--- title: "#外资研报" topic_id: 22258258522418151 created_at: 2026-09-17T08:32:32.663+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：449 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/22258258522418151) - 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-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf 1. 5EyAVJjBsYeWaY8OcM9PnPqQtRtNiNnNzQeRnNnM9PrQoRwMrQsMMYrQrM GS-快手科技（1024.HK）——2026年亚洲领袖峰会纪要.pdf 1. AHzBYEm2pV8YbZ8OdN7NoMpPsQoQiNnNyRjMoOrNaQmNnNMYsQzQMYtQpP GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf 1. BGyAWGjBsYdVfVbRaO8OmOqQnPsMfQqQwPjMpPqP6MoPqQuOmMnQuOmPqQ GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).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. Hwatsing, Iluvatar, InnoScience, Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, 5. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be 6. aggregated under US securities law) as of the month end preceding this report: Montage (A) (Rmb213.00) and Montage (H) (HK$285.00) 7. Goldman Sachs has received compensation for investment banking services in the past 12 months: Montage (A) (Rmb213.00) and Montage (H) 8. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Montage (A) (Rmb213.00) GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf 1. BGyAZFjBqW8YdXaQ8QaQmOqQnPpRjMqQyReRrRmNaQoPtMuOnMsMxNnMsM GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).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. Hwatsing, Iluvatar, InnoScience, Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, 5. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be 6. aggregated under US securities law) as of the month end preceding this report: Luxshare (A) (Rmb56.60) and Luxshare (H) (HK$63.55) 7. Goldman Sachs has received compensation for investment banking services in the past 12 months: Luxshare (A) (Rmb56.60) and Luxshare (H) 8. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Luxshare (A) (Rmb56.60) and GS-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).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 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 compensation for investment banking services in the next 3 months: Megmeet (Rmb125.95) 6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Megmeet (Rmb125.95) 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-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf 1. TSMC – Communacopia + Technology Conference 2026: Strong AI Demand and Goldman Sachs (Asia) L.L.C. 2. Communacopia + Technology 2026. Management remains confident in the Goldman Sachs (Asia) L.L.C. 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. We see no major surprises from Apple’s launch of the iPhone 18 Pro/Pro Max and its first 8. growth in CY27. Additionally, Mr. Huang struck a bullish tone on Physical AI applications GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf 1. 4FQGXHjBsYfXeU6MaO8OtRpPmOqOkPoOwPeRqRrQbRqRrRwMmQoRvPsRtN ## 文档 ### GS-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf|GS-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf]] #### 总结 1. 5EyAVJjBsYeWaY8OcM9PnPqQtRtNiNnNzQeRnNnM9PrQoRwMrQsMMYrQrM #### 预览 [[assets/docs/260917_0832__外资研报__GS-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf|GS-科士达-002518-2026年二季度业绩因新能源产品销售影响而不及预期；数据中心产品订单势头强劲，下半年销售有望提速；买入-20260831.pdf]] ### GS-快手科技（1024.HK）——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-快手科技（1024.HK）——2026年亚洲领袖峰会纪要.pdf|GS-快手科技（1024.HK）——2026年亚洲领袖峰会纪要.pdf]] #### 总结 1. AHzBYEm2pV8YbZ8OdN7NoMpPsQoQiNnNyRjMoOrNaQmNnNMYsQzQMYtQpP #### 预览 [[assets/docs/260917_0832__外资研报__GS-快手科技（1024.HK）——2026年亚洲领袖峰会纪要.pdf|GS-快手科技（1024.HK）——2026年亚洲领袖峰会纪要.pdf]] ### GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf|GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf]] #### 总结 1. BGyAWGjBsYdVfVbRaO8OmOqQnPsMfQqQwPjMpPqP6MoPqQuOmMnQuOmPqQ #### 预览 [[assets/docs/260917_0832__外资研报__GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf|GS-蓝思科技（300433.SZ）2026年亚洲大会纪要.pdf]] ### GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).pdf|GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).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. Hwatsing, Iluvatar, InnoScience, Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, 5. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be 6. aggregated under US securities law) as of the month end preceding this report: Montage (A) (Rmb213.00) and Montage (H) (HK$285.00) 7. Goldman Sachs has received compensation for investment banking services in the past 12 months: Montage (A) (Rmb213.00) and Montage (H) 8. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Montage (A) (Rmb213.00) #### 预览 [[assets/docs/260917_0832__外资研报__GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).pdf|GS-澜起科技（688008.SS）：2026年亚洲领袖峰会要点：PCIe Switch_CXL MXC芯片拓展；新一代DDR5放量；买入 - 2026-08-31_Allen Chang，Verena Jeng(原文).pdf]] ### GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf|GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf]] #### 总结 1. BGyAZFjBqW8YdXaQ8QaQmOqQnPpRjMqQyReRrRmNaQoPtMuOnMsMxNnMsM #### 预览 [[assets/docs/260917_0832__外资研报__GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf|GS-老板电器-002508-2026年二季度业绩分析：业绩疲弱，2026年下半年2027年有望环比改善；派息提供下行保护；买入.pdf]] ### GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).pdf|GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).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. Hwatsing, Iluvatar, InnoScience, Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, 5. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be 6. aggregated under US securities law) as of the month end preceding this report: Luxshare (A) (Rmb56.60) and Luxshare (H) (HK$63.55) 7. Goldman Sachs has received compensation for investment banking services in the past 12 months: Luxshare (A) (Rmb56.60) and Luxshare (H) 8. Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Luxshare (A) (Rmb56.60) and #### 预览 [[assets/docs/260917_0832__外资研报__GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).pdf|GS-立讯精密（002475.SZ）：2026年亚洲领袖会议要点：AIDC产品与AI终端扩张；买入 - 2026-08-31_Verena Jeng，Allen Chang(原文).pdf]] ### GS-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).pdf|GS-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).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 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 compensation for investment banking services in the next 3 months: Megmeet (Rmb125.95) 6. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Megmeet (Rmb125.95) 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-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).pdf|GS-麦格米特(002851.SZ) - 2Q26营业利润不及预期；AIDC电源爬坡符合预期且Vera Rubin电源已出货；核心业务面临毛利率压力与国内逆风；中性 - 2026-08-31_Hao Chen，Jacqueline Du(原文) (2).pdf]] ### GS-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf|GS-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf]] #### 总结 1. TSMC – Communacopia + Technology Conference 2026: Strong AI Demand and Goldman Sachs (Asia) L.L.C. 2. Communacopia + Technology 2026. Management remains confident in the Goldman Sachs (Asia) L.L.C. 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. We see no major surprises from Apple’s launch of the iPhone 18 Pro/Pro Max and its first 8. growth in CY27. Additionally, Mr. Huang struck a bullish tone on Physical AI applications #### 预览 [[assets/docs/260917_0832__外资研报__GS-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf|GS-每日720：台积电、潍柴动力、LeaderDrive、新鸿基地产、壁仞、Busy...-20260911.pdf]] ### GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260917_0832__外资研报__GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf|GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf]] #### 总结 1. 4FQGXHjBsYfXeU6MaO8OtRpPmOqOkPoOwPeRqRrQbRqRrRwMmQoRvPsRtN #### 预览 [[assets/docs/260917_0832__外资研报__GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf|GS-京东集团（JD.US 9618.HK）Communacopia+Technology 2026大会要点.pdf]]