#外资研报

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附件总结 GS-金域医学-603882-业绩分析：2026年上半年收入低于预期，净利润符合预期；印证了ICL行业迎来拐点；买入.pdf

1. 1IRHZFn3rXeWaY9P9R8OpNmMtRoQeRmMwOlOmOoR7NoPqNvPoNoMwMtRnR

GS-铠侠控股（285A.T）——业绩电话会.pdf

1. 0JzBWGn3oUdVcW8O8Q6MmOoOpNtNkPpPuMjMmOmR8OrQrMxNtPvMuOsRoR

JPM-中国房地产：预售制度退出专家电话会议要点-20260902.pdf

1. • Following the new policies on phasing out pre-sales announced on 28 August Mainland China/Hong Kong Property
2. governments/banks will implement the guidelines set in the policies. As per J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
3. See page 6 for analyst certification and important disclosures, including non-US analyst disclosures.
4. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
5. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
6. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
7. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
8. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}

MS-9月1日：通胀再度成为焦点-20260902.pdf

1. East. Fed Governor Barr said higher rates would be warranted if inflation Jasper.Knyphausen@morganstanley.com +44 20 7425-2185
2. sentiment weakened (DXY: +0.3%). EUR/USD fell 0.2% and GBP/USD Research as only a single factor in making their investment
3. (USD/CHF: +0.4%). Higher-beta currencies underperformed, led by NZD (- refer to the Disclosure Section, located at the end of this
4. prices, while NOK was the main G10 exception and strengthened 0.2% and may not be subject to FINRA restrictions on
5. against USD. The combination of higher US front-end yields and rising energy and trading securities held by a research analyst account.
6. Fed Implied 1d Δ (bp) Total Δ ECB Implied 1d Δ (bp) Total Δ BOE Implied 1d Δ (bp) Total Δ BOJ Implied 1d Δ (bp) Total Δ
7. EFFR (8/31) 3.630 0.0 -- EONIA (8/31) 2.185 0.0 -- SONIA (8/28) 3.731 0.0 -- TONAR (8/31) 0.977 0.0 --
8. 09/16/26 3.800 3.8 0.6 09/10/26 2.438 2.4 (0.1) 09/17/26 3.767 3.8 0.6 07/31/26 #N/A #VALUE!

MS-中国互联网、软件及数据中心催化剂预览-20260902.pdf

1. •It has been more than six months since Kling's latest (V3.0), so the next version is likely to be a
2. •Its capability comparison vs. competitors SeeDance 2.5 and Minimax H3 will be the key factor to
3. •We forecast Rmb5bn annual grossing, which is relatively conservative, given that NetEase is not
4. •If peers like Soda Music raise prices or change paywall policy (as ByteDance indicated it would reduce
5. •If the Chinese government tightens regulation on AI-covered music copyrights, it might turn around the
6. •2026 Mid-Autumn Festival holiday will be not combined with the National Day holiday (3 days away),
7. •Alibaba is likely to announce upbeat AIDC expansion plans in this conference, which would be positive
8. •The market has been worrying about VNET's potential fundraising given its very strong orders.

SemiAnalysis-韩国万亿主权AI投资：英伟达胜-海力士败-20260902.pdf

1. restrictive. As just one example, any “model as a service business” making over $20M a year
2. future. Imagine if in 2028, you’re stuck with 2027 level intelligence for some extremely high-
3. On Artificial Analysis’ Intelligence Index, Motif 3 is 10 points ahead of Upstage and by far
4. Motif is a sub 30 person startup that released their first pre-trained model, which was only
5. substitute for focus, and the total compute cost to train Motif 3, including experimentation,
6. tend to be directionally correct. A 10+ point gap on something like the Artificial Analysis
7. The expert review section is even more questionable. Essentially, 10 external experts graded
8. We’ve already identified 3 active sites for phase 1 totaling 4.4GWs. For full details including

GS-沪硅产业（688126.SH）：300mm晶圆产能持续爬坡叠加需求增长；2Q26营收同比+38%但净利润不及预期；维持卖出.pdf

1. 5EyAUIn3oUfXfV9P9R9PoMqQsQoQeRqQvNlOmOsM7NnMqQwMmRrONZsOrO

GS-华东医药-000963-业绩分析：2026年上半年业绩低于预期；目标价下调至人民币35元；中性-20260827.pdf

1. 4FQGXHm2pVdVeU8O8QaQmOoOtRpRkPrRvNeRpNuMbRoPrQxNpOqRvPmPqM

文档

GS-金域医学-603882-业绩分析：2026年上半年收入低于预期，净利润符合预期；印证了ICL行业迎来拐点；买入.pdf

• 状态：downloaded
• 错误：
• 本地资源：GS-金域医学-603882-业绩分析：2026年上半年收入低于预期，净利润符合预期；印证了ICL行业迎来拐点；买入.pdf

总结

1. 1IRHZFn3rXeWaY9P9R8OpNmMtRoQeRmMwOlOmOoR7NoPqNvPoNoMwMtRnR

预览

GS-金域医学-603882-业绩分析：2026年上半年收入低于预期，净利润符合预期；印证了ICL行业迎来拐点；买入.pdf

GS-铠侠控股（285A.T）——业绩电话会.pdf

• 状态：downloaded
• 错误：
• 本地资源：GS-铠侠控股（285A.T）——业绩电话会.pdf

总结

1. 0JzBWGn3oUdVcW8O8Q6MmOoOpNtNkPpPuMjMmOmR8OrQrMxNtPvMuOsRoR

预览

GS-铠侠控股（285A.T）——业绩电话会.pdf

JPM-中国房地产：预售制度退出专家电话会议要点-20260902.pdf

• 状态：downloaded
• 错误：
• 本地资源：JPM-中国房地产：预售制度退出专家电话会议要点-20260902.pdf

总结

1. • Following the new policies on phasing out pre-sales announced on 28 August Mainland China/Hong Kong Property
2. governments/banks will implement the guidelines set in the policies. As per J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
3. See page 6 for analyst certification and important disclosures, including non-US analyst disclosures.
4. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
5. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
6. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
7. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}
8. {[{dSH6yrE5u4t9WFRG02l7rXEQi4UHxnJcVVf_F1cPxfm2Hb4L4288KnBli4sesnRmLRESYJaj-u0iTuAh3Wyc7T8}]}

预览

JPM-中国房地产：预售制度退出专家电话会议要点-20260902.pdf

MS-9月1日：通胀再度成为焦点-20260902.pdf

• 状态：downloaded
• 错误：
• 本地资源：MS-9月1日：通胀再度成为焦点-20260902.pdf

总结

1. East. Fed Governor Barr said higher rates would be warranted if inflation Jasper.Knyphausen@morganstanley.com +44 20 7425-2185
2. sentiment weakened (DXY: +0.3%). EUR/USD fell 0.2% and GBP/USD Research as only a single factor in making their investment
3. (USD/CHF: +0.4%). Higher-beta currencies underperformed, led by NZD (- refer to the Disclosure Section, located at the end of this
4. prices, while NOK was the main G10 exception and strengthened 0.2% and may not be subject to FINRA restrictions on
5. against USD. The combination of higher US front-end yields and rising energy and trading securities held by a research analyst account.
6. Fed Implied 1d Δ (bp) Total Δ ECB Implied 1d Δ (bp) Total Δ BOE Implied 1d Δ (bp) Total Δ BOJ Implied 1d Δ (bp) Total Δ
7. EFFR (8/31) 3.630 0.0 -- EONIA (8/31) 2.185 0.0 -- SONIA (8/28) 3.731 0.0 -- TONAR (8/31) 0.977 0.0 --
8. 09/16/26 3.800 3.8 0.6 09/10/26 2.438 2.4 (0.1) 09/17/26 3.767 3.8 0.6 07/31/26 #N/A #VALUE!

预览

MS-9月1日：通胀再度成为焦点-20260902.pdf

MS-中国互联网、软件及数据中心催化剂预览-20260902.pdf

• 状态：downloaded
• 错误：
• 本地资源：MS-中国互联网、软件及数据中心催化剂预览-20260902.pdf

总结

1. •It has been more than six months since Kling's latest (V3.0), so the next version is likely to be a
2. •Its capability comparison vs. competitors SeeDance 2.5 and Minimax H3 will be the key factor to
3. •We forecast Rmb5bn annual grossing, which is relatively conservative, given that NetEase is not
4. •If peers like Soda Music raise prices or change paywall policy (as ByteDance indicated it would reduce
5. •If the Chinese government tightens regulation on AI-covered music copyrights, it might turn around the
6. •2026 Mid-Autumn Festival holiday will be not combined with the National Day holiday (3 days away),
7. •Alibaba is likely to announce upbeat AIDC expansion plans in this conference, which would be positive
8. •The market has been worrying about VNET's potential fundraising given its very strong orders.

预览

MS-中国互联网、软件及数据中心催化剂预览-20260902.pdf

SemiAnalysis-韩国万亿主权AI投资：英伟达胜-海力士败-20260902.pdf

• 状态：downloaded
• 错误：
• 本地资源：SemiAnalysis-韩国万亿主权AI投资：英伟达胜-海力士败-20260902.pdf

总结

1. restrictive. As just one example, any “model as a service business” making over $20M a year
2. future. Imagine if in 2028, you’re stuck with 2027 level intelligence for some extremely high-
3. On Artificial Analysis’ Intelligence Index, Motif 3 is 10 points ahead of Upstage and by far
4. Motif is a sub 30 person startup that released their first pre-trained model, which was only
5. substitute for focus, and the total compute cost to train Motif 3, including experimentation,
6. tend to be directionally correct. A 10+ point gap on something like the Artificial Analysis
7. The expert review section is even more questionable. Essentially, 10 external experts graded
8. We’ve already identified 3 active sites for phase 1 totaling 4.4GWs. For full details including

预览

SemiAnalysis-韩国万亿主权AI投资：英伟达胜-海力士败-20260902.pdf

Spectra-梳理沃什的言论，落脚于PPI+20260831.pdf

• 状态：downloaded
• 错误：
• 本地资源：Spectra-梳理沃什的言论，落脚于PPI+20260831.pdf

预览

Spectra-梳理沃什的言论，落脚于PPI+20260831.pdf

GS-沪硅产业（688126.SH）：300mm晶圆产能持续爬坡叠加需求增长；2Q26营收同比+38%但净利润不及预期；维持卖出.pdf

• 状态：downloaded
• 错误：
• 本地资源：GS-沪硅产业（688126.SH）：300mm晶圆产能持续爬坡叠加需求增长；2Q26营收同比+38%但净利润不及预期；维持卖出.pdf

总结

1. 5EyAUIn3oUfXfV9P9R9PoMqQsQoQeRqQvNlOmOsM7NnMqQwMmRrONZsOrO

预览

GS-沪硅产业（688126.SH）：300mm晶圆产能持续爬坡叠加需求增长；2Q26营收同比+38%但净利润不及预期；维持卖出.pdf

GS-华东医药-000963-业绩分析：2026年上半年业绩低于预期；目标价下调至人民币35元；中性-20260827.pdf

• 状态：downloaded
• 错误：
• 本地资源：GS-华东医药-000963-业绩分析：2026年上半年业绩低于预期；目标价下调至人民币35元；中性-20260827.pdf

总结

1. 4FQGXHm2pVdVeU8O8QaQmOoOtRpRkPrRvNeRpNuMbRoPrQxNpOqRvPmPqM

预览

GS-华东医药-000963-业绩分析：2026年上半年业绩低于预期；目标价下调至人民币35元；中性-20260827.pdf