JPMorgan's latest FX strategy maintains bearish USD outlook despite DXY's 10% YTD decline, weakest H1 since 1980. Report emphasizes tariff risks severely underpriced by markets: threats of 50% on Brazil, 35% on Canada, 50% on copper, up to 200% on pharmaceuticals escalating. August 1st and 12th emerge as critical dates. Safe-haven CHF and JPY poised to outperform, EUR targets 1.20-1.22 medium-term, Q3 raised to 1.19. Triple US policy pressure: fiscal package fails to boost growth, immigration policies drag, Fed independence questioned. Technical indicators turn USD bullish but structural factors override short-term signals. EM FX overbought, tactical reduction recommended.

UBS's latest report reveals JD's Q2 food delivery investment of RMB 10B, with full-year projection of RMB 35B, directly causing adjusted net profit to plummet 61% YoY to RMB 5.6B. Despite near-term pressure, JD's retail business shows resilience with 14% revenue growth outpacing market's 7%, maintaining stable 3.9% profit margin. Key highlights: DAU/MAU growth leading e-commerce peers since April, significant traffic gains among female users and lower-tier cities, early signs of food delivery-retail synergy. UBS cuts target price to $50 but sees limited downside risk at current 8x core P/E valuation. Investors should focus on food delivery ROI inflection point and cross-selling effectiveness.

WSJ weekend edition shows US stocks near historic highs despite tariff threats, with NVIDIA becoming first $4T market cap company globally. Copper surged 9.1% on 50% tariff announcement, largest weekly gain since 2022, adding $200M costs to ConAgra. Corporate reshuffling accelerates: Kraft Heinz plans spinoff, Google acquires AI coding firm Windsurf for $2.4B, Costco's Kirkland brand generates $86B annually. Political tensions: White House pressures Fed Chair Powell, federal judge blocks ICE racial profiling, rural police violence surges 43%. Cultural shifts: "Longevity Ladies" drive hormone research, Love Island USA receives 20K applications, Texas floods claim 120+ lives.

BofA Securities' July 9 mid-year review predicts global stocks (ex-US) will outperform S&P 500 by 11pp in 2025, best performance since 2009. Core allocation strategy: equity preference for value and quality assets, fixed income using "prudent yield" strategy (current yield 5.2%, 12-month return 6.9%), inflation hedge via real assets. Economic outlook: 2025 global GDP growth 3.0%, Fed no cuts in 2025, potential 100bp cuts in 2026. Significant soft-hard data divergence: hard data +0.3 standard deviations above average, soft data -0.6 below average, pessimistic sentiment may catalyze H2 rally. AI and defense viewed as non-overhyped long-term themes: AI enterprise adoption rose from 4% to 9%, NATO 2035 defense spending target 5% of GDP. ETF valuations elevated, median PE 15.5x, aerospace/defense 2 standard deviations above average.

JPMorgan's July 9 research reveals Broadcom's AI inference workload demand surge exceeding 2027 projections as new growth driver. Company's 2nm 3.5D AI XPU tape-out progresses on schedule with potential partnerships including Arm/Softbank and OpenAI. AI networking revenue (30% of AI total) delivers above-average margins, with 2026 AI revenue projected to grow 60%. Non-AI semiconductor business shows U-shaped recovery while VMware targets $200B annual revenue. JPMorgan maintains Overweight rating with $325 target based on 33x P/E and strong operating leverage.

Morgan Stanley's July 10 CIO survey shows 2025 hardware spending growth at only 1.5%, 30bp below historical average, making it the sole decelerating tech end-market. Large enterprises remain robust (2.4%) while SMBs recovered from -0.2% to 0.9%, but mid-market firms drag overall performance. Macro uncertainty and geopolitical risks are core downside factors, with hardware projects viewed as "least defensive" by CIOs. 39% of AI funding comes from new budgets with zero CIOs citing existing hardware budgets, indicating pure incremental effect. 60% of Gen AI projects deploy in 2025, 30% delayed to 2026. Hardware stocks trade at 19x PE, 1 standard deviation above historical average. Morgan Stanley favors AI-exposed names (STX, WDC, DELL) and operational efficiency plays (SNX, CDW, KRNT).

Goldman Sachs' latest survey of six major Chinese automakers including BYD, XPeng, Nio, and Leapmotor reveals profound industry transformation. Government subsidies expected to continue with evolving formats, keeping actual vehicle purchase costs stable; competition to persist for 2-3 years but shifting from price wars to "value competition"; LiDAR adoption accelerating with growing customer acceptance of autonomous driving; overseas expansion showing strong performance with BYD achieving 464k overseas sales (+128%) in H1. Key insights include XPeng's Turing AI chip breakthrough, Nio's 10k workforce reduction, and Leapmotor's 222k H1 sales (+156%).

Morgan Stanley's survey of 100 North American and European CIOs reveals 2025 IT budget growth expectations adjusted to 3.6%, down from 4.1% earlier this year. Key findings: AI/ML maintains top CIO priority despite ongoing ROI validation challenges, with 39% of CIOs allocating new budgets for GenAI; security spending expected to surge 9.8% as the most defensive IT category; cloud workloads to grow from 44% to 68% by 2027; Microsoft leads in AI and cloud services adoption. While short-term budget revision trends skew negative (0.7X ratio), long-term digital transformation confidence remains robust (3.4X ratio).