--- title: "#外资研报" topic_id: 55522112128485814 created_at: 2026-04-21T07:43:54.633+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：572 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/55522112128485814) - 附件：图片 0，音频 0，文档 9 - 音频文件：_无音频_ ## 图片 _无图片_ ## 正文 _无正文_ ## 总体总结 _暂无总结_ ## 文档 ### GS-中国观察：中东危机下国内企业经营现状调研 可选消费板块调研简报（4 月 17 日） CHINA TRACKER Middle East crisis - what Chinese corporates are telling us about their operationsConsumer Discretionary (as of Apr 17).pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中国观察：中东危机下国内企业经营现状调研 可选消费板块调研简报（4 月 17 日） CHINA TRACKER Middle East crisis - what Chinese corporates are telling us about their operationsConsumer Discret.pdf|GS-中国观察：中东危机下国内企业经营现状调研 可选消费板块调研简报（4 月 17 日） CHINA TRACKER Middle East crisis - what Chinese corporates are telling us about their operationsConsumer Discretionary (as of Apr 17).pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中国观察：中东危机下国内企业经营现状调研 可选消费板块调研简报（4 月 17 日） CHINA TRACKER Middle East crisis - what Chinese corporates are telling us about their operationsConsumer Discret.pdf|GS-中国观察：中东危机下国内企业经营现状调研 可选消费板块调研简报（4 月 17 日） CHINA TRACKER Middle East crisis - what Chinese corporates are telling us about their operationsConsumer Discretionary (as of Apr 17).pdf]] ### GS-中国数据洞察：用电量相较发电量，是更优质的周期风向标 CHINA DATA INSIGHTS Power Consumption a Better Cyclical Signal Than Power Generation.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中国数据洞察：用电量相较发电量，是更优质的周期风向标 CHINA DATA INSIGHTS Power Consumption a Better Cyclical Signal Than Power Generation.pdf|GS-中国数据洞察：用电量相较发电量，是更优质的周期风向标 CHINA DATA INSIGHTS Power Consumption a Better Cyclical Signal Than Power Generation.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中国数据洞察：用电量相较发电量，是更优质的周期风向标 CHINA DATA INSIGHTS Power Consumption a Better Cyclical Signal Than Power Generation.pdf|GS-中国数据洞察：用电量相较发电量，是更优质的周期风向标 CHINA DATA INSIGHTS Power Consumption a Better Cyclical Signal Than Power Generation.pdf]] ### GS-中国太阳能：上调电池设备企业目标价以反映研发订单增长；迈为股份升至买入评级_苏州晶方科技维持中性评级 CHINA SOLAR Raise TPs for cell equipment stocks to reflect increasing R&D orders; upgrade Maxwell to Buy and SZSC to Neutral.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中国太阳能：上调电池设备企业目标价以反映研发订单增长；迈为股份升至买入评级_苏州晶方科技维持中性评级 CHINA SOLAR Raise TPs for cell equipment stocks to reflect increasing R&D orders; upgrade Maxwell to Bu.pdf|GS-中国太阳能：上调电池设备企业目标价以反映研发订单增长；迈为股份升至买入评级_苏州晶方科技维持中性评级 CHINA SOLAR Raise TPs for cell equipment stocks to reflect increasing R&D orders; upgrade Maxwell to Buy and SZSC to Neutral.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中国太阳能：上调电池设备企业目标价以反映研发订单增长；迈为股份升至买入评级_苏州晶方科技维持中性评级 CHINA SOLAR Raise TPs for cell equipment stocks to reflect increasing R&D orders; upgrade Maxwell to Bu.pdf|GS-中国太阳能：上调电池设备企业目标价以反映研发订单增长；迈为股份升至买入评级_苏州晶方科技维持中性评级 CHINA SOLAR Raise TPs for cell equipment stocks to reflect increasing R&D orders; upgrade Maxwell to Buy and SZSC to Neutral.pdf]] ### GS-中际旭创 (300308.SZ)：光模块速率迭代持续，结构升级带动毛利扩张，目标价最高 1187 元，给予买入评级 InnoLight (300308.SZ) Optical module speed migration continues with mix upgrade driving GM expansion; TP up to Rmb1,187; Buy.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中际旭创 (300308.SZ)：光模块速率迭代持续，结构升级带动毛利扩张，目标价最高 1187 元，给予买入评级 InnoLight (300308.SZ) Optical module speed migration continues with mix upgrade driving GM expan.pdf|GS-中际旭创 (300308.SZ)：光模块速率迭代持续，结构升级带动毛利扩张，目标价最高 1187 元，给予买入评级 InnoLight (300308.SZ) Optical module speed migration continues with mix upgrade driving GM expansion; TP up to Rmb1,187; Buy.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中际旭创 (300308.SZ)：光模块速率迭代持续，结构升级带动毛利扩张，目标价最高 1187 元，给予买入评级 InnoLight (300308.SZ) Optical module speed migration continues with mix upgrade driving GM expan.pdf|GS-中际旭创 (300308.SZ)：光模块速率迭代持续，结构升级带动毛利扩张，目标价最高 1187 元，给予买入评级 InnoLight (300308.SZ) Optical module speed migration continues with mix upgrade driving GM expansion; TP up to Rmb1,187; Buy.pdf]] ### HSBC-中国锂业：基本面逐步收紧，但相关利空已充分计价 China Lithium Tightening fundamentals, but much priced in.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__HSBC-中国锂业：基本面逐步收紧，但相关利空已充分计价 China Lithium Tightening fundamentals, but much priced in.pdf|HSBC-中国锂业：基本面逐步收紧，但相关利空已充分计价 China Lithium Tightening fundamentals, but much priced in.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__HSBC-中国锂业：基本面逐步收紧，但相关利空已充分计价 China Lithium Tightening fundamentals, but much priced in.pdf|HSBC-中国锂业：基本面逐步收紧，但相关利空已充分计价 China Lithium Tightening fundamentals, but much priced in.pdf]] ### JPM-2026年C1Q26前瞻：AI溢价集中于少数个股，预计将出现板块轮动；下调 GLW、FN、QCOM、NTAP 评级；重点关注 CDW、STX 的催化事件 C1Q26 Preview： AI Premiums Concentrated to Few, Leading Us to Expect Rotation； Downgrade GLW, FN, QCOM, NTAP； Positive Catalyst Watch on CDW, ST.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__JPM-2026年C1Q26前瞻：AI溢价集中于少数个股，预计将出现板块轮动；下调 GLW、FN、QCOM、NTAP 评级；重点关注 CDW、STX 的催化事件 C1Q26 Preview： AI Premiums Concentrated to Few, Leading Us to Expect Rotatio.pdf|JPM-2026年C1Q26前瞻：AI溢价集中于少数个股，预计将出现板块轮动；下调 GLW、FN、QCOM、NTAP 评级；重点关注 CDW、STX 的催化事件 C1Q26 Preview： AI Premiums Concentrated to Few, Leading Us to Expect Rotation； Downgrade GLW, FN, QCOM, NTAP； Positive Catalyst Watch on CDW, ST.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__JPM-2026年C1Q26前瞻：AI溢价集中于少数个股，预计将出现板块轮动；下调 GLW、FN、QCOM、NTAP 评级；重点关注 CDW、STX 的催化事件 C1Q26 Preview： AI Premiums Concentrated to Few, Leading Us to Expect Rotatio.pdf|JPM-2026年C1Q26前瞻：AI溢价集中于少数个股，预计将出现板块轮动；下调 GLW、FN、QCOM、NTAP 评级；重点关注 CDW、STX 的催化事件 C1Q26 Preview： AI Premiums Concentrated to Few, Leading Us to Expect Rotation； Downgrade GLW, FN, QCOM, NTAP； Positive Catalyst Watch on CDW, ST.pdf]] ### JPM-半导体_半导体设备：2026 年一季度前瞻：AI 需求持续、周期性复苏扩大，晶圆制造设备与存储的结构性利好支撑半导体板块有望持续跑赢市场 1Q26 Preview： Sustained AI Demand, Broadening Cyclical Recovery, Structural WFE and Memory Tailwinds Underpin Continued Expectation of Semis Outperforma.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__JPM-半导体_半导体设备：2026 年一季度前瞻：AI 需求持续、周期性复苏扩大，晶圆制造设备与存储的结构性利好支撑半导体板块有望持续跑赢市场 1Q26 Preview： Sustained AI Demand, Broadening Cyclical Recovery, Structural WFE and.pdf|JPM-半导体_半导体设备：2026 年一季度前瞻：AI 需求持续、周期性复苏扩大，晶圆制造设备与存储的结构性利好支撑半导体板块有望持续跑赢市场 1Q26 Preview： Sustained AI Demand, Broadening Cyclical Recovery, Structural WFE and Memory Tailwinds Underpin Continued Expectation of Semis Outperforma.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__JPM-半导体_半导体设备：2026 年一季度前瞻：AI 需求持续、周期性复苏扩大，晶圆制造设备与存储的结构性利好支撑半导体板块有望持续跑赢市场 1Q26 Preview： Sustained AI Demand, Broadening Cyclical Recovery, Structural WFE and.pdf|JPM-半导体_半导体设备：2026 年一季度前瞻：AI 需求持续、周期性复苏扩大，晶圆制造设备与存储的结构性利好支撑半导体板块有望持续跑赢市场 1Q26 Preview： Sustained AI Demand, Broadening Cyclical Recovery, Structural WFE and Memory Tailwinds Underpin Continued Expectation of Semis Outperforma.pdf]] ### GS-中国电网科技：年度电网投资_特高压项目开局强劲，招标数据凸显龙头集中度提升 China Grid Tech：Strong start to the year’s grid investment_UHV projects; tendering results show greater concentration in top players.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中国电网科技：年度电网投资_特高压项目开局强劲，招标数据凸显龙头集中度提升 China Grid Tech：Strong start to the year’s grid investment_UHV projects; tendering results show greater concentratio.pdf|GS-中国电网科技：年度电网投资_特高压项目开局强劲，招标数据凸显龙头集中度提升 China Grid Tech：Strong start to the year’s grid investment_UHV projects; tendering results show greater concentration in top players.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中国电网科技：年度电网投资_特高压项目开局强劲，招标数据凸显龙头集中度提升 China Grid Tech：Strong start to the year’s grid investment_UHV projects; tendering results show greater concentratio.pdf|GS-中国电网科技：年度电网投资_特高压项目开局强劲，招标数据凸显龙头集中度提升 China Grid Tech：Strong start to the year’s grid investment_UHV projects; tendering results show greater concentration in top players.pdf]] ### GS-中国工业科技：调整汇川技术、宏发股份和国电南瑞 2026 年一季度预测 China Industrial Tech Adjusting 1Q26 forecasts for Inovance, Hongfa and Nari Tech.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260421_0743__外资研报__GS-中国工业科技：调整汇川技术、宏发股份和国电南瑞 2026 年一季度预测 China Industrial Tech Adjusting 1Q26 forecasts for Inovance, Hongfa and Nari Tech.pdf|GS-中国工业科技：调整汇川技术、宏发股份和国电南瑞 2026 年一季度预测 China Industrial Tech Adjusting 1Q26 forecasts for Inovance, Hongfa and Nari Tech.pdf]] #### 预览 [[assets/docs/260421_0743__外资研报__GS-中国工业科技：调整汇川技术、宏发股份和国电南瑞 2026 年一季度预测 China Industrial Tech Adjusting 1Q26 forecasts for Inovance, Hongfa and Nari Tech.pdf|GS-中国工业科技：调整汇川技术、宏发股份和国电南瑞 2026 年一季度预测 China Industrial Tech Adjusting 1Q26 forecasts for Inovance, Hongfa and Nari Tech.pdf]]