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附件总结 【个股-BA】【英】CITI-图表聚焦：波音9月交付追赶拐点显现-20260902.pdf

  1. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
  2. Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners
  3. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
  4. Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners
  5. We derive our $260 YE26 Base Case Price Target for BA using the average of multiple valuation methodologies but primarily
  6. anchor our valuation work by applying a ~4.5% NTM FCF Yield on 2030 FCF of $15-20B and discounting back to YE26. These
  7. multiples are justified using historical valuation ranges in conjunction with trading relationships to fundamental factors such
  8. Risks for BA not achieving our price target include but are not limited to: continued delays on certifying key aircraft programs;

【个股-BABA】【英】GS-阿里巴巴：云加速AI高回报-买入-20260901.pdf

  1. highlighted a clear 3-year payback trajectory on AI infra investments (that could
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  5. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. Market cap: $273.7bn Revenue (Rmb mn) 1,023,670.0 1,116,372.5 1,235,411.8 1,374,081.8
  7. Enterprise value: $280.5bn EBITDA (Rmb mn) 113,483.0 166,137.7 248,260.9 321,796.7
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 31 Aug 2026 close.

【个股-CRDO】【英】GS-Credo Technology：光模块动能强劲-业绩指引小幅上调-20260902.pdf

  1. quarter with an uptick to FY27 revenue guidance, relative to elevated investor jim.schneider@gs.com
  2. bullish CapEx commentary from key hyperscaler customers over the past quarter. +1(212)357-1366 |
  3. investors had expected an increase to management’s guidance for over $600mn in +1(212)902-5297 | luya.you@gs.com
  4. remains strong, and its guidance for FY27 reflects the company’s strong pricing +1(212)357-6392 |
  5. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  6. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  7. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  8. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research

【个股-ENR】【英】JPM-SpaceX涡轮机入局对西门子能源的影响分析-20260901.pdf

  1. times of gas turbines by as much as 18 months, which in turn led to GE Vernova phil.buller@jpmorgan.com
  2. coming under pressure. This also follows the executive order on 26 August which (44-20) 7742-7978
  3. Our take: Casting and forgings being the main bottleneck in CCGT ramp-up is (44-20) 7742-7176
  4. the technical competence and access to financial resources to disrupt any end (44-20) 3493-5188
  5. would suggest this would not be beyond their technical competence in a relatively Specialist Sales contact details:
  6. itself. Further, it would be no small feat within the timeframes suggested to shift (44-20) 7742-8733
  7. the lead times for new CCGT’s (currently c4 yrs) by c18 months, one need only sam.edmunds@jpmorgan.com
  8. See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.

【个股-AMZN】【英】CITI-FTC起诉亚马逊：广告主ROAS持续提升-20260901.pdf

  1. our view that AWS revenue growth could continue to accelerate in 2H26 on AI tailwinds (we highlight AWS’ recently
  2. announced NVDA partnership for 2M+ GPUs to be deployed in 2027-28E), that Amazon’s Retail business is gaining
  3. profitability, we would take advantage of any dislocation in shares. Our $350 TP is based on ~31.5x our 2027E P/E
  4. and implies ~11x our 2027E EV/EBITDA, which is at the lower end of Amazon’s trading multiple over the past decade.
  5. Our $350 TP is based on ~31.5x our ‘27E P/E and implies ~11x our 2027E EV/EBITDA, which is at the lower end of Amazon’s
  6. trading multiple over the past decade. We note Amazon’s leading position within AWS and eCommerce, its Prime membership
  7. base, growing online advertising business, and improving margin profile, which combined deserve a premium to the market, in
  8. Key risks to shares achieving our price target include: (i) Macroeconomic given rising inflation and the impact a recession could

【个股-ASML】【英】UBS-市场遗漏了什么：ASML盈利能力的结构性跃升-20260901.pdf

  1. 21-peS 31-naJ 31-yaM 31-peS 41-naJ 41-yaM 41-peS 51-naJ 51-yaM 51-peS 61-naJ 61-yaM 61-peS 71-naJ 71-yaM 71-peS 81-naJ 81-yaM 81-peS 91-naJ 91-yaM 91-peS 02-naJ 02-yaM 02-peS 12-naJ 12-yaM 12-peS 22-naJ 22-yaM 22-peS 32-naJ 32-yaM 32-peS 42-naJ 42-yaM 42-peS 52-naJ 52-yaM 52-peS 62-naJ 62-yaM
  2. EUV + immersion share of 2026E revenue UBS vs consensus 2026–28E EUV ASP CAGR UBS vs consensus 2 C 0 A 2 G 6 R –28E immersion ASP Combined pricing upside potential to 2028E EBIT
  3. Ma e n n a vi g f r l o e e n m x m i e b e n ili n t t y t h p i t g h r h o a l v n ig i d i h n e t e s p d r g i o t r h e r a a c t t y e t c h r l e e p s r c . ic u i r n r g e nt UBS 2 e 0 m 2 b 6 e – d 2 d 8 e E d e i s n t i c m o a n t s e e , n v s e u r s s . us 7% UBS v im er m su e s rs c io o n n s A e S n P su C s A 2 G 02 R 6 . –28E Potential co v m er b s i u n s e d c o 2 n 0 s 2 e 8 n E s u p s ri . cing upside
  4. Scarcity + high customer ROI + no direct Above historical throughput pass-through 35% of 2026E product revenue and higher Potential >60% gross margin as early as
  5. 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E
  6. 10.6%12.1% 10.2% 10- 9 y .0 r % Ave 9. r 5 a % ge 9 ~ . 1 9% 4% 10.4%11.4%11.5%12.5% 14.0% 16.3%17.6%17.3%16.9%15.6% 9.0% 8.3% 42.6% 58.4%57.1% 10 4 3 Y .4 r % M 4 e 2 d .5 ia % n 4 ~ 3 5 .9 4 % % 5 2.0% 36.4% 33.3% 60.9%59.4%55.5% 65.5% 55.3% 38.0%
  7. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E
  8. 6 7 8 9 0 0 0 0 % % % % 2 2 6 0 % % 2 21 6 % % 2 3 3 0 % % 3 7 0 % % 3 7 0 % % 2 7 7 % % 41% 3 5 5 % % 3 6 2 % % 50% 42% 42% 47% 49% 42%

文档

【个股-BA】【英】CITI-图表聚焦：波音9月交付追赶拐点显现-20260902.pdf

总结

  1. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
  2. Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners
  3. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
  4. Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners Source: Citi Research, Research Innovation Lab, Company Reports, Aero Analysis Partners
  5. We derive our $260 YE26 Base Case Price Target for BA using the average of multiple valuation methodologies but primarily
  6. anchor our valuation work by applying a ~4.5% NTM FCF Yield on 2030 FCF of $15-20B and discounting back to YE26. These
  7. multiples are justified using historical valuation ranges in conjunction with trading relationships to fundamental factors such
  8. Risks for BA not achieving our price target include but are not limited to: continued delays on certifying key aircraft programs;

预览

【个股-BA】【英】CITI-图表聚焦：波音9月交付追赶拐点显现-20260902.pdf

【个股-BABA】【英】GS-阿里巴巴：云加速AI高回报-买入-20260901.pdf

总结

  1. highlighted a clear 3-year payback trajectory on AI infra investments (that could
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  5. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. Market cap: $273.7bn Revenue (Rmb mn) 1,023,670.0 1,116,372.5 1,235,411.8 1,374,081.8
  7. Enterprise value: $280.5bn EBITDA (Rmb mn) 113,483.0 166,137.7 248,260.9 321,796.7
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 31 Aug 2026 close.

预览

【个股-BABA】【英】GS-阿里巴巴：云加速AI高回报-买入-20260901.pdf

【个股-CRDO】【英】GS-Credo Technology：光模块动能强劲-业绩指引小幅上调-20260902.pdf

总结

  1. quarter with an uptick to FY27 revenue guidance, relative to elevated investor jim.schneider@gs.com
  2. bullish CapEx commentary from key hyperscaler customers over the past quarter. +1(212)357-1366 |
  3. investors had expected an increase to management’s guidance for over $600mn in +1(212)902-5297 | luya.you@gs.com
  4. remains strong, and its guidance for FY27 reflects the company’s strong pricing +1(212)357-6392 |
  5. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  6. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  7. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  8. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research

预览

【个股-CRDO】【英】GS-Credo Technology：光模块动能强劲-业绩指引小幅上调-20260902.pdf

【个股-ENR】【英】JPM-SpaceX涡轮机入局对西门子能源的影响分析-20260901.pdf

总结

  1. times of gas turbines by as much as 18 months, which in turn led to GE Vernova phil.buller@jpmorgan.com
  2. coming under pressure. This also follows the executive order on 26 August which (44-20) 7742-7978
  3. Our take: Casting and forgings being the main bottleneck in CCGT ramp-up is (44-20) 7742-7176
  4. the technical competence and access to financial resources to disrupt any end (44-20) 3493-5188
  5. would suggest this would not be beyond their technical competence in a relatively Specialist Sales contact details:
  6. itself. Further, it would be no small feat within the timeframes suggested to shift (44-20) 7742-8733
  7. the lead times for new CCGT’s (currently c4 yrs) by c18 months, one need only sam.edmunds@jpmorgan.com
  8. See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.

预览

【个股-ENR】【英】JPM-SpaceX涡轮机入局对西门子能源的影响分析-20260901.pdf

【个股-LLY】【英】CITI-礼来：收购Merida获差异化精准免疫学平台-20260831.pdf

预览

【个股-LLY】【英】CITI-礼来：收购Merida获差异化精准免疫学平台-20260831.pdf

【个股-LLY】【英】JPM-礼来公司——减肥药处方追踪-20260828.pdf

预览

【个股-LLY】【英】JPM-礼来公司——减肥药处方追踪-20260828.pdf

【个股-AMZN】【英】CITI-FTC起诉亚马逊：广告主ROAS持续提升-20260901.pdf

总结

  1. our view that AWS revenue growth could continue to accelerate in 2H26 on AI tailwinds (we highlight AWS’ recently
  2. announced NVDA partnership for 2M+ GPUs to be deployed in 2027-28E), that Amazon’s Retail business is gaining
  3. profitability, we would take advantage of any dislocation in shares. Our $350 TP is based on ~31.5x our 2027E P/E
  4. and implies ~11x our 2027E EV/EBITDA, which is at the lower end of Amazon’s trading multiple over the past decade.
  5. Our $350 TP is based on ~31.5x our ‘27E P/E and implies ~11x our 2027E EV/EBITDA, which is at the lower end of Amazon’s
  6. trading multiple over the past decade. We note Amazon’s leading position within AWS and eCommerce, its Prime membership
  7. base, growing online advertising business, and improving margin profile, which combined deserve a premium to the market, in
  8. Key risks to shares achieving our price target include: (i) Macroeconomic given rising inflation and the impact a recession could

预览

【个股-AMZN】【英】CITI-FTC起诉亚马逊：广告主ROAS持续提升-20260901.pdf

【个股-ASML】【英】UBS-市场遗漏了什么：ASML盈利能力的结构性跃升-20260901.pdf

总结

  1. 21-peS 31-naJ 31-yaM 31-peS 41-naJ 41-yaM 41-peS 51-naJ 51-yaM 51-peS 61-naJ 61-yaM 61-peS 71-naJ 71-yaM 71-peS 81-naJ 81-yaM 81-peS 91-naJ 91-yaM 91-peS 02-naJ 02-yaM 02-peS 12-naJ 12-yaM 12-peS 22-naJ 22-yaM 22-peS 32-naJ 32-yaM 32-peS 42-naJ 42-yaM 42-peS 52-naJ 52-yaM 52-peS 62-naJ 62-yaM
  2. EUV + immersion share of 2026E revenue UBS vs consensus 2026–28E EUV ASP CAGR UBS vs consensus 2 C 0 A 2 G 6 R –28E immersion ASP Combined pricing upside potential to 2028E EBIT
  3. Ma e n n a vi g f r l o e e n m x m i e b e n ili n t t y t h p i t g h r h o a l v n ig i d i h n e t e s p d r g i o t r h e r a a c t t y e t c h r l e e p s r c . ic u i r n r g e nt UBS 2 e 0 m 2 b 6 e – d 2 d 8 e E d e i s n t i c m o a n t s e e , n v s e u r s s . us 7% UBS v im er m su e s rs c io o n n s A e S n P su C s A 2 G 02 R 6 . –28E Potential co v m er b s i u n s e d c o 2 n 0 s 2 e 8 n E s u p s ri . cing upside
  4. Scarcity + high customer ROI + no direct Above historical throughput pass-through 35% of 2026E product revenue and higher Potential >60% gross margin as early as
  5. 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E
  6. 10.6%12.1% 10.2% 10- 9 y .0 r % Ave 9. r 5 a % ge 9 ~ . 1 9% 4% 10.4%11.4%11.5%12.5% 14.0% 16.3%17.6%17.3%16.9%15.6% 9.0% 8.3% 42.6% 58.4%57.1% 10 4 3 Y .4 r % M 4 e 2 d .5 ia % n 4 ~ 3 5 .9 4 % % 5 2.0% 36.4% 33.3% 60.9%59.4%55.5% 65.5% 55.3% 38.0%
  7. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E
  8. 6 7 8 9 0 0 0 0 % % % % 2 2 6 0 % % 2 21 6 % % 2 3 3 0 % % 3 7 0 % % 3 7 0 % % 2 7 7 % % 41% 3 5 5 % % 3 6 2 % % 50% 42% 42% 47% 49% 42%

预览

【个股-ASML】【英】UBS-市场遗漏了什么：ASML盈利能力的结构性跃升-20260901.pdf

【个股-AVGO】【英】JPM-Broadcom F3Q26预览：FY27 AI收入将超千亿美元框架-20260831.pdf

预览

【个股-AVGO】【英】JPM-Broadcom F3Q26预览：FY27 AI收入将超千亿美元框架-20260831.pdf

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