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主题 2026-09-04/topics/408.md 原文

笔记 管理后台 榜单 详情

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笔记 管理后台 榜单 详情

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  1. 笔记 管理后台 榜单 详情

附件总结 【个股-UBER】【英】CITI-Uber宣布裁员10%以精简组织并投向自动驾驶与产品-20260902.pdf

  1. Earlier today, Uber announced that it is reducing its workforce by ~10%, or
  2. organizational structure while reallocating resources toward growth Expected share price return -
  3. initiatives and AV. Given the changes are more focused on reducing layers Expected dividend yield -
  4. (including a 20% reduction in employees who are 7+ layers from the CEO) Expected total return -
  5. envelope analysis suggests gross annualized savings could be $825M+, Ronald JoseyAC
  6. offerings increased 7x, all which highlight greater adoption and usage of AI
  7. stabilized in April, and from Feb. to July, cost per 1,000 model requests has
  8. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations

【黄金】【英】CITI-Citi维持黄金看涨；股票持续折价于现货-20260903.pdf

  1. • Gold equities continue to price a gold price ~$500/oz below spot levels, e.g., NEM offering >6% FCF yield at spot. This
  2. first started rallying in 2018 and then again in 2023. In theory this means that the stock can re-rate higher against a
  3. • Fundamentally we see AEM well positioned with relatively younger mines in Tier 1 jurisdictions, organic growth potential
  4. • Barrick’s 10Y historical FCF yield is 5.3%—this is equivalent to ~$3,600/oz in our model. Although we note that our FCF
  5. levels (see Figure 1) and technical indicators (e.g. MACD and DMI) remain positive. Contrarian signals such as RSI (~72)
  6. Our $200/sh target price is based on a 1.6x P/NAV multiple reflecting higher spot gold prices on a long-term gold price assumption of $3,500/oz.
  7. Our $45 target price for Barrick Mining Corp. is based on a 1.3x P/NAV multiple on our NAV using $3,500/oz long-term gold and ~5% WACC.
  8. Our $125/sh target price for Newmont Mining is based on a 1.5x P/NAV multiple. We assume a WACC of ~5.0% and a LT gold price of $3,500/oz.

【黄金】【英】UBS-南非黄金行业：进一步重估-但门槛已提高-20260903.pdf

  1. 12M Rating P Z r A ic R e / s T h a r (o g l e d t ) , % ch EV ( / o E l B d I ) TDA New NPV, O Z l A d R/sh % ch 2026E % ch 2027E New EBI % TD c A h 2028E % ch 2026E % ch 20 N 2 e 7 w E diluted % EP c S h 2028E % ch
    1. The comparison uses the 1H26 forecast/model dataset. Harmony’s 745koz production is gold-equivalent and includes CSA;
  3. production was 705koz, down 4.0% HoH and up 3.4% YoY. Company reporting periods, production definitions, hedge treatment and
  4. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 3
  5. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  6. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  7. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 2 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  8. Net profit for the year 1,049 3,174 5,301 5,424 4,701 Gearing (net debt/(net debt+equity)) 9.1% -9.3% -17.4% -13.4% -17.7%

【亚洲】【英】GS-亚太精选名单更新及亚洲领袖会议要点-20260903.pdf

  1. APAC Conviction List – Sept update: Adding Kotak Mahindra Bank and NEC. We add Goldman Sachs (Asia) L.L.C.
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  5. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. growth and the potential for ad loads to gradually rise from 7% to over 10% longer term.
  7. flash-charging ecosystem, with plans to install 20,000 chargers in China by year-end and
  8. 2H26 and margins stabilizing after three years of decline. While cost inflation was widely

【中国】【英】GS-FTSE中国指数系列审议及资金流影响-2026年9月-20260903.pdf

  1. Note: Potential passive flows consider both FTSE China and Global Index rebalancing impact. Pricing is as of Sep 3, 2026
  2. BBG Ticker Company Name Sector L ( i U st S C e $ a d m p M n k ) t 3 (U M S A $ D m V n T ) Ch P i o n t a e 5 n 0 tia ( l U C P S A h a $ 5 i s n m 0 s a n i v ) e A F W l l l o o C w r a l s d p / ( P U F a S l N s o $ s e w m t iv s n e ) N 3 e M ( t d F A a l y o D s w V ) s T / 2 In 0 S S ( D t h p e 3 r o p C ' e s r ) h s t g t D A C a ( D o 1 y V v s M e T t r o ) 2 S In 0 L 3 ( D t o p ' e s r p n C e H ) g h s F g t p R s r a 2 e i i o n n 0 tu r n c D r e . t n o p R s r a 1 e i i o n n 0 tu r n c D r e . t n o T P u ( 2 M r r S 0 n i C o h e D o h r d a v v g r i 3 e a e s M r n . ) % E R x C N p e o e e p r c x o p t t r e o t D d r a a t t e e D s E iv v E i e d x n e - t n d
  3. 1347 HK Hua Hong Grace Semiconductor (H) Tech Hardware & Semis 20,507 791 84 - (1) 83 0.1 - - 0.0% (17%) 3% (26%) Nov 6
  4. 600183 C1 Shengyi Technology (A) Tech Hardware & Semis 52,194 1,626 - 153 (0) 153 0.1 - - - 18% 16% 1% Oct 28 Sep 24
  5. 688012 C1 Adv. Micro-Fabri. Equip. (A) Tech Hardware & Semis 49,954 1,601 - 143 3 146 0.1 - - - (4%) (8%) (35%) Oct 29
  6. 1024 HK Kuaishou Technology (B) Internet/Media & Entertainment 16,187 337 (100) - 67 (33) (0.1) 1.1% 8.3 - (26%) (11%) (15%) Nov 16
  7. 600309 C1 Wanhua Chemical Group (A) Chemicals & Other Materials 35,874 438 - (103) (0) (103) (0.2) - - - 1% 2% (4%) Aug 24
  8. Note: FTSE China 50/A50 additions and deletions are highlighted in light blue and grey, respectively. Pricing is as of Sep 3, 2026

【个股-NVDA】【英】JPM-英伟达：投资者会议要点摘录-20260903.pdf

  1. Yesterday, we held a virtual NDR for investors, during which we spoke with Semiconductors & Semiconductor
  2. Toshiya Hari, Vice President of Investor Relations & Strategic Finance at NVIDIA Capital Equipment / IT Hardware
  3. for FY28 was not driven by any single factor, but rather by continued strength mayur.ramdhani@jpmorgan.com
  4. and enterprise/on-prem demand. In addition to having much stronger visibility (1-212) 270-0668
  5. into next year, the team noted that its decision to provide an out-year outlook apoorva.kumar@jpmorgan.com
  6. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}
  7. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}
  8. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}

文档

【个股-UBER】【英】CITI-Uber宣布裁员10%以精简组织并投向自动驾驶与产品-20260902.pdf

总结

  1. Earlier today, Uber announced that it is reducing its workforce by ~10%, or
  2. organizational structure while reallocating resources toward growth Expected share price return -
  3. initiatives and AV. Given the changes are more focused on reducing layers Expected dividend yield -
  4. (including a 20% reduction in employees who are 7+ layers from the CEO) Expected total return -
  5. envelope analysis suggests gross annualized savings could be $825M+, Ronald JoseyAC
  6. offerings increased 7x, all which highlight greater adoption and usage of AI
  7. stabilized in April, and from Feb. to July, cost per 1,000 model requests has
  8. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations

预览

【个股-UBER】【英】CITI-Uber宣布裁员10%以精简组织并投向自动驾驶与产品-20260902.pdf

【黄金】【英】CITI-Citi维持黄金看涨；股票持续折价于现货-20260903.pdf

总结

  1. • Gold equities continue to price a gold price ~$500/oz below spot levels, e.g., NEM offering >6% FCF yield at spot. This
  2. first started rallying in 2018 and then again in 2023. In theory this means that the stock can re-rate higher against a
  3. • Fundamentally we see AEM well positioned with relatively younger mines in Tier 1 jurisdictions, organic growth potential
  4. • Barrick’s 10Y historical FCF yield is 5.3%—this is equivalent to ~$3,600/oz in our model. Although we note that our FCF
  5. levels (see Figure 1) and technical indicators (e.g. MACD and DMI) remain positive. Contrarian signals such as RSI (~72)
  6. Our $200/sh target price is based on a 1.6x P/NAV multiple reflecting higher spot gold prices on a long-term gold price assumption of $3,500/oz.
  7. Our $45 target price for Barrick Mining Corp. is based on a 1.3x P/NAV multiple on our NAV using $3,500/oz long-term gold and ~5% WACC.
  8. Our $125/sh target price for Newmont Mining is based on a 1.5x P/NAV multiple. We assume a WACC of ~5.0% and a LT gold price of $3,500/oz.

预览

【黄金】【英】CITI-Citi维持黄金看涨；股票持续折价于现货-20260903.pdf

【黄金】【英】UBS-南非黄金行业：进一步重估-但门槛已提高-20260903.pdf

总结

  1. 12M Rating P Z r A ic R e / s T h a r (o g l e d t ) , % ch EV ( / o E l B d I ) TDA New NPV, O Z l A d R/sh % ch 2026E % ch 2027E New EBI % TD c A h 2028E % ch 2026E % ch 20 N 2 e 7 w E diluted % EP c S h 2028E % ch
    1. The comparison uses the 1H26 forecast/model dataset. Harmony’s 745koz production is gold-equivalent and includes CSA;
  3. production was 705koz, down 4.0% HoH and up 3.4% YoY. Company reporting periods, production definitions, hedge treatment and
  4. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 3
  5. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  6. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  7. 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 2 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202
  8. Net profit for the year 1,049 3,174 5,301 5,424 4,701 Gearing (net debt/(net debt+equity)) 9.1% -9.3% -17.4% -13.4% -17.7%

预览

【黄金】【英】UBS-南非黄金行业：进一步重估-但门槛已提高-20260903.pdf

【亚洲】【英】GS-亚太精选名单更新及亚洲领袖会议要点-20260903.pdf

总结

  1. APAC Conviction List – Sept update: Adding Kotak Mahindra Bank and NEC. We add Goldman Sachs (Asia) L.L.C.
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  5. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  6. growth and the potential for ad loads to gradually rise from 7% to over 10% longer term.
  7. flash-charging ecosystem, with plans to install 20,000 chargers in China by year-end and
  8. 2H26 and margins stabilizing after three years of decline. While cost inflation was widely

预览

【亚洲】【英】GS-亚太精选名单更新及亚洲领袖会议要点-20260903.pdf

【中国】【英】CITI-中国房地产：投资者持仓与估值概览-20260903.pdf

预览

【中国】【英】CITI-中国房地产：投资者持仓与估值概览-20260903.pdf

【中国】【英】CITI-中国互联网2Q26回顾与2H26展望：AI与非AI前景及争议-20260903.pdf

预览

【中国】【英】CITI-中国互联网2Q26回顾与2H26展望：AI与非AI前景及争议-20260903.pdf

【中国】【英】GS-FTSE中国指数系列审议及资金流影响-2026年9月-20260903.pdf

总结

  1. Note: Potential passive flows consider both FTSE China and Global Index rebalancing impact. Pricing is as of Sep 3, 2026
  2. BBG Ticker Company Name Sector L ( i U st S C e $ a d m p M n k ) t 3 (U M S A $ D m V n T ) Ch P i o n t a e 5 n 0 tia ( l U C P S A h a $ 5 i s n m 0 s a n i v ) e A F W l l l o o C w r a l s d p / ( P U F a S l N s o $ s e w m t iv s n e ) N 3 e M ( t d F A a l y o D s w V ) s T / 2 In 0 S S ( D t h p e 3 r o p C ' e s r ) h s t g t D A C a ( D o 1 y V v s M e T t r o ) 2 S In 0 L 3 ( D t o p ' e s r p n C e H ) g h s F g t p R s r a 2 e i i o n n 0 tu r n c D r e . t n o p R s r a 1 e i i o n n 0 tu r n c D r e . t n o T P u ( 2 M r r S 0 n i C o h e D o h r d a v v g r i 3 e a e s M r n . ) % E R x C N p e o e e p r c x o p t t r e o t D d r a a t t e e D s E iv v E i e d x n e - t n d
  3. 1347 HK Hua Hong Grace Semiconductor (H) Tech Hardware & Semis 20,507 791 84 - (1) 83 0.1 - - 0.0% (17%) 3% (26%) Nov 6
  4. 600183 C1 Shengyi Technology (A) Tech Hardware & Semis 52,194 1,626 - 153 (0) 153 0.1 - - - 18% 16% 1% Oct 28 Sep 24
  5. 688012 C1 Adv. Micro-Fabri. Equip. (A) Tech Hardware & Semis 49,954 1,601 - 143 3 146 0.1 - - - (4%) (8%) (35%) Oct 29
  6. 1024 HK Kuaishou Technology (B) Internet/Media & Entertainment 16,187 337 (100) - 67 (33) (0.1) 1.1% 8.3 - (26%) (11%) (15%) Nov 16
  7. 600309 C1 Wanhua Chemical Group (A) Chemicals & Other Materials 35,874 438 - (103) (0) (103) (0.2) - - - 1% 2% (4%) Aug 24
  8. Note: FTSE China 50/A50 additions and deletions are highlighted in light blue and grey, respectively. Pricing is as of Sep 3, 2026

预览

【中国】【英】GS-FTSE中国指数系列审议及资金流影响-2026年9月-20260903.pdf

【个股-MSFT】【英】MS-重塑业务布局迎接AI时代-20260903.pdf

预览

【个股-MSFT】【英】MS-重塑业务布局迎接AI时代-20260903.pdf

【个股-NVDA】【英】JPM-英伟达：投资者会议要点摘录-20260903.pdf

总结

  1. Yesterday, we held a virtual NDR for investors, during which we spoke with Semiconductors & Semiconductor
  2. Toshiya Hari, Vice President of Investor Relations & Strategic Finance at NVIDIA Capital Equipment / IT Hardware
  3. for FY28 was not driven by any single factor, but rather by continued strength mayur.ramdhani@jpmorgan.com
  4. and enterprise/on-prem demand. In addition to having much stronger visibility (1-212) 270-0668
  5. into next year, the team noted that its decision to provide an out-year outlook apoorva.kumar@jpmorgan.com
  6. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}
  7. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}
  8. {[{95yK59Rrv9i44bPnvNViCRyOGvL81R1kQhD8F_nwzqXUS2F4R8e6ZttG19fivIsmbXkBWe7KHXG5BUaAKxa5A2U}]}

预览

【个股-NVDA】【英】JPM-英伟达：投资者会议要点摘录-20260903.pdf

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