Internationally:
1. JPMorgan: US Treasury intervention in the yen has limited impact.
2. JPMorgan: Inflation alone is insufficient to end the long-term upward trend of US stocks; the S&P 500 will rise by approximately 10% over the next 12 months.
3. Morgan Stanley: Upgrades South Korean stocks to overweight; 36% upside potential after leverage clearing.
4. Mitsubishi UFJ: A substantial change in fundamentals is needed for a more sustained decline in USD/JPY.
5. State Street Asset Management: The Bank of Japan may raise interest rates in September or October.
6. BlueBay: Fed's Warsh faces the risk of market confidence evaporating.
7. Oxford Economics: Inflation risks are escalating; the likelihood of a September rate hike by the ECB is increasing.
Domestically:
1. CICC: The AI correction is similar in magnitude to the four rounds of pullbacks in 2000; stabilization in this round requires the easing of three major pressures.
2. CITIC Securities: Advanced packaging continues to iterate and upgrade; glass substrates have great potential.
3. CITIC Securities: Short-term uncertainties coexist with long-term opportunities; a glimmer of hope will appear only after the interest rate hike is implemented.
4. CITIC Securities: The painful adjustment period is over; right-side opportunities are emerging. We are optimistic about the performance during the August new car sales catalyst period.
5. GF Securities Strategy: After the rapid pullback in July, AI assets are likely to have considerable room for correction.
6. Huatai Securities: We are now closer to the "initial bottom of the trading market."
7. Huatai Securities: Fund holdings and valuations in the auto sector are at historical lows; pay attention to the improvement in domestic sales by the end of the third quarter.
8. Dongwu Securities: The near-record high US consumer credit delinquency rate does not necessarily indicate a comprehensive and sustained deterioration in the US credit situation.
