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附件总结 Deutsche-比亚迪（1211.HK）电话会议要点.pdf

  1. 77TT22ssee33rr00OOtt66ikknwwteoorPPesaat that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
  2. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments
  3. 15 - This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it received
  4. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments
  5. directionally counter to the analysts' current 12-month view of total return or investment return as described herein.
  6. 'professional investors' as defined in Part 1 of Schedule of the SFO. This document must not be acted or relied on by
  7. registered office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex, Mumbai (India) 400051. Tel: + 91 22
  8. 7180 4444. It is registered by the Securities and Exchange Board of India (SEBI) as a Stock broker bearing registration

Deutsche-当前市场最大的错位何在？.pdf

  1. Figure 3: The prices paid component of the ISM services index is at levels consistent with 5% US CPI inflation in the 2021-
  2. a n d a g a in in 2 0 1 5 - 1 6 a s t h e F e d b e g a n t o h ik e a g a in w h ils t g r o w t h w a s w e a k e n in g .
  3. t h e c o n t e x t o f t ig h t e n in g c y c le s . W e s a w t h a t a s c e n t r a l b a n k s h ik e d r a t e s in 2 0 2 2 ,
  4. counter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank has
  5. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst
  6. contracts within the meaning of the Hong Kong Securities and Futures Ordinance Cap. 571. Research reports on such futures
  7. Commission. This report is intended for distribution only to 'professional investors' as defined in Part 1 of Schedule of the SFO.
  8. office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex, Mumbai (India) 400051. Tel: + 91 22 7180 4444. It is

Deutsche-全球利率深度展望.pdf

  1. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE
  2. 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
  3. Deutsche Bank Source: Deutsche Bank, Bloomberg Finance LP, Haver Analytics, Bureau of Economic Analysis, National Francis Yared 38
  4. Research Bureau of Economic Research, Bureau of Labor Statistics, US Treasury, Federal Reserve Board, S&P, Federal +44 20 7545 4017 | francis.yared@db.com
  5. Deutsche Bank Source: Deutsche Bank, Haver Analytics, OECD (Note: 5-year moving average of annual sum of Francis Yared 49
  6. 4.5 Scheduled cash earnings FT (y/y -3m avg) Same sample as in previous year Shunto (RHS) Shunto (Implied by JTUC Rengo)
  7. discussed in this report, which impact may be directionally counter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank has no obligation to update, modify or amend this report or to
  8. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst Calls (“CC”) from SOLAR ideas;

Deutsche-特斯拉（TSLA.US）：从Cybercab发布会中总结的十个关键要点.pdf

  1. 0JOEVJiApVeWbZ9P8Q6MoMqQtRoQlOrRzQfQpPyR7NnMrQxNnOxPuOsOsQ

Deutsche-追踪AI对美国劳动力市场的影响.pdf

  1. term or medium-term impact on the market price of the securities discussed in this report, which impact may be directionally counter to the analysts' current 12-month view of total return or
  2. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst Calls ("CC") from SOLAR ideas;
  3. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at 21 Moorfields, London EC2Y 9DB. Deutsche Bank AG in the United Kingdom is
  4. Futures Ordinance Cap. 571. Research reports on such futures contracts are not intended for access by persons who are located, incorporated, constituted or resident in Hong Kong. The
  5. Registered with the Securities and Futures Commission. This report is intended for distribution only to 'professional investors' as defined in Part 1 of Schedule of the SFO. This document must
  6. India: Prepared by Deutsche Equities India Private Limited (DEIPL) having CIN: U65990MH2002PTC137431 and registered office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla
  7. Complex, Mumbai (India) 400051. Tel: + 91 22 7180 4444. It is registered by the Securities and Exchange Board of India (SEBI) as a Stock broker bearing registration no.: INZ000252437;
  8. Merchant Banker bearing SEBI Registration no.: INM000010833 and Research Analyst bearing SEBI Registration no.: INH000001741. DEIPL's Compliance / Grievance officer is Ms. Rashmi

FT-Anthropic 和 OpenAI 的银行家推动其 IPO 后获得顶级信用评级 Anthropic and OpenAI bankers push for top-tier credit ratings post-IPO.pdf

  1. labs, as they look to gain access to the $11.7tn corporate bond
  2. 化意味着，追踪 S&P 500 和 Nasdaq 的数⼗亿美元被动投资资
  3. company issued $25bn in bonds days after it went public, but they sold
  4. current debt pile after raising funds to fulfil a $300bn data
  5. 预计 Anthropic 很快将公布其 IPO 招股说明书，让投资者在上
  6. Copyright The Financial Times Limited 2026. All rights reserved.
  7. Africa’s richest man seeks to raise $1.6bn in continent’s biggest IPO
  8. TIMES LTD 2026. FT and ‘Financial Times’ are trademarks of The

FT-华为推动中国自主研发先进芯片 Huawei drives China’s push to make its own advanced chips.pdf

  1. Yuliangsheng is set to produce 12 DUV machines by the end of
  2. patterning techniques to produce 7-nanometre chips, according
  3. SMEE on the light source for its 28nm DUV machine, Chinese
  4. Copyright The Financial Times Limited 2026. All rights reserved.
  5. China’s exports jump 25% in August in boost from AI build-out
  6. John Ternus’s first test at Apple: selling a $2,000 foldable iPhone
  7. Markets data delayed by at least 15 minutes. © THE FINANCIAL
  8. TIMES LTD 2026. FT and ‘Financial Times’ are trademarks of The

CITI-中国互联网：2026年8月线上零售总额-线上商品销售同比+3-3%-+2-2%-20260915.pdf

  1. retail data, with total retail sales of consumer goods reaching Rmb3.98trn, Vicky Wei, CFA
  2. yoy total online retail sales growth as broadly inline. By categories, 1) apparel sales
  3. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
  4. Figure 1. Monthly total retail sales volume in China (Rmb trn) Figure 2. Monthly total online retail sales volume in China
  5. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  6. Figure 3. YTD online retail sales growth Figure 4. YTD online physical retail sales growth
  7. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  8. 2024 YTD online retail growth % 2025 YTD online retail growth % 2024 YTD online physical retail growth % 2025 YTD online physical retail growth %

Connecting You to GS- Thoughts from the ....pdf

  1. critical threshold. Meanwhile, trust banks' net purchase of ¥2.3 trillion in foreign bonds in August provides
  2. In rates, our bias remains toward receiving the front end of the curve, up to Jan29. We believe there is room
  3. for up to 200 bps of additional cuts in this cycle, which would still leave the Selic rate at a restrictive level.
  4. (3) Frontier oil-importer carry longs, especially EGP that continues to trade with a high beta to oil and TRY,
  5. by a hawkish BoJ, with nearly two hikes priced into year-end, speculation of a $100 billion Government Pension
  6. to 25% in 2020, as they gradually shift towards 25:25:25:25 asset allocation mix. The average rate of decline of
  7. Arab Emirates in accordance with the Commercial Companies Law (Federal Law no. 2 of 2015), ESCA Board of Directors' Decision no.
  8. (9/r.m.) of 2016, ESCA Chairman Decision no 3/r.m. of 2017 concerning promoting and introducing regulations or otherwise under the laws

文档

Deutsche-比亚迪（1211.HK）电话会议要点.pdf

总结

  1. 77TT22ssee33rr00OOtt66ikknwwteoorPPesaat that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
  2. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments
  3. 15 - This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it received
  4. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments
  5. directionally counter to the analysts' current 12-month view of total return or investment return as described herein.
  6. 'professional investors' as defined in Part 1 of Schedule of the SFO. This document must not be acted or relied on by
  7. registered office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex, Mumbai (India) 400051. Tel: + 91 22
  8. 7180 4444. It is registered by the Securities and Exchange Board of India (SEBI) as a Stock broker bearing registration

预览

Deutsche-比亚迪（1211.HK）电话会议要点.pdf

Deutsche-当前市场最大的错位何在？.pdf

总结

  1. Figure 3: The prices paid component of the ISM services index is at levels consistent with 5% US CPI inflation in the 2021-
  2. a n d a g a in in 2 0 1 5 - 1 6 a s t h e F e d b e g a n t o h ik e a g a in w h ils t g r o w t h w a s w e a k e n in g .
  3. t h e c o n t e x t o f t ig h t e n in g c y c le s . W e s a w t h a t a s c e n t r a l b a n k s h ik e d r a t e s in 2 0 2 2 ,
  4. counter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank has
  5. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst
  6. contracts within the meaning of the Hong Kong Securities and Futures Ordinance Cap. 571. Research reports on such futures
  7. Commission. This report is intended for distribution only to 'professional investors' as defined in Part 1 of Schedule of the SFO.
  8. office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex, Mumbai (India) 400051. Tel: + 91 22 7180 4444. It is

预览

Deutsche-当前市场最大的错位何在？.pdf

Deutsche-全球利率深度展望.pdf

总结

  1. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE
  2. 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
  3. Deutsche Bank Source: Deutsche Bank, Bloomberg Finance LP, Haver Analytics, Bureau of Economic Analysis, National Francis Yared 38
  4. Research Bureau of Economic Research, Bureau of Labor Statistics, US Treasury, Federal Reserve Board, S&P, Federal +44 20 7545 4017 | francis.yared@db.com
  5. Deutsche Bank Source: Deutsche Bank, Haver Analytics, OECD (Note: 5-year moving average of annual sum of Francis Yared 49
  6. 4.5 Scheduled cash earnings FT (y/y -3m avg) Same sample as in previous year Shunto (RHS) Shunto (Implied by JTUC Rengo)
  7. discussed in this report, which impact may be directionally counter to the analysts' current 12-month view of total return or investment return as described herein. Deutsche Bank has no obligation to update, modify or amend this report or to
  8. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst Calls (“CC”) from SOLAR ideas;

预览

Deutsche-全球利率深度展望.pdf

Deutsche-特斯拉（TSLA.US）：从Cybercab发布会中总结的十个关键要点.pdf

总结

  1. 0JOEVJiApVeWbZ9P8Q6MoMqQtRoQlOrRzQfQpPyR7NnMrQxNnOxPuOsOsQ

预览

Deutsche-特斯拉（TSLA.US）：从Cybercab发布会中总结的十个关键要点.pdf

Deutsche-追踪AI对美国劳动力市场的影响.pdf

总结

  1. term or medium-term impact on the market price of the securities discussed in this report, which impact may be directionally counter to the analysts' current 12-month view of total return or
  2. In July 2018, Deutsche Bank revised its rating system for short term ideas whereby the branding has been changed to Catalyst Calls ("CC") from SOLAR ideas;
  3. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at 21 Moorfields, London EC2Y 9DB. Deutsche Bank AG in the United Kingdom is
  4. Futures Ordinance Cap. 571. Research reports on such futures contracts are not intended for access by persons who are located, incorporated, constituted or resident in Hong Kong. The
  5. Registered with the Securities and Futures Commission. This report is intended for distribution only to 'professional investors' as defined in Part 1 of Schedule of the SFO. This document must
  6. India: Prepared by Deutsche Equities India Private Limited (DEIPL) having CIN: U65990MH2002PTC137431 and registered office at 14th Floor, The Capital, C-70, G Block, Bandra Kurla
  7. Complex, Mumbai (India) 400051. Tel: + 91 22 7180 4444. It is registered by the Securities and Exchange Board of India (SEBI) as a Stock broker bearing registration no.: INZ000252437;
  8. Merchant Banker bearing SEBI Registration no.: INM000010833 and Research Analyst bearing SEBI Registration no.: INH000001741. DEIPL's Compliance / Grievance officer is Ms. Rashmi

预览

Deutsche-追踪AI对美国劳动力市场的影响.pdf

FT-Anthropic 和 OpenAI 的银行家推动其 IPO 后获得顶级信用评级 Anthropic and OpenAI bankers push for top-tier credit ratings post-IPO.pdf

总结

  1. labs, as they look to gain access to the $11.7tn corporate bond
  2. 化意味着，追踪 S&P 500 和 Nasdaq 的数⼗亿美元被动投资资
  3. company issued $25bn in bonds days after it went public, but they sold
  4. current debt pile after raising funds to fulfil a $300bn data
  5. 预计 Anthropic 很快将公布其 IPO 招股说明书，让投资者在上
  6. Copyright The Financial Times Limited 2026. All rights reserved.
  7. Africa’s richest man seeks to raise $1.6bn in continent’s biggest IPO
  8. TIMES LTD 2026. FT and ‘Financial Times’ are trademarks of The

预览

FT-Anthropic 和 OpenAI 的银行家推动其 IPO 后获得顶级信用评级 Anthropic and OpenAI bankers push for top-tier credit ratings post-IPO.pdf

FT-华为推动中国自主研发先进芯片 Huawei drives China’s push to make its own advanced chips.pdf

总结

  1. Yuliangsheng is set to produce 12 DUV machines by the end of
  2. patterning techniques to produce 7-nanometre chips, according
  3. SMEE on the light source for its 28nm DUV machine, Chinese
  4. Copyright The Financial Times Limited 2026. All rights reserved.
  5. China’s exports jump 25% in August in boost from AI build-out
  6. John Ternus’s first test at Apple: selling a $2,000 foldable iPhone
  7. Markets data delayed by at least 15 minutes. © THE FINANCIAL
  8. TIMES LTD 2026. FT and ‘Financial Times’ are trademarks of The

预览

FT-华为推动中国自主研发先进芯片 Huawei drives China’s push to make its own advanced chips.pdf

CITI-中国互联网：2026年8月线上零售总额-线上商品销售同比+3-3%-+2-2%-20260915.pdf

总结

  1. retail data, with total retail sales of consumer goods reaching Rmb3.98trn, Vicky Wei, CFA
  2. yoy total online retail sales growth as broadly inline. By categories, 1) apparel sales
  3. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
  4. Figure 1. Monthly total retail sales volume in China (Rmb trn) Figure 2. Monthly total online retail sales volume in China
  5. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  6. Figure 3. YTD online retail sales growth Figure 4. YTD online physical retail sales growth
  7. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  8. 2024 YTD online retail growth % 2025 YTD online retail growth % 2024 YTD online physical retail growth % 2025 YTD online physical retail growth %

预览

CITI-中国互联网：2026年8月线上零售总额-线上商品销售同比+3-3%-+2-2%-20260915.pdf

Connecting You to GS- Thoughts from the ....pdf

总结

  1. critical threshold. Meanwhile, trust banks' net purchase of ¥2.3 trillion in foreign bonds in August provides
  2. In rates, our bias remains toward receiving the front end of the curve, up to Jan29. We believe there is room
  3. for up to 200 bps of additional cuts in this cycle, which would still leave the Selic rate at a restrictive level.
  4. (3) Frontier oil-importer carry longs, especially EGP that continues to trade with a high beta to oil and TRY,
  5. by a hawkish BoJ, with nearly two hikes priced into year-end, speculation of a $100 billion Government Pension
  6. to 25% in 2020, as they gradually shift towards 25:25:25:25 asset allocation mix. The average rate of decline of
  7. Arab Emirates in accordance with the Commercial Companies Law (Federal Law no. 2 of 2015), ESCA Board of Directors' Decision no.
  8. (9/r.m.) of 2016, ESCA Chairman Decision no 3/r.m. of 2017 concerning promoting and introducing regulations or otherwise under the laws

预览

Connecting You to GS- Thoughts from the ....pdf

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