July 13, 2026 02:25 PM GMT S. Korea Insurers | Asia Pacific 2Q26 Preview: Modest Quarter, With Greater Focus on 2H 2Q should be a modest quarter with no major surprises, and we do not expect 2Q26 to serve as a broad re-rating catalyst. In 2H, investor focus is likely to shift toward indemnity reform and capital allocation, with DBI remaining our preferred pure- insurance defensive idea. 2Q26 preview – relatively quiet quarter: 2Q26 earnings for Korean insurers should be broadly uneventful, with no significa ...

——全球产业趋势跟踪周报（0713） 本周产业集中在国产算力、先进封装和商业航天。国产算力迎最新催化，世界人 工智能大会即将召开，华为将首次展出业界最大规模超节点 Atlas 950 SuperPoD 真机。在摩尔定律边际放缓的背景下，华为"韬定律"进一步强化 了后摩尔时代对封测环节的价值重估，提升系统性能和能效。我国长征十号乙 运载火箭成功实现一子级可控回收，标志着我国在可重复使用运载技术领域取 得重要进展，有望加速商业航天产业链向技术成熟阶段迈进。 【主题与产业趋势】世界人工智能大会即将召开。本届大会在展览规模、首发新 品数量、论坛场次等方面均创下历届新高。需要重点关注：1）在大模型基座和 智能体操作系统方面，阶跃 Agent 操作系统、MiniMax M3 多模态大模型等将在 本届大会上展出；2）在 AI 芯片与算力基础设施方面，华为将在 WAIC 2026 上 首次展出业界最大规模超节点 Atlas 950 SuperPoD 真机。韬定律指导下的先进 封测升级。在摩尔定律边际放缓、先进制程推进成本持续抬升的背景下，半导体 性能提升的重心正加速向先进封装延伸。华为"韬定律"进一步强化了后摩尔时 代对封测 ...

J P M O R G A N Asia Pacific Equity Research 13 July 2026 COSMOS Pharmaceutical (3349) 4Q FY5/26: Results, new guidance both in line with estimates; only limited improvement in profitability expected in FY5/27 Neutral: 4Q operating profit grew 17.7% to ¥10.3 billion. This was somewhat below our June 23 forecast of ¥11.2 billion but in line with the latest market forecasts in real terms, in our view. Only slight operating profit growth is expected in FY5/27. According to management, (1) it has started to ide ...

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 ...

J P M O R G A N Global Markets Strategy 13 July 2026 Japan Equity Strategy AI market mini rotation and Japan equity strategy Semiconductor stocks have fallen since peaking in late June, and the past three weeks have looked like a mini correction. Over the past three weeks (from June 22 through July 10), TOPIX has been roughly flat, while the Nikkei 225 fell 4% and the Nikkei semiconductor index fell 15%. In global markets, the S&P is also up 1% while semiconductor indices have fallen more than 10% (generall ...

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 ...

Thermal coal prices trended down WoW, while coking coal prices varied. Thermal coal prices rolled back: QHD 5500 inched down 0.8% WoW to Rmb721/t as of July 10. BSPI edged up 0.3% WoW to Rmb714/t. CCI 5500 slipped 3.4% WoW to Rmb800/t. Mine-mouth prices for Shanxi Datong 5800 declined 2.4% WoW to Rmb683/t. July 13, 2026 02:39 PM GMT China Coal | Asia Pacific Weekly Coal Update: Periodic Coal Inventory Hovers at 5-year High at Bohai-Rim Ports Key Takeaways Seaborne prices unchanged: NEWC prices were flat WoW ...

July 13, 2026 02:33 PM GMT Australia Materials | Asia Pacific Equity Analyst R.Anand@morganstanley.com +61 2 9770-1136 Michael A Stancliff Research Associate Michael.Stancliff@morganstanley.com +61 2 9770-9253 M Idea DataDig: Pullback Playbook Charts, analysis, and comparables for the global mining sector. We think recent mining sector weakness reflects profit-taking after an 18-month run, rather than a cycle inflection. The pullback creates opportunity to rotate into commodities with stronger demand fundam ...

Brazil Healthcare Services and Educational Services Healthcare & Education CVM Insiders and Buybacks Monitor – June/26 CITI'S TAKE We consolidate the balance of insider transactions (i.e., controlling, management, board) and buyback programs for our coverage group in June (Figure 1) and over the past 12 months (Figures 2 and 3), as well as refreshing the current stage (Figure 4) and size (Figure 5) of active buyback programs. In June, RDOR remained the highlight with accelerated buyback activity (R$638mn) a ...

Ac t i o n | 13 Jul 2026 10:30:14 ET │ 14 pages Kangwon Land (035250.KS) 2Q26 Preview: Expect 2Q26E EBIT to Decline 13% YoY CITI'S TAKE Assuming a similar negative impact on local Korean gaming budgets from the global soccer tournament as on Macau, we believe KWL's 2Q26E GGR could fall -3% YoY. On a separate note, we are more optimistic about the revenue drag from the hotel and condo renovations than management guidance of 20–30%, given the ~60–70% blended occupancy rate of KWL's hotel portfolio in FY25 and ...