思维纪要社 2026-09-02 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 图片预览。
001. 长江证券-达瑞电子(300976)精密制造平台拓边界，AI液冷开辟新道路-260823.pdf
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长江证券-达瑞电子(300976)精密制造平台拓边界，AI液冷开辟新道路-260823.pdf
002. 长江证券-公用事业行业研究：资负新规落地，重视公用板块红利资产配置价值-260826.pdf
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长江证券-公用事业行业研究：资负新规落地，重视公用板块红利资产配置价值-260826.pdf
003. 长江证券-海博思创(688411)深度(二)：从独储到算电，从设备到服务——基本盘、新空间与价值链延伸-260826.pdf
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长江证券-海博思创(688411)深度(二)：从独储到算电，从设备到服务——基本盘、新空间与价值链延伸-260826.pdf
004. 长江证券-海运行业周报：迎接“效率脱钩牛”——油运效率和需求再审视-260824.pdf
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长江证券-海运行业周报：迎接“效率脱钩牛”——油运效率和需求再审视-260824.pdf
005. 长江证券-激浊扬清，周观军工行业第183期：坚定看好板块β龙头主机厂-260824.pdf
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长江证券-激浊扬清，周观军工行业第183期：坚定看好板块β龙头主机厂-260824.pdf
006. 长江证券-家用电器行业摩托车出海：质价比领先，品牌力突围-260823.pdf
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长江证券-家用电器行业摩托车出海：质价比领先，品牌力突围-260823.pdf
007. 长城证券-万马科技(300698)车联网出海驱动增长，算电协同拓展空间-260824.pdf
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长城证券-万马科技(300698)车联网出海驱动增长，算电协同拓展空间-260824.pdf
008. 长江证券-7月工业企业利润点评：科技盈利一枝独秀-260827.pdf
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长江证券-7月工业企业利润点评：科技盈利一枝独秀-260827.pdf
009. 长江证券-策略研究&钢铁有色&交运&石化&电力&煤炭行业：向胜率，要赔率——周期红利，股息为舟，各竞其流-260825.pdf
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长江证券-策略研究&钢铁有色&交运&石化&电力&煤炭行业：向胜率，要赔率——周期红利，股息为舟，各竞其流-260825.pdf
010. 华创批零社服汤秀洁-饶临风团队 - 投资框架：服务消费行业框架 - 线上精选12讲 260902
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- 导读/总结：华创批零社服汤秀洁-饶临风团队 - 投资框架：服务消费行业框架 - 线上精选12讲 260902_导读.docx
- 原文：华创批零社服汤秀洁-饶临风团队 - 投资框架：服务消费行业框架 - 线上精选12讲 260902_原文.docx
011. 国联民生固收 - 固收实务投研框架系列会议（第九期）：美债定价逻辑全景解析 260902
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- 导读/总结：国联民生固收 - 固收实务投研框架系列会议（第九期）：美债定价逻辑全景解析 260902_导读.docx
- 原文：国联民生固收 - 固收实务投研框架系列会议（第九期）：美债定价逻辑全景解析 260902_原文.docx
012. 东吴证券 - 9月度金股：“金九”窗口，均衡布局 260902
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013. 华创食饮 - 贵州茅台深度梳理：雄关漫道真如铁，而今迈步从头越 260902
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- 导读/总结：华创食饮 - 贵州茅台深度梳理：雄关漫道真如铁，而今迈步从头越 260902_导读.docx
- 原文：华创食饮 - 贵州茅台深度梳理：雄关漫道真如铁，而今迈步从头越 260902_原文.docx
014. 华源食饮 _ 金达威深度：厄尔尼诺受益标的，藻油替代鱼油迎来机遇 260902
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- 导读/总结：华源食饮 _ 金达威深度：厄尔尼诺受益标的，藻油替代鱼油迎来机遇 260902_导读.docx
- 原文：华源食饮 _ 金达威深度：厄尔尼诺受益标的，藻油替代鱼油迎来机遇 260902_原文.docx
015. 东吴食饮周周讲 - 金达威深度报告：披云开雾障，踏雪至山巅 260902
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016. 东吴固收 - 研究有深度：科创“国家队”的崛起：全国产投平台科技布局全景扫描 260902
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- 导读/总结：东吴固收 - 研究有深度：科创“国家队”的崛起：全国产投平台科技布局全景扫描 260902_导读.docx
- 原文：东吴固收 - 研究有深度：科创“国家队”的崛起：全国产投平台科技布局全景扫描 260902_原文.docx
017. 开源研究 - 周期周周谈第二十四期：中报总结及展望 260902
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018. 开源证券 拥抱AI大时代之AIGC每周谈 260902
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019. 开源食饮 - 饮韵时光第49期：金秋研途：万辰集团：快速拓店收入高增，净利率持续超预期 260902
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- 导读/总结：开源食饮 - 饮韵时光第49期：金秋研途：万辰集团：快速拓店收入高增，净利率持续超预期 260902_导读.docx
- 原文：开源食饮 - 饮韵时光第49期：金秋研途：万辰集团：快速拓店收入高增，净利率持续超预期 260902_原文.docx
020. 银河纺服 _ 国产体育大牌动销近况交流 260902
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021. 平安大宗商品与新材料 蒙煤情况解析及后市煤炭行情交流 260902
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022. 逸仙电商[YSG.N]2026年第二季度业绩交流会 260902
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- [[assets/audio/逸仙电商_YSG.N_2026年第二季度业绩交流会 260902.mp3|逸仙电商[YSG.N]2026年第二季度业绩交流会 260902.mp3]]
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- 导读/总结：[[assets/docs/260902_2221__逸仙电商 _体育 _运动服饰__逸仙电商_YSG.N_2026年第二季度业绩交流会 260902_导读.docx|逸仙电商[YSG.N]2026年第二季度业绩交流会 260902_导读.docx]]
- 原文：[[assets/docs/260902_2221__逸仙电商 _体育 _运动服饰__逸仙电商_YSG.N_2026年第二季度业绩交流会 260902_原文.docx|逸仙电商[YSG.N]2026年第二季度业绩交流会 260902_原文.docx]]
023. 招商证券 - 黄金与大宗或将再度上行 - 9月大类资产配置展望 260902
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- 导读/总结：招商证券 - 黄金与大宗或将再度上行 - 9月大类资产配置展望 260902_导读.docx
- 原文：招商证券 - 黄金与大宗或将再度上行 - 9月大类资产配置展望 260902_原文.docx
024. 浙商固收 - 如何利用期权助力投资交易 260902
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025. 长江固收 - 这一年，我们的研究系列13：银行存款”短期化“，而非'流失化' 260902
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- 导读/总结：长江固收 - 这一年，我们的研究系列13：银行存款”短期化“，而非'流失化' 260902_导读.docx
- 原文：长江固收 - 这一年，我们的研究系列13：银行存款”短期化“，而非'流失化' 260902_原文.docx
026. 财经解读 260902
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027. 【首席观市】开源北交所丨诸海滨：北交所网下打新攻略：打新新蓝海，网下询价重启α新战场 260902
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028. 德力佳[603092.SH]2026年半年度业绩说明会 260902
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- [[assets/audio/德力佳_603092.SH_2026年半年度业绩说明会 260902.mp3|德力佳[603092.SH]2026年半年度业绩说明会 260902.mp3]]
029. 第二十三届瑞银证券A股研讨会媒体分享会 260902
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030. 东方基金 市场情绪回暖 布局窗口来了？ 260902
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031. 【弘则医药漫谈063】创新药中报传递了哪些信号？ 260902
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032. 光大证券 美债抛售潮来袭，全球股市受何影响？ 260902
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033. 广发2026每月一会（大金融、贵金属、农产品、能源、化工、橡胶、有色、黑色） 260902
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034. 国投瑞银基金 三季度锂价有机会吗？ 260902
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035. 好上好（001298）2026年半年报业绩交流会 260902
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036. 弘毅远方基金 海外算力链怎么看？ 260902
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037. 华安基金 指数大学堂 - 美债波澜再起，资产配置怎么做？ 260902
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038. 东吴非银 - 非银投资全景系列15期：银行IT行业纵览：金融科技的“压舱石”与“主战场” 260902
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039. 东吴商社 新消费晚五荟：中秋国庆渐近 - 消费与出行机会展望 260902
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040. 菲达环保[600526.SH]2026年半年度业绩暨现金分红说明会 260902
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- [[assets/audio/菲达环保_600526.SH_2026年半年度业绩暨现金分红说明会 260902.mp3|菲达环保[600526.SH]2026年半年度业绩暨现金分红说明会 260902.mp3]]
041. 建言论策——金属月度策略会（第18期） 260902
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042. 开源家电&可选消费 萤石网络近期经营情况小范围交流 260902
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043. 欧派家居[603833.SH]2026年半年度业绩说明会 260902
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- [[assets/audio/欧派家居_603833.SH_2026年半年度业绩说明会 260902.mp3|欧派家居[603833.SH]2026年半年度业绩说明会 260902.mp3]]
044. 实时债市解盘260902 - 大华银行周石磊 260902
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045. 万得基金 预期兑现波动中锚定价值投资坐标 260902
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046. 华源农业 _ 秋季策略会交流——海南橡胶 260902
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047. 华源汽车 _ 图达通近况交流 260902
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048. 徽商期权课堂 - ETF期权周度行情解读 260902
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049. 嘉合基金 一周回顾｜权益市场&固收市场 260902
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050. 永茂泰[605208.SH]2026年半年度业绩说明会 260902
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- [[assets/audio/永茂泰_605208.SH_2026年半年度业绩说明会 260902.mp3|永茂泰[605208.SH]2026年半年度业绩说明会 260902.mp3]]
051. 预焙阳极、阴极炭块——大宗商品热点解读 260902
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052. 真诚沟通强信心 提质增效促发展——2026年湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会 260902
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053. 中邮创业基金 市场持续震荡，投资如何布局？ 260902
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054. 资深投顾说：凹形结构市场，中大盘股承压 260902
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055. 万联证券 - 高端装备双周观察 260902
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056. 新湖期货 聚酯产业链、纯苯苯乙烯与氯碱产业链——无化不谈 260902
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057. 易方达基金 基金经理请回答-市场最新问答 260902
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058. 易方达基金 科技震荡，机会还是风险？ 260902
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059. 戴尔科技[DELL.N]2027财年第二季度业绩交流会 260902
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- [[assets/audio/戴尔科技_DELL.N_2027财年第二季度业绩交流会 260902.mp3|戴尔科技[DELL.N]2027财年第二季度业绩交流会 260902.mp3]]
060. 东财公用环保 浙富控股：2026H1业绩亮眼，清洁能源装备和金属危废资源化双主业共振 260902
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061. 东财宏观_地方债支出节奏和投向有变化了吗_ 260902
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062. 东吴宏观·经济早班车 - 138期 - A股9月行情模型解析 260902
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063. DAY 1｜2026年BOK-CEPR-OECD 会议 260902
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064. PALO ALTO NETWORKS[PANW.O]2026财年第四季度业绩交流会 260902
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- [[assets/audio/PALO ALTO NETWORKS_PANW.O_2026财年第四季度业绩交流会 260902.mp3|PALO ALTO NETWORKS[PANW.O]2026财年第四季度业绩交流会 260902.mp3]]
065. 格林生物[301688.SZ]新股发行上市仪式 260902
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- [[assets/audio/格林生物_301688.SZ_新股发行上市仪式 260902.mp3|格林生物[301688.SZ]新股发行上市仪式 260902.mp3]]
066. 股市大家谈 - 破局9月 硬科技重估与产业共振 260902
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067. 国金固收 _ 债市早知道（第123期） 260902
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068. 国联基金 小市值风格的投资机会 260902
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069. 华创交运_航宇科技_航发燃启，锻造寰宇 260902
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070. 华创医药 - 药明康德：全球CRDMO领军者勇立潮头，腾飞正当时 260902
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071. 东吴量化 - 中国台湾主动ETF市场研究：规模扩张、竞争格局与投资者结构分析 260902
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072. 东吴批零社服 - 朝八最深度 - 【潮宏基】仍能开店扩张的“固收+”加盟连锁黄金珠宝品牌 260902
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073. 东吴医药 - 晨间深度汇报 - 益方生物：TYK2抑制剂具BIC潜力，在研管线&商业化双突破 260902
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074. 开源煤炭公用 _ 2026周期上行，煤炭高瞻深度系列第2期：山煤国际：吨利优异高分红延续，周期上行业绩弹性可期 260902
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075. 开源通信 “颖响力”通信深度拆解十六讲（10）深度拆解AIDC 260902
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076. 开源中小盘 - 2026年深度研究系列路演 - 日联科技：冉冉升起的半导体检测平台型龙头 260902
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077. 宁夏建材[600449.SH]2026年半年度业绩说明会 260902
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- [[assets/audio/宁夏建材_600449.SH_2026年半年度业绩说明会 260902.mp3|宁夏建材[600449.SH]2026年半年度业绩说明会 260902.mp3]]
078. 诺德基金 科技后市投资怎么看？ 260902
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079. 汇添富基金 海外科技龙头带来“新叙事”？ 260902
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080. 金信基金 轮动行情下，如何看待银行持续性？ 260902
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081. 金元顺安基金 固收为基，科技增强，如何打造攻守组合 260902
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082. 东吴环保•朔元撷理 - 兴蓉环境：掌握成都水务固废资产，享优质业绩&现金流增长 260902
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083. 维立志博（09887.HK）2026年中报业绩交流会 260902
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084. 西部策略 - 盘前5分钟0902 260902
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085. 西部策略｜10年美债利率迫近4.8%，怎么办？ 260902
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086. 西部利得基金 大白话带你了解AI产业链 260902
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087. 阳光早参——9月首日，缩量回调！原因几何？ 260902
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088. 长江策略_清策股谈-2026年深度报告巡礼第12期_黄金和美股世纪大复盘_冰火之歌还是星辉互映_--全球资产配置策略系列(一) 260902
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089. 生物股份[600201.SH]2026年半年度业绩说明会 260902
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- [[assets/audio/生物股份_600201.SH_2026年半年度业绩说明会 260902.mp3|生物股份[600201.SH]2026年半年度业绩说明会 260902.mp3]]
090. 天弘基金 光伏人集合：热点解读，能源行业大盘点 260902
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091. 华大智造多组学业务布局分享会 260902
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092. 【摩根士丹利】周三周期论剑：'房地产、金融、交运、工业行业更新 ' 260902
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093. 《柔软的宇宙》
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094. 《乱世靡音》
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095. 《调香师日记》
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096. AI产业景气跟踪框架 260901
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097. 东阳光药 260830
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- 导读/总结：东阳光药 260830_导读.docx
- 原文：东阳光药 260830_原文.docx
098. AI材料系列E-glass和AI电子布的预期差有哪些 260901
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099. 禾川科技 260901
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- 导读/总结：禾川科技 260901_导读.docx
- 原文：禾川科技 260901_原文.docx
100. 涪陵榨菜 260901
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- 导读/总结：涪陵榨菜 260901_导读.docx
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101. 国泰海通-9月金股会议 260901
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102. 领益智造 260831
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- 导读/总结：领益智造 260831_导读.docx
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103. 群联电子 260901
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104. 华电科工 260901
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105. 上海建工 260901
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- 导读/总结：上海建工 260901_导读.docx
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106. 深圳瑞捷 260901
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- 导读/总结：深圳瑞捷 260901_导读.docx
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107. 三次电源 行业深度-AI芯片功率跃升下的价值重估 260901
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108. 天顺风能 260901
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- 导读/总结：天顺风能 260901_导读.docx
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109. 天辰生物 260901
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110. 天风TMT AI中报总结与展望二 260901
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111. 长鑫科技 260901
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112. 粤海投资 260831
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113. 长光华芯 260901
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114. 中报行业精讲-如何看待火电 260901
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115. 中国交建 260901
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- 导读/总结：中国交建 260901_导读.docx
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116. 招商积余 260901
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- 导读/总结：招商积余 260901_导读.docx
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117. 中科曙光 260901
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- 导读/总结：中科曙光 260901_导读.docx
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118. 中钨高新 260825
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- 导读/总结：中钨高新 260825_导读.docx
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119. 中国中铁 260901
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- 导读/总结：中国中铁 260901_导读.docx
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120. 安克创新20260831.pdf
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207. 中集集团20260831.pdf
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208. 蔚来[NIO.N]2026年第二季度业绩交流会 260901
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- [[assets/audio/蔚来_NIO.N_2026年第二季度业绩交流会 260901.mp3|蔚来[NIO.N]2026年第二季度业绩交流会 260901.mp3]]
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- 导读/总结：[[assets/docs/260902_0824__大参林 _蔚来 _中升控股__蔚来_NIO.N_2026年第二季度业绩交流会 260901_导读.docx|蔚来[NIO.N]2026年第二季度业绩交流会 260901_导读.docx]]
- 原文：[[assets/docs/260902_0824__大参林 _蔚来 _中升控股__蔚来_NIO.N_2026年第二季度业绩交流会 260901_原文.docx|蔚来[NIO.N]2026年第二季度业绩交流会 260901_原文.docx]]
209. 大参林 260831
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- 导读/总结：大参林 260831_导读.docx
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210. 中升控股 260831
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- 导读/总结：中升控股 260831_导读.docx
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211. GS-美国管道与MLP行业——上调数据中心天然气需求展望，回调后管道与表后发电板块浮现配置价值.pdf
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GS-美国管道与MLP行业——上调数据中心天然气需求展望，回调后管道与表后发电板块浮现配置价值.pdf
212. GS-美国行政令后表后储能增长逻辑加速；买入LG化学和LG新能源.pdf
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GS-美国行政令后表后储能增长逻辑加速；买入LG化学和LG新能源.pdf
213. GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf
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GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf
214. GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf
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GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf
215. GS-日本科技：半导体设备上调晶圆设备预期；订单强劲背景下产能_定价权重要性持续提升 JAPAN TECHNOLOGY SEMICONDUCTOR CAPITAL EQUIPMENT Raising WFE outlook; production capacity_pricing power in face of strong orders becoming increasingly important.pdf
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216. GS-三星电子（005930.KS）：公布 2026 年股东回报中枢约 100 万亿韩元，股息占比有望提升；高额股东回报有望推高估值倍数；买入评级（基于 CL） Samsung Electronics (005930.KS) Announces 2026 shareholder returns of ~W100tn at the mid‑point, likely higher mix of dividends; signific....pdf
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217. GS-迈威尔科技（MRVL）：关注点转向投资者日，中期收入目标上调 Marvell Technology Inc. (MRVL) Uptick to medium‑term revenue targets as focus shifts to Investor Day.pdf
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218. GS-迈为股份（300751.SZ）：2Q26因订单确认放缓不及预期.pdf
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GS-迈为股份（300751.SZ）：2Q26因订单确认放缓不及预期.pdf
219. GS-美股科技互联网：2026Q2业绩回顾与Communacopia+科技大会前瞻-20260829.pdf
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GS-美股科技互联网：2026Q2业绩回顾与Communacopia+科技大会前瞻-20260829.pdf
220. GS-西门子能源（ENR1n.DE）：聚焦核心业务有望推升利润率与股东回报价值？.pdf
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总结
- 4FOEZFo4qW9ZfV8O9RaQoMpPoMrPeRqQyQiNmOtNaQoPpPvPmRqPuOqMqP
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GS-西门子能源（ENR1n.DE）：聚焦核心业务有望推升利润率与股东回报价值？.pdf
221. GS-稀宇科技-0100.HK-2026年上半年业绩分析：ARR和研发投入增加，追求模型智能与成本效率的前沿；买入（摘要）-20260827.pdf
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总结
- BGRHZFm2rXfXaYaQ8QbRtRqQnPqOiNpPyQfQtRoR9PoPrMNZnOsQMYsOoM
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GS-稀宇科技-0100.HK-2026年上半年业绩分析：ARR和研发投入增加，追求模型智能与成本效率的前沿；买入（摘要）-20260827.pdf
222. GS-新宝股份-002705-2026年二季度业绩发布后更新数据.pdf
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总结
- AHPFUIiAsYfXaY6McM6MtRqQsQtNfQnNvNiNpNpQ9PqRoPMYnNrOuOqMqN
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GS-新宝股份-002705-2026年二季度业绩发布后更新数据.pdf
223. GS-新易盛(300502.SZ) - 800G_1.6T光模块放量带动环比增长；2Q26营收超预期；买入 - 2026-08-25_Ting Song，Allen Chang(原文).pdf
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总结
- companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
- representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
- departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
- InnoScience, Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, Luxshare (A), Luxshare
- Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Eoptolin k (Rmb412.00)
- Goldman Sachs had an investment banking services client relationship during the past 12 months with: Eoptolink (Rmb412.00)
- As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
- 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-新易盛(300502.SZ) - 800G_1.6T光模块放量带动环比增长；2Q26营收超预期；买入 - 2026-08-25_Ting Song，Allen Chang(原文).pdf
224. GS-亚洲策略展望：全球物理AI、潍柴动力、腾讯、CXMT、美团、比亚迪、中国银行、M...-20260831.pdf
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总结
- Asian Equity Perspectives – Into the home stretch. We remain constructive on Asian Goldman Sachs (Asia) L.L.C.
- equities and raise our 12-month MXAPJ Index target to 1,120 from 1,080, driven by Caleb Chan
- exceptionally strong profit growth across tech hardware supply chains. We upgrade Goldman Sachs (Asia) L.L.C.
- Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
- should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
- Investors should consider this report as only a single factor in making their investment decision. For Reg AC
- www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
- which added 5,488 net stores in the first half, alongside resilient positive per-store sales
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GS-亚洲策略展望：全球物理AI、潍柴动力、腾讯、CXMT、美团、比亚迪、中国银行、M...-20260831.pdf
225. GS-松下控股（6752.T）——CEO交流会.pdf
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总结
- 1IQGVJp5qW8YcW8OdN6MsQmMmOrPfQrRvNjMmOtO8OpOmMMYoNvNuOoOsN
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226. GS-索菲亚-002572-2026年二季度业绩分析：需求压力拖累增长，更加注重盈利能力；中性-20260827.pdf
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总结
- 1IQGXHiArX8YfV6M9RaQpNpPpNpRlOqQuMlOoMwO8OqRqRvPpOrQxNrMmO
预览
GS-索菲亚-002572-2026年二季度业绩分析：需求压力拖累增长，更加注重盈利能力；中性-20260827.pdf
227. GS-通化东宝-600867-业绩分析：2026年上半年收入符合预期，净利润高于预期；卖出-20260825.pdf
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总结
- 0JyAUIm2sYdVbZ8OdN6MnPqQpNpRjMqQyQlOmOoRaQpOpONZqQoRuOpMrR
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GS-通化东宝-600867-业绩分析：2026年上半年收入符合预期，净利润高于预期；卖出-20260825.pdf
228. GS-潍柴动力-000338-简要分析：2Q26总体净利润（同比+57％）大幅超预期，核心业务表现强劲；提升派息率；买入（摘要）-20260827.pdf
文档
总结
- 4FRHVJjBrXeWeU6MbP9PpNmMmOtNjMqQxPiNtRyQ9PnMqRxNrQnPuOnNvM
预览
GS-潍柴动力-000338-简要分析：2Q26总体净利润（同比+57％）大幅超预期，核心业务表现强劲；提升派息率；买入（摘要）-20260827.pdf
229. GS-英伟达（NVDA）——2027年展望强劲、承诺透明度提升、毛利率可见性增强，应推动股价跑赢大盘.pdf
文档
总结
- companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
- representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
- departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
- Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Nvidia Corp. ($209.66)
- Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Nvidia Corp. ($209.66)
- Goldman Sachs had an investment banking services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
- Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
- As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
预览
GS-英伟达（NVDA）——2027年展望强劲、承诺透明度提升、毛利率可见性增强，应推动股价跑赢大盘.pdf
230. GS-招商积余-001914-2026年上半年符合预期的业绩发布后更新数据；卖出.pdf
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总结
- 1IRHUIjBrXcUdX7N8Q8OoMqQsQoQjMpPzRlOpNrObRnMrMwMpMsQxNsQmO
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GS-招商积余-001914-2026年上半年符合预期的业绩发布后更新数据；卖出.pdf
231. GS-中国：8月非官方制造业PMI上升-20260901.pdf
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总结
- The headline RatingDog China manufacturing PMI rose to 51.5 in August from 50.9 in Goldman Sachs (Asia) L.L.C.
- sub-index fell to 50.0 from 50.6. The suppliers’ delivery times sub-index edged up to
-
- On the trade-related sub-indexes, the new export orders sub-index increased to
- 52.2 in August from 50.2 in July. The raw materials inventory sub-index rose to 51.4
- increased to 52.2 from 51.7 in July, while the output prices sub-index declined to
- Investors should consider this report as only a single factor in making their investment decision. For Reg AC
- Exhibit 1: RatingDog China manufacturing PMI rose in Exhibit 2: The input prices sub-index rose while output
- 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 16 17 18 19 20 21 22 23 24 25 26
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GS-中国：8月非官方制造业PMI上升-20260901.pdf
232. GS-中国8月官方制造业PMI上升-非制造业PMI大致持平-20260831.pdf
文档
总结
- The NBS manufacturing PMI rose to 49.8 in August from 49.2 in July. Among major Goldman Sachs (Asia) L.L.C.
- 48.6. By enterprise size, the PMI of large and small enterprises rose to 50.6 and 47.9
- Investors should consider this report as only a single factor in making their investment decision. For Reg AC
- 50.4 from 53.2 and 47.8 in July, respectively. The NBS attributed the increase to recent
- sectors) stayed roughly flat at 49.0 in August. The services PMI remained unchanged at
- as Internet, software, and IT services industries were above 55. By contrast, the PMIs for
- PMI inched down to 46.9 in August (vs. 47.0 in July), remaining at a low level relative to
- Exhibit 1: NBS manufacturing PMI rose in August Exhibit 2: Both output and input price sub-indexes of the
预览
GS-中国8月官方制造业PMI上升-非制造业PMI大致持平-20260831.pdf
233. GS-中国房地产周报-第35周-：成交量与情绪分化；中央层面出台新政策-20260901.pdf
文档
总结
- Policy update: 1) On Aug 28th, policymakers issued three restructuring include Sunac China (1918.HK), CIFI yi.wang@goldmansachs.cn
- property related policies - the Notice on Improving the (0884.HK) and Fantasia (1777.HK), all Not Covered. Company Limited
- n Property sales in c.75 cities suggest top-100 developers’ contract sales are likely to drop 9% yoy in Aug, vs. -8% in July.
- n GTV for BEKE (new and existing) likely rise 12% (+19%/+10% for new/existing) for July-Aug, vs. internet team’s estimate
- Exhibit 1: Primary GFA sold last week was +6% wow and -5% yoy in c.75 cities Exhibit 2: Primary GFA sold YTD on average was -11% yoy in c.75 cities, and
- Secondary market: Week 35/YTD volumes were +7%/+2% yoy, with price appreciation expectations edging higher for agents while lower
- Exhibit 3: Secondary GFA sold last week was -2% wow and +7% yoy in c.20 cities Exhibit 4: Secondary GFA sold YTD was +2% yoy in c.20 cities, while +14%/+14%
- Weekly Centaline Salesman Index (CSI) tracker in 4 cities Weekly Centaline Seller Asking Index (CAI) tracker in 6 cities
预览
GS-中国房地产周报-第35周-：成交量与情绪分化；中央层面出台新政策-20260901.pdf
234. GS-中国观察：三大要点-20260830.pdf
文档
总结
- Investors should consider this report as only a single factor in making their investment decision. For Reg AC
- expect the manufacturing PMI to edge up to 49.4 from 49.2, reflecting residual
- expect the non-manufacturing PMI to fall to 48.8 in August from 49.0 in July. Both
- Asia in Focus: China Retail Sales: Policy Tailwinds Fade, H2 Growth Likely Remains Low,
- China: Both industrial profits and revenue fell sequentially in July, 27 August 2026
- China: Strong fiscal revenue and slower spending led to a narrower deficit in July, 21
- China: 70-city average primary property price decline narrowed further in July, with
- Macro & Strategy | Global Macro, Activity Data, Market Views (in Mandarin), 24 August
预览
235. GS-中国经济展望：由弱到更弱-20260901.pdf
文档
总结
- Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the
- Note: The benchmark illustrates 21 large housing booms/busts across 15 economies around the world since the 1960s.
- Note: Peak month refers to November 2021 for Hong Kong, May 2023 for Beijing, January 2022 for Shanghai, June 2022 for Guangzhou and August 2021 for Shenzhen, based on Centaline secondary
- that are both completed and under construction. As of end-2025, average inventory stands at 24 months in mainland China’s Tier-1 cities versus 49 months in Hong Kong, reflecting these definitional
- Note: Housing inventory is estimated as housing inventory levels divided by the number of 12-month moving average new home sales.
- Note: We use 2006-2025 monthly data for our local projections with an instrument variable, i.e., oil supply shock from Känzig (2021).
- Note: In the RHS table, highlights in orange refer to tech-related new projects in the 15th FYP compared to the 14th FYP, and highlights in blue refer to other new projects.
- Source: BIS, Lane & Milesi-Ferretti (2018), Haver Analytics, Wind, Goldman Sachs Global Investment Research
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236. JPM-Hot Chips 2026：智能体推理重塑芯片架构-20260831.pdf
文档
总结
- We recently attended the Hot Chips 2026 conference and came away with an even Semiconductors & Semiconductor
- more constructive view on the multi-year AI infrastructure buildout, with agentic Capital Equipment / IT Hardware
- imperative, a marked shift from Hot Chips 2025, where training-optimized design harlan.sur@jpmorgan.com
- (1) agentic AI inference is fundamentally reshaping silicon design, with decode- (1-212) 622-1664
- {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
- {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
- {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
- {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
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JPM-Hot Chips 2026：智能体推理重塑芯片架构-20260831.pdf
237. GS-英维克（002837.SZ）——2Q26不及预期主因储能业务拖累，下调目标价与盈利预测，静待海外液冷订单突破；维持“买入”.pdf
文档
总结
- BGPFUIjBsYeWcW9P8QaQnPnNoMpRkPqQvNiNoMtN8OnMnNMYqNrOxNnQmR
预览
GS-英维克（002837.SZ）——2Q26不及预期主因储能业务拖累，下调目标价与盈利预测，静待海外液冷订单突破；维持“买入”.pdf
238. JPM-中国互联网行业：谁为AI建设买单？-20260826.pdf
文档
总结
- 0JQGYEm2pV9ZeUbRaObRpNnNmOsMkPnNzRiNnPoQ7NoPsPxNqNrNvPmMpR
预览
JPM-中国互联网行业：谁为AI建设买单？-20260826.pdf
239. JPM-中国科技与亚太互联网日报：消费电子逢低买入机会重探、亚洲科技调研纪要及阿里巴巴争议-20260826_Zoe Xu(原文).pdf
文档
总结
- tech and re-engaging at low-to-mid teens / high single-digit 2026/27E P/E. With Apple’s autumn launch looming, are high-
- Cambridge Tech, StarPower 2Q26 results (link), CRM -A (link), JP Expert Access: Technology And Development Trends In MLCCs For AI Servers - 13:00 HKT-
- 8/26 Optical (link) Circuit Fabolo, RoboSense (link) (Asia Session) Key Takeaways from Asia Tech Tour ( 11:00 HKT) - link
- A/H consumer names broadly trading at low-to-mid teens / HSD 2026/27E P/E, the question is how much downside is really left
- • GOERTEK Q226 results also read better than feared on margins. AI glasses, smart wearables, and gaming consoles weighed
- on 1H, but iPhone demand looks like a stabilizer into 2H, and any new IoT launches would be incremental. It’s less “cheap” at
- • LUXSHARE is increasingly not traded as a pure Apple proxy given the broader business mix. 2Q results were in-line (toward
- the low end of the preliminary range), and Q3 guidance looked a bit softer. It’s trading at ~19.8x/16.0x 2026/27E P/E. The
预览
JPM-中国科技与亚太互联网日报：消费电子逢低买入机会重探、亚洲科技调研纪要及阿里巴巴争议-20260826_Zoe Xu(原文).pdf
240. JPM-中海油服-601808-2季度业绩快评：利用率继续提升，半潜平台满负荷运转；日费率持续改善；汇兑损失是不利因素.pdf
文档
总结
- 1IRHYEjBrXfXbZ9PbP8OmOrRmOqOjMmMxPiNnPqP8OrQnRNZoPsNMYnPtO
预览
JPM-中海油服-601808-2季度业绩快评：利用率继续提升，半潜平台满负荷运转；日费率持续改善；汇兑损失是不利因素.pdf
241. Most Neoclouds Suck At Security.pdf
文档
预览
Most Neoclouds Suck At Security.pdf
242. MS-8月新房销售分化-旺季或偏冷-20260831.pdf
文档
总结
- Major developers recorded divergent sales performance: Sales n August fell 11% 4. Lowering Full-year Forecasts on Weak Land
- basis (vs. -7% and -11% in July). This narrowed the YTD sales declines slightly to 13% 5. Leading Mall Operators – Hidden Gems in the
- (601155.SS/ 1030.HK), where robust mall operations should provide an earnings refer to the Disclosure Section, located at the end of this
- Company Ticker type 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 2026-05 2026-06 2026-07 2026-08 YoY MoM 2025-08 2026-08 YoY
- C&D International * 1908 HK SOE 5 .7 7 .7 8 .8 4 .5 6 .6 5 .3 5 .5 8 .6 9 .7 1 0.8 9 .1 5 .5 5 .1 -10% -7% 6 3 5 9 -6%
- CR Land 1109 HK SOE 1 3.2 1 7.6 1 5.2 2 3.0 4 1.0 1 1.7 1 0.1 2 2.4 2 5.9 2 3.5 2 3.0 1 4.1 1 8.5 40% 31% 1 37 1 49 9%
- Greentown 3900 HK Semi-SOE 1 0.0 1 2.2 1 2.5 1 2.5 2 0.5 6 .3 4 .5 1 4.8 1 0.4 1 2.5 1 1.7 5 .3 7 .1 -29% 34% 9 6 7 3 -24%
- Exhibit 3: Top 100 developers – monthly attributable sales y-y Exhibit 4: Top 100 developers – YTD attributable sales y-y
预览
MS-8月新房销售分化-旺季或偏冷-20260831.pdf
243. MS-半导体周报：第七周财报前瞻-博通、安霸-及Skyworks技术日-20260831.pdf
文档
总结
- We value AVGO at 28X CY2027e ModelWare EPS of $17.92. This is roughly 26x non-GAAP ▪AVGO has the second largest AI exposure
- $$$666333777...000000(((+++777222...777333%%%))) PPPrrrooobbb (((>>>666333777...000000)))~~~222...666%%% operations, cut costs, and drive stable cash
- Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 28
- Aug 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
- 31X 2027e ModelWare Bull EPS of $20.55 28X 2027e ModelWare Base EPS of $17.92 20X 2027e ModelWare Bear EPS of $15.40
- Revenue growth surprises to the upside and Posts strong revenue growth in CY26 CY27 Revenue growth disappoints and synergies
- EV/sales of 9x CY26, 9x sales is a slight premium to small cap semiconductors ▪We like Ambarella's fundamental position
- quickly, driving 2x increase to average selling Design wins continue in the automotive and Revenue Note: There are not sufficient brokers supplying
预览
MS-半导体周报：第七周财报前瞻-博通、安霸-及Skyworks技术日-20260831.pdf
244. JPM-华勤技术(603296.SH) - A：超节点_交换机放量正成为关键盈利驱动因素；增长有望提速；给予“增持”评级-20260826_刘叶，冯令天(原文).pdf
文档
总结
- 同比增长8%，净利润同比大幅增长85%至19亿元，主要受投资收益
- 同比增长 (23.0%) 14.5% (11.4%) 16.4% 18.9% 息税折旧摊销前利润同比增长 4.8% 59.7% 29.4% 39.4% 29.1%
- 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
- 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
- ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
- (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
- 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略
- Authority, 简称DFSA) 的监管， 其注册地址是Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai,
预览
JPM-华勤技术(603296.SH) - A：超节点_交换机放量正成为关键盈利驱动因素；增长有望提速；给予“增持”评级-20260826_刘叶，冯令天(原文).pdf
245. JPM-内存市场更新：NVDA-CXMT业绩及Kioxia-SKH投资新闻影响-20260831.pdf
文档
总结
- Over the last couple of days, investors have asked us about the implications of Technology - Semiconductors
- growth potential. NVDA (covered by Harlan Sur) introduced its first-ever J.P. Morgan Securities (Far East) Limited, Seoul
- See page 4 for analyst certification and important disclosures, including non-US analyst disclosures.
- {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
- makers within the next 3-4M and believe the risk/reward is attractive. We advise investors
- {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
- Figure 1: Global memory makers’ share price performance including SOX (Philadelphia Semiconductor index)
- {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
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JPM-内存市场更新：NVDA-CXMT业绩及Kioxia-SKH投资新闻影响-20260831.pdf
246. JPM-中国房地产：8月销售放缓-2027年或更差-20260901.pdf
文档
总结
- Top 100 developers’ sales Y/Y decline widened from -9% in July to -17% in August. Mainland China/Hong Kong Property
- rule of pre-sales (requiring the building to be topped out) does not apply to projects (852) 2800-8513
- cash flows), but the new land acquired will also face a longer time before meeting the (852) 2800-8599
-
-
-
-
- 8 7 6 9 0 0 0 0 % % % % -66% -71%-68% -77% -54% -65%-63% -68%-66% -62% -70%-70% -73% -78% -72% -78% -73 - % 76% -7 - 0 7 % 5% -80% -69% -71%-71% -74% -80%-77%
-
-
-
-
-
- -4 6 5 0 0 0 % % % - - 3 4 7 1 % % - - 5 2 2 9 % % - - 5 4 3 9 % % -41%- - 3 2 8 7 % % - - 3 3 5 0 % % - - 4 2 9 9 % %- - 3 26 1 % % - - 3 3 8 5 % % - - 5 4 3 9 % % --3333%% - - 4 3 3 6 % % - - 4 2 3 8 % % - - 4 3 4 3 % % - - 4 3 0 5 % % - - - 4 5 4 0 1 2 % % % - - 5 4 9 5 % % - - 5 4 6 4 % %- - 4 4 5 6 % %-47% - - 5 3 8 6 % % -39% -4 - 8 4 % 1% - - 5 3 0 9 % % -55 - % 41% -48%
-
-
-
- 8 6 0 0 % % -71% -75%-79% -73%-76% -80%-80% -77% -85% -80% -85%-83%-86%-87%-87%-90%-91%-89%-87% -91%-89%-90%-93%-93%-92%
-
- ** refers to those with official sales target/guidance (from the respective FY25 results briefings). For
- Note: *For companies not covered by J.P. Morgan, the 1-year forward P/B is based on Bloomberg consensus estimates.
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JPM-中国房地产：8月销售放缓-2027年或更差-20260901.pdf
247. MS-模拟芯片回顾：利润率问题掩盖了数据中心业务的积极评论 - 20260825_Lee Simpson，Joseph Moore(原文).pdf
文档
总结
- Visibility improving: Book-to-bill ratios above 1, firmer pricing and backlog Amelia.Scicluna@morganstanley.com +44 20 7425-6694
- exposure is scaling rapidly, with raised outlooks and multi-year customer Nicole.Kozhukhov@morganstanley.com + 1 212 761-1636
- with variance in the pace, mix, and impact of each recovery. STM called out c.40% Lucas.Wang@morganstanley.com +886 2 2730-2875
- acknowledge w eaker margins (Q4 guides primarily), relative to heightened investors should be aware that the firm may have a conflict of
- the quarter. STMicro was the clearest disappointment. Despite an improving Q2/Q3 and may not be subject to FINRA restrictions on
- gross margin profile (Q3e: c.37% up >200bps qq), the Q4 guide underwhelmed. A communications with a subject company, public appearances
- falling short of the mid-20s% buy-side expectation, as mix and FX offset the benefits Technology - European Semiconductors
- 0002 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
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MS-模拟芯片回顾：利润率问题掩盖了数据中心业务的积极评论 - 20260825_Lee Simpson，Joseph Moore(原文).pdf
248. MS-舜宇光学科技(02382.HK) - 1H26业绩分化；2H26需改善增长与利润率以推动估值重估-20260826_Andy Meng，Betty Chen(原文).pdf
文档
总结
- RMB21.9bn. New businesses, including robotics, intelligent imaging, and optical § = Consensus data is provided by Refinitiv Estimates
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A A C
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y
- In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y C o rp o ra tio n ,
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m L e n o v o , U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , X ia o m i C o rp , Y a g e o C o rp .,
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , Z h e n D in g , Z h o n g ji
- A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : A A C T e c h n o lo g ie s
预览
MS-舜宇光学科技(02382.HK) - 1H26业绩分化；2H26需改善增长与利润率以推动估值重估-20260826_Andy Meng，Betty Chen(原文).pdf
249. MS-亚洲投资者会谈反馈-20260831.pdf
文档
总结
- Feedback from Asia Investor Takeshi.Yamaguchi@morganstanleymufg.com + 81 3 6836-5404
- and Hong Kong from August 24 to 28 (Yamaguchi only). While we also met a small
- would reach around 1.75% by end-2027, implying three additional 25bp hikes. By
- at a quarterly pace, taking the policy rate to 2% or above during 2027. Compared to
- their terminal rate expectations.That said, even among the equity investors we met, For important disclosures, refer to the Disclosure Section,
- some have begun to argue that the policy rate could exceed 2% as early as next
- 1.50% by end-2027. As a result, discussions focused on the rationale behind our
- Ueda and Treasury Secretary Bessent on the sidelines of the G20 meetings.
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250. MS-英伟达(NVDA)：信用研究：条条大路通向计算业务-NVDA Credit：All Roads Lead to Compute.pdf
文档
总结
- AI cloud agreements (future commit) — 36.0 NVDA commits, AI clouds can sell capacity at higher third-party rates w/ rev share
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : N V ID IA
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
- In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f N V ID IA C o rp ..
- A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : N V ID IA C o rp ..
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MS-英伟达(NVDA)：信用研究：条条大路通向计算业务-NVDA Credit：All Roads Lead to Compute.pdf
251. MS-英伟达2027年前景十分乐观 NVIDIA very positive 2027 commentary.pdf
文档
总结
- 52% a nd consensus closer to 40%. Our FY28/FY29 revenue ests come up ~ § = Consensus data is provided by Refinitiv Estimates
- our model and roughly 40% consensus, and remains severely supply constrained. Morgan Stanley does and seeks to do business with
- Nvidia Corporation Income Statement 2025/1F 2025/2F 2025/3F 2025/4F 2026/1F 2026/2F 2026/3F 2026/4F 2027/1F 2027/2F 2027/3F 2027/4F FY2022 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY
- Apr/25 Jul/25 Oct/25 Jan/26 Apr/26 Jul/26 Oct/26 Jan/27 Apr/27 Jul/27 Oct/27 Jan/28 Jan/23 Jan/24 Jan/25 Jan/26 Jan/27 Jan/28 Jan/29
- Revenue 44,062 46,743 57,006 68,127 81,615 96,221 108,128 120,004 136,285 156,214 182,082 215,587 26,974 60,922 130,497 2 15,938 405,968 6 90,168 9 70,222
- Cons Rev 4 4,062 4 6,743 5 7,006 6 8,127 8 1,615 9 6,221 105,571 1 19,612 1 32,622 1 45,751 1 59,164 1 74,003 6 0,922 1 30,497 2 15,938 397,871 5 92,814 7 43,157
- Y/Y Change 69.2% 55.6% 62.5% 73.2% 85.2% 105.9% 89.7% 76.1% 67.0% 62.3% 68.4% 79.7% 0.2% 125.9% 114.2% 65.5% 88.0% 70.0% 40.6%
- COGS 17,394 12,890 15,157 17,034 20,458 24,079 28,074 34,196 38,099 43,180 50,048 58,914 11,618 16,621 32,638 62,475 106,807 1 90,242 2 64,808
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MS-英伟达2027年前景十分乐观 NVIDIA very positive 2027 commentary.pdf
252. MS-北美半导体资本设备.pdf
文档
总结
- trading as though the cycle peaks in CY27. In a scenario where WFE meaningfully investors should be aware that the firm may have a conflict of
- overshoots to the upside in CY27 (~$230bn+), we see AEIS earning closer to $20 Research. Investors should consider Morgan Stanley
- and MKS closer to $21, implying both stocks trade at approx. 13x earnings. Research as only a single factor in making their investment
- Source: FactSet, Company Data, Morgan Stanley Research Source: FactSet, Company Data, Morgan Stanley Research. Note: range refers to 8-year average +/- 1
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A d v a n c e d
- W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A p p lie d M a te ria ls In c., M K S In c..
- In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A d v a n c e d E n e rg y In d u strie s In c., A p p lie d M a te ria ls In c., C a m te k ,
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253. MS-二季度业绩后高管会议前瞻问题手册-20260831.pdf
文档
总结
- Below, we include our post-Q prep pack with questions for companies. Please see Josh.Haubenstock@morganstanley.com + 1 212 761-1059
- endorsement of the tender offer, or (iii) result in the procurement, withholding or investors should be aware that the firm may have a conflict of
-
- Fall Innovation: Your fall 2026 innovation hit shelves in July and is running "ahead
- Our PT is derived from a 25x 2027e P/E multiple (above large-cap peers) given solid pricing
- ples. We apply a 14.5x multiple to Beverage Co, a discount to the KO/PEP average despite PEP's
- severely depressed multiple, and an 8x multiple for Coffee Co, a ~20% discount to coffee
- strong MNST intl growth, outsized market share gains, expected margin inflection in 2027, and
- implies a 2027e P/E of ~23x, a discount to theoretical fair value based upon a regression of
预览
MS-二季度业绩后高管会议前瞻问题手册-20260831.pdf
254. MS-货运科技追踪：自动驾驶、无人机与机器人加速落地-20260831.pdf
文档
总结
- 13, 2026. This permit allows Kodiak to operate in California with a safety driver behind the
- a-service offering carries a per-mile revenue outlook in the $2-plus-per-mile range, while
- (August 17, 2026) Intracoastal Trucking, a 100-truck, 600-trailer truckload carrier based in
- (August 21, 2026) Google has announced the general availability of Large Vehicle Routing,
- fleet to dual-facing event recorders roughly a year ago. Accidents have fallen almost 20%
- (August 19, 2026) Amazon is expanding its drone delivery capabilities to nearly 500 cities
- (August 04, 2026) Amazon Business is rolling out its dedicated, branded delivery trucks in
- customers to receive eligible orders in three hours or less, according to an Aug. 18 press
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MS-货运科技追踪：自动驾驶、无人机与机器人加速落地-20260831.pdf
255. MS-均胜电子(600699.SH) - 2Q26业绩电话会要点：均胜电子 _ 亚太区-20260826_Shelley Wang，Tim Hsiao(原文).pdf
文档
总结
- Management guided for weekly production capacity of 2,000-4,000 units for Junming.Zhang1@morganstanley.com +852 2848-5412
- structural components remains in the soft-tooling and validation stage. To support Shr price, close (Aug 26, 2026) Rmb18.98
- multiple auto suppliers are targeting AIDC applications, we think their angles are Revenue, net (Rmb mn) 61,183 64,609 69,089 72,930
- Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
- and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial
- services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial
- services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
- U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
预览
MS-均胜电子(600699.SH) - 2Q26业绩电话会要点：均胜电子 _ 亚太区-20260826_Shelley Wang，Tim Hsiao(原文).pdf
256. SemiAnalysis-大多数新云服务商安全状况堪忧-20260830.pdf
文档
总结
- is mixed, and ultimately not statistically significant. August 2026 will be its most prolific
- some cases, over 3 years old), and a healthy token budget for all the latest models (with all
-
- And, most critically, one scenario with cascading vulnerabilities (i.e. “all of the above”)
- industry leading Datacenter Model that tracks over 6,000 sites globally, including all the top
- total of 25 providers and 32 clusters where we did extensive testing for this round, and many
- cluster had a new partition key (0xa601), but the default partition key (0xffff) was still active.
- general availability in early 2023. The pitch is simple enough. The card offloads, accelerates,
- 5.6 Sol would judge it correct or not. After a point, though, 5.6 Sol would also start rejecting
预览
SemiAnalysis-大多数新云服务商安全状况堪忧-20260830.pdf
257. The Information-独家：SpaceX 自建涡轮叶片工厂 ，以解决数据中心电力短缺问题 Exclusive SpaceX Lays Groundwork For Turbine-Blade Factory to Solve.pdf
文档
预览
258. UBS-5000+家A股公司告诉你什么-— Q226盈利同比增29%-20260901.pdf
文档
总结
- a 19.5% earnings gain for all A-shares in H126, estrisudnare ih A-sssro acthwro gsgnif earn oarymm Su well above the full-year 2026 rate of S1460524080001
- Figure 1: Revenue growth of all A-shares (YoY, YTD) Figure 2: Revenue growth of all A-shares (YoY, quarterly)
- Q112Q113Q114Q115Q116Q117Q118Q119Q120Q121Q122Q123Q124Q125Q126 Q112Q113Q114Q115Q116Q117Q118Q119Q120Q121Q122Q123Q124Q125Q126
- Figure 6: Earnings growth of all A-shares (YoY, YTD) Figure 7: Earnings growth of all A-shares (YoY, quarterly)
- Q112Q113Q114Q115Q116Q117Q118Q119Q120Q121Q122Q123Q124Q125Q126 Q112Q113Q114Q115Q116Q117Q118Q119Q120Q121Q122Q123Q124Q125Q126
- Figure 12: Gross margin of non-financial A-shares Figure 13: Net margin of non-financial A-shares (quarterly)
- Figure 15: CSI 300 earnings growth forecast adjustment Figure 16: CSI 300 earnings growth forecast adjustment,
- CSI 300 in April of the respective year. For example, T in 2026 refers to April 2026. CSI 300 in April of the respective year. For example, T in 2023 refers to April 2023.
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UBS-5000+家A股公司告诉你什么-— Q226盈利同比增29%-20260901.pdf
259. UBS-爱博医疗-688050-德美并表拉动收入增长，盈利承压.pdf
文档
总结
- 0JQGWGm2pVdVaY7NdN9PoMpPtRoQeRmMyQjMsQsN9PrQnRuOsOxPuOoOtR
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UBS-爱博医疗-688050-德美并表拉动收入增长，盈利承压.pdf
260. UBS-半导体速递：CBRS、英伟达、特朗普-习会与H1B数据-20260831.pdf
文档
总结
- 2018 2019 2020 2021 2022 2023 2024 2025 Total 2018 2019 2020 2021 2022 2023 2024 2025 Total 2018 2019 2020 2021 2022 2023 2024 2025
- Nvidia 10,570 8,714 11,201 15,667 17,699 20,617 33,868 38,268 156,604 461 330 529 699 874 1,028 1,405 1,895 7,221 $ 153k$ 167k$ 179k$ 186k$ 207k$ 205k$ 218k$ 222k
- Synopsys 7,316 7,619 6,828 7,712 6,273 5,203 8,285 6,181 55,417 177 208 188 221 198 150 216 194 1,552 $ 150k$ 154k$ 163k$ 163k$ 172k$ 182k$ 187k$ 194k
- Intel 4,962 5,154 3,706 4,050 6,508 3,286 5,651 4,634 37,951 1,530 1,581 1,484 4,003 4,809 3,286 3,553 2,625 22,871 $ 120k$ 121k$ 131k$ 128k$ 136k$ 140k$ 149k$ 158k
- Qualcomm* 31,879 34,699 67,509 66,227 81,119 73,043 2,337 33,154 389,967 648 687 1,806 2,449 3,448 3,164 2,337 2,167 16,706 $ 137k$ 143k$ 148k$ 153k$ 157k$ 165k$ 162k$ 172k
- Samsung 1,020 1,508 2,847 2,710 2,596 2,208 1,892 1,847 16,628 633 628 510 523 586 512 485 479 4,356 $ 129k$ 132k$ 139k$ 153k$ 153k$ 172k$ 184k$ 182k
- AMD 288 1,064 552 577 1,280 563 812 773 5,909 288 470 541 577 672 563 812 773 4,696 $ 140k$ 142k$ 146k$ 154k$ 161k$ 164k$ 175k$ 181k
- Micron 394 507 583 610 635 321 505 562 4,117 394 507 583 610 635 321 505 562 4,117 $ 109k$ 113k$ 112k$ 115k$ 122k$ 122k$ 133k$ 134k
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UBS-半导体速递：CBRS、英伟达、特朗普-习会与H1B数据-20260831.pdf
261. UBS-北方华创-002371-快评：2Q26归母净利润符合预期，高端设备覆盖度进一步提升-20260825.pdf
文档
总结
- 5EPFVJjBsYcUeU9PcMaQpNnNtRsMlOnNxPlOmOoR6MqRoQvPoMyQuOnMxO
预览
UBS-北方华创-002371-快评：2Q26归母净利润符合预期，高端设备覆盖度进一步提升-20260825.pdf
262. MS-中国股票策略：香港市场暂时退居次席-20260826_Laura Wang，Chloe Liu(原文).pdf
文档
总结
-
- 2Q results season proving bottoming out of earnings, especially for the internet/e-commerce sectors, thanks to reining
- Footnotes Guideline Source: MSCI, FactSet, DataStream, Morgan Stanley Research. Data as of August 24, 2026. Past performance is no guarantee of future results.
- Footnotes Guideline Source: RIMES, FactSet, Morgan Stanley Research forecasts. Note: Weekly price index data as of August 24, 2026.
- 31-ceD 41-nuJ 41-ceD 51-nuJ 51-ceD 61-nuJ 61-ceD 71-nuJ 71-ceD 81-nuJ 81-ceD 91-nuJ 91-ceD 02-nuJ 02-ceD 12-nuJ 12-ceD 22-nuJ 22-ceD 32-nuJ 32-ceD 42-nuJ 42-ceD 52-nuJ 52-ceD 62-nuJ
- 31-ceD 41-nuJ 41-ceD 51-nuJ 51-ceD 61-nuJ 61-ceD 71-nuJ 71-ceD 81-nuJ 81-ceD 91-nuJ 91-ceD 02-nuJ 02-ceD 12-nuJ 12-ceD 22-nuJ 22-ceD 32-nuJ 32-ceD 42-nuJ 42-ceD 52-nuJ 52-ceD 62-nuJ
-
-
- 3 2 0 0 % % -15% -19% -20% -25% -23% -20% -2 -1 2 6 % % -2 - 2 2 % 4% -24 - % 25% -1 -2 9 6 %- % 2 -2 1 4 %- % 1 -3 8 0 % % -2 -2 0 7 % - - % 2 1 4 7 % % -24% -20% -23% -20%
-
- Source and Source: MSCI, Bloomberg, RIMES, Factset, Morgan Stanley Research. Data as of August Source: Factset, Morgan Stanley Research. Note: Monthly data as of July 2026.
- Source: FactSet, Datastream, ModelWare, Morgan Stanley Research. Note: Data as of August 24, 2026. *Only index weight of Morgan Stanley Research-covered
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MS-中国股票策略：香港市场暂时退居次席-20260826_Laura Wang，Chloe Liu(原文).pdf
263. MS-自动化——中国8月制造业PMI的启示-20260901.pdf
文档
总结
- A utomation – Read-across from Derrick.Yang@morganstanley.com +886 2 2730-2862
- In this report, we focus on China's manufacturing PMI, which we Greater China Technology Hardware
- • This is supported by the upturns of 0.5ppt and 2.1ppt i n the production index
- increasing policy fine-tuning this fall to facilitate rollout of the ~Rmb2trn in-
- Base case, 29x 2027e P/E. We believe this methodology better captures earnings growth
- with business cycles). As the industry enters an up-cycle, we think applying a near-peak cycle
- momentum, as its valuation tends to move with the business cycle. We apply a target multiple
- of 38x to our 2027 EPS estimate. We view this multiple as justified by the 47% operating profit
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MS-自动化——中国8月制造业PMI的启示-20260901.pdf
264. Sam Altman：OpenAI 今年可能实现 AGI —— 作者 Alex Heath --- Sam Altman OpenAI may reach AGI this year - by Alex Heath.pdf
文档
预览
265. UBS-大金重工-002487-2Q26业绩弱于预期；订单可见性下滑叠加长期增长不确定性，下调评级至中性.pdf
文档
总结
- 5EQGXHjBqWdVaYaQ8Q9PtRmMpNrPjMrRxPjMnPpQaQoPsMxNnPuMNZnRpQ
预览
UBS-大金重工-002487-2Q26业绩弱于预期；订单可见性下滑叠加长期增长不确定性，下调评级至中性.pdf
266. UBS-法拉电子-600563-汇率损失导致业绩低于预期，指引毛利率将继续改善-20260824.pdf
文档
总结
- 企业价值/息税折旧摊销前利润(UBS核心) x 21.8 15.4 15.9 16.4 13.5 11.3 9.3 7.6
- 户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
- 若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
- （https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
- 接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
- 做出投资或财务决定前，本文件或这些信息的所有接收方都应采取措施来了解投资的风险和回报并听取其个人财务、法律、税务和其他专业顾问考虑到接
- 任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
- PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，
预览
UBS-法拉电子-600563-汇率损失导致业绩低于预期，指引毛利率将继续改善-20260824.pdf
267. UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf
文档
总结
- 企业价值/息税折旧摊销前利润(UBS核心) x 12.3 13.6 13.1 12.3 11.0 10.1 9.3 8.8
- 户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
- 若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
- （https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
- 接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
- 做出投资或财务决定前，本文件或这些信息的所有接收方都应采取措施来了解投资的风险和回报并听取其个人财务、法律、税务和其他专业顾问考虑到接
- 任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
- PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，
预览
UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf
268. UBS-华润微-688396-快评：2Q26主营业务如期改善，加速转型平台型特色工艺制造企业-20260825.pdf
文档
总结
- AHQGXHjBtZdVbZaQaO8OoMpPsQtNeRpPzRjMsQoRbRmNrPMYsQyQMYrQtN
预览
UBS-华润微-688396-快评：2Q26主营业务如期改善，加速转型平台型特色工艺制造企业-20260825.pdf
269. UBS-九州通-600998-H126业绩点评：行业逆风下收入增长稳健；应收账款回款情况改善-20260825.pdf
文档
总结
- 1IRHWGiAsYdVeUaQbPaQpNmMtRsMfQpPwOlOnPsNaQrQsMwMoMvNuOnMmQ
预览
UBS-九州通-600998-H126业绩点评：行业逆风下收入增长稳健；应收账款回款情况改善-20260825.pdf
270. UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf
文档
总结
- 42-naJ 42-beF 42-raM 42-rpA 42-yaM 42-nuJ 42-luJ 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA 42-naJ 42-beF 42-raM 42-rpA 42-yaM 42-nuJ 42-luJ 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA
- overseas revenue. In 2025, 3,858 A-share companies disclosed their overseas companies reporting overseas revenue. The top 5 business segments were included.
- 42-naJ 42-beF 42-raM 42-rpA 42-yaM 42-nuJ 42-luJ 42-guA 42-peS 42-tcO 42-voN 42-ceD 52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 1,00
- 12-tcO 12-ceD 22-beF 22-rpA 22-nuJ 22-guA 22-tcO 22-ceD 32-beF 32-rpA 32-nuJ 32-guA 32-tcO 32-ceD 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD 62-beF 62-rpA 62-nuJ
- 11-ceD 21-nuJ 21-ceD 31-nuJ 31-ceD 41-nuJ 41-ceD 51-nuJ 51-ceD 61-nuJ 61-ceD 71-nuJ 71-ceD 81-nuJ 81-ceD 91-nuJ 91-ceD 02-nuJ 02-ceD 12-nuJ 12-ceD 22-nuJ 22-ceD 32-nuJ 32-ceD 42-nuJ 42-ceD 52-nuJ 52-ceD 62-nuJ
- Figure 36: ChiNext's valuation relative to CSI 300's vs Wind Figure 37: Growth style's valuation relative to stable and
- 51-ceD 61-nuJ 61-ceD 71-nuJ 71-ceD 81-nuJ 81-ceD 91-nuJ 91-ceD 02-nuJ 02-ceD 12-nuJ 12-ceD 22-nuJ 22-ceD 32-nuJ 32-ceD 42-nuJ 42-ceD 52-nuJ 52-ceD 62-nuJ
- Cyclical style rolling 6m outperformance over Wind all A-share (RHS) Daily average turnover of all A-shares (RMB bn, RHS) 2024
预览
UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf
271. UBS-是时候重返科技股了-20260831.pdf
文档
总结
- This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research
- Forward EPS 1M revision for China and global AI tech hardware Chinese AI names inventory as % of revenue (4-quarter moving average)
- Chinese AI names contract liability as % of revenue (4-quarter Trailing 12M ROE of China and Global AI tech hardware
- FY26 EPS trend - China vs global AI tech hardware Forward EPS 3M revision - China vs global AI tech hardware
- China AI tech hardware share price YoY vs 12M forward China AI hardware absolute and relative price performance when
- FY1 earnings revision ratio (breadth) 12-month forward earnings revisions in the past 3 months (magnitude)
- A shares holding as % of portfolio and Chinese equity holdings Top 40 global investor positioning in Chinese equity (% of
- Actively managed funds' Chinese equity holdings vs benchmarks - 30 June 2026 Actively managed funds' Chinese equity holdings vs benchmarks
预览
272. UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf
文档
总结
- GB300 (2x GPU - 12Hi) HBM3E 576 576 576 448,259 379,008 385,920 334,080 259,200 1,358,208 207,360 155,520 103,680 51,840 518,400
- Total HBM Demand ('000 GB) 2,184,545 775,025 874,103 1,039,582 1,332,654 4,021,364 1,604,832 1,831,968 2,098,536 2,154,672 7,690,008
- 2 2 Q 1 2 2 Q 2 2 2 Q 3 2 2 Q 4 3 2 Q 1 3 2 Q 2 3 2 Q 3 3 2 Q 4 4 2 Q 1 4 2 Q 2 4 2 Q 3 4 2 Q 4 5 2 Q 1 5 2 Q 2 5 2 Q 3 5 2 Q 4 6 2 Q 1 6 2 Q 2 E6 2 Q 3 E6 2 Q 4 E7 2 Q 1 E7 2 Q 2 E7 2 Q 3 E7 2 Q 4 2 2 Q 1 2 2 Q 2 2 2 Q 3 2 2 Q 4 3 2 Q 1 3 2 Q 2 3 2 Q 3 3 2 Q 4 4 2 Q 1 4 2 Q 2 4 2 Q 3 4 2 Q 4 5 2 Q 1 5 2 Q 2 5 2 Q 3 5 2 Q 4 6 2 Q 1 6 2 Q 2 E6 2 Q 3 E6 2 Q 4 E7 2 Q 1 E7 2 Q 2 E7 2 Q 3 E7 2 Q 4
- 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 E6202 E7202 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 E6202 E7202
- Revenues ($ mil) 26,415 31,776 39,234 52,958 150,384 98,113 146,327 188,467 217,386 650,293 249,215 277,547 303,736 323,068 1,153,566
- Supply (Shipments Based) (M 1Gb) 64,317 75,938 85,576 87,400 313,229 89,789 96,748 102,837 109,078 398,451 113,103 119,781 126,634 131,631 491,150
- Demand (End Consumption) (M 1Gb) 69,879 73,066 87,229 94,120 324,295 89,603 91,394 100,943 109,547 391,487 112,397 124,926 144,549 165,432 547,304
- Inventory Adj. Demand (M 1Gb) 63,729 76,316 87,429 93,420 320,895 106,903 104,594 107,143 112,747 431,387 119,797 126,926 135,049 138,432 520,204
预览
UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf
273. UBS-大参林-603233-H126业绩点评：利润率持续提升；下半年门店扩张有望加速-20260825.pdf
文档
总结
- 4FzBVJn3qWfXeU8OdN9PtRqQnPoQlOmMzRlOsQrO6MrQsMuOtRvNwMrQxO
预览
UBS-大参林-603233-H126业绩点评：利润率持续提升；下半年门店扩张有望加速-20260825.pdf
274. UBS-万润股份-002643-二季度净利润环比保持稳健，毛利率同比小幅下滑-20260821.pdf
文档
总结
- 科技的收入和净利润均实现较快同比增长，大健康板块收入下滑但子公 RIC: 002643.SZ BBG: 002643 CS
- 企业价值/息税折旧摊销前利润(UBS核心) x 11.8 13.5 14.3 11.8 10.1 9.1 8.5 7.8
- 户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
- 若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
- （https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
- 接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
- 任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
- PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，
预览
UBS-万润股份-002643-二季度净利润环比保持稳健，毛利率同比小幅下滑-20260821.pdf
275. UBS-新宙邦-300037-上半年实现9.8亿元净利润，电池电容化学品收入实现较快同比增长-20260821.pdf
文档
总结
- 企业价值/息税折旧摊销前利润(UBS核心) x 23.9 17.0 17.6 17.9 14.5 12.9 11.6 10.5
- 户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
- 若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
- （https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
- 接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
- 做出投资或财务决定前，本文件或这些信息的所有接收方都应采取措施来了解投资的风险和回报并听取其个人财务、法律、税务和其他专业顾问考虑到接
- 任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
- PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，
预览
UBS-新宙邦-300037-上半年实现9.8亿元净利润，电池电容化学品收入实现较快同比增长-20260821.pdf
276. UBS-扬农化工-600486-行业库存压力拖累二季度业绩，关注农药价格底部企稳.pdf
文档
总结
- AHQGZFn3oUfXfV7N9R9PpNmMmOtNeRoOuMfQoMqP9PmNtOvPmRmPvPnNqO
预览
UBS-扬农化工-600486-行业库存压力拖累二季度业绩，关注农药价格底部企稳.pdf
277. UBS-影石创新-688775-内存成本上涨叠加竞争持续或拖累短期盈利.pdf
文档
总结
- 1IPFYEjBsY9ZdX9P8Q8OtRqQnPsMkPrRzRjMmOrO6MoPnRMYrNxPxNnQmM
预览
UBS-影石创新-688775-内存成本上涨叠加竞争持续或拖累短期盈利.pdf
278. UBS-中国贵金属：黄金短期承压-股票风险上升-20260831.pdf
文档
总结
- Figure 4: Gold price vs. oil prices Figure 5: Gold price vs. US 10Y yields Figure 6: Gold price vs. US dollar
- Gold Spot vs Brent Oil —Past Two Months Gold Spot vs U.S. 10Y Yield —Past Two Months Gold Spot vs Dollar Index —Past Two Months
- )zo/DSU( tops dloG 4 4 4 4 4 4 4 4 , , , , , , , ,5 0 1 2 3 4 6 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 8 8 9 9 1 0 0 5 5 0 5 . 0 . . . . 0 0 0 0 0 . 0 0 0 0 0 0 0 )lbb/DSU( lio tnerB )zo/DSU( tops dloG 4 4 4 4 4 4 4 4 , , , , , , , , 5 6 0 1 2 3 4 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4. . . . . . 7 2 3 4 5 6 0 0 0 0 0 0)%( dleiy Y01 .S.U )zo/DSU( tops dloG 3 4 4 4 4 , , , , ,6 8 0 2 4 0 0 0 0 0 0 0 0 0 0 9 9 9 9 9 1 1 1 1 8 8 9 9 0 0 0 0 7. . . . . 0 0 1 1 0 5 0 5 5 . . . . 0 0 0 0 0 0 5 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 xedni ralloD
- 3,900Jun 29 Jul 13 Jul 27 Aug 10 Aug 24 70.00 3,900Jun 29 Jul 13 Jul 27 Aug 10 Aug 24 4.10 3,600Jun 29 Jul 13 Jul 27 Aug 10 Aug 24 97.0000
- 22'naJ 22'rpA 22'luJ 22'tcO 32'naJ 32'rpA 32'luJ 32'tcO 42'naJ 42'rpA 42'luJ 42'tcO 52'naJ 52'rpA 52'luJ 52'tcO 62'naJ 62'rpA 62'luJ 52'peS 52'tcO 52'voN 52'ceD 62'naJ 62'beF 62'raM 62'rpA 62'yaM 62'nuJ 62'luJ
- +2 Std Dev +1 Std Dev Mean PE -1 Std Dev -2 Std Dev +2 Std Dev +1 Std Dev Mean PE -1 Std Dev -2 Std Dev
- Zijin Gold Intl 2259.HK Buy (CBE) 161.20 55,033 1 9.2 1 6.8 5 .3 4 .4 3 0.6 2 8.7 8 .9 7 .6 1 .7 1 .9
- Northern Star Resources NST.AX Neutral 24.78 25,276 1 6.1 1 8.9 2 .1 2 .1 1 3.2 1 1.5 7 .4 7 .8 2 .4 2 .0
预览
UBS-中国贵金属：黄金短期承压-股票风险上升-20260831.pdf
279. UBS-中际旭创-300308-Q2业绩大致符合预期；龙头地位持续稳固-20260822.pdf
文档
总结
- 企业价值/息税折旧摊销前利润(UBS核心) x 26.2 20.5 19.4 22.9 10.8 7.4 6.0 4.7
- 户的风险情况、投资重心和投资角度（例如是覆盖整个市场还是专注于某个行业，是长期还是短期等），客户与瑞银全球研究和UBS Evidence Lab的整体
- 若您对特定公司的权证执行价格感兴趣，请发邮件至UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention:
- （https://www.ubs.com/global/en/legalinfo2/privacy.html）和cookie通告（https://www.ubs.com/global/en/legal/privacy/users.html）处理其个人数据并使
- 接收本文件即表明接收方了解并同意上述预期目的，而且不会预计或相信这些信息构成对接收方的投资建议或旨
- 做出投资或财务决定前，本文件或这些信息的所有接收方都应采取措施来了解投资的风险和回报并听取其个人财务、法律、税务和其他专业顾问考虑到接
- 任在美国《证券交易法》（Securities Exchange Act）15B（即Municipal Advisor Rule）下定义的市政实体(Municipal Entity)的市政顾问(Municipal Advisor)
- PT UBS Sekuritas Indonesia的注册办公地址为Sequis Tower Level 22 unit 22-1, Jl. Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190, Indonesia，
预览
UBS-中际旭创-300308-Q2业绩大致符合预期；龙头地位持续稳固-20260822.pdf
280. weekly-investment-commentary-en-us-20260831-three-lessons-from-a-tumultuous-2026.pdf
文档
预览
weekly-investment-commentary-en-us-20260831-three-lessons-from-a-tumultuous-2026.pdf
281. ZeroHedge-无成交量，无风险敞口 No Volume, No Exposure, No Problem.pdf
文档
预览
ZeroHedge-无成交量，无风险敞口 No Volume, No Exposure, No Problem.pdf
282. UBS-斯达半导-603290-2Q26受折旧拖累利润承压；IGBT涨价开启，利润率有望环比改善-20260825.pdf
文档
总结
- 5EyAYEp5rXdVcW7NdN9PtRnNsQtNeRqQxPiNnPpQ8OoPnRNZqMuMwMmMwP
预览
UBS-斯达半导-603290-2Q26受折旧拖累利润承压；IGBT涨价开启，利润率有望环比改善-20260825.pdf
283. 大摩-美国利率策略：一个40万亿美元的干扰项+20260828.pdf
文档
预览
大摩-美国利率策略：一个40万亿美元的干扰项+20260828.pdf
284. 大摩-中国房地产：关于取消住房预售制的初步解读+20260828.pdf
文档
预览
大摩-中国房地产：关于取消住房预售制的初步解读+20260828.pdf
285. 大摩-中国证券行业：科创板2026年IPO扫描-有何不同？+20260828.pdf
文档
预览
大摩-中国证券行业：科创板2026年IPO扫描-有何不同？+20260828.pdf
286. 高盛-2026年WHRG世界人形机器人运动会要点：应用场景拓宽，自主性门槛提升+20260827.pdf
文档
预览
高盛-2026年WHRG世界人形机器人运动会要点：应用场景拓宽，自主性门槛提升+20260827.pdf
287. 高盛晨读 - 联储加息预期升温 - 本周ALC进行时 - MXAPJ目标价上调 ....pdf
文档
总结
- Conference directory {https://gsevents.cventevents.com/event/847a5cc8-9c08-49b1-ab58-27dc397aa6fc/floor-plan}
- 周末关注最多的还是Chairman Warsh在Jackson Hole的鹰派讲话：强调了2%通胀⽬标必要实现，明确了联储当前重点应在物价上，今夏好于预期的PCE/CPI数据并不能
- 我们对亚洲股票仍持建设性看法，并将MSCI亚太指数（MXAPJ）12个⽉⽬标点位从1,080点上调⾄1,120点，主要受科技硬件供应链利润极其强劲增⻓的推动。
- 表态暗示若即将公布的通胀数据保持坚挺，9⽉加息并⾮不可能，但我们仍预计8⽉核⼼CPI和PCE环⽐涨幅约为0.2%，FOMC将继续维持利率不变。
- 美团：2026年第⼆季度利润超预期且GTV保持领先，尽管单位经济模型恢复不均衡…Meituan – 2Q26 profit beat and GTV leadership despite uneven UE recovery – Bu
- 润泽科技：⼆季度EBITDA超预期，得益于审慎的AIDC投资…Range Intelligent – 2Q26 EBITDA beat on disciplined AIDC investments – Buy
- 万⾠集团：2026年第⼆季度销售及开店超预期且利润率改善…Wanchen – 2Q26 sales and store openings beat with improving margins – Buy
- ⽐亚迪(A) (002594.SZ): 2Q26简要分析：净利润符合预期，EBIT⾼于预期被汇兑/减值损失所抵消…BYD – 2Q26 First Take: Net Profit In-Line as Higher EBIT Offsets FX
预览
高盛晨读 - 联储加息预期升温 - 本周ALC进行时 - MXAPJ目标价上调 ....pdf
288. 巴克莱-美国互联网：AI实验室与AI超大规模云厂商单位经济学入门+20260828.pdf
文档
预览
巴克莱-美国互联网：AI实验室与AI超大规模云厂商单位经济学入门+20260828.pdf
289. 伯恩斯坦-美国生物制药：AI在药物发现中的应用-区分炒作与现实目标及进展+20260826.pdf
文档
预览
伯恩斯坦-美国生物制药：AI在药物发现中的应用-区分炒作与现实目标及进展+20260826.pdf
290. 伯恩斯坦-全球人形机器人：商业化落地之路-四大核心场景的市场规模与ROI测算+20260825.pdf
文档
预览
伯恩斯坦-全球人形机器人：商业化落地之路-四大核心场景的市场规模与ROI测算+20260825.pdf
291. 伯恩斯坦-亚洲量化策略：自由现金流增长至关重要，科技行业尤为如此……但周期已至晚期+20260828.pdf
文档
预览
伯恩斯坦-亚洲量化策略：自由现金流增长至关重要，科技行业尤为如此……但周期已至晚期+20260828.pdf
292. 摩根大通-数据中心观察：Token支出攀升、GPU定价分化、内存价格持续走高+20260826.pdf
文档
预览
摩根大通-数据中心观察：Token支出攀升、GPU定价分化、内存价格持续走高+20260826.pdf
293. 摩根大通-香港地产：关于发改委境外投资管理措施的市场热点问答+20260825.pdf
文档
预览
摩根大通-香港地产：关于发改委境外投资管理措施的市场热点问答+20260825.pdf
294. 摩根大通-中国家电专家电话会纪要：需求疲软但库存更健康，促销有的放矢+20260824.pdf
文档
预览
摩根大通-中国家电专家电话会纪要：需求疲软但库存更健康，促销有的放矢+20260824.pdf
295. 野村-美国经济周报：鹰派信号+20260828.pdf
文档
预览
296. 野村-中国10万亿化债置换最新进展+20260825.pdf
文档
预览
野村-中国10万亿化债置换最新进展+20260825.pdf
297. 野村-中国电信业：传统业务持续承压，Token套餐与AI算力驱动新业务成新增长极+20260825.pdf
文档
预览
野村-中国电信业：传统业务持续承压，Token套餐与AI算力驱动新业务成新增长极+20260825.pdf
298. 野村-中国互联网及新媒体-月度应用追踪+20260828.pdf
文档
预览
野村-中国互联网及新媒体-月度应用追踪+20260828.pdf
299. 加息触发只差四个基点：沃什杰克逊霍尔首秀的四情景推演、九月决议真正的输入日，与六类资产的两段反馈-20260827.pdf
文档
总结
- 价格给了同样的答案：8 月 19 日三十年期从 5.28% 跌到 5.19%（−9 个基点），8 月 21 日回到 5.27%——公告带
- 3.34%、住房租金 3.40%、核心商品 0.99%、失业率 4.10%、非农三个月均值 +2.0 万、时薪同比 3.22%、两年期
- 4.24%、十年期 4.70%、油价 82.8 美元（同比 +30.9%）、准备金 29,350 亿美元、投资级利差 0.81%、高收益利差
- 结论要说准：价格是拉伸的，专业账户确实翻多了，但堆在多头一侧的杠杆按 2026 年的标准并不多。
- 把触发条件翻译成 9 月 11 日那份数据：核心 PCE 环比 +0.259% 的门槛，按 2023 年以来的月度回归（核心 PCE
- · 派杰 Michael Kantrowitz、Nancy Lazar · 道明证券、Gennadiy Goldberg · 法兴 Kit Juckes · 富国投资研究院
- · 太平洋投资管理 Tiffany Wilding · 贝莱德／安硕 Karen Veraa-Perry · 先锋 Josh Hirt · 凯投宏观 Stephen
- 注：本报告由 Matt Investment Agent OS（AI 辅助）生成，仅供内部研究参考，不构成投资建议。
预览
加息触发只差四个基点：沃什杰克逊霍尔首秀的四情景推演、九月决议真正的输入日，与六类资产的两段反馈-20260827.pdf