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主题 2026-09-02/topics/353.md 原文

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附件总结 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

  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 expects to receive or intends to seek compensationor investment banking services in the next 3 months: Nvidia Corp. ($209.66)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Nvidia Corp. ($209.66)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
  8. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

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

  1. 1IRHUIjBrXcUdX7N8Q8OoMqQsQoQjMpPzRlOpNrObRnMrMwMpMsQxNsQmO

GS-中国：8月非官方制造业PMI上升-20260901.pdf

  1. The headline RatingDog China manufacturing PMI rose to 51.5 in August from 50.9 in Goldman Sachs (Asia) L.L.C.
  2. sub-index fell to 50.0 from 50.6. The suppliers’ delivery times sub-index edged up to
    1. On the trade-related sub-indexes, the new export orders sub-index increased to
  4. 52.2 in August from 50.2 in July. The raw materials inventory sub-index rose to 51.4
  5. increased to 52.2 from 51.7 in July, while the output prices sub-index declined to
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. Exhibit 1: RatingDog China manufacturing PMI rose in Exhibit 2: The input prices sub-index rose while output
  8. 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

GS-中国8月官方制造业PMI上升-非制造业PMI大致持平-20260831.pdf

  1. The NBS manufacturing PMI rose to 49.8 in August from 49.2 in July. Among major Goldman Sachs (Asia) L.L.C.
  2. 48.6. By enterprise size, the PMI of large and small enterprises rose to 50.6 and 47.9
  3. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  4. 50.4 from 53.2 and 47.8 in July, respectively. The NBS attributed the increase to recent
  5. sectors) stayed roughly flat at 49.0 in August. The services PMI remained unchanged at
  6. as Internet, software, and IT services industries were above 55. By contrast, the PMIs for
  7. PMI inched down to 46.9 in August (vs. 47.0 in July), remaining at a low level relative to
  8. Exhibit 1: NBS manufacturing PMI rose in August Exhibit 2: Both output and input price sub-indexes of the

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

  1. Policy update: 1) On Aug 28th, policymakers issued three restructuring include Sunac China (1918.HK), CIFI yi.wang@goldmansachs.cn
  2. property related policies - the Notice on Improving the (0884.HK) and Fantasia (1777.HK), all Not Covered. Company Limited
  3. 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.
  4. n GTV for BEKE (new and existing) likely rise 12% (+19%/+10% for new/existing) for July-Aug, vs. internet team’s estimate
  5. 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
  6. Secondary market: Week 35/YTD volumes were +7%/+2% yoy, with price appreciation expectations edging higher for agents while lower
  7. 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%
  8. Weekly Centaline Salesman Index (CSI) tracker in 4 cities Weekly Centaline Seller Asking Index (CAI) tracker in 6 cities

GS-中国观察：三大要点-20260830.pdf

  1. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  2. expect the manufacturing PMI to edge up to 49.4 from 49.2, reflecting residual
  3. expect the non-manufacturing PMI to fall to 48.8 in August from 49.0 in July. Both
  4. Asia in Focus: China Retail Sales: Policy Tailwinds Fade, H2 Growth Likely Remains Low,
  5. China: Both industrial profits and revenue fell sequentially in July, 27 August 2026
  6. China: Strong fiscal revenue and slower spending led to a narrower deficit in July, 21
  7. China: 70-city average primary property price decline narrowed further in July, with
  8. Macro & Strategy | Global Macro, Activity Data, Market Views (in Mandarin), 24 August

GS-中国经济展望：由弱到更弱-20260901.pdf

  1. 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
  2. Note: The benchmark illustrates 21 large housing booms/busts across 15 economies around the world since the 1960s.
  3. 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
  4. 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
  5. Note: Housing inventory is estimated as housing inventory levels divided by the number of 12-month moving average new home sales.
  6. Note: We use 2006-2025 monthly data for our local projections with an instrument variable, i.e., oil supply shock from Känzig (2021).
  7. 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.
  8. Source: BIS, Lane & Milesi-Ferretti (2018), Haver Analytics, Wind, Goldman Sachs Global Investment Research

JPM-Hot Chips 2026：智能体推理重塑芯片架构-20260831.pdf

  1. We recently attended the Hot Chips 2026 conference and came away with an even Semiconductors & Semiconductor
  2. more constructive view on the multi-year AI infrastructure buildout, with agentic Capital Equipment / IT Hardware
  3. imperative, a marked shift from Hot Chips 2025, where training-optimized design harlan.sur@jpmorgan.com
  4. (1) agentic AI inference is fundamentally reshaping silicon design, with decode- (1-212) 622-1664
  5. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  6. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  7. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  8. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}

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

  1. BGPFUIjBsYeWcW9P8QaQnPnNoMpRkPqQvNiNoMtN8OnMnNMYqNrOxNnQmR

文档

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

总结

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  4. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Nvidia Corp. ($209.66)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Nvidia Corp. ($209.66)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Nvidia Corp. ($209.66)
  8. 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

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

总结

  1. 1IRHUIjBrXcUdX7N8Q8OoMqQsQoQjMpPzRlOpNrObRnMrMwMpMsQxNsQmO

预览

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

GS-中国：8月非官方制造业PMI上升-20260901.pdf

总结

  1. The headline RatingDog China manufacturing PMI rose to 51.5 in August from 50.9 in Goldman Sachs (Asia) L.L.C.
  2. sub-index fell to 50.0 from 50.6. The suppliers’ delivery times sub-index edged up to
    1. On the trade-related sub-indexes, the new export orders sub-index increased to
  4. 52.2 in August from 50.2 in July. The raw materials inventory sub-index rose to 51.4
  5. increased to 52.2 from 51.7 in July, while the output prices sub-index declined to
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. Exhibit 1: RatingDog China manufacturing PMI rose in Exhibit 2: The input prices sub-index rose while output
  8. 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

预览

GS-中国：8月非官方制造业PMI上升-20260901.pdf

GS-中国8月官方制造业PMI上升-非制造业PMI大致持平-20260831.pdf

总结

  1. The NBS manufacturing PMI rose to 49.8 in August from 49.2 in July. Among major Goldman Sachs (Asia) L.L.C.
  2. 48.6. By enterprise size, the PMI of large and small enterprises rose to 50.6 and 47.9
  3. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  4. 50.4 from 53.2 and 47.8 in July, respectively. The NBS attributed the increase to recent
  5. sectors) stayed roughly flat at 49.0 in August. The services PMI remained unchanged at
  6. as Internet, software, and IT services industries were above 55. By contrast, the PMIs for
  7. PMI inched down to 46.9 in August (vs. 47.0 in July), remaining at a low level relative to
  8. 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

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

总结

  1. Policy update: 1) On Aug 28th, policymakers issued three restructuring include Sunac China (1918.HK), CIFI yi.wang@goldmansachs.cn
  2. property related policies - the Notice on Improving the (0884.HK) and Fantasia (1777.HK), all Not Covered. Company Limited
  3. 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.
  4. n GTV for BEKE (new and existing) likely rise 12% (+19%/+10% for new/existing) for July-Aug, vs. internet team’s estimate
  5. 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
  6. Secondary market: Week 35/YTD volumes were +7%/+2% yoy, with price appreciation expectations edging higher for agents while lower
  7. 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%
  8. 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

GS-中国观察：三大要点-20260830.pdf

总结

  1. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  2. expect the manufacturing PMI to edge up to 49.4 from 49.2, reflecting residual
  3. expect the non-manufacturing PMI to fall to 48.8 in August from 49.0 in July. Both
  4. Asia in Focus: China Retail Sales: Policy Tailwinds Fade, H2 Growth Likely Remains Low,
  5. China: Both industrial profits and revenue fell sequentially in July, 27 August 2026
  6. China: Strong fiscal revenue and slower spending led to a narrower deficit in July, 21
  7. China: 70-city average primary property price decline narrowed further in July, with
  8. Macro & Strategy | Global Macro, Activity Data, Market Views (in Mandarin), 24 August

预览

GS-中国观察：三大要点-20260830.pdf

GS-中国经济展望：由弱到更弱-20260901.pdf

总结

  1. 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
  2. Note: The benchmark illustrates 21 large housing booms/busts across 15 economies around the world since the 1960s.
  3. 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
  4. 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
  5. Note: Housing inventory is estimated as housing inventory levels divided by the number of 12-month moving average new home sales.
  6. Note: We use 2006-2025 monthly data for our local projections with an instrument variable, i.e., oil supply shock from Känzig (2021).
  7. 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.
  8. Source: BIS, Lane & Milesi-Ferretti (2018), Haver Analytics, Wind, Goldman Sachs Global Investment Research

预览

GS-中国经济展望：由弱到更弱-20260901.pdf

JPM-Hot Chips 2026：智能体推理重塑芯片架构-20260831.pdf

总结

  1. We recently attended the Hot Chips 2026 conference and came away with an even Semiconductors & Semiconductor
  2. more constructive view on the multi-year AI infrastructure buildout, with agentic Capital Equipment / IT Hardware
  3. imperative, a marked shift from Hot Chips 2025, where training-optimized design harlan.sur@jpmorgan.com
  4. (1) agentic AI inference is fundamentally reshaping silicon design, with decode- (1-212) 622-1664
  5. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  6. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  7. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}
  8. {[{Ss1SyOxOiQu7tjHCcIgDgKMo3n_x8aJI03iFbbrkzn7FyZf4WPTmkVjOZ6JFRiRPuICUOJ7zWSTl8w5hBsDeJTk}]}

预览

JPM-Hot Chips 2026：智能体推理重塑芯片架构-20260831.pdf

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

总结

  1. 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

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