---
title: "#外资研报"
topic_id: 14425425244184412
created_at: 2026-09-17T08:33:06.596+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# #外资研报

- 序号：445
- 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/14425425244184412)
- 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
GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.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. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be
5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Alphabet Inc. ($338.46)
6. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Alphabet Inc. ($338.46)
7. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Alphabet Inc. ($338.46)
8. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Alphabet Inc. ($338.46)

GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.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 therefore does not
4. Holdings, Comcast Corp., Compass Inc., Corsair Gaming Inc., Cricut Inc., Crown Castle Inc., Dell Technologies Inc., Digital Realty Trust Inc., Equinix Inc., F5
5. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Arista Networks Inc.
6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Arista Networks Inc. ($193.78)
7. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

GS-Communacopia + Technology Conference-20260908.pdf
1. 8:50 AM Chantelle Breithaupt, CFO EVP, CFO & COO of Integrated Services President & COO Dominic Phillips, CFO
2. 11:30 AM Christian Klein, CEO Peggy Alford, CFO Jeetu Patel, President & Paul Gu, CEO Barry Hytinen, CFO
3. 1:45 PM Mike Intrator, CEO Mandeep Chawla, CFO CEO Jeremy Bondy, CEO Moshe Eisenberg, CFO Michael Zilis, CFO
4. Host: Gabriela Borges Host: Michael Ng Claire Bramley, CFO Host: Eric Sheridan Host: Jim Schneider Host: Katherine Murphy
5. 11:30 AM Hugh Johnston, CFO SVP, Head of Walmart Rob Livingston, CFO President & COO Natasha Fernandes, CFO
6. 1:45 PM John Nallen, Yamini Rangan, CEO Chris Rogers, CEO Greg Smith, Giovanni Rizzo, Sebastian Gunningham,
7. 4L:2as5t UPpMdated September 4, 20S2V6P & CFO Host: Stephen Laszczyk President & CEO Host: Alex Vegliante Host: Greyson Sklba
8. 9:30 AM Srini Gopalan, CEO David Obstler, CFO Doug Bettinger, Jarrod Yahes, CFO Bipul Sinha, Cosmin Pitigoi, CFO

GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf
1. 5EyAVJo4oUcUfV9P8Q8OsQrRnPtNkPoOvMjMpOrQ6MqRpPwMtPtMwMoMpM

GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf
1. BGzBZFiArXcUfV7N8Q8OtRnNpNrPlOoOzQiNnMmNbRrQmMMYrNpQMYmOpM

GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf
1. 4FyAYEm2rXfXdX6M9RaQnPoOsQqOkPqQxOeRpOpO6MqRqQNZqMyQxNmNtN

GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf
1. 0JQGXHn3oU9ZaY8ObP6MoMpPtRoQjMrRvMjMpOpPbRpOnNvPrNwOMYrQrO

GS-2026科技大会要点：硬件与网络-20260914.pdf
1. We hosted 13 companies from the Hardware and Networking sector at the Goldman Yash Goenka, CFA
2. Sachs Communacopia + Technology Conference in San Francisco on September 8-11. +1(212)934-6312 |
3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
7. margins as a percentage of revenue. Similarly, FFIV reiterated its fiscal 2027 gross margin
8. offerings, though it is still early days (driving 44% growth in Cloud segment last quarter).

GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf
1. ADT ADT Inc. Buy $7.39 $8.90 1 y le i 3 e v . l e 5 d r % a c g o t e m a . r e g s e t a F b C ov F e y t i h e e ld p a e p e p r l i g e r d o u to p o m u e r d ro ia ll n e d d u fo e r w to a A rd D N T T 's M lo + w e 1 r Y r R e v F e C n F u / e s h g r r o e w st t i h m a a n te d o h f i g $ h 1 e .4 r 1 fi . n O an u c r ia ta l rget c a l M e y n v a c d e c l e r r a a o s u g , h t e c o e o . m a m d a p w ti e o in t n i d t i s o s p , n a a f c c r e o q , m u s i s u te i b ti c o s h c n n r i i o b n l e t o e r g g b y r a a c s t o i e o m n m p r a o is n n k i e e , t s r iz a i a p n t i i d t o h n t e e a c h n h o d n m o f e i l n o m a g n y o c r n i e a it f l o r e ri s n h g
2. BCO Brink's Buy $108.93 $138 6 d h in . i is g t 8 e c h x r o e e N u r s T n t f i t M o n t f a o + $ n t 1 c h 1 i 3 e a Y 2 l R B m le u E n v s e B i a n r I n a T e d g s D e s f A o . S r o e e f c r $ v a i 1 s c , t e 1 N s 8 T 0 p m M ee n s r , h m f a o e r r e e d s c ia a o n s u t d t N s u t T e a M n to d n in B e g C t o O d f e ’ s 4 b 1 t c . o u 5 f r m r $ e n 2 n . , t 1 l O y 2 u l 0 o r m w ta n e r , r g f E o e B r t e m I c T a u D s lt A t ip N m le T a c M r o g m m in e s in s a o a n ri t d t y a M d F e X a c c r li i r n s o k e v . s o i l n a t c il a it s y h , a u s ri a s g in e g , a a d cq o u p i t s io it n io o n f i c n o te m g p ra e t t i i o n n g r p is a k y , m fi e n n a t n t c e ia ch l l n e o v l e o r g a ie g s e , and
3. BFAM Bright Horizons Buy $74.18 $93 1 m fo 4 e r . d 0 th x ia e N n o T a n M n g d o + i c n 1 o g Y m r R e e c s E o a P v t e S a r y o d f i i n s $ c o 6 o c .6 u c 3 n u . t p O t a o n u B c r y F ta A r r a g M t e e ’s t s . m 10 u - l y ti e p a le r c a o v m er e a s g e a t S a P d X i - s r c e o la u t n iv t e to N t T he M B P u /E si n m e u s l s ti p S l e e r t v o ic a e c s c p o e u e n r t s s S le u e l v o p r e v w p r ic e l a y e r g - s s e t h h w a o a n i r n t t h d - a a g a F n e n X t s i c i , r n i i p s s c a t k r r e t . u e a c d s t u e r r e a in c l o l y w v r o e e r r d k y u - i f n c ro e c m d h - i d l h d e o m c m a a e r n e , d w c f e a o n g r t e e o r n in a s fl t i a t t e e ti n o c d n h a , i n l f d i c n e c a a , n r l c a e i b a o l r
4. BV BrightView Sell $11.11 $10.00 t 6 c o o o . u 0 n t t x s h t e t e a N x n g T t d r M o o in f u + g B p V . o 1 ’ f Y s 1 R s 4 l E 4 o . w B 9 e I m T r D n r . e A O v o e u f n r $ u t 3 e a 8 r g g 0 r e m o t w n m t , h u f , o l t l r i o p e w l c e a e c s r o t E m N B T e IT M s D b n A e e lo m t w d a e r t g b h i t e n o s B f a u $ n s 8 i d 2 n 9 e h m s ig s n h S e a e r n r n d v e ic f t o e f r i s e n c a p a n e s c e t i r a N m l T le e M v d e i s a r h a n a g i r n e e t s r h e e la tive w e a E m x n l e a e c d r i v e e n a e e t a e t m d e b n s d p l a e l i o n s n t n y c p o e e o u e i w t n a c f c r n a e o r d l e t s l e a d t d n s e i u n t e v i r f o i e l n p a n l g r o t i i r c o p a w e n m t i e s . n e s t f n e , o t r t r h s m n e o e o l r u w n e t t v i c h o a o s n m n , s t i p n r to a c o c r c f e t u s B a s V a s to e t ’s m d a M e c ra & r r o s t A e , s s h t i h n - ig s a it e h i t a l e m l t r i o v a c f e t u l c a a s h n n t e o d d s m s i c o f e a r B r p V e
5. CTAS Cintas Buy $201.79 $231 m ou e t d st i a a n n d to in g re o fl f e 4 ct 0 C 2. T 4 A m S n ’ . s O tr u o r n t g a e rg r e o t r g m a u n l i t c ip r l e e v r e e n p u re e s g e r n o t w s t a h p o r u e t m lo i o u k m , t t r o a c th k e r e B c u o s r i d n e o s f s e x S e e c r u v t ic io e n s a p n e d e r m arket C ac y q c u lic is a it l i o e n x p in o t s e u g r r e a , t i a o n fu r r i t s h k e r a n d d e c e e n le e r r a g t y io -r n e l i a n t e p d ri c r i is n k g . increases, competition,
6. HRB H&R Block Sell $51.65 $33 a m s 4 h s . u 2 s a l 0 i t r s i e x p t s e l N e d o T a u t M a n ts x d + t a p t h n 1 re e d Y p i R n B i g u n E s d o B i u f n I s T e 1 t D s 2 ry s 0 A m a S o s e n f s r . o $ v O c 1 ic i u 1 a e r 9 t s e 8 t a p d m r e g w n e e , i r t t h f m o m t r e h e u d e c lt i a i a p m s n le t i x d N i u s s T h e b M i f e t t o l a o t o c v w o e D m r H a IY p R g e e B a t n i ’ n t s i d e v 1 e t v 0 d ir p - e t y r u b e e a t a s l, o s r u a f a r $ n v e 1 d e s , r , 0 r a i s 5 s g e k 1 e c s m N u f n l r T a o a M r m n h d E e A a V I f . o d /E r w e B i c n I a T d s D s t A i N n T th M e M s m v s e i o r a a r l t u u r r v k g t i a c i e i o l n e t n t a s b q s x h e . u a n a p r e l r e i e t f y i p t g , s a s m f i o r n a o l s u r m k t i i n e o h t n a ig s s s h h , s a e a is r r n t e e N d d g A e a d C f i f n u e d s e c u t i t i n e v o e D t t o a c I x Y r p o f r d s i i l c i u s n i - e n g s g e t c o l a o l i H n n m d g R p m B o le f ' i s x x a i , t l n o y t c r w a a il e l n c a r t d r i o p y i n m r t i a c w p x e r i o t p h v o e in d t ,
7. IRM Iron Mountain Buy $115.35 $153 p c s o t o o m r r t a f p o g a l e i n o y a c n i o n d n t o t i i n n a d u u d e s a s t t r t a i o a a l e n R x d p E a t I e T n c d p h , e n m e o r i l s t o i , g g r a y e t c e fl o e d m c b ti p y n a g IR n a y M t t t ’ r h s a a c t t r t a i c v n o e s m f o o e r r s g m a w a n i t i t i c h o n g e r x f o r e o w c m t u h t a i t o r n e le n g r d i a s s k c y a a s r n e t d h c o e m r c e d o d s m iu m p m a a - n n t a e y g r ’ m s e m g r e o n w t th C ris o k m , p fin e a tin n g ci a te l c le h v n e o r l a o g g e ie a s n in d r F e X c o ri r s d k s . management, acquisition integration
8. KLC KinderCare Neutral $2.52 $3.90 r 5 p s e h . e 0 l a a e x r t r e i N v m s e T e o M t d o u i t a + p s n e t a 1 e t n Y o r d s R a i . n c E g c B o o I u T f n 1 D t 2 A f 3 o m o r f n n $ e . 2 a O 4 r- u 6 t r o m - t n a m , r e g fo d e r i t u e m m ca u t s l e t t i p r N m le T e M c n o r m a o v l e l e m s r a e a g n t e t a c n d h e i a s t l c l d e o e n u b g n t e t o s t f o a $ t n 7 h d 5 e 1 h b m i r g o n h a e a d r n e f d r in B f a o u n r s e c i c i n a a e l s s le t s v N S e T e r M a rv g i e c es q m f a a in c u a m c a in r e n o g t l c i r i e l n e e i r a a c f l c a t o l e i e v n n n v o g t t r e r e a a g r r c a b r s o t g , l i e o w e d n . m t i f h ( f f a i + r c i o n c ) u m r l C o t I y m h n b r p a e a e r m g c c o a k r p v u d t e i i o i v r t m o i n e n p s e g f , i n a x f o t a e n s r v d d r i o n e c m r t a o e a a b s n in r t l r g e i o l n i e n l s g l v m t e e a t e e r x te a n a p g t c a s e h a n u e n s b a r i d s t o s i E n d o a y C c f n r c E s d o u h m p c d if a e i t r o s n n e p , c t c e e y t r o r s t a r r s t e a i , n n n g d d s ,

## 文档

### GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.pdf|GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.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. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be
5. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Alphabet Inc. ($338.46)
6. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Alphabet Inc. ($338.46)
7. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Alphabet Inc. ($338.46)
8. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Alphabet Inc. ($338.46)

#### 预览

[[assets/docs/260917_0833__外资研报__GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.pdf|GS-Alphabet Inc.（GOOGL）：Communacopia + Technology2026—— 核心要点 Alphabet Inc. (GOOGL) Communacopia + Technology2026---Key Takeaways.pdf]]

### GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.pdf|GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.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 therefore does not
4. Holdings, Comcast Corp., Compass Inc., Corsair Gaming Inc., Cricut Inc., Crown Castle Inc., Dell Technologies Inc., Digital Realty Trust Inc., Equinix Inc., F5
5. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Arista Networks Inc.
6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Arista Networks Inc. ($193.78)
7. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

#### 预览

[[assets/docs/260917_0833__外资研报__GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.pdf|GS-Arista Networks Inc.（ANET）：Communacopia + Technology2026—— 核心要点 Arista Networks Inc. (ANET) Communacopia + Technology2026---Key Takeaways.pdf]]

### GS-Communacopia + Technology Conference-20260908.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-Communacopia + Technology Conference-20260908.pdf|GS-Communacopia + Technology Conference-20260908.pdf]]

#### 总结

1. 8:50 AM Chantelle Breithaupt, CFO EVP, CFO & COO of Integrated Services President & COO Dominic Phillips, CFO
2. 11:30 AM Christian Klein, CEO Peggy Alford, CFO Jeetu Patel, President & Paul Gu, CEO Barry Hytinen, CFO
3. 1:45 PM Mike Intrator, CEO Mandeep Chawla, CFO CEO Jeremy Bondy, CEO Moshe Eisenberg, CFO Michael Zilis, CFO
4. Host: Gabriela Borges Host: Michael Ng Claire Bramley, CFO Host: Eric Sheridan Host: Jim Schneider Host: Katherine Murphy
5. 11:30 AM Hugh Johnston, CFO SVP, Head of Walmart Rob Livingston, CFO President & COO Natasha Fernandes, CFO
6. 1:45 PM John Nallen, Yamini Rangan, CEO Chris Rogers, CEO Greg Smith, Giovanni Rizzo, Sebastian Gunningham,
7. 4L:2as5t UPpMdated September 4, 20S2V6P & CFO Host: Stephen Laszczyk President & CEO Host: Alex Vegliante Host: Greyson Sklba
8. 9:30 AM Srini Gopalan, CEO David Obstler, CFO Doug Bettinger, Jarrod Yahes, CFO Bipul Sinha, Cosmin Pitigoi, CFO

#### 预览

[[assets/docs/260917_0833__外资研报__GS-Communacopia + Technology Conference-20260908.pdf|GS-Communacopia + Technology Conference-20260908.pdf]]

### GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf|GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf]]

#### 总结

1. 5EyAVJo4oUcUfV9P8Q8OsQrRnPtNkPoOvMjMpOrQ6MqRpPwMtPtMwMoMpM

#### 预览

[[assets/docs/260917_0833__外资研报__GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf|GS-CoreWeave Inc.（CRWV.US）Communacopia+Technology 2026大会要点.pdf]]

### GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf|GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf]]

#### 总结

1. BGzBZFiArXcUfV7N8Q8OtRnNpNrPlOoOzQiNnMmNbRrQmMMYrNpQMYmOpM

#### 预览

[[assets/docs/260917_0833__外资研报__GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf|GS-Credo Technology Group（CRDO.US）Communacopia+Technology 2026大会要点.pdf]]

### GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf|GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf]]

#### 总结

1. 4FyAYEm2rXfXdX6M9RaQnPoOsQqOkPqQxOeRpOpO6MqRqQNZqMyQxNmNtN

#### 预览

[[assets/docs/260917_0833__外资研报__GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf|GS-GOAL仓位与情绪追踪：利率上行背景下固定收益需求仍具韧性.pdf]]

### GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf|GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf]]

#### 总结

1. 0JQGXHn3oU9ZaY8ObP6MoMpPtRoQjMrRvMjMpOpPbRpOnNvPrNwOMYrQrO

#### 预览

[[assets/docs/260917_0833__外资研报__GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf|GS-MiniMax集团（0100.HK）：Communacopia+科技大会2026——核心纪要.pdf]]

### GS-2026科技大会要点：硬件与网络-20260914.pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-2026科技大会要点：硬件与网络-20260914.pdf|GS-2026科技大会要点：硬件与网络-20260914.pdf]]

#### 总结

1. We hosted 13 companies from the Hardware and Networking sector at the Goldman Yash Goenka, CFA
2. Sachs Communacopia + Technology Conference in San Francisco on September 8-11. +1(212)934-6312 |
3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
7. margins as a percentage of revenue. Similarly, FFIV reiterated its fiscal 2027 gross margin
8. offerings, though it is still early days (driving 44% growth in Cloud segment last quarter).

#### 预览

[[assets/docs/260917_0833__外资研报__GS-2026科技大会要点：硬件与网络-20260914.pdf|GS-2026科技大会要点：硬件与网络-20260914.pdf]]

### GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf

- 状态：skipped_existing
- 错误：
- 本地资源：[[assets/docs/260917_0833__外资研报__GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf|GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf]]

#### 总结

1. ADT ADT Inc. Buy $7.39 $8.90 1 y le i 3 e v . l e 5 d r % a c g o t e m a . r e g s e t a F b C ov F e y t i h e e ld p a e p e p r l i g e r d o u to p o m u e r d ro ia ll n e d d u fo e r w to a A rd D N T T 's M lo + w e 1 r Y r R e v F e C n F u / e s h g r r o e w st t i h m a a n te d o h f i g $ h 1 e .4 r 1 fi . n O an u c r ia ta l rget c a l M e y n v a c d e c l e r r a a o s u g , h t e c o e o . m a m d a p w ti e o in t n i d t i s o s p , n a a f c c r e o q , m u s i s u te i b ti c o s h c n n r i i o b n l e t o e r g g b y r a a c s t o i e o m n m p r a o is n n k i e e , t s r iz a i a p n t i i d t o h n t e e a c h n h o d n m o f e i l n o m a g n y o c r n i e a it f l o r e ri s n h g
2. BCO Brink's Buy $108.93 $138 6 d h in . i is g t 8 e c h x r o e e N u r s T n t f i t M o n t f a o + $ n t 1 c h 1 i 3 e a Y 2 l R B m le u E n v s e B i a n r I n a T e d g s D e s f A o . S r o e e f c r $ v a i 1 s c , t e 1 N s 8 T 0 p m M ee n s r , h m f a o e r r e e d s c ia a o n s u t d t N s u t T e a M n to d n in B e g C t o O d f e ’ s 4 b 1 t c . o u 5 f r m r $ e n 2 n . , t 1 l O y 2 u l 0 o r m w ta n e r , r g f E o e B r t e m I c T a u D s lt A t ip N m le T a c M r o g m m in e s in s a o a n ri t d t y a M d F e X a c c r li i r n s o k e v . s o i l n a t c il a it s y h , a u s ri a s g in e g , a a d cq o u p i t s io it n io o n f i c n o te m g p ra e t t i i o n n g r p is a k y , m fi e n n a t n t c e ia ch l l n e o v l e o r g a ie g s e , and
3. BFAM Bright Horizons Buy $74.18 $93 1 m fo 4 e r . d 0 th x ia e N n o T a n M n g d o + i c n 1 o g Y m r R e e c s E o a P v t e S a r y o d f i i n s $ c o 6 o c .6 u c 3 n u . t p O t a o n u B c r y F ta A r r a g M t e e ’s t s . m 10 u - l y ti e p a le r c a o v m er e a s g e a t S a P d X i - s r c e o la u t n iv t e to N t T he M B P u /E si n m e u s l s ti p S l e e r t v o ic a e c s c p o e u e n r t s s S le u e l v o p r e v w p r ic e l a y e r g - s s e t h h w a o a n i r n t t h d - a a g a F n e n X t s i c i , r n i i p s s c a t k r r e t . u e a c d s t u e r r e a in c l o l y w v r o e e r r d k y u - i f n c ro e c m d h - i d l h d e o m c m a a e r n e , d w c f e a o n g r t e e o r n in a s fl t i a t t e e ti n o c d n h a , i n l f d i c n e c a a , n r l c a e i b a o l r
4. BV BrightView Sell $11.11 $10.00 t 6 c o o o . u 0 n t t x s h t e t e a N x n g T t d r M o o in f u + g B p V . o 1 ’ f Y s 1 R s 4 l E 4 o . w B 9 e I m T r D n r . e A O v o e u f n r $ u t 3 e a 8 r g g 0 r e m o t w n m t , h u f , o l t l r i o p e w l c e a e c s r o t E m N B T e IT M s D b n A e e lo m t w d a e r t g b h i t e n o s B f a u $ n s 8 i d 2 n 9 e h m s ig s n h S e a e r n r n d v e ic f t o e f r i s e n c a p a n e s c e t i r a N m l T le e M v d e i s a r h a n a g i r n e e t s r h e e la tive w e a E m x n l e a e c d r i v e e n a e e t a e t m d e b n s d p l a e l i o n s n t n y c p o e e o u e i w t n a c f c r n a e o r d l e t s l e a d t d n s e i u n t e v i r f o i e l n p a n l g r o t i i r c o p a w e n m t i e s . n e s t f n e , o t r t r h s m n e o e o l r u w n e t t v i c h o a o s n m n , s t i p n r to a c o c r c f e t u s B a s V a s to e t ’s m d a M e c ra & r r o s t A e , s s h t i h n - ig s a it e h i t a l e m l t r i o v a c f e t u l c a a s h n n t e o d d s m s i c o f e a r B r p V e
5. CTAS Cintas Buy $201.79 $231 m ou e t d st i a a n n d to in g re o fl f e 4 ct 0 C 2. T 4 A m S n ’ . s O tr u o r n t g a e rg r e o t r g m a u n l i t c ip r l e e v r e e n p u re e s g e r n o t w s t a h p o r u e t m lo i o u k m , t t r o a c th k e r e B c u o s r i d n e o s f s e x S e e c r u v t ic io e n s a p n e d e r m arket C ac y q c u lic is a it l i o e n x p in o t s e u g r r e a , t i a o n fu r r i t s h k e r a n d d e c e e n le e r r a g t y io -r n e l i a n t e p d ri c r i is n k g . increases, competition,
6. HRB H&R Block Sell $51.65 $33 a m s 4 h s . u 2 s a l 0 i t r s i e x p t s e l N e d o T a u t M a n ts x d + t a p t h n 1 re e d Y p i R n B i g u n E s d o B i u f n I s T e 1 t D s 2 ry s 0 A m a S o s e n f s r . o $ v O c 1 ic i u 1 a e r 9 t s e 8 t a p d m r e g w n e e , i r t t h f m o m t r e h e u d e c lt i a i a p m s n le t i x d N i u s s T h e b M i f e t t o l a o t o c v w o e D m r H a IY p R g e e B a t n i ’ n t s i d e v 1 e t v 0 d ir p - e t y r u b e e a t a s l, o s r u a f a r $ n v e 1 d e s , r , 0 r a i s 5 s g e k 1 e c s m N u f n l r T a o a M r m n h d E e A a V I f . o d /E r w e B i c n I a T d s D s t A i N n T th M e M s m v s e i o r a a r l t u u r r v k g t i a c i e i o l n e t n t a s b q s x h e . u a n a p r e l r e i e t f y i p t g , s a s m f i o r n a o l s u r m k t i i n e o h t n a ig s s s h h , s a e a is r r n t e e N d d g A e a d C f i f n u e d s e c u t i t i n e v o e D t t o a c I x Y r p o f r d s i i l c i u s n i - e n g s g e t c o l a o l i H n n m d g R p m B o le f ' i s x x a i , t l n o y t c r w a a il e l n c a r t d r i o p y i n m r t i a c w p x e r i o t p h v o e in d t ,
7. IRM Iron Mountain Buy $115.35 $153 p c s o t o o m r r t a f p o g a l e i n o y a c n i o n d n t o t i i n n a d u u d e s a s t t r t a i o a a l e n R x d p E a t I e T n c d p h , e n m e o r i l s t o i , g g r a y e t c e fl o e d m c b ti p y n a g IR n a y M t t t ’ r h s a a c t t r t a i c v n o e s m f o o e r r s g m a w a n i t i t i c h o n g e r x f o r e o w c m t u h t a i t o r n e le n g r d i a s s k c y a a s r n e t d h c o e m r c e d o d s m iu m p m a a - n n t a e y g r ’ m s e m g r e o n w t th C ris o k m , p fin e a tin n g ci a te l c le h v n e o r l a o g g e ie a s n in d r F e X c o ri r s d k s . management, acquisition integration
8. KLC KinderCare Neutral $2.52 $3.90 r 5 p s e h . e 0 l a a e x r t r e i N v m s e T e o M t d o u i t a + p s n e t a 1 e t n Y o r d s R a i . n c E g c B o o I u T f n 1 D t 2 A f 3 o m o r f n n $ e . 2 a O 4 r- u 6 t r o m - t n a m , r e g fo d e r i t u e m m ca u t s l e t t i p r N m le T e M c n o r m a o v l e l e m s r a e a g n t e t a c n d h e i a s t l c l d e o e n u b g n t e t o s t f o a $ t n 7 h d 5 e 1 h b m i r g o n h a e a d r n e f d r in B f a o u n r s e c i c i n a a e l s s le t s v N S e T e r M a rv g i e c es q m f a a in c u a m c a in r e n o g t l c i r i e l n e e i r a a c f l c a t o l e i e v n n n v o g t t r e r e a a g r r c a b r s o t g , l i e o w e d n . m t i f h ( f f a i + r c i o n c ) u m r l C o t I y m h n b r p a e a e r m g c c o a k r p v u d t e i i o i v r t m o i n e n p s e g f , i n a x f o t a e n s r v d d r i o n e c m r t a o e a a b s n in r t l r g e i o l n i e n l s g l v m t e e a t e e r x te a n a p g t c a s e h a n u e n s b a r i d s t o s i E n d o a y C c f n r c E s d o u h m p c d if a e i t r o s n n e p , c t c e e y t r o r s t a r r s t e a i , n n n g d d s ,

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[[assets/docs/260917_0833__外资研报__GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf|GS-AI赢家与颠覆风险：第三届年度硅谷AI调研之旅对股票的启示 - 2026-08-31_George K. Tong，Sami Nasir(原文).pdf]]