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主题 2026-04-25/topics/116.md 原文

#外资研报

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#外资研报

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  1. #外资研报

附件总结 GS-三星电子（005930.KS）：2026 年一季度初步营业利润或超预期，主要受存储价格走强带动；盈利韧性有望延续，维持买入评级 Samsung Electronics (005930.ks) 1Q26 prelim OP beat likely led by stronger memory pricing; solid earnings power to continue; Buy.pdf

  1. DRAM (mn chips, 1Gb equiv.) 32,421 33,069 34,723 35,765 35,049 37,152 40,867 43,728 93,425 106,580 116,450 135,978 156,797 190,249
  2. NAND (mn chips, 16Gb equiv.) 44,408 44,852 45,749 44,834 45,282 47,999 52,319 55,459 145,670 163,000 168,000 179,843 201,060 241,946
  3. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  4. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  5. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  6. Goldman Sachs has received compensation for investment banking services in the past 12 months: Samsung Electronics (W196,500) and Samsung
  7. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Samsung Electronics
  8. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Samsung Electronics (W196,500) and Samsung

GS-三星电子（005930.KS）：短期存储市场基本面稳健，更高的研发投入及 AI_服务器业务敞口利好长期行业领先地位；上调 DRAM_NAND 价格预测及目标价至 26 万韩元 Samsung Electronics (005930.ks) Near-term memory fundamentals intact, higher R&D spend and AI_server exposure bode well for long-term..pdf

  1. Shipment (mn, 1Gb equiv.) 25,000 27,650 31,700 32,100 32,421 33,069 34,723 35,765 93,425 106,580 116,450 135,978 156,797 190,249
  2. Shipment (mn, 16Gb equiv.) 34,200 43,400 47,700 42,700 44,408 44,852 45,749 44,834 145,670 163,000 168,000 179,843 201,060 241,946
  3. VD/DA (Visual Display, Appliances) 0.34 0.20 (0.11) (0.60) (0.15) (0.06) (0.17) (0.32) 1.26 1.73 (0.17) (0.71) 0.90 1.06
  4. DRAM (mn chips, 1Gb equiv.) 25,000 27,650 31,700 32,100 32,421 33,069 34,723 35,765 93,425 106,580 116,450 135,978 156,797 190,249
  5. NAND (mn chips, 16Gb equiv.) 34,200 43,400 47,700 42,700 44,408 44,852 45,749 44,834 145,670 163,000 168,000 179,843 201,060 241,946
  6. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  7. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  8. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not

GS-特斯拉 (TSLA)：2026 年第一季度初步观点 Tesla Inc. (TSLA)：1Q26 First Take.pdf

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  4. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Tesla Inc. ($387.51)
  5. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Tesla Inc. ($387.51)
  6. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Tesla Inc. ($387.51)
  7. As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

GS-文远知行-0800.HK-Robotaxi在中国及海外的扩张将推动增长；首次覆盖评为买入（摘要）-20260417.pdf

  1. 5EPFWGjBsYeWeU6M9R9PtRmMtRpRkPpPrNjMsQqR8OqRmMuOrQoRuOoNoP

GS-亚洲科技：更新半导体、元器件及材料供需热力图；年初至今 AI 服务器供需紧张加剧 ASIA TECHNOLOGY Updating supply_demand heatmap for semis, components, and materials; tightness intensified YTD for AI servers.pdf

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  4. Elite Material (Buy, NT$3,950.00), GCE (Buy, NT$1,225.00), Hua Hong (Buy, HK$95.40), Ibiden (Buy, ¥10,560), JX Advanced Metals Corp. (Buy, ¥4,820),
  5. Kinsus (Buy, NT$473.50), Mitsui Kinzoku Co. (Buy, ¥37,390), Murata Mfg. (Buy, ¥4,810), NYPCB (Buy, NT$789.00), SK Hynix Inc. (Buy, W1,224,000), SMIC
  6. (A) (Buy, Rmb107.46), SMIC (H) (Buy, HK$60.10), Samsung Electro-Mechanics (Buy, W772,000), Samsung Electronics (Buy, W219,000), Samsung
  7. Electronics (Pref) (Buy, W150,400), Sumitomo Electric Industries (Buy, ¥10,300), TSMC (Buy, NT$2,050.00), TSMC (ADR) (Buy, $368.08), Taiwan Union
  8. Pursuant to Executive Order 13959, as amended, the United States has imposed sanctions restrictions on certain Chinese companies that generally

GS-欧洲经济分析：这次（与2022年）不一样——能源价格上涨对欧洲制造业的影响 （摘要）-20260420.pdf

  1. 0JPFWGjBoU9ZbZaQcM9PpNnNnPqOjMpPnRjMtRnM7NnMoRuOoMtQxNsOpP

GS-汽车行业全球Robotaxi： 上调中国车队规模预测；预计到2035年达到300万辆；推出海外及Robotruck车队规模预测 （摘要）-20260417.pdf

  1. AHyAXHn3sYeWcW8O9R6MsQpPtRoQlOmMrNkPoMoPbRoPoONZpOpQNZrQwO

GS-全球服务器行业：机架式AI服务器占比提升；推出2028年预测 （摘要）-20260417.pdf

  1. 4FOEZFiApVfXaY6MbPaQtRpPtRrPlOoOmQjMsQpPbRrQoRxNtRoRuOpMsR

GS-全球光模块行业：将2026_28年800G及以上市场出货量预测上14％29％33％；AI将推动未来增长 （摘要）-20260417.pdf

  1. AHQGUIo4pV8YbZ8OdNaQmOpPtRsMjMoOnRjMmOrR9PmNpQNZoMoRuOnNpR

文档

GS-三星电子（005930.KS）：2026 年一季度初步营业利润或超预期，主要受存储价格走强带动；盈利韧性有望延续，维持买入评级 Samsung Electronics (005930.ks) 1Q26 prelim OP beat likely led by stronger memory pricing; solid earnings power to continue; Buy.pdf

总结

  1. DRAM (mn chips, 1Gb equiv.) 32,421 33,069 34,723 35,765 35,049 37,152 40,867 43,728 93,425 106,580 116,450 135,978 156,797 190,249
  2. NAND (mn chips, 16Gb equiv.) 44,408 44,852 45,749 44,834 45,282 47,999 52,319 55,459 145,670 163,000 168,000 179,843 201,060 241,946
  3. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  4. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  5. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  6. Goldman Sachs has received compensation for investment banking services in the past 12 months: Samsung Electronics (W196,500) and Samsung
  7. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Samsung Electronics
  8. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Samsung Electronics (W196,500) and Samsung

预览

GS-三星电子（005930.KS）：2026 年一季度初步营业利润或超预期，主要受存储价格走强带动；盈利韧性有望延续，维持买入评级 Samsung Electronics (005930.ks) 1Q26 prelim OP beat likely led by stronger memory pricing; solid earnings power to continue; Buy.pdf

GS-三星电子（005930.KS）：短期存储市场基本面稳健，更高的研发投入及 AI_服务器业务敞口利好长期行业领先地位；上调 DRAM_NAND 价格预测及目标价至 26 万韩元 Samsung Electronics (005930.ks) Near-term memory fundamentals intact, higher R&D spend and AI_server exposure bode well for long-term..pdf

总结

  1. Shipment (mn, 1Gb equiv.) 25,000 27,650 31,700 32,100 32,421 33,069 34,723 35,765 93,425 106,580 116,450 135,978 156,797 190,249
  2. Shipment (mn, 16Gb equiv.) 34,200 43,400 47,700 42,700 44,408 44,852 45,749 44,834 145,670 163,000 168,000 179,843 201,060 241,946
  3. VD/DA (Visual Display, Appliances) 0.34 0.20 (0.11) (0.60) (0.15) (0.06) (0.17) (0.32) 1.26 1.73 (0.17) (0.71) 0.90 1.06
  4. DRAM (mn chips, 1Gb equiv.) 25,000 27,650 31,700 32,100 32,421 33,069 34,723 35,765 93,425 106,580 116,450 135,978 156,797 190,249
  5. NAND (mn chips, 16Gb equiv.) 34,200 43,400 47,700 42,700 44,408 44,852 45,749 44,834 145,670 163,000 168,000 179,843 201,060 241,946
  6. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  7. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  8. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not

预览

GS-三星电子（005930.KS）：短期存储市场基本面稳健，更高的研发投入及 AI_服务器业务敞口利好长期行业领先地位；上调 DRAM_NAND 价格预测及目标价至 26 万韩元 Samsung Electronics (005930.ks) Near-term memory fundamentals intact, higher R&D spend and AI_server exposure bode well for long-term..pdf

GS-特斯拉 (TSLA)：2026 年第一季度初步观点 Tesla Inc. (TSLA)：1Q26 First Take.pdf

总结

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  4. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Tesla Inc. ($387.51)
  5. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Tesla Inc. ($387.51)
  6. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Tesla Inc. ($387.51)
  7. As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

预览

GS-特斯拉 (TSLA)：2026 年第一季度初步观点 Tesla Inc. (TSLA)：1Q26 First Take.pdf

GS-文远知行-0800.HK-Robotaxi在中国及海外的扩张将推动增长；首次覆盖评为买入（摘要）-20260417.pdf

总结

  1. 5EPFWGjBsYeWeU6M9R9PtRmMtRpRkPpPrNjMsQqR8OqRmMuOrQoRuOoNoP

预览

GS-文远知行-0800.HK-Robotaxi在中国及海外的扩张将推动增长；首次覆盖评为买入（摘要）-20260417.pdf

GS-亚洲科技：更新半导体、元器件及材料供需热力图；年初至今 AI 服务器供需紧张加剧 ASIA TECHNOLOGY Updating supply_demand heatmap for semis, components, and materials; tightness intensified YTD for AI servers.pdf

总结

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  4. Elite Material (Buy, NT$3,950.00), GCE (Buy, NT$1,225.00), Hua Hong (Buy, HK$95.40), Ibiden (Buy, ¥10,560), JX Advanced Metals Corp. (Buy, ¥4,820),
  5. Kinsus (Buy, NT$473.50), Mitsui Kinzoku Co. (Buy, ¥37,390), Murata Mfg. (Buy, ¥4,810), NYPCB (Buy, NT$789.00), SK Hynix Inc. (Buy, W1,224,000), SMIC
  6. (A) (Buy, Rmb107.46), SMIC (H) (Buy, HK$60.10), Samsung Electro-Mechanics (Buy, W772,000), Samsung Electronics (Buy, W219,000), Samsung
  7. Electronics (Pref) (Buy, W150,400), Sumitomo Electric Industries (Buy, ¥10,300), TSMC (Buy, NT$2,050.00), TSMC (ADR) (Buy, $368.08), Taiwan Union
  8. Pursuant to Executive Order 13959, as amended, the United States has imposed sanctions restrictions on certain Chinese companies that generally

预览

GS-亚洲科技：更新半导体、元器件及材料供需热力图；年初至今 AI 服务器供需紧张加剧 ASIA TECHNOLOGY Updating supply_demand heatmap for semis, components, and materials; tightness intensified YTD for AI servers.pdf

GS-欧洲经济分析：这次（与2022年）不一样——能源价格上涨对欧洲制造业的影响 （摘要）-20260420.pdf

总结

  1. 0JPFWGjBoU9ZbZaQcM9PpNnNnPqOjMpPnRjMtRnM7NnMoRuOoMtQxNsOpP

预览

GS-欧洲经济分析：这次（与2022年）不一样——能源价格上涨对欧洲制造业的影响 （摘要）-20260420.pdf

GS-汽车行业全球Robotaxi： 上调中国车队规模预测；预计到2035年达到300万辆；推出海外及Robotruck车队规模预测 （摘要）-20260417.pdf

总结

  1. AHyAXHn3sYeWcW8O9R6MsQpPtRoQlOmMrNkPoMoPbRoPoONZpOpQNZrQwO

预览

GS-汽车行业全球Robotaxi： 上调中国车队规模预测；预计到2035年达到300万辆；推出海外及Robotruck车队规模预测 （摘要）-20260417.pdf

GS-全球服务器行业：机架式AI服务器占比提升；推出2028年预测 （摘要）-20260417.pdf

总结

  1. 4FOEZFiApVfXaY6MbPaQtRpPtRrPlOoOmQjMsQpPbRrQoRxNtRoRuOpMsR

预览

GS-全球服务器行业：机架式AI服务器占比提升；推出2028年预测 （摘要）-20260417.pdf

GS-全球光模块行业：将2026_28年800G及以上市场出货量预测上14％29％33％；AI将推动未来增长 （摘要）-20260417.pdf

总结

  1. AHQGUIo4pV8YbZ8OdNaQmOpPtRsMjMoOnRjMmOrR9PmNpQNZoMoRuOnNpR

预览

GS-全球光模块行业：将2026_28年800G及以上市场出货量预测上14％29％33％；AI将推动未来增长 （摘要）-20260417.pdf

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