J P M O R G A N Asia Pacific Equity Research 21 July 2026 Singapore Airlines Outperformance priced in; downgrade to Neutral – 1Q FY26/27 preview We are downgrading SIA to Neutral after a period of sustained outperformance, with the stock now up c.17% since the start of April and outperforming the Straits Times Index by c.6ppt. SIA has reached our price target, validating our earlier non- consensus Overweight stance. The rally has been underpinned by market share gains achieved on the back of SIA's robust op ...

报告行业投资评级 - 行业投资评级为“推荐”（维持）[2] 报告核心观点 - 报告关注美国宏观、商业航天、AI、光通信及数据中心电源等海外新兴产业动态，旨在辅助对国内映射产业链的研究[2] - 美国宏观领先指标虽小幅回落，但AI相关商业投资仍对经济活动提供支撑[2][3] - 商业航天、AI算力基础设施、光通信及数据中心电源等领域均呈现积极的产能扩张与商业合作态势[2][3][4] - 海外半导体板块短期普遍回调，但年初至今仍保持较高累计涨幅[2][4] - 国际油气价格呈现区域分化，原油与欧亚天然气价格继续上行，而美国天然气价格维持低位[2][7] 分领域总结 美国宏观 - 美国6月领先经济指数环比下降0.2%至99.1，结束了此前连续两个月的回升（5月环比上升0.1%，4月环比上升0.2%）[3] - 2026年上半年指数累计下降0.3%，较2025年下半年累计1.1%的降幅明显收窄[3] - 消费者预期疲弱和住宅建筑许可下降构成主要拖累，但企业AI投资仍有望支撑经济活动[3] 商业航天 - Redwire公司启动亨茨维尔制造基地的扩建，生产面积将增加约一倍[3] - 公司将新增多条无人机系统组装线和空间结构件生产线，预计未来18个月创造约300个工程及制造岗位[3] - 新产能将面向国防客户、商业卫星制造商及政府航天项目[3] AI算力 - 微软将在Azure云平台中部署AMD的Helios机架级AI平台，计划于2026年下半年开始交付[3] - Helios平台集成了MI455X GPU、第六代EPYC Venice CPU、Pensando网络及ROCm软件，用于AI服务和前沿模型推理[3] - 双方合作由芯片采购延伸至GPU、CPU、网络及软件全栈，微软还将推出HDv2和HXv2两类新型虚拟机，并扩大Pensando DPU的部署[3] 光通信 - 普睿司曼与莫仕签署了最高价值55亿欧元的光缆长期供应协议，期限最长10年[4] - 协议包含5.5亿欧元预付款，相关光缆将用于数据中心内部布设[4] - 普睿司曼预计，以2025年业务规模为基准，至2035年相关新增合作累计将带来超过100亿欧元的增量订单[4] 数据中心电源 - Hut 8公司签署了一份352MW的AI数据中心长期租约，15年基础合同价值98亿美元[4] - 同一投资级租户在Beacon Point园区的签约IT总容量因此增至704MW，园区基础期合同总值升至196亿美元[4] - Hut 8公司整体签约的AI数据中心容量增至949MW[4] 海外半导体 - 截至2026年7月20日，近7日（7月13日至7月20日）海外半导体五个细分环节均下跌，其中半导体设备跌幅最小，为3.65%[4] - 同期，材料及零部件、芯片设计/IP/IDM分别下跌4.97%和6.01%，封装测试和晶圆制造分别下跌7.16%和7.57%[4] - 近30日（6月20日至7月20日），材料及零部件跌幅最大，为27.68%，半导体设备下跌23.65%，其余细分环节跌幅约20%[4] - 年初至今，各环节仍累计上涨77.44%至103.35%，其中材料及零部件和封装测试涨幅居前，分别为103.35%和93.83%[4] 油气价格 - 2026年7月10日至20日期间，亚洲JKM天然气价格上涨约27%，英国NBP和荷兰TTF天然气均上涨约21%，布伦特原油上涨约17%[7] - 较2026年2月底累计，JKM天然气涨幅约96%，NBP和TTF天然气涨幅约80%，布伦特原油涨幅约23%[7] - 同期，美国NYMEX天然气期货价格下降约1%，较2月底仅上涨2.1%，Henry Hub现货价格仍下降5.4%，美国气价整体维持低位[7]

| CDX IG | | | | | | | --- | --- | --- | --- | --- | --- | | | | | Rolling Down the Spot Curve | | Spot Duration | | | 3m | 6m | 9m | 12m | | | 3Y | 0.14 | 0.28 | 0.42 | 0.56 | 2.76 | | 5Y | 0.26 | 0.52 | 0.76 | 0.99 | 4.42 | | 7Y | 0.33 | 0.66 | 0.98 | 1.28 | 5.87 | | 10Y | 0.37 | 0.74 | 1.10 | 1.46 | 7.69 | | CDX HY | | | | | | | | | | Rolling Down the Spot Curve | | Spot Duration | | | 3m | 6m | 9m | 12m | | | 3Y | 0.86 | 1.72 | 2.59 | 3.46 | 2.64 | | 5Y | 1.20 | 2.38 | 3.52 | 4.63 | 4.07 | | CDX HY BB | ...

Flash | 21 Jul 2026 08:18:16 ET │ 10 pages Halliburton Company (HAL.N) Revenue Beat But Margin Miss, EBITDA Slightly Below CITI'S TAKE This morning HAL reported EBITDA of $979mm, slightly below consensus at $985mm but further below our $1.003B estimate. Revenues of $5.714B were 3% above our forecast and 4% above FactSet consensus. However, C&P margins of 14.8% improved only 20bps sequentially and were 60bps below our forecast. D&E margins fell 125bps sequentially and were also 60bps below our forecast. OCF ...

July 21, 2026 11:45 AM GMT General Motors Company | North America Another Beat and Raise AlphaSignals Earnings Reaction Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Our Take: Another strong print from GM, driven by North America, where adj. EBIT came in 8% above our expectations, due to better price and cost savings. Digital services also continues to ...

July 21, 2026 11:44 AM GMT Meiji Holdings (2269) | Japan M Update Portfolio Restructuring Plan for China Business Announced Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+ | Tomonobu Tsunoyama | | | --- | --- | | Equity Analyst | | | Tomonobu.Tsunoyama@morganstanleymufg.com | +81 3 6836-8936 | | Seki Li | | | Research Associate | | | Seki.Li@morganstanleymufg.com | +81 3 6836-8934 | | Haruka Miyake | | | Equity Analyst | | | Haruka.Miyake@morganstanleymufg.com | +81 3 6836-5421 | | Jully Ussui | | | ...

July 21, 2026 12:33 PM GMT CSL Ltd M Asia Pacific Insight Back to basics What's Changed | CSL Ltd (CSL.AX) | From | To | | --- | --- | --- | | Price Target | A$174.00 | A$163.00 | We remain OW following a review of the outlook for Ig and albumin, with medium-term upside from key pipeline candidates. Key Takeaways Key takeaways from our analysis: (1) Industry immunoglobulin (Ig) revenue rose ~7.5% in 2025, with lower growth for CSL implying market share loss. Over the medium to longer-term, we continue to se ...

July 21, 2026 01:16 PM GMT Japan Economics | Japan M Update Feedback from US Investor Meetings Overseas investors' concerns are not centered on the specific wording in the government's Honebuto Policy regarding fiscal consolidation or BoJ independence. Rather, they appear to stem from a broader sense of uncertainty over how far government spending could ultimately expand. Key Takeaways Meetings with US investors: We met with US institutional investors during a visit by Takeshi Yamaguchi to the United States ...

July 21, 2026 11:53 AM GMT Taiwan | Asia Pacific June Trade: Orders Reaccelerate Amid Resilient Export Growth While export growth in June undershot expectations, export orders reaccelerated sharply, pointing to resilient demand ahead. Strong AI and data center demand continued to support ICT shipments, and the robust order pipeline points to another solid print in July alongside faster import growth. Data: Export orders accelerated to 59.4%Y in June, reaching US$95.3bn (our estimate: 49.5%; consensus: 49.7% ...

North America Specialist Sales J P M O R G A N 21 July 2026 Rob O'Dwyer - Specialist Sales - US Financials AC rob.odwyer@jpmorgan.com J.P. Morgan Securities LLC My 2c on Financials Rob O'Dwyer +1 2126222673 rob.odwyer@jpmorgan.com Key Highlights Morning – fun assortment of earnings this morning from Banks to Consumer Credit to Insurance to Info Services to Wealth Managers. The broad takeaway from this morning's earnings is that we remain in a fundamentally supportive backdrop for financials, but the market ...