---
title: "#外资研报"
topic_id: 82258848144425152
created_at: 2026-09-02T08:21:50.662+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：357
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/82258848144425152)
- 附件：图片 0，音频 0，文档 9
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## 图片

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## 正文

详情页仍未获取到全文。原始列表正文可能被截断。

## 总体总结

主题正文
1. 详情页仍未获取到全文。
2. 原始列表正文可能被截断。

附件总结
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
1. 5EQGXHjBqWdVaYaQ8Q9PtRmMpNrPjMrRxPjMnPpQaQoPsMxNnPuMNZnRpQ

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
1. 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
2. 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
3. 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:
4. （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
5. 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
6. 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
7. 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)
8. 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，

UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf
1. 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
2. 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
3. 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:
4. （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
5. 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
6. 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
7. 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)
8. 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，

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
1. AHQGXHjBtZdVbZaQaO8OoMpPsQtNeRpPzRjMsQoRbRmNrPMYsQyQMYrQtN

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
1. 1IRHWGiAsYdVeUaQbPaQpNmMtRsMfQpPwOlOnPsNaQrQsMwMoMvNuOnMmQ

UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf
1. 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
2. overseas revenue. In 2025, 3,858 A-share companies disclosed their overseas companies reporting overseas revenue. The top 5 business segments were included.
3. 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
4. 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
5. 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
6. Figure 36: ChiNext's valuation relative to CSI 300's vs Wind Figure 37: Growth style's valuation relative to stable and
7. 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
8. Cyclical style rolling 6m outperformance over Wind all A-share (RHS) Daily average turnover of all A-shares (RMB bn, RHS) 2024

UBS-是时候重返科技股了-20260831.pdf
1. This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research
2. Forward EPS 1M revision for China and global AI tech hardware Chinese AI names inventory as % of revenue (4-quarter moving average)
3. Chinese AI names contract liability as % of revenue (4-quarter Trailing 12M ROE of China and Global AI tech hardware
4. FY26 EPS trend - China vs global AI tech hardware Forward EPS 3M revision - China vs global AI tech hardware
5. China AI tech hardware share price YoY vs 12M forward China AI hardware absolute and relative price performance when
6. FY1 earnings revision ratio (breadth) 12-month forward earnings revisions in the past 3 months (magnitude)
7. A shares holding as % of portfolio and Chinese equity holdings Top 40 global investor positioning in Chinese equity (% of
8. Actively managed funds' Chinese equity holdings vs benchmarks - 30 June 2026 Actively managed funds' Chinese equity holdings vs benchmarks

UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf
1. 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
2. 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
3. 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
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
5. 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
6. 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
7. 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
8. 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

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
1. 4FzBVJn3qWfXeU8OdN9PtRqQnPoQlOmMzRlOsQrO6MrQsMuOtRvNwMrQxO

## 文档

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__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|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]]

#### 总结

1. 5EQGXHjBqWdVaYaQ8Q9PtRmMpNrPjMrRxPjMnPpQaQoPsMxNnPuMNZnRpQ

#### 预览

[[assets/docs/260902_0821__外资研报__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|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]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__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|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]]

#### 总结

1. 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
2. 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
3. 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:
4. （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
5. 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
6. 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
7. 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)
8. 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

[[assets/docs/260902_0821__外资研报__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|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]]

### UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf|UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf]]

#### 总结

1. 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
2. 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
3. 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:
4. （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
5. 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
6. 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
7. 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)
8. 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

[[assets/docs/260902_0821__外资研报__UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf|UBS-华润江中-600750-Q2利润承压不及预期，销售费用拖累业绩.pdf]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__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|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]]

#### 总结

1. AHQGXHjBtZdVbZaQaO8OoMpPsQtNeRpPzRjMsQoRbRmNrPMYsQyQMYrQtN

#### 预览

[[assets/docs/260902_0821__外资研报__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|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]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__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|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]]

#### 总结

1. 1IRHWGiAsYdVeUaQbPaQpNmMtRsMfQpPwOlOnPsNaQrQsMwMoMvNuOnMmQ

#### 预览

[[assets/docs/260902_0821__外资研报__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|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]]

### UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf|UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf]]

#### 总结

1. 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
2. overseas revenue. In 2025, 3,858 A-share companies disclosed their overseas companies reporting overseas revenue. The top 5 business segments were included.
3. 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
4. 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
5. 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
6. Figure 36: ChiNext's valuation relative to CSI 300's vs Wind Figure 37: Growth style's valuation relative to stable and
7. 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
8. Cyclical style rolling 6m outperformance over Wind all A-share (RHS) Daily average turnover of all A-shares (RMB bn, RHS) 2024

#### 预览

[[assets/docs/260902_0821__外资研报__UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf|UBS-去杠杆后新起点：驱动因素、阻力与拥挤度-20260831.pdf]]

### UBS-是时候重返科技股了-20260831.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__UBS-是时候重返科技股了-20260831.pdf|UBS-是时候重返科技股了-20260831.pdf]]

#### 总结

1. This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research
2. Forward EPS 1M revision for China and global AI tech hardware Chinese AI names inventory as % of revenue (4-quarter moving average)
3. Chinese AI names contract liability as % of revenue (4-quarter Trailing 12M ROE of China and Global AI tech hardware
4. FY26 EPS trend - China vs global AI tech hardware Forward EPS 3M revision - China vs global AI tech hardware
5. China AI tech hardware share price YoY vs 12M forward China AI hardware absolute and relative price performance when
6. FY1 earnings revision ratio (breadth) 12-month forward earnings revisions in the past 3 months (magnitude)
7. A shares holding as % of portfolio and Chinese equity holdings Top 40 global investor positioning in Chinese equity (% of
8. Actively managed funds' Chinese equity holdings vs benchmarks - 30 June 2026 Actively managed funds' Chinese equity holdings vs benchmarks

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[[assets/docs/260902_0821__外资研报__UBS-是时候重返科技股了-20260831.pdf|UBS-是时候重返科技股了-20260831.pdf]]

### UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf|UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf]]

#### 总结

1. 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
2. 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
3. 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
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
5. 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
6. 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
7. 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
8. 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

[[assets/docs/260902_0821__外资研报__UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf|UBS-存储半导体月度报告：2027年供需缺口持续扩大-20260830.pdf]]

### 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

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260902_0821__外资研报__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|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]]

#### 总结

1. 4FzBVJn3qWfXeU8OdN9PtRqQnPoQlOmMzRlOsQrO6MrQsMuOtRvNwMrQxO

#### 预览

[[assets/docs/260902_0821__外资研报__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|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]]