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#外资研报

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附件总结 JPM-中国互联网行业：谁为AI建设买单？-20260826.pdf

  1. 0JQGYEm2pV9ZeUbRaObRpNnNmOsMkPnNzRiNnPoQ7NoPsPxNqNrNvPmMpR

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

  1. tech and re-engaging at low-to-mid teens / high single-digit 2026/27E P/E. With Apple’s autumn launch looming, are high-
  2. Cambridge Tech, StarPower 2Q26 results (link), CRM -A (link), JP Expert Access: Technology And Development Trends In MLCCs For AI Servers - 13:00 HKT-
  3. 8/26 Optical (link) Circuit Fabolo, RoboSense (link) (Asia Session) Key Takeaways from Asia Tech Tour ( 11:00 HKT) - link
  4. 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
  5. • GOERTEK Q226 results also read better than feared on margins. AI glasses, smart wearables, and gaming consoles weighed
  6. on 1H, but iPhone demand looks like a stabilizer into 2H, and any new IoT launches would be incremental. It’s less “cheap” at
  7. • LUXSHARE is increasingly not traded as a pure Apple proxy given the broader business mix. 2Q results were in-line (toward
  8. 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

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

  1. 1IRHYEjBrXfXbZ9PbP8OmOrRmOqOjMmMxPiNnPqP8OrQnRNZoPsNMYnPtO

MS-8月新房销售分化-旺季或偏冷-20260831.pdf

  1. Major developers recorded divergent sales performance: Sales n August fell 11% 4. Lowering Full-year Forecasts on Weak Land
  2. basis (vs. -7% and -11% in July). This narrowed the YTD sales declines slightly to 13% 5. Leading Mall Operators – Hidden Gems in the
  3. (601155.SS/ 1030.HK), where robust mall operations should provide an earnings refer to the Disclosure Section, located at the end of this
  4. 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
  5. 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%
  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%
  7. 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%
  8. Exhibit 3: Top 100 developers – monthly attributable sales y-y Exhibit 4: Top 100 developers – YTD attributable sales y-y

MS-半导体周报：第七周财报前瞻-博通、安霸-及Skyworks技术日-20260831.pdf

  1. We value AVGO at 28X CY2027e ModelWare EPS of $17.92. This is roughly 26x non-GAAP ▪AVGO has the second largest AI exposure
  2. $$$666333777...000000(((+++777222...777333%%%))) PPPrrrooobbb (((>>>666333777...000000)))~~~222...666%%% operations, cut costs, and drive stable cash
  3. Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 28
  4. Aug 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
  5. 31X 2027e ModelWare Bull EPS of $20.55 28X 2027e ModelWare Base EPS of $17.92 20X 2027e ModelWare Bear EPS of $15.40
  6. Revenue growth surprises to the upside and Posts strong revenue growth in CY26 CY27 Revenue growth disappoints and synergies
  7. EV/sales of 9x CY26, 9x sales is a slight premium to small cap semiconductors ▪We like Ambarella's fundamental position
  8. quickly, driving 2x increase to average selling Design wins continue in the automotive and Revenue Note: There are not sufficient brokers supplying

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

  1. 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
  2. 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%
  3. 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
  4. 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
  5. ，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
  6. (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
  7. 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
  8. 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,

JPM-内存市场更新：NVDA-CXMT业绩及Kioxia-SKH投资新闻影响-20260831.pdf

  1. Over the last couple of days, investors have asked us about the implications of Technology - Semiconductors
  2. growth potential. NVDA (covered by Harlan Sur) introduced its first-ever J.P. Morgan Securities (Far East) Limited, Seoul
  3. See page 4 for analyst certification and important disclosures, including non-US analyst disclosures.
  4. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
  5. makers within the next 3-4M and believe the risk/reward is attractive. We advise investors
  6. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
  7. Figure 1: Global memory makers’ share price performance including SOX (Philadelphia Semiconductor index)
  8. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}

JPM-中国房地产：8月销售放缓-2027年或更差-20260901.pdf

  1. Top 100 developers’ sales Y/Y decline widened from -9% in July to -17% in August. Mainland China/Hong Kong Property
  2. rule of pre-sales (requiring the building to be topped out) does not apply to projects (852) 2800-8513
  3. 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%
  7. ** refers to those with official sales target/guidance (from the respective FY25 results briefings). For
  8. Note: *For companies not covered by J.P. Morgan, the 1-year forward P/B is based on Bloomberg consensus estimates.

文档

JPM-中国互联网行业：谁为AI建设买单？-20260826.pdf

总结

  1. 0JQGYEm2pV9ZeUbRaObRpNnNmOsMkPnNzRiNnPoQ7NoPsPxNqNrNvPmMpR

预览

JPM-中国互联网行业：谁为AI建设买单？-20260826.pdf

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

总结

  1. tech and re-engaging at low-to-mid teens / high single-digit 2026/27E P/E. With Apple’s autumn launch looming, are high-
  2. Cambridge Tech, StarPower 2Q26 results (link), CRM -A (link), JP Expert Access: Technology And Development Trends In MLCCs For AI Servers - 13:00 HKT-
  3. 8/26 Optical (link) Circuit Fabolo, RoboSense (link) (Asia Session) Key Takeaways from Asia Tech Tour ( 11:00 HKT) - link
  4. 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
  5. • GOERTEK Q226 results also read better than feared on margins. AI glasses, smart wearables, and gaming consoles weighed
  6. on 1H, but iPhone demand looks like a stabilizer into 2H, and any new IoT launches would be incremental. It’s less “cheap” at
  7. • LUXSHARE is increasingly not traded as a pure Apple proxy given the broader business mix. 2Q results were in-line (toward
  8. 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

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

总结

  1. 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

Most Neoclouds Suck At Security.pdf

预览

Most Neoclouds Suck At Security.pdf

MS-8月新房销售分化-旺季或偏冷-20260831.pdf

总结

  1. Major developers recorded divergent sales performance: Sales n August fell 11% 4. Lowering Full-year Forecasts on Weak Land
  2. basis (vs. -7% and -11% in July). This narrowed the YTD sales declines slightly to 13% 5. Leading Mall Operators – Hidden Gems in the
  3. (601155.SS/ 1030.HK), where robust mall operations should provide an earnings refer to the Disclosure Section, located at the end of this
  4. 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
  5. 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%
  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%
  7. 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%
  8. 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

MS-半导体周报：第七周财报前瞻-博通、安霸-及Skyworks技术日-20260831.pdf

总结

  1. We value AVGO at 28X CY2027e ModelWare EPS of $17.92. This is roughly 26x non-GAAP ▪AVGO has the second largest AI exposure
  2. $$$666333777...000000(((+++777222...777333%%%))) PPPrrrooobbb (((>>>666333777...000000)))~~~222...666%%% operations, cut costs, and drive stable cash
  3. Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 28
  4. Aug 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
  5. 31X 2027e ModelWare Bull EPS of $20.55 28X 2027e ModelWare Base EPS of $17.92 20X 2027e ModelWare Bear EPS of $15.40
  6. Revenue growth surprises to the upside and Posts strong revenue growth in CY26 CY27 Revenue growth disappoints and synergies
  7. EV/sales of 9x CY26, 9x sales is a slight premium to small cap semiconductors ▪We like Ambarella's fundamental position
  8. 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

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

总结

  1. 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
  2. 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%
  3. 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
  4. 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
  5. ，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
  6. (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
  7. 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
  8. 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

JPM-内存市场更新：NVDA-CXMT业绩及Kioxia-SKH投资新闻影响-20260831.pdf

总结

  1. Over the last couple of days, investors have asked us about the implications of Technology - Semiconductors
  2. growth potential. NVDA (covered by Harlan Sur) introduced its first-ever J.P. Morgan Securities (Far East) Limited, Seoul
  3. See page 4 for analyst certification and important disclosures, including non-US analyst disclosures.
  4. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
  5. makers within the next 3-4M and believe the risk/reward is attractive. We advise investors
  6. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}
  7. Figure 1: Global memory makers’ share price performance including SOX (Philadelphia Semiconductor index)
  8. {[{s85LaH7iBtRXtOC79snJTy7eC09VBKdP7bEO5A7DIngvyqRvuXCJcQspwVn2FKmzqUZhu7GziGuMJRT-McApF7M}]}

预览

JPM-内存市场更新：NVDA-CXMT业绩及Kioxia-SKH投资新闻影响-20260831.pdf

JPM-中国房地产：8月销售放缓-2027年或更差-20260901.pdf

总结

  1. Top 100 developers’ sales Y/Y decline widened from -9% in July to -17% in August. Mainland China/Hong Kong Property
  2. rule of pre-sales (requiring the building to be topped out) does not apply to projects (852) 2800-8513
  3. 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%
  7. ** refers to those with official sales target/guidance (from the respective FY25 results briefings). For
  8. Note: *For companies not covered by J.P. Morgan, the 1-year forward P/B is based on Bloomberg consensus estimates.

预览

JPM-中国房地产：8月销售放缓-2027年或更差-20260901.pdf

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站内副本：2026-09-02/topics/354.md