USA | Software Cloudflare Equity Research NET Investor Day: Act 4 Feels One Step Closer We attended NET's Analyst day which laid out a compelling vision of Act 4; where NET appears well-positioned to help provide the guardrails of internet monetization for content providers in the future. Rule of 50%+ guidance for CY28 was positive, although the ambiguity of the growth/profit split raises some growth decel fears (we disagree). Pres. Mark Anderson retirement + 20% RIF raises execution risk, although NET has ...

报告投资评级 - 对阿里巴巴集团控股重申“买入”评级，目标价为208美元 [1][5][8] 报告核心观点 - **市场担忧为时过早**：市场对中国政府计划在未来五年投资约2万亿元人民币建设数据中心以推动国内人工智能产业的消息反应消极，导致阿里巴巴股价下跌，但报告认为这些担忧为时过早，不应将此视为与阿里巴巴、腾讯和百度等私有超大规模企业的“零和游戏” [1][2] - **政府投资促进广泛采用**：政府介入投资建设数据中心容量，将推动人工智能更广泛的采用，因为许多国有企业和中小企业可能无法负担高昂的AI使用成本 [1][3] - **差异化市场定位**：政府资助的产能可能主要服务国有企业和中小企业，这使得阿里巴巴等私有云厂商可以专注于服务需要专属支持和频繁AI解决方案更新的高利润率企业客户 [1][3] - **租赁模式带来机遇**：阿里巴巴等超大规模企业可以增加从政府资助项目中租赁数据中心的比例，从而减轻自建数据中心所需的前期资本支出，并将资源重新分配到芯片、模型和解决方案的创新研发上 [1][4] - **基础设施协同效应**：政府投资建设高速计算能力通道和骨干网络互联，阿里巴巴等超大规模企业也可能受益于其数据中心与业务节点之间更低的传输延迟和带宽成本，使“东数西算”连接更顺畅 [7] 公司估值与预期 - **目标价与预期回报**：基于分部加总法，对阿里巴巴美股的目标价为208美元，预计股价回报率为73.8%，预期股息收益率为1.7%，预期总回报率为75.4% [5][9] - **估值方法**：目标价基于对2027财年各业务板块的预测：电商集团净利润采用10倍市盈率，云智能集团收入采用7.0倍市销率，阿里数字商业集团收入采用2.0倍市销率，其他所有业务采用1.0倍市销率，并对净现金头寸给予30%的折价，与对其他互联网同行的估值方法一致 [9] - **当前市场数据**：截至2026年6月9日，股价为119.70美元，市值为2871.76亿美元 [5]

EUROPE | Medical Supplies & Devices Equity Research May VA Hearing Aid Data +1% YoY VA purchase values improved 1% YoY in May when adjusted for business days (-4% YoY when unadjusted due to 1 trading day less). SOON's market share dropped by 180bps MoM to 54.1%. Demant's market share increased by 360bps MoM to 21.6%, and GN's market share decreased 100bps to 8.9%. WSA's market share expanded 40bps MoM to 6.3%. Starkey's market share dropped by 110bps MoM at 9.1%. ~1% yoy increase in May when adj. for busine ...

WKP is a net seller of non-core and completed £125.7m of asset disposals, exchanged two properties for £6m, and is discussing £60.4m more toward its £200m target. Major improvements are underway at key assets, including Salisbury House and Cargo Works, to enhance amenities and operational earnings. Customer demand remained strong, with 1,310 lettings and 558 renewals totalling £50.4m rental value, converting 77% of enquiries to viewings and 17% to lettings. Portfolio occupancy stabilized at 81.6%, while ren ...

June 10, 2026 06:48 AM GMT Kongsberg Gruppen ASA | Europe M Update CMD 2026 First Take: 2029 Targets Shy Of Expectations (Revs In-Line, Margin Below), With DD Growth Through 2033 Our view: While its growth ambitions are significant, the 2029 revenue target of NOK 100bn is in line with current VA consensus at ~NOK 99bn. Meanwhile, management's EBIT margin ambition of >16% for both 2029 and 2033 is consistent with company messaging of limited margin expansion going forward (2025: 15.1%) due to customer mix, w ...

Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412 scott.silver@jpmorgan.com J.P. Morgan Securities plc Europe Specialist Sales 10 June 2026 J P M O R G A N Silver Sunrise Euro TMT Daily Scott Silver +44 207 134 0412 scott.silver@jpmorgan.com EU TMT TODAY QUICK SILVER : SNIPPETS Events 1 {[{U2fNBRvYH1DAL6hngqyDVdE_qGyhpfr5Xo6nC9qTyDvhkbECWig9Y3RV5hOt0k0Q-gunPlljsPHEYqGgHJotcDKHRGgKn7YU8ZREMSHU}]} • UMG & Vivendi - UMG … a hairy peach- Daniel Kerven Read Full Note Here • Tech Snippets -Nvidi ...

J P M O R G A N Global Markets Strategy 10 June 2026 European Equity Derivatives Strategy H2 2026 Outlook and Trade Ideas: the Pain-Trade Remains to the Upside The Iran war lifted European volatility from a mid-teen regime to persistently higher levels. We expect volatility in H2 to be lower than the H1 median of 21, with a target VSTOXX level of 18 to 19. European equities are expected to catch up, but this view is conditional on progress on the Iran war. Meanwhile, positioning in European equities has wea ...

M Update Takeaways from Small Meeting with President: Long-Term Nature of Shinagawa Area Development Reaffirmed On June 10, we attended a company-hosted small meeting with President Kawamata (sell-side only, in-person format). Four key takeaways from the meeting are as follows: 1) Takanawa 3-chome Project: Currently under development by Keikyu. Steady progress toward completion in 2029, with a timeline somewhat ahead of initial expectations. Capex tracking in line with company assumptions. Leasing currently ...

报告投资评级 * 报告未提供明确的行业或资产类别整体投资评级，但通过对技术面和季节性因素的分析，暗示了欧元区主权债利差（特别是法国国债OATs）在短期内面临扩大的压力，整体技术背景具有挑战性 [1][4] 报告核心观点 * 报告核心观点认为，结合历史季节性规律和夏季净发行量来看，欧元区主权债利差（特别是法国国债OATs与德国国债Bunds的利差）在未来几个月（6月至8月）的收窄潜力有限，技术背景面临挑战 [1][4] 季节性模式分析 * 从6月10日至8月底的季节性模式显示，欧元区主权债利差（EMU spreads）呈现出最一致的走阔趋势 [1][2] * 例如，过去五年中，10年期法国国债OAT与德国国债Bund的利差以及10年期意大利国债BTP与德国国债Bund的利差（恒定到期日）在此期间每年都出现走阔 [2] * 具体到月度，10年期OAT-Bund利差在6月、7月和8月各自在过去五年中至少有三年出现走阔 [2][9] 夏季净发行量分析 * 在季节性因素之外，法国和意大利在夏季的净现金需求相对较高 [3] * 2026年6月至8月，法国的净现金需求约占其全年总量的41%，远高于欧元区11国26%的平均水平（德国为25%，西班牙为15%）[3] * 意大利的净现金需求占比更高，为45%，但其需求主要集中在6月，7月和8月的净现金需求合计为全年总量的-13% [3] * 法国的净现金需求在整个夏季持续处于高位，6月、7月、8月的月度总额均超过前四个月 [3] * 在6月至8月欧元区11国的总预期净现金需求中，法国占据了不成比例的大份额，达到38% [3] 技术面综合判断 * 尽管宏观事件和风险资产表现可能主导市场，但上述对过去季节性规律的观察，加上净发行量的情况，进一步表明欧元区主权债利差的收窄潜力目前看来有些有限，尤其是法国国债OATs [1][4] 近期拍卖与相对价值 * 报告列出了本周（以2026年6月9日为基准）的名义债券拍卖相对价值指标 [16][17] * 2026年6月10日的拍卖包括：50亿欧元的10年期德国国债（DBR 2.9% Feb36）和10-12.5亿欧元的葡萄牙国债（PGB 0.9% Oct35 及 PGB 4.1% Feb45）[17] * 报告提供了这些债券的收益率、相对于拟合曲线的估值以及3个月Z分数等相对价值指标 [17]

Flash | 10 Jun 2026 01:49:46 ET │ 10 pages CSL Ltd (CSL.AX) Sanofi's C1 inhibitor stopped for futility in refractory CIDP CITI'S TAKE We note that Sanofi (covered by Graham Parry) has today announced discontinuation of the phase III MOBILIZE trial for riliprubart monotherapy in refractory CIDP following interim futility analysis, and is evaluating whether to continue with other trials in the program. CIDP is the largest indication into which CSL sells Ig (c.22% of total Ig sales) and potential competitive t ...