdf
│ │ ├── 250814-GS-益海嘉里(600298.S5)初步观点2025年第二季度经常性净利润同比强劲增长34%;成本利好因素得到重中;买入建议.pdf
│ │ ├── 250815-GS-华工科技(000988.SZ)收发器利润率及出货量增长确认稳健增长前景;维持买入评级，新目标价人民币62元.pdf
│ │ ├── 250814-GS市场洞见-降息交易：垃圾股上涨.pdf
├── 250805更新
│ ├── 250805更新
│ │ ├── 其他渠道
│ │ │ ├── 250730-JPM-韩美半导体关于韩美的TCB路线图及竞争状况的更新.pdf
│ │ │ ├── 250730-MS-Vertiv-北美订单再次显著上升.pdf
│ │ │ ├── 250730-Citi-药明康德基于利润上调目标价.pdf
│ │ │ ├── 250730-Citi-受人工智能需求推动，买家支出增长加速，市场结构持续向高端转变.pdf
│ │ │ ├── 250730-MS-邢自强-中国的新兴前沿 亚太地区稳定币，香港能做什么.pdf
│ │ │ ├── 250730-UBS-快速解析台积电.pdf
│ │ │ ├── 250730-JPM-反内卷=长远之计。供应纪律的力度和持续时间可能带来积极惊喜的三大理由.pdf
│ │ │ ├── 250730-BofA-保险-中国(HA)预计保险公司将公布令人鼓舞的2025年上半年业绩及中期股息.pdf
│ │ │ ├── 250730-JPM-华能电力-重要观察.pdf
│ │ │ ├── 250730-MS-北美地区定价过高的半导体公司 NVDA 期权性分析.pdf
│ │ │ ├── 250730-Citi-高通(QRVO.0)基于毛利率改善上调目标价.pdf
│ │ │ ├── 250730-GS中国指数双周报.pdf
│ │ │ ├── 250731-GS-宁德时代(300750.SZ).pdf
│ │ │ ├── 250731-UBS-全球电池供应链.pdf
│ │ ├── Economic自有渠道
│ │ │ ├── Goldman Sachs-GS EUROPEAN EXPRESS： Earnings Season _ Multi~Industry China Import Export Tracker _ Luxury Goods Macro Tracker _ Puma _ Nestle _-250728_20250901_103042.pdf
│ │ │ ├── Morgan Stanley-Hesai Group（HSAI.US）：Kicking off the overseas and robotics chapter~up to OW-250727.pdf
│ │ │ ├── Goldman Sachs-GS EUROPEAN EXPRESS： Earnings Season _ Multi~Industry China Import Export Tracker _ Luxury Goods Macro Tracker _ Puma _ Nestle _-250728.pdf
│ │ │ ├── Bernstein-Global Semiconductor Capital Equipment：China WFE Import Tracker （Jun 2025），1H25 YoY +1%， China demand more sustainable than feared-250722.pdf
│ │ │ ├── J.P. Morgan-China Logistics， Express Parcel & Ecommerce：Anti~involution efforts intensify： a new chapter for China’s logistics industry？-250725.pdf
│ │ │ ├── J.P. Morgan-Euro Cash-250801.pdf
│ │ │ ├── J.P. Morgan-China Semiconductor：Sub~seasonal 2H25 demand； prefer WFE sector the most-250731.pdf
│ │ │ ├── Goldman Sachs-Global Economics Wrap~Up： July 25， 2025-250725.pdf
│ │ │ ├── UBS-China Industrials Going global： breakdown of China’s exports （June 2025）-250725.pdf
│ │ │ ├── Morgan Stanley-Energy & Chemicals China Anti~involution： Implications for Global Energy and Chemicals-250728.pdf
│ │ │ ├── Goldman Sachs-Asia~Pacific Weekly Kickstart：MXAPJ closed mildly higher amid positive progress on trade deals and strong foreign inflows， with further gains in the HK China markets-250726.pdf
│ │ │ ├── Goldman Sachs-Europe Weekly Kickstart Trading the trade deal and earnings-250801.pdf
│ │ │ ├── CITI-China Logistics：Transfer of Coverage-250801.pdf
│ │ │ ├── Goldman Sachs-The 720： APAC Conviction List， Tariffs， Asia Strategy， China Autos， Hindustan Unilever upgrade， Nintendo， ResMed-250804.pdf
│ │ │ ├── Goldman Sachs-3QTD KPI’s across trading， sponsor~banking and Private Credit， with thoughts into upcoming EPS-250728.pdf
│ │ │ ├── UBS-China Auto Sector：Head~to~head： Li Auto’s i8 vs. Nio Onvo L90-250725.pdf
│ │ │ ├── J.P. Morgan-JPM Mining Daily：Iron ore +1.8%， HRC China +2.1%， SFR RMS LTR JunQ25 results， Aussie gold miners preview， China lithium & more-250729.pdf
│ │ │ ├── UBS-China Industrials：Tracking trade flows amid changing US tariffs on China （week 30） -250728.pdf
│ │ │ ├── Goldman Sachs-Weekly Fund Flows：Cyclicals Supported， Defensives Depressed-250725.pdf
│ │ │ ├── Morgan Stanley-Investor Presentation：Implications of China’s Anti~Involution and Stablecoin Initiatives-250727.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Hardware： ABF Substrates ~ Implications of AT&S’ F1Q25~26 Results-250731.pdf
│ │ │ ├── Morgan Stanley-Asia Summer School： Greater China IT Services and Software-250731.pdf
│ │ │ ├── Goldman Sachs-EM Weekly Kickstart：MSCI EM rose modestly higher； China （+3%） led w w， amid consumer~tech， commodity gains； Strong FII inflows； 2Q earnings in line with low expectations-250725.pdf
│ │ │ ├── UBS-China Consumer Appliances Sector：August domestic AC shipment revised up， but 3Q25 shipment remained under pressure-250729.pdf
│ │ │ ├── UBS-China Agriculture：MARA tightens oversight to drive high quality growth in hog industry-250725.pdf
│ │ │ ├── J.P. Morgan-China Auto Industry：Looking beyond 2Q25 earnings results-250723.pdf
├── 250810更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Taiwan Weekly Kickstart：Taiwan equities rose 2–3%， led by Tech Hardware TSMC and Capital Goods， supported by easing concerns over semis tariffs， despite disappointing earnings-250809.pdf
│ │ ├── Morgan Stanley-Autos & Shared Mobility：Global EV Tracker： China’s Domination Continues， How Will USA Keep Up？-250807.pdf
│ │ ├── J.P. Morgan-China Steel~Channel checker：Production slows sharply~seasonality or first signal of anti~involution policy？ Exports at highest on record for month of July-250807.pdf
│ │ ├── Barclays-Global Credit Derivatives Research：CDS index option dashboard-250805.pdf
│ │ ├── Morgan Stanley-China Steel Exports：July~no signs of retrenchment yet-250807.pdf
│ │ ├── UBS-Japan Equity Strategy & Thematic Research：APAC Focus： Japan Corporate Governance~The Next Stage-250805.pdf
│ │ ├── Morgan Stanley-North American Midstream & Renewable Energy Infrastructure：Infrastructure Weekly-250805.pdf
│ │ ├── Goldman Sachs-Asia~Pacific Weekly Kickstart：MXAPJ fell 2–3%， alongside weaker Asian FX， amid US tariff announcements； we maintain a positive core view but remain cautious on near~term pullback risk-250802.pdf
│ │ ├── UBS-China Economic Comment：Data preview： Mixed growth picture， datadependent stimulus-250804.pdf
│ │ ├── Goldman Sachs-China Weekly Kickstart：Markets gained 1~2%； MSCI announced index review results； Trade data beat expectations in July-250808.pdf
│ │ ├── BofA Securities-China Viewpoint：Property market，down cycle resumes after a temporary stabilization-250807.pdf
│ │ ├── Morgan Stanley-Property：Monthly Chartbook-250801.pdf
│ │ ├── J.P. Morgan-China A~shares Monthly Wra：July 2025： Another month of solid price gains-250801.pdf
│ │ ├── CITI-China Materials：2025 On~ground Demand Monitor Series #116 – Thermal Coal Production and Inventory-250807.pdf
│ │ ├── J.P. Morgan-Energy Infrastructure MLPs Weekly：Midstream Leads； Previewing Key Items for Earnings Next Week； VG Takes FID on CP2； MPLX Enhances Delaware Footprint； News Flow； Comps-250801.pdf
│ ├── 其他渠道
│ │ ├── 250805-MS-北美地区半导体公司中期业绩未达高预期.pdf
│ │ ├── 中国互联网展望、FD_受益者、中国银行展望的思考_—_Thoughts_on.._China_Internet_Preview,_FD_beneficiaries_,_China_Banks_Preview_-_副本_20250806104012.pdf
│ │ ├── 250805-MS-互联网 北美 我们现在的交易情况 进入互联网每股收益的最后一周.pdf
│ │ ├── 250805-Citi-中国汽车制造商每周零售销售更新蔚来 理想 小鹏 长城汽车 同比增长分别为58%、17%、8%和7%.pdf
│ │ ├── 250805-Citi-全球观点2025年8月5日，星期二.pdf
│ │ ├── 250805-瑞银半导体周报.pdf
│ │ ├── 250804-Citi-宇通客车(600066.SS)七月更新及第三季度预测.pdf
│ │ ├── 250806-Citiciti-纽威股份(603699.ss)增加90天上行动力观察.pdf
│ │ ├── 250805-Citi-鸿海精密(2317.TW)2025年7月营收大致符合预期;GB200 300系列在2025年下半年按计划推进.pdf
│ │ ├── 250804-MS- 亚太地区 人工智能引领未来.pdf
│ │ ├── 250805-MS-泡泡玛特.pdf
│ │ ├── 250805-GS.中国宠物食品(002891.SZ)2025年第二季度初步分析国内及北美工厂销售强劲增长;因管理费用及品牌支出增加，营业利润下降.pdf
│ │ ├── 250805-Citi-亚信科技.pdf
│ │ ├── 250805-JPM-ANET.pdf
│ │ ├── 250806-GS-亚洲焦点中国下半年财政展望财政扩张需求减少.pdf
│ │ ├── 250805-Bofa-AMDreview.pdf
├── 250825更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-China： GS Economic Indicators Update： August （Song）-250821.pdf
│ │ ├── CITI-China K12 Educational Services：Learning Device Monthly – Jul’25： What Price Segment Dynamics Tell Us – TAL vs Zuoyebang，Diverging Margin Strategies-250817.pdf
│ │ ├── Goldman Sachs-Asia~Pacific Weekly Kickstart：MXAPJ retreated 1%， dragged by Taiwan Korea on AI bubble concerns， while China A rallies on strong retail sentiment-250823.pdf
│ │ ├── Morgan Stanley-Chemicals Anti~Involution： China， Korea and Pushbacks-250821.pdf
│ │ ├── Morgan Stanley-China Materials：Regulatory Measures for Rare Earth Production Announced – Stricter Controls-250822.pdf
│ │ ├── Morgan Stanley-Manager Factbook – August 2025-250822.pdf
│ │ ├── Jefferies-Miniso（9896.HK）China resumption of store opening， w overseas on store efficiency， u g to Buy-250821.pdf
│ │ ├── Morgan Stanley-Greater China Technology Hardware：Automation ~ Read~across from JMTBA July 2025 Orders -250822.pdf
│ │ ├── Morgan Stanley-Greater China Technology Hardware：Data Center Power Solutions – Taiwan Discovery Forum Takeaways-250820.pdf
│ │ ├── Goldman Sachs-China Weekly Kickstart：Markets rallied 2~3%； China launched two interest subsidy programs； July credit and activity data broadly weakened and missed expectations-250815.pdf
│ │ ├── UBS-Hong Kong Exchanges & Clearing（0388.HK）Takeaways from post~interim group call-250822.pdf
│ │ ├── Goldman Sachs-China Economic Activity and Policy Tracker： August 22 （Song）-250822.pdf
│ │ ├── Goldman Sachs-China Shenhua Energy （601088）Proposed asset injection from parent company， interim dividend payout announced-250818.pdf
│ │ ├── Jefferies-AI is Not Eating Software； Our Select Top Picks~See 30+ Page Deep Dive-250817.pdf
│ │ ├── Nomura-China Internet & New Media：China likely easing regulation on long~form videos-250818.pdf
│ ├── 其他渠道
│ │ ├── 250819-Citi-台北服务器.pdf
│ │ ├── 250820-GS-华大九天.pdf
│ │ ├── 250819-MS-北美软件.pdf
│ │ ├── Macquarie-Aweaker3Qahead_Aug_20_2025.pdf
│ │ ├── 250819-JPM-PDD.pdf
│ │ ├── 250818-GS-GS-Circle.pdf
│ │ ├── GS-XiaomiCorp(1810HK)2Q25ReviewLargelyinlineresultswithEVprofitbeingabrightspotAspeedbumpnear-termbutnewdriverscatalystsawaitBuy_Aug_19_202.pdf
│ │ ├── 250819-GS-深南电路(002916.SZ)人工智能印制电路板需求强劲，支撑价格和利润率的韧性;买入.pdf
│ │ ├── 250820-GS-720小米，华润啤酒，安踏，泡泡玛特，中国联通，必和必拓，再鼎医药，特步，榜上有名-稳定币.pdf
│ │ ├── 250819-Citi-北美半导体：buy dip.pdf
│ │ ├── 250819-JPM-零跑汽车.pdf
│ │ ├── 250819-JPM-MakeMyTrip(顶级互联网精选).pdf
│ │ ├── 250820-GS-华友钴业.pdf
│ │ ├── MS-XIAOMI_20250819.pdf
│ │ ├── TMTB EOD Wrap – TMT 分线 — TMTB EOD Wrap – TMT Breakout(2).pdf
│ │ ├── 250819-JPM-《欧洲半导体.pdf》.pdf
│ │ ├── 250820-GS-小鹏汽车 buy.pdf
│ │ ├── 250819-GS-宏观一览最新观点与预测.pdf
│ │ ├── 250819-GS-亚太投资组合策略亚洲股市每日更新.pdf
│ │ ├── 250820-semianalysis：H100 与 GB200 NVL72 训练基准 – 功耗、TCO 和可靠性分析，软件随时间改进 – 半分析 — H100 vs GB200 NVL72 Tr.pdf
│ │ ├── 250819-MS-NVDA现在是最被低估的大型科技股.pdf
├── 250827更新
│ ├── 250827更新
│ │ ├── Economic自有渠道
│ │ │ ├── UBS-Jiangsu Hengrui Pharmaceuticals ~ A（600276） Q225 net profit largely in line-250821.pdf
│ │ │ ├── Bofa-Xiaomi-2Q largely in line; tones down smartphone shipment; L-T outlook intact at IoT_EV-20250820.pdf
│ │ │ ├── Morgan Stanley-Xiaomi Corp（1810.HK）Risk Reward Update-250825.pdf
│ │ │ ├── Goldman Sachs-XPeng Inc. （XPEV.US） 2Q25 First Take：Vehicle gross profit EBIT beat GSe by +17% +12%； Buy-250820.pdf
│ │ │ ├── CITI-Hong Kong Property 1H25 Wrap： Getting Out of Woods； Higher Confidence； Time will Heal-250822.pdf
│ │ │ ├── Goldman Sachs-Pop Mart （9992.HK）： First Take： 1H bottom line above GSe profit alert with stronger~than~expected OPM expansion， outlook the key to-250819.pdf
│ │ │ ├── Morgan Stanley-Jiangsu Hengrui（1276.HK）2Q25 First Take ~ Product Sales Largely In~line； Profit Beat on Licensing Income-250820.pdf
│ │ │ ├── Goldman Sachs-China Weekly Kickstart A~shares rallied 4%， SHCOMP to 10~year highs； MSCI China gained 1%； RMB500bn potential investment targets emerging industries-250822.pdf
│ │ │ ├── Morgan Stanley-Shanghai BOCHU Electronic Technology（688188）2Q25 Core Earnings In Line-250821.pdf
│ │ │ ├── J.P. Morgan-China Cloud Deep Dive-250820.pdf
│ │ │ ├── Goldman Sachs-GC Tech： T&W （603118）： Switch Server ODM business in expansion， riding on specification upgrade-250820.pdf
│ │ │ ├── Nomura-Kingsoft Office（688111）Mixed 2Q25 results despite strong AI sentiment-250824.pdf
│ │ │ ├── Nomura-Asia Chart Alert：China： Market participants do not appear concerned about the stock market rally yet-250826.pdf
│ │ │ ├── Goldman Sachs-Gigadevice （603986）： Upbeat guidance on DRAM； strong 3Q earnings outlook on price hikes； Buy-250826.pdf
│ │ │ ├── Nomura-Wuxi Bio（2269.HK）1H25 earnings beat； FY25E revenue guidance lifted-250819.pdf
│ │ │ ├── Goldman Sachs-Xiaomi Corp. （1810.HK）2Q25 Review： Largely inline results with EV profit being a bright spot； A speed bump near~term but new drivers catalysts await； Buy-250820.pdf
│ │ │ ├── Goldman Sachs-China Smartphones： June shipments~9% MoM； 1H25 ~6% YoY-250824.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250822-MS-石药集团.pdf
│ │ │ ├── 250822-JPM 中国–即使过去一年上涨42%，依然看涨的三大理由.pdf
│ │ │ ├── 250822-GS-名创优品.pdf
│ │ │ ├── 250822-GS市场洞察-中国 – 快速更新.pdf
│ │ │ ├── 250821-bofA-flow show.pdf
│ │ │ ├── 250822-BofA-权益策略-中国宏观周一八月消费者调查，数据中心及半导体回顾.pdf
│ │ │ ├── 250822-GS TMT日报.pdf
│ │ │ ├── 250822-GS-华润啤酒.pdf
│ │ │ ├── 250822-JPM-半导体.pdf
│ │ │ ├── 250822-MS-全球宏观评论.pdf
│ │ │ ├── 250822-MS-中国股票策略 亚洲太平洋A股情绪进一步上升监测指标.pdf
│ │ │ ├── 250822-JPM-《中国电池行业从亿纬锂能业绩中获得的启示.pdf》.pdf
│ │ │ ├── 250822-MS-腾讯控股有限公司 亚太地区《无畏契约》手游势头强劲至今.pdf
│ │ │ ├── 250822-BofA-技术-亚太地区 台北科技巡展 多年上行周期的人工智能及供应链更高价值.pdf
│ │ │ ├── 250822-BofA-康希诺生物.pdf
│ │ │ ├── 250822-JPM-老铺黄金.pdf
│ │ │ ├── 250822-MS-大中华区科技硬件 亚太自动化.pdf
│ │ │ ├── 250822-JPM 亚太技术-NVDA-华勤-海力士.pdf
│ │ │ ├── 250822-GS-洽洽食品.pdf
│ │ │ ├── 250822-JPM-美国市场情报iMacro未来一周.pdf
├── 250829更新
│ ├── 其他渠道
│ │ ├── 250822-Citi-主题股票策略这不是人工智能报告.pdf
│ │ ├── 250823-JPM-大中华区宏观政策解读.pdf
│ │ ├── 250824-JPM-AI继续.pdf
│ │ ├── 250823-GS-国瓷材料.pdf
│ │ ├── 250822-HSBC-中国股票策略四大投资主题的故事.pdf
│ │ ├── 250824-Citi-爱玛科技.pdf
│ │ ├── 250823-GS-科大讯飞.pdf
│ │ ├── 250823-Citi-亿纬锂能.pdf
│ │ ├── 250822-GS 解读人工智能资本支出及本周重点研究.pdf
│ │ ├── 250823-Citi-全球外汇策略是否追逐美元走弱.pdf
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-OPT Machine Vision Tech Co.（688686）2Q25 beat slightly； softening 2H electronics exposure before picking up into 2026E； Neutral on valuation-250821.pdf
│ │ ├── UBS-Laopu Gold（6181.HK） H1 in line： GPM pressure offset by operating leverage； interim dividend came as beat-250820.pdf
│ │ ├── Goldman Sachs-EM Macro Navigator：After the Tariffs-250820.pdf
│ │ ├── Goldman Sachs-Sany Heavy （600031）： First Take： 2Q25 above on margin； FCF strong； interim cash dividend announcedG-250822.pdf
│ │ ├── CITI-CMOC（603993）Adding Upside 90~Day Catalyst Watch-250824.pdf
│ │ ├── Morgan Stanley-What are the tariff costs and who is bearing them？-250820.pdf
│ │ ├── Goldman Sachs-Hengrui Medicine （600276）： Call takeaway： Guide sustainable collaboration income； Domestic innovative drug sales targets CAGR-250825.pdf
│ │ ├── UBS-Sunresin New Materials（300487）Virtual NDR takeaways：flowers ready to bloom-250820.pdf
│ │ ├── Goldman Sachs-Weekly Fund Flows Faster Foreign Flows to Mainland China-250822.pdf
│ │ ├── Goldman Sachs-Kingsoft Cloud （KC.US） 2Q25 Review： Stronger revenue EBITDA driven by AI cloud and Xiaomi， but D&A and interest expenses weigh on net loss； Neutral-250821.pdf
│ │ ├── J.P. Morgan-Memory Market Update：Addressing FAQs on HBM industry dynamics-250820.pdf
│ │ ├── Morgan Stanley-GDS Holdings Ltd（GDS.US） 2Q25 slight beat； DayOne fullyear booking target surpassed-250820.pdf
│ │ ├── Morgan Stanley-China Chemicals：Anti~involution measures can be released soon but likely no surprises-250820.pdf
│ │ ├── Goldman Sachs-China Consumer Durables： Appliance Tracker Jul 2025： Domestic momentum sustainability in focus as base to rise， exports declined yoy steadily-250820.pdf
│ │ ├── J.P. Morgan-Asia Infra， Industrials and Transportation-250821.pdf
│ │ ├── Goldman Sachs-Hengrui Medicine（600276.SS）First take： 2Q product sales in~line； Earnings beat with lower R&D-250821.pdf
│ │ ├── Morgan Stanley-Pop Mart International Group （9992.HK）1H25 Results Above Prelim； Seven Key Highlights-250820.pdf
│ │ ├── J.P. Morgan-VNET：Doubling of capex to support strong wholesale datacenter orders-250820.pdf
│ │ ├── Morgan Stanley-HK Exchanges & Clearing（0388.HK）：2Q25 profit beat on higher investment income， core revenue strong as expected-250820.pdf
│ │ ├── UBS-Huadong Medicine（000963）2Q25 results in~line， innovation driving pharma manufacturing growth-250820.pdf
│ │ ├── Goldman Sachs-WuXi Biologics （2269.HK） Earnings Review： Raised FY25 revenue guidance to 14~16% y y； IP~based income to emerge as new driver-250820.pdf
├── 250815更新
│ ├── 250815更新
│ │ ├── Economic自有渠道
│ │ │ ├── Morgan Stanley-China – Brokers：Still early into a recovery cycle； what to buy？-250807.pdf
│ │ │ ├── J.P. Morgan-China banks：Assessing the impact of China’s interest subsidy policy on consumption and service sector loans-250813.pdf
│ │ │ ├── Morgan Stanley-China Materials：Cement~ Improved Outlook-250813.pdf
│ │ │ ├── UBS-HOLT APAC：From pressure to potential ~ HOLT screens for potential beneficiaries of China’s anti~involution drive-250813.pdf
│ │ │ ├── Morgan Stanley-China Consumer： Raw Materials Price Chartbook：Raw Materials Price Movements （Jul~25） and Stock Implications-250811.pdf
│ │ │ ├── Morgan Stanley-What Investors Care About This Summer~Anti~Involution， A vs. H， and Flows-250808.pdf
│ │ │ ├── BofA Securities-Emerging Insight：China – Investor meetings feedback： Mind the Gap between Macro and Markets-250812.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Hardware：Why did GB200 NVL72 rack shipments fall in July？-250811.pdf
│ │ │ ├── UBS-China Consumer Sector：China to provide interest subsidies on loans to personal consumption and service sector businesses-250813.pdf
│ │ │ ├── J.P. Morgan-JPM _ APAC Market Thematics~US China：Tariff extension， Blackwell carrot & lower China ERP Fed cuts： Equity implications APAC Quant： AXJ & Japan in _expansion”-250811.pdf
│ │ │ ├── Goldman Sachs-Japan Automobiles：Raising our estimates to reflect 15% auto tariffs； upgrade Subaru to Buy-250724.pdf
│ │ │ ├── Morgan Stanley-China Healthcare：Chart of the Week~July Biotech Funding Trend-250813.pdf
│ │ │ ├── Barclays-China：A large divergence in credit data-250813.pdf
│ │ │ ├── CITI-China Economics：No Rush to Cut Despite Negative New Loans in July-250813.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250811-Citi-吉利汽车A7每月销量应达到1万辆以上.pdf
│ │ │ ├── 250810-MS-类人机器人 亚太地区 2025 世界机器人大会 重点总结 拥抱未来.pdf
│ │ │ ├── 250810-MS-特斯拉.pdf
│ │ │ ├── 250810-Bofa-全球基金经理调查.pdf
│ │ │ ├── 250811-Citi-北美硬件与存储企业需求好于预期;鉴于强劲的人工智能动力，利好戴尔;惠普将受益于瞻博网络收购.pdf
│ │ │ ├── 250811-JPM-摩根大通 宏观观点(及关键图表).pdf
│ │ │ ├── 250811-Citi-工业富联(601138.SS)2025年第二季度业绩明显超预期;基于2026年盈利上调，将目标价上调至人民币48.0元.pdf
│ │ │ ├── 250811-Citi-中国经济七月份反内卷对居民消费价格指数影响或超过工业生产者出厂价格指数.pdf
│ │ │ ├── 250811-Citi-定量全球宏观策略模型更新保持方向，静待观察.pdf
│ │ │ ├── 250811-Citi-科沃斯机器人(603486.SS)发布全新旗舰产品，附带吸引人的新功能.pdf
│ │ │ ├── 250812-UBS宏观日报-美国CPI前瞻_H20.pdf
│ │ │ ├── 250811-BofA-基础材料-中国(HA)宁德时代锂矿暂停及旺季;赣锋天齐升级.pdf
│ │ │ ├── 250811-BofA-中国消费(HA) 新消费在停滞中的不平衡.pdf
│ │ │ ├── 250811-JPM-芯片聊-全球半导体通讯.pdf
│ │ │ ├── 250811-MS-中国互联网 烧钱换增长–30分钟战场.pdf
│ │ │ ├── 250811-GS-中国科技互联网百度深化搜索改版，关注人工智能计划和机器人出租车扩展;智能音箱用户压力;2025年第二季度.pdf
├── 250824更新
│ ├── 其他渠道
│ │ ├── 工业富联_20250819145213.pdf
│ │ ├── 250818-Citi-安费诺.pdf
│ │ ├── Fabrinet (FN) 2025 财年第四季度财报电话会议记录.pdf
│ │ ├── 硬件供应链大报告_20250818204819.pdf
│ │ ├── 250818-Citi-欧菲光集团(002456.SZ).pdf
│ │ ├── 250817-250818-jefferies-AI没有吞噬软件？.pdf
│ │ ├── 250818-Citi-英维克-2025年第二季度业绩略超预期，但因估值偏高下调至卖出评级.pdf
│ │ ├── 250818-野村-亚洲洞察 中国周度图表集 经济与市场脱钩现象.pdf
│ │ ├── 250818-Citi-同程旅行.pdf
│ │ ├── 250818-Citi-海天国际控股(1882.HK)2025年上半年业绩符合预期，下半年增长展稳定.pdf
│ │ ├── 250817-MS-上调GB200GB300出货量.pdf
│ │ ├── 250818-Citi-华润医药(1177.HK)2025年上半年业绩超预期，得益于其他收入增长;预计更多创新药物上市与业务发展;上调目标价.pdf
│ │ ├── 250818-jefferies-美图.pdf
│ │ ├── NV业绩前瞻_20250818204819.pdf
│ │ ├── 250818-Citi-全球科技硬件2025年第二季度智能手机出货量略有领先;2025年下半年可能持稳.pdf
│ │ ├── 250817-MS-华虹半导体.pdf
│ │ ├── 250818-Citi-零跑汽车(9863.HK)花旗研究 增添上涨动力 90天催化剂观察.pdf
│ │ ├── 野村-_AI硬件深度_20250819092030.pdf
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Laopu Gold （6181.HK）： First take： 1H25 NI at higher range of profit alert on better operating efficiency； Dividend came as positive surprise-250820.pdf
│ │ ├── UBS-China Shenhua Energy~A（601088）Shenhua plans ≥75% 2025 interim dividend payout （FY2024： 76.5%）； asset injection details pending.-250818.pdf
│ │ ├── UBS-China Economic Comment：China Weekly，Weaker July growth， consumer loan subsidy， PBC policy report-250818.pdf
│ │ ├── UBS-JD Health（6618.HK）Reaping the rewards of a drug~focused strategy-250822.pdf
│ │ ├── Morgan Stanley-China Autos&Shared Mobility：Weekly Orders~Primed for the seasonal push-250819.pdf
│ │ ├── J.P. Morgan-China Banks：2Q25 preview–we expect a moderate sequential recovery-250819.pdf
│ │ ├── Goldman Sachs-Lingyi （002600）：AI devices foldable phones components to drive dollar content upgrade； Robotics ecosystem in expansion； Buy-250818.pdf
│ │ ├── CITI-China Economics：China Export Tracker （16）： High Base to Kick In？-250821.pdf
│ │ ├── Goldman Sachs-Asia Index Strategy：Hang Seng Indexes Rebalancing Review and Flow Implications （Sep 2025）-250823.pdf
│ │ ├── J.P. Morgan-China railway capex：Breaking news： China’s railway sector re~enters multiyear upcycle with major high~speed train and maintenance orders-250820.pdf
│ │ ├── Goldman Sachs-GC Tech： Q Tech （1478.HK） 1H25 read across to Smartphone AI glasses and Drone Cameras-250822.pdf
│ │ ├── Jefferies-Meitu（1357.HK）Key Takeaways from Group Investor Call-250822.pdf
│ │ ├── BofA Securities-Banks ~ China：Weekly wrap： soft loan demand in July； improved bank sector profit trend in 2Q-250818.pdf
│ │ ├── Goldman Sachs-Greater China Semis： July， IC import export value +13.0% +29.2% YoY-250818.pdf
│ │ ├── UBS-China Online Entertainment Monthly：July，games recovered from a slow June； addressing Kuaishou market debate-250819.pdf
│ │ ├── Goldman Sachs-Taiwan Weekly Kickstart：Equities rose 1%， supported by moderate foreign and domestic institutional flows， despite disappointing Q2 earnings and further TWD weakness-250816.pdf
│ │ ├── UBS-China Industrials：Tracking trade flows amid changing US tariffs on China （week 33） -250818.pdf
│ │ ├── Goldman Sachs-JCET （600584）： Automotive and advanced packaging drive rising R&D and capacity expansion； 2Q25 miss； Neutral-250821.pdf
│ │ ├── UBS-Hong Kong Banks：HIBOR rebounds to 2%； anticipating bigger downside risk in the near term-250818.pdf
│ │ ├── J.P. Morgan-Hong Kong Property：Read~through from Midland’s market updates-250822.pdf
├── 250818更新
│ ├── 250818更新
│ │ ├── 其他渠道
│ │ │ ├── Alab调研_亚马逊定制IO和Switch芯片价值量和配比关系,TR4采用2纳米工艺,背面供电技术带来更高带宽,Marvell和Alchip的份额格局.pdf
│ │ │ ├── 250813-DB-Sea业绩.pdf
│ │ │ ├── 250813-JPM-华硕科技公司.pdf
│ │ │ ├── 250812-MS-大中华半导体 亚太云半导体 开放计算项目积极反馈.pdf
│ │ │ ├── 250814-JPM-ALAB.pdf
│ │ │ ├── 250813-GS-美洲科技互联网亚马逊宣布扩大杂货服务范围.pdf
│ │ │ ├── 250813-Citi-中国CPO，首选中际旭创.pdf
│ │ │ ├── 250814-GS-大麦娱乐控股(1060.HK）买入.pdf
│ │ │ ├── 250814-DB-CRWV-10Q.pdf
│ │ │ ├── 250813-GS-贵州茅台(600519.SS).pdf
│ │ │ ├── 250812-GS宏观-亚洲互联网.pdf
│ │ │ ├── 250813-Nomura-快手科技 在激烈竞争中表现稳健.pdf
│ │ │ ├── 250812-citi-全球战略本周花旗全球观点.pdf
│ │ │ ├── 250812-中信证券-环球市场动态.pdf
│ │ │ ├── 250813-GS-宏观研究的重点更多的美国通胀与中国通缩、数据可靠性、特朗普与普京会晤.pdf
│ │ │ ├── 250813-GS-新易盛(300502.SZ)收发器需求强劲且出货量展望更明朗;买入.pdf
│ │ │ ├── 250813-MS-大中华区技术硬件 亚太自动化.pdf
│ │ │ ├── 250810-JPM-coreweave.pdf
│ │ │ ├── 250814-GS-中国消费者联接.pdf
│ │ ├── Economic自有渠道
│ │ │ ├── CITI-China Auto Manufacturers：EV Orders Update （Aug 4 – Aug 10）-250811.pdf
│ │ │ ├── Morgan Stanley-China Financials：Interest subsidy a modest demand support while reducing credit support for industrial capacity-250813.pdf
│ │ │ ├── CITI-China Property Jul NBS：Weak in All~facet； Policy in Need on Top of Inventory Purchase-250815.pdf
│ │ │ ├── Morgan Stanley-China Materials：Suspension of Jianxiawo Lithium Mine Confirmed； Positive for Lithium Price Near Term-250811.pdf
│ │ │ ├── Goldman Sachs-China Battery Sector： Facts， Developments and Impacts about Anti~involution， we prefer Yuneng & Hyperstrong-250815.pdf
│ │ │ ├── Jefferies-NORTH AMERICA _ Energy：Need Ideas Post 2Q25 EPS？ Here’s What’s Outperforming Underperforming-250816.pdf
│ │ │ ├── UBS-China Cosmetics Sector：July cosmetics retail sales up 4.5% YoY-250815.pdf
│ │ │ ├── UBS-China Healthcare Service Providers：APAC Focus，Policy risks overshadowing opportunities in China’s private hospital sector-250808.pdf
│ │ │ ├── CITI-China Battery Materials：Benefit from Potential Anti~involution， Open 90~Day Positive Catalyst Watch on Yuneng and Dynanonic-250811.pdf
│ │ │ ├── BofA Securities-Basic Materials~China （HA） ：China aluminum： less cyclical， import cost sets price support； raise earnings and POs-250815.pdf
│ │ │ ├── UBS-China Property：Rmb300bn for inventory purchase？-250814.pdf
│ │ │ ├── Morgan Stanley-China Healthcare：Pharma Stock Weakness on Tariff Concerns~Seems Overdone-250807.pdf
│ │ │ ├── J.P. Morgan-China Banks， Westpac， Thai Banks-250814.pdf
│ │ │ ├── Goldman Sachs-China Economic Activity and Policy Tracker： August 8 （Song）-250808.pdf
│ │ │ ├── BofA Securities-Transition Investing：Unleashing nature’s value-250815.pdf
├── 250817更新
│ ├── 250817更新
│ │ ├── Economic自有渠道
│ │ │ ├── Goldman Sachs-China Technology：Internet，BIDU： deeper search re~vamp， eyes on AI initiatives and Robotaxi expansion； IQ subs pressure； 2Q25 preview-250811_20250901_103458.pdf
│ │ │ ├── Morgan Stanley-Chemicals _ Asia Pacific： China’s Anti~Involution： FCF Beats~ Prefer PTTGC and Petronas Chemicals-250814.pdf
│ │ │ ├── BofA Securities-China Watch：Expectation~beating exports and imports show resilience amid tariffs-250807.pdf
│ │ │ ├── Morgan Stanley-China Healthcare：Tariff Rate as It Stands-250813.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Semiconductors： Memory Refresh： Share Prices Rally on Micron Guidance Raise and Continued DDR4 Contract Price Hikes -250812.pdf
│ │ │ ├── Goldman Sachs-Japan Weekly Kickstart：Blue skies， but with a few clouds on the horizon （TPX all~time~high and 1Q earnings review）-250810.pdf
│ │ │ ├── Morgan Stanley-Global Rates Strategy：Government Bond Auctions： The Month Ahead-250801.pdf
│ │ │ ├── BofA Securities-Cement ~ China （H A）：Anti involution – higher possibility for capacity cut in 2026， new infra projects-250811.pdf
│ │ │ ├── Morgan Stanley-China Autos & Shared Mobility：China EV Weekly Orders – Sales step up as new models and seasonality align-250811.pdf
│ │ │ ├── J.P. Morgan-China Utilities & Renewables Blog：Poly prices may see volatility ahead； India sets out nuclear expansion strategy； Huaming’s 1H results read~through-250811.pdf
│ │ │ ├── Deutsche Bank-The Teardown：777X Progress， RPK Deceleration， Senate Appropriations Defense Mark-250801.pdf
│ │ │ ├── Morgan Stanley-Greater China Materials：Fundamentals diverge for glass； raising bull cases on potential anti~involution-250811.pdf
│ │ │ ├── Goldman Sachs-China Technology：Internet，BIDU： deeper search re~vamp， eyes on AI initiatives and Robotaxi expansion； IQ subs pressure； 2Q25 preview-250811.pdf
│ │ │ ├── UBS-European Chemicals Sector：Investor positioning in European Chemicals-250807.pdf
│ │ │ ├── Morgan Stanley-Greater China Semiconductors _ Asia Pacific：MCU： Flat spot pricing but slightly better demand-250813.pdf
│ │ │ ├── UBS-China hotel RevPAR and airfare weekly：Hotel RevPAR~4.9% YoY； domestic airfare~7.5% YoY-250814.pdf
│ │ │ ├── J.P. Morgan-China Logistics Expert call takeaways： Is this year’s campaign any different？ What’s next？-250807.pdf
│ │ ├── 其他渠道
│ │ │ ├── GPT-5 为广告变现和超级应用铺平了道路 – SemiAnalysis — GPT-5 Set the Stage for Ad Monetization.pdf
│ │ │ ├── 250813-Citi-万洲国际0288.HK2025年第二季度符合预期;2025年下半年展积极.pdf
│ │ │ ├── 250813-JPM-中国房地产再见，恒大.pdf
│ │ │ ├── 250813-GS-万华化学集团(600309.SS).pdf
│ │ │ ├── 250813-Citi-金蝶国际软件(0268.HK)分析师简报要点长期目标令人鼓舞 2.pdf
│ │ │ ├── 250813-JPM-纬创.pdf
│ │ │ ├── 250813-GS-白云机场.pdf
│ │ │ ├── 250812-GS-中国金属与矿业中国锂供应–事实、未知与基本面.pdf
│ │ │ ├── 250812-MS-核电的下一步.pdf
│ │ │ ├── 250813-Citi-Applovin更新我们的模型 2.pdf
│ │ │ ├── 250813-GS.中国消费必需品猪肉.pdf
│ │ │ ├── 交易台GSTW.pdf
│ │ │ ├── 250812-MS-台北OCP云厂总结.pdf
│ │ │ ├── 250813-JPM-奇鋐電子.pdf
│ │ │ ├── 交易台-美股快讯.pdf
│ │ │ ├── 250813-Citi-Applovin更新我们的模型.pdf
│ │ │ ├── 250813-Citi-阅文集团(0772.HK)2025年上半年业绩超预期;强劲的知识产权授权和短剧业务支撑利润增长 2.pdf
│ │ │ ├── 250813-JPM-小米集团.pdf
│ │ │ ├── 250813-GS-银河娱乐集团(0027.HK).pdf
│ │ │ ├── 250812-MS-互联网 北美 我们当前的交易状况及互联网每股收益总结.pdf
│ │ │ ├── 250812-DB-Coreweave业绩.pdf
├── 250816更新
│ ├── 250816更新
│ │ ├── Economic自有渠道
│ │ │ ├── UBS-China Industrials：Pivoting back to fundamentals-250813.pdf
│ │ │ ├── CITI-China Commercial Vehicles：Jul~25 CV HDT Sales Summary-250813.pdf
│ │ │ ├── UBS-China Banks：China bank pulse monthly – Weak July new RMB loans； will investment & consumption stimulus foster a more positive economic outlook？-250814.pdf
│ │ │ ├── Morgan Stanley-Greater China Technology Hardware：GB200 NVL72 racks in July-250810.pdf
│ │ │ ├── J.P. Morgan-North American Utilities Weekly：Utilities Outperform； 2Q Sentiment & Reactions； Earnings Previews & Reviews； News Flow； Comps-250801.pdf
│ │ │ ├── Morgan Stanley-Mid Small Cap Manufacturer： Summer 2025 Investment Strategy for Social Infrastructure Names-250805.pdf
│ │ │ ├── Morgan Stanley-Semiconductor Production Equipment：NIL Development： If Reported Start of Commercial Shipments in China is True， NIL Market Could Pick Up-250807.pdf
│ │ │ ├── Morgan Stanley-Chemicals：April~July Results Wrap-250808.pdf
│ │ │ ├── UBS-Global Battery Supply Chain：GM will import CATL LFP EV batteries despite estimated 73% tariff-250808.pdf
│ │ │ ├── Morgan Stanley-China Financials：Continued rebound in M1 growth in July amid more rational loan growth is a good combo-250813.pdf
│ │ │ ├── Morgan Stanley-China – Clean Energy _ Asia Pacific Solar Products Price Tracker – Week 33， 2025-250814.pdf
│ │ │ ├── BofA Securities-Basic Materials ~ China （H A） CATL lithium mine suspension & peak season； upgrade Ganfeng Tianqi-250811.pdf
│ │ │ ├── UBS-ASEAN Energy：China anti~involution implications-250808.pdf
│ │ │ ├── Morgan Stanley-China Autos & Shared Mobility：July EV prices stabilized amid anti~involution campaign-250811.pdf
│ │ │ ├── CITI-Global Metals & Mining：China steel net exports steady sequentially in Jul’25 （but +28%y y）， +13%y y in 7M’25-250807.pdf
│ │ ├── 其他渠道
│ │ │ ├── 250812-GS-中国反内卷.pdf
│ │ │ ├── 250812-GS市场观察-中国类人机器人快速的产品演进展示.pdf
│ │ │ ├── 250812-MS-大中华区科技半导体 亚太存储器价格因美光调高指导预期及DDR4合同价格持续上涨而反弹.pdf
│ │ │ ├── 250811-JPM-万华化学.pdf
│ │ │ ├── 250811-MS·中国汽车与共享出行.pdf
│ │ │ ├── 250811-JPM-亚太区技术升级报告-TSMC Delta LG.pdf
│ │ │ ├── 250812-JPM-亚太指数综述.pdf
│ │ │ ├── 250812-MS-富士康科技 亚洲太平洋 新液冷产品能否推动利润增长.pdf
│ │ │ ├── 250811-MS-锂矿.pdf
│ │ │ ├── 250811-MS-CN互联网 烧钱换增长–30分钟战场.pdf
│ │ │ ├── 250812-MS-中国思考 亚太地区国际投资者中国市场问策.pdf
│ │ │ ├── 250812-SEMI-突破内存墙：HBM的崛起与发展路线图—ScalingtheMemoryWall_TheRiseandRoadmapofHBM.pdf
│ │ │ ├── 250812-GS-高盛亚洲顶级交易-第49期-中国反内卷.pdf
│ │ │ ├── 250812-JPM-日本股票策略 4月至6月盈利快照 80%的公司已报告;尽管关税降低，汽车制造商仍下调业绩指引.pdf
│ │ │ ├── 250812-MS-半导体生产设备 日本 KYEC 增加资本支出及其对日本半导体生产设备行业的影响.pdf
│ │ │ ├── 250811-高盛科技传媒电信特别销售：聚焦中国的英伟达；RELX_沃尔特斯是否被过度抛售？S4Cap可介入；.pdf
│ │ │ ├── 250812-BofA-新兴洞察 中国– 投资者会议反馈 宏观与市场之间的差距.pdf
│ │ │ ├── 250812-GS-美股点评-等待CPI数据显示—U.S.EQUITIESCOLOR_AWAITINGCPI.pdf

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