--- title: "#外资研报" topic_id: 45548548455215428 created_at: 2026-09-17T08:32:46.107+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：447 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/45548548455215428) - 附件：图片 0，音频 0，文档 9 - 音频文件：_无音频_ ## 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 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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-服务器2Q26市场份额及展望更新-20260916.pdf|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 [[assets/docs/260917_0832__外资研报__GS-服务器2Q26市场份额及展望更新-20260916.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-富途控股（FUTU.US）——2026年亚洲领袖峰会纪要.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 [[assets/docs/260917_0832__外资研报__GS-富途控股（FUTU.US）——2026年亚洲领袖峰会纪要.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__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 [[assets/docs/260917_0832__外资研报__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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-高盛Comm+Tech大会要点摘录-20260914.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 [[assets/docs/260917_0832__外资研报__GS-高盛Comm+Tech大会要点摘录-20260914.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-高盛Communacopia+科技大会2026第三日半导体要点-20260911.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 [[assets/docs/260917_0832__外资研报__GS-高盛Communacopia+科技大会2026第三日半导体要点-20260911.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-高通公司（QCOM）：Communacopia + Technology2026—— 核心要点 Qualcomm Inc. (QCOM) Communacopia + Technology2026---Key Takeaways.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 [[assets/docs/260917_0832__外资研报__GS-高通公司（QCOM）：Communacopia + Technology2026—— 核心要点 Qualcomm Inc. (QCOM) Communacopia + Technology2026---Key Takeaways.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf|GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf]] #### 总结 1. 0JOEZFn3pVcUbZ6MdNaQnPpPpNtNeRpPxOkPqRpPbRpOqNxNnRqRNZnPtN #### 预览 [[assets/docs/260917_0832__外资研报__GS-壁仞科技（6082.HK）：中国AI之旅CTO调研.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-博通公司（AVGO）：Communacopia + Technology2026—— 核心要点 Broadcom Inc. (AVGO) Communacopia + Technology2026---Key Takeaways.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 [[assets/docs/260917_0832__外资研报__GS-博通公司（AVGO）：Communacopia + Technology2026—— 核心要点 Broadcom Inc. (AVGO) Communacopia + Technology2026---Key Takeaways.pdf|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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.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 [[assets/docs/260917_0832__外资研报__GS-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.pdf|GS-地平线机器人（9660.HK）——2026年亚洲领袖大会纪要.pdf]]