实时全球研报

Today‘s Morning Meeting

发布日期: 2026-07-16研究机构: JPMorgan报告页数: 9原文语言: English证据页码: 1

研报英文原文证据摘录

CEEMEA Equity Research

CEEMEA First to Market 16 July 2026

Today’s Morning Meeting | Also Published Today| Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

CE3 FX Strategy: Steady does it (Anezka Christovova)

We remain OW HUF and CZK and do not chase Zloty weakness

CE3 FX has recently come under some pressure as downside inflation surprises have inspired dovish central bank shifts in

Hungary and Poland, while external risks have resurfaced.

CW | EMEA Gold Miners (Patrick Jones/Dominic O'Kane)

Q2’26 into the print: pullback & catalysts offer compelling entry point; AngloGold & Fresnillo stay

Top Picks & place GFI on Positive Catalyst Watch

As we approach Q2’26 results season, we see the ~35-45% pullback in EMEA Gold Miners since the start of the Iran-US

conflict as a compelling entry point with both company specific catalysts near-term and inexpensive valuations. Although JPM

Commodities Research have lowered their YE'26 gold target to ~$4,500/oz (~$6,300/oz prev) given reduced ETF flows, more

measured central bank buying and subdued Asian physical demand, they maintain their long-term bullish outlook, expecting

structural buying to return in 2027 ( link ). On central banks, they see the EM-led diversification case as structurally intact and

note that lower prices are self-correcting, eroding gold's reserve share and increasing the tonnage needed to reach target

allocations . Among the EMEA Gold Miners, we see several positive catalysts across the subsector, including excess cash

returns and organic growth progress. With EMEA Gold Miners pricing in long-term gold prices of only ~$3,200-3,800/oz (~10%

below spot, ~20% below JPM Commodities’ YE'26 forecast), we see the pullback as an attractive entry point. AngloGold (OW)

本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文，不做批量翻译；登录后在阅读器切换中文时才按需翻译。