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#外资研报

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附件总结 JPM-苹果：2026 秋季产品发布会：在定价上走钢丝，保障出货量与利润率，Duo 凭借软件差异化成为焦点 Apple Fall Product Launch 2026 Walks Tightrope on Pricing to Preserve Volumes and Margins, While Duo Takes the Limelight with Software Differentiation.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. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Apple or related entities.
  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-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  5. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  6. Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
  7. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
  8. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your

JPM-全球数据观察：亚洲——中国财政发力开始见效-20260912.pdf

  1. consistent with firmer PPI as Middle East tensions lifted oil prices. Export gains JPMorgan Chase Bank, N.A., Mumbai Branch
  2. industrial recovery and upside risk to our August IP forecast of 0.4% m/m sa next anusha.mital@jpmchase.com
  3. Ayako Fujita | (81-3) 6736-1172 | ayako.fujita@jpmorgan.com Takuho Morimoto | (81-3) 6736-6682 | takuho.morimoto@jpmorgan.com
  4. Note: Times shown are local. Source: Private and public agencies and J.P. Morgan. Further details available upon request.
  5. WPI (12:00pm) Aug 9.7%oya Export price index (6:00am) Aug Current account balance GDP (10:45am) 2Q 0.2%q/q, sa PPI (6:00am) Aug 7.5%oya
  6. IP (1:00pm) Aug RBA official rate announcement IP (8:00am) Aug Building permits (10:45am) Sep CPI (8:00am) Sep
  7. During the week: V ietnam E xports Sep (3 Oct) V ietnam I ndustrial output Sep (3 Oct) V ietnam C PI Sep (3 Oct) T hailand M fg. Production Aug (28-29 Sep)
  8. ANZ commodity price (1:00pm) ANZ job advertisements RBI monetary policy meeting Current account balance (8:00am)

JPM-日本科技行业——消费电子、工业电子、精密仪器深度研究.pdf

  1. 4FRHWGp5qW8YcW7N8Q8OnPmMoMtNfQnNvMjMqQrPaQmNtQNZmOuNwMqQwO

JPM-三棵树-603737-快评：2季度利润率下行抵消C端销量增长；B端仍面临行业压力-20260831.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-三一重工（600031）：炉边谈话要点.pdf

  1. individually certifies, with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views
  2. (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations
  3. • Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of Sany
  4. • Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Sany Heavy Industry - A,
  5. • Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following
  6. • Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or
  7. Technology - A (600885.SS), International Container Terminal Services Inc (ICT.PS), J&T Express - H (1519.HK), JD Logistics
  8. (2618.HK), Jiangsu Hengli Hydraulic - A (601100.SS), Leader Harmonious Drive System Co. (688017.SS), MTR Corp (0066.HK),

JPM-上海银行-601229-2026年2季度业绩不达预期——资产质量急剧恶化是令人失望的主要问题.pdf

  1. 1IyAUIiAoUfXaY8OcMbRpNrRsQqOeRmMyRkPoOpN8OpOqNwMtOoRuOmOoO

JPM-美团-3690.HK-悲观情景现在需要高价值业务渗透；上调评级至“增持”，截至2027年6月的目标价为100港元.pdf

  1. 4FPFZFp5oUcUaYbR8QbRnPnNnPqOjMqQyRfQnNoPaQqRsPvPtRxPMYmQtR

JPM-欧莱雅（OREP.PA）：CFO炉边谈话纪要核心要点.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 L'Oréal or related
  3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: L'Oréal 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-欧洲金属与矿业周报：铜关税悬念与黄金矿企入场良机-20260911.pdf

  1. following extreme weather in central Chile. We are UW Lundin Mining due to full Source: J.P. Morgan estimates. Priced intraday at 11th
  2. x-axis = weeks post Chinese New Year (week 0 = week closest to start of CNY), y-axis = kt of copper increase / (decrease)
  3. Kumba Iron Ore N R 244.12 R 314.00 29% 8.1x 7.6x 8.2x 3.9x 3.8x 4.2x 1.0% 7.1% 5.1% 9.6% 8.8% 8.3% -0.3x -0.2x -0.1x
  4. First Quantum N C$ 42.95 C$ 44.00 2% 70.0x 19.0x 11.1x 16.7x 7.9x 5.2x -0.5% 3.9% 5.2% 0.0% 0.0% 0.0% 2.8x 1.1x 0.5x
  5. Valterra Platinum UW ZAR 1,456 ZAR 1,100 -24% 12.1x 14.6x 16.7x 7.1x 8.1x 8.9x 5.3% 4.5% 3.6% 3.3% 2.7% 2.4% -0.3x -0.5x -0.6x
  6. Figure 11: EMEA & CEEMEA Metals, Mining & Steel valuations – mark-to-market commodity prices and FX forecasts (CY basis)
  7. Kumba Iron Ore N R 244.12 R 314.00 29% 9.8x 12.0x 9.9x 4.6x 5.4x 4.9x -1.9% 1.3% 3.6% 7.7% 5.4% 6.8% -0.2x -0.1x 0.0x
  8. Valterra Platinum UW ZAR 1,456 ZAR 1,100 -24% 11.4x 12.2x 11.7x 6.7x 6.9x 6.4x 5.7% 5.8% 6.0% 3.5% 3.3% 3.4% -0.3x -0.5x -0.7x

文档

JPM-苹果：2026 秋季产品发布会：在定价上走钢丝，保障出货量与利润率，Duo 凭借软件差异化成为焦点 Apple Fall Product Launch 2026 Walks Tightrope on Pricing to Preserve Volumes and Margins, While Duo Takes the Limelight with Software Differentiation.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. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Apple or related entities.
  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-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  5. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
  6. Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
  7. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
  8. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your

预览

JPM-苹果：2026 秋季产品发布会：在定价上走钢丝，保障出货量与利润率，Duo 凭借软件差异化成为焦点 Apple Fall Product Launch 2026 Walks Tightrope on Pricing to Preserve Volumes and Margins, While Duo Takes the Limelight with Software Differentiation.pdf

JPM-全球数据观察：亚洲——中国财政发力开始见效-20260912.pdf

总结

  1. consistent with firmer PPI as Middle East tensions lifted oil prices. Export gains JPMorgan Chase Bank, N.A., Mumbai Branch
  2. industrial recovery and upside risk to our August IP forecast of 0.4% m/m sa next anusha.mital@jpmchase.com
  3. Ayako Fujita | (81-3) 6736-1172 | ayako.fujita@jpmorgan.com Takuho Morimoto | (81-3) 6736-6682 | takuho.morimoto@jpmorgan.com
  4. Note: Times shown are local. Source: Private and public agencies and J.P. Morgan. Further details available upon request.
  5. WPI (12:00pm) Aug 9.7%oya Export price index (6:00am) Aug Current account balance GDP (10:45am) 2Q 0.2%q/q, sa PPI (6:00am) Aug 7.5%oya
  6. IP (1:00pm) Aug RBA official rate announcement IP (8:00am) Aug Building permits (10:45am) Sep CPI (8:00am) Sep
  7. During the week: V ietnam E xports Sep (3 Oct) V ietnam I ndustrial output Sep (3 Oct) V ietnam C PI Sep (3 Oct) T hailand M fg. Production Aug (28-29 Sep)
  8. ANZ commodity price (1:00pm) ANZ job advertisements RBI monetary policy meeting Current account balance (8:00am)

预览

JPM-全球数据观察：亚洲——中国财政发力开始见效-20260912.pdf

JPM-日本科技行业——消费电子、工业电子、精密仪器深度研究.pdf

总结

  1. 4FRHWGp5qW8YcW7N8Q8OnPmMoMtNfQnNvMjMqQrPaQmNtQNZmOuNwMqQwO

预览

JPM-日本科技行业——消费电子、工业电子、精密仪器深度研究.pdf

JPM-三棵树-603737-快评：2季度利润率下行抵消C端销量增长；B端仍面临行业压力-20260831.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-三棵树-603737-快评：2季度利润率下行抵消C端销量增长；B端仍面临行业压力-20260831.pdf

JPM-三一重工（600031）：炉边谈话要点.pdf

总结

  1. individually certifies, with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views
  2. (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations
  3. • Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of Sany
  4. • Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Sany Heavy Industry - A,
  5. • Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following
  6. • Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or
  7. Technology - A (600885.SS), International Container Terminal Services Inc (ICT.PS), J&T Express - H (1519.HK), JD Logistics
  8. (2618.HK), Jiangsu Hengli Hydraulic - A (601100.SS), Leader Harmonious Drive System Co. (688017.SS), MTR Corp (0066.HK),

预览

JPM-三一重工（600031）：炉边谈话要点.pdf

JPM-上海银行-601229-2026年2季度业绩不达预期——资产质量急剧恶化是令人失望的主要问题.pdf

总结

  1. 1IyAUIiAoUfXaY8OcMbRpNrRsQqOeRmMyRkPoOpN8OpOqNwMtOoRuOmOoO

预览

JPM-上海银行-601229-2026年2季度业绩不达预期——资产质量急剧恶化是令人失望的主要问题.pdf

JPM-美团-3690.HK-悲观情景现在需要高价值业务渗透；上调评级至“增持”，截至2027年6月的目标价为100港元.pdf

总结

  1. 4FPFZFp5oUcUaYbR8QbRnPnNnPqOjMqQyRfQnNoPaQqRsPvPtRxPMYmQtR

预览

JPM-美团-3690.HK-悲观情景现在需要高价值业务渗透；上调评级至“增持”，截至2027年6月的目标价为100港元.pdf

JPM-欧莱雅（OREP.PA）：CFO炉边谈话纪要核心要点.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 L'Oréal or related
  3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: L'Oréal 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-欧莱雅（OREP.PA）：CFO炉边谈话纪要核心要点.pdf

JPM-欧洲金属与矿业周报：铜关税悬念与黄金矿企入场良机-20260911.pdf

总结

  1. following extreme weather in central Chile. We are UW Lundin Mining due to full Source: J.P. Morgan estimates. Priced intraday at 11th
  2. x-axis = weeks post Chinese New Year (week 0 = week closest to start of CNY), y-axis = kt of copper increase / (decrease)
  3. Kumba Iron Ore N R 244.12 R 314.00 29% 8.1x 7.6x 8.2x 3.9x 3.8x 4.2x 1.0% 7.1% 5.1% 9.6% 8.8% 8.3% -0.3x -0.2x -0.1x
  4. First Quantum N C$ 42.95 C$ 44.00 2% 70.0x 19.0x 11.1x 16.7x 7.9x 5.2x -0.5% 3.9% 5.2% 0.0% 0.0% 0.0% 2.8x 1.1x 0.5x
  5. Valterra Platinum UW ZAR 1,456 ZAR 1,100 -24% 12.1x 14.6x 16.7x 7.1x 8.1x 8.9x 5.3% 4.5% 3.6% 3.3% 2.7% 2.4% -0.3x -0.5x -0.6x
  6. Figure 11: EMEA & CEEMEA Metals, Mining & Steel valuations – mark-to-market commodity prices and FX forecasts (CY basis)
  7. Kumba Iron Ore N R 244.12 R 314.00 29% 9.8x 12.0x 9.9x 4.6x 5.4x 4.9x -1.9% 1.3% 3.6% 7.7% 5.4% 6.8% -0.2x -0.1x 0.0x
  8. Valterra Platinum UW ZAR 1,456 ZAR 1,100 -24% 11.4x 12.2x 11.7x 6.7x 6.9x 6.4x 5.7% 5.8% 6.0% 3.5% 3.3% 3.4% -0.3x -0.5x -0.7x

预览

JPM-欧洲金属与矿业周报：铜关税悬念与黄金矿企入场良机-20260911.pdf

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