#外资研报

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附件总结 Bernstein-日本半导体：光罩基板——AI ASIC设计激增背后不为人知的英雄.pdf

4FyAVJiArXcUfV9PbP7NmOqQnPsMlOmMxPeRsQoRaQqRmNNZrMmOvPnOvM

Bernstein-味之素（2802.JP）——CDMO业务的结构性增长逻辑.pdf

5EzBYEjBtZdVbZaQdN9PmOrRmOpRfQpPwOeRnPsPbRrQqRNZmOtPvPtRsM

Bernstein-英伟达（NVDA）：27 财年第一财季回顾 —— 记住…… NVIDIA (NVDA) FQ227 recap - Remember the titan....pdf

revenue expectations at $85.9B (Exhibit 2) as Blackwell and Blackwell Ultra continue to ramp meaningfully, and networking
• Inventory days were up to ~118 vs ~114 days last quarter, and inventory dollars increased to $31,575M vs $25,797M last
• China made up ~8% of sales, up from ~6% last quarter but still low given the current geopolitical headwinds (Exhibit 6).
they appear to feel very confident in their ability to ship to the 70% number (likely implying CY27/FY28 revenues of close to
• We update our model, and raise estimates. We also roll valuation horizon forward from FY28 to avg FY28/29 given we are
As of FQ127, NVIDIA resegmented their revenues under the above categories. Bernstein and Consensus Edge Computing estimates are comprised of Gaming,
As of FQ127, NVIDIA resegmented their revenues under the above categories and sub-categories, with reclassified historical figures
1Q24-1Q26 figures include purchase commitments and obligations for inventory and manufacturing capacity, and other non-inventory purchase obligations as

Bofa-The Flow Show Investing with Pleasure-26828.pdf

Chart 3: Long natural resources to hedge policy & political risks Chart 4: BofA forecasts another 17 hikes & 4 cuts through year-end
Chart 5: No landing, no hike, no cut, no Dem sweep... no fear Chart 6: Slump in Trump economic and inflation approval ratings
MSCI EM MSCI EM Gold REITS S&P 500 S&P 500 S&P 500 Commodities MSCI EM Cash S&P 500 Gold Commodities Commodities S&P 500 Gold Gold Commodities
US US Commodities Gold Global HY MSCI EM Gold Global HY MSCI EAFE REITS Global HY MSCI EAFE REITS MSCI EM REITS Cash MSCI EAFE S&P 500 MSCI EM MSCI EM
Gold Cash MSCI EAFE REITS Global IG MSCI EM Global HY Cash S&P 500 S&P 500 Gold MSCI EAFE S&P 500 S&P 500 Gold Global HY MSCI EM MSCI EAFE REITS
MSCI EAFE Global IG REITS S&P 500 Global HY MSCI EAFE REITS Global IG MSCI EAFE MSCI EM Gold Global HY Commodities Global IG MSCI EAFE Gold Global HY S&P 500 MSCI EAFE
Global HY S&P 500 Global HY S&P 500 S&P 500 Global IG Gold REITS Gold REITS Global IG MSCI EM MSCI EAFE Global HY Global HY REITS Commodities Global HY S&P 500
Global IG S&P 500 Commodities Commodities Cash Global IG Cash Cash Global IG Global IG Global HY REITS Gold Cash MSCI EAFE MSCI EM Cash Global IG Gold

BofA-The Flow Show_Investing with Pleasure-20260828.pdf

Chart 3: Long natural resources to hedge policy & political risks Chart 4: BofA forecasts another 17 hikes & 4 cuts through year-end
Chart 5: No landing, no hike, no cut, no Dem sweep... no fear Chart 6: Slump in Trump economic and inflation approval ratings
MSCI EM MSCI EM Gold REITS S&P 500 S&P 500 S&P 500 Commodities MSCI EM Cash S&P 500 Gold Commodities Commodities S&P 500 Gold Gold Commodities
US US Commodities Gold Global HY MSCI EM Gold Global HY MSCI EAFE REITS Global HY MSCI EAFE REITS MSCI EM REITS Cash MSCI EAFE S&P 500 MSCI EM MSCI EM
Gold Cash MSCI EAFE REITS Global IG MSCI EM Global HY Cash S&P 500 S&P 500 Gold MSCI EAFE S&P 500 S&P 500 Gold Global HY MSCI EM MSCI EAFE REITS
MSCI EAFE Global IG REITS S&P 500 Global HY MSCI EAFE REITS Global IG MSCI EAFE MSCI EM Gold Global HY Commodities Global IG MSCI EAFE Gold Global HY S&P 500 MSCI EAFE
Global HY S&P 500 Global HY S&P 500 S&P 500 Global IG Gold REITS Gold REITS Global IG MSCI EM MSCI EAFE Global HY Global HY REITS Commodities Global HY S&P 500
Global IG S&P 500 Commodities Commodities Cash Global IG Cash Cash Global IG Global IG Global HY REITS Gold Cash MSCI EAFE MSCI EM Cash Global IG Gold

BofA-德福科技（301511.SZ）——一次性及毛利以下项目拖累二季度；HVLP放量支撑三季度业绩拐点.pdf

improved QoQ on higher ASPs and a richer high-end product mix, based on industry data. Mrkt Val / Shares Out (mn) 8,501 USD / 630.3
Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill
potential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocks
increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment
rating of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things,
the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a
Investment rating Total return expectation (within 12-month period of date of initial Ratings dispersion guidelines for coverage clusterR2
R2Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.

BofA-全球存储科技｜每周主题：英伟达 70% 增长对比存储、调研要点、9 月现货上行空间 Global Memory Tech Weekly theme NVIDIA’s 70% growth vs memory, tour takeaways, Sept spot upside.pdf

Hynix (see note) – share buyback-centric shareholder return using 50%+ FCF, near-term 1Tb/256Gb NAND rose well this week
Exhibit 2: Memory and Korea tech supply-chain companies unanimously expect solid AI demand to continue in 2H26 and even in 2027
Samsung Electronics 005930 KS US$1,273bn -W15tn of spending on the share buyback (Aug-Nov) has already been counted as a 2026 expense (employee compensation or a special
-Return of the remaining unpaid FCF of W60-80tn to shareholders (after W30tn of 3Q dividends vs total guidance of W90-110tn) will
SK Hynix 000660 KS US$886bn -De-spec is mainly for PCs/smartphones and low-end GPU/ASIC, but this should reflect memory shortage instead of demand cuts
-New fab construction on-track - equipment installation will likely begin in 1Q27 and initial target capacity of 30kwpm by 2028
Silicon Motion SIMO US US$9bn -Recent US$1bn CB issuance is for strongly growing enterprise solutions – NAND chip inventory build ups for boot drive etc.
Samsung C&T 028260 KS US$45bn -SMR commercialization will be more dependent on financing and government regulations than technological maturity

Bernstein-美国互联网：说到底，不过是互联网监管围墙上又一块砖落地.pdf

5EOEUIp5pV9ZdXaQ9RbRtRqQtRrPeRnNvNiNoMuMaQmNmNwMsQyQxNoMrP

Bernstein-全球自动化·人形机器人——商业化落地之路：四大核心场景的市场规模与ROI测算.pdf

0JOEUIo4rXdVeU6M8Q7NtRrRmOrPlOrRwOjMpNmR9PoPqRuOpNtPwMnRrQ

文档

Bernstein-日本半导体：光罩基板——AI ASIC设计激增背后不为人知的英雄.pdf

状态：downloaded
错误：
本地资源：Bernstein-日本半导体：光罩基板——AI ASIC设计激增背后不为人知的英雄.pdf

总结

4FyAVJiArXcUfV9PbP7NmOqQnPsMlOmMxPeRsQoRaQqRmNNZrMmOvPnOvM

预览

Bernstein-日本半导体：光罩基板——AI ASIC设计激增背后不为人知的英雄.pdf

Bernstein-味之素（2802.JP）——CDMO业务的结构性增长逻辑.pdf

状态：downloaded
错误：
本地资源：Bernstein-味之素（2802.JP）——CDMO业务的结构性增长逻辑.pdf

总结

5EzBYEjBtZdVbZaQdN9PmOrRmOpRfQpPwOeRnPsPbRrQqRNZmOtPvPtRsM

预览

Bernstein-味之素（2802.JP）——CDMO业务的结构性增长逻辑.pdf

Bernstein-英伟达（NVDA）：27 财年第一财季回顾 —— 记住…… NVIDIA (NVDA) FQ227 recap - Remember the titan....pdf

状态：downloaded
错误：
本地资源：Bernstein-英伟达（NVDA）：27 财年第一财季回顾 —— 记住…… NVIDIA (NVDA) FQ227 recap - Remember the titan....pdf

总结

revenue expectations at $85.9B (Exhibit 2) as Blackwell and Blackwell Ultra continue to ramp meaningfully, and networking
• Inventory days were up to ~118 vs ~114 days last quarter, and inventory dollars increased to $31,575M vs $25,797M last
• China made up ~8% of sales, up from ~6% last quarter but still low given the current geopolitical headwinds (Exhibit 6).
they appear to feel very confident in their ability to ship to the 70% number (likely implying CY27/FY28 revenues of close to
• We update our model, and raise estimates. We also roll valuation horizon forward from FY28 to avg FY28/29 given we are
As of FQ127, NVIDIA resegmented their revenues under the above categories. Bernstein and Consensus Edge Computing estimates are comprised of Gaming,
As of FQ127, NVIDIA resegmented their revenues under the above categories and sub-categories, with reclassified historical figures
1Q24-1Q26 figures include purchase commitments and obligations for inventory and manufacturing capacity, and other non-inventory purchase obligations as

预览

Bernstein-英伟达（NVDA）：27 财年第一财季回顾 —— 记住…… NVIDIA (NVDA) FQ227 recap - Remember the titan....pdf

Bofa-The Flow Show Investing with Pleasure-26828.pdf

状态：downloaded
错误：
本地资源：Bofa-The Flow Show Investing with Pleasure-26828.pdf

总结

Chart 3: Long natural resources to hedge policy & political risks Chart 4: BofA forecasts another 17 hikes & 4 cuts through year-end
Chart 5: No landing, no hike, no cut, no Dem sweep... no fear Chart 6: Slump in Trump economic and inflation approval ratings
MSCI EM MSCI EM Gold REITS S&P 500 S&P 500 S&P 500 Commodities MSCI EM Cash S&P 500 Gold Commodities Commodities S&P 500 Gold Gold Commodities
US US Commodities Gold Global HY MSCI EM Gold Global HY MSCI EAFE REITS Global HY MSCI EAFE REITS MSCI EM REITS Cash MSCI EAFE S&P 500 MSCI EM MSCI EM
Gold Cash MSCI EAFE REITS Global IG MSCI EM Global HY Cash S&P 500 S&P 500 Gold MSCI EAFE S&P 500 S&P 500 Gold Global HY MSCI EM MSCI EAFE REITS
MSCI EAFE Global IG REITS S&P 500 Global HY MSCI EAFE REITS Global IG MSCI EAFE MSCI EM Gold Global HY Commodities Global IG MSCI EAFE Gold Global HY S&P 500 MSCI EAFE
Global HY S&P 500 Global HY S&P 500 S&P 500 Global IG Gold REITS Gold REITS Global IG MSCI EM MSCI EAFE Global HY Global HY REITS Commodities Global HY S&P 500
Global IG S&P 500 Commodities Commodities Cash Global IG Cash Cash Global IG Global IG Global HY REITS Gold Cash MSCI EAFE MSCI EM Cash Global IG Gold

预览

Bofa-The Flow Show Investing with Pleasure-26828.pdf

BofA-The Flow Show_Investing with Pleasure-20260828.pdf

状态：downloaded
错误：
本地资源：BofA-The Flow Show_Investing with Pleasure-20260828.pdf

总结

Chart 3: Long natural resources to hedge policy & political risks Chart 4: BofA forecasts another 17 hikes & 4 cuts through year-end
Chart 5: No landing, no hike, no cut, no Dem sweep... no fear Chart 6: Slump in Trump economic and inflation approval ratings
MSCI EM MSCI EM Gold REITS S&P 500 S&P 500 S&P 500 Commodities MSCI EM Cash S&P 500 Gold Commodities Commodities S&P 500 Gold Gold Commodities
US US Commodities Gold Global HY MSCI EM Gold Global HY MSCI EAFE REITS Global HY MSCI EAFE REITS MSCI EM REITS Cash MSCI EAFE S&P 500 MSCI EM MSCI EM
Gold Cash MSCI EAFE REITS Global IG MSCI EM Global HY Cash S&P 500 S&P 500 Gold MSCI EAFE S&P 500 S&P 500 Gold Global HY MSCI EM MSCI EAFE REITS
MSCI EAFE Global IG REITS S&P 500 Global HY MSCI EAFE REITS Global IG MSCI EAFE MSCI EM Gold Global HY Commodities Global IG MSCI EAFE Gold Global HY S&P 500 MSCI EAFE
Global HY S&P 500 Global HY S&P 500 S&P 500 Global IG Gold REITS Gold REITS Global IG MSCI EM MSCI EAFE Global HY Global HY REITS Commodities Global HY S&P 500
Global IG S&P 500 Commodities Commodities Cash Global IG Cash Cash Global IG Global IG Global HY REITS Gold Cash MSCI EAFE MSCI EM Cash Global IG Gold

预览

BofA-The Flow Show_Investing with Pleasure-20260828.pdf

BofA-德福科技（301511.SZ）——一次性及毛利以下项目拖累二季度；HVLP放量支撑三季度业绩拐点.pdf

状态：downloaded
错误：
本地资源：BofA-德福科技（301511.SZ）——一次性及毛利以下项目拖累二季度；HVLP放量支撑三季度业绩拐点.pdf

总结

improved QoQ on higher ASPs and a richer high-end product mix, based on industry data. Mrkt Val / Shares Out (mn) 8,501 USD / 630.3
Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill
potential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocks
increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment
rating of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things,
the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a
Investment rating Total return expectation (within 12-month period of date of initial Ratings dispersion guidelines for coverage clusterR2
R2Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.

预览

BofA-德福科技（301511.SZ）——一次性及毛利以下项目拖累二季度；HVLP放量支撑三季度业绩拐点.pdf

BofA-全球存储科技｜每周主题：英伟达 70% 增长对比存储、调研要点、9 月现货上行空间 Global Memory Tech Weekly theme NVIDIA’s 70% growth vs memory, tour takeaways, Sept spot upside.pdf

状态：downloaded
错误：
本地资源：BofA-全球存储科技｜每周主题：英伟达 70% 增长对比存储、调研要点、9 月现货上行空间 Global Memory Tech Weekly theme NVIDIA’s 70% growth vs memory, tour takeaways, Sept spot upside.pdf

总结

Hynix (see note) – share buyback-centric shareholder return using 50%+ FCF, near-term 1Tb/256Gb NAND rose well this week
Exhibit 2: Memory and Korea tech supply-chain companies unanimously expect solid AI demand to continue in 2H26 and even in 2027
Samsung Electronics 005930 KS US$1,273bn -W15tn of spending on the share buyback (Aug-Nov) has already been counted as a 2026 expense (employee compensation or a special
-Return of the remaining unpaid FCF of W60-80tn to shareholders (after W30tn of 3Q dividends vs total guidance of W90-110tn) will
SK Hynix 000660 KS US$886bn -De-spec is mainly for PCs/smartphones and low-end GPU/ASIC, but this should reflect memory shortage instead of demand cuts
-New fab construction on-track - equipment installation will likely begin in 1Q27 and initial target capacity of 30kwpm by 2028
Silicon Motion SIMO US US$9bn -Recent US$1bn CB issuance is for strongly growing enterprise solutions – NAND chip inventory build ups for boot drive etc.
Samsung C&T 028260 KS US$45bn -SMR commercialization will be more dependent on financing and government regulations than technological maturity