2026 年 07 月 13 日 策略点评 股票投资策略简报 证券研究报告 策略组 分析师：牟一凌（执业 S1130525060002 ） mouyiling ＠gjzq.com.cn 分析师：纪博文（执业 S1130525060006 ） jibowen ＠gjzq.com.cn 积极的防御 交易端去杠杆的尾部效应是今日市场大跌的直接诱因 今日 A 股市场大幅下挫且科技股领跌，科创 50 指数下跌 3.4%；日韩股市同步下挫，日经 225 指数下跌 1.9%，韩国 KOSPI 指数下跌近 9%。在此前报告《交易去杠杆后的观测》中我们曾指出，科技股的交易性波动可能持续一段时间。 A 股及海外科技股大幅调整，直接触发因素在于海外交易端在去杠杆，A 股也间接跟随：韩股是 3 月中旬以来全球表 现最好的市场，但过去两周内市场融资余额从 64.9 万亿韩元下降至 60.8 万亿韩元，日股融资额也明显下降，期权市 场隐含波动率相对实际波动率快速下降，也是杠杆资金撤离的信号。此前韩国融资比例已经达到历史极致，过度乐观 的预期与略有松动的基本面触发了这一进程。海外市场的下行与去杠杆进程也传导至 A 股：截至 7 月 10 ...

公司研究 证 券 研 究 报 告 新华保险（601336）2026 年中报预增点评 推荐（维持） 保险Ⅲ 2026 年 07 月 13 日 当前价：61.98 元 华创证券研究所 证券分析师：陈海椰 高基数下实现预增 目标价：71.8 元 事项： ❖ 公司发布业绩预增，初步测算 2026H1 公司实现归母净利润 207-237 亿元，同 比增长 40%-60%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 157745 | 147996 | 144412 | 153424 | | 同比增速(%) | 19.0 | -6.2 | -2.4 | 6.2 | | 归母净利润(百万) | 36284 | 39414 | 40067 | 42279 | | 同比增速(%) | 38.3 | 8.6 | 1.7 | 5.5 | | 每股盈利(元) | 11.6 | 12.6 | 12.8 | 13.6 | | 市盈率(倍) | 5.3 | ...

冲：徐行未止-2026H1 总结及下半年 投资策略》2026-07-13 2、《【中泰研究丨晨会聚焦】非银葛 玉翔：买债进度加快，债券南向通开 闸》2026-07-09 3、《【中泰研究丨晨会聚焦】政策杨 畅：中欧经贸现状与展望-——当前经 济与政策思考》2026-07-08 今日预览 【中泰研究丨晨会聚焦】银行戴志锋：前瞻 | 上市银行 2026 年 中报：利息收入支撑营收韧性，利润表现预计稳定 证券研究报告/晨会聚焦 2026 年 07 月 13 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 今日重点>> 研究分享>> 请务必阅读正文之后的重要声明部分 【多资产】林莎：科技：向前一步 【银行】戴志锋：前瞻 | 上市银行 2026 年中报：利息收入支撑营收韧 性，利润表现预计稳定 【金融工程】李倩云：本周市场延续结构性分化，算力走强，中游制造 板块基金回撤较高 晨报内容回顾 1、《【中泰研究丨晨会聚焦】煤炭杜 【金融工程】李倩云：科技及高制板块交易最热，科技及高制板块资金 流入最多——ETF 市场周报 20260712 ...

July 13, 2026 02:24 PM GMT Telecommunications Services | Europe Inwit's request for a Telecom Italia injunction reportedly rejected Key Takeaways Injunction outcome: Reuters reported today (link) that an Italian judge has rejected Inwit's request to suspend Telecom Italia's exit from the MSA between the two companies, citing two sources familiar with the matter. Inwit has said it reserves the right to challenge the ruling. We are also awaiting the court decision on Inwit's requested injunction with Swisscom ...

Ac t i o n | 13 Jul 2026 10:40:15 ET │ 13 pages TechWing (089030.KQ) 2Q Review: Robust Memory Handler Outlook Backed by Capex Upcycle CITI'S TAKE TechWing reported 2Q OP of W12.5bn (+29% QoQ/+97% YoY) driven by solid memory handler sales and resumption of HBM cube prober sales. With a 20-unit HBM cube prober order received in 1H26 (vs. the 13-unit order at end-25E), we expect TechWing to benefit from strong back-end Capex upcycle throughout 26E/27E. TP maintained at W80k. Reiterate Buy/1H. 2Q Review — TechW ...

July 13, 2026 02:47 PM GMT Diageo PLC | Europe All eyes on August 6th We refresh estimates to reflect potential on balance-sheet stock build at the end of FY2026, as flagged by the company in its aide-memoire. This suggests slightly worse FCF than guidance for FY26, but we make no other changes to our estimates besides higher finance costs related to lower FCF. Key Takeaways We refresh estimates to reflect management commentary that "we will ensure that we do the right thing to protect our business and buil ...

Vi e w p o i n t | 13 Jul 2026 09:59:43 ET │ 15 pages Brazil Food Manufacturers LatAm Food & Beverages Clipping - (2026_07_13) CITI'S TAKE Citi's LatAm Food & Beverages Clipping Daily Clipping highlights relevant news. Study links GLP-1 treatment to fewer days of alcohol consumption (News Medical, July 13) Extreme heat may change alcohol consumption habits (SicNotícias, July 12) IPCA slowed more than expected in June with a drop in food prices and is at its lowest level in 8 months (Notícias Agrícolas, July ...

13 Jul 2026 09:49:34 ET │ 16 pages Vi e w p o i n t | Asia FX and Rates Strategy Auction Preview: China, Korea, Philippines, Thailand, Indonesia, India CITI'S TAKE Upcoming Auctions – China: CGB supply-demand dynamics remain balanced; Korea: Peak of KTB supply pressure is likely behind us; Indonesia: Supply tailwinds keep us o/w 5y IndoGBs (funded via u/w in Thai) in our EM bond portfolio; Philippines: Better demand seen in recent weeks; neutral on bonds but u/w PHP; Thailand: Further auction strength likel ...

July 13, 2026 02:21 PM GMT Shimadzu (7701) | Japan M Update CEO Small Meeting Takeaways Key Takeaways The discussion at Shimadzu's small meeting for sell-side analysts with President Yasunori Yamamoto centered on electron microscope maker Tescan, the acquisition of which closed on Jul 10. Shimadzu indicated confidence in growing business in the semiconductor field drawing on Tescan's technology clout. Tescan purchase completed: Tescan recorded sales of $193mn and EBITDA of $38mn in F25. The breakdown of its ...

+1-212-816-8830 veronica1.clark@citi.com Andrew Hollenhorst AC US Economics Inflation Weekly – The start of softer summer CPI CITI'S TAKE Our final, detailed forecast is for a 0.19%MoM increase in core CPI in June, with the annual rate pulling back from 2.9%YoY to 2.8%YoY. In June data, and especially in data over the next few months, we expect to see further slowing in shelter inflation, limited signs of pass-through from higher energy costs to goods prices, and declines in motor vehicle insurance and airf ...