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#外资研报

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附件总结 【个股-688775】【英】UBS-影石创新：2Q26业绩转负-受高存储成本、竞争及无人机投资拖累-20260831.pdf

  1. +31%/-116% YoY. 2Q26 revenue was slightly below our expectation (UBS-Se: +35% RIC: 688775.SS BBG: 688775 CH
  2. mentioned in our preview report, while loss on camera drones was greater than we 52-wk range Rmb349.80-116.63
    1. 2Q26 revenue decelerated to +31% YoY on a high base (+58% YoY in 2Q25), Avg. daily volume ('000) 3,604
  4. which we think was mainly due to limited drive from new product Luna Ultra (launched Avg. daily value (m) Rmb488.5
  5. in June) and intense competition with DJI. 2) 2Q26 GPM dropped 12ppts YoY to 38% Common s/h equity (12/26E) Rmb6.11b
  6. amid chip cost hike and intense competition, which is in-line with our expectation. 3) P/BV (12/26E) 7.8x
  7. Higher-than-expected operating expenses: Selling & marketing/ R&D expense ratios Net debt to EBITDA (12/26E) 0.2x
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-688825】【英】GS-长鑫存储：AI驱动DRAM需求-2Q26业绩超预期-20260829.pdf

  1. staying at high level. We see CXMT’s ongoing capacity expansion and product mix +852-2978-1681 | verena.jeng@gs.com
  2. estimate and Bloomberg consensus, leading 2Q26 net income 75% / 260% higher Goldman Sachs (Asia) L.L.C.
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28 Aug 2026 close.

【个股-688836】【英】UBS-宇树科技：人形机器人先驱-首次覆盖给予中性-20260828.pdf

  1. Advanced 2026 G1/H2 Humanoid platform to leap 2–3 meters, execute front and side flips, and land World-first launch-assisted flips
  2. Movement 2024 H1 humanoid Achieved a running speed of 3.3 m/s Set a world record for running speed by a full-size humanoid robot
  3. Speed 2025 H1 humanoid Achieved a running speed of over 5 m/s Set a new world record for running speed by a full-size humanoid robot
  4. Capacity H2 Humanoid / The armoured H2 weighed more than 85 kg in total and was Validated the B2W’s load-bearing stability with a high centre of gravity and a
  5. H2 Group dance “WuBOT” at CCTV Year of the Horse Spring Festival Set multiple world records, including consecutive freestyle table-flip parkour and
  6. Won first place in the 400-meter race with a time of 1 minute 28 The company won 11 medals at the inaugural World Robot Games, ranking first
  7. Won first place in the 4×100-meter relay with a time of 1 minute performance and reliability of its humanoid robots in high-dynamic tasks such as
  8. Source: Company data, UBS-S note: Unitree "Superman", Boston Dynamics Atlas, Figure 2 (Figure AI) are still at pilot or R&D validation stage.

【个股-AAPL】【英】MS-苹果iPhone 18发布预览：Ternus、折叠屏与定价-20260902.pdf

  1. Our $360 PT is based an 9.4x EV/Sales CY27 multiple, which is derived from a regression of With the most elongated iPhone
  2. tech and consumer platform peers. Our price target implies ~35x P/E on $10.30 CY27 EPS. replacement cycles, new AI features rolling
  3. $$$444555333...000000(((+++333999...333333%%%))) PPPrrrooobbb (((>>>444555333...000000)))~~~111000...555%%% term growth and value creation.
  4. Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 1 Pricing Power: Positive
  5. Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
  6. iPhone replacement cycles accelerate in Services and margins remain resilient, while iPhone 17 cycle disappoints as consumer
  7. stronger than expected iPhone 17 upgrade Y/Y in FY27, driven by 10%+ Services growth slows further across the portfolio as
  8. mitigated given Apple's bargaining power while Apple leverages the supply chain and growth in FY26. With revenue slightly

【个股-603308】【英】JPM-应流股份：SpaceX涡轮叶片计划影响分析-20260902.pdf

  1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory
  2. of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
  3. turbine delivery times by up to 18 months (see news). This strategic initiative Jenny Qiu, CFA AC
  4. aims to circumvent global supply bottlenecks that have left traditional turbine (852) 2800 8503
  5. See page 4 for analyst certification and important disclosures, including non-US analyst disclosures.
  6. Ticker Rating LC LC Downside US$Mn Stock perf. FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E
  7. Source: Bloomberg Finance L.P., J.P. Morgan estimates. Estimates for Not Covered (NC) companies are based on Bloomberg consensus data.
  8. Japanese names have financial years ending March. DPC was listed only in June 2026. Priced at close of September 1, 2026, HK time.

【个股-688008】【英】GS-澜起科技：内存接口IC结构升级-维持买入-20260830.pdf

  1. Revenue 8,106 8,212 -1% 11,121 11,185 -1% 1 5,567 15,737 -1% 2 1,108 21,366 -1% 2 9,184 29,478 -1% 3 7,234 37,566 -1% 45,186 45,555 -1%
  2. Gross profit 5 ,432 5,553 -2% 7,204 7,298 -1% 9,720 9,943 -2% 13,118 13,350 -2% 1 8,141 18,418 -2% 2 3,168 23,506 -1% 28,271 28,606 -1%
  3. Operating income 3 ,622 3,805 -5% 5,176 5,336 -3% 7,202 7,465 -4% 9,968 10,246 -3% 1 4,130 14,484 -2% 1 8,295 18,721 -2% 22,659 23,090 -2%
  4. Pre tax profit 4 ,523 4,445 2% 5,660 5,819 -3% 7,727 7,992 -3% 10,556 10,836 -3% 1 4,799 15,156 -2% 1 9,077 19,510 -2% 23,595 24,037 -2%
  5. Net income 4 ,200 4,104 2% 5,209 5,338 -2% 7,059 7,281 -3% 9,589 9,823 -2% 13,374 13,675 -2% 1 7,189 17,555 -2% 21,210 21,582 -2%
  6. Revenue 3 ,672 2 ,286 3 ,639 5 ,456 8 ,106 11,121 15,567 21,108 29,184 37,234 45,186 1,222 1,411 1,424 1,399 1,461 1,875 2,266 2,504
  7. Gross profit 1 ,706 1 ,347 2 ,115 3 ,395 5 ,432 7 ,204 9 ,720 13,118 18,141 23,168 28,271 739 853 902 902 1,019 1,159 1,536 1,717
  8. Operating expense 8 58 9 50 1 ,062 1 ,568 1 ,810 2 ,029 2 ,519 3 ,150 4 ,011 4,873 5,613 280 353 578 357 346 457 463 543

文档

【个股-688775】【英】UBS-影石创新：2Q26业绩转负-受高存储成本、竞争及无人机投资拖累-20260831.pdf

总结

  1. +31%/-116% YoY. 2Q26 revenue was slightly below our expectation (UBS-Se: +35% RIC: 688775.SS BBG: 688775 CH
  2. mentioned in our preview report, while loss on camera drones was greater than we 52-wk range Rmb349.80-116.63
    1. 2Q26 revenue decelerated to +31% YoY on a high base (+58% YoY in 2Q25), Avg. daily volume ('000) 3,604
  4. which we think was mainly due to limited drive from new product Luna Ultra (launched Avg. daily value (m) Rmb488.5
  5. in June) and intense competition with DJI. 2) 2Q26 GPM dropped 12ppts YoY to 38% Common s/h equity (12/26E) Rmb6.11b
  6. amid chip cost hike and intense competition, which is in-line with our expectation. 3) P/BV (12/26E) 7.8x
  7. Higher-than-expected operating expenses: Selling & marketing/ R&D expense ratios Net debt to EBITDA (12/26E) 0.2x
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-688775】【英】UBS-影石创新：2Q26业绩转负-受高存储成本、竞争及无人机投资拖累-20260831.pdf

【个股-688825】【英】GS-长鑫存储：AI驱动DRAM需求-2Q26业绩超预期-20260829.pdf

总结

  1. staying at high level. We see CXMT’s ongoing capacity expansion and product mix +852-2978-1681 | verena.jeng@gs.com
  2. estimate and Bloomberg consensus, leading 2Q26 net income 75% / 260% higher Goldman Sachs (Asia) L.L.C.
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28 Aug 2026 close.

预览

【个股-688825】【英】GS-长鑫存储：AI驱动DRAM需求-2Q26业绩超预期-20260829.pdf

【个股-688836】【英】UBS-宇树科技：人形机器人先驱-首次覆盖给予中性-20260828.pdf

总结

  1. Advanced 2026 G1/H2 Humanoid platform to leap 2–3 meters, execute front and side flips, and land World-first launch-assisted flips
  2. Movement 2024 H1 humanoid Achieved a running speed of 3.3 m/s Set a world record for running speed by a full-size humanoid robot
  3. Speed 2025 H1 humanoid Achieved a running speed of over 5 m/s Set a new world record for running speed by a full-size humanoid robot
  4. Capacity H2 Humanoid / The armoured H2 weighed more than 85 kg in total and was Validated the B2W’s load-bearing stability with a high centre of gravity and a
  5. H2 Group dance “WuBOT” at CCTV Year of the Horse Spring Festival Set multiple world records, including consecutive freestyle table-flip parkour and
  6. Won first place in the 400-meter race with a time of 1 minute 28 The company won 11 medals at the inaugural World Robot Games, ranking first
  7. Won first place in the 4×100-meter relay with a time of 1 minute performance and reliability of its humanoid robots in high-dynamic tasks such as
  8. Source: Company data, UBS-S note: Unitree "Superman", Boston Dynamics Atlas, Figure 2 (Figure AI) are still at pilot or R&D validation stage.

预览

【个股-688836】【英】UBS-宇树科技：人形机器人先驱-首次覆盖给予中性-20260828.pdf

【个股-AAPL】【英】CITI-苹果：iPhone 18发布前瞻——季度中期更新-20260902.pdf

预览

【个股-AAPL】【英】CITI-苹果：iPhone 18发布前瞻——季度中期更新-20260902.pdf

【个股-AAPL】【英】JPM-IDC下调智能手机预测-苹果份额前景更佳-20260901.pdf

预览

【个股-AAPL】【英】JPM-IDC下调智能手机预测-苹果份额前景更佳-20260901.pdf

【个股-AAPL】【英】MS-苹果iPhone 18发布预览：Ternus、折叠屏与定价-20260902.pdf

总结

  1. Our $360 PT is based an 9.4x EV/Sales CY27 multiple, which is derived from a regression of With the most elongated iPhone
  2. tech and consumer platform peers. Our price target implies ~35x P/E on $10.30 CY27 EPS. replacement cycles, new AI features rolling
  3. $$$444555333...000000(((+++333999...333333%%%))) PPPrrrooobbb (((>>>444555333...000000)))~~~111000...555%%% term growth and value creation.
  4. Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 1 Pricing Power: Positive
  5. Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
  6. iPhone replacement cycles accelerate in Services and margins remain resilient, while iPhone 17 cycle disappoints as consumer
  7. stronger than expected iPhone 17 upgrade Y/Y in FY27, driven by 10%+ Services growth slows further across the portfolio as
  8. mitigated given Apple's bargaining power while Apple leverages the supply chain and growth in FY26. With revenue slightly

预览

【个股-AAPL】【英】MS-苹果iPhone 18发布预览：Ternus、折叠屏与定价-20260902.pdf

【个股-603308】【英】JPM-应流股份：SpaceX涡轮叶片计划影响分析-20260902.pdf

总结

  1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory
  2. of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
  3. turbine delivery times by up to 18 months (see news). This strategic initiative Jenny Qiu, CFA AC
  4. aims to circumvent global supply bottlenecks that have left traditional turbine (852) 2800 8503
  5. See page 4 for analyst certification and important disclosures, including non-US analyst disclosures.
  6. Ticker Rating LC LC Downside US$Mn Stock perf. FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E
  7. Source: Bloomberg Finance L.P., J.P. Morgan estimates. Estimates for Not Covered (NC) companies are based on Bloomberg consensus data.
  8. Japanese names have financial years ending March. DPC was listed only in June 2026. Priced at close of September 1, 2026, HK time.

预览

【个股-603308】【英】JPM-应流股份：SpaceX涡轮叶片计划影响分析-20260902.pdf

【个股-688008】【英】GS-澜起科技：DDR5新品量产-PCIe-CXL芯片扩张-20260831.pdf

预览

【个股-688008】【英】GS-澜起科技：DDR5新品量产-PCIe-CXL芯片扩张-20260831.pdf

【个股-688008】【英】GS-澜起科技：内存接口IC结构升级-维持买入-20260830.pdf

总结

  1. Revenue 8,106 8,212 -1% 11,121 11,185 -1% 1 5,567 15,737 -1% 2 1,108 21,366 -1% 2 9,184 29,478 -1% 3 7,234 37,566 -1% 45,186 45,555 -1%
  2. Gross profit 5 ,432 5,553 -2% 7,204 7,298 -1% 9,720 9,943 -2% 13,118 13,350 -2% 1 8,141 18,418 -2% 2 3,168 23,506 -1% 28,271 28,606 -1%
  3. Operating income 3 ,622 3,805 -5% 5,176 5,336 -3% 7,202 7,465 -4% 9,968 10,246 -3% 1 4,130 14,484 -2% 1 8,295 18,721 -2% 22,659 23,090 -2%
  4. Pre tax profit 4 ,523 4,445 2% 5,660 5,819 -3% 7,727 7,992 -3% 10,556 10,836 -3% 1 4,799 15,156 -2% 1 9,077 19,510 -2% 23,595 24,037 -2%
  5. Net income 4 ,200 4,104 2% 5,209 5,338 -2% 7,059 7,281 -3% 9,589 9,823 -2% 13,374 13,675 -2% 1 7,189 17,555 -2% 21,210 21,582 -2%
  6. Revenue 3 ,672 2 ,286 3 ,639 5 ,456 8 ,106 11,121 15,567 21,108 29,184 37,234 45,186 1,222 1,411 1,424 1,399 1,461 1,875 2,266 2,504
  7. Gross profit 1 ,706 1 ,347 2 ,115 3 ,395 5 ,432 7 ,204 9 ,720 13,118 18,141 23,168 28,271 739 853 902 902 1,019 1,159 1,536 1,717
  8. Operating expense 8 58 9 50 1 ,062 1 ,568 1 ,810 2 ,029 2 ,519 3 ,150 4 ,011 4,873 5,613 280 353 578 357 346 457 463 543

预览

【个股-688008】【英】GS-澜起科技：内存接口IC结构升级-维持买入-20260830.pdf

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