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【VIP】起点财经研报2021-2022
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2022(更新中)
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2022年8月1周(分项压缩)
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04_国际投行报告-160份
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Advanced Micro Devices Inc. (AMD)_ Reiterate Buy as we expect an acceleration in share growth and margin expansion to drive a...(1).pdf
Airbnb Inc. (ABNB)_ Q2'22 Earnings Review_ Strong Summer Travel Dynamic Persists; Debate Shifts to Secular vs. Cyclical 2H ��2...(1).pdf
Airbnb, Inc..pdf
Alibaba Group (BABA)_ 1QFY23 review_ Another profit beat; cost controls to drive earnings growth inflection; Buy(1).pdf
Alibaba Group Marketplaces subject to consumption trends; costs under control.pdf
Amazon com Inc-Starting to Grow into Its Raised Capacity.pdf
Amazon.com Inc. (AMZN)_ Q2'22 Review_ Results Strike a Balance Between Growth and Margin Narratives Despite Volatile End Dema...(1).pdf
Americas Aerospace & Defense_ Aerospace in Pictures_ July 2022(1).pdf
Americas Agriculture_ Ag in Pictures_ August 2022(1).pdf
Americas Beverages_ Presentation at a recent beverage industry event highlighting beverage trends in key categories & top inv...(1).pdf
Americas Business & Information Services_ July global debt issuance weakens from June levels, though the two-year stack on y_...(1).pdf
Americas Healthcare Services_ Providers_ Bridge to 2023; 2Q Hospital Earnings Wrap and Updated Outlook.pdf
Americas Retail_ Apparel Retail_ Defensively positioned in a challenging macro; initiate ROST and BURL at Buy and TJX at Neutral(1).pdf
Americas Telecom Services_ Four key takeaways from cable and wireless earnings + CHTR 2Q22 results(1).pdf
Americas Transportation_ The Monthly Mosaic July 2022(1).pdf
Animal Health 2Q animal health preview-Things aren��t getting better.pdf
Apple Inc-F3Q Recap.pdf
Asia Credit Trader_ Not Expecting A Sustained Rally In Asia HY(1).pdf
Asia Macro Strategy China's.pdf
Asia Pacific Thematic Strategy_Will portfolio flows track the skewed performance of global equities in the past five years.pdf
ASMPT (0522.HK)_ Automotive and Advanced Packaging to drive recovery from 2Q23E; upgrade to Buy(1).pdf
Athira Pharma (ATHA)_ AAIC Takeaways_ Follow-up ACT-AD data reaffirms view on limited drug efficacy(1).pdf
Australia Banks_ Deposit pricing to drive upside risk to NIMs; asset quality risks manageable; WBC up to Buy (on CL); BEN up ...(1).pdf
Australia Real Estate_ REITs_ Well-positioned for the cycle; Initiate on SGP (Buy), MGR (Neutral)(1).pdf
Bear market rallies are common.pdf
Big Oils_ 2Q22 wrap-up_ Downstream drives 22% free cash flow beat and 13% total cash returns to shareholders(1).pdf
Bill.Com -A Leading SMB Financial Operations Platform.pdf
Brazil_ Reassessing SOEs' risk_reward ahead of upcoming elections(1).pdf
Check Point Software Tech. (CHKP)_ Constructive Macro Commentary, Better Product Growth Offset by Declining Profitability and...(1).pdf
China �C e-Commerce.pdf
China Beverage_ Brewing_ Recent Thoughts on Beer Sector_ Market Concern Overdone; Expect Strong Recovery in 3Q (1).pdf
China Construction_ Building Products_ Challenged order_capacity growth in 1H; easier set-up into 2H; Buy Honglu & Jinggong(1).pdf
China Consumer Connections_ Pulse Check_ 1H22_2Q22 results - summaries, previews, debates and potential surprises(1).pdf
China Consumer Durables_ 2H22 Outlook_ Setup still tough but improving with major risks overseas; Supor up to Buy(1).pdf
China Economic Perspective.pdf
China Economic Perspectives -China by the Numbers.pdf
China Equity Strategy A-share Sentiment Edged.pdf
China Equity Strategy Radar.pdf
China Healthcare Sector-Globalization through cross-border licensing.pdf
China Healthcare_ Medical Devices_ 1H preview_ focus shifting towards 3Q recovery and regulatory_policy evolution; Prefer Buy...(1).pdf
China Industrial Automation Sector.pdf
China Industrial Tech_ 2Q22 Robot_Automation Landscape Analyzer_ How are market shares shifting_(1).pdf
China Internet Sector-2H outlook Focusing on quality growth to pave.pdf
China Musings_ Cross-strait tensions at the forefront(1).pdf
China Online Games_ 4th batch of Banhao approvals; shortened-approval timeframe but skewed to SMEs, 1 for Bilibili(1).pdf
China Online Lending Sector_Seeking resilience in uncertain times.pdf
China Property Barometers_ Tracking the property industry (Vol. 19)_ stepped-up policy support on completion, while sales rec...(1).pdf
China Property Sector-Sales of leading developers down 38% YoY, short of expectation.pdf
China Real Estate_ Week 30 Wrap - Sell-through gap widening between SOE and POE developers as property sales rose wow in prim...(1).pdf
China Securities BrokerDealer - China (HA) 1H22 previ.pdf
China Semiconductor Sector.pdf
China Spirits Tracker_ Resilient Super Premium Cohort, but Challenging Outlook for Upper-Mid-End Spirits(1).pdf
Collateral Thinking - Fed ��pivot��+ Q2 earnings peek.pdf
Confluent Inc. (CFLT)_ Presence in operational IT stack underpins raised outlook - 2Q22 Results(1).pdf
Coupang Inc. (CPNG)_ Profitability improvement well on track, expect better 2Q22E top line vs. expectations; Maintain Buy (on...(1).pdf
Coursera-2Q22 Results Top-Line Miss &.pdf
Credit Market Strategist The limit of decompression.pdf
Credit Suisse (CSGN.S)_ A challenging picture for returns and capital_ Downgrade to Sell(1).pdf
Credit Suisse Healthcare Database.pdf
Cross-Asset Dispatches More Relaxed about Outflow.pdf
Datadog Inc. (DDOG)_ Expecting a strong quarter despite volatility in consumption trends_ F2Q22 Preview(1).pdf
Datadog Inc. (DDOG)_ Waning macro on consumption trends translates to conservative outlook - 2Q22 Results(1).pdf
Dynatrace Inc. (DT)_ De-risked FY23 guidance as net new business slows down - F1Q23 Results(1).pdf
Earnings tracker Week 3 - 3% beat, but too early to celebrate.pdf
EM Sovereign Credit Monitor_ Taking stock of the EM Credit rally(1).pdf
Energy, Utilities & Mining Pulse_ Investors Asking_ What Stocks Surprised to the Upside During Earnings This Week_(1).pdf
Equity multiple compression already exceeds an average recession.pdf
Equity Strategy.pdf
European Equity Strategy Has the macro cycle trou.pdf
Flows & Liquidity-High cash balances seem unsustainable.pdf
Follow The Flow Outflows take a breather.pdf
Ford Motor Big 2Q bodes well for outlook �C earnings review.pdf
GC Tech_ VR headsets_ Skyworth standalone VR headset launched in July; read-across to HTC, O-Film(1).pdf
Global Credit Trader_ Technicals vs. fundamentals(1).pdf
Global Credit Trader_ Too fast, too soon(1).pdf
Global Economics Global Sensitivities and Spillov.pdf
Global Fixed Income Technical Strategy.pdf
Global FX Trader_ Euro Recession Ahead(1).pdf
Global Macro Strategist - 'Bad Is Good' Is Back.pdf
Global Macro Thoughts.pdf
Global Markets Comment_ Market Stress Monitor �� August Edition(1).pdf
Global Rates Strategy -Trades We Like_ Cloherty.pdf
Global Rates Trader_ Slowdown fears dominate(1).pdf
Global recession risks visible in the not-so-goods.pdf
Global Research Highlights.pdf
Global Semiconductors SIA review-Semis sales growth decelerates on weak memory trends.pdf
Global Strategy _Can solid EPS break _fade everyth.pdf
Global Supply Chains Supply Chain Chokepoint Tracker and Inflection Monitor.pdf
Global_ GS Economic Indicators_ Global FCI Eases on Lower Long-Term Rates and Higher Equities (Zhestkova)(1).pdf
GOAL Kickstart_ A risky 'risk-on' turn_ markets might be too early in fading recession risks(1).pdf
GOAL Positioning_ From rough to trough_ Positioning and sentiment stabilising despite mixed macro(1).pdf
Greentown Management Holdings Company Limited (9979.HK).pdf
GS Equity Radar_ Recession Forecasts _ Gas Risks _ Earnings Season _ Multi-Industry Toolkit _ Tracking the Consumer _ FAAMG(1).pdf
Handbook of the Chinese Economy and Financial Market__2Q22_ From 5.5% to reasonable growth.pdf
Healthcare Pulse_ Mid-Earnings Mash Up... Investor sentiment; market color; sector themes; charts to watch(1).pdf
Hermes International (HRMS.PA)_ 1H22 results confirm strong underlying momentum_ PT to �1,085 (+7%), remain Sell (1).pdf
Hong Kong Real Estate_ Constrained dividend growth amidst headwinds; CKA d_g to Neutral; Henderson u_g to Neutral(1).pdf
Infineon (IFXGn.DE)_ Continued strength in orderbook, scope for more favourable pricing and new SiC design win; Reiterate Buy(1).pdf
Intel Corp. (INTC)_ Big miss and guide down on TAM headwinds and competitive pressures; 2Q22 EPS recap(1).pdf
Interest Rate Derivatives Can two negatives make a positive.pdf
Kanzhun Ltd. (BZ)_ 2Q22 Preview_ Expect in-line 2Q results, but delayed revenue recovery ahead on divergent dynamics between ...(1).pdf
Kweichow Moutai (600519.SS)_ 2Q22 Results In Line; Strong Direct Sales Expansion; Reiterate Buy (CL)(1).pdf
Latin America Metals & Mining_ Initiate coverage on GMEX (Buy) and SCCO (Neutral); gaining exposure to high-quality copper as...(1).pdf
Linklogis Inc. (9959.HK)_ 1H22 Preview_ 2Q a slow quarter but clear signs of bottoming out; Industry leadership and long-term...(1).pdf
Mercedes-Benz Group AG (MBGn.DE)_ CARS++ Transition to luxury continues(1).pdf
MGM China (2282.HK)_ 2Q22 results inline_ Mass-market GGR share retreated, likely weaker results from Wynn Macau (1).pdf
Microsoft Corporation.pdf
Nantong Jianghai Capacitor Co. (002484.SZ)_ Chinese aluminum electrolytic capacitor leader seeking new drivers; initiate at N...(1).pdf
Natural Gas_ LNG Latest - In Charts(1).pdf
Nearmap Ltd. (NEA.AX)_ Investing to capture a global opportunity; Initiate at Neutral(1).pdf
NetEase Inc. (NTES)_ 2Q preview_ likely another solid quarter on market share gain; re-sizing Diablo China revenue; Buy(1).pdf
Nio Inc (NIO.N).pdf
Oil, soft commodity prices are likely to rebound.pdf
ON Semiconductor Corp. (ON)_ Secular growth (SiC), prudent inventory mgmt, and ongoing transformation to support resilient 20...(1).pdf
PayPal Holdings (PYPL)_ 2Q22 review_ Solid operating results with improved outlook on cost savings and buybacks(1).pdf
Ping Identity Holding (PING)_ Announces Agreement to be Acquired by Thoma Bravo(1).pdf
Pinterest Inc. (PINS)_ Q2'22 Review_ 2022 Will Remain a Year of Investments & End Demand Volatility; Looking For Visibility I...(1).pdf
Pulp & Paper_ Monthly Tracker �� July 2022(1).pdf
Qualcomm Solid results but 4Q guide hit by macro conditions.pdf
Recession Readiness HG Basics_ It��s still too early to get constructive.pdf
Recession Readiness US Homebuilders_Building Products.pdf
Shopify- 2Q22 Results �C Is a Bottom In Sight.pdf
Sirius XM Holdings (SIRI)_ Earnings Review_ Maintain Sell and $5.75 price target following 2Q22 results(1).pdf
SMIC (0981.HK)_ 2Q preview_ Utilization, ASP, capex, and 2H demand outlook as key focuses; Neutral(1).pdf
SMIC (0981.HK)_ High exposure to smartphone and consumer electronics; downgrade to Neutral(1).pdf
SoFi Technologies Inc. (SOFI)_ 2Q22 review_ Beat & raise on revenue strength & opex(1).pdf
SolarWinds Corp. (SWI)_ Marginal improvements overshadowed by continued growth challenges - 2Q22 Results(1).pdf
Spotify Technology Healthy subscriber trends in the SPOTlight.pdf
Spotify Technology-Breathe - Reiterate OW.pdf
Systematic Flows Monitor.pdf
The 720_ China Strategy, China Consumer, Coupang, OCBC, Stockland_Mirvac Initiations, Kao(1).pdf
The Deflation Enablers.pdf
The EM Trader_ Global relief for EM rates, but lower local inflation needed for green light(1).pdf
The Fed's Cred Is Back. Is That Good for Stocks.pdf
The Flow Show Dove at First Sight.pdf
The Market Is More Dovish Than the.pdf
Thundersoft (300496.SZ)_ 2Q22 preview_ GM and smart cockpit _ smart driving outlook as key focus; breakdown on automotive sof...(1).pdf
Tracking U.S. Supply Chain Congestion_ GS Supply Chain Congestion Scale_ Aug 1st; Sequential Bottleneck Relief, Scale Back Do...(1).pdf
U.S. Equity Strategy Navigator.pdf
Uber Technologies Inc. (UBER)_ Q2 '22 Earnings Review_ Platform Scale & Product Diversification Begins To Produce Profit Ramp(1).pdf
Unimicron Technology (3037.TW)_ Better mix and long term capex collaboration projects suggest better margin resiliency; Buy(1).pdf
United Kingdom Banks_ Low corporate deposit betas amplify rate sensitivity; Buy-rated NatWest onto CL, Lloyds up to Buy(1).pdf
US Economic Viewpoint - 2022-23 US outlook - Mild recession supports a return to price stability.pdf
US Economics & Global Macro Strategy-FOMC Reaction - July Meeting.pdf
US Economics Analyst_ Macro Takeaways From Q2 Earnings_ Growth Slower but Positive, Wage Pressures Peaking (Hill_Krupa)(1).pdf
US Economics-Global Macro Strategy FOMC.pdf
US Fixed Income Overview The FOMC gets less accommodating.pdf
US High Grade Credit Research Top US High Grade Ideas.pdf
US Large Cap Banks.pdf
US Monthly Inflation Monitor_ July 2022_ High and Broad-Based Inflation (Walker)(1).pdf
US Rates Viewpoint-Pension de-risking the time for action is now.pdf
US Utilities Week Ahead.pdf
USA_ GS Economic Indicators Update(1).pdf
USI (601231.SS)_ Slowing earnings growth on weak demand and intensifying competition; downgrade to Sell(1).pdf
Verisk Analytics Inc. (VRSK)_ 2Q features healthy Insurance subscription organic growth; Energy strategic review ongoing(1).pdf
War and Interest Rates.pdf
Xiaomi Corp. (1810.HK)_ Weak 2Q22E ahead; Cutting estimates on macro concerns but expect a stronger product pipeline to drive...(1).pdf
XPeng Inc (XPEV.N).pdf
Yangtze Optical (6869.HK)-2Q22 preview.pdf
Yum China Holdings (YUMC)_ Earnings review_ Strong execution to navigate near term volatility; Buy(1).pdf
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