---
title: "#外资研报"
topic_id: 55521145458248124
created_at: 2026-09-04T08:25:20.636+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：407
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/55521145458248124)
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## 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
【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf
1. Our PT of $500, or 19X F28 EPS, is at the low end of recent trading range of 20-40X to reflect intensifying competition.
2. Customer: We estimate it derives ~35-40% of sales from its largest customer, Google. Therefore, any major uptick/downtick
3. SG&A target: Broadcom's long-term SG&A target is <3% of revenue (excluding stock-based compensation), one of the lowest
4. among semi peers. However, if Broadcom is unable to reach its SG&A target, it could result in downside to our estimates and
5. Competition: Any fluctuations in market share between Broadcom and its competitors could result in upside/downside risk to
6. M&A: If Broadcom pursues further acquisitions, it could lead to margin/EPS accretion/dilution and result in upside/downside
7. If the impact on the company from any of these factors proves to be greater than we anticipate, the stock will likely have
8. difficulty achieving our target price. However, should they be less than anticipated, the stock could trade above our target

【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf
1. customers. They have to pay deposits on memory and leading edge wafers, they are Expected dividend yield 0.6%
2. take or pay. They are betting that GenAI for AVGO is a real, sustainable business Expected total return 40.9%
3. believes there is very little ROI in other enterprise AI spending today. AVGO is creating a harness that VMware has that
4. enterprises can run API models with their internal data, which is an on-prem solution. The software business should stabilize
5. can build their own systems and racks. AVGO is more engaged with the AI labs to design their system and racks. Established
6. Our PT of $515, or 19X F28 EPS, is at the low end of recent trading range of 20-40X to reflect intensifying competition.
7. Customer: We estimate it derives ~35-40% of sales from its largest customer, Google. Therefore, any major uptick/downtick
8. SG&A target: Broadcom's long-term SG&A target is <3% of revenue (excluding stock-based compensation), one of the lowest

【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf
1. strong AI revenue outlook through FY28 -which we expect it to exceed. We remain jim.schneider@gs.com
2. the coming years is underpinned by multiple factors. First, Broadcom expects its AI +1(212)357-1366 |
3. provided additional clarity on its custom silicon engagements beyond Google, +1(212)902-5297 | luya.you@gs.com
4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Sep 2026 close.

【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf
1. in-line quarter with guidance just below the Street but AI revenue guidance above jim.schneider@gs.com
2. believe investor expectations have been muted given concerns around competitive +1(212)357-1366 |
3. include: (1) slowdown in AI infrastructure spending, (2) share loss in custom compute
4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1 Sep 2026 close.

【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf
1. 2027 AI commentary of $115 bn slightly below our $120, in line with prior "well ModelWare EPS ($) 5.39 10.09 16.70 24.09
2. relatively inexpensive stock. C ommentary about 2 new architectures ramping is refer to the Disclosure Section, located at the end of this
3. We value AVGO at 28X CY2027e ModelWare EPS of $18.04. This is roughly 26x non-GAAP ▪AVGO has the second largest AI exposure
4. $$$666444000...000000(((+++777444...222777%%%))) PPPrrrooobbb (((>>>666444000...000000)))~~~222...444%%% operations, cut costs, and drive stable cash
5. Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
6. Revenue growth surprises to the upside and Posts strong revenue growth in CY27 driven Revenue growth disappoints and synergies
7. Broadcom Inc. Income Statement 2025/1F 2025/2F 2025/3F 2025/4F 2026/1F 2026/2F 2026/3F 2026/4F 2027/1F 2027/2F 2027/3F 2027/4F 2028/1F 2028/2F 2028/3F 2028/4F
8. fiscal year ends in October) Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Jan-27 Apr-27 Jul-27 Oct-27 Jan-28 Apr-28 Jul-28 Oct-28 2024FY 2025FY 2026FY 2027FY 2028FY

【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf
1. revenue, and it is a strategic priority to grow the agent business. Regarding Qwen model, as an open-source model, it has
2. meaningfully contributed to AI cloud revenue growth and brand recognition. Alibaba's goal is to maintain the Qwen model's
3. position in the top tier of the industry, as management believes successful models are a key growth driver for the business. We
4. platform) and highlighted that with Rmb16bn ARR achieved in August and a strong pipeline of new model launches in the
5. coming months, it expressed confidence in achieving the year-end Rmb30bn ARR target. Mgmt noted that while proprietary
6. Our target price for Alibaba N-shares of US$190 is based on 10x P/E on FY2027E Ecommerce group net profit, 7.0x P/S on
7. FY2027E AI Cloud and Compute Services revenue, 5.0x P/S on AI Labs and Applications revenue, and 0.2x P/S on all other
8. businesses. Our target multiples are benchmarked against comps. We also assign a 30% discount to net cash position, in-line

【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf
1. FX neutral (FXN) in the month of August (Source: Sensor Tower). On a reported basis, Price (02 Sep 2026) US$323.98
2. than July, off a ~240 bps easier comp. On a FXN basis, the month of August saw Avg. daily volume ('000) 54,322
3. the Core Technology Commission (CTC), we note that the co tsigie dlgni-shgie h th toedwol sas hthwrore g StopEU Ap mp was ~25% on average brian.luke@ubs.com
4. Figure 1: Global App Store revenue declined ~1% FXN in Figure 2: Reported global App Store revenue was flattish in
5. Figure 9: The euro weakened by ~1% relative to the USD in Figure 10: The pound was roughly unchanged relative to
6. Figure 11: The renminbi strengthened by ~6% relative to Figure 12: The yen weakened by ~8% relative to the USD in
7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-AVGO】【英】CITI-AI营收F28再翻倍-维持买入-20260903.pdf
1. guidance is constrained by supply and expects Frontier AI labs to be its Price (02 Sep 26 16:00) US$367.24
2. Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
3. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
4. EBIT Margin (Adj) (%) 48.6 53.9 59.3 60.4 60.3 Working capital -4,637 -8,500 -17,292 -17,490 -24,658
5. Extraord./Min.Int./Pref.div. -12,168 -3,034 -3,392 -3,180 -3,180 Investing cashflow -19,566 69 -1,364 -1,504 -3,748
6. Reported net profit 5,895 23,126 45,966 78,937 136,193 Dividends paid -9,814 -11,142 -12,449 -13,905 -25,336
7. Core NPAT 23,804 33,728 57,705 90,991 149,361 Net change in cash -40,635 -8,187 4,179 37,059 67,493
8. Per share data 2024 2025 2026E 2027E 2028E Free cashflow to s/holders 19,414 26,914 43,153 73,585 123,341

## 文档

### 【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf|【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf]]

#### 总结

1. Our PT of $500, or 19X F28 EPS, is at the low end of recent trading range of 20-40X to reflect intensifying competition.
2. Customer: We estimate it derives ~35-40% of sales from its largest customer, Google. Therefore, any major uptick/downtick
3. SG&A target: Broadcom's long-term SG&A target is <3% of revenue (excluding stock-based compensation), one of the lowest
4. among semi peers. However, if Broadcom is unable to reach its SG&A target, it could result in downside to our estimates and
5. Competition: Any fluctuations in market share between Broadcom and its competitors could result in upside/downside risk to
6. M&A: If Broadcom pursues further acquisitions, it could lead to margin/EPS accretion/dilution and result in upside/downside
7. If the impact on the company from any of these factors proves to be greater than we anticipate, the stock will likely have
8. difficulty achieving our target price. However, should they be less than anticipated, the stock could trade above our target

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf|【个股-AVGO】【英】CITI-博通2026财年Q3业绩快报-20260903.pdf]]

### 【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf|【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf]]

#### 总结

1. customers. They have to pay deposits on memory and leading edge wafers, they are Expected dividend yield 0.6%
2. take or pay. They are betting that GenAI for AVGO is a real, sustainable business Expected total return 40.9%
3. believes there is very little ROI in other enterprise AI spending today. AVGO is creating a harness that VMware has that
4. enterprises can run API models with their internal data, which is an on-prem solution. The software business should stabilize
5. can build their own systems and racks. AVGO is more engaged with the AI labs to design their system and racks. Established
6. Our PT of $515, or 19X F28 EPS, is at the low end of recent trading range of 20-40X to reflect intensifying competition.
7. Customer: We estimate it derives ~35-40% of sales from its largest customer, Google. Therefore, any major uptick/downtick
8. SG&A target: Broadcom's long-term SG&A target is <3% of revenue (excluding stock-based compensation), one of the lowest

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf|【个股-AVGO】【英】CITI-管理层电话会议要点-20260903.pdf]]

### 【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf|【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf]]

#### 总结

1. strong AI revenue outlook through FY28 -which we expect it to exceed. We remain jim.schneider@gs.com
2. the coming years is underpinned by multiple factors. First, Broadcom expects its AI +1(212)357-1366 |
3. provided additional clarity on its custom silicon engagements beyond Google, +1(212)902-5297 | luya.you@gs.com
4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Sep 2026 close.

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf|【个股-AVGO】【英】GS-博通：AI收入强劲增长驱动股价上行-20260903.pdf]]

### 【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf|【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf]]

#### 总结

1. in-line quarter with guidance just below the Street but AI revenue guidance above jim.schneider@gs.com
2. believe investor expectations have been muted given concerns around competitive +1(212)357-1366 |
3. include: (1) slowdown in AI infrastructure spending, (2) share loss in custom compute
4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1 Sep 2026 close.

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf|【个股-AVGO】【英】GS-博通：业绩稳健指引偏弱；FY27 AI展望是关键-20260903.pdf]]

### 【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf|【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf]]

#### 总结

1. 2027 AI commentary of $115 bn slightly below our $120, in line with prior "well ModelWare EPS ($) 5.39 10.09 16.70 24.09
2. relatively inexpensive stock. C ommentary about 2 new architectures ramping is refer to the Disclosure Section, located at the end of this
3. We value AVGO at 28X CY2027e ModelWare EPS of $18.04. This is roughly 26x non-GAAP ▪AVGO has the second largest AI exposure
4. $$$666444000...000000(((+++777444...222777%%%))) PPPrrrooobbb (((>>>666444000...000000)))~~~222...444%%% operations, cut costs, and drive stable cash
5. Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
6. Revenue growth surprises to the upside and Posts strong revenue growth in CY27 driven Revenue growth disappoints and synergies
7. Broadcom Inc. Income Statement 2025/1F 2025/2F 2025/3F 2025/4F 2026/1F 2026/2F 2026/3F 2026/4F 2027/1F 2027/2F 2027/3F 2027/4F 2028/1F 2028/2F 2028/3F 2028/4F
8. fiscal year ends in October) Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Jan-27 Apr-27 Jul-27 Oct-27 Jan-28 Apr-28 Jul-28 Oct-28 2024FY 2025FY 2026FY 2027FY 2028FY

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf|【个股-AVGO】【英】MS-博通——业绩稳健-上调2028财年EPS预测-20260903.pdf]]

### 【个股-AVGO】【英】UBS-FY28 AI营收2300亿美元、EPS超30美元-20260903.pdf

- 状态：downloaded
- 错误：内部错误
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】UBS-FY28 AI营收2300亿美元、EPS超30美元-20260903.pdf|【个股-AVGO】【英】UBS-FY28 AI营收2300亿美元、EPS超30美元-20260903.pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】UBS-FY28 AI营收2300亿美元、EPS超30美元-20260903.pdf|【个股-AVGO】【英】UBS-FY28 AI营收2300亿美元、EPS超30美元-20260903.pdf]]

### 【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf|【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf]]

#### 总结

1. revenue, and it is a strategic priority to grow the agent business. Regarding Qwen model, as an open-source model, it has
2. meaningfully contributed to AI cloud revenue growth and brand recognition. Alibaba's goal is to maintain the Qwen model's
3. position in the top tier of the industry, as management believes successful models are a key growth driver for the business. We
4. platform) and highlighted that with Rmb16bn ARR achieved in August and a strong pipeline of new model launches in the
5. coming months, it expressed confidence in achieving the year-end Rmb30bn ARR target. Mgmt noted that while proprietary
6. Our target price for Alibaba N-shares of US$190 is based on 10x P/E on FY2027E Ecommerce group net profit, 7.0x P/S on
7. FY2027E AI Cloud and Compute Services revenue, 5.0x P/S on AI Labs and Applications revenue, and 0.2x P/S on all other
8. businesses. Our target multiples are benchmarked against comps. We also assign a 30% discount to net cash position, in-line

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf|【个股-BABA】【英】CITI-阿里巴巴：Citi 2026中国TMT会议要点——云需求与投资-20260903.pdf]]

### 【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf|【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf]]

#### 总结

1. FX neutral (FXN) in the month of August (Source: Sensor Tower). On a reported basis, Price (02 Sep 2026) US$323.98
2. than July, off a ~240 bps easier comp. On a FXN basis, the month of August saw Avg. daily volume ('000) 54,322
3. the Core Technology Commission (CTC), we note that the co tsigie dlgni-shgie h th toedwol sas hthwrore g StopEU Ap mp was ~25% on average brian.luke@ubs.com
4. Figure 1: Global App Store revenue declined ~1% FXN in Figure 2: Reported global App Store revenue was flattish in
5. Figure 9: The euro weakened by ~1% relative to the USD in Figure 10: The pound was roughly unchanged relative to
6. Figure 11: The renminbi strengthened by ~6% relative to Figure 12: The yen weakened by ~8% relative to the USD in
7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

#### 预览

[[assets/docs/260904_0825__外资研报__【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf|【个股-AAPL】【英】UBS-苹果：8月App Store营收外汇中性基础下降约1%-20260903.pdf]]

### 【个股-AVGO】【英】CITI-AI营收F28再翻倍-维持买入-20260903.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【个股-AVGO】【英】CITI-AI营收F28再翻倍-维持买入-20260903.pdf|【个股-AVGO】【英】CITI-AI营收F28再翻倍-维持买入-20260903.pdf]]

#### 总结

1. guidance is constrained by supply and expects Frontier AI labs to be its Price (02 Sep 26 16:00) US$367.24
2. Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
3. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
4. EBIT Margin (Adj) (%) 48.6 53.9 59.3 60.4 60.3 Working capital -4,637 -8,500 -17,292 -17,490 -24,658
5. Extraord./Min.Int./Pref.div. -12,168 -3,034 -3,392 -3,180 -3,180 Investing cashflow -19,566 69 -1,364 -1,504 -3,748
6. Reported net profit 5,895 23,126 45,966 78,937 136,193 Dividends paid -9,814 -11,142 -12,449 -13,905 -25,336
7. Core NPAT 23,804 33,728 57,705 90,991 149,361 Net change in cash -40,635 -8,187 4,179 37,059 67,493
8. Per share data 2024 2025 2026E 2027E 2028E Free cashflow to s/holders 19,414 26,914 43,153 73,585 123,341

#### 预览

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