---
title: "#外资研报"
topic_id: 45548825251425228
created_at: 2026-09-04T08:25:00.965+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：409
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/45548825251425228)
- 附件：图片 0，音频 0，文档 9
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## 图片

_无图片_

## 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
【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
3. 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

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【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-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

[[assets/docs/260904_0825__外资研报__【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-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

- 状态：downloaded
- 错误：内部错误
- 本地资源：[[assets/docs/260904_0825__外资研报__【中国】【英】MS-中国去杠杆：通缩风险再度浮现-20260903.pdf|【中国】【英】MS-中国去杠杆：通缩风险再度浮现-20260903.pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__【中国】【英】MS-中国去杠杆：通缩风险再度浮现-20260903.pdf|【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

- 状态：downloaded
- 错误：内部错误
- 本地资源：[[assets/docs/260904_0825__外资研报__GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf|GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf|GS KOREA OPEN - US CHIP TARIFFS- BROADCO....pdf]]

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

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf|Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf|Korea’s Trillion-Dollar Sovereign AI Investment_ Nvidia Wins, Hynix Loses.pdf]]

### MOMENTA20260902.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__MOMENTA20260902.pdf|MOMENTA20260902.pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__MOMENTA20260902.pdf|MOMENTA20260902.pdf]]

### 巴克莱-美元溢价过山车+20260830.pdf

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__巴克莱-美元溢价过山车+20260830.pdf|巴克莱-美元溢价过山车+20260830.pdf]]

#### 预览

[[assets/docs/260904_0825__外资研报__巴克莱-美元溢价过山车+20260830.pdf|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

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__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|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

[[assets/docs/260904_0825__外资研报__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|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

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【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：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
3. 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

[[assets/docs/260904_0825__外资研报__【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：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

- 状态：downloaded
- 错误：
- 本地资源：[[assets/docs/260904_0825__外资研报__【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|【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

[[assets/docs/260904_0825__外资研报__【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|【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]]