---
title: "#外资研报"
topic_id: 22258818122118851
created_at: 2026-09-15T08:35:45.826+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：353
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/22258818122118851)
- 附件：图片 0，音频 0，文档 9
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## 图片

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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
JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf
1. We hosted the J.P. Morgan 2026 Rising Tech Leaders Forum in New York, where IT Hardware/ Telecom & Networking
2. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
3. data centers, is also expected to start generating revenues in FY28. Together, these inside
4. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
5. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
6. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
7. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
8. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}

JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf
1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
2. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
3. Coverage Universe: Hung, Albert : ASPEED Technology Inc. (5274.TWO), ASUSTek Computer (2357.TW), Accton (2345.TW), Compal
4. Electronics, Inc. (2324.TW), Delta Electronics, Inc. (2308.TW), Inventec (2356.TW), Lenovo Group Limited (0992) (0992.HK), Lotes
5. (3533.TW), Micro-Star International Co., Ltd. (2377.TW), Pegatron Corp (4938.TW), Quanta Computer Inc. (2382.TW), VNET Group
6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf
1. AHzBYEo4tZdVcWaQbP6MoMmMmOqOlOrRxOlOnNmN9PmNrNvPsQmNuOnNqQ

JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf
1. 我们预计公司2026/27/28年净利润分别为34/42/50亿元，三年复合增长率为
2. 调整后的息税折旧摊销前利润 2,476 3,053 4,398 5,334 6,250 投资活动现金流 (1,503) 306 188 (326) (368)
3. 少数股东权益 186 184 217 328 440 息税折旧摊销前利润同比增长 27.7% 23.3% 44.0% 21.3% 17.2%
4. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
5. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
6. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
7. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
8. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略

JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf
1. NT$bn Sales 592.6 673.5 759.7 868.5 839.3 933.8 989.9 1,046.1 1,134.1 1,270.4 1,457.0 1,617.8 2,161.7 2,894.3 3,809.1 5,479.3 7,443.5 9,319.8
2. US$mn Sales 18,844.6 20,814.3 23,513.3 26,835.0 25,524.8 30,073.8 33,096.6 33,730.7 35,898.4 40,200.7 45,531.1 50,555.6 69,302.1 90,013.1 122,456.5 172,194.4 232,610.4 291,244.7
3. Grand Total 89,818 90,126 96,062 134,609 161,835 149,333 151,901 158,289 249,444 320,770 350,221 226,887 273,302 316,398
4. WFE estimates 58,944 55,480 64,905 92,335 101,101 102,820 111,777 124,452 162,500 224,500 262,700 158,800 205,000 237,300
5. 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 6 2 6 2 7 2 7 2 7 2 7 2
6. Volume (consumption) (WSTS) (mn units) 7,803 8,323 8,276 8,267 8,027 9,357 10,382 10,916 11,751 12,628 13,229 13,525 14,120 15,000 15,819 16,473 17,633 18,728 19,662 20,305
7. Revenue (US$ mn) 18,811 22,937 25,126 27,890 24,773 29,104 37,352 51,478 95,772 149,232 184,482 204,637 216,853 237,269 257,736 271,071 293,060 317,493 341,660 358,115
8. 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 6 2 6 2 7 2 7 2 7 2 7 2 8 2 8 2 8 2 8 2

GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf
1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
4. InnoScience, Innolight (A), Innolight (H), Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo,
5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: AMEC (Rmb336.01)
6. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
7. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
8. Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to

HSBC-关键AI辩论：我们的观点——全球股票策略.pdf
1. e su M re m m ilG 6 .5 -T P G ta h C )xa m ( a n u L -M L G ia .Z h sa lF -3 .5 5 .3 in im e G e lg o o G e tiL -h sa lF xa M in iM 3 M 4 V ke e S p e e D 3 1 8 0 o rP a b a b ilA B 7 2 8 .3 n e w Q 6 .5 -T P G ta h C )xa m ( a rre T k ra p S e su M 3 .1 e lg o o G 8 .3 in im e G ia .Z xa M -3 .5 -M L G 8 .3 n e w Q a b a b ilA B 5 9 A T 4 .2 3 K im iK 6 .4 ko rG a rts A 6 .5 -T P G ta h C 5 s u p O e d u a lC 1 .5 e lb a F e d u a lC
2. Source: Visible Alpha consensus estimates, HSBC estimates. See Global Technology: Sustainable CSP capex Source: HSBC estimates. See: Global Tech Platform: B2B up, B2C down: our new AI TAM forecasts to 2030,
3. Source: HSBC estimates, Company Accounts, Bloomberg, Moody’s. Note: Bonds of all currencies and Source: Bloomberg, HSBC . Note: 2026 is year-to-date
4. The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take six to 12
5. months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will
6. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
7. 2 All market data included in this report are dated as at close 04 September 2026, unless a different date and/or a specific
8. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its

HSBC-宁德时代（300750 CH  3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf
1. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
2. 2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3
3. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in
4. 13 As of 02 September 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued
5. 2 All market data included in this report are dated as at close 07 September 2026, unless a different date and/or a specific
6. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its
7. 4 You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest
8. 5 This report may be a translation of a report authored in another language. If so, and if there is any discrepancy between

HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf
1. Source: Ruijie company data, Nvidia, Huawei, HSBC Qianhai Securities estimates Source: Ruijie company data, Huaqin, Southern Metropolis Daily (16 July 2026),
2. Note: Priced at close of 7 September 2026. *Covered by HSBC Qianhai Securities and HSBC Qianhai Securities estimates are used. NR – Not Rated. NA – Not Applicable/Available.
3. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
4. 2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3
5. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in
6. 13 As of 02 September 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued
7. 2 All market data included in this report are dated as at close 07 September 2026, unless a different date and/or a specific
8. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its

## 文档

### JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf|JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf]]

#### 总结

1. We hosted the J.P. Morgan 2026 Rising Tech Leaders Forum in New York, where IT Hardware/ Telecom & Networking
2. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
3. data centers, is also expected to start generating revenues in FY28. Together, these inside
4. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
5. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
6. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
7. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}
8. {[{Uo-acPeKZOvogxWP0tBNbZJyDvT4Uewq3xrDZYkNcz7HbXR-Wdr0g9rU1WGEIER6w4WUEbSLjenzyl0hNEk7odQ}]}

#### 预览

[[assets/docs/260915_0835__外资研报__JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf|JPM-2026年新兴科技领袖论坛要点纪要-20260911.pdf]]

### JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf|JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf]]

#### 总结

1. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
2. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
3. Coverage Universe: Hung, Albert : ASPEED Technology Inc. (5274.TWO), ASUSTek Computer (2357.TW), Accton (2345.TW), Compal
4. Electronics, Inc. (2324.TW), Delta Electronics, Inc. (2308.TW), Inventec (2356.TW), Lenovo Group Limited (0992) (0992.HK), Lotes
5. (3533.TW), Micro-Star International Co., Ltd. (2377.TW), Pegatron Corp (4938.TW), Quanta Computer Inc. (2382.TW), VNET Group
6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

#### 预览

[[assets/docs/260915_0835__外资研报__JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf|JPM-PC与服务器：从戴尔财季业绩看亚洲科技供应链启示.pdf]]

### JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf|JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf]]

#### 总结

1. AHzBYEo4tZdVcWaQbP6MoMmMmOqOlOrRxOlOnNmN9PmNrNvPsQmNuOnNqQ

#### 预览

[[assets/docs/260915_0835__外资研报__JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf|JPM-爱尔眼科-300015-2026年2季度业绩基本符合预期；视光业务及海外业务扩张将是近期潜在估值上调的关键-20260831.pdf]]

### JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf|JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf]]

#### 总结

1. 我们预计公司2026/27/28年净利润分别为34/42/50亿元，三年复合增长率为
2. 调整后的息税折旧摊销前利润 2,476 3,053 4,398 5,334 6,250 投资活动现金流 (1,503) 306 188 (326) (368)
3. 少数股东权益 186 184 217 328 440 息税折旧摊销前利润同比增长 27.7% 23.3% 44.0% 21.3% 17.2%
4. 股票估值和风险：与被研究公司或其目标价格相关的估值方法和风险，请访问 https://jpmsc.portal.jpmorgan.com，参阅最新的对
5. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
6. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
7. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
8. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略

#### 预览

[[assets/docs/260915_0835__外资研报__JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf|JPM-安克创新-0668.HK-高端化和IEEPA关税退款助业绩远超预期；研发投资强化长期增长；给予“增持”评级.pdf]]

### JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf|JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf]]

#### 总结

1. NT$bn Sales 592.6 673.5 759.7 868.5 839.3 933.8 989.9 1,046.1 1,134.1 1,270.4 1,457.0 1,617.8 2,161.7 2,894.3 3,809.1 5,479.3 7,443.5 9,319.8
2. US$mn Sales 18,844.6 20,814.3 23,513.3 26,835.0 25,524.8 30,073.8 33,096.6 33,730.7 35,898.4 40,200.7 45,531.1 50,555.6 69,302.1 90,013.1 122,456.5 172,194.4 232,610.4 291,244.7
3. Grand Total 89,818 90,126 96,062 134,609 161,835 149,333 151,901 158,289 249,444 320,770 350,221 226,887 273,302 316,398
4. WFE estimates 58,944 55,480 64,905 92,335 101,101 102,820 111,777 124,452 162,500 224,500 262,700 158,800 205,000 237,300
5. 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 6 2 6 2 7 2 7 2 7 2 7 2
6. Volume (consumption) (WSTS) (mn units) 7,803 8,323 8,276 8,267 8,027 9,357 10,382 10,916 11,751 12,628 13,229 13,525 14,120 15,000 15,819 16,473 17,633 18,728 19,662 20,305
7. Revenue (US$ mn) 18,811 22,937 25,126 27,890 24,773 29,104 37,352 51,478 95,772 149,232 184,482 204,637 216,853 237,269 257,736 271,071 293,060 317,493 341,660 358,115
8. 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 2 Q 6 2 6 2 7 2 7 2 7 2 7 2 8 2 8 2 8 2 8 2

#### 预览

[[assets/docs/260915_0835__外资研报__JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf|JPM-半导体-SPE行业：上调2025-28年WFE市场预测至28%CAGR-20260910.pdf]]

### GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf|GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf]]

#### 总结

1. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
2. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
3. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
4. InnoScience, Innolight (A), Innolight (H), Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo,
5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: AMEC (Rmb336.01)
6. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
7. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
8. Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to

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[[assets/docs/260915_0835__外资研报__GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf|GS-中微公司（688012.SS）：中国AI之旅——先进沉积设备与刻蚀机新品发布；看好先进逻辑与存储订单前景.pdf]]

### HSBC-关键AI辩论：我们的观点——全球股票策略.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__HSBC-关键AI辩论：我们的观点——全球股票策略.pdf|HSBC-关键AI辩论：我们的观点——全球股票策略.pdf]]

#### 总结

1. e su M re m m ilG 6 .5 -T P G ta h C )xa m ( a n u L -M L G ia .Z h sa lF -3 .5 5 .3 in im e G e lg o o G e tiL -h sa lF xa M in iM 3 M 4 V ke e S p e e D 3 1 8 0 o rP a b a b ilA B 7 2 8 .3 n e w Q 6 .5 -T P G ta h C )xa m ( a rre T k ra p S e su M 3 .1 e lg o o G 8 .3 in im e G ia .Z xa M -3 .5 -M L G 8 .3 n e w Q a b a b ilA B 5 9 A T 4 .2 3 K im iK 6 .4 ko rG a rts A 6 .5 -T P G ta h C 5 s u p O e d u a lC 1 .5 e lb a F e d u a lC
2. Source: Visible Alpha consensus estimates, HSBC estimates. See Global Technology: Sustainable CSP capex Source: HSBC estimates. See: Global Tech Platform: B2B up, B2C down: our new AI TAM forecasts to 2030,
3. Source: HSBC estimates, Company Accounts, Bloomberg, Moody’s. Note: Bonds of all currencies and Source: Bloomberg, HSBC . Note: 2026 is year-to-date
4. The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take six to 12
5. months for the market price to reflect this. When the target price is more than 20% above the current share price, the stock will
6. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
7. 2 All market data included in this report are dated as at close 04 September 2026, unless a different date and/or a specific
8. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its

#### 预览

[[assets/docs/260915_0835__外资研报__HSBC-关键AI辩论：我们的观点——全球股票策略.pdf|HSBC-关键AI辩论：我们的观点——全球股票策略.pdf]]

### HSBC-宁德时代（300750 CH 3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__HSBC-宁德时代（300750 CH 3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf|HSBC-宁德时代（300750 CH 3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf]]

#### 总结

1. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
2. 2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3
3. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in
4. 13 As of 02 September 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued
5. 2 All market data included in this report are dated as at close 07 September 2026, unless a different date and/or a specific
6. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its
7. 4 You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest
8. 5 This report may be a translation of a report authored in another language. If so, and if there is any discrepancy between

#### 预览

[[assets/docs/260915_0835__外资研报__HSBC-宁德时代（300750 CH 3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf|HSBC-宁德时代（300750 CH 3750 HK）：AH股均维持买入——基本面稳步推进，市场情绪尚待修复.pdf]]

### HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260915_0835__外资研报__HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf|HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf]]

#### 总结

1. Source: Ruijie company data, Nvidia, Huawei, HSBC Qianhai Securities estimates Source: Ruijie company data, Huaqin, Southern Metropolis Daily (16 July 2026),
2. Note: Priced at close of 7 September 2026. *Covered by HSBC Qianhai Securities and HSBC Qianhai Securities estimates are used. NR – Not Rated. NA – Not Applicable/Available.
3. To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month
4. 2 HSBC expects to receive or intends to seek compensation for investment banking services from this company in the next 3
5. 11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in
6. 13 As of 02 September 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued
7. 2 All market data included in this report are dated as at close 07 September 2026, unless a different date and/or a specific
8. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its

#### 预览

[[assets/docs/260915_0835__外资研报__HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf|HSBC-锐捷网络（301165 CH）：买入——超节点（SuperPOD）渗透率提升将进一步驱动网络设备需求增长.pdf]]