思维纪要社 HTML 来自本地 Obsidian vault 的静态发布
主题 2026-09-03/topics/389.md 原文

#外资研报

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 GS-安踏体育-2020.HK-业绩分析：2026年公司指引未变；进一步印证了多品牌执行力和穿越周期的能力；买入（摘要）-20260827.pdf

  1. 5EQGWGn3rXcUbZ9P9R9PoMnNoMrPfQnNxPlOmOoRaQmNnQwMnOtRMYnRoM

GS-超级厄尔尼诺威胁高度集中的糖市：关注要点-20260902.pdf

  1. Niño 3.4 region of the equatorial Pacific (5°N–5°S, 170°W–120°W). An El Niño event is defined when the ONI exceeds +0.5°C
  2. anomaly: +0.5°C is considered weak, +1.0°C moderate, +1.5°C strong, and +2.0°C very strong. Climatically, stronger El Niño
  3. São Paulo produces roughly 60% of Brazil’s sugar and sits in the Center-South (Centro-Sul) region, which accounts for roughly 90% of the country’s sugar
  4. at 20.55 S, 48.56 W. For each hub, total precipitation (tp, hourly accumulation in meters) from the ECMWF Reanalysis v5 (ERA5) is taken at the nearest 0.25 degree
  5. grid cell, and averaged across the three hubs equally. Data: ERA5 reanalysis (Copernicus / ECMWF, ARCO Zarr), 1990 to present. Cumulative curves run from April 1,
  6. state by area). Rainfall is sampled on seven producing hubs across both belts: South Maharashtra at 17.22 N, 74.60 E (Sangli / Kolhapur);
  7. (tp, hourly accumulation in meters) from the ECMWF Reanalysis v5 (ERA5) is taken at the nearest 0.25 degree grid cell, and averaged across the seven hubs equally.
  8. Data: ERA5 reanalysis (Copernicus / ECMWF, ARCO Zarr), 1990 to present. Cumulative curves run over the Southwest monsoon window, from May 1 through

GS-迪安诊断(300244.SZ)：业绩回顾：2026年上半年营收符合预期，净利润超预期；目标价上调至19元人民币，维持中性评级-Dian Diagnostics(300244.SZ)：Earnings review：1H26 revenue in line while NP beat;TP up to Rmb19;Neutral-20260821.pdf

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  4. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

GS-东盟数据中心全景手册——拆解区域生态图谱.pdf

  1. Sizing the opportunity. Drawing on our proprietary model, we expect live capacity across the six hubs to grow from c.3GW today to
  2. 13GW by 2030E in our base case (a 33% 5-year CAGR). We identify Johor as the largest hub at one-third of regional capacity by 2030E,
  3. with 2/3rd exposure in Singapore, Keppel with an integrated digital infrastructure ecosystem, and WHA as provider of land and power. We
  4. Target prices are on a 12-month timeframe. Note MSFT is on the Americas Conviction List. Companies in brackets indicate parent company.
  5. *Immersion cooling enables higher outlet temperatures (~50°C-60°C or above), allowing dry coolers to reject heat directly to
  6. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  7. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  8. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not

GS-福莱特-601865-2026年二季度业绩发布后更新数据-20260827.pdf

  1. AHRHXHp5rXdVbZ6McMbRmOrRnPoQiNqQwOiNnPoR6MqRrMMYoNoMvPsQrN

GS-甘李药业(603087.SH) - 业绩点评：1H26营收符合预期，净利润因非经常性损益略低于预期；买入-20260826_Tianyi Yan，Ziyi Chen(原文).pdf

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  4. Goldman Sachs has received compensationor investment banking services in the past 12 months: Gan & Lee Pharmaceuticals Co. (R mb68.78)
  5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Gan & Le e Pharmaceuticals
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Gan & Lee Pharmaceuticals Co. (Rmb68.78)
  7. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

文档

GS-The 720：亚洲领导者会议第一天要点-20260901.pdf

预览

GS-The 720：亚洲领导者会议第一天要点-20260901.pdf

GS-安踏体育-2020.HK-业绩分析：2026年公司指引未变；进一步印证了多品牌执行力和穿越周期的能力；买入（摘要）-20260827.pdf

总结

  1. 5EQGWGn3rXcUbZ9P9R9PoMnNoMrPfQnNxPlOmOoRaQmNnQwMnOtRMYnRoM

预览

GS-安踏体育-2020.HK-业绩分析：2026年公司指引未变；进一步印证了多品牌执行力和穿越周期的能力；买入（摘要）-20260827.pdf

GS-超级厄尔尼诺威胁高度集中的糖市：关注要点-20260902.pdf

总结

  1. Niño 3.4 region of the equatorial Pacific (5°N–5°S, 170°W–120°W). An El Niño event is defined when the ONI exceeds +0.5°C
  2. anomaly: +0.5°C is considered weak, +1.0°C moderate, +1.5°C strong, and +2.0°C very strong. Climatically, stronger El Niño
  3. São Paulo produces roughly 60% of Brazil’s sugar and sits in the Center-South (Centro-Sul) region, which accounts for roughly 90% of the country’s sugar
  4. at 20.55 S, 48.56 W. For each hub, total precipitation (tp, hourly accumulation in meters) from the ECMWF Reanalysis v5 (ERA5) is taken at the nearest 0.25 degree
  5. grid cell, and averaged across the three hubs equally. Data: ERA5 reanalysis (Copernicus / ECMWF, ARCO Zarr), 1990 to present. Cumulative curves run from April 1,
  6. state by area). Rainfall is sampled on seven producing hubs across both belts: South Maharashtra at 17.22 N, 74.60 E (Sangli / Kolhapur);
  7. (tp, hourly accumulation in meters) from the ECMWF Reanalysis v5 (ERA5) is taken at the nearest 0.25 degree grid cell, and averaged across the seven hubs equally.
  8. Data: ERA5 reanalysis (Copernicus / ECMWF, ARCO Zarr), 1990 to present. Cumulative curves run over the Southwest monsoon window, from May 1 through

预览

GS-超级厄尔尼诺威胁高度集中的糖市：关注要点-20260902.pdf

GS-迪安诊断(300244.SZ)：业绩回顾：2026年上半年营收符合预期，净利润超预期；目标价上调至19元人民币，维持中性评级-Dian Diagnostics(300244.SZ)：Earnings review：1H26 revenue in line while NP beat;TP up to Rmb19;Neutral-20260821.pdf

总结

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  4. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

预览

GS-迪安诊断(300244.SZ)：业绩回顾：2026年上半年营收符合预期，净利润超预期；目标价上调至19元人民币，维持中性评级-Dian Diagnostics(300244.SZ)：Earnings review：1H26 revenue in line while NP beat;TP up to Rmb19;Neutral-20260821.pdf

GS-东盟数据中心全景手册——拆解区域生态图谱.pdf

总结

  1. Sizing the opportunity. Drawing on our proprietary model, we expect live capacity across the six hubs to grow from c.3GW today to
  2. 13GW by 2030E in our base case (a 33% 5-year CAGR). We identify Johor as the largest hub at one-third of regional capacity by 2030E,
  3. with 2/3rd exposure in Singapore, Keppel with an integrated digital infrastructure ecosystem, and WHA as provider of land and power. We
  4. Target prices are on a 12-month timeframe. Note MSFT is on the Americas Conviction List. Companies in brackets indicate parent company.
  5. *Immersion cooling enables higher outlet temperatures (~50°C-60°C or above), allowing dry coolers to reject heat directly to
  6. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  7. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  8. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not

预览

GS-东盟数据中心全景手册——拆解区域生态图谱.pdf

GS-福莱特-601865-2026年二季度业绩发布后更新数据-20260827.pdf

总结

  1. AHRHXHp5rXdVbZ6McMbRmOrRnPoQiNqQwOiNnPoR6MqRrMMYoNoMvPsQrN

预览

GS-福莱特-601865-2026年二季度业绩发布后更新数据-20260827.pdf

GS-甘李药业(603087.SH) - 业绩点评：1H26营收符合预期，净利润因非经常性损益略低于预期；买入-20260826_Tianyi Yan，Ziyi Chen(原文).pdf

总结

  1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  4. Goldman Sachs has received compensationor investment banking services in the past 12 months: Gan & Lee Pharmaceuticals Co. (R mb68.78)
  5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Gan & Le e Pharmaceuticals
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Gan & Lee Pharmaceuticals Co. (Rmb68.78)
  7. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

预览

GS-甘李药业(603087.SH) - 业绩点评：1H26营收符合预期，净利润因非经常性损益略低于预期；买入-20260826_Tianyi Yan，Ziyi Chen(原文).pdf

GS-Meta Platforms Inc.（META）——社交媒体诉讼阴霾因和解而减轻；未来数月AI清晰度提升带来诱人的风险回报比.pdf

预览

GS-Meta Platforms Inc.（META）——社交媒体诉讼阴霾因和解而减轻；未来数月AI清晰度提升带来诱人的风险回报比.pdf

GS-Nebius Group（NBIS.US）——强劲竞争表现与坚挺定价推动盈利预测上调；重申“买入”评级.pdf

预览

GS-Nebius Group（NBIS.US）——强劲竞争表现与坚挺定价推动盈利预测上调；重申“买入”评级.pdf

源文件：2026-09-03/topics/389.md
站内副本：2026-09-03/topics/389.md