---
title: "#外资研报"
topic_id: 22258848144422181
created_at: 2026-09-02T08:22:44.277+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：351
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附件总结
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
1. 1IPFYEm2tZ9ZbZ8O9RbRsQrRsQrPeRmMyQkPsQoQbRpOmMvPsPsMNZtOrN

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
1. BGzBUIm2pVfXaY9PcMbRnPrRnPrPkPpPyQiNsQuM8OnMnMuOmNnMxNoMnR

GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf
1. several speaking engagements with Fed officials this week including events with Governor Goldman Sachs & Co. LLC
2. There are no major economic data releases scheduled. +1(202)637-3746 | alec.phillips@gs.com
3. Fed Governor Michael Barr will speak about the economic outlook and financial Goldman Sachs & Co. LLC
4. 09:45 AM S&P Global US manufacturing PMI, August final (consensus 53.3, last Jessica Rindels
5. 10:00 AM ISM manufacturing index, August (GS 56.0, consensus 55.2, last 55.6) Abhay Duggirala
6. We estimate that the ISM manufacturing index edged slightly higher to 56.0 in Goldman Sachs & Co. LLC
7. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
8. We estimate that the ISM services index was unchanged at 54.1 in August, reflecting a

GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf
1. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
2. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
3. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
4. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
5. billion in total contracted revenue over a 15-year term starting in the second half of
6. next-generation AI infrastructure starting in 2027 as part of a joint venture targeting
7. n AI Infrastructure startup sets up AI Pods across UK (8/1/26): Following a strategic
8. (8/25/26): Following a strategic partnership with Supermicro, Cisco is expanding its

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
1. Ebara 12 1,053,000 1,085,700 1,078,600 +0.7% 1,060,000 +2% 1,324,000 1,269,700 +4.3% 1,194,789 +11% 1,535,400 1,427,900 +7.5% 1,288,886 +19%
2. Kokusai Electric 3 340,000 350,300 342,200 +2.4% 341,215 +3% 472,500 433,700 +8.9% 419,200 +13% 596,400 483,000 +23.5% 491,500 +21%
3. Advantest 3 1,714,000 1,791,200 1,788,500 +0.2% 1,736,335 +3% 2,258,400 2,116,100 +6.7% 2,150,000 +5% 2,588,400 2,281,900 +13.4% 2,511,414 +3%
4. Lasertec 6 290,000 309,900 302,700 +2.4% 298,500 +4% 467,200 445,700 +4.8% 375,248 +25% 587,000 528,600 +11.0% 429,650 +37%
5. Tokyo Seimitsu 3 189,000 191,200 192,000 -0.4% 191,250 -0% 215,200 211,500 +1.7% 211,500 +2% 237,700 228,100 +4.2% 233,500 +2%
6. SCREEN Holdings 3 743,000 753,800 747,800 +0.8% 748,285 +1% 943,500 888,900 +6.1% 881,400 +7% 1,130,500 972,400 +16.3% 973,200 +16%
7. HOYA 3 1,066,500 1,064,400 +0.2% 1,047,561 +2% 1,156,800 1,142,500 +1.3% 1,120,000 +3% 1,254,900 1,222,800 +2.6% 1,222,800 +3%
8. Tokyo Electron 3 3,464,000 3,402,600 +1.8% 3,350,000 +3% 4,575,800 4,344,300 +5.3% 4,184,250 +9% 5,756,100 4,917,600 +17.1% 4,876,000 +18%

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
1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
4. Goldman Sachs has received compensationor investment banking services in the past 12 months: Samsung Electronics (W281,500) and Samsung
5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Samsung Electronics
6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Samsung Electronics (W281,500) and Samsung
7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Samsung Electronics
8. Goldman Sachs had a non-securities services client relationship during the past 12 months with: Samsung Electronics (W281,500) and Samsung

## 文档

### 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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#### 预览

[[assets/docs/260902_0822__外资研报__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|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]]

### 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

- 状态：skipped_existing
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#### 预览

[[assets/docs/260902_0822__外资研报__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|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]]

### GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf

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- 本地资源：[[assets/docs/260902_0822__外资研报__GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf|GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf]]

#### 预览

[[assets/docs/260902_0822__外资研报__GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf|GS-美国经济周前瞻：8月31日至9月6日-20260831.pdf]]

### GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0822__外资研报__GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf|GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf]]

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[[assets/docs/260902_0822__外资研报__GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf|GS-美洲科技·硬件：AI项目脉搏·2026年8月-20260901.pdf]]

### 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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[[assets/docs/260902_0822__外资研报__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.pdf|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]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0822__外资研报__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 ~W100t.pdf|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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[[assets/docs/260902_0822__外资研报__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 ~W100t.pdf|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]]

### 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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[[assets/docs/260902_0822__外资研报__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|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]]

### GS-迈为股份（300751.SZ）：2Q26因订单确认放缓不及预期.pdf

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[[assets/docs/260902_0822__外资研报__GS-迈为股份（300751.SZ）：2Q26因订单确认放缓不及预期.pdf|GS-迈为股份（300751.SZ）：2Q26因订单确认放缓不及预期.pdf]]

### 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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[[assets/docs/260902_0822__外资研报__GS-美股科技互联网：2026Q2业绩回顾与Communacopia+科技大会前瞻-20260829.pdf|GS-美股科技互联网：2026Q2业绩回顾与Communacopia+科技大会前瞻-20260829.pdf]]