Asia Pacific Equity Research 10 June 2026 Innovent Biologics (1801) Overweight Impressive Next-Gen Obesity & Metabolic Pipeline at the ADA 2026 Innovent Biologics unveiled comprehensive pre-clinical and early clinical data for its next-generation obesity and metabolic pipeline at the 2026 ADA (American Diabetes Association) meeting. The portfolio demonstrates a strategic shift toward enhancing patient convenience and deepening efficacy through diverse mechanisms. Key assets include IBI3032, a novel oral GLP ...

J P M O R G A N Asia Pacific Equity Research 10 June 2026 Mitsui O.S.K. Lines (9104) Key takeaways from small meeting with president: Negative impact from Middle East situation does not seem that large We attended the first small meeting with President Tamura since he took office. There were no significant updates regarding the new medium-term business plan announced in March, business strategy, or capital policy, but Mitsui O.S.K. Lines (MOL) did provide a new update on the impact of the situation in the M ...

J P M O R G A N Asia Pacific Equity Research 10 June 2026 GQG Partners May-26 Update: Flows not as bad as we assumed, but performance trends remain tough GQG reported May-26 end FUM of $163.3bn, down 2.2% from Apr-26 FUM of $166.9bn, driven by -$1.9bn from net outflows and -$1.7bn of negative investment performance. The May-26 net-outflow annualises to c.$22.8bn, or - 13.7% of beginning FUM, which remains elevated but has meaningfully improved vs the flow trajectory of $11.9bn through May and also better th ...

J P M O R G A N Europe Equity Research 10 June 2026 Hemnet Model Update Following the release of the company's weaker-than-expected May listings data (here), we lower our FY26 listings forecasts. As a result, we cut our FY26/FY27 revenue and adjusted EBITDA estimates by 3%/3%. We also reduce our peer valuation multiple and lower our Dec-27 price target to SEK 84 (from SEK 96). Underweight HEM.ST, HEM SS Price (09 Jun 26):Skr87.50 ▼Price Target (Dec-27):Skr84.00 Prior (Dec-27):Skr96.00 European Internet Marc ...

J P M O R G A N See page 3 for analyst certification and important disclosures. Economic and Policy Research Ayako Fujita (81-3) 6736-1172 ayako.fujita@jpmorgan.com JPMorgan Securities Japan Co., Ltd. {[{2_yCELfaK3sO7P5hm5_8fI1OolIrKk1cG27AavFldTi0Lv0_dKD8fsxDgxfvAhzyy7V4wMu9YCFQSA5CcvQDbjurjKfhLKxH8cumJh_7}]} Japan Economic Research 10 June 2026 BoJ Preview: A high bar for hawkishness The BoJ is highly likely to raise the policy rate by 25bp to 1.0% at next week's monetary policy meeting, in our view. In A ...

报告行业投资评级 - 报告未明确给出对挪威整体经济或具体行业的投资评级 [1][7][16] 报告核心观点 - 挪威核心通胀（CPI-ATE）在5月份超预期上行至3.4%年同比，高于挪威央行3.3%的预测以及市场共识和摩根大通3.2%的预测 [2][7][16] - 整体通胀（CPI）则下降至3.1%年同比，符合预期，主要受燃料和电力价格走弱驱动 [3][7][11] - 通胀压力呈现分化：服务通胀动能持续降温，而进口商品（尤其是电子产品）价格走强是核心通胀超预期的主因 [2][5][7] - 尽管核心通胀超预期，但考虑到一季度经济活动令人失望、挪威克朗走强以及能源价格走低，预计挪威央行不太可能在6月18日的会议上加息，但仍预计9月会加息 [17] 通胀数据详情总结 核心通胀 (CPI-ATE) - 5月核心通胀年同比上升0.2个百分点至3.4%，未经季调月环比为0.39%，经季调月环比为0.29% [2] - 3个月/3个月折年率（3m/3m saar）为3.4% [2] - 这是核心通胀连续多个季度超出挪威央行预测，使其持续高于3% [2] - 国内核心通胀在5月为3.6%年同比 [18] 整体通胀 (CPI) - 5月整体通胀年同比下降0.3个百分点至3.1%，经季调月环比为0.19% [3][18] - 整体通胀结果符合摩根大通和市场共识的预测，但比挪威央行3.3%的预测低0.2个百分点 [3][18] 分项驱动因素 - **服务价格**：5月经季调月环比仅上涨0.12%，但年同比因基数效应上升0.3个百分点至3.5% [5] - 服务通胀的3个月/3个月折年率动能降至2.5%，为四年来最低 [2] - 服务价格上涨主要受波动较大的机票价格推动，其年通胀率跃升14.6个百分点至1.7% [5][10] - **商品价格**：5月经季调月环比上涨0.60%，超出预期 [5] - 商品价格的3个月/3个月折年率动能跃升至3.9%，为12个月来最高 [2] - 进口核心消费品通胀走强，主要由信息通信设备、家用纺织品、大型家用电器和服装推动 [5] - 电子产品价格大幅加速，3个月/3个月折年率上涨74.2% [5] - **食品价格**：5月经季调月环比下降0.5%，年通胀率从4月的6.6%放缓至3.4% [10] - **租金价格**：5月经季调月环比上涨0.1%，年通胀率稳定在3.9% [10] - **能源价格**：燃料和电力价格均弱于预期，抵消了核心通胀对整体通胀的上行压力 [3][11] - 燃料价格下跌部分源于5月1日的柴油减税和国际能源价格走软 [3] 前景与影响因素 - 挪威克朗升值预计将在未来几个季度对进口消费品通胀构成下行压力 [5][8][16] - 然而，仍然较高的工资增长以及8月托儿费用降低带来的基数效应将产生相反方向的影响 [12] - 全球能源价格上涨的间接影响可能渗透至核心通胀，但时机和幅度不确定 [12] - 预计核心通胀（CPI-ATE）在2026年将维持在3.0%-3.5%的年同比区间内，与挪威央行的预测轨迹基本一致 [12] - 6月17日发布的区域网络调查将是挪威央行下周利率决议前的重要参考 [17]

Sales & Trading FICC Market Structure & Liquidity Strategy 10 June 2026 J P M O R G A N EM Interest Rate Swaps: An evolving landscape An additional component of this growth has been the increasing appetite of emerging market (EM) IRS, led in part by a steady expansion of foreign portfolio participation in EM local markets.[3]In many EM jurisdictions, swaps can offer meaningful capital efficiency relative to cash bonds, often with more continuous liquidity across key tenors, providing cleaner expression of v ...

June 10, 2026 09:30 AM GMT Bangkok Dusit Medical Services | Asia Pacific M Update Risk Reward Update What's Changed Divya.Gangahar@morganstanley.com +65 6834-6438 Bangkok Dusit Medical Services (BDMS.BK, BDMS TB) | Bangkok Dusit Medical Services (BDMS.BK) | From | To | | --- | --- | --- | | Price Target | Bt26.00 | Bt25.50 | | Bull Case | Bt31.50 | Bt30.50 | | Base Case | Bt26.00 | Bt25.50 | | Bear Case | Bt16.00 | Bt15.50 | | Updated Components | | | | EPS | | | | Investment Thesis | | | | Bull Base Bear S ...

June 10, 2026 09:38 AM GMT Asics (7936) | Japan M Update To Spin-off Onitsuka Tiger Key Takeaways We think the organizational change will further simplify Onitsuka Tiger's business structure and better enable expression of the brand's characteristics. Summary of today's press release: Asics intends to spin off the Onitsuka Tiger (OT) business from both the parent and its regional business entities, and reorganize the structure so that OT Group, a wholly-owned subsidiary, will serve as the global headquarter ...

Vi e w p o i n t | While headlines remain in focus on the Strait of Hormuz front, oil prices have generally continued their downtrend after peaking near $120/bbl, albeit in a volatile fashion. Global Macro – While headlines around ceasefire violations and MoU negotiations have remained volatile and at times conflicting, the overall trend in energy prices has been a downtrend since peak in March, albeit within a volatile range. Against this backdrop, we prepare for the ECB to hike this week, and within CEE w ...