---
title: "#外资研报"
topic_id: 22258818122144121
created_at: 2026-09-15T08:34:48.673+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：358
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/22258818122144121)
- 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

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-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf
1. 1IRHZFiAoU8YfV8O8Q6MnPoOnPsMeRrRzQiNoOqR6MrQtONZtRoRvPsPuM

JPM-中国钢铁——渠道调研.pdf
1. Figure 1: China steel output 872Mt annualised run rate (daily CISA steel output for 10-days ended 31 Aug): -4% vs previous (-1% YoY), steel
2. Figure 3: Total China Steel exports (seasonality): Aug’26 export run-rate of 120Mtpa is at the top end of historical range
3. Figure 7: Iron Ore inventory held at ports in China at ~153Mt, tracking high vs history but inventory reduced by ~5Mt since peak in the past few weeks
4. 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
5. Ltd (IMPJ.J), Kumba Iron Ore Limited (KIOJ.J), Northam Platinum Ltd (NPHJ.J), Outokumpu (OUT1V.HE), Rio Tinto plc (RIO.L), SSAB-A
6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf
1. 0JRHZFjBsYfXbZ7NcMaQtRmMoMtNiNpPxOlOmMwO6MoPsONZmQpOxNmNmM

JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf
1. Source: Marklines, Bloomberg Finance L.P., J .P. Morgan . Note: 1) the overseas market share refers to the overall regions excluding China. 2)
2. Source: Marklines, Bloomberg Finance L.P., J .P. Morgan. Note: 1) the overseas market share refers to the overall regions excluding China. 2)
3. Figure 3: Chinese OEM ex-China PV Retail Sales by Powertrain (YTD26) Figure 4: Chinese OEM ex-China PV Retail Sales by Region (YTD26)
4. Figure 5: Chinese OEM ex-China PV BEV Retail Sales by Region Figure 6: Chinese OEM ex-China PV PHEV Retail Sales by Region
5. A 0 fr % ica Sout A h m & e r C ic e a nNtroarl th 2 A % merica Middle East 2 & % North Africa Sub A -S fr a i h ca aran
6. Figure 8: Chinese brands’ NEV market share in Europe (annual) Figure 9: Chinese brands’ NEV market share in Europe (monthly)
7. Figure 10: Chinese brands’ NEV market share in WE5 (annual) Figure 11: Chinese brands’ NEV market share in WE5 (monthly)
8. Figure 12: Chinese brands’ PV market share in Europe (annual) Figure 13: Chinese brands’ PV market share in Europe (monthly)

JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf
1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the
2. territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
3. includes domestic NEV subsidy, export VAT rebate reduction, EU tariff on J.P. Morgan Securities Singapore Private Limited/
4. form of stimulus) to down 5% (no subsidy), 2) EU’s tariff on Chinese PHEV SAC Registration Number: S1730520030006
5. 4) Export VAT rebate reduction is less clear- potentially a 2H27 story if it J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
6. Figure 1: China autos- Domestic (retail) PV demand growth analysis and projection for 2026 vs. historical seasonality (we project domestic demand may
7. Figure 2: Average price discounts of domestic-made models vs. Figure 3: Average price discounts of domestic by segment (domestic
8. Figure 4: Average retail price of domestic by size (domestic models) Figure 5: Average price discounts of domestic by energy type

JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.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. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: ASMPT Ltd (0522), Chroma ATE,
3. 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 in v e s tm e n t b a n k in g
4. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
5. as clients, and the services provided were non-investment-banking, securities-related: ASMPT Ltd (0522), Chroma ATE, Grand Process
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. other than investment banking from ASMPT Ltd (0522), Chroma ATE, Grand Process Technology, Hon Hai Precision or related entities.

JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf
1. coverage, PSBC recorded the largest profit beat versus our estimates (+6%), while J.P. Morgan Securities (Asia Pacific) Limited/
2. profit growth in 2Q (+7% y/y) among SOE banks and beat our forecast by 6% J.P. Morgan Securities (Asia Pacific) Limited/
3. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial reports, J.P. Morgan estimates.
4. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial reports.
5. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial
6. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial
7. Source: Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1Q21-2Q26 financial reports. Note: weighted average for
8. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial

JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf
1. 5EQGZFn3qWcUcW8OdN8OsQrRtRoQfQqQuNeRpPoP7NoPnQNZtRvNMYmNyQ

JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf
1. competitiveness...........................................................................................................20
2. ....................................................................................................................................23
3. increase.......................................................................................................................26
4. Figure 4: HBM demand forecast vs capacity per compute die Figure 5: Effective wafer capacity required for HBM base wafer
5. NAURA (002371 CH), AMEC CCTECH (300604 CH), ACCOTEST VERISILICON (688521 CH), SMIC (688981 CH/0981 HK), H- SJ SEMI (688820 CH), JCET
6. (688012 CH), PIOTECH (688072 (688200 CH), JHT (603061 CH) EMPYREAN (301269 CH), GRACE (688347 CH/1347 HK), (600584 CH), TFME (002156 CH), Semiconductor
7. CRM (688396 CH), INNOSCIENCE (2577 HK), UNT MONTAGE TECHNOLOGY GIGADEVICE (603986 CH/ 3986 VGT (300476 CH/ 2476 HK), FII (601138 CH), ZTE (000063
8. (688469 CH), SGMICRO (300661 CH), 3PEAK (688008 CH/ 6809 HK), CENTEC HK), LONGSYS (301308 CH), SYTECH (600183 CH), SCC CH/0763 HK), IEIT (000977 CH), GPU board/

## 文档

### JPM-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf|JPM-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf]]

#### 总结

1. 1IRHZFiAoU8YfV8O8Q6MnPoOnPsMeRrRzQiNoOqR6MrQtONZtRoRvPsPuM

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf|JPM-中国A股月度报告：2026年8月，AI再次领跑，大宗商品紧随其后.pdf]]

### JPM-中国钢铁——渠道调研.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国钢铁——渠道调研.pdf|JPM-中国钢铁——渠道调研.pdf]]

#### 总结

1. Figure 1: China steel output 872Mt annualised run rate (daily CISA steel output for 10-days ended 31 Aug): -4% vs previous (-1% YoY), steel
2. Figure 3: Total China Steel exports (seasonality): Aug’26 export run-rate of 120Mtpa is at the top end of historical range
3. Figure 7: Iron Ore inventory held at ports in China at ~153Mt, tracking high vs history but inventory reduced by ~5Mt since peak in the past few weeks
4. 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
5. Ltd (IMPJ.J), Kumba Iron Ore Limited (KIOJ.J), Northam Platinum Ltd (NPHJ.J), Outokumpu (OUT1V.HE), Rio Tinto plc (RIO.L), SSAB-A
6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国钢铁——渠道调研.pdf|JPM-中国钢铁——渠道调研.pdf]]

### JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf|JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf]]

#### 总结

1. 0JRHZFjBsYfXbZ7NcMaQtRmMoMtNiNpPxOlOmMwO6MoPsONZmQpOxNmNmM

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf|JPM-中国锂业数据追踪——库存意外抵消供应扰动；需求验证仍是关键.pdf]]

### JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf|JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf]]

#### 总结

1. Source: Marklines, Bloomberg Finance L.P., J .P. Morgan . Note: 1) the overseas market share refers to the overall regions excluding China. 2)
2. Source: Marklines, Bloomberg Finance L.P., J .P. Morgan. Note: 1) the overseas market share refers to the overall regions excluding China. 2)
3. Figure 3: Chinese OEM ex-China PV Retail Sales by Powertrain (YTD26) Figure 4: Chinese OEM ex-China PV Retail Sales by Region (YTD26)
4. Figure 5: Chinese OEM ex-China PV BEV Retail Sales by Region Figure 6: Chinese OEM ex-China PV PHEV Retail Sales by Region
5. A 0 fr % ica Sout A h m & e r C ic e a nNtroarl th 2 A % merica Middle East 2 & % North Africa Sub A -S fr a i h ca aran
6. Figure 8: Chinese brands’ NEV market share in Europe (annual) Figure 9: Chinese brands’ NEV market share in Europe (monthly)
7. Figure 10: Chinese brands’ NEV market share in WE5 (annual) Figure 11: Chinese brands’ NEV market share in WE5 (monthly)
8. Figure 12: Chinese brands’ PV market share in Europe (annual) Figure 13: Chinese brands’ PV market share in Europe (monthly)

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf|JPM-中国汽车出口追踪：地缘政治不确定性中的电气化引领.pdf]]

### JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf|JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf]]

#### 总结

1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the
2. territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
3. includes domestic NEV subsidy, export VAT rebate reduction, EU tariff on J.P. Morgan Securities Singapore Private Limited/
4. form of stimulus) to down 5% (no subsidy), 2) EU’s tariff on Chinese PHEV SAC Registration Number: S1730520030006
5. 4) Export VAT rebate reduction is less clear- potentially a 2H27 story if it J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
6. Figure 1: China autos- Domestic (retail) PV demand growth analysis and projection for 2026 vs. historical seasonality (we project domestic demand may
7. Figure 2: Average price discounts of domestic-made models vs. Figure 3: Average price discounts of domestic by segment (domestic
8. Figure 4: Average retail price of domestic by size (domestic models) Figure 5: Average price discounts of domestic by energy type

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf|JPM-中国汽车行业：解读特斯拉与小米降价-20260910.pdf]]

### JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.pdf|JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.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. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: ASMPT Ltd (0522), Chroma ATE,
3. 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 in v e s tm e n t b a n k in g
4. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
5. as clients, and the services provided were non-investment-banking, securities-related: ASMPT Ltd (0522), Chroma ATE, Grand Process
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. other than investment banking from ASMPT Ltd (0522), Chroma ATE, Grand Process Technology, Hon Hai Precision or related entities.

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.pdf|JPM-中国台湾半导体展（Semicon Taiwan）关键调研纪要.pdf]]

### JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf|JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf]]

#### 总结

1. coverage, PSBC recorded the largest profit beat versus our estimates (+6%), while J.P. Morgan Securities (Asia Pacific) Limited/
2. profit growth in 2Q (+7% y/y) among SOE banks and beat our forecast by 6% J.P. Morgan Securities (Asia Pacific) Limited/
3. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial reports, J.P. Morgan estimates.
4. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial reports.
5. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial
6. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial
7. Source: Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1Q21-2Q26 financial reports. Note: weighted average for
8. Source: ABC, BOC, CCB, ICBC, BoCom, PSBC, Citic, CMB, Minsheng, Everbright, SPDB, PAB, Industrial, Huaxia 1H26 financial

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf|JPM-中国银行业：国有大行二季度业绩超预期；上调邮储银行评级，下调兴业银行和华夏银行评级-20260830.pdf]]

### JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf|JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf]]

#### 总结

1. 5EQGZFn3qWcUcW8OdN8OsQrRtRoQfQqQuNeRpPoP7NoPnQNZtRvNMYmNyQ

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf|JPM-中国运动服饰行业：从板块贝塔到执行阿尔法，安踏为首选股；下调李宁评级至“中性”.pdf]]

### JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0834__外资研报__JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf|JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf]]

#### 总结

1. competitiveness...........................................................................................................20
2. ....................................................................................................................................23
3. increase.......................................................................................................................26
4. Figure 4: HBM demand forecast vs capacity per compute die Figure 5: Effective wafer capacity required for HBM base wafer
5. NAURA (002371 CH), AMEC CCTECH (300604 CH), ACCOTEST VERISILICON (688521 CH), SMIC (688981 CH/0981 HK), H- SJ SEMI (688820 CH), JCET
6. (688012 CH), PIOTECH (688072 (688200 CH), JHT (603061 CH) EMPYREAN (301269 CH), GRACE (688347 CH/1347 HK), (600584 CH), TFME (002156 CH), Semiconductor
7. CRM (688396 CH), INNOSCIENCE (2577 HK), UNT MONTAGE TECHNOLOGY GIGADEVICE (603986 CH/ 3986 VGT (300476 CH/ 2476 HK), FII (601138 CH), ZTE (000063
8. (688469 CH), SGMICRO (300661 CH), 3PEAK (688008 CH/ 6809 HK), CENTEC HK), LONGSYS (301308 CH), SYTECH (600183 CH), SCC CH/0763 HK), IEIT (000977 CH), GPU board/

#### 预览

[[assets/docs/260915_0834__外资研报__JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf|JPM-中国AI基础设施生态系统：前所未有的增长；持续的制约因素 - 2026-09-02_Gokul Hariharan，Billy Feng(原文).pdf]]