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主题 2026-09-17/topics/447.md 原文

#外资研报

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附件总结 GS-服务器2Q26市场份额及展望更新-20260916.pdf

  1. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  2. Exhibit 1: Nvidia leads the AI server market with 42% Exhibit 2: Neocloud AI server market is lead by DELL
  3. share as of 2Q26, followed by whitebox players (24%), Dell Neocloud AI server revenue market share (%)
  4. Exhibit 3: Dell also maintained its significant share in Exhibit 4: Dell lead the traditonal server market in 2Q26
  5. Exhibit 5: Neocloud traditional server market share is Exhibit 6: DELL leads the enterprise traditional server
  6. Exhibit 7: 650 Group expects the overall server market to Exhibit 8: 650 Group raised its annual AI server forecasts
  7. grow to $1.5 tr by 2030 on growth across both AI (+46% for 2026-2030 by ~4% on average, now expecting the AI
  8. 5-yr CAGR) and traditional servers (+17% 5-yr CAGR) server market to achieve ~$1.3 tr by 2030 (v. $1.24 bn

GS-富途控股（FUTU.US）——2026年亚洲领袖峰会纪要.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 expects to receive or intends to seek compensationor investment banking services in the next 3 months: Futu Holdings ($118.08)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Futu Holdings ($118.08)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Futu Holdings ($118.08)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Futu Holdings ($118.08)
  8. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

GS-高明铁（4573.TWO）SEMICON Taiwan 观察：自动化有源对准赋能 1.6T 光模块量产.pdf

  1. 5EQGXHjBtZdVfV8OaOaQoMmMoMtNlOnNzQeRmMyQaQpOpPMYnOoPuOrMuM

GS-高盛Comm+Tech大会要点摘录-20260914.pdf

  1. We hosted ~40 Software companies at our Communacopia + Technology Conference Gabriela Borges, CFA
  2. and commentary becoming much more product and tech stack specific. Generally +1(212)902-0695 |
  3. early enterprises are in scaling production inference use cases. At the same time, +1(212)357-2790 |
  4. visibility into how the next 12 months will unfold from an estimates revisions max.gamperl@gs.com
  5. underlying architectures, such as from frontier models entering the security TAM. +1(212)9028724 | maura.hager@gs.com
  6. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  7. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  8. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research

GS-高盛Communacopia+科技大会2026第三日半导体要点-20260911.pdf

  1. Communacopia + Technology Conference, including Nvidia, Lam Research, Seagate, +1(212)902-5297 | luya.you@gs.com
  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. to broaden. Finally, Credo expects gross margins in FY27 to remain at similar levels to
  7. applied to our normalized EPS of $5.50. Key downside risks: (1) slowdown in wafer starts
  8. multiple applied to our normalized EPS forecast of $10.75. Key downside risks: (1) pause

GS-高通公司（QCOM）：Communacopia + Technology2026—— 核心要点 Qualcomm Inc. (QCOM) 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 expects to receive or intends to seek compensationor investment banking services in the next 3 months: Qualcomm Inc. ($168.74)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Qualcomm Inc. ($168.74)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Qualcomm Inc. ($168.74)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Qualcomm Inc. ($168.74)
  8. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf

  1. 0JOEZFn3pVcUbZ6MdNaQnPpPpNtNeRpPxOkPqRpPbRpOqNxNnRqRNZnPtN

GS-博通公司（AVGO）：Communacopia + Technology2026—— 核心要点 Broadcom Inc. (AVGO) 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. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Broadcom Inc. ($357.90)
  5. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Broadcom Inc. ($357.90)
  6. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Broadcom Inc. ($357.90)
  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-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.pdf

  1. 4FyAWGn3oUcUfV8OaO8OpNqQsQoQeRqQzQfQrRvM7NqRoOwMsRtRxNtOwP

文档

GS-服务器2Q26市场份额及展望更新-20260916.pdf

总结

  1. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  2. Exhibit 1: Nvidia leads the AI server market with 42% Exhibit 2: Neocloud AI server market is lead by DELL
  3. share as of 2Q26, followed by whitebox players (24%), Dell Neocloud AI server revenue market share (%)
  4. Exhibit 3: Dell also maintained its significant share in Exhibit 4: Dell lead the traditonal server market in 2Q26
  5. Exhibit 5: Neocloud traditional server market share is Exhibit 6: DELL leads the enterprise traditional server
  6. Exhibit 7: 650 Group expects the overall server market to Exhibit 8: 650 Group raised its annual AI server forecasts
  7. grow to $1.5 tr by 2030 on growth across both AI (+46% for 2026-2030 by ~4% on average, now expecting the AI
  8. 5-yr CAGR) and traditional servers (+17% 5-yr CAGR) server market to achieve ~$1.3 tr by 2030 (v. $1.24 bn

预览

GS-服务器2Q26市场份额及展望更新-20260916.pdf

GS-富途控股（FUTU.US）——2026年亚洲领袖峰会纪要.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 expects to receive or intends to seek compensationor investment banking services in the next 3 months: Futu Holdings ($118.08)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Futu Holdings ($118.08)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Futu Holdings ($118.08)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Futu Holdings ($118.08)
  8. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

预览

GS-富途控股（FUTU.US）——2026年亚洲领袖峰会纪要.pdf

GS-高明铁（4573.TWO）SEMICON Taiwan 观察：自动化有源对准赋能 1.6T 光模块量产.pdf

总结

  1. 5EQGXHjBtZdVfV8OaOaQoMmMoMtNlOnNzQeRmMyQaQpOpPMYnOoPuOrMuM

预览

GS-高明铁（4573.TWO）SEMICON Taiwan 观察：自动化有源对准赋能 1.6T 光模块量产.pdf

GS-高盛Comm+Tech大会要点摘录-20260914.pdf

总结

  1. We hosted ~40 Software companies at our Communacopia + Technology Conference Gabriela Borges, CFA
  2. and commentary becoming much more product and tech stack specific. Generally +1(212)902-0695 |
  3. early enterprises are in scaling production inference use cases. At the same time, +1(212)357-2790 |
  4. visibility into how the next 12 months will unfold from an estimates revisions max.gamperl@gs.com
  5. underlying architectures, such as from frontier models entering the security TAM. +1(212)9028724 | maura.hager@gs.com
  6. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  7. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  8. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research

预览

GS-高盛Comm+Tech大会要点摘录-20260914.pdf

GS-高盛Communacopia+科技大会2026第三日半导体要点-20260911.pdf

总结

  1. Communacopia + Technology Conference, including Nvidia, Lam Research, Seagate, +1(212)902-5297 | luya.you@gs.com
  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. to broaden. Finally, Credo expects gross margins in FY27 to remain at similar levels to
  7. applied to our normalized EPS of $5.50. Key downside risks: (1) slowdown in wafer starts
  8. multiple applied to our normalized EPS forecast of $10.75. Key downside risks: (1) pause

预览

GS-高盛Communacopia+科技大会2026第三日半导体要点-20260911.pdf

GS-高通公司（QCOM）：Communacopia + Technology2026—— 核心要点 Qualcomm Inc. (QCOM) 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 expects to receive or intends to seek compensationor investment banking services in the next 3 months: Qualcomm Inc. ($168.74)
  5. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Qualcomm Inc. ($168.74)
  6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Qualcomm Inc. ($168.74)
  7. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Qualcomm Inc. ($168.74)
  8. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

预览

GS-高通公司（QCOM）：Communacopia + Technology2026—— 核心要点 Qualcomm Inc. (QCOM) Communacopia + Technology2026---Key Takeaways.pdf

GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf

总结

  1. 0JOEZFn3pVcUbZ6MdNaQnPpPpNtNeRpPxOkPqRpPbRpOqNxNnRqRNZnPtN

预览

GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf

GS-博通公司（AVGO）：Communacopia + Technology2026—— 核心要点 Broadcom Inc. (AVGO) 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. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Broadcom Inc. ($357.90)
  5. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Broadcom Inc. ($357.90)
  6. Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Broadcom Inc. ($357.90)
  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

GS-博通公司（AVGO）：Communacopia + Technology2026—— 核心要点 Broadcom Inc. (AVGO) Communacopia + Technology2026---Key Takeaways.pdf

GS-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.pdf

总结

  1. 4FyAWGn3oUcUfV8OaO8OpNqQsQoQeRqQzQfQrRvM7NqRoOwMsRtRxNtOwP

预览

GS-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.pdf

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