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主题 2026-09-15/topics/357.md 原文

#外资研报

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附件总结 JPM-西门子能源（ENR1n.DE）——2026年“重返校园”电话会纪要.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 : S ie m e n s E n e rg y o r re la te d e n titie s .
  3. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  4. 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
  5. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
  6. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
  7. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures
  8. Bank of Argentina) and Comisión Nacional de Valores (“CNV”- Argentinian Securities Commission - ALYC y AN Integral N°51).

JPM-亚洲电力设备：关于美国行政令的专家电话会纪要.pdf

  1. Figure 1: China accounts for 2% of U.S. >10MVA transformer imports Figure 2: U.S. >10MVA Transformer Imports from China: Sharp Decline
  2. Source: Bloomberg Finance L.P., J.P. Morgan estimates for covered companies, Bloomberg consensus for stocks Not Covered (NC). Priced as of 3 Sep 2026.
  3. 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
  4. term is defined in Directive 2014/65/EU) of/for GE Vernova T&D India Limited or related entities within the past 12 months.
  5. Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of GE Vernova T&D
  6. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: GE Vernova T&D India Limited, HD
  7. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  8. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)

JPM-亚洲科技追踪-20260911.pdf

  1. profit estimates from ¥18.2 billion to ¥16.9 billion (+1% YoY) for FY2026, from ¥22.2 billion to ¥23.8 billion
  2. Zhejiang Dahua Technology Co., Ltd - A N 002236.SZ 16.0 23 40.2 7,866 5.2 29.3 13.0 10.1 1.3 1.2 10.4 12.4 2.2 2.3
  3. Hangzhou HikVision Digital Technology Co., Ltd - A N 002415.SZ 33.5 35 4.4 45,792 8.6 27.5 19.9 15.6 3.4 3.1 17.8 20.6 2.8 3.0
  4. Samsung Electronics OW 005930.KS 269,000.0 400,000 48.7 1,311,623 599.9 42.3 5.3 3.7 2.1 1.5 49.8 46.3 7.1 7.2
  5. Universal Scientific Industrial (Shanghai) - A N 601231.SS 27.9 19 -31.9 9,163 8.3 20.9 34.2 28.3 3.2 2.9 9.6 10.6 0.3 0.3
  6. Huafeng Test & Control - A OW 688200.SS 355.5 234 -34.2 7,185 66.4 26.0 86.7 68.8 12.4 10.9 14.9 16.8 0.2 0.3
  7. Mitsubishi Chemical Group (4188) N 4188.T 1,184.5 800 -32.5 11,619 228.7 -29.4 11.4 16.1 0.9 0.9 8.1 5.5 2.7 2.7
  8. Murata Manufacturing (6981) OW 6981.T 7,525.0 13,700 82.1 91,262 62.7 56.1 36.0 23.1 4.8 4.1 13.5 19.3 0.9 1.1

JPM-阳光保险_H-6963.HK-快评：2026年上半年整体业绩超预期，质量存争议-20260831.pdf

  1. 们预计初步股价反应为负面，投资者可能重点关注围绕新业务价值率
  2. 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
  3. 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
  4. ，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
  5. (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
  6. 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
  7. 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,
  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-渝农商行-601077-2026年2季度业绩喜忧参半：核心盈利具有韧性，但零售业务资产质量仍值得关注.pdf

  1. 5EPFVJm2tZdVdX8ObP7NmOmMmOpRkPnNvMiNmMpO9PoPsOvPnRuNuOrQvN

JPM-市场洞察-20260911.PDF

  1. Market Insights - JPM TECH SKE…
  2. Homepage
  3. 11 September 2026
  4. Mark Schilsky | mark.schilsky@jpmorgan.com | +1 (212) 622-2668ORCL Q127 IaaS财务总监关于轨道与⽆线的更新，三位数MSFT META iOS Muse #2SPCX等），三倍数据中⼼容量，在上的，JPM TECH SKETCH AMZNMSFT：超⼤规模云估算不⾜（有关、Update on Orbital & Wireless, ORCL Q127 Triple-Digit IaaSMSFT, etc.), MSFT Triple DC Capacity, META Muse #2 on iOS, SPCX CFOJPM TECH SKETCH: Hyperscaler Estimates Not High Enough (re: AMZN,Q127 IaaS三位数 AMZN MSFT META Muse iOSSPCX CFO ORCL为什么表现不佳，三倍数据中⼼容量，第⼆代上，关于轨道与⽆线的更新，Why AMZN Isn’t Working, MSFT Triple DC Capacity, META Muse #2 on iOS, SPCX CFO Update on Orbital & Wireless, ORCL Q127 Triple-Digit IaaS 此⽂件仅提供给泰仁资本有限公司的Jason Zhang 专⽤。
  5. 2026 9 11 年⽉⽇This document is being proided for the exclusie use of Jason Zhang at Tairen Capital Limited.
  6. SCHILSKY’S SNAPSHOT WBrTeIn hdiat n$ 1H0e0n froicr it ohre Mfirasrtis taim Gei tsleinr.c (e MSayC. SHeeImLsS bKadY. B 的ut I快’m n照ot the oil or macro specialist…ask

JPM-特步国际-1368.HK-特步主品牌承压，索康尼有上行空间；维持“增持”评级.pdf

  1. 4FQGZFp5qW8YeU9P9RbRmOqQoMpRkPpPwPeRnNmN7NrQnQuOsQyQuOmNpR

JPM-天数智芯-9903.HK-销售额符合预期但利润率波动；天垓300放量和云服务商定点项目是接下来的催化剂；给予“增持”评级-20260830.pdf

  1. 0JRHVJm2rX9ZbZ9P9RaQtRmMpNsMjMmMxOfQnNmN9PrQqNwMpNzRxNpOrR

JPM-伟测科技-688372-业绩符合预期；短期利润率之痛将带来长期AI驱动的获益；重申“增持”评级-20260831.pdf

  1. 5ERHVJiAsYfXcW7N9R9PmOqQmOtNeRpPyReRpPmN9PqRnRxNmQyQNZrMsR

文档

JPM-西门子能源（ENR1n.DE）——2026年“重返校园”电话会纪要.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 : S ie m e n s E n e rg y o r re la te d e n titie s .
  3. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
  4. 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
  5. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
  6. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
  7. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures
  8. Bank of Argentina) and Comisión Nacional de Valores (“CNV”- Argentinian Securities Commission - ALYC y AN Integral N°51).

预览

JPM-西门子能源（ENR1n.DE）——2026年“重返校园”电话会纪要.pdf

JPM-亚洲电力设备：关于美国行政令的专家电话会纪要.pdf

总结

  1. Figure 1: China accounts for 2% of U.S. >10MVA transformer imports Figure 2: U.S. >10MVA Transformer Imports from China: Sharp Decline
  2. Source: Bloomberg Finance L.P., J.P. Morgan estimates for covered companies, Bloomberg consensus for stocks Not Covered (NC). Priced as of 3 Sep 2026.
  3. 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
  4. term is defined in Directive 2014/65/EU) of/for GE Vernova T&D India Limited or related entities within the past 12 months.
  5. Beneficial Ownership (1% or more): J.P. Morgan beneficially owns 1% or more of a class of common equity securities of GE Vernova T&D
  6. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: GE Vernova T&D India Limited, HD
  7. Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
  8. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)

预览

JPM-亚洲电力设备：关于美国行政令的专家电话会纪要.pdf

JPM-亚洲科技追踪-20260911.pdf

总结

  1. profit estimates from ¥18.2 billion to ¥16.9 billion (+1% YoY) for FY2026, from ¥22.2 billion to ¥23.8 billion
  2. Zhejiang Dahua Technology Co., Ltd - A N 002236.SZ 16.0 23 40.2 7,866 5.2 29.3 13.0 10.1 1.3 1.2 10.4 12.4 2.2 2.3
  3. Hangzhou HikVision Digital Technology Co., Ltd - A N 002415.SZ 33.5 35 4.4 45,792 8.6 27.5 19.9 15.6 3.4 3.1 17.8 20.6 2.8 3.0
  4. Samsung Electronics OW 005930.KS 269,000.0 400,000 48.7 1,311,623 599.9 42.3 5.3 3.7 2.1 1.5 49.8 46.3 7.1 7.2
  5. Universal Scientific Industrial (Shanghai) - A N 601231.SS 27.9 19 -31.9 9,163 8.3 20.9 34.2 28.3 3.2 2.9 9.6 10.6 0.3 0.3
  6. Huafeng Test & Control - A OW 688200.SS 355.5 234 -34.2 7,185 66.4 26.0 86.7 68.8 12.4 10.9 14.9 16.8 0.2 0.3
  7. Mitsubishi Chemical Group (4188) N 4188.T 1,184.5 800 -32.5 11,619 228.7 -29.4 11.4 16.1 0.9 0.9 8.1 5.5 2.7 2.7
  8. Murata Manufacturing (6981) OW 6981.T 7,525.0 13,700 82.1 91,262 62.7 56.1 36.0 23.1 4.8 4.1 13.5 19.3 0.9 1.1

预览

JPM-亚洲科技追踪-20260911.pdf

JPM-阳光保险_H-6963.HK-快评：2026年上半年整体业绩超预期，质量存争议-20260831.pdf

总结

  1. 们预计初步股价反应为负面，投资者可能重点关注围绕新业务价值率
  2. 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
  3. 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
  4. ，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
  5. (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
  6. 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
  7. 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,
  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-阳光保险_H-6963.HK-快评：2026年上半年整体业绩超预期，质量存争议-20260831.pdf

JPM-渝农商行-601077-2026年2季度业绩喜忧参半：核心盈利具有韧性，但零售业务资产质量仍值得关注.pdf

总结

  1. 5EPFVJm2tZdVdX8ObP7NmOmMmOpRkPnNvMiNmMpO9PoPsOvPnRuNuOrQvN

预览

JPM-渝农商行-601077-2026年2季度业绩喜忧参半：核心盈利具有韧性，但零售业务资产质量仍值得关注.pdf

JPM-市场洞察-20260911.PDF

总结

  1. Market Insights - JPM TECH SKE…
  2. Homepage
  3. 11 September 2026
  4. Mark Schilsky | mark.schilsky@jpmorgan.com | +1 (212) 622-2668ORCL Q127 IaaS财务总监关于轨道与⽆线的更新，三位数MSFT META iOS Muse #2SPCX等），三倍数据中⼼容量，在上的，JPM TECH SKETCH AMZNMSFT：超⼤规模云估算不⾜（有关、Update on Orbital & Wireless, ORCL Q127 Triple-Digit IaaSMSFT, etc.), MSFT Triple DC Capacity, META Muse #2 on iOS, SPCX CFOJPM TECH SKETCH: Hyperscaler Estimates Not High Enough (re: AMZN,Q127 IaaS三位数 AMZN MSFT META Muse iOSSPCX CFO ORCL为什么表现不佳，三倍数据中⼼容量，第⼆代上，关于轨道与⽆线的更新，Why AMZN Isn’t Working, MSFT Triple DC Capacity, META Muse #2 on iOS, SPCX CFO Update on Orbital & Wireless, ORCL Q127 Triple-Digit IaaS 此⽂件仅提供给泰仁资本有限公司的Jason Zhang 专⽤。
  5. 2026 9 11 年⽉⽇This document is being proided for the exclusie use of Jason Zhang at Tairen Capital Limited.
  6. SCHILSKY’S SNAPSHOT WBrTeIn hdiat n$ 1H0e0n froicr it ohre Mfirasrtis taim Gei tsleinr.c (e MSayC. SHeeImLsS bKadY. B 的ut I快’m n照ot the oil or macro specialist…ask

预览

JPM-市场洞察-20260911.PDF

JPM-特步国际-1368.HK-特步主品牌承压，索康尼有上行空间；维持“增持”评级.pdf

总结

  1. 4FQGZFp5qW8YeU9P9RbRmOqQoMpRkPpPwPeRnNmN7NrQnQuOsQyQuOmNpR

预览

JPM-特步国际-1368.HK-特步主品牌承压，索康尼有上行空间；维持“增持”评级.pdf

JPM-天数智芯-9903.HK-销售额符合预期但利润率波动；天垓300放量和云服务商定点项目是接下来的催化剂；给予“增持”评级-20260830.pdf

总结

  1. 0JRHVJm2rX9ZbZ9P9RaQtRmMpNsMjMmMxOfQnNmN9PrQqNwMpNzRxNpOrR

预览

JPM-天数智芯-9903.HK-销售额符合预期但利润率波动；天垓300放量和云服务商定点项目是接下来的催化剂；给予“增持”评级-20260830.pdf

JPM-伟测科技-688372-业绩符合预期；短期利润率之痛将带来长期AI驱动的获益；重申“增持”评级-20260831.pdf

总结

  1. 5ERHVJiAsYfXcW7N9R9PmOqQmOtNeRpPyReRpPmN9PqRnRxNmQyQNZrMsR

预览

JPM-伟测科技-688372-业绩符合预期；短期利润率之痛将带来长期AI驱动的获益；重申“增持”评级-20260831.pdf

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