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来自：思维纪要社进入星球 思想者 2026-09-03 08:26 #外资研报 ... 展开全部 GS-高盛亚洲峰会第二日要点汇总-20260902.pdfGS

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来自：思维纪要社进入星球 思想者 2026-09-03 08:26 #外资研报 ... 展开全部 GS-高盛亚洲峰会第二日要点汇总-20260902.pdfGS-格力电器-000651-2026年二季度业绩分析：总体业绩疲软但核心业务相对具有韧性，利润率改善；中性-20260827.pdfGS-古茗-1364.HK-简要分析：毛利率和营业外收益带动调整后核心净利润高于预期；买入（位于强力名单）（摘要）.pdfGS-韩国晶圆设备_基板覆铜板_芯片测试_HBM 供应链调研强化了我们对三星电子、SK 海力士以及 SEMCO 的乐观判断 SOUTH KOREA TECHNOLOGY Korea WFE_Substrate CCL_Chip testing_HBM Supply Chain Check reinforces our positive view on Samsung Electronics, SK Hynix, and SEMCO.pdfGS-翰森制药-3692.HK-业绩分析：上半年业绩强于预期，创新药业务表现稳健；增速指引仍保持双位数 （摘要）.pdfGS-恒基地产(0012.HK)：2026年上半年业绩超预期，发展项目利润强劲复苏叠加农地收储收益，无意降价清理库存-Henderson Land(0012.HK)1H26 results above on strong DP profit recovery and farmland resumption gain. No intention to c-20260821.pdfGS-恒瑞医药-600276-非交易路演要点：重申创新药销售目标，三季度趋势向好；强调拥有多项研发催化剂（摘要）-20260826.pdfGS-高盛720：韩国电力设备覆盖及多公司更新-20260828.pdfGS-高盛Communacopia+科技大会2026前瞻：五大半导体行业核心议题-20260901.pdf 外资研报 风险提示：市场有风险，投资需谨慎

总体总结

主题正文 要点：重申创新药销售目标，三季度趋势向好；强调拥有多项研发催化剂（摘要）-20260826.pdfGS-高盛720：韩国电力设备覆盖及多公司更新-20260828.pdfGS-高盛Communacopia+科技大会2026前瞻：五大半导体行业核心议题-20260901.pdf 外资研报 风险提示：市场有风险，投资需谨慎

附件总结 GS-格力电器-000651-2026年二季度业绩分析：总体业绩疲软但核心业务相对具有韧性，利润率改善；中性-20260827.pdf

  1. BGPFVJo4sYfXeU8OaO9PsQoOsQrPjMqQvNiNsQrO8OmNmRvPpMpNMYoNmN

GS-古茗-1364.HK-简要分析：毛利率和营业外收益带动调整后核心净利润高于预期；买入（位于强力名单）（摘要）.pdf

  1. 5EOEYEo4pVcUdX8OcMaQmOrRsQoQlOnNuMfQmOpQ8OqRrQMYoOrOuOsOrN

GS-韩国晶圆设备_基板覆铜板_芯片测试_HBM 供应链调研强化了我们对三星电子、SK 海力士以及 SEMCO 的乐观判断 SOUTH KOREA TECHNOLOGY Korea WFE_Substrate CCL_Chip testing_HBM Supply Chain Check reinforces our positive view on Samsung Electronics, SK Hynix, and SEMCO.pdf

  1. Revenue (W mn) 1,139,604 1,332,975 1,359,920 2,884,452 1,251,821 1,427,150 1,360,828 1,747,389 1,474,979 1,716,498 5,048,348 5,466,578 5,787,188
  2. Gross Profit (W mn) 3 58,520 4 24,162 4 94,920 7 56,275 4 51,361 5 18,512 5 09,119 5 72,401 5 67,117 6 35,880 1,462,018 1,783,859 2,051,393
  3. Operating Profit (W mn) 84,298 1 42,776 2 02,581 2 41,346 1 62,239 2 09,340 1 90,346 1 87,553 2 68,747 2 96,670 3 06,477 5 87,630 7 49,478
  4. 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E
  5. P5 fab construction progress based on order delivery rate of SEC P4 PH4 construction progress based on Samsung C&T orders
  6. Order Backlog (Semi) 1 93,440 1 61,077 2 07,311 2 21,831 1 40,317 1 07,627 1 01,140 88,497 65,371 2 14,358 230,161 221,831 88,497
  7. Revenue 1 13,833 1 54,902 1 84,587 2 94,855 1 24,198 2 42,169 2 68,438 2 74,991 1 64,901 2 16,472 6 90,338 7 48,176 9 09,796
  8. Revenue 77,740 97,133 1 18,006 1 05,172 1 01,959 1 08,451 1 04,136 1 42,667 1 56,594 1 67,474 3 51,864 3 98,051 4 57,213

GS-翰森制药-3692.HK-业绩分析：上半年业绩强于预期，创新药业务表现稳健；增速指引仍保持双位数 （摘要）.pdf

  1. 5EyAYEp5pVdVfV7N9R8OsQoOmOrPeRqQwOfQnPoR9PmNmRMYpMpNxNmOoQ

GS-恒基地产(0012.HK)：2026年上半年业绩超预期，发展项目利润强劲复苏叠加农地收储收益，无意降价清理库存-Henderson Land(0012.HK)1H26 results above on strong DP profit recovery and farmland resumption gain. No intention to c-20260821.pdf

  1. Rmb2.1bn (vs. flat in FY25) on an increase in sustainable aviation Revenue (HK$ mn) Old 25,741.0 33,643.2 32,228.1 31,426.3
  2. Average capital employed (HK$) 396,555.5 386,537.2 381,715.5 377,663.8 EPS (diluted, post-except) (HK$) 1.17 1.68 2.13 2.48
  3. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  4. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  5. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  6. Goldman Sachs had a non-securities services client relationship during the past 12 months with: Henderson Land (HK$28.18)
  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

GS-高盛720：韩国电力设备覆盖及多公司更新-20260828.pdf

  1. Korea Power Equipment – New orders to navigate the sector through 2028. We Goldman Sachs (Asia) L.L.C.
  2. players due to structural demand drivers like aging equipment replacement and a 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. material increase in our valuation following an upgrade in earnings quality from the FY26
  8. BiliBili – 2Q26 in-line, ads resilient, games set for fresh product cycle – Buy. We maintain

GS-高盛Communacopia+科技大会2026前瞻：五大半导体行业核心议题-20260901.pdf

  1. San Francisco from September 8-11, and we look forward to participation from 32 jim.schneider@gs.com
  2. Key Debate #1 - Digital Compute: What are the drivers of and constraints on AI +1(212)902-5297 | luya.you@gs.com
  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. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. Exhibit 2: We expect 2026E/2027E/2028E DRAM S/D will Exhibit 3: We expect 2026E/2027E/2028E NAND S/D will
  7. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E
  8. 39-naJ 49-rpA 59-luJ 69-tcO 89-naJ 99-rpA 00-luJ 10-tcO 30-naJ 40-rpA 50-luJ 60-tcO 80-naJ 90-rpA 01-luJ 11-tcO 31-naJ 41-rpA 51-luJ 61-tcO 81-naJ 91-rpA 02-luJ 12-tcO 32-naJ 42-rpA 52-luJ

文档

GS-高盛亚洲峰会第二日要点汇总-20260902.pdf

预览

GS-高盛亚洲峰会第二日要点汇总-20260902.pdf

GS-格力电器-000651-2026年二季度业绩分析：总体业绩疲软但核心业务相对具有韧性，利润率改善；中性-20260827.pdf

总结

  1. BGPFVJo4sYfXeU8OaO9PsQoOsQrPjMqQvNiNsQrO8OmNmRvPpMpNMYoNmN

预览

GS-格力电器-000651-2026年二季度业绩分析：总体业绩疲软但核心业务相对具有韧性，利润率改善；中性-20260827.pdf

GS-古茗-1364.HK-简要分析：毛利率和营业外收益带动调整后核心净利润高于预期；买入（位于强力名单）（摘要）.pdf

总结

  1. 5EOEYEo4pVcUdX8OcMaQmOrRsQoQlOnNuMfQmOpQ8OqRrQMYoOrOuOsOrN

预览

GS-古茗-1364.HK-简要分析：毛利率和营业外收益带动调整后核心净利润高于预期；买入（位于强力名单）（摘要）.pdf

GS-韩国晶圆设备_基板覆铜板_芯片测试_HBM 供应链调研强化了我们对三星电子、SK 海力士以及 SEMCO 的乐观判断 SOUTH KOREA TECHNOLOGY Korea WFE_Substrate CCL_Chip testing_HBM Supply Chain Check reinforces our positive view on Samsung Electronics, SK Hynix, and SEMCO.pdf

总结

  1. Revenue (W mn) 1,139,604 1,332,975 1,359,920 2,884,452 1,251,821 1,427,150 1,360,828 1,747,389 1,474,979 1,716,498 5,048,348 5,466,578 5,787,188
  2. Gross Profit (W mn) 3 58,520 4 24,162 4 94,920 7 56,275 4 51,361 5 18,512 5 09,119 5 72,401 5 67,117 6 35,880 1,462,018 1,783,859 2,051,393
  3. Operating Profit (W mn) 84,298 1 42,776 2 02,581 2 41,346 1 62,239 2 09,340 1 90,346 1 87,553 2 68,747 2 96,670 3 06,477 5 87,630 7 49,478
  4. 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E
  5. P5 fab construction progress based on order delivery rate of SEC P4 PH4 construction progress based on Samsung C&T orders
  6. Order Backlog (Semi) 1 93,440 1 61,077 2 07,311 2 21,831 1 40,317 1 07,627 1 01,140 88,497 65,371 2 14,358 230,161 221,831 88,497
  7. Revenue 1 13,833 1 54,902 1 84,587 2 94,855 1 24,198 2 42,169 2 68,438 2 74,991 1 64,901 2 16,472 6 90,338 7 48,176 9 09,796
  8. Revenue 77,740 97,133 1 18,006 1 05,172 1 01,959 1 08,451 1 04,136 1 42,667 1 56,594 1 67,474 3 51,864 3 98,051 4 57,213

预览

GS-韩国晶圆设备_基板覆铜板_芯片测试_HBM 供应链调研强化了我们对三星电子、SK 海力士以及 SEMCO 的乐观判断 SOUTH KOREA TECHNOLOGY Korea WFE_Substrate CCL_Chip testing_HBM Supply Chain Check reinforces our positive view on Samsung Electronics, SK Hynix, and SEMCO.pdf

GS-翰森制药-3692.HK-业绩分析：上半年业绩强于预期，创新药业务表现稳健；增速指引仍保持双位数 （摘要）.pdf

总结

  1. 5EyAYEp5pVdVfV7N9R8OsQoOmOrPeRqQwOfQnPoR9PmNmRMYpMpNxNmOoQ

预览

GS-翰森制药-3692.HK-业绩分析：上半年业绩强于预期，创新药业务表现稳健；增速指引仍保持双位数 （摘要）.pdf

GS-恒基地产(0012.HK)：2026年上半年业绩超预期，发展项目利润强劲复苏叠加农地收储收益，无意降价清理库存-Henderson Land(0012.HK)1H26 results above on strong DP profit recovery and farmland resumption gain. No intention to c-20260821.pdf

总结

  1. Rmb2.1bn (vs. flat in FY25) on an increase in sustainable aviation Revenue (HK$ mn) Old 25,741.0 33,643.2 32,228.1 31,426.3
  2. Average capital employed (HK$) 396,555.5 386,537.2 381,715.5 377,663.8 EPS (diluted, post-except) (HK$) 1.17 1.68 2.13 2.48
  3. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  4. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  5. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
  6. Goldman Sachs had a non-securities services client relationship during the past 12 months with: Henderson Land (HK$28.18)
  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-恒基地产(0012.HK)：2026年上半年业绩超预期，发展项目利润强劲复苏叠加农地收储收益，无意降价清理库存-Henderson Land(0012.HK)1H26 results above on strong DP profit recovery and farmland resumption gain. No intention to c-20260821.pdf

GS-恒瑞医药-600276-非交易路演要点：重申创新药销售目标，三季度趋势向好；强调拥有多项研发催化剂（摘要）-20260826.pdf

预览

GS-恒瑞医药-600276-非交易路演要点：重申创新药销售目标，三季度趋势向好；强调拥有多项研发催化剂（摘要）-20260826.pdf

GS-高盛720：韩国电力设备覆盖及多公司更新-20260828.pdf

总结

  1. Korea Power Equipment – New orders to navigate the sector through 2028. We Goldman Sachs (Asia) L.L.C.
  2. players due to structural demand drivers like aging equipment replacement and a 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. material increase in our valuation following an upgrade in earnings quality from the FY26
  8. BiliBili – 2Q26 in-line, ads resilient, games set for fresh product cycle – Buy. We maintain

预览

GS-高盛720：韩国电力设备覆盖及多公司更新-20260828.pdf

GS-高盛Communacopia+科技大会2026前瞻：五大半导体行业核心议题-20260901.pdf

总结

  1. San Francisco from September 8-11, and we look forward to participation from 32 jim.schneider@gs.com
  2. Key Debate #1 - Digital Compute: What are the drivers of and constraints on AI +1(212)902-5297 | luya.you@gs.com
  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. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. Exhibit 2: We expect 2026E/2027E/2028E DRAM S/D will Exhibit 3: We expect 2026E/2027E/2028E NAND S/D will
  7. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252026E2027E2028E
  8. 39-naJ 49-rpA 59-luJ 69-tcO 89-naJ 99-rpA 00-luJ 10-tcO 30-naJ 40-rpA 50-luJ 60-tcO 80-naJ 90-rpA 01-luJ 11-tcO 31-naJ 41-rpA 51-luJ 61-tcO 81-naJ 91-rpA 02-luJ 12-tcO 32-naJ 42-rpA 52-luJ

预览

GS-高盛Communacopia+科技大会2026前瞻：五大半导体行业核心议题-20260901.pdf

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