July 13, 2026 12:46 PM GMT Morgan Stanley Research Global Morgan Stanley Global Macro Forum AI Capex, BOJ Policy and CPI/Earnings Preview July 13, 2026 Vishwanath Tirupattur – Chief Fixed Income Strategist | Strategist Brian Nowak – Head of US Internet Research Vishwas Patkar – Head of US Credit Strategy | Strategist Diego Anzoategui – US Economist Andrew Pauker – US Equity Strategist | Strategist MORGAN STANLEY & CO. LLC Masayuki Inui – Japan Economist MORGAN STANLEY MUFG SECURITIES CO., LTD.+ Morgan Stanl ...

[Table_IndustryAndDate] 证券研究报告 | 季报点评 | 媒体Ⅱ | 2026/07/17 【广发传媒&海外】奈飞（NFLX） 26Q2 业绩符合预期；展望 26Q3 收入同增约 12%，比一 致预期低 1pct [Table_Summary] 公司发布 26Q2 季报：26Q2 奈飞实现总收入 125.6 亿元，YoY/QoQ+13%/+3%，vs.彭博一致预期 （下同）为 125.75 亿元，基本符合预期。26Q2 运营利润为 41.93 亿元, YoY/QoQ+11%/+6%，vs. 一致预期为 41.3 亿元（超 2%）。26Q2 净利润为 34.01 亿元，YoY/QoQ+9%/-36%，vs.一致预期 为 33.9 亿元。26Q2 经营现金流净额 17.4 亿元，同比下滑 28%，因 Warner Bros.终止费带来现金 税负上升；4 月董事会授权额外 250 亿元回购，26Q2 回购了 47 亿元股票，是公司历史最高季度回 购额。26Q2 自由现金流 17 亿美元。公司指引 26Q3 收入增长约 12%（较一致预期 13%略低）。 26Q2 收入增长符合预期，仍然是会员数 ...

宏和科技（603256.SH）2026 年半年度业绩预告点评 26Q2 业绩同环比高增，lowCTE 布等预计量价齐升 glmszqdatemark 投资建议：重视公司高端电子布竞争优势，上修盈利预测，维持"推荐"评级。 公司具备全球领先的电子布技术/制造能力，是稀缺的 AI 端侧（ 手机等消费电子 ）、 AI 云侧（ AI 服务器 ）的核心上游材料供应商（ 对应产品分别为 low CTE 等特种 布 ），预计需求高景气有持续性。考虑电子布产业景气向上节奏超预期，适当上调 业绩预测，我们预计公司 2026-2028 年收入分别 yoy+127%/57%/27%至 27/42/53 亿元；归母净利分别 yoy+349% /97%/30%至 9.1/17.9/23.1 亿元。 当前股价对应公司 2026-2028 年 PE 分别为 160x/81x/63x，维持"推荐"评级。 风险提示：需求低于预期，竞争加剧风险，供应商及客户集中度较高风险。 [盈利预测与财务指标 Table_Forcast] | 执业证书： S0590526070004 | | --- | | 邮箱： zhangrun@glms.com.cn ...

证券研究报告 荣盛石化 (002493 CH) 油转化技改有望带动未来盈利提升 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 7 月 | 17 日│中国内地 | 化学纤维 | 目标价(人民币): | 13.60 | 荣盛石化于 7 月 16 日发布公告：控股子公司浙石化（公司持股 51%）拟投 资炼化一体化项目改造提升工程，预计总投资约为 196 亿元，计划新建 5# 连续重整装置、3#重整氢提浓装置等，建成后预计每年可实现净利润 14.1 亿元。我们认为，在我国成品油需求加速达峰并下滑的背景下，本次技改是 公司对"资源最大化利用"的有效探索，产品结构优化有望提升项目整体盈 利弹性及韧性。考虑行业产能拐点临近，以及美伊局势不确定性降低后，能 化品或迎来一轮补库周期，维持"增持"评级。 浙石化拟开展改造提升工程，产品结构优化有望带动盈利提升 据公司公告，荣盛石化控股子公司浙石化拟投资炼化一体化项目改造提升工 程，预计总投资约为 196 亿元，建设期 2 年。该项目将以浙石化现有产品 为主 ...

Charnon Boonnuch (65) 6807 5086 charnon.boonnuch@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Jin Tik Ngai (65) 6807 5556 jintik.ngai@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Asia Pacific Economic Research J P M O R G A N 17 July 2026 Indonesia: Navigating tighter fiscal space Widening fiscal deficit in 2026 The Ministry of Finance (MOF) last week reported that the budget deficit totalled IDR197tn in 1H26, tracking closely with the 2025 trend (Figure 1). By the official estimate, ...

17 Jul 2026 10:40:11 ET │ 12 pages US REITs and Lodging The Housing Landscape – Volatility Remains with Multifamily Starts Up and Permits Down Sequentially CITI'S TAKE Vi e w p o i n t | June multifamily starts were up +76% m/m at 513k from upwardly revised 291k in May, permits were down -5% m/m at 445k from 468k, and completions were down -4% m/m at 413k from 428k in May. Average starts and permits are down meaningfully from 2022 peaks, with TTM average starts and permits -21% and -28% below 2022 averages, ...

J P M O R G A N North America Economic Research 17 July 2026 US: IP ends the quarter on a soft note Industrial production was soft for a second straight month in June, growing 0.1%m/ m with a flat reading in manufacturing. However, the solid trajectory in earlier months caused manufacturing to still grow 4.7%q/q saar in 2Q. National manufacturing surveys through June, and early regional surveys through July have been strong, though, so we still expect growth to resume in the short term. Much of the growth i ...

Abiel Reinhart (1-617) 712 9122 abiel.reinhart@jpmchase.com JPMorgan Chase Bank NA North America Economic Research J P M O R G A N 17 July 2026 US Focus: Inflation breadth June CPI and PPI surprised to the downside, an encouraging development even if the slowdown in core PCE was less sig- nificant — we estimate it rose 0.22%m/m (2.6%ar), keeping the over-year-ago pace at 3.4%oya. In contrast, we estimate the trimmed mean PCE rose 2.3%oya, remaining on the low side of the 2.3-2.4% range it has been in since ...

J P M O R G A N Latin America Economic Research 17 July 2026 Brazil weekly A window for easing See our full research on Economics: Brazil The BCB has been cutting rates at a 25bp pace since March in an environment of high inflation, de-anchored inflation expectations and stronger-than-expected economic growth. While the conflict in the Middle East has regained strength — a factor that may make the BCB more cautious — the central bank will likely see the opposite signal in the domestic data: softer CPI and g ...

Vi e w p o i n t | 17 Jul 2026 08:55:39 ET │ 20 pages Latin America Economics & Strategy Daily Brazil Tariffs, USMCA, Chile Reform, Colombia Tax Reform, DomRep Inflation CITI'S TAKE Today we discuss developments in Brazil, Mexico, Chile, Colombia, Argentina, Costa Rica and Dominican Republic. Regional Macro — We are heading into a relatively a quiet week for LatAm. Globally, stocks edged lower on the back of a selloff in chipmakers stocks. Strikes continue in the Middle East, keeping oil prices higher (Bloo ...