#外资研报

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附件总结 MENA in FOCUS - 13 September.pdf

1. Here we go again.....Brent now at $104.61/bbl … Saudi loses East-West pipeline to drone strikes, last functioning crude export
2. route gone … Houthis take Perim Island, effective control of Bab al-Mandeb alongside Hormuz … ~30% of seaborne oil now
3. Iran meeting opens today in Salalah, Bahrain skipping … Friday US CPI hot on with Fed hike odds at 80-90% for Wednesday vs
4. Saudi - the Tadawul (-0.08%) was off smalls on Thursday but expect a decent gap lower this am... With the East-West pipeline
5. now shut post strikes last week I expect the Tadawul to slip below the 11k level easily and trend towards 10.8k... Geopol at the
6. on Thursday with SAUDIRE up 10%, TAWUNIYA gaining 5% and BUPA advancing 3%. Miners lower as volatility in the base
7. metal prices remained ahead of next weeks Fed... MAADEN (-1%). Banks and Energy names once again very range bound and
8. QA - DSM edged lower Thursday, profit-taking into the weekend, institutions net sellers … QNBK (QNBK QD) -1.4% led bank

MS-CIOE展会要点：拓宽增长跑道-20260913.pdf

1. TCB particularly well suited for next-generation optical engine packaging and and may not be subject to FINRA restrictions on
2. NPO optical-engine bandwidth is progressing from 3.2T to 6.4T, with exhibits from Source
3. Photonics and Accelink, and to 7.2T in HiSilicon's integrated-light-source design. VCSEL
4. acceleratotor supernode using 3.2T NPO in 1Q27, followed by a feasibility assessment in
5. developed with Accelink, is set to be demonstrated at the Sep 2026 Apsara conference.
6. its SMT Solutions Segment (the “Assessment”), as announced on January 21, 2026. There is
7. Exhibit 1: CPO External Laser Module (ELSFP) Exhibit 2: EugenLight's 8-channel ELSFP delivers >23dBm
8. Exhibit 4: ELSFP displayed by Source Photonics Exhibit 5: 400mW and other high power CW displayed by

MS-半导体周报：聚焦Cerebras-安森美分析师日前瞻-20260914.pdf

1. Why we think this is a good entry point into Cerebras. C erebras stock has sold off Cate.M.Folan@morganstanley.com + 1 212 296-3520
2. by 17% in the last month, which we think sets up a good entry point given that the Semiconductors
3. including how recent content/TAM expansion factors into the longer-term outlook. investors should be aware that the firm may have a conflict of
4. We also expect an update on capital intensity/FCF and how the pending Synaptics For analyst certification and other important disclosures,
5. Q N O I U M SRBC BALA KDN S ADVN O GVA DM A LVRM TN Q RET O TN O XCRL SIEA CTM S TAM A ISKM PHCM IM VN CALK TM AC IDA M GLA STVN BALS CTN I N XT IPXN N O RKM A ABM A SFG M O CQ SKW S O VRQ
6. U M KDN S CTN I BALS DM A PHCM M GLA CTM S BALA ADVN RET O GVA SIEA O TN O ISKM LVRM XCRL TAM A IDA N O NXT CALK IM VN IPXN TM AC RKM A SFG ABM A O VRQ Q N O I SKW S M O CQ STVN
7. agreement to acquire Synaptics Incorporated (“Synaptics”), as announced on June 25, 2026.
8. and 13x is in-line with with smid cap AI names with near 100% AI exposure that are outgrowing

MS-大中华科技硬件：2026中国光博会要点-20260913.pdf

1. Key Takeaways from 2026 CIOE Andy.Meng@morganstanley.com +852 2239-7689
2. With positive FCC development, a bullish demand outlook and potential Asia Pacific
3. 1. The 2026 CIOE (China International Optoelectronic Exposition) attracted a record
4. 2. More bullish demand outlook for transceivers: Industry players and consultants
5. 3. Almost all the transceiver companies can demonstrate 800G and 1.6T products.
6. 4. NPO is the next generation technology all Chinese industry players are
7. 5. YOFC f ormally introduced its CPO/NPO Specialty Optical Fibre Series branded
8. 6. Latest FCC development is positive: Based on the latest release, leading

JPM-中国再保险集团_ H-1508.HK-快评：2026年上半年承保收益出色，但我们因再投资和偿付能力风险保持“中性”评级.pdf

1. 保业绩和有利的投资回报的支撑下，净利润同比增长15%至72亿元
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-中国证券行业：1H26回顾：业绩强劲，“国家队”减持压力缓解；进入3Q首选中金公司-H及招商证券-H -20260830.pdf

1. Looking ahead, we expect investor focus to gradually shift from 2Q results to 3Q J.P. Morgan Securities (Asia Pacific) Limited/
2. Positive: 1H26 profit came in at the upper range of the pre-announced range, market share gain in brokerage and margin financing;
3. 2Q26 profit 4ppt ahead of JPMe, and against a weak investor expectation (Galaxy didn’t release result pre-announcement in 1H26).
4. Citic Sec Inline Profit growth in line with pre-announcement. ROE reached 15% in 2Q26. Negative: brokerage revenues only +1% q/q
5. East Money Miss Negative: profit growth is partly supported by government subsidies. Declining ADT in 3Q QTD put pressure on 2H26 outlook.
6. Table 4: Strong profit growth for GTHT and CMS partly due to their investment subsidiaries, which saw a strong-pick up in revenues and
7. 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA
8. 41-luJ 51-naJ 51-luJ 61-naJ 61-luJ 71-naJ 71-luJ 81-naJ 81-luJ 91-naJ 91-luJ 02-naJ 02-luJ 12-naJ 12-luJ 22-naJ 22-luJ 32-naJ 32-luJ 42-naJ 42-luJ 52-naJ 52-luJ 62-naJ 62-luJ

JPM-中外制药（4519.T）：CEOCFO会议核心要点.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. 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 h u g a i P h a rm a c e u tic a l (4 5 1 9 ) o r
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. : 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. Debt Position: J.P. Morgan may hold a position in the debt securities of Chugai Pharmaceutical (4519) or related entities, if any.
7. 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
8. Coverage Universe: Wakao, Seiji : Astellas Pharma (4503) (4503.T), Chugai Pharmaceutical (4519) (4519.T), Daiichi Sankyo (4568)

JPM-住友制药（4506.T）：总裁与副总裁分析师会议核心要点.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. (1 % o r m o r e ): J .P . M o rg a n b e n e fic ia lly o w n s 1 % o r m o re o f a c la s s o f c o m m o n e q u ity s e c u ritie s o f S u m ito m o P h a rm a
3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Sumitomo Pharma (4506) or related
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. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
6. a y h o ld a p o s itio n in th e d e b t s e c u ritie s o f S u m ito m o P h a rm a (4 5 0 6 ) o r re la te d e n titie s , if a n y .
7. Coverage Universe: Wakao, Seiji : Astellas Pharma (4503) (4503.T), Chugai Pharmaceutical (4519) (4519.T), Daiichi Sankyo (4568)
8. (4568.T), Eisai (4523) (4523.T), FUJIFILM Holdings (4901) (4901.T), Kyowa Kirin (4151) (4151.T), Nippon Shinyaku (4516) (4516.T), Nxera

JPM-资金与流动性：股权风险溢价进一步收缩至 2002 年水平 Flows & Liquidity Equity Risk Premia shrink further to levels last seen in 2002.pdf

1. ldT yieSl 10y Ua re. the vsteount Racis500 Equity DP&d Sesl baodeur mO ldT yieSl 10y Ua rend the ateount Racis500 Equity DP& Sn theeetw beencre diffed by the proxieiummrek PEquity Ris
2. Figure 2: Equity Risk Premium proxied by the difference between the Figure 3: Implied equity minus bond allocation by non-bank investors
3. • The second implication is on asset allocation. From a Figure 4: G4 pension funds and insurance companies - equity minus
4. age of the Equity Risk Premium or the difference between Equity and bond as % of total assets per quarter. G4 includes the US, the UK, Euro
5. Figure 6: Consensus forecasts for 6-10y ahead US real growth rates for further detail and data). This model takes into account
6. In %. 6-10y ahead growth forecasts from twice yearly long-term forecasts from markets relative to nominal Treasury securities, and simi-
7. Consensus Economics and real 5y,5y USD real rates derived from OIS and inflation lar to the Kim-Wright model also incorporates informa-
8. 3.3 premium iam prermnd te astehort ra sd futuretecxpe into eldsT yieSl Uaition of 10y reposomceD components derived from the DKW model. The

文档

MENA in FOCUS - 13 September.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：MENA in FOCUS - 13 September.pdf

总结

1. Here we go again.....Brent now at $104.61/bbl … Saudi loses East-West pipeline to drone strikes, last functioning crude export
2. route gone … Houthis take Perim Island, effective control of Bab al-Mandeb alongside Hormuz … ~30% of seaborne oil now
3. Iran meeting opens today in Salalah, Bahrain skipping … Friday US CPI hot on with Fed hike odds at 80-90% for Wednesday vs
4. Saudi - the Tadawul (-0.08%) was off smalls on Thursday but expect a decent gap lower this am... With the East-West pipeline
5. now shut post strikes last week I expect the Tadawul to slip below the 11k level easily and trend towards 10.8k... Geopol at the
6. on Thursday with SAUDIRE up 10%, TAWUNIYA gaining 5% and BUPA advancing 3%. Miners lower as volatility in the base
7. metal prices remained ahead of next weeks Fed... MAADEN (-1%). Banks and Energy names once again very range bound and
8. QA - DSM edged lower Thursday, profit-taking into the weekend, institutions net sellers … QNBK (QNBK QD) -1.4% led bank

预览

MENA in FOCUS - 13 September.pdf

MS-CIOE展会要点：拓宽增长跑道-20260913.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：MS-CIOE展会要点：拓宽增长跑道-20260913.pdf

总结

1. TCB particularly well suited for next-generation optical engine packaging and and may not be subject to FINRA restrictions on
2. NPO optical-engine bandwidth is progressing from 3.2T to 6.4T, with exhibits from Source
3. Photonics and Accelink, and to 7.2T in HiSilicon's integrated-light-source design. VCSEL
4. acceleratotor supernode using 3.2T NPO in 1Q27, followed by a feasibility assessment in
5. developed with Accelink, is set to be demonstrated at the Sep 2026 Apsara conference.
6. its SMT Solutions Segment (the “Assessment”), as announced on January 21, 2026. There is
7. Exhibit 1: CPO External Laser Module (ELSFP) Exhibit 2: EugenLight's 8-channel ELSFP delivers >23dBm
8. Exhibit 4: ELSFP displayed by Source Photonics Exhibit 5: 400mW and other high power CW displayed by

预览

MS-CIOE展会要点：拓宽增长跑道-20260913.pdf

MS-半导体周报：聚焦Cerebras-安森美分析师日前瞻-20260914.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：MS-半导体周报：聚焦Cerebras-安森美分析师日前瞻-20260914.pdf

总结

1. Why we think this is a good entry point into Cerebras. C erebras stock has sold off Cate.M.Folan@morganstanley.com + 1 212 296-3520
2. by 17% in the last month, which we think sets up a good entry point given that the Semiconductors
3. including how recent content/TAM expansion factors into the longer-term outlook. investors should be aware that the firm may have a conflict of
4. We also expect an update on capital intensity/FCF and how the pending Synaptics For analyst certification and other important disclosures,
5. Q N O I U M SRBC BALA KDN S ADVN O GVA DM A LVRM TN Q RET O TN O XCRL SIEA CTM S TAM A ISKM PHCM IM VN CALK TM AC IDA M GLA STVN BALS CTN I N XT IPXN N O RKM A ABM A SFG M O CQ SKW S O VRQ
6. U M KDN S CTN I BALS DM A PHCM M GLA CTM S BALA ADVN RET O GVA SIEA O TN O ISKM LVRM XCRL TAM A IDA N O NXT CALK IM VN IPXN TM AC RKM A SFG ABM A O VRQ Q N O I SKW S M O CQ STVN
7. agreement to acquire Synaptics Incorporated (“Synaptics”), as announced on June 25, 2026.
8. and 13x is in-line with with smid cap AI names with near 100% AI exposure that are outgrowing

预览

MS-半导体周报：聚焦Cerebras-安森美分析师日前瞻-20260914.pdf

MS-大中华科技硬件：2026中国光博会要点-20260913.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：MS-大中华科技硬件：2026中国光博会要点-20260913.pdf

总结

1. Key Takeaways from 2026 CIOE Andy.Meng@morganstanley.com +852 2239-7689
2. With positive FCC development, a bullish demand outlook and potential Asia Pacific
3. 1. The 2026 CIOE (China International Optoelectronic Exposition) attracted a record
4. 2. More bullish demand outlook for transceivers: Industry players and consultants
5. 3. Almost all the transceiver companies can demonstrate 800G and 1.6T products.
6. 4. NPO is the next generation technology all Chinese industry players are
7. 5. YOFC f ormally introduced its CPO/NPO Specialty Optical Fibre Series branded
8. 6. Latest FCC development is positive: Based on the latest release, leading

预览

MS-大中华科技硬件：2026中国光博会要点-20260913.pdf

JPM-中国再保险集团_ H-1508.HK-快评：2026年上半年承保收益出色，但我们因再投资和偿付能力风险保持“中性”评级.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：JPM-中国再保险集团_ H-1508.HK-快评：2026年上半年承保收益出色，但我们因再投资和偿付能力风险保持“中性”评级.pdf

总结

1. 保业绩和有利的投资回报的支撑下，净利润同比增长15%至72亿元
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-中国再保险集团_ H-1508.HK-快评：2026年上半年承保收益出色，但我们因再投资和偿付能力风险保持“中性”评级.pdf

JPM-中国证券行业：1H26回顾：业绩强劲，“国家队”减持压力缓解；进入3Q首选中金公司-H及招商证券-H -20260830.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：JPM-中国证券行业：1H26回顾：业绩强劲，“国家队”减持压力缓解；进入3Q首选中金公司-H及招商证券-H -20260830.pdf

总结

1. Looking ahead, we expect investor focus to gradually shift from 2Q results to 3Q J.P. Morgan Securities (Asia Pacific) Limited/
2. Positive: 1H26 profit came in at the upper range of the pre-announced range, market share gain in brokerage and margin financing;
3. 2Q26 profit 4ppt ahead of JPMe, and against a weak investor expectation (Galaxy didn’t release result pre-announcement in 1H26).
4. Citic Sec Inline Profit growth in line with pre-announcement. ROE reached 15% in 2Q26. Negative: brokerage revenues only +1% q/q
5. East Money Miss Negative: profit growth is partly supported by government subsidies. Declining ADT in 3Q QTD put pressure on 2H26 outlook.
6. Table 4: Strong profit growth for GTHT and CMS partly due to their investment subsidiaries, which saw a strong-pick up in revenues and
7. 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA
8. 41-luJ 51-naJ 51-luJ 61-naJ 61-luJ 71-naJ 71-luJ 81-naJ 81-luJ 91-naJ 91-luJ 02-naJ 02-luJ 12-naJ 12-luJ 22-naJ 22-luJ 32-naJ 32-luJ 42-naJ 42-luJ 52-naJ 52-luJ 62-naJ 62-luJ

预览

JPM-中国证券行业：1H26回顾：业绩强劲，“国家队”减持压力缓解；进入3Q首选中金公司-H及招商证券-H -20260830.pdf

JPM-中外制药（4519.T）：CEOCFO会议核心要点.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：JPM-中外制药（4519.T）：CEOCFO会议核心要点.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. 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 h u g a i P h a rm a c e u tic a l (4 5 1 9 ) o r
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. : 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. Debt Position: J.P. Morgan may hold a position in the debt securities of Chugai Pharmaceutical (4519) or related entities, if any.
7. 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
8. Coverage Universe: Wakao, Seiji : Astellas Pharma (4503) (4503.T), Chugai Pharmaceutical (4519) (4519.T), Daiichi Sankyo (4568)

预览

JPM-中外制药（4519.T）：CEOCFO会议核心要点.pdf

JPM-住友制药（4506.T）：总裁与副总裁分析师会议核心要点.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：JPM-住友制药（4506.T）：总裁与副总裁分析师会议核心要点.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. (1 % o r m o r e ): J .P . M o rg a n b e n e fic ia lly o w n s 1 % o r m o re o f a c la s s o f c o m m o n e q u ity s e c u ritie s o f S u m ito m o P h a rm a
3. Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Sumitomo Pharma (4506) or related
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. Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
6. a y h o ld a p o s itio n in th e d e b t s e c u ritie s o f S u m ito m o P h a rm a (4 5 0 6 ) o r re la te d e n titie s , if a n y .
7. Coverage Universe: Wakao, Seiji : Astellas Pharma (4503) (4503.T), Chugai Pharmaceutical (4519) (4519.T), Daiichi Sankyo (4568)
8. (4568.T), Eisai (4523) (4523.T), FUJIFILM Holdings (4901) (4901.T), Kyowa Kirin (4151) (4151.T), Nippon Shinyaku (4516) (4516.T), Nxera

预览

JPM-住友制药（4506.T）：总裁与副总裁分析师会议核心要点.pdf

JPM-资金与流动性：股权风险溢价进一步收缩至 2002 年水平 Flows & Liquidity Equity Risk Premia shrink further to levels last seen in 2002.pdf

• 状态：skipped_existing
• 错误：
• 本地资源：JPM-资金与流动性：股权风险溢价进一步收缩至 2002 年水平 Flows & Liquidity Equity Risk Premia shrink further to levels last seen in 2002.pdf

总结

1. ldT yieSl 10y Ua re. the vsteount Racis500 Equity DP&d Sesl baodeur mO ldT yieSl 10y Ua rend the ateount Racis500 Equity DP& Sn theeetw beencre diffed by the proxieiummrek PEquity Ris
2. Figure 2: Equity Risk Premium proxied by the difference between the Figure 3: Implied equity minus bond allocation by non-bank investors
3. • The second implication is on asset allocation. From a Figure 4: G4 pension funds and insurance companies - equity minus
4. age of the Equity Risk Premium or the difference between Equity and bond as % of total assets per quarter. G4 includes the US, the UK, Euro
5. Figure 6: Consensus forecasts for 6-10y ahead US real growth rates for further detail and data). This model takes into account
6. In %. 6-10y ahead growth forecasts from twice yearly long-term forecasts from markets relative to nominal Treasury securities, and simi-
7. Consensus Economics and real 5y,5y USD real rates derived from OIS and inflation lar to the Kim-Wright model also incorporates informa-
8. 3.3 premium iam prermnd te astehort ra sd futuretecxpe into eldsT yieSl Uaition of 10y reposomceD components derived from the DKW model. The

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JPM-资金与流动性：股权风险溢价进一步收缩至 2002 年水平 Flows & Liquidity Equity Risk Premia shrink further to levels last seen in 2002.pdf