沈思逸 A0230521070001 shensy@swsresearch.com 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 2026 年 03 月 23 日 景顺发行纳指等权 ETF ——海外创新产品周报 20260323 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 权 ETP 研 究 - ⚫ 美国 ETF 创新产品：景顺发行纳指等权 ETF。上周美国共 12 只新发产品，景顺上周发行 2 只新产品，1 只为纳斯达克 100 的等权 ETF，通过每季度等权的方式降低集中度，"降 低集中度"也是近两年美国机构投资者比较关心的投资话题；另 1 只为主动红利 ETF，除 了关心股息率、股息增长水平，产品选股时同时关注公司质量、动量指标。 ⚫ 美国 ETF 资金流向：国内股票产品流入明显。过去一周中 ...

Banks have begun the sale of nearly $4.7bn in leveraged loans to help fund Clayton Dubilier & Rice’s (CD&R) planned purchase of packaging manufacturer Sealed Air, reported Bloomberg. According to sources, JPMorgan Chase is leading the syndication of $4.1bn in dollar loans while BNP Paribas is overseeing the sale of a $600m euro-denominated loan. Furthermore, 20 additional banks are also participating in the financing arrangement. Preliminary discussions put pricing for the dollar and euro loans at 3.5- ...

Key Takeaways JPMorgan Chase eyes 9% NII growth in 2026, backed by expansion, strong loans, and rate changes.INTU gains from cloud shift, rising segment revenues, and Credit Karma boosting users and growth. Jack Henry benefits from payment growth, AI fraud tools, and strong demand across key segments.The rapid shift from cash to digital transactions, driven by a push toward convenience and security, has led to meteoric growth in mobile payments. The space encompasses a broad spectrum of innovations, includi ...

Short-term pain followed by some gain down the line — that's how history has handled significant oil price shocks, according to new data pulled from JPMorgan. Going back to 1974, in periods where oil prices have spiked more than 100%, the median performance of the S&P 500 (^GSPC) has been higher one month, three months, six months, and one year following the surge in crude (BZ=F) (chart below). The S&P 500 has a median gain of 6% during the oil price spike period. But don't get too warm and fuzzy, JPMo ...

The main U.S. indexes were on track to open higher on Monday after President Donald Trump said he would order the military to postpone strikes against Iranian power plants and energy infrastructure following “productive conversations” with Tehran.Iran’s Fars News Agency, however, disputed Trump’s statement, citing a source who said there had been no direct communication with the United States, nor via intermediaries. Israel’s military said it was conducting strikes on Iran.Still, global markets staged a sh ...

Core Insights - The article discusses how rising mortgage rates, currently at a three-month high of 6.22%, are benefiting certain companies in the mortgage servicing and real estate sectors [2][4][13]. Group 1: Companies Benefiting from High Mortgage Rates - Rocket Companies (RKT) is highlighted as the primary beneficiary, with a $14.2 billion acquisition of Mr. Cooper, controlling a $2.1 trillion servicing portfolio that generates approximately $5 billion in annualized recurring cash flow [1][6][9]. - JPMorgan Chase (JPM) and Wells Fargo (WFC) are benefiting from expanded net interest income (NII), with Wells Fargo projecting around $50 billion in NII for 2026, up from $46.7 billion in 2025 [1][7]. - Apartment REITs such as AvalonBay Communities (AVB) and Essex Property Trust (ESS) are gaining from increased rental demand as home ownership becomes less affordable, with Essex reporting 3.8% same-property revenue growth [1][8][10]. Group 2: Market Dynamics and Implications - The increase in mortgage rates dampens home purchases and refinancing activity, which strengthens mortgage servicers like Rocket and indirectly benefits apartment landlords as renters opt to continue renting [2][4]. - The current environment favors companies with strong balance sheets, as the boost in rental demand often outweighs the higher borrowing costs faced by REITs [8][14]. - The article notes that the 10-year Treasury yield and predictions about future rate increases will be key indicators for how long this favorable environment for these companies persists [14].

In late 2025, the banking giant JPMorgan (NYSE: JPM) was responsible for the street-high S&P 500 forecast for 2026 of 8,000 points, but it has, in more recent months, engaged in multiple target downgrades.Specifically, after first dropping the estimate to 7,500, the company again lowered the prediction to 7,200 in late March. Thus, instead of the originally anticipated 16.65% rise in 2026 from 6,858 to 8,000, a 5% rise is expected.Simultaneously, while JPMorgan apparently still estimates that the benchmark ...

Core Insights - Bank stocks, particularly JPMorgan Chase, are underperforming this year, with the KBW Nasdaq Bank Index down approximately 9% YTD and JPMorgan Chase down about 10.6% YTD, marking a deviation from its historical outperformance [1][2] Group 1: Performance and Market Conditions - The underperformance of JPMorgan Chase and other megabanks is attributed to concerns over new capital requirements that mandate banks with over $250 billion in assets to increase liquidity to manage potential shocks [2] - Federal regulators, however, are considering scaling back these requirements, proposing only a small increase similar to those faced by banks in the U.K., which could alleviate some investor concerns [3][5] Group 2: Regulatory Environment - The Basel III requirements set a minimum Tier 1 Capital Ratio at 6%, aimed at ensuring banks maintain a robust core capital base to absorb financial shocks and enhance stability [4] - Proposed adjustments to the global systemically important bank (G-SIB) surcharges could further reduce requirements for large banks, potentially benefiting U.S. banks by leveling the playing field with international counterparts [5] Group 3: Legal and Financial Concerns - JPMorgan Chase faces a $5 billion lawsuit from the Trump Administration, alleging political motivations behind the debanking of President Trump and related entities, which has negatively impacted investor sentiment despite the bank's assertion that the suit lacks merit [6] - The company's stock has also been affected by guidance indicating a planned $105 billion in spending by 2026, which is 10% higher than 2025 and exceeds analyst expectations, with a significant portion allocated to technology updates and AI integration [7]

JPMD on base pays 4-5% interest to corporate treasuries. USDC pays 0%. GENIUS Act lets JPMorgan run fractional reserves on deposit tokens while forcing Circle into 100% collateralization. same chain, completely different regulatory treatment. circle's entire institutional pitch just got arbitraged by a bank charter ...

证券研究报告 | 2026年03月22日 美股市场速览 弱于大市 资金加速流出，盈利显著上修 价格走势：多数行业回撤，能源与银行较强 本周，标普 500 指数-1.9%（上周-1.6%），纳斯达克综指-2.1%（上周-1.3%）。 风格：大盘价值（罗素 1000 价值-1.3%）＞小盘价值（罗素 2000 价值-1.5%） ＞小盘成长（罗素 2000 成长-1.8%）＞大盘成长（罗素 1000 成长-2.4%）。 3 个行业上涨，21 个行业下跌。上涨的主要有：能源（+2.8%）、银行（+1.7%）、 综合金融（+0.1%）；下跌的主要有：汽车与汽车零部件（-5.4%）、公用事 业（-5.0%）、食品与主要用品零售（-4.7%）、食品饮料与烟草（-4.6%）、 材料（-4.4%）。 资金流向：整体加速流出，少量流入能源 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-155.5（亿美元， 下同），上周为-27.1，近 4 周为-313.9，近 13 周为-464.9。 4 个行业资金流入，19 个行业资金流出，1 个基本持平。资金流入的主要有： 能源（+6.6）、银行（+2.1）、运输（+1.4 ...