〔Day Digest〕Barclays Lifts CoreWeave & Cisco Targets; Citadel's 10 Bullish Reasons; China Research Backs Rail, Grid, 3D Printing

Ratings & Positioning

Barclays raised CoreWeave's price target from $90 to $105 and Cisco's from $121 to $123 ^[1][2]. Citadel Securities' Scott Rubner presented a 10-point bullish checklist for August, arguing that after a mature deleveraging, multiple demand sources are strengthening while selling pressure is fading ^[3]. Q2 S&P 500 EPS growth was about 33%, the strongest outside post-recession recovery periods, and revisions are on the steepest upward path since 2000 ^[3]. As of Aug 9, 429 of 503 S&P 500 companies had reported, covering 74% of index weight, with earnings beating forecasts by a wide margin ^[3]. Rubner also sees gains supported by earnings rather than valuation expansion ^[3].

China Research: Rail, Power Grid & 3D Printing

China Galaxy Securities remains bullish on railway equipment: H1 2026 railway fixed-asset investment rose 2.1% year-on-year to 363.2 billion yuan, and new lines commissioned rose 16.5% to 355.2 km ^[4]. Passenger volume hit 2.348 billion, up 5% and a record for the period, while freight volume was 2.622 billion tons, up 2.5% ^[4]. The broker expects average annual new mileage exceeding 3,000 km from 2026 to 2028, with 2027 as the commissioning peak, and sees annual high-level maintenance market space above 500 billion yuan during the 15th Five-Year Plan period ^[4]. CICC Research says the electric-equipment industry is stable and improving in 2026, with signs of a global power upcycle and prosperity potentially lasting to 2030 ^[5]. It sees UHV approvals and distribution-grid investment as key themes, and says AIDC construction is boosting demand for power equipment, where Chinese suppliers can win orders on short delivery times, cost competitiveness and after-sales service ^[5]. Huatai Securities says consumer 3D printing remains in a rapid development dividend period driven by software/hardware progress, generative AI, communities and consumer creativity ^[6]. Companies such as Bambu Lab and Creality have helped make China the 'chain leader' in a 'one super many strong' landscape, and the industry could maintain a 30% CAGR for the next five years, with hardware, consumables and ecosystem as competitive keys ^[6].

Macro, Rates & FX

CITIC Securities says US July CPI met expectations across the board, core inflation was mild and second-round inflation effects were weak ^[7]. It expects total CPI to slow in Q3, bottom in September, rebound slightly in Q4 and decline rapidly in March next year; it still expects the Fed to stay on hold all year and sees room for rate-hike expectations in derivatives markets to be revised lower ^[7]. In Europe, a Reuters poll found 55 of 69 economists expect the ECB deposit rate at 2.50% by end-2026, compared with 49 of 74 in July ^[8]. ING expects EUR/USD to recover most of its year-to-date losses by year-end, with dip buyers potentially stepping in ^[9].

Commodities & Risk

LBMA year-end gold forecasts diverge by nearly $1,300, yet even the most bearish analyst still favours gold's long-term logic ^[10]. Goldman Sachs highlights that AI financing premiums are widening and equity funds are beginning to use CDS as insurance ^[11].