--- title: "#外资研报" topic_id: 14422452884148542 created_at: 2026-06-02T08:40:36.744+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：408 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/14422452884148542) - 附件：图片 0，音频 0，文档 9 - 音频文件：_无音频_ ## 图片 _无图片_ ## 正文 _无正文_ ## 总体总结 _暂无总结_ ## 文档 ### JPM-亚洲科技追踪报告-20260601.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-亚洲科技追踪报告-20260601.pdf|JPM-亚洲科技追踪报告-20260601.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-亚洲科技追踪报告-20260601.pdf|JPM-亚洲科技追踪报告-20260601.pdf]] ### JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf|JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf|JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf]] ### JPM-中国汽车出口追踪（4月）——新能源汽车首次占据半壁江山 China Auto Export Tracker April：NEV for the first time exceeding 50% of total.pdf - 状态：failed - 错误：内部错误 - 本地资源：_无本地文件_ ### JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top pic.pdf|JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top pic.pdf|JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf]] ### JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Incr.pdf|JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Incr.pdf|JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf]] ### JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1..pdf|JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1..pdf|JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf]] ### JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; criti.pdf|JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; criti.pdf|JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf]] ### JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit g.pdf|JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit g.pdf|JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf]] ### JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260602_0840__外资研报__JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing an.pdf|JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf]] #### 预览 [[assets/docs/260602_0840__外资研报__JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing an.pdf|JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf]]