思维纪要社 HTML 来自本地 Obsidian vault 的静态发布
主题 2026-09-15/topics/355.md 原文

#外资研报

图片

无图片

正文

详情页仍未获取到全文。原始列表正文可能被截断。

总体总结

主题正文

  1. 详情页仍未获取到全文。
  2. 原始列表正文可能被截断。

附件总结 JPM-科技与电信高收益债周报-20260914.pdf

  1. S+225 Term Loan B NC 22-Jul-33 Baa3/NR 3250.0 99 2/9 6.93% 307bp VA / AZ / OH / TX 494 MW IT Complete 3 IG Hyperscalers Various ~7% by maturity
  2. 5.700% Sr Sec Nts NC 15-Apr-36 Baa2/NR 4,600.0 88 3/5 7.38% 244bp 15-Oct-35 7.34% 100.00 GA 340 MW IT Complete Microsoft Fixed NNN / 20yr + 15yr Bullet
  3. 7.500% Sec Nts (1st Lien) NC 30-Mar-45 Baa3/NR 14,000.0 94 2/7 8.10% 296bp 30-Apr-29 9.93% 100.00 MI 1.383 GW Apr-28 Oracle NNN / ~17.6y WAL + ext Fully amort
  4. 6.192% Sec Nts (1.5 Lien) NC 15-Nov-42 NR/BBB- 3,250.0 95 1/5 6.68% 160bp 15-May-42 6.62% 100.00 LA 330 MW Oct-27 Fluidstack (Google) Fixed NNN / 15y + 3x5yr Fully amort 8.4x
  5. 6.129% 1st lien NC 30-Nov-42 Baa2/NR 4,250.0 93 1/8 7.03% 207bp 30-May-42 6.84% 100.00 TX 500 MW Nov-27 Lambda (Nvidia) Fixed NNN / 15y + 3x5yr Fully amort 8.0x
  6. 7.750% Sec Nts UW 15-Oct-30 Ba2/BB 3,200.0 103 1/3 6.55% 190bp 15-Oct-27 7.33% 103.88 Upstate NY 523 MW Dec-26 Fluidstack (Google) Gross / 10yr + 2x5yr ~40% by maturity 5.1x
  7. 7.250% Sec Nts NC 31-Dec-30 Ba3/NR 1,300.0 99 7/8 7.28% 256bp 31-Dec-27 9.94% 103.63 West TX 240 MW Sep-26 Fluidstack (Google) Gross / 25y + short to 15-20y ~30% by maturity 5.9x
  8. 7.125% Sr Sec Nts (1st Lien) OW 15-Nov-30 Ba3/NR 1,733.0 101 1/4 6.68% 202bp 15-Nov-27 8.68% 103.56 West TX 300 MW Feb-27 Fluidstack (Google) Gross / 10yr + 2x5yr ~40% by maturity 4.5x

JPM-李宁-2331.HK-复苏主题面临挑战；下调评级至“中性”.pdf

  1. 0JQGXHiApV8YfV8ObP7NsQpPmOrPeRnNuNlOqQmN8OpOmRwMoMyQxNoPvM

JPM-零售观察：9 月 9 日 —— 零售重新评估利率，短期动量出现轮动 Retail Radar Sep 9 – Retail Reassesses Rates, Short-Term Momentum Rotates.pdf

  1. MU, CRDO, and ASML all landed in the Top 10 retail purchases, while IREN, -----------------------------------------------------------------------
  2. Wednesday, with net inflows (1.6z) as it unveiled its first foldable device, the 7/29 - Momentum Unwind, Cutting Tech Losses
  3. changes outside of intra-industry rotations were net additions from the Energy, Materials, 2/18 - AI Software Averaging Down
  4. Pharma, and Financial Services industries, offset by exits from Transportation, Utilities, 2/4 - Softening Sentiment, Software vs Semis
  5. and a couple of underperforming Semiconductor names. In terms of style factors, 1/28 - Earnings, Intl Equities, Precious Metals
  6. Figure 1: Momentum’s tilt toward Quality Growth increased during the Figure 2: Short-Term Momentum is more exposed to Low Beta while
  7. strong retail demand with net purchases totaling ＄ tivity inctail AeTLREV 30M since August 2026. Short interest remains moderate at ~12% of float,
  8. money implied volatility to 110. Retail investo tivity inctail AEELeRK rs have purchased roughly ＄20M since August 2026, amid elevated short

JPM-领益智造-1688.HK-汇率逆风掩盖了基本面改善；新项目有望驱动下半年盈利增长更加强劲.pdf

  1. 调整后的息税折旧摊销前利润 5,013 6,099 6,392 8,472 9,826 投资活动现金流 (3,716) (8,199) (6,694) (4,896) (4,213)
  2. 少数股东权益 63 89 562 842 1,284 息税折旧摊销前利润同比增长 (3.9%) 21.7% 4.8% 32.5% 16.0%
  3. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
  4. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  5. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  6. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  7. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略
  8. Authority, 简称DFSA) 的监管， 其注册地址是Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai,

JPM-毛戈平_H-1318.HK-快评：基本符合预期，各项数据表现不一；关注指引可见度.pdf

  1. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
  2. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  3. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  4. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  5. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略
  6. Authority, 简称DFSA) 的监管， 其注册地址是Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai,
  7. Securities Clearing Corporation of the Philippines) 和证券投资者保护基金（Securities Investor Protection Fund) 的成员。
  8. 业投资者(expert investors)和机构投资者(institutional investors)， 这些投资者的定义依据新加坡《证券和期货法》(Securities and Futures Act，简

JPM-美国经济周报-20260912.pdf

  1. additional tit-for-tat trade restrictions between the US and cast a 0.9%m/m overall increase, with a 0.8% rise in the key
  2. Canada, and a firm enough set of inflation readings to make a control category, which could translate to a strong 0.5% rise
  3. months. We anticipate the former scenario but see risks for sumption forecast. That forecast is for 2.75%, but if August is
  4. the over-year-ago pace at or above 3.3% for the fifth straight (Figure 1). For CPI, the 12-month change is at 2.4%, the low-
  5. dissents)—although it could be a closer call than markets are relative to what it would otherwise be by close to 0.2%-pts.
  6. ingful forward guidance during his press conference, and that Looking ahead, we forecast that the 12-month change in core
  7. the statement language sees no material changes, markets will CPI will continue to run near 2.5%, with the core PCE like-
  8. look to the updated dot plot to infer the likely path for policy. wise running above 3%. Over time the PCE should converge

JPM-机械硬盘（HDD）与固态硬盘（SSD）供应链：市场研讨会纪要.pdf

  1. BGOEXHm2rXeWfVbRbP7NtRrRoMrPiNmMxOkPrRqOaQqRrRwMsOmQvPmQpR

JPM-甲骨文 27 财年第一财季复盘：IaaS 实现三位数增长，260 亿美元在手订单夯实收入路径，资金面仍存争议；重申超配 F1Q27 Review Triple-Digit IaaS Growth and Another $26B of Backlog Solidify the Revenue Path, While Funding Remains the Debate; Reiterate OW.pdf

  1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  2. Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of Oracle or related
  3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Oracle or related entities.
  4. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  5. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  6. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  7. Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
  8. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services

JPM-康宁：Verizon长期供应协议（LTA）将“AI”客户群拓展至超大规模云厂商之外，并强化Springboard计划.pdf

  1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  2. C lie n t: J .P . M o rg a n c u rre n tly h a s , o r h a d w ith in th e p a s t 1 2 m o n th s , th e fo llo w in g e n tity (ie s ) a s c lie n ts : C o rn in g o r re la te d e n titie s .
  3. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  4. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  5. s a tio n R e c e iv e d : J .P . M o rg a n h a s re c e iv e d in th e p a s t 1 2 m o n th s c o m p e n s a tio n fo r in v e s tm e n t b a n k in g s e rv ic e s
  6. h ttp s ://w w w .jp m m .c o m /re s e a rc h /d is c lo s u re s , c a llin g 1 -8 0 0 -4 7 7 -0 4 0 6 , o r e -m a ilin g
  7. (P), F5 Inc (FFIV), Fabrinet (FN), Flex Ltd (FLEX), Garmin Ltd. (GRMN), HP Inc (HPQ), Hewlett Packard Enterprise (HPE), Ingram Micro
  8. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &

文档

JPM-科技与电信高收益债周报-20260914.pdf

总结

  1. S+225 Term Loan B NC 22-Jul-33 Baa3/NR 3250.0 99 2/9 6.93% 307bp VA / AZ / OH / TX 494 MW IT Complete 3 IG Hyperscalers Various ~7% by maturity
  2. 5.700% Sr Sec Nts NC 15-Apr-36 Baa2/NR 4,600.0 88 3/5 7.38% 244bp 15-Oct-35 7.34% 100.00 GA 340 MW IT Complete Microsoft Fixed NNN / 20yr + 15yr Bullet
  3. 7.500% Sec Nts (1st Lien) NC 30-Mar-45 Baa3/NR 14,000.0 94 2/7 8.10% 296bp 30-Apr-29 9.93% 100.00 MI 1.383 GW Apr-28 Oracle NNN / ~17.6y WAL + ext Fully amort
  4. 6.192% Sec Nts (1.5 Lien) NC 15-Nov-42 NR/BBB- 3,250.0 95 1/5 6.68% 160bp 15-May-42 6.62% 100.00 LA 330 MW Oct-27 Fluidstack (Google) Fixed NNN / 15y + 3x5yr Fully amort 8.4x
  5. 6.129% 1st lien NC 30-Nov-42 Baa2/NR 4,250.0 93 1/8 7.03% 207bp 30-May-42 6.84% 100.00 TX 500 MW Nov-27 Lambda (Nvidia) Fixed NNN / 15y + 3x5yr Fully amort 8.0x
  6. 7.750% Sec Nts UW 15-Oct-30 Ba2/BB 3,200.0 103 1/3 6.55% 190bp 15-Oct-27 7.33% 103.88 Upstate NY 523 MW Dec-26 Fluidstack (Google) Gross / 10yr + 2x5yr ~40% by maturity 5.1x
  7. 7.250% Sec Nts NC 31-Dec-30 Ba3/NR 1,300.0 99 7/8 7.28% 256bp 31-Dec-27 9.94% 103.63 West TX 240 MW Sep-26 Fluidstack (Google) Gross / 25y + short to 15-20y ~30% by maturity 5.9x
  8. 7.125% Sr Sec Nts (1st Lien) OW 15-Nov-30 Ba3/NR 1,733.0 101 1/4 6.68% 202bp 15-Nov-27 8.68% 103.56 West TX 300 MW Feb-27 Fluidstack (Google) Gross / 10yr + 2x5yr ~40% by maturity 4.5x

预览

JPM-科技与电信高收益债周报-20260914.pdf

JPM-李宁-2331.HK-复苏主题面临挑战；下调评级至“中性”.pdf

总结

  1. 0JQGXHiApV8YfV8ObP7NsQpPmOrPeRnNuNlOqQmN8OpOmRwMoMyQxNoPvM

预览

JPM-李宁-2331.HK-复苏主题面临挑战；下调评级至“中性”.pdf

JPM-零售观察：9 月 9 日 —— 零售重新评估利率，短期动量出现轮动 Retail Radar Sep 9 – Retail Reassesses Rates, Short-Term Momentum Rotates.pdf

总结

  1. MU, CRDO, and ASML all landed in the Top 10 retail purchases, while IREN, -----------------------------------------------------------------------
  2. Wednesday, with net inflows (1.6z) as it unveiled its first foldable device, the 7/29 - Momentum Unwind, Cutting Tech Losses
  3. changes outside of intra-industry rotations were net additions from the Energy, Materials, 2/18 - AI Software Averaging Down
  4. Pharma, and Financial Services industries, offset by exits from Transportation, Utilities, 2/4 - Softening Sentiment, Software vs Semis
  5. and a couple of underperforming Semiconductor names. In terms of style factors, 1/28 - Earnings, Intl Equities, Precious Metals
  6. Figure 1: Momentum’s tilt toward Quality Growth increased during the Figure 2: Short-Term Momentum is more exposed to Low Beta while
  7. strong retail demand with net purchases totaling ＄ tivity inctail AeTLREV 30M since August 2026. Short interest remains moderate at ~12% of float,
  8. money implied volatility to 110. Retail investo tivity inctail AEELeRK rs have purchased roughly ＄20M since August 2026, amid elevated short

预览

JPM-零售观察：9 月 9 日 —— 零售重新评估利率，短期动量出现轮动 Retail Radar Sep 9 – Retail Reassesses Rates, Short-Term Momentum Rotates.pdf

JPM-领益智造-1688.HK-汇率逆风掩盖了基本面改善；新项目有望驱动下半年盈利增长更加强劲.pdf

总结

  1. 调整后的息税折旧摊销前利润 5,013 6,099 6,392 8,472 9,826 投资活动现金流 (3,716) (8,199) (6,694) (4,896) (4,213)
  2. 少数股东权益 63 89 562 842 1,284 息税折旧摊销前利润同比增长 (3.9%) 21.7% 4.8% 32.5% 16.0%
  3. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
  4. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  5. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  6. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  7. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略
  8. Authority, 简称DFSA) 的监管， 其注册地址是Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai,

预览

JPM-领益智造-1688.HK-汇率逆风掩盖了基本面改善；新项目有望驱动下半年盈利增长更加强劲.pdf

JPM-毛戈平_H-1318.HK-快评：基本符合预期，各项数据表现不一；关注指引可见度.pdf

总结

  1. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
  2. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  3. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  4. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  5. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略
  6. Authority, 简称DFSA) 的监管， 其注册地址是Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai,
  7. Securities Clearing Corporation of the Philippines) 和证券投资者保护基金（Securities Investor Protection Fund) 的成员。
  8. 业投资者(expert investors)和机构投资者(institutional investors)， 这些投资者的定义依据新加坡《证券和期货法》(Securities and Futures Act，简

预览

JPM-毛戈平_H-1318.HK-快评：基本符合预期，各项数据表现不一；关注指引可见度.pdf

JPM-美国经济周报-20260912.pdf

总结

  1. additional tit-for-tat trade restrictions between the US and cast a 0.9%m/m overall increase, with a 0.8% rise in the key
  2. Canada, and a firm enough set of inflation readings to make a control category, which could translate to a strong 0.5% rise
  3. months. We anticipate the former scenario but see risks for sumption forecast. That forecast is for 2.75%, but if August is
  4. the over-year-ago pace at or above 3.3% for the fifth straight (Figure 1). For CPI, the 12-month change is at 2.4%, the low-
  5. dissents)—although it could be a closer call than markets are relative to what it would otherwise be by close to 0.2%-pts.
  6. ingful forward guidance during his press conference, and that Looking ahead, we forecast that the 12-month change in core
  7. the statement language sees no material changes, markets will CPI will continue to run near 2.5%, with the core PCE like-
  8. look to the updated dot plot to infer the likely path for policy. wise running above 3%. Over time the PCE should converge

预览

JPM-美国经济周报-20260912.pdf

JPM-机械硬盘（HDD）与固态硬盘（SSD）供应链：市场研讨会纪要.pdf

总结

  1. BGOEXHm2rXeWfVbRbP7NtRrRoMrPiNmMxOkPrRqOaQqRrRwMsOmQvPmQpR

预览

JPM-机械硬盘（HDD）与固态硬盘（SSD）供应链：市场研讨会纪要.pdf

JPM-甲骨文 27 财年第一财季复盘：IaaS 实现三位数增长，260 亿美元在手订单夯实收入路径，资金面仍存争议；重申超配 F1Q27 Review Triple-Digit IaaS Growth and Another $26B of Backlog Solidify the Revenue Path, While Funding Remains the Debate; Reiterate OW.pdf

总结

  1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  2. Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of Oracle or related
  3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Oracle or related entities.
  4. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  5. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  6. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  7. Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
  8. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services

预览

JPM-甲骨文 27 财年第一财季复盘：IaaS 实现三位数增长，260 亿美元在手订单夯实收入路径，资金面仍存争议；重申超配 F1Q27 Review Triple-Digit IaaS Growth and Another $26B of Backlog Solidify the Revenue Path, While Funding Remains the Debate; Reiterate OW.pdf

JPM-康宁：Verizon长期供应协议（LTA）将“AI”客户群拓展至超大规模云厂商之外，并强化Springboard计划.pdf

总结

  1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  2. C lie n t: J .P . M o rg a n c u rre n tly h a s , o r h a d w ith in th e p a s t 1 2 m o n th s , th e fo llo w in g e n tity (ie s ) a s c lie n ts : C o rn in g o r re la te d e n titie s .
  3. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  4. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  5. s a tio n R e c e iv e d : J .P . M o rg a n h a s re c e iv e d in th e p a s t 1 2 m o n th s c o m p e n s a tio n fo r in v e s tm e n t b a n k in g s e rv ic e s
  6. h ttp s ://w w w .jp m m .c o m /re s e a rc h /d is c lo s u re s , c a llin g 1 -8 0 0 -4 7 7 -0 4 0 6 , o r e -m a ilin g
  7. (P), F5 Inc (FFIV), Fabrinet (FN), Flex Ltd (FLEX), Garmin Ltd. (GRMN), HP Inc (HPQ), Hewlett Packard Enterprise (HPE), Ingram Micro
  8. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &

预览

JPM-康宁：Verizon长期供应协议（LTA）将“AI”客户群拓展至超大规模云厂商之外，并强化Springboard计划.pdf

源文件：2026-09-15/topics/355.md
站内副本：2026-09-15/topics/355.md