--- title: "#外资研报" topic_id: 82258842251882522 created_at: 2026-09-03T08:26:25.757+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：387 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/82258842251882522) - 附件：图片 0，音频 0，文档 9 - 音频文件：_无音频_ ## 图片 _无图片_ ## 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 CITI-告别预售：中国商品房现房销售新时代-20260829.pdf 1. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. 2. Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and Qualified 3. Figure 9. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (1/4) 4. Figure 10. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (2/4) 5. Figure 11. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (3/4) 6. Figure 12. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (4/4) 7. Stock RIC Price (USDm) Rating NAV Disc Price FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E FY28E 8. Poly Dev & Hldgs 600048.SS 5.19 9,245 1 13.06 -60% 7.00 86.7 16.3 8.9 0.3 0.3 0.3 0.5% 2.5% 4.6% CITI-花旗推理前瞻：智能飞轮-20260831.pdf 1. Podcast Big Technology Podcast August 21, 2026 Big Tech’s Insane Hidden AI Spending, Ranking Anthropic vs. OpenAI, AI For Travel Debate 2. Paper NUS, Stanford, Oxford, Princeton August 25, 2026 Recursive Experiential-Working Memory Evolution for Long-Horizon Agent Harnesses 3. Paper Microsoft August 24, 2026 AutoSaddler: Automatic Harness Optimization with Durable Updates from Agent Execution Traces 4. Paper IQuest Research, Beihang University August 25, 2026 CyberFactory: Scaling Cyber Security Capabilities with Instances from the Wild 5. Podcast Machine Learning Street Talk August 22, 2026 Stealing Reasoning Traces from Proprietary LLM APIs — Ilia Shumailov & Alexander Panfilov 6. Paper Rodriguez et al. August 26, 2026 The Judicious Judge's Guide to Generative Artificial Intelligence and Large Language Models 7. G P T - 5 M . 6 u L s u e n G a g l i p ( m m t - m a o e x e m s ) r s o ( - h t 1 i r 2 g o 0 h n b ) 3 ( . h 5 i g L G h i G g L ) e h M m t n - i 5 i n n . i g 3 3 - . F 5 l a F s l a h s M h - i C n L i i l e t M a e e u a k d x V e - 4 M 4 . P 3 5 r o H 0 ai 8 k 1 u Q 3 w ( m e a n x 3 ) . I 8 n k 2 N l 7 i n e M B m g u ( x o s h t e r i g o S G h n p e ) a 3 m r k U i n l 1 t i . 2 r 3 a . ( 7 x M h F i i l s g a t h s r a h ) G l ( M P hi T e g - d h 5 i ) u . 6 m T 3 er . G 5 r a L Q M ( w m - e a 5 n x . 3 3 ) . ( 8 m 2 a . 4 x) K T i A m 9 i 5 K G B 3 r o ( m k a 4 x . 6 ) ( hi g h) 8. M u s e G G e li m m i m ni e 3 r . ( 5 h G i F P g l h T a - ) s G 5 h P . - 6 T L S i - t 5 o e . G l 6 ( P m L T u a - n x 5 ) a . 6 ( m T e a r x r ) a C ( o m m a m x G ) a r n o d k N 4 A e . + m 6 o ( h tr C i g o l h n a ) u 3 d U e l 4 tr K . a 5 - H E X a A i k O u N M E i n 2 i . M 0 K a i x m - M i K 3 3 M ( m i s a t M x r a ) u I l n s M k e Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.pdf 1. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. 2. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of 3. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment 4. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 5. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 6. history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity 7. (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) 8. the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment Citi-英伟达2027财年收入展望超出预期.pdf 1. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of 2. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment 3. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 4. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 5. history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity 6. (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) 7. the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment 8. stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf 1. 1IOEVJp5oUcUfV8OaObRsQoOmOsMjMnNuMjMoMwObRnMoRxNoMsNNZnMrM CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf 1. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations 2. Our view – The Aug batch represents another record approval with 215 games being approved, consisting of 209/6 3. domestic/imported games and exceeding 200 games approved in a single batch for the first time in the past 5 years. As we 4. have passed 2/3 of 2026, 1,362 games have been approved including 1,319/43 domestic/imported games, representing 77% 5. of 2025 total approval at 1,771. We keep our expectation with total games to be approved for 2026 likely around 1,900-2,100 6. vs 1,771 in 2025. In this batch, Tencent obtained one title Yi Jue San Guo which we believe to be a strategy game, while other 7. notable studios obtaining new game approvals including Shengqu, 37, Kingnet, G-Bits. In the amendment note, Tencent 8. added the PC version of Fight of the Golden Spatula, suggesting a potential cross-platform adaptation for one of top- ## 文档 ### CITI-告别预售：中国商品房现房销售新时代-20260829.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__CITI-告别预售：中国商品房现房销售新时代-20260829.pdf|CITI-告别预售：中国商品房现房销售新时代-20260829.pdf]] #### 总结 1. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. 2. Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and Qualified 3. Figure 9. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (1/4) 4. Figure 10. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (2/4) 5. Figure 11. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (3/4) 6. Figure 12. Opinion on Reforming Property Credit Mgmt to Accelerate a New Property Develop Model (4/4) 7. Stock RIC Price (USDm) Rating NAV Disc Price FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E FY28E 8. Poly Dev & Hldgs 600048.SS 5.19 9,245 1 13.06 -60% 7.00 86.7 16.3 8.9 0.3 0.3 0.3 0.5% 2.5% 4.6% #### 预览 [[assets/docs/260903_0826__外资研报__CITI-告别预售：中国商品房现房销售新时代-20260829.pdf|CITI-告别预售：中国商品房现房销售新时代-20260829.pdf]] ### CITI-花旗推理前瞻：智能飞轮-20260831.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__CITI-花旗推理前瞻：智能飞轮-20260831.pdf|CITI-花旗推理前瞻：智能飞轮-20260831.pdf]] #### 总结 1. Podcast Big Technology Podcast August 21, 2026 Big Tech’s Insane Hidden AI Spending, Ranking Anthropic vs. OpenAI, AI For Travel Debate 2. Paper NUS, Stanford, Oxford, Princeton August 25, 2026 Recursive Experiential-Working Memory Evolution for Long-Horizon Agent Harnesses 3. Paper Microsoft August 24, 2026 AutoSaddler: Automatic Harness Optimization with Durable Updates from Agent Execution Traces 4. Paper IQuest Research, Beihang University August 25, 2026 CyberFactory: Scaling Cyber Security Capabilities with Instances from the Wild 5. Podcast Machine Learning Street Talk August 22, 2026 Stealing Reasoning Traces from Proprietary LLM APIs — Ilia Shumailov & Alexander Panfilov 6. Paper Rodriguez et al. August 26, 2026 The Judicious Judge's Guide to Generative Artificial Intelligence and Large Language Models 7. G P T - 5 M . 6 u L s u e n G a g l i p ( m m t - m a o e x e m s ) r s o ( - h t 1 i r 2 g o 0 h n b ) 3 ( . h 5 i g L G h i G g L ) e h M m t n - i 5 i n n . i g 3 3 - . F 5 l a F s l a h s M h - i C n L i i l e t M a e e u a k d x V e - 4 M 4 . P 3 5 r o H 0 ai 8 k 1 u Q 3 w ( m e a n x 3 ) . I 8 n k 2 N l 7 i n e M B m g u ( x o s h t e r i g o S G h n p e ) a 3 m r k U i n l 1 t i . 2 r 3 a . ( 7 x M h F i i l s g a t h s r a h ) G l ( M P hi T e g - d h 5 i ) u . 6 m T 3 er . G 5 r a L Q M ( w m - e a 5 n x . 3 3 ) . ( 8 m 2 a . 4 x) K T i A m 9 i 5 K G B 3 r o ( m k a 4 x . 6 ) ( hi g h) 8. M u s e G G e li m m i m ni e 3 r . ( 5 h G i F P g l h T a - ) s G 5 h P . - 6 T L S i - t 5 o e . G l 6 ( P m L T u a - n x 5 ) a . 6 ( m T e a r x r ) a C ( o m m a m x G ) a r n o d k N 4 A e . + m 6 o ( h tr C i g o l h n a ) u 3 d U e l 4 tr K . a 5 - H E X a A i k O u N M E i n 2 i . M 0 K a i x m - M i K 3 3 M ( m i s a t M x r a ) u I l n s M k e #### 预览 [[assets/docs/260903_0826__外资研报__CITI-花旗推理前瞻：智能飞轮-20260831.pdf|CITI-花旗推理前瞻：智能飞轮-20260831.pdf]] ### Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.pdf|Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.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. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of 3. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment 4. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 5. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 6. history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity 7. (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) 8. the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment #### 预览 [[assets/docs/260903_0826__外资研报__Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.pdf|Citi-建滔集团（0148.HK）——2026年下半年盈利同比增速预计超2倍.pdf]] ### Citi-英伟达2027财年收入展望超出预期.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__Citi-英伟达2027财年收入展望超出预期.pdf|Citi-英伟达2027财年收入展望超出预期.pdf]] #### 总结 1. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of 2. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment 3. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 4. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the 5. history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity 6. (https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years) 7. the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment 8. stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient #### 预览 [[assets/docs/260903_0826__外资研报__Citi-英伟达2027财年收入展望超出预期.pdf|Citi-英伟达2027财年收入展望超出预期.pdf]] ### Citi-英伟达强劲业绩与展望利好供应链 Asia Pacific Semiconductors and Electronic Components_Equipment.pdf - 状态：downloaded - 错误：内部错误 - 本地资源：[[assets/docs/260903_0826__外资研报__Citi-英伟达强劲业绩与展望利好供应链 Asia Pacific Semiconductors and Electronic Components_Equipment.pdf|Citi-英伟达强劲业绩与展望利好供应链 Asia Pacific Semiconductors and Electronic Components_Equipment.pdf]] #### 预览 [[assets/docs/260903_0826__外资研报__Citi-英伟达强劲业绩与展望利好供应链 Asia Pacific Semiconductors and Electronic Components_Equipment.pdf|Citi-英伟达强劲业绩与展望利好供应链 Asia Pacific Semiconductors and Electronic Components_Equipment.pdf]] ### Citi-紫金黄金国际（2259.HK）：2026年上半年业绩发布会纪要.pdf - 状态：downloaded - 错误：内部错误 - 本地资源：[[assets/docs/260903_0826__外资研报__Citi-紫金黄金国际（2259.HK）：2026年上半年业绩发布会纪要.pdf|Citi-紫金黄金国际（2259.HK）：2026年上半年业绩发布会纪要.pdf]] #### 预览 [[assets/docs/260903_0826__外资研报__Citi-紫金黄金国际（2259.HK）：2026年上半年业绩发布会纪要.pdf|Citi-紫金黄金国际（2259.HK）：2026年上半年业绩发布会纪要.pdf]] ### Citrini-宏观备忘录：制度变局：财政部‑美联储协议 2.0 与银行业改革 Macro Memo Regime Change Treasury‑Fed Accord 2.0 and Banking Reform.pdf - 状态：downloaded - 错误：内部错误 - 本地资源：[[assets/docs/260903_0826__外资研报__Citrini-宏观备忘录：制度变局：财政部‑美联储协议 2.0 与银行业改革 Macro Memo Regime Change Treasury‑Fed Accord 2.0 and Banking Reform.pdf|Citrini-宏观备忘录：制度变局：财政部‑美联储协议 2.0 与银行业改革 Macro Memo Regime Change Treasury‑Fed Accord 2.0 and Banking Reform.pdf]] #### 预览 [[assets/docs/260903_0826__外资研报__Citrini-宏观备忘录：制度变局：财政部‑美联储协议 2.0 与银行业改革 Macro Memo Regime Change Treasury‑Fed Accord 2.0 and Banking Reform.pdf|Citrini-宏观备忘录：制度变局：财政部‑美联储协议 2.0 与银行业改革 Macro Memo Regime Change Treasury‑Fed Accord 2.0 and Banking Reform.pdf]] ### Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf|Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf]] #### 总结 1. 1IOEVJp5oUcUfV8OaObRsQoOmOsMjMnNuMjMoMwObRnMoRxNoMsNNZnMrM #### 预览 [[assets/docs/260903_0826__外资研报__Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf|Goldman Sachs-China Economic Activity and Policy Tracker： August 28-260828.pdf]] ### CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf - 状态：downloaded - 错误： - 本地资源：[[assets/docs/260903_0826__外资研报__CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf|CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf]] #### 总结 1. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations 2. Our view – The Aug batch represents another record approval with 215 games being approved, consisting of 209/6 3. domestic/imported games and exceeding 200 games approved in a single batch for the first time in the past 5 years. As we 4. have passed 2/3 of 2026, 1,362 games have been approved including 1,319/43 domestic/imported games, representing 77% 5. of 2025 total approval at 1,771. We keep our expectation with total games to be approved for 2026 likely around 1,900-2,100 6. vs 1,771 in 2025. In this batch, Tencent obtained one title Yi Jue San Guo which we believe to be a strategy game, while other 7. notable studios obtaining new game approvals including Shengqu, 37, Kingnet, G-Bits. In the amendment note, Tencent 8. added the PC version of Fight of the Golden Spatula, suggesting a potential cross-platform adaptation for one of top- #### 预览 [[assets/docs/260903_0826__外资研报__CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf|CITI-2026年8月游戏版号审批：国产209款-进口6款-腾讯获批一款-20260901.pdf]]