--- title: "#外资研报" topic_id: 55522512514181854 created_at: 2026-06-01T07:47:17.582+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：505 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/55522512514181854) - 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 ### HSBC-川恒股份（002895.SZ）——维持买入：硫磺涨价压力下韧性犹存 Guizhou Chanhen(002895 CH) Buy：Remains resilient amid sulphur inflation pressure.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-川恒股份（002895.SZ）——维持买入：硫磺涨价压力下韧性犹存 Guizhou Chanhen(002895 CH) Buy：Remains resilient amid sulphur inflation pressure.pdf|HSBC-川恒股份（002895.SZ）——维持买入：硫磺涨价压力下韧性犹存 Guizhou Chanhen(002895 CH) Buy：Remains resilient amid sulphur inflation pressure.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-川恒股份（002895.SZ）——维持买入：硫磺涨价压力下韧性犹存 Guizhou Chanhen(002895 CH) Buy：Remains resilient amid sulphur inflation pressure.pdf|HSBC-川恒股份（002895.SZ）——维持买入：硫磺涨价压力下韧性犹存 Guizhou Chanhen(002895 CH) Buy：Remains resilient amid sulphur inflation pressure.pdf]] ### HSBC-迈威尔科技（MRVL.US）——上调至买入：蓄势待发，迎接AI网络超级周期Marvell Technology (MRVL US) Upgrade to Buy Ready to ride the AI-networking super-cycle.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-迈威尔科技（MRVL.US）——上调至买入：蓄势待发，迎接AI网络超级周期Marvell Technology (MRVL US) Upgrade to Buy Ready to ride the AI-networking super-cycle.pdf|HSBC-迈威尔科技（MRVL.US）——上调至买入：蓄势待发，迎接AI网络超级周期Marvell Technology (MRVL US) Upgrade to Buy Ready to ride the AI-networking super-cycle.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-迈威尔科技（MRVL.US）——上调至买入：蓄势待发，迎接AI网络超级周期Marvell Technology (MRVL US) Upgrade to Buy Ready to ride the AI-networking super-cycle.pdf|HSBC-迈威尔科技（MRVL.US）——上调至买入：蓄势待发，迎接AI网络超级周期Marvell Technology (MRVL US) Upgrade to Buy Ready to ride the AI-networking super-cycle.pdf]] ### HSBC-万国数据（GDS.US）——维持买入：下调目标价，短期缺乏催化剂 GDS Holdings (GDS US) Buy：Lower TP; lacking catalysts in the near term.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-万国数据（GDS.US）——维持买入：下调目标价，短期缺乏催化剂 GDS Holdings (GDS US) Buy：Lower TP; lacking catalysts in the near term.pdf|HSBC-万国数据（GDS.US）——维持买入：下调目标价，短期缺乏催化剂 GDS Holdings (GDS US) Buy：Lower TP; lacking catalysts in the near term.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-万国数据（GDS.US）——维持买入：下调目标价，短期缺乏催化剂 GDS Holdings (GDS US) Buy：Lower TP; lacking catalysts in the near term.pdf|HSBC-万国数据（GDS.US）——维持买入：下调目标价，短期缺乏催化剂 GDS Holdings (GDS US) Buy：Lower TP; lacking catalysts in the near term.pdf]] ### HSBC-中国电力公用事业：断言电价进入上行周期为时尚早 China Power Utilities Too early to call a power price upcycle.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-中国电力公用事业：断言电价进入上行周期为时尚早 China Power Utilities Too early to call a power price upcycle.pdf|HSBC-中国电力公用事业：断言电价进入上行周期为时尚早 China Power Utilities Too early to call a power price upcycle.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-中国电力公用事业：断言电价进入上行周期为时尚早 China Power Utilities Too early to call a power price upcycle.pdf|HSBC-中国电力公用事业：断言电价进入上行周期为时尚早 China Power Utilities Too early to call a power price upcycle.pdf]] ### HSBC-中国房地产：需求复苏，购买力处于十年最佳水平 China Real Estate Demand reawakens：Affordability at a decade-best level.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-中国房地产：需求复苏，购买力处于十年最佳水平 China Real Estate Demand reawakens：Affordability at a decade-best level.pdf|HSBC-中国房地产：需求复苏，购买力处于十年最佳水平 China Real Estate Demand reawakens：Affordability at a decade-best level.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-中国房地产：需求复苏，购买力处于十年最佳水平 China Real Estate Demand reawakens：Affordability at a decade-best level.pdf|HSBC-中国房地产：需求复苏，购买力处于十年最佳水平 China Real Estate Demand reawakens：Affordability at a decade-best level.pdf]] ### Jefferies-金山云（KC.US）AI贡献达全新里程碑；星流平台处于商业化初期 Kingsoft Cloud AI Contribution Reaches New Milestone; Starflow In Early Stage of Monetization.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__Jefferies-金山云（KC.US）AI贡献达全新里程碑；星流平台处于商业化初期 Kingsoft Cloud AI Contribution Reaches New Milestone; Starflow In Early Stage of Monetization.pdf|Jefferies-金山云（KC.US）AI贡献达全新里程碑；星流平台处于商业化初期 Kingsoft Cloud AI Contribution Reaches New Milestone; Starflow In Early Stage of Monetization.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__Jefferies-金山云（KC.US）AI贡献达全新里程碑；星流平台处于商业化初期 Kingsoft Cloud AI Contribution Reaches New Milestone; Starflow In Early Stage of Monetization.pdf|Jefferies-金山云（KC.US）AI贡献达全新里程碑；星流平台处于商业化初期 Kingsoft Cloud AI Contribution Reaches New Milestone; Starflow In Early Stage of Monetization.pdf]] ### JPM-2026年摩根大通全球中国峰会亮点：新视野，新增长 Highlights from the 2026 JPM Global China Summit New Vision, New Growth-20260525.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__JPM-2026年摩根大通全球中国峰会亮点：新视野，新增长 Highlights from the 2026 JPM Global China Summit New Vision, New Growth-20260525.pdf|JPM-2026年摩根大通全球中国峰会亮点：新视野，新增长 Highlights from the 2026 JPM Global China Summit New Vision, New Growth-20260525.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__JPM-2026年摩根大通全球中国峰会亮点：新视野，新增长 Highlights from the 2026 JPM Global China Summit New Vision, New Growth-20260525.pdf|JPM-2026年摩根大通全球中国峰会亮点：新视野，新增长 Highlights from the 2026 JPM Global China Summit New Vision, New Growth-20260525.pdf]] ### GS-中航光电（002179.SZ）——尽管数据中心业务迎来机遇，但防务业务毛利持续承压，下调至中性评级 AVIC Jonhon (002179.SZ) Downgrade to Neutral on continued defense margin pressure despite emerging data center opportunities.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__GS-中航光电（002179.SZ）——尽管数据中心业务迎来机遇，但防务业务毛利持续承压，下调至中性评级 AVIC Jonhon (002179.SZ) Downgrade to Neutral on continued defense margin pressure despite emerging data.pdf|GS-中航光电（002179.SZ）——尽管数据中心业务迎来机遇，但防务业务毛利持续承压，下调至中性评级 AVIC Jonhon (002179.SZ) Downgrade to Neutral on continued defense margin pressure despite emerging data center opportunities.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__GS-中航光电（002179.SZ）——尽管数据中心业务迎来机遇，但防务业务毛利持续承压，下调至中性评级 AVIC Jonhon (002179.SZ) Downgrade to Neutral on continued defense margin pressure despite emerging data.pdf|GS-中航光电（002179.SZ）——尽管数据中心业务迎来机遇，但防务业务毛利持续承压，下调至中性评级 AVIC Jonhon (002179.SZ) Downgrade to Neutral on continued defense margin pressure despite emerging data center opportunities.pdf]] ### HSBC-AI动力：康明斯与迪尔释放积极信号 Powering AI Positive read-across from Cummins and Deere.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260601_0747__外资研报__HSBC-AI动力：康明斯与迪尔释放积极信号 Powering AI Positive read-across from Cummins and Deere.pdf|HSBC-AI动力：康明斯与迪尔释放积极信号 Powering AI Positive read-across from Cummins and Deere.pdf]] #### 预览 [[assets/docs/260601_0747__外资研报__HSBC-AI动力：康明斯与迪尔释放积极信号 Powering AI Positive read-across from Cummins and Deere.pdf|HSBC-AI动力：康明斯与迪尔释放积极信号 Powering AI Positive read-across from Cummins and Deere.pdf]]