星标 ★ IPO日报 精彩文章第一时间推送 6月24日晚间，奥康国际（603001）发布公告称，公司正在筹划涉及资产购买的重大事项，目前尚处于筹划阶段。为保证公平信息披露、维护投资者利 益，公司股票自6月25日开市起停牌，预计连续停牌时间不超过2个交易日。 奥康国际称，目前本次交易仍处于筹划阶段，具体交易方案仍在商讨论证中，尚存在不确定性。 值得一提的是，在停牌消息释放前，奥康国际股价已强势涨停，6月24日收盘价为14.14元/股，涨幅10.04%，成交额高达4.47亿元，总市值56.70亿元。整 体来看，奥康国际近期股价走势强劲，6月19日、6月24日两个交易日录得涨停，实现"四天两板"。 近几年，奥康国际业绩承压。公司所处皮鞋行业市场环境的变化，是导致其业绩持续承压、难以扭转颓势的根本性外部因素。在运动休闲风潮的冲击 下，传统皮鞋的消费场景萎缩，行业整体已步入产销量同步收缩的下行周期。 数据显示，这一收缩趋势近年来持续加剧。2023年，中国皮鞋产量与需求量已分别降至35.91亿双和29.2亿双，出现小幅下滑；至2024年，产量进一步走 低至35.78亿双。进入2025年，中国皮革协会的数据显示，重点企业皮 ...

J P M O R G A N Global Markets Strategy 25 June 2026 Asia Pacific Equity Derivatives Strategy Diversifying into Korea non-AI themes amid elevated market volatility: Korea buyback basket and Samsung pref/ord convergence with options overlay Global Equity Derivatives Strategy Tony SK Lee AC (852) 2800-8857 tony.sk.lee@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Haoshun Liu AC (852) 2800-7736 haoshun.liu@jpmorgan.com J.P. Morgan Securities (Asia Pacific) ...

Changshu Rural Commercial Bank - A Underweight Model Update We update the model to factor in the stock dividend (1 new share for every 10 shares held) and cash dividend distributed in Jun 2026. For 2026-28E, we keep our profit estimates unchanged, while lowering our EPS estimates by 6%/7%/7% due to the new share dividend issued. As a result, our Dec-26 PT falls by 4% to Rmb5.40. Stay UW. Asia Pacific Equity Research 25 June 2026 Banks & Financial Services Haomin Chen AC (86-21) 6106 6347 haomin.chen@jpmorga ...

J P M O R G A N Europe Equity Research 25 June 2026 JPM | Building Broadcast: BKG, HOLN, SGO, ADP, FER, BTRW JPMC Construction Daily Building Materials Infrastructure • ADP: Capacity of Almaty airport may be increased to 55 mln passengers a year. Bloomberg reports that the implementation of the investment program Elodie Rall AC (44-20) 7134-5911 elodie.rall@jpmorgan.com J.P. Morgan Securities plc Zaim Beekawa (44-20) 7134-4175 zaim.beekawa@jpmorgan.com J.P. Morgan Securities plc Jamie Smallbone (44-20) 3493 ...

J P M O R G A N Global Markets Strategy 25 June 2026 EM Equity ETF Flows More than US$1bn in subscriptions into major EM ETFs in last 3 days – 24 June 2026 Equity Macro Research Rajiv Batra AC (65) 6882-8151 rajiv.j.batra@jpmorgan.com Khoi Vu, CFA (65) 6882-8170 khoi.t.vu@jpmorgan.com J.P. Morgan Securities Singapore Private Limited | | 18-Jun-26 | 19-Jun-26 | | 22-Jun-26 23-Jun-26 | 24-Jun-26 | 1M | 3M | YTD | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Total EM** | 345.43 | 10.1 ...

Olivia Petronilho - Specialist Sales - European Consumer AC (44-20) 3493-3709 olivia.b.petronilho@jpmorgan.com J.P. Morgan Securities plc Europe Specialist Sales 25 June 2026 J P M O R G A N In details Domino's Pizza (initiate at UW), H&M, Moonpig, easyJet, ... Olivia Petronilho +44 207 134 2676 olivia.b.petronilho@jpmorgan.com H&M. Sales slightly ahead; EBIT a +MSD% beat Flat sales for both Q2 and June came in slightly ahead of expectations. Adj. EBIT came in 4% ahead of cons - worth noting the beat would ...

业绩总结 - BT集团预计未来12个月自由现金流将达到30亿英镑，可能会使其股价翻倍[25] - 欧洲电信公司年初至今股价上涨超过20%，市场重新评级的可能性仍然存在[22] 用户数据 - 根据J.P.摩根的“生活成本”调查，30%的消费者面临电信账单上涨，英国的增长前景最佳，美国最差[22] - UK Altnets的研究显示，18%的英国家庭的宽带速度低于服务义务标准[18] 市场动态 - 欧洲电信行业预计在2026年将迎来长期期待的行业整合[22] - 2026年，电信行业的宏观不确定性进一步凸显了该行业的防御性和结构吸引力[22] - 法国电信市场竞争持续，但市场整合的前景依然存在[25] 并购与重组 - Bouygues以71亿欧元收购Equans，价格高于预期，可能会推动法国市场的整合[25] - Verizon收购Carolina West Wireless网络，预计将改善其在北卡罗来纳州的覆盖[9] - Liberty Global获得欧盟批准，完全控制VodafoneZiggo合资企业[15] - Zegona正在谈判重组约30亿欧元的债务，目标是每年节省约5000万欧元的利息[10] 新产品与技术 - Telefonica完成西班牙边缘数据中心网络的第一阶段，旨在降低延迟[15] 其他策略 - Digi考虑为其西班牙子公司启动IPO，预计筹集至少3亿欧元[8] - Telenor的KNL被纳入英国战术通信框架，框架总值高达47亿英镑[13] - 德国电信监管机构确认推迟频谱拍卖，这对所有德国电信公司都是积极的[27] - KPN在荷兰的定价环境仍然具有吸引力，维持“超配”评级[27] - 欧洲电信行业面临的债务和股息依赖问题亟需解决[22] 投资评级 - J.P. Morgan的全球股票研究覆盖范围中，51%的公司被评为“超配”，37%为“中性”，12%为“减持”[38] - 在投资银行客户中，83%的公司被评为“超配”，79%为“中性”，74%为“减持”[38] - J.P. Morgan的研究分析师的薪酬基于研究质量、客户反馈等多种因素[44]

J P M O R G A N Asia Pacific Equity Research 25 June 2026 Catalyst Calendar - Japan Equity June 25 Issue Main Events Japan Equity Research Japan Equity Research Japan Research AC japanresearch@jpmorgan.com Akira Kishimoto AC (81-3) 6736-8646 akira.x.kishimoto@jpmorgan.com JPMorgan Securities Japan Co., Ltd. See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. {[{9kRJJo1zqxX8QolWHXutrAk6DCEdvlEkeFug8f6OQpzKMTIRr5yjy1vc03jNy0UzbSGN9fm3GTbLrggbmMhLdxUCT5P9wpvTAw ...

India Consumer | Asia Pacific 1QF27 Paint Dealers DIY Check Key Takeaways June 25, 2026 06:34 AM GMT F4Q26 Paint Dealers DIY Check 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 their investment decision. For analyst certification a ...

Global Equity Research This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. | India IT Services (Ankur Rudra, CFA/Bhavik Mehta, CFA), India Numbers vs. narrative: Moderating medium-term estimates as the tension continues - 1QFY27 preview; downgrade HCLT, WPRO, TA ...