| | | | 国贸期货研究院 金融衍生品中心 李泽矩 | | 投资咨询号:Z0000116 从不资格号: F0251925 | | 2026/7/14 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 数据来源:Wind,国贸期货研究院 | | | | | | 行情回顾 | | | | | | | 指数 | 收盘价 | | 涨跌幅(%) | | 成交额(亿元) | | 成交量(亿) | | | 上证50 | 2913.1878 | | -1.43 | | 2554.68 | | 63.72 | | | 沪深300 | 4695.383 | | -1.79 | | 9079.45 | | 278.63 | | | 中证1000 | 7787.8529 | | -5.01 | | 5737.88 | | 285.29 | | | | | | 中金所股指期权成交情况 | | | | | | | 指数 | 期权成交星 | 认购期权 | 认活期权 | 日成交壁 | 期权持仓量 | 认购期权 | 认洁期权 | 持仓型 ...

J Sainsbury PLC | Europe July 14, 2026 05:00 AM GMT M Update Could this be the year Sainsbury's beats guidance? | What's Changed | | | | --- | --- | --- | | J Sainsbury PLC (SBRY.L) | From | To | | Price Target | 345p | 360p | While on paper we could see up to ~5% upside to Cssus EBIT, we stop short of forecasting a beat. The grocery pricing environment is becoming more complex. That said, we think profit risks are skewed to the upside. Stay Equal-weight. We refresh estimates post FY1Q27 results. Overall we ...

Point | The Point for Europe Tuesday, 14 July 2026 Top Call | Company | Industry | Strategy & Economics | Commodities | Fixed Income & FX | Key Rating and Target Price Changes TopCall BMW (BMWG.DE) - End of the China dream? Last week BMW reported very weak Q2 26 unit sales (here), driven by a 28% yoy decline in China sales, not offset by growth in US/Germany. BMW has been most vocal about its expectations of a "stabilisation" in its China business - which we see little evidence of. BMW's group pre-close cal ...

行 业 及 产 业 看好 ——农林牧渔板块 2026 年中报业绩前瞻 相关研究 《惜售与二育缓解供应压力，关注生猪养 殖景气回升 ——农林牧渔周观点 （2026.6.29-2026.7.5）》 2026/07/05 《库存去化进程有所加快，短期猪价有望 触底回升 ——农林牧渔周观点 （2026.6.22-2026.6.28）》 2026/06/28 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 农林牧渔 2026 年 07 月 14 日 景气筑底，静待拐点 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 A0230521080004 zhujy@swsresearch.com 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 行业点评 表 2：农林牧渔重点公司估值表 ⚫ 预计重点跟踪的农林牧渔板块上市公司 26H1 整体业绩同比大幅下滑。生猪养殖景气低 ...

国债日报 | 2026-07-14 宏观面 国债维持震荡 市场分析 （1）宏观事件： 事件1：4月政治局会议指出，财政政策优化支出结构、货币政策增强前瞻性灵活性针对性。货币政策层面， 2026 年1月19日央行下调再贷款、再贴现等一篮子利率0.25个百分点；财政政策层面， 2026年政府工作报告提出赤字率 拟按4%左右安排，赤字规模5.89万亿元。一般公共预算支出规模将首次达到30万亿元、比上年增加约1.27万亿元。 拟发行超长期特别国债1.3万亿元。 事件2：5月经济数据公布。1-5月全国固定资产投资（不含农户）178,512亿元，同比下降4.1%，较1-4月1.6%的降 幅扩大了2.5个百分点。从环比看，5月固定资产投资（不含农户）下降1.91%。 （2）通胀：6月CPI同比上升1.0%，PPI同比上涨4.1%。 资金面 （3）财政：1-5月财政实现平稳开局，收入向好态势继续巩固。收入端，全国一般公共预算收入同比增长4%，增 幅比1-4月提高0.5个百分点，边际改善趋势延续；支出端，全国一般公共预算支出同比增长0.8%，支出规模为年初 预算的37.9%，进度与前几年同期基本相当。结构上，资源税类及资本市场 ...

Action | 14 Jul 2026 00:00:00 ET │ 14 pages Galp Energia (GALP.LS) 2Q Preview: Industrial & Midstream Supports QoQ Earnings CITI'S TAKE Oliver G Connor Tianhong Bi, CFA | Galp Energia (EUR) | | | | | | | --- | --- | --- | --- | --- | --- | | Year to 31 Dec | 2024A | 2025A | 2026E | 2027E | 2028E | | Sales (€M) | 21,311.0 | 19,507.0 | 27,139.9 | 21,255.5 | 21,279.3 | | Net Income (€M) | 963.0 | 1,154.0 | 1,378.2 | 1,062.8 | 1,064.0 | | Diluted EPS (€) | 1.25 | 1.53 | 1.89 | 1.49 | 1.53 | | Diluted EPS (Old) ...

J P M O R G A N On July 13-14, several media outlets, including WWD Japan and Japan Distribution Economics Newspaper, reported on the content of the eighth meeting of the J-Beauty Industry Study Group, which consists of Liberal Democratic Party (LDP) members and was held on July 13. At the meeting, the Ministry of Health, Labour and Welfare (MHLW) announced its intention to revise the Director- General's notification on the Standards for Proper Advertising of Pharmaceuticals, etc. during FY2027. We view thi ...

APAC Cross Regional Credit Weekly Spreads drifted wider with yields back at the highest since mid-May See page 25 for analyst certification and important disclosures. Asia Pacific Credit Research J P M O R G A N Asia Pacific Credit Research 14 July 2026 Matthew Hughart AC (1-212) 834-2370 nathaniel.rosenbaum@jpmorgan.com J.P. Morgan Securities LLC Global Credit Market (852) 2800-6518 matthew.hughart@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited Emma Xing (852) 2800-8727 emma.xing@jpmorgan.com J ...

新能源及有色金属日报 | 2026-07-14 国内库存去化明显 铜价维持震荡偏强态势 市场要闻与重要数据 期货行情： 2026-07-13，沪铜主力合约开于 103540元/吨，收于 103100元/吨，较前一交易日收盘-0.59%，昨日夜盘沪铜主力 合约开于 103,910元/吨，收于 103,700 元/吨，较昨日午后收盘上涨0.44%。 现货情况： 据 SMM 讯，昨日 SMM 数据显示，1# 电解铜现货对沪铜 2607 合约升水 160-270 元 / 吨，均价 215 元 / 吨， 单日大涨 60 元 / 吨，刷新年内高点。2607 合约早盘跳空低开弱势下行，收盘跌至 103050 元 / 吨；隔月 Back 价 差 90-200 元 / 吨，当月进口盈利 230-490 元 / 吨。上海市场销售情绪小幅抬升、采购意愿走弱，持货商报盘先 分化后统一，午后全线小幅让利成交。两地铜库存持续快速去库，近两周累计去库近 6 万吨，现货流通资源紧张， 仓库国产到货偏少。当前 Back 价差走扩抬升移仓成本，商家出货与挺价心态交织；进口窗口虽打开，但清关物 流滞后难快速补库。叠加低库存支撑，预计今日现货对 2 ...

TMT Webcast | Asia Pacific Memory Cycle Debates & Key Stock Ideas July 14, 2026 03:07 AM GMT M Update Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com +886 2 2730-2863 Morgan Stanley Asia Limited+ Duan Liu Equity Analyst Duan.Liu@morganstanley.com +852 2239-7357 Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com +852 2848-7310 Rebecca Xu Equity Analyst Rebecc ...