--- date: 2026-06-02 source: zsxq type: attachment-index cssclasses: zsxq-vault --- # 思维纪要社 2026-06-02 附件明细 > 这里只保留音频、已识别的配套文档和可用总结；图片统一放在 [[03_图片预览|图片预览]]。 ## 001. 【个股-1024】【英】GS-快手1Q26 NDR要点：买入-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-1024】【英】GS-快手1Q26 NDR要点：买入-20260601.pdf|【个股-1024】【英】GS-快手1Q26 NDR要点：买入-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-1024】【英】GS-快手1Q26 NDR要点：买入-20260601.pdf|【个股-1024】【英】GS-快手1Q26 NDR要点：买入-20260601.pdf]] ## 002. 【个股-2454】【英】JPM-上调TPU v9预期-目标价升至5300-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-2454】【英】JPM-上调TPU v9预期-目标价升至5300-20260601.pdf|【个股-2454】【英】JPM-上调TPU v9预期-目标价升至5300-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-2454】【英】JPM-上调TPU v9预期-目标价升至5300-20260601.pdf|【个股-2454】【英】JPM-上调TPU v9预期-目标价升至5300-20260601.pdf]] ## 003. 【个股-AAPL】【英】MS-苹果WWDC 2026：AI代理化带来多大的上行空间-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-AAPL】【英】MS-苹果WWDC 2026：AI代理化带来多大的上行空间-20260601.pdf|【个股-AAPL】【英】MS-苹果WWDC 2026：AI代理化带来多大的上行空间-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-AAPL】【英】MS-苹果WWDC 2026：AI代理化带来多大的上行空间-20260601.pdf|【个股-AAPL】【英】MS-苹果WWDC 2026：AI代理化带来多大的上行空间-20260601.pdf]] ## 004. 【个股-LLY】【英】MS-体内CAR-T多发骨髓瘤1期新增数据-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-LLY】【英】MS-体内CAR-T多发骨髓瘤1期新增数据-20260601.pdf|【个股-LLY】【英】MS-体内CAR-T多发骨髓瘤1期新增数据-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-LLY】【英】MS-体内CAR-T多发骨髓瘤1期新增数据-20260601.pdf|【个股-LLY】【英】MS-体内CAR-T多发骨髓瘤1期新增数据-20260601.pdf]] ## 005. 【个股-NVDA】【英】CITI-电脑展首日聚焦CPU-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-NVDA】【英】CITI-电脑展首日聚焦CPU-20260601.pdf|【个股-NVDA】【英】CITI-电脑展首日聚焦CPU-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-NVDA】【英】CITI-电脑展首日聚焦CPU-20260601.pdf|【个股-NVDA】【英】CITI-电脑展首日聚焦CPU-20260601.pdf]] ## 006. Barclays-AI的S曲线加速-20260601.pdf ### 文档 - [Barclays-AI的S曲线加速-20260601.pdf](https://wx.zsxq.com/group/15522451881222/topic/45544584115145218) ## 007. Citi-全球人工智能：花旗关于推理环节的前瞻：细分前沿赛道 Global Artificial Intelligence Citi’s Inference Ahead - Segmenting the Frontier.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__Citi-全球人工智能：花旗关于推理环节的前瞻：细分前沿赛道 Global Artificial Intelligence Citi’s Inference Ahead - Segmenting the Frontier.pdf|Citi-全球人工智能：花旗关于推理环节的前瞻：细分前沿赛道 Global Artificial Intelligence Citi’s Inference Ahead - Segmenting the Frontier.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__Citi-全球人工智能：花旗关于推理环节的前瞻：细分前沿赛道 Global Artificial Intelligence Citi’s Inference Ahead - Segmenting the Frontier.pdf|Citi-全球人工智能：花旗关于推理环节的前瞻：细分前沿赛道 Global Artificial Intelligence Citi’s Inference Ahead - Segmenting the Frontier.pdf]] ## 008. 【个股-3690】【英】CITI-美团1Q26业绩超预期-核心本地商业亏损收窄-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-3690】【英】CITI-美团1Q26业绩超预期-核心本地商业亏损收窄-20260601.pdf|【个股-3690】【英】CITI-美团1Q26业绩超预期-核心本地商业亏损收窄-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-3690】【英】CITI-美团1Q26业绩超预期-核心本地商业亏损收窄-20260601.pdf|【个股-3690】【英】CITI-美团1Q26业绩超预期-核心本地商业亏损收窄-20260601.pdf]] ## 009. 【个股-3690】【英】UBS-美团1Q26快速解读：核心商业利润超预期-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-3690】【英】UBS-美团1Q26快速解读：核心商业利润超预期-20260601.pdf|【个股-3690】【英】UBS-美团1Q26快速解读：核心商业利润超预期-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-3690】【英】UBS-美团1Q26快速解读：核心商业利润超预期-20260601.pdf|【个股-3690】【英】UBS-美团1Q26快速解读：核心商业利润超预期-20260601.pdf]] ## 010. 【个股-6181】【英】CITI-老铺黄金：下调预期因618疲软-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-6181】【英】CITI-老铺黄金：下调预期因618疲软-20260601.pdf|【个股-6181】【英】CITI-老铺黄金：下调预期因618疲软-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-6181】【英】CITI-老铺黄金：下调预期因618疲软-20260601.pdf|【个股-6181】【英】CITI-老铺黄金：下调预期因618疲软-20260601.pdf]] ## 011. 【个股-AAPL】【英】CITI-WWDC前瞻：聚焦Siri重大升级-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__【个股-AAPL】【英】CITI-WWDC前瞻：聚焦Siri重大升级-20260601.pdf|【个股-AAPL】【英】CITI-WWDC前瞻：聚焦Siri重大升级-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__【个股-AAPL】【英】CITI-WWDC前瞻：聚焦Siri重大升级-20260601.pdf|【个股-AAPL】【英】CITI-WWDC前瞻：聚焦Siri重大升级-20260601.pdf]] ## 012. GS-美国电力项目跟踪：可再生能源与联合循环燃气轮机驱动4月装机量强劲增长 US Power Pipeline：Strong increase in April capacity, driven by higher renewables and CCGT.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-美国电力项目跟踪：可再生能源与联合循环燃气轮机驱动4月装机量强劲增长 US Power Pipeline：Strong increase in April capacity, driven by higher renewables and CCGT.pdf|GS-美国电力项目跟踪：可再生能源与联合循环燃气轮机驱动4月装机量强劲增长 US Power Pipeline：Strong increase in April capacity, driven by higher renewables and CCGT.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-美国电力项目跟踪：可再生能源与联合循环燃气轮机驱动4月装机量强劲增长 US Power Pipeline：Strong increase in April capacity, driven by higher renewables and CCGT.pdf|GS-美国电力项目跟踪：可再生能源与联合循环燃气轮机驱动4月装机量强劲增长 US Power Pipeline：Strong increase in April capacity, driven by higher renewables and CCGT.pdf]] ## 013. GS-全球科技：半导体 - 存储：DRAM_NAND_HBM 周期持续超预期，推动存储估值倍数扩张；上调三星 海力士目标价并维持买入评级，上调铠侠至买入 Higher for longer DRAM_NAND_HBM cycles to expand memory valuation multiples; Raise TPs for Samsung_Hynix and reiterate Buys, upgrade Kioxia....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-全球科技：半导体 - 存储：DRAM_NAND_HBM 周期持续超预期，推动存储估值倍数扩张；上调三星 海力士目标价并维持买入评级，上调铠侠至买入 Higher for longer DRAM_NAND_HBM cycles to expand memory valuation multiples; Rai.pdf|GS-全球科技：半导体 - 存储：DRAM_NAND_HBM 周期持续超预期，推动存储估值倍数扩张；上调三星 海力士目标价并维持买入评级，上调铠侠至买入 Higher for longer DRAM_NAND_HBM cycles to expand memory valuation multiples; Raise TPs for Samsung_Hynix and reiterate Buys, upgrade Kioxia....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-全球科技：半导体 - 存储：DRAM_NAND_HBM 周期持续超预期，推动存储估值倍数扩张；上调三星 海力士目标价并维持买入评级，上调铠侠至买入 Higher for longer DRAM_NAND_HBM cycles to expand memory valuation multiples; Rai.pdf|GS-全球科技：半导体 - 存储：DRAM_NAND_HBM 周期持续超预期，推动存储估值倍数扩张；上调三星 海力士目标价并维持买入评级，上调铠侠至买入 Higher for longer DRAM_NAND_HBM cycles to expand memory valuation multiples; Raise TPs for Samsung_Hynix and reiterate Buys, upgrade Kioxia....pdf]] ## 014. GS-全球外汇交易员：局势缓和下的决断 GLOBAL FX TRADER Resolution Resolve.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-全球外汇交易员：局势缓和下的决断 GLOBAL FX TRADER Resolution Resolve.pdf|GS-全球外汇交易员：局势缓和下的决断 GLOBAL FX TRADER Resolution Resolve.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-全球外汇交易员：局势缓和下的决断 GLOBAL FX TRADER Resolution Resolve.pdf|GS-全球外汇交易员：局势缓和下的决断 GLOBAL FX TRADER Resolution Resolve.pdf]] ## 015. GS-日本工业电子：日本财务省4月贸易数据（光纤光缆）——均价大幅上涨；古河电气三重县新厂开始贡献业绩 Japan Industrial Electronics April MOF data (optical fiber_cable) Notable rise in ASP; Furukawa Electric’s new Mie plant contributing.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-日本工业电子：日本财务省4月贸易数据（光纤光缆）——均价大幅上涨；古河电气三重县新厂开始贡献业绩 Japan Industrial Electronics April MOF data (optical fiber_cable) Notable rise in ASP; Furukawa Electric’.pdf|GS-日本工业电子：日本财务省4月贸易数据（光纤光缆）——均价大幅上涨；古河电气三重县新厂开始贡献业绩 Japan Industrial Electronics April MOF data (optical fiber_cable) Notable rise in ASP; Furukawa Electric’s new Mie plant contributing.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-日本工业电子：日本财务省4月贸易数据（光纤光缆）——均价大幅上涨；古河电气三重县新厂开始贡献业绩 Japan Industrial Electronics April MOF data (optical fiber_cable) Notable rise in ASP; Furukawa Electric’.pdf|GS-日本工业电子：日本财务省4月贸易数据（光纤光缆）——均价大幅上涨；古河电气三重县新厂开始贡献业绩 Japan Industrial Electronics April MOF data (optical fiber_cable) Notable rise in ASP; Furukawa Electric’s new Mie plant contributing.pdf]] ## 016. GS-软银集团（SoftBank Corp.，9434.T）：上调盈利预测与目标价；移动业务提价、企业及金融业务驱动增长延续，关注AI相关新业务落地 Softbank Corp. (9434.T) Raise GSe_TP; stable growth to continue on mobile price hikes_enterprise_financial; watching launch of AI-related bus....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-软银集团（SoftBank Corp.，9434.T）：上调盈利预测与目标价；移动业务提价、企业及金融业务驱动增长延续，关注AI相关新业务落地 Softbank Corp. (9434.T) Raise GSe_TP; stable growth to continue on mobile price hi.pdf|GS-软银集团（SoftBank Corp.，9434.T）：上调盈利预测与目标价；移动业务提价、企业及金融业务驱动增长延续，关注AI相关新业务落地 Softbank Corp. (9434.T) Raise GSe_TP; stable growth to continue on mobile price hikes_enterprise_financial; watching launch of AI-related bus....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-软银集团（SoftBank Corp.，9434.T）：上调盈利预测与目标价；移动业务提价、企业及金融业务驱动增长延续，关注AI相关新业务落地 Softbank Corp. (9434.T) Raise GSe_TP; stable growth to continue on mobile price hi.pdf|GS-软银集团（SoftBank Corp.，9434.T）：上调盈利预测与目标价；移动业务提价、企业及金融业务驱动增长延续，关注AI相关新业务落地 Softbank Corp. (9434.T) Raise GSe_TP; stable growth to continue on mobile price hikes_enterprise_financial; watching launch of AI-related bus....pdf]] ## 017. CITI-中国房地产周度追踪-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__CITI-中国房地产周度追踪-20260601.pdf|CITI-中国房地产周度追踪-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__CITI-中国房地产周度追踪-20260601.pdf|CITI-中国房地产周度追踪-20260601.pdf]] ## 018. GS-哔哩哔哩（BILI.US）——2026年第一季度非交易路演纪要：稳固的用户参与度与差异化内容生态；广告动能强劲；游戏 Bilibili Inc. (BILI) 1Q26 NDR takeaways Solid user engagement with differentiated content ecosystem; Ads strong momentum; Game.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-哔哩哔哩（BILI.US）——2026年第一季度非交易路演纪要：稳固的用户参与度与差异化内容生态；广告动能强劲；游戏 Bilibili Inc. (BILI) 1Q26 NDR takeaways Solid user engagement with differentiated content ecosy.pdf|GS-哔哩哔哩（BILI.US）——2026年第一季度非交易路演纪要：稳固的用户参与度与差异化内容生态；广告动能强劲；游戏 Bilibili Inc. (BILI) 1Q26 NDR takeaways Solid user engagement with differentiated content ecosystem; Ads strong momentum; Game.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-哔哩哔哩（BILI.US）——2026年第一季度非交易路演纪要：稳固的用户参与度与差异化内容生态；广告动能强劲；游戏 Bilibili Inc. (BILI) 1Q26 NDR takeaways Solid user engagement with differentiated content ecosy.pdf|GS-哔哩哔哩（BILI.US）——2026年第一季度非交易路演纪要：稳固的用户参与度与差异化内容生态；广告动能强劲；游戏 Bilibili Inc. (BILI) 1Q26 NDR takeaways Solid user engagement with differentiated content ecosystem; Ads strong momentum; Game.pdf]] ## 019. GS-华虹半导体（1347.HK）：12英寸产能持续扩张；AI应用驱动需求与产能利用率提升；维持买入评级 Hua Hong (1347.HK) 12-inch capacity increasing; AI applications drive demand and loading; Buy.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-华虹半导体（1347.HK）：12英寸产能持续扩张；AI应用驱动需求与产能利用率提升；维持买入评级 Hua Hong (1347.HK) 12-inch capacity increasing; AI applications drive demand and loading; Buy.pdf|GS-华虹半导体（1347.HK）：12英寸产能持续扩张；AI应用驱动需求与产能利用率提升；维持买入评级 Hua Hong (1347.HK) 12-inch capacity increasing; AI applications drive demand and loading; Buy.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-华虹半导体（1347.HK）：12英寸产能持续扩张；AI应用驱动需求与产能利用率提升；维持买入评级 Hua Hong (1347.HK) 12-inch capacity increasing; AI applications drive demand and loading; Buy.pdf|GS-华虹半导体（1347.HK）：12英寸产能持续扩张；AI应用驱动需求与产能利用率提升；维持买入评级 Hua Hong (1347.HK) 12-inch capacity increasing; AI applications drive demand and loading; Buy.pdf]] ## 020. GS-罗博特科（300757.SZ）：硅光、共封装光学及光电路交换设备订单持续增长；光子后端制造的关键赋能者；买入评级 RoboTechnik (300757.SZ) Increasing orders for SiPh_CPO_OCS equipment; Key enabler for Photonics back-end manufacturing; Buy.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-罗博特科（300757.SZ）：硅光、共封装光学及光电路交换设备订单持续增长；光子后端制造的关键赋能者；买入评级 RoboTechnik (300757.SZ) Increasing orders for SiPh_CPO_OCS equipment; Key enabler for Photonics b.pdf|GS-罗博特科（300757.SZ）：硅光、共封装光学及光电路交换设备订单持续增长；光子后端制造的关键赋能者；买入评级 RoboTechnik (300757.SZ) Increasing orders for SiPh_CPO_OCS equipment; Key enabler for Photonics back-end manufacturing; Buy.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-罗博特科（300757.SZ）：硅光、共封装光学及光电路交换设备订单持续增长；光子后端制造的关键赋能者；买入评级 RoboTechnik (300757.SZ) Increasing orders for SiPh_CPO_OCS equipment; Key enabler for Photonics b.pdf|GS-罗博特科（300757.SZ）：硅光、共封装光学及光电路交换设备订单持续增长；光子后端制造的关键赋能者；买入评级 RoboTechnik (300757.SZ) Increasing orders for SiPh_CPO_OCS equipment; Key enabler for Photonics back-end manufacturing; Buy.pdf]] ## 021. GS-新兴市场每周基金资金流向监测：中国台湾驱动外资周度流入；散户持续支撑韩国市场；亚洲对冲基金5月买盘强劲，3月抛售完全回补；共同基金仍超配拉美、低配中国台湾与印度 Foreign inflows w_w, driven by Taiwan; Retail continues to support Korea; Asian HFs see strong buying in May, with sell off in March....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-新兴市场每周基金资金流向监测：中国台湾驱动外资周度流入；散户持续支撑韩国市场；亚洲对冲基金5月买盘强劲，3月抛售完全回补；共同基金仍超配拉美、低配中国台湾与印度 Foreign inflows w_w, driven by Taiwan; Retail continues to support Korea;.pdf|GS-新兴市场每周基金资金流向监测：中国台湾驱动外资周度流入；散户持续支撑韩国市场；亚洲对冲基金5月买盘强劲，3月抛售完全回补；共同基金仍超配拉美、低配中国台湾与印度 Foreign inflows w_w, driven by Taiwan; Retail continues to support Korea; Asian HFs see strong buying in May, with sell off in March....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-新兴市场每周基金资金流向监测：中国台湾驱动外资周度流入；散户持续支撑韩国市场；亚洲对冲基金5月买盘强劲，3月抛售完全回补；共同基金仍超配拉美、低配中国台湾与印度 Foreign inflows w_w, driven by Taiwan; Retail continues to support Korea;.pdf|GS-新兴市场每周基金资金流向监测：中国台湾驱动外资周度流入；散户持续支撑韩国市场；亚洲对冲基金5月买盘强劲，3月抛售完全回补；共同基金仍超配拉美、低配中国台湾与印度 Foreign inflows w_w, driven by Taiwan; Retail continues to support Korea; Asian HFs see strong buying in May, with sell off in March....pdf]] ## 022. GS-新兴市场周报：MSCI新兴市场指数本周上涨4%创年内新高，受益于伊朗协议乐观预期；科技权重较高的东北亚持续领涨；上调匈牙利至超配；哥伦比亚大选首轮将于本周末举行 MSCI EM rose 4% to fresh highs this week on Iran deal optimism; Tech-heavy North Asia continued to lead; We raised Hungary to OW; Fi....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-新兴市场周报：MSCI新兴市场指数本周上涨4%创年内新高，受益于伊朗协议乐观预期；科技权重较高的东北亚持续领涨；上调匈牙利至超配；哥伦比亚大选首轮将于本周末举行 MSCI EM rose 4% to fresh highs this week on Iran deal optimism; Tech-heav.pdf|GS-新兴市场周报：MSCI新兴市场指数本周上涨4%创年内新高，受益于伊朗协议乐观预期；科技权重较高的东北亚持续领涨；上调匈牙利至超配；哥伦比亚大选首轮将于本周末举行 MSCI EM rose 4% to fresh highs this week on Iran deal optimism; Tech-heavy North Asia continued to lead; We raised Hungary to OW; Fi....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-新兴市场周报：MSCI新兴市场指数本周上涨4%创年内新高，受益于伊朗协议乐观预期；科技权重较高的东北亚持续领涨；上调匈牙利至超配；哥伦比亚大选首轮将于本周末举行 MSCI EM rose 4% to fresh highs this week on Iran deal optimism; Tech-heav.pdf|GS-新兴市场周报：MSCI新兴市场指数本周上涨4%创年内新高，受益于伊朗协议乐观预期；科技权重较高的东北亚持续领涨；上调匈牙利至超配；哥伦比亚大选首轮将于本周末举行 MSCI EM rose 4% to fresh highs this week on Iran deal optimism; Tech-heavy North Asia continued to lead; We raised Hungary to OW; Fi....pdf]] ## 023. GS-信达生物（1801.HK）：宣布与辉瑞达成105亿美元合作；聚焦新型抗体偶联药物及多特异性抗体，经济效益差异化 Innovent Biologics (1801.HK) Announces $10.5bn collaboration with Pfizer; Focus on novel ADC_multi-specifics with varied economics.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-信达生物（1801.HK）：宣布与辉瑞达成105亿美元合作；聚焦新型抗体偶联药物及多特异性抗体，经济效益差异化 Innovent Biologics (1801.HK) Announces $10.5bn collaboration with Pfizer; Focus on novel ADC_multi.pdf|GS-信达生物（1801.HK）：宣布与辉瑞达成105亿美元合作；聚焦新型抗体偶联药物及多特异性抗体，经济效益差异化 Innovent Biologics (1801.HK) Announces $10.5bn collaboration with Pfizer; Focus on novel ADC_multi-specifics with varied economics.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-信达生物（1801.HK）：宣布与辉瑞达成105亿美元合作；聚焦新型抗体偶联药物及多特异性抗体，经济效益差异化 Innovent Biologics (1801.HK) Announces $10.5bn collaboration with Pfizer; Focus on novel ADC_multi.pdf|GS-信达生物（1801.HK）：宣布与辉瑞达成105亿美元合作；聚焦新型抗体偶联药物及多特异性抗体，经济效益差异化 Innovent Biologics (1801.HK) Announces $10.5bn collaboration with Pfizer; Focus on novel ADC_multi-specifics with varied economics.pdf]] ## 024. GS-中国经济活动与政策追踪 China Economic Activity and Policy Tracker：May 29.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-中国经济活动与政策追踪 China Economic Activity and Policy Tracker：May 29.pdf|GS-中国经济活动与政策追踪 China Economic Activity and Policy Tracker：May 29.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-中国经济活动与政策追踪 China Economic Activity and Policy Tracker：May 29.pdf|GS-中国经济活动与政策追踪 China Economic Activity and Policy Tracker：May 29.pdf]] ## 025. GS-中国智能手机行业：4月出货量同比+12%、环比+25%；二季度内存成本压力持续 China Smartphones Apr shipments +12% YoY +25% MoM; 2Q costs pressures remained.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-中国智能手机行业：4月出货量同比+12%、环比+25%；二季度内存成本压力持续 China Smartphones Apr shipments +12% YoY +25% MoM; 2Q costs pressures remained.pdf|GS-中国智能手机行业：4月出货量同比+12%、环比+25%；二季度内存成本压力持续 China Smartphones Apr shipments +12% YoY +25% MoM; 2Q costs pressures remained.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-中国智能手机行业：4月出货量同比+12%、环比+25%；二季度内存成本压力持续 China Smartphones Apr shipments +12% YoY +25% MoM; 2Q costs pressures remained.pdf|GS-中国智能手机行业：4月出货量同比+12%、环比+25%；二季度内存成本压力持续 China Smartphones Apr shipments +12% YoY +25% MoM; 2Q costs pressures remained.pdf]] ## 026. JPM-5月开发商销售同比微降 聚焦优质个股-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-5月开发商销售同比微降 聚焦优质个股-20260601.pdf|JPM-5月开发商销售同比微降 聚焦优质个股-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-5月开发商销售同比微降 聚焦优质个股-20260601.pdf|JPM-5月开发商销售同比微降 聚焦优质个股-20260601.pdf]] ## 027. JPM-恒立液压（601100.SS）：全球中国峰会要点——新动能加速释放与全球化扩张提速 Jiangsu Hengli Hydraulic - A Global China Summit Takeaways：Accelerating new drivers and global expansion.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-恒立液压（601100.SS）：全球中国峰会要点——新动能加速释放与全球化扩张提速 Jiangsu Hengli Hydraulic - A Global China Summit Takeaways：Accelerating new drivers and global expansion.pdf|JPM-恒立液压（601100.SS）：全球中国峰会要点——新动能加速释放与全球化扩张提速 Jiangsu Hengli Hydraulic - A Global China Summit Takeaways：Accelerating new drivers and global expansion.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-恒立液压（601100.SS）：全球中国峰会要点——新动能加速释放与全球化扩张提速 Jiangsu Hengli Hydraulic - A Global China Summit Takeaways：Accelerating new drivers and global expansion.pdf|JPM-恒立液压（601100.SS）：全球中国峰会要点——新动能加速释放与全球化扩张提速 Jiangsu Hengli Hydraulic - A Global China Summit Takeaways：Accelerating new drivers and global expansion.pdf]] ## 028. GS-三星、海力士、铠侠等科技股分析-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-三星、海力士、铠侠等科技股分析-20260601.pdf|GS-三星、海力士、铠侠等科技股分析-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-三星、海力士、铠侠等科技股分析-20260601.pdf|GS-三星、海力士、铠侠等科技股分析-20260601.pdf]] ## 029. GS-味之素（2802.T）：电话会议要点——ABF核心竞争优势与涨价立场得到确认 Ajinomoto (2802.T) Conference Call Takeaways ABF’s competitive advantage and stance on price hikes confirmed.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__GS-味之素（2802.T）：电话会议要点——ABF核心竞争优势与涨价立场得到确认 Ajinomoto (2802.T) Conference Call Takeaways ABF’s competitive advantage and stance on price hikes confirmed.pdf|GS-味之素（2802.T）：电话会议要点——ABF核心竞争优势与涨价立场得到确认 Ajinomoto (2802.T) Conference Call Takeaways ABF’s competitive advantage and stance on price hikes confirmed.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__GS-味之素（2802.T）：电话会议要点——ABF核心竞争优势与涨价立场得到确认 Ajinomoto (2802.T) Conference Call Takeaways ABF’s competitive advantage and stance on price hikes confirmed.pdf|GS-味之素（2802.T）：电话会议要点——ABF核心竞争优势与涨价立场得到确认 Ajinomoto (2802.T) Conference Call Takeaways ABF’s competitive advantage and stance on price hikes confirmed.pdf]] ## 030. JPM-亚洲科技追踪报告-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-亚洲科技追踪报告-20260601.pdf|JPM-亚洲科技追踪报告-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-亚洲科技追踪报告-20260601.pdf|JPM-亚洲科技追踪报告-20260601.pdf]] ## 031. JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf|JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf|JPM-中国汽车：中国峰会与亚洲路演亮点——一步向前，一步向后 China Autos：China Summit and Asia Tour highlights_One step forward, but one step back.pdf]] ## 032. JPM-中国汽车出口追踪（4月）——新能源汽车首次占据半壁江山 China Auto Export Tracker April：NEV for the first time exceeding 50% of total.pdf ### 文档 - [JPM-中国汽车出口追踪（4月）——新能源汽车首次占据半壁江山 China Auto Export Tracker April：NEV for the first time exceeding 50% of total.pdf](https://wx.zsxq.com/group/15522451881222/topic/14422452884148542) ## 033. JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top pic.pdf|JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top pic.pdf|JPM-中国消费行业：便宜但不受宠——在等待盈利触底时保持精选；首选推荐：农夫山泉、安踏、古茗（茅台-中性、五粮液-减持） China Consumer Cheap but unloved – stay selective while waiting for the earnings floor; top picks Nongfu, Anta, Guming.pdf]] ## 034. JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Incr.pdf|JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Incr.pdf|JPM-迈威尔科技（MRVL.US）：业绩与指引双超预期，AI算力网络需求强劲叠加新项目爬坡，上调2026及2027年增长预期；重申“增持”评级 Marvell Technology Inc As We Previewed, MRVL Delivered Strong Results_Guide And Increased CY26_CY27 Growth Outlook On Strong AI Compute_Networ....pdf]] ## 035. JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1..pdf|JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1..pdf|JPM-全球存储市场——CPU为更高更久的上行周期添柴加薪，2028年总潜在市场规模达1.7万亿美元；估值框架转型进行时 Global Memory Market CPU adds fuel to the ‘higher and longer’ upcycle thesis and 28EE TAM at $1.7trn; valuation framework transition in progress.pdf]] ## 036. JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; criti.pdf|JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; criti.pdf|JPM-全球金属与矿业：地质地缘政治——2026年全球25%至30%的铁和铜供应面临选举；全球矿商聚焦关键矿产、许可、税收及能源政策 Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus f....pdf]] ## 037. JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit g.pdf|JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit g.pdf|JPM-味之素（2802.T）——维持“增持”评级：尽管成本上升，ABF载板与CDMO业务仍将驱动中短期利润高增长 Ajinomoto (2802) Maintain Overweight rating：Despite rising costs, we expect continued high profit growth in the short to medium term, driven by ABF and CDMO.pdf]] ## 038. JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing an.pdf|JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing an.pdf|JPM-稀土大宗商品仪表盘：中国依然主导现货定价，西方正为供应链安全买单；战略定价与产能爬坡风险成为核心议题 Rare Earths Dashboard China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now drive the debate.pdf]] ## 039. MS-半导体资本设备——日本调研纪要 Semiconductor Capital Equipment North America Japan Takeaways.pdf ### 文档 - [MS-半导体资本设备——日本调研纪要 Semiconductor Capital Equipment North America Japan Takeaways.pdf](https://wx.zsxq.com/group/15522451881222/topic/14422452884141542) ## 040. MS-锻造新视野：中国股市年中展望-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-锻造新视野：中国股市年中展望-20260601.pdf|MS-锻造新视野：中国股市年中展望-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-锻造新视野：中国股市年中展望-20260601.pdf|MS-锻造新视野：中国股市年中展望-20260601.pdf]] ## 041. MS-广达电脑(2382.TW)：2026年亚洲AI峰会要点纪要 Quanta Computer Inc. Asia Pacific Asia AI Summit 2026 Takeaways.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-广达电脑(2382.TW)：2026年亚洲AI峰会要点纪要 Quanta Computer Inc. Asia Pacific Asia AI Summit 2026 Takeaways.pdf|MS-广达电脑(2382.TW)：2026年亚洲AI峰会要点纪要 Quanta Computer Inc. Asia Pacific Asia AI Summit 2026 Takeaways.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-广达电脑(2382.TW)：2026年亚洲AI峰会要点纪要 Quanta Computer Inc. Asia Pacific Asia AI Summit 2026 Takeaways.pdf|MS-广达电脑(2382.TW)：2026年亚洲AI峰会要点纪要 Quanta Computer Inc. Asia Pacific Asia AI Summit 2026 Takeaways.pdf]] ## 042. MS-华虹半导体（1347.HK）2026亚洲AI峰会反馈：多年价周期与激进长期营收指引成焦点 Hua Hong Semiconductor Ltd Asia Pacific Asia AI Summit 2026 Feedback：Multi-year Pricing Cycle and Aggressive Long-term Revenue Guidance in Focus.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-华虹半导体（1347.HK）2026亚洲AI峰会反馈：多年价周期与激进长期营收指引成焦点 Hua Hong Semiconductor Ltd Asia Pacific Asia AI Summit 2026 Feedback：Multi-year Pricing Cycle and Aggressive.pdf|MS-华虹半导体（1347.HK）2026亚洲AI峰会反馈：多年价周期与激进长期营收指引成焦点 Hua Hong Semiconductor Ltd Asia Pacific Asia AI Summit 2026 Feedback：Multi-year Pricing Cycle and Aggressive Long-term Revenue Guidance in Focus.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-华虹半导体（1347.HK）2026亚洲AI峰会反馈：多年价周期与激进长期营收指引成焦点 Hua Hong Semiconductor Ltd Asia Pacific Asia AI Summit 2026 Feedback：Multi-year Pricing Cycle and Aggressive.pdf|MS-华虹半导体（1347.HK）2026亚洲AI峰会反馈：多年价周期与激进长期营收指引成焦点 Hua Hong Semiconductor Ltd Asia Pacific Asia AI Summit 2026 Feedback：Multi-year Pricing Cycle and Aggressive Long-term Revenue Guidance in Focus.pdf]] ## 043. MS-联发科（2454.TW）2026中国台湾AI峰会要点：从云端到边缘 MediaTek Asia Pacific Taiwan AI Summit 2026 Key Takeaways：From Cloud to Edge.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-联发科（2454.TW）2026中国台湾AI峰会要点：从云端到边缘 MediaTek Asia Pacific Taiwan AI Summit 2026 Key Takeaways：From Cloud to Edge.pdf|MS-联发科（2454.TW）2026中国台湾AI峰会要点：从云端到边缘 MediaTek Asia Pacific Taiwan AI Summit 2026 Key Takeaways：From Cloud to Edge.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-联发科（2454.TW）2026中国台湾AI峰会要点：从云端到边缘 MediaTek Asia Pacific Taiwan AI Summit 2026 Key Takeaways：From Cloud to Edge.pdf|MS-联发科（2454.TW）2026中国台湾AI峰会要点：从云端到边缘 MediaTek Asia Pacific Taiwan AI Summit 2026 Key Takeaways：From Cloud to Edge.pdf]] ## 044. MS-美消费者调查：世界杯与旅游-20260601.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-美消费者调查：世界杯与旅游-20260601.pdf|MS-美消费者调查：世界杯与旅游-20260601.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-美消费者调查：世界杯与旅游-20260601.pdf|MS-美消费者调查：世界杯与旅游-20260601.pdf]] ## 045. MS-宁德时代（3750.HK）欧洲市场反馈 Contemporary Amperex Technology Co. Ltd. Asia Pacific Europe Marketing Feedback.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-宁德时代（3750.HK）欧洲市场反馈 Contemporary Amperex Technology Co. Ltd. Asia Pacific Europe Marketing Feedback.pdf|MS-宁德时代（3750.HK）欧洲市场反馈 Contemporary Amperex Technology Co. Ltd. Asia Pacific Europe Marketing Feedback.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-宁德时代（3750.HK）欧洲市场反馈 Contemporary Amperex Technology Co. Ltd. Asia Pacific Europe Marketing Feedback.pdf|MS-宁德时代（3750.HK）欧洲市场反馈 Contemporary Amperex Technology Co. Ltd. Asia Pacific Europe Marketing Feedback.pdf]] ## 046. MS-奇鋐科技（3017.TW）2026亚洲AI峰会要点 Asia Vital Components Co. Ltd. Asia Pacific Takeaways from Asia AI Summit 2026.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__MS-奇鋐科技（3017.TW）2026亚洲AI峰会要点 Asia Vital Components Co. Ltd. Asia Pacific Takeaways from Asia AI Summit 2026.pdf|MS-奇鋐科技（3017.TW）2026亚洲AI峰会要点 Asia Vital Components Co. Ltd. Asia Pacific Takeaways from Asia AI Summit 2026.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__MS-奇鋐科技（3017.TW）2026亚洲AI峰会要点 Asia Vital Components Co. Ltd. Asia Pacific Takeaways from Asia AI Summit 2026.pdf|MS-奇鋐科技（3017.TW）2026亚洲AI峰会要点 Asia Vital Components Co. Ltd. Asia Pacific Takeaways from Asia AI Summit 2026.pdf]] ## 047. JPM-中信证券-A（600030）：关于配股的思考——潜在的负面市场反应或创造极具吸引力的入场良机 CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attractive entry point.pdf ### 文档 - [[assets/docs/260602_0840__外资研报__JPM-中信证券-A（600030）：关于配股的思考——潜在的负面市场反应或创造极具吸引力的入场良机 CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attra.pdf|JPM-中信证券-A（600030）：关于配股的思考——潜在的负面市场反应或创造极具吸引力的入场良机 CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attractive entry point.pdf]] ### 预览 [[assets/docs/260602_0840__外资研报__JPM-中信证券-A（600030）：关于配股的思考——潜在的负面市场反应或创造极具吸引力的入场良机 CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attra.pdf|JPM-中信证券-A（600030）：关于配股的思考——潜在的负面市场反应或创造极具吸引力的入场良机 CITIC Securities - A Thoughts on the share placement - potential negative market reaction may create attractive entry point.pdf]] ## 048. MS-应流股份（603308）香港非交易路演要点 Anhui Yingliu Electromechanical Co Ltd Asia Pacific Takeaways from HK NDR.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-应流股份（603308）香港非交易路演要点 Anhui Yingliu Electromechanical Co Ltd Asia Pacific Takeaways from HK NDR.pdf|MS-应流股份（603308）香港非交易路演要点 Anhui Yingliu Electromechanical Co Ltd Asia Pacific Takeaways from HK NDR.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-应流股份（603308）香港非交易路演要点 Anhui Yingliu Electromechanical Co Ltd Asia Pacific Takeaways from HK NDR.pdf|MS-应流股份（603308）香港非交易路演要点 Anhui Yingliu Electromechanical Co Ltd Asia Pacific Takeaways from HK NDR.pdf]] ## 049. MS-中国美妆：6.18预售排行榜——珀莱雅蝉联第一，巨子生物表现超预期，毛戈平排名跃升 China Beauty Asia Pacific 6.18 Pre-sale Rankings Proya No.1, Giant Biogene Positive Surprise, MGP Gains.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-中国美妆：6.18预售排行榜——珀莱雅蝉联第一，巨子生物表现超预期，毛戈平排名跃升 China Beauty Asia Pacific 6.18 Pre-sale Rankings Proya No.1, Giant Biogene Positive Surprise, MGP Gains.pdf|MS-中国美妆：6.18预售排行榜——珀莱雅蝉联第一，巨子生物表现超预期，毛戈平排名跃升 China Beauty Asia Pacific 6.18 Pre-sale Rankings Proya No.1, Giant Biogene Positive Surprise, MGP Gains.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-中国美妆：6.18预售排行榜——珀莱雅蝉联第一，巨子生物表现超预期，毛戈平排名跃升 China Beauty Asia Pacific 6.18 Pre-sale Rankings Proya No.1, Giant Biogene Positive Surprise, MGP Gains.pdf|MS-中国美妆：6.18预售排行榜——珀莱雅蝉联第一，巨子生物表现超预期，毛戈平排名跃升 China Beauty Asia Pacific 6.18 Pre-sale Rankings Proya No.1, Giant Biogene Positive Surprise, MGP Gains.pdf]] ## 050. MS-中国生物科技：创新黎明2.0——从批量授权到定制化价值捕获 China Biotechnology Innovation Dawn 2.0 From Wholesale to Bespoke.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-中国生物科技：创新黎明2.0——从批量授权到定制化价值捕获 China Biotechnology Innovation Dawn 2.0 From Wholesale to Bespoke.pdf|MS-中国生物科技：创新黎明2.0——从批量授权到定制化价值捕获 China Biotechnology Innovation Dawn 2.0 From Wholesale to Bespoke.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-中国生物科技：创新黎明2.0——从批量授权到定制化价值捕获 China Biotechnology Innovation Dawn 2.0 From Wholesale to Bespoke.pdf|MS-中国生物科技：创新黎明2.0——从批量授权到定制化价值捕获 China Biotechnology Innovation Dawn 2.0 From Wholesale to Bespoke.pdf]] ## 051. Nomura-快手科技（1024.HK）AI业务亮眼，核心业务承压 Kuaishou Technology Thriving AI, softening core.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__Nomura-快手科技（1024.HK）AI业务亮眼，核心业务承压 Kuaishou Technology Thriving AI, softening core.pdf|Nomura-快手科技（1024.HK）AI业务亮眼，核心业务承压 Kuaishou Technology Thriving AI, softening core.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__Nomura-快手科技（1024.HK）AI业务亮眼，核心业务承压 Kuaishou Technology Thriving AI, softening core.pdf|Nomura-快手科技（1024.HK）AI业务亮眼，核心业务承压 Kuaishou Technology Thriving AI, softening core.pdf]] ## 052. Nomura-徐工机械：行业上行周期遇上经营改善——国内上行周期、海外扩张与矿山机械动能加持，首予买入评级，目标价13.60元 XCMG Industry upcycle meets operational improvement.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__Nomura-徐工机械：行业上行周期遇上经营改善——国内上行周期、海外扩张与矿山机械动能加持，首予买入评级，目标价13.60元 XCMG Industry upcycle meets operational improvement.pdf|Nomura-徐工机械：行业上行周期遇上经营改善——国内上行周期、海外扩张与矿山机械动能加持，首予买入评级，目标价13.60元 XCMG Industry upcycle meets operational improvement.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__Nomura-徐工机械：行业上行周期遇上经营改善——国内上行周期、海外扩张与矿山机械动能加持，首予买入评级，目标价13.60元 XCMG Industry upcycle meets operational improvement.pdf|Nomura-徐工机械：行业上行周期遇上经营改善——国内上行周期、海外扩张与矿山机械动能加持，首予买入评级，目标价13.60元 XCMG Industry upcycle meets operational improvement.pdf]] ## 053. Nomura-中国互联网与新媒体：2026年4月应用追踪——字节跳动横扫在线娱乐领域 China Internet & New Media Monthly App Tracker – April 2026.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__Nomura-中国互联网与新媒体：2026年4月应用追踪——字节跳动横扫在线娱乐领域 China Internet & New Media Monthly App Tracker – April 2026.pdf|Nomura-中国互联网与新媒体：2026年4月应用追踪——字节跳动横扫在线娱乐领域 China Internet & New Media Monthly App Tracker – April 2026.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__Nomura-中国互联网与新媒体：2026年4月应用追踪——字节跳动横扫在线娱乐领域 China Internet & New Media Monthly App Tracker – April 2026.pdf|Nomura-中国互联网与新媒体：2026年4月应用追踪——字节跳动横扫在线娱乐领域 China Internet & New Media Monthly App Tracker – April 2026.pdf]] ## 054. MS-人形机器人：新视界，人形机器人即将进入你的彭博终端 Humanoids Humanoid Horizons：Humanoids Coming to Your Bloomberg Screen.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-人形机器人：新视界，人形机器人即将进入你的彭博终端 Humanoids Humanoid Horizons：Humanoids Coming to Your Bloomberg Screen.pdf|MS-人形机器人：新视界，人形机器人即将进入你的彭博终端 Humanoids Humanoid Horizons：Humanoids Coming to Your Bloomberg Screen.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-人形机器人：新视界，人形机器人即将进入你的彭博终端 Humanoids Humanoid Horizons：Humanoids Coming to Your Bloomberg Screen.pdf|MS-人形机器人：新视界，人形机器人即将进入你的彭博终端 Humanoids Humanoid Horizons：Humanoids Coming to Your Bloomberg Screen.pdf]] ## 055. MS-同仁堂（600085）风险收益更新 Beijing Tongrentang Asia Pacific Risk Reward Update.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-同仁堂（600085）风险收益更新 Beijing Tongrentang Asia Pacific Risk Reward Update.pdf|MS-同仁堂（600085）风险收益更新 Beijing Tongrentang Asia Pacific Risk Reward Update.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-同仁堂（600085）风险收益更新 Beijing Tongrentang Asia Pacific Risk Reward Update.pdf|MS-同仁堂（600085）风险收益更新 Beijing Tongrentang Asia Pacific Risk Reward Update.pdf]] ## 056. MS-纬创（3231.TW）2026亚洲AI峰会要点 Wistron Corporation Asia Pacific Asia AI Summit 2026 Takeaways.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__MS-纬创（3231.TW）2026亚洲AI峰会要点 Wistron Corporation Asia Pacific Asia AI Summit 2026 Takeaways.pdf|MS-纬创（3231.TW）2026亚洲AI峰会要点 Wistron Corporation Asia Pacific Asia AI Summit 2026 Takeaways.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__MS-纬创（3231.TW）2026亚洲AI峰会要点 Wistron Corporation Asia Pacific Asia AI Summit 2026 Takeaways.pdf|MS-纬创（3231.TW）2026亚洲AI峰会要点 Wistron Corporation Asia Pacific Asia AI Summit 2026 Takeaways.pdf]] ## 057. UBS-全球天然气：注气速度加快，但库存担忧依然存在 Global Gas Injections pick up, but storage concerns linger.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-全球天然气：注气速度加快，但库存担忧依然存在 Global Gas Injections pick up, but storage concerns linger.pdf|UBS-全球天然气：注气速度加快，但库存担忧依然存在 Global Gas Injections pick up, but storage concerns linger.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-全球天然气：注气速度加快，但库存担忧依然存在 Global Gas Injections pick up, but storage concerns linger.pdf|UBS-全球天然气：注气速度加快，但库存担忧依然存在 Global Gas Injections pick up, but storage concerns linger.pdf]] ## 058. UBS-三一重能（688349）：2026年亚洲投资大会要点——海外扩张与国内利润率复苏将推动盈利反弹 Sany Renewable Energy 2026 AIC：Overseas expansion and domestic margin recovery to drive earnings rebound.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-三一重能（688349）：2026年亚洲投资大会要点——海外扩张与国内利润率复苏将推动盈利反弹 Sany Renewable Energy 2026 AIC：Overseas expansion and domestic margin recovery to drive earnings rebound.pdf|UBS-三一重能（688349）：2026年亚洲投资大会要点——海外扩张与国内利润率复苏将推动盈利反弹 Sany Renewable Energy 2026 AIC：Overseas expansion and domestic margin recovery to drive earnings rebound.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-三一重能（688349）：2026年亚洲投资大会要点——海外扩张与国内利润率复苏将推动盈利反弹 Sany Renewable Energy 2026 AIC：Overseas expansion and domestic margin recovery to drive earnings rebound.pdf|UBS-三一重能（688349）：2026年亚洲投资大会要点——海外扩张与国内利润率复苏将推动盈利反弹 Sany Renewable Energy 2026 AIC：Overseas expansion and domestic margin recovery to drive earnings rebound.pdf]] ## 059. UBS-腾讯控股（0700.HK）：2026 AIC——核心韧性支撑AI转型 Tencent Holdings 2026 AIC：Core resilience supports AI transition.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-腾讯控股（0700.HK）：2026 AIC——核心韧性支撑AI转型 Tencent Holdings 2026 AIC：Core resilience supports AI transition.pdf|UBS-腾讯控股（0700.HK）：2026 AIC——核心韧性支撑AI转型 Tencent Holdings 2026 AIC：Core resilience supports AI transition.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-腾讯控股（0700.HK）：2026 AIC——核心韧性支撑AI转型 Tencent Holdings 2026 AIC：Core resilience supports AI transition.pdf|UBS-腾讯控股（0700.HK）：2026 AIC——核心韧性支撑AI转型 Tencent Holdings 2026 AIC：Core resilience supports AI transition.pdf]] ## 060. UBS-英业达（2356.TW）：2026年AI大会要点——AI与传统服务器前景乐观 Inventec 2026 AIC Live Takeaways：Inventec seeing an upbeat AI and traditional server outlook.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-英业达（2356.TW）：2026年AI大会要点——AI与传统服务器前景乐观 Inventec 2026 AIC Live Takeaways：Inventec seeing an upbeat AI and traditional server outlook.pdf|UBS-英业达（2356.TW）：2026年AI大会要点——AI与传统服务器前景乐观 Inventec 2026 AIC Live Takeaways：Inventec seeing an upbeat AI and traditional server outlook.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-英业达（2356.TW）：2026年AI大会要点——AI与传统服务器前景乐观 Inventec 2026 AIC Live Takeaways：Inventec seeing an upbeat AI and traditional server outlook.pdf|UBS-英业达（2356.TW）：2026年AI大会要点——AI与传统服务器前景乐观 Inventec 2026 AIC Live Takeaways：Inventec seeing an upbeat AI and traditional server outlook.pdf]] ## 061. UBS-招商轮船（601872）：2026年分析师会议——油轮运价仍有进一步上涨空间 China Merchants Energy Shipping 2026 AIC：More upside to tanker shipping rates.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-招商轮船（601872）：2026年分析师会议——油轮运价仍有进一步上涨空间 China Merchants Energy Shipping 2026 AIC：More upside to tanker shipping rates.pdf|UBS-招商轮船（601872）：2026年分析师会议——油轮运价仍有进一步上涨空间 China Merchants Energy Shipping 2026 AIC：More upside to tanker shipping rates.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-招商轮船（601872）：2026年分析师会议——油轮运价仍有进一步上涨空间 China Merchants Energy Shipping 2026 AIC：More upside to tanker shipping rates.pdf|UBS-招商轮船（601872）：2026年分析师会议——油轮运价仍有进一步上涨空间 China Merchants Energy Shipping 2026 AIC：More upside to tanker shipping rates.pdf]] ## 062. UBS-紫金黄金国际（2259.HK）：并购仍是核心焦点——2026年分析师会议要点 Zijin Gold International 2026 AIC：M&A remains key focus.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-紫金黄金国际（2259.HK）：并购仍是核心焦点——2026年分析师会议要点 Zijin Gold International 2026 AIC：M&A remains key focus.pdf|UBS-紫金黄金国际（2259.HK）：并购仍是核心焦点——2026年分析师会议要点 Zijin Gold International 2026 AIC：M&A remains key focus.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-紫金黄金国际（2259.HK）：并购仍是核心焦点——2026年分析师会议要点 Zijin Gold International 2026 AIC：M&A remains key focus.pdf|UBS-紫金黄金国际（2259.HK）：并购仍是核心焦点——2026年分析师会议要点 Zijin Gold International 2026 AIC：M&A remains key focus.pdf]] ## 063. UBS-紫金矿业A股（601899）：2026年分析师会议要点——2026年成本指引、锂业务及未来增长路径更新 Zijin Mining Group - A 2026 AIC：updates on 2026 cost guidance, lithium and future growth path.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-紫金矿业A股（601899）：2026年分析师会议要点——2026年成本指引、锂业务及未来增长路径更新 Zijin Mining Group - A 2026 AIC：updates on 2026 cost guidance, lithium and future growth path.pdf|UBS-紫金矿业A股（601899）：2026年分析师会议要点——2026年成本指引、锂业务及未来增长路径更新 Zijin Mining Group - A 2026 AIC：updates on 2026 cost guidance, lithium and future growth path.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-紫金矿业A股（601899）：2026年分析师会议要点——2026年成本指引、锂业务及未来增长路径更新 Zijin Mining Group - A 2026 AIC：updates on 2026 cost guidance, lithium and future growth path.pdf|UBS-紫金矿业A股（601899）：2026年分析师会议要点——2026年成本指引、锂业务及未来增长路径更新 Zijin Mining Group - A 2026 AIC：updates on 2026 cost guidance, lithium and future growth path.pdf]] ## 064. UBS-百度（BIDU.US）：2026年分析师会议——强化全栈AI能力 Baidu, Inc. AIC 2026：Strengthening full-stack AI capability.pdf ### 文档 - [[assets/docs/260602_0839__外资研报__UBS-百度（BIDU.US）：2026年分析师会议——强化全栈AI能力 Baidu, Inc. AIC 2026：Strengthening full-stack AI capability.pdf|UBS-百度（BIDU.US）：2026年分析师会议——强化全栈AI能力 Baidu, Inc. AIC 2026：Strengthening full-stack AI capability.pdf]] ### 预览 [[assets/docs/260602_0839__外资研报__UBS-百度（BIDU.US）：2026年分析师会议——强化全栈AI能力 Baidu, Inc. AIC 2026：Strengthening full-stack AI capability.pdf|UBS-百度（BIDU.US）：2026年分析师会议——强化全栈AI能力 Baidu, Inc. AIC 2026：Strengthening full-stack AI capability.pdf]] ## 065. 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