1. 医疗器械MNC如何看待中国市场——海外医疗器械公司经营情况回顾 2. 2026年中国科技股如何定位 3. 2026年商业突破晴雨表 4. 半导体技术材料行业研究 5. 亚太地区半导体行业展望：打造面向未来的AI基础设施 6. 全球能源存储：全球能源存储：锂价是否见顶？ 7. 香港住宅地产：房价已达全年目标，2026下半年或放缓 8. 从产业革命到金融创新：2026年下半年非银金融策略暨资本市场资金流动分析 9. 从产业革命到金融创新——2026年下半年非银金融策略暨资本市场资金流动分析 10. IPO风云十八载：2009年以来打新三阶段变化 11. 2026年十大行业主题及后续重点股票（年中更新） 12. 全球半导体中国半导体设备进口追踪器——2026年5月同比下降6% 13. 乘智而上，向新而行 全球人工智能效能研究中国报告 14. 国防军工行业深度分析：他山之石，无人&反无构建新质战斗力 15. 汽车行业出口深度研究报告：欧洲：大市场、大机遇 16. 结构性上行与可控波动 17. 医药生物行业2026年半年度投资策略："新"生 18. 2026 Q3：万宝盛华集团雇佣前景调查 19. 深度报告：空调 ...

J P M O R G A N North America Equity Research 24 June 2026 Monthly U.S. CRE Transaction Report May CRE Sales (ex entity deals) -4% y/y and now painting a softer 2Q picture MSCI Real Assets (fka Real Capital Analytics) released its latest edition of U.S. Capital Trends, which includes preliminary volume and pricing data on U.S. commercial real estate transactions for May 2026. For the month, total CRE sales volume was $42.0 billion (+15% y/y vs. $36.5 billion in May 2025). There were $6.8 billion of entity d ...

股息与市场表现 - 截至2026财年，标准普尔500指数的年度股息总额预计为84.4点，其中51%已实际支付[8] - 本周，10家标准普尔500成分股公司宣布的股息与之前的支付一致，达美航空的股息提高了约15%[8] - 2026年标准普尔500股息期货价格为84.8，较上周变化为0.0%[10] - IBES的底层估计显示，2026年标准普尔500的年度股息预期为84.4点，较上周下降了1.1%[10] - 本周没有公司宣布削减或暂停股息，显示出市场的稳定性[8] 期货与期权市场 - 标准普尔500股息期货在2028-2035年间下跌了约1-2%[8] - 股息期权的开放兴趣增加了约1%（其中约70%为看涨期权）[8] - 纳斯达克100的股息期货价格变化为0.0%[10] - 罗素2000的股息期货价格变化为0.1%至-0.6%[10] 未来展望与风险 - 投资者需关注数字资产和加密资产面临的快速变化的监管环境[44] - 某些利率基准可能会受到国际和国家监管指导、改革及改革提案的影响[47] - 投资者可能会面临投资价值波动的风险，过去的表现并不代表未来的结果[75] - J.P. Morgan对所提供材料的准确性不作任何保证，投资者应自行判断信息的可靠性[75] 法规与合规 - J.P. Morgan在不同国家和地区的法律实体均受到当地金融监管机构的监管[50][51][52][53][54][56][57][58][59][60][61][62][63][64][65][66][67][68][69][70] - 报告中提到的所有研究材料均由负责生产的法律实体分发，且可能由不同的J.P. Morgan附属机构的分析师共同撰写[48] - 在新加坡，报告仅向合格投资者、专业投资者和机构投资者分发，不适用于零售投资者[67]

信用评级与债务重组 - SBA Communications和Crowdstrike Holdings因信用评级上调而成为“上升之星”，预计将退出高收益债券子指数，分别在GCI IG USD中占比3个基点和1个基点[2] - NGD Holdings BV完成债务重组，将2.75亿美元债券的到期日延长至2029年12月31日，受影响的债券将按指数规则被视为违约并在月末移除[5] - 上升之星的债务总额为7498万美元，评级从BB+上调至BBB[9] 市场动态与权重变化 - GCI USD预计将在6月底的再平衡中新增231个工具，来自152个发行人，总债务为2070亿美元[6] - 技术行业预计将获得最大的权重增加，增加19个基点，达到8.60%[10] - 美国、加拿大和沙特阿拉伯的权重分别增加10个基点、3个基点和2个基点，而日本、德国和瑞士的权重分别减少8个基点、4个基点和3个基点[6] - 银行业的权重从21.04%下降至21.01%，减少3个基点[10] - 消费品和制药/医疗行业的权重分别下降4个基点和6个基点[10] 违约率与风险评估 - 高收益指数的违约率在2023年为3.51%，2026年截至目前为0.95%[8] - 主要行业的权重变化中，公用事业和基础行业分别增加15个基点和2个基点[10] 报告合规与免责声明 - 报告强调信息的保密性和安全性，任何未经授权的披露、复制或使用均被严格禁止[25] - Sustainalytics提供的数据和分析仅供信息参考，不构成投资建议，且不保证信息的完整性和准确性[25] - JPMorgan Chase & Co.的研究材料不得在未经书面同意的情况下进行再版、销售或重新分发[27] - 报告中提到的所有数据和分析均受限于特定的法律免责声明，使用需遵循相关条件[26] - 报告强调了对信息使用的责任，接收者需确保信息无病毒[25] - JPMorgan Chase & Co.不对因使用该信息而导致的任何损失或损害承担责任[25]

Flash | Tariff risks unlikely to alter competitive dynamics – The tariff outlook remains uncertain, as the U.S. Section 301 forced-labor investigation has proposed an additional 12.5% tariff (The Nation, 3 June) on Thai imports, potentially replacing the current 10% baseline tariff after its expiry. However, we view that Thailand would broadly maintain its relative competitiveness vs. other ASEAN manufacturing hubs (Vietnam and Philippines) and China as they expect to face the same headwinds from section 30 ...

J P M O R G A N North America Equity Research 24 June 2026 Maintain UW rating. 2Q pre-announcement flags a sharper-than-expected uptick in net DPU, attributed to broader used industry softening (partly confirmed by rental pricing data), while other KPIs around pricing, utilization, and demand are generally tracking in line with our recently raised assumptions, raising fresh questions around execution, specifically on disposition and/or aggressive residual value assumption frameworks following the atypically ...

Flash | 24 Jun 2026 11:01:33 ET │ 11 pages Hypera SA (HYPE3.SA) Semaglutide race is on (part II) CITI'S TAKE CMED published this morning the official filing for Hypera's semaglutide- based injectable pen, Semavy. While the product remains pending sanitary approval, the pricing submission marks an important step toward full regulatory clearance and suggests that final approval could be approaching in the near term. Although timing and pricing/economic details remain unclear, the development may help surface ...

Vi e w p o i n t | 24 Jun 2026 11:12:15 ET │ 10 pages Venezuela Sovereign Debt Strategy Reported debt framework suggests more aggressive restructuring parameters CITI'S TAKE As reported today, Venezuela and its financial adviser, Centerview Partners, are preparing to present a debt sustainability framework built around a debt stock of approximately $240bn and nominal GDP of roughly $100bn. This implies significantly lower recoveries than previously anticipated. We expect creditors to challenge both the comp ...

Telia Company AB (TELIA.ST) Model Update Flash | 24 Jun 2026 10:57:49 ET │ 11 pages CITI'S TAKE We make minor changes to our forecasts, nudging our FY26-28 EPS estimates down 0-1% driven mainly by FX, pricing trends in Finland and cost phasing impact in Norway. Our TP remains unchanged. Neutral. Neutral | Price (23 Jun 26 17:30) | SKr49.42 | | --- | --- | | Target price | SKr49.00 | | Expected share price return | -0.8% | | Expected dividend yield | 4.1% | | Expected total return | 3.3% | | Market Cap | SKr ...

Vi e w p o i n t | 24 Jun 2026 11:14:24 ET │ 14 pages Global Commodities The worst is likely over for systematic curve carry strategies CITI'S TAKE We expect commodities systematic curve carry strategies to continue to recover as oil prices trend lower over the coming 6-12 months. A major de- escalation is our new base case, and we view any temporary summer rally in oil prices as a rally to fade and a potential entry opportunity for curve carry. Systematic curve carry strategies which short front-end and lo ...