【大豆&豆粕】 美伊局势再次反复，海峡通行或再生变故。昨晚美联储会议纪要显示，部分理事认为加息有必要，但最终还是支持暂时利率不 变。USDA每日报告显示，民间出口商向中国出售了47.2万吨大豆，其中13.6万吨旧作大豆近期交付，其余为下李美豆。另外 USDA7月供需报告将于北京时间11日凌晨发布，路透前瞻显示，分析师平均预计美豆2026/27产量将上调至44.59亿满式耳（6月 预估44.35亿），期末库存上调至3.30亿蒲式耳（6月预估3.10亿）。目前中美农产品贸易关系预期缓和，美豆扩种预期落地, 美豆主产区气温偏高优良率略降,短期利多因素集中出现。国内现阶段供应宽松格局虽未改变,但库存累库速度已成缓。后续 重点关注美豆销售情况,美豆天气交易,以及厄尔尼诺气候对农产品影响等。短期连郑或跟随美豆继续运行,投资者注意风 险。 【豆油&棕榈油】 豆油和棕榈油主力合约冲高回落。中东风险溢价再废升高，原油上涨，也提振植物油。未来一周美豆产区呈现温度偏高，不过 第二周温度会下降，未来一到两周也有降雨发生，总体天气对大豆有利。棕榈油目前主产地仍处于增产周期，供应端仍有压 制,短期关注MPOB报告验证。短期国内豆棕油供需 ...

| | | 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 【20号胶&天然橡胶胶&合成橡胶】 | Mille | 国投前货 | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2026年07月09日 | | 棉花, | ☆☆☆ | 曹凯 首席分析师 | | 纸浆 | ★☆☆ | F03095462 Z0017365 | | 白糖 | ☆☆☆ | 胡华轩 高级分析师 | | 苹果 | ★☆☆ | F0285606 Z0003096 | | 木材 | 女女女 | | | 20号胶 | ☆☆☆ | 黄维 高级分析师 | | 天然橡胶 | なな☆ | F03096483 Z0017474 | | 丁二烯橡胶 ☆☆☆ | | | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | (棉花&棉纱) 美棉向上突破之后连续回调，美棉优良率环比连续回落，目前美棉处于天气炒作期，市场担心德州产区部分区域仍偏干旱，戟 止7月5日，美棉15个棉花主要种植州棉花生长优良率46%，同比低6个百分点。印度雨季截至目前降雨偏 ...

Ac t i o n | 09 Jul 2026 08:04:48 ET │ 14 pages Levi Strauss (LEVI.N) Solid 2Q Sales, GM, EPS Beat; F26 Raised by Amt of the Beat CITI'S TAKE LEVI EPS beat consensus, driven by better sales, GM and Fx gains. Sales were +8.0% vs consensus +5.0%, with the Americas and Asia above consensus and Europe inline. Mgmt indicated that they have seen no slowdown in demand in 3Q and have guided 3Q sales +4-5%, above consensus of +3.6%. However, because of expense timing and DC costs, mgmt guided 3Q EPS $0.34-0.36, belo ...

J P M O R G A N Asia Pacific Equity Research 09 July 2026 Philippine Banks Jeanette Yutan (63-2) 8878-1188 Fee waivers support the longer-term case for the sector Major Philippine banks have moved to waive interbank transfer fees (InstaPay and PESONet), with BDO and Metrobank (link) waiving fees, following BPI's lead last week (link). E-wallet Maya has also reduced its InstaPay fee to Php10 per transaction from Php15 (link). This follows BSP's directive last month (link), which includes guidance that inter- ...

Ac t i o n | 09 Jul 2026 07:52:49 ET │ 17 pages Largan Precision (3008.TW) Phone camera upgrade + Fiber Array upside CITI'S TAKE Largan's 2Q26 earnings at NT$4.7bn (down 24% QoQ, up 352% YoY) was inline with market expectation but lower than our estimate due to smartphone model transition. GM/OPM at 49.4%/37.7% in 2Q26, which is flat QoQ despite smaller scale. The management guides sequentially MoM revenue growth in July/Aug and seeing new flagship smartphone order flow resilient YoY in 2H26. During the ear ...

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 joshua.meyers@jpmorgan.com J.P. Morgan Securities LLC North America Specialist Sales J P M O R G A N 09 July 2026 Joshua Meyers +1 617 310 0767 joshua.meyers@jpmorgan.com I'll be in and out over the next few days for a family issue, so please forgive me being a little slower/less predictible in responding to emails and IBs. But I promise you'll hear from me! Early thoughts on the US market from JPM Market Intelligence Head Drew Tyler…Futs are hig ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：陈栋 宝城期货投资咨询部 从业资格证号：F0251793 投资咨询证号：Z0001617 电话：0571-87006873 邮箱：chendong@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货 投资咨询资格证书，本人承诺 以勤勉的职业态度，独立、客 观地出具本报告。本报告清晰 准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或 间接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 11615 2026 年 7 月 9 日 橡胶甲醇原油 专业研究·创造价值 偏多氛围支撑 能化震荡偏强 核心观点 专业研究·创造价值 1 / 7 期货研究报告 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 24 橡胶甲醇原油 | 日报 投资咨询业务资格：证监许可【2011】1778 号 橡胶：本周四国内沪胶期货 2609 合约呈现缩量减仓，震荡偏弱， 略微收低的走势，收盘时期价略微收低 0.09%至 16920 元/吨。9-1 月 差贴水幅度收敛至 860 ...

证 券 研 究 报 告 【债券日报】 PPI 何时见顶？——6 月通胀数据解读 一、PPI 何时见顶？ 根据美伊格局缓解、维持、加剧等情境，假设未来油价中枢分别对应 65/75/85 美元/桶，再结合反内卷、AI 涨价、内需等因素可对 PPI 和 CPI 的走势以及 GDP 平减指数进行测算。 （1）PPI 同比：三季度或处于磨顶区间，高点在 4-5%之间。下半年油价中枢 在 65/75/85 美元的情境下，考虑 3.5%的油价弹性，或分别拉动后续 PPI 环比 变动-0.8pct/-0.4pct/0pct；中性情境下考虑油价 75 美元中枢+非原油产业链在反 内卷和 AI 浪潮导致仍有一定涨价效应（3-5 月剔除油价影响后的 PPI 环比平 均在 0.5%附近，假设已见顶）、下半年对 PPI 的影响参考反内卷提出后的 2025 年 7 月至 12 月倒序，即从 0.2%逐步回落至-0.2%，保守情境考虑油价 65 美元 中枢+非原油产业链无额外涨价，积极情境考虑油价 85 美元中枢+非原油产业 链的涨价效应按本轮 PPI 环比转正至油价上涨前的月均值 0.2%进行维持，保 守/中性/积极情境下全年 PPI ...

Latin American Cement & Construction / Real Estate J P M O R G A N Latin America Equity Research 09 July 2026 Latam Real Estate - Today's News Cury's Co-CEO Outlook, Cement Sales +7.7% YoY in June, Property Donation Increase, SP Inventories What's Happening Today? • MRVE 2Q26 Operational Release - After market close Homebuilders & Brokers Marcelo Motta AC (55-11) 4950-6712 marcelo.g.motta@jpmorgan.com Banco J.P. Morgan S.A. Jonathan S. Koutras (55-11) 4950-3549 jonathan.s.koutras@jpmchase.com Banco J.P. Mor ...

July 9, 2026 11:49 AM GMT Kewpie (2809) | Japan F11/26 2Q Results: Neutral – Domestic Strength Intact, But We Do Not Envision Expectations for F11/27 Rising Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Implications for the stock price: The results reaffirmed that Kewpie is steadily strengthening its earnings power in Japan. However, we ...