Informes públicos de investigación

Johnson & Johnson

JNJNYSE

Infraponderar

Trim JNJ into $263-$267 strength and maintain a 60%-70% core position rather than chase the rally.

Alibaba Group Holding Limited Sponsored ADR

BABANYSE

Infraponderar

Underweight BABA: trim rebounds, make no new purchase, and cap any existing monitoring stake at 0.25% of portfolio value.

Walmart Inc.

WMTNASDAQ

Infraponderar

Underweight WMT: trim exposure into $114.00-$117.70 rallies and retain only a defensive core pending cash-flow and trend confirmation.

AT&T Inc.

TNYSE

Infraponderar

Underweight T: sell into strength near $25.25 and retain only a 50%–65% core position pending cash-flow and trend confirmation.

Intel Corporation

INTCNASDAQ

Infraponderar

Underweight INTC: trim promptly toward 50%–60% of normal benchmark weight and use a failed rebound near $101.70 for further reduction.

Digital Realty Trust, Inc.

DLRNYSE

Infraponderar

对DLR执行低配减持而非清仓，将持仓降至基准权重的45%—60%，当前不追高。

Micron Technology, Inc.

MUNASDAQ

Infraponderar

Reduce MU to Underweight with a 30–40% trim; retain ~60% core stake for the AI memory franchise but protect capital with a hard stop at $880.

JP Morgan Chase & Co.

JPMNYSE

Mantener

维持JPM现有持仓，当前$353附近不加仓不减持；等待回调至50日均线（~$322）且Stoch.K回落至50以下、ADX回升至20以上后，方可将评级升级为Overweight并分批加仓。

中富电路

300814.SZSZSE

Infraponderar

在135–143元阻力区间执行35%–50%主动减仓，设置114元为最终保护性止损；严禁新增买入，保留观察性底仓仅待中报数据验证。

Alphabet Inc.

GOOGNASDAQ

Infraponderar

维持减持（Underweight）评级，在$315-$325区间分批卖出25-30%仓位，剩余仓位以$285为止损线，等待AI资本开支回报的可量化证据出现后再考虑回补。

宁德时代

300750.SZSZSE

Sobreponderar

For 300750.SZ, initiate only one-third of the intended addition around CNY 370–375 (reference entry CNY 372.5) and target an initial portfolio weight of about 1.1x benchmark, not 1.25x.

Agricultural Bank of China Limited Class A

601288.SSSSE

Mantener

对601288.SS的最终决策为持有：维持现有基准仓位，在6.39元附近不追涨；若当前低配，也不急于补足。

China Construction Bank Corporation Class A

601939.SSSSE

Sobreponderar

Overweight `601939.SS`, but implement the view as a conditional, staged accumulation rather than approving the trader’s full BUY.

Katakura Industries Co., Ltd.

3001.T

Sobreponderar

对 3001.T 的最终评级为 Overweight：在约 2,538 日元附近先建立组合 0.5%—0.8% 的试探仓，回踩 2,500—2,511 日元企稳或放量收盘突破 2,655 日元后再加仓；突破 2,730—2,780 日元及 200 日均线前，总仓位不超过 1.5%。

Contemporary Amperex Technology Co., Limited Class A

300750.SZ

Sobreponderar

对 `300750.SZ` 给予 Overweight，采用有条件的三段式增配，而不是一次性追买：在 366-370 CNY 附近仅建立组合净资产约 1.0%-1.5% 的试探仓，收盘连续 2-3 日站稳 369.46 CNY 且动能改善后提高至约 2.5%-3%，站稳 387.23 CNY 后增至 4%-5%，最终 5%-7% 仓位须由突破 400.62 CNY 或下一期财报继续验证基本面触发，单一标的上限为 8%。

Tencent Holdings Ltd

700

Sobreponderar

对 700 采取条件式分批增配：当前若接近 474–483 港元压力区，仅建立组合净资产 1.5%–2.0%的先导仓；优先在 457–451 港元企稳后增至约3%，或待放量突破483港元、连续两日守稳并回踩有效后增至3.5%–5%。

Apple Inc.

AAPL

Infraponderar

For AAPL, reduce the current holding by 20%–30% in 5%–10% tranches on strength around $327.50–$330, bringing exposure to roughly 75%–85% of neutral benchmark weight; do not short or use leverage.