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附件总结 【中国】【英】MS-8月房价跌幅加深-先行指标喜忧参半-20260903.pdf

  1. 0.45% m-m (-7.1% y-y) in August (the fourth consecutive month of f aster m-m drops) 3. An Inflection or Another False Start?
  2. steeper decline of -0.46% m-m (vs. -0.36% in July), which we attribute to the 4. June-26 AlphaWise Survey: Better Sentiment,
  3. softened existing home sales in top-tier cities in the summer season. but Still Limited Home Purchase Plans (14 July
  4. would also accumulate CR Land (1109.HK) and Seazen A/H (601155.SS/1030.HK), Research as only a single factor in making their investment
  5. development business, which is defensive in our view. Seazen's ~7x recurring profits += Analysts employed by non-U.S. affiliates are not registered
  6. 0.6% 100 cities secondary housing price y-y (RHS) 6.0% 1.5% 10 cities secondary housing price y-y (RHS) 10.0%
  7. Exhibit 3: Secondary listing home prices trended down 0.7% Exhibit 4: …with 94% of sample cities recording m-m
  8. 1 -n 1 -p 1 -y 1 -n 1 -p 1 -y 2 -n 2 -p 2 -y 2 -n 2 -p 2 -y 2 -n 2 -p 2 -y 2 -n 6 1 6 1 7 1 8 1 8 1 9 1 0 2 0 2 1 2 2 2 2 2 3 2 4 2 4 2 5 2 6 2

【中国】【英】GS-中国：8月非官方服务业PMI上升-20260903.pdf

  1. The headline RatingDog China Services PMI, formerly the Caixin Services PMI, Goldman Sachs (Asia) L.L.C.
  2. increased to 51.4 in August from 50.4 in July, indicating that service sector activity
    1. The RatingDog China Services PMI increased to 51.4 in August from 50.4 in July,
  4. increased to 52.1 in August (vs. 50.9 in July), the outstanding business index edged
  5. down to 50.7 in August (vs. 50.8 in July), and the employment sub-index edged up to
  6. 51.0 in August (vs. 50.8 in July). The new export orders sub-index fell to 50.3 in
  7. August (vs. 52.0 in July). Surveyed companies highlighted stronger market demand,
  8. Investors should consider this report as only a single factor in making their investment decision. For Reg AC

【中国】【英】GS-中国基本金属1H26业绩回顾：铝、铜、金、锂及电动车金属-20260902.pdf

  1. aluminium, copper, gold, lithium, and other EV metals, with 19 stocks under our Goldman Sachs (Asia) L.L.C.
  2. mixed for lithium. Key trends observed: 1) higher aluminum margins as a result of +852-2978-0680 | fiona.ye@gs.com
  3. for most lithium companies under rising lithium prices, 4) rising sulfur prices and Goldman Sachs (Asia) L.L.C.
  4. Company Ticker 12M-TPs Rating 1H26A rpt earnings Recurring earnings vs expectation Dividend 1H26AEarnings revision
  5. Angang-A 000898.SZ 2.08 1.40 CNY Sell -33% 2.9 (0.478) (0.203) n.a. n.a. -11% -5% 0.5 0.5 0.0% 0.0% -18% 11.2
  6. Shenhua-A 601088.SS48.30 46.00 CNYNeutral -5% 149.3 2.974 2.831 16.2 17.1 13% 13% 2.2 2.2 4.5% 4.5% 19% 261.2
  7. Yankuang-A 600188.SS22.48 18.00 CNY Sell -20% 33.6 1.391 1.087 16.2 20.7 18% 13% 2.8 2.7 3.6% 2.8% 71% 202.0
  8. Ganfeng-A 002460.SZ 52.53 45.00 CNY Sell -14% 16.4 2.253 0.773 23.3 68.0 10% 3% 2.2 2.2 0.8% 0.3% -16% 449.5

文档

【中国】【英】MS-8月房价跌幅加深-先行指标喜忧参半-20260903.pdf

总结

  1. 0.45% m-m (-7.1% y-y) in August (the fourth consecutive month of f aster m-m drops) 3. An Inflection or Another False Start?
  2. steeper decline of -0.46% m-m (vs. -0.36% in July), which we attribute to the 4. June-26 AlphaWise Survey: Better Sentiment,
  3. softened existing home sales in top-tier cities in the summer season. but Still Limited Home Purchase Plans (14 July
  4. would also accumulate CR Land (1109.HK) and Seazen A/H (601155.SS/1030.HK), Research as only a single factor in making their investment
  5. development business, which is defensive in our view. Seazen's ~7x recurring profits += Analysts employed by non-U.S. affiliates are not registered
  6. 0.6% 100 cities secondary housing price y-y (RHS) 6.0% 1.5% 10 cities secondary housing price y-y (RHS) 10.0%
  7. Exhibit 3: Secondary listing home prices trended down 0.7% Exhibit 4: …with 94% of sample cities recording m-m
  8. 1 -n 1 -p 1 -y 1 -n 1 -p 1 -y 2 -n 2 -p 2 -y 2 -n 2 -p 2 -y 2 -n 2 -p 2 -y 2 -n 6 1 6 1 7 1 8 1 8 1 9 1 0 2 0 2 1 2 2 2 2 2 3 2 4 2 4 2 5 2 6 2

预览

【中国】【英】MS-8月房价跌幅加深-先行指标喜忧参半-20260903.pdf

【中国】【英】MS-中国去杠杆：通缩风险再度浮现-20260903.pdf

预览

【中国】【英】MS-中国去杠杆：通缩风险再度浮现-20260903.pdf

GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf

预览

GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf

Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf

预览

Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf

MOMENTA20260902.pdf

预览

MOMENTA20260902.pdf

巴克莱-美元溢价过山车+20260830.pdf

预览

巴克莱-美元溢价过山车+20260830.pdf

伯恩斯坦-美国IT硬件：苹果追踪-iPhone需求保持强劲，销货量同比增长14%，份额持续提升+20260831.pdf

预览

伯恩斯坦-美国IT硬件：苹果追踪-iPhone需求保持强劲，销货量同比增长14%，份额持续提升+20260831.pdf

【中国】【英】GS-中国：8月非官方服务业PMI上升-20260903.pdf

总结

  1. The headline RatingDog China Services PMI, formerly the Caixin Services PMI, Goldman Sachs (Asia) L.L.C.
  2. increased to 51.4 in August from 50.4 in July, indicating that service sector activity
    1. The RatingDog China Services PMI increased to 51.4 in August from 50.4 in July,
  4. increased to 52.1 in August (vs. 50.9 in July), the outstanding business index edged
  5. down to 50.7 in August (vs. 50.8 in July), and the employment sub-index edged up to
  6. 51.0 in August (vs. 50.8 in July). The new export orders sub-index fell to 50.3 in
  7. August (vs. 52.0 in July). Surveyed companies highlighted stronger market demand,
  8. Investors should consider this report as only a single factor in making their investment decision. For Reg AC

预览

【中国】【英】GS-中国：8月非官方服务业PMI上升-20260903.pdf

【中国】【英】GS-中国基本金属1H26业绩回顾：铝、铜、金、锂及电动车金属-20260902.pdf

总结

  1. aluminium, copper, gold, lithium, and other EV metals, with 19 stocks under our Goldman Sachs (Asia) L.L.C.
  2. mixed for lithium. Key trends observed: 1) higher aluminum margins as a result of +852-2978-0680 | fiona.ye@gs.com
  3. for most lithium companies under rising lithium prices, 4) rising sulfur prices and Goldman Sachs (Asia) L.L.C.
  4. Company Ticker 12M-TPs Rating 1H26A rpt earnings Recurring earnings vs expectation Dividend 1H26AEarnings revision
  5. Angang-A 000898.SZ 2.08 1.40 CNY Sell -33% 2.9 (0.478) (0.203) n.a. n.a. -11% -5% 0.5 0.5 0.0% 0.0% -18% 11.2
  6. Shenhua-A 601088.SS48.30 46.00 CNYNeutral -5% 149.3 2.974 2.831 16.2 17.1 13% 13% 2.2 2.2 4.5% 4.5% 19% 261.2
  7. Yankuang-A 600188.SS22.48 18.00 CNY Sell -20% 33.6 1.391 1.087 16.2 20.7 18% 13% 2.8 2.7 3.6% 2.8% 71% 202.0
  8. Ganfeng-A 002460.SZ 52.53 45.00 CNY Sell -14% 16.4 2.253 0.773 23.3 68.0 10% 3% 2.2 2.2 0.8% 0.3% -16% 449.5

预览

【中国】【英】GS-中国基本金属1H26业绩回顾：铝、铜、金、锂及电动车金属-20260902.pdf

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