Vi e w p o i n t | 17 Jul 2026 09:01:42 ET │ 13 pages China Electrical Equipment Transfers of Coverage CITI'S TAKE We transfer coverage of Huaming Power Equipment (002270.SZ), Shanghai Electric (2727.HK), and Wasion (3393.HK) to Pierre Lau from Bella Tian. We maintain our ratings, target prices, and financial estimates for these names, as detailed below. Pierre Lau, CFA AC +852-2501-2716 pierre.lau@citi.com Air Ma +852-2501-7450 air.ma@citi.com China Electrical Equipment 17 July 2026 Citi Research Huaming P ...

J P M O R G A N Global Markets Strategy 17 July 2026 FX Markets Weekly Update Cross-currents dampen USD conviction but keep the case for carry Global FX Strategy Meera Chandan AC (44-20) 7134-2924 meera.chandan@jpmorgan.com J.P. Morgan Securities plc Patrick R Locke (1-212) 834-4254 patrick.r.locke@jpmchase.com J.P. Morgan Securities LLC Junya Tanase (81-3) 6736-1270 junya.tanase@jpmorgan.com JPMorgan Securities Japan Co., Ltd. Octavia Popescu (44-20) 3493-5654 octavia.popescu@jpmorgan.com J.P. Morgan Secur ...

J P M O R G A N Europe Economic Research 17 July 2026 Euro area HICP: Limited energy pass-through to core prices Economic and Policy Research Raphael Brun-Aguerre (33-1) 8703 2409 raphael.x.brun-aguerre@jpmorgan.com J.P. Morgan Securities plc The final June Euro area headline HICP print was revised down by 0.05%-pt to 2.75%oya. Headline inflation thus stands 0.42%-pt below the May level. And looking at the main details, the decline in inflation was broad-based: core inflation declined 0.20%-pt to 2.36%oya ( ...

Flash | 17 Jul 2026 08:32:51 ET │ 10 pages US Oil & Gas Equipment and Services What Hit SEI and the Other Distributed Power Names? CITI'S TAKE US Oil & Gas Equipment and Services 17 July 2026 Citi Research Solaris Energy Infrastructure (SEI.N; US$61.39; 1; 16 Jul 26; 16:00) Valuation Yesterday SEI fell 8.5% while other distributed power names (LBRT, PUMP and AESI) fell ~5%. We believe the culprit was a hyperscaler purchasing a private modular power company (TechRepublic, 7/16). The hyperscaler is a customer ...

J P M O R G A N North America Equity Research 17 July 2026 Derivatives Exchanges FMX July 16 Total Daily Volume of 42,681 with OI of 158,207 We observed 42,681 total futures contracts traded on July 16 at the FMX Futures Exchange, with 158,207 contracts of open interest (OI) at session-end. The closing level of OI on July 16 fell 3.4% from the previous trading session (163,762). 2yr and 5yr U.S. Treasury futures had 6,237 contracts of OI outstanding as of July 16with 14,660 UST contracts traded yesterday. W ...

July 17, 2026 11:09 AM GMT Travel & Leisure Activity Tracker 17th July 2026 M O R G A N S T A N L E Y R E S E A R C H Morgan Stanley & Co. International plc+ Morgan Stanley & Co. LLC Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making th ...

Key Takeaways On July 17, Moonshot released K3, a 2.8T open-weight LLM specialized in long- horizon tasks, knowledge work, and reasoning, with full weights to be released before July 27. K3 uses original algorithm innovations—Kimi Delta Attention and Attention Residual—to improve compute efficiency. In Artificial Analysis ranking, K3 ranks no. 3 globally, only behind two top US LLMs. In Arena.ai's coding leaderboard, K3 ranks no.1 globally. Its API price is the highest among leading Chinese LLMs, narrowing ...

行业研究丨深度报告丨航空货运与物流Ⅲ [Table_Title] 旧秩序的终点，新均衡的起点 ——产业成熟视角下的快递行业框架重构 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 随着快递行业逐步走向成熟，产业供需结构、电商平台需求与政策合规约束同步变化，快递行 业框架有望重塑，快递行业进入成熟再平衡期。一方面，在产业成熟、监管托底和社保权益规 范强化的共同作用下，行业低价竞争边界更加清晰，龙头公司有望依靠综合竞争力和网络稳定 性提升份额。另一方面，随着行业增速逐步下行、份额渐进集中和资本开支收敛，龙头公司的 核心回报将不再主要依赖件量和利润的高速增长，而更多来自利润率改善与自由现金流释放， 头部快递公司自由现金流价值有望迎来重估，推荐中通快递、圆通速递。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% rese ...

Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Conclusion. Overall, we would agree these results are a small negative against expectations, but in reality see nothing in the 2Q26 that is thesis changing versus what we laid out in our Epiroc upgrade to overweight from 12th March 2025. We think after the initial share price move (-6 ...

John Sim AC (1-212) 834-3124 john.sim@jpmorgan.com J.P. Morgan Securities LLC Ani Gelashvili (1-212) 834-2605 ani.gelashvili@jpmorgan.com J.P. Morgan Securities LLC Isabella Lee (1-212) 834-4148 isabella.lee@jpmorgan.com J.P. Morgan Securities LLC North America Securitized Products Research J P M O R G A N 17 July 2026 RMBS Credit Commentary Picking up ARMs Figure 1: RMBS credit issuance to date... | Issuance $mn | 2025 FY | 2025 YTD | 2026 YTD | | --- | --- | --- | --- | | Jumbo 2.0 | 38,025 | 18,285 | 24, ...