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主题 2026-09-17/topics/450.md 原文

#外资研报

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附件总结 GS-美的集团-000333-2026年二季度业绩分析：稳健业绩符合预期，营业利润好于预期，预计下半年增速加快；买入-20260831.pdf

  1. AHPFYEn3oUcUdX9P9R9PoMnNpNrPjMpPuNfQoOqRaQpOrOuOqRoQMYqRsM

GS-美的集团-000333-Asia Leaders Conference 2026要点：战略定位清晰，重点关注ToB海外业务；买入-20260831.pdf

  1. BGyAYEo4pVcUfVbRaO9PtRnNmOpRlOqQzQkPoOpO8OpOqPvPrQqOuOoPoM

GS-美国电信与媒体：Communacopia + Technology 2026 会议——第二天核心要点.pdf

  1. 4FQGWGp5pVfXfV8OdN9PnPoOtRtNjMqQuNeRoPrR6MoPsPxNmQrQNZnRqO

GS-美国股票每周综述：市场仓位、资金流向及交易一线观察 US Equities Weekly Rundown Positioning, Flows, and Observations Across the Floor.pdf

  1. and to the extent it would otherwise be subject to, CFTC Regulations 1.71 and 23.605. All references to “we/us/our” refer to the views and observations of the desk unless specified otherwise.
  2. US stocks rose on Friday despite a firmer core CPI reading though the S&P 500 still fell -0.8% on the week as rates / oil were the focus with
  3. print. Amid the start of September conference season, TMT stocks saw the largest 2-week long buying since Jun ’25 (97th percentile 5-year), while
  4. non-consumer cyclicals were net sold for a second straight week, led by Financials with HFs selling the sector at the fastest pace in 6 months.
  5. 500 roll cheapened from around FF+72 on Monday to around FF+65 on Friday, with Nasdaq futures following the move lower while maintaining
  6. the typical 2-3bp premium. This cheapening has played out even as Sep implied funding has rebounded from the mid-week lows. The funding
  7. ▪ Derivatives: Despite CPI coming in “hot” on Friday and the market now pricing in a 90% chance of a rate hike, skew + vol both got crushed – all
  8. week following our annual GS Communacopia + Technology conference. As such, we like GSCBTC10 Upside -- in either swap or option format to

GS-美国管道与MLP：Gastech大会及亚洲LNG路演前夕的全球LNG关键主题.pdf

  1. in the Middle East, 2) low storage levels in Europe, 3) shifting trade flows and efforts +1(801)884-1197 | ben.lund@gs.com
  2. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  3. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  4. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  5. Cheniere Energy Inc. (Buy, $275.93), Cheniere Energy Partners (Sell, $69.91), Excelerate Energy Inc (Buy, $39.32), Golar LNG (Buy, $51.94), NextDecade
  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

GS-美国科技：半导体行业——Communacopia + 科技大会 2026 首日要点.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. Broadcom Inc. (Buy, $368.56), Camtek (Neutral, $147.01), GlobalFoundries Inc. (Neutral, $45.09) and Qualcomm Inc. (Neutral, $174.09)
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. 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
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

GS-美国科技：半导体行业——Communacopia+科技大会2026第三日要点总结.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. Credo Technology Group (Buy, $160.31), EPAM Systems Inc. (Neutral, $114.52), Lam Research Corp. (Buy, $298.01), Nvidia Corp. (Buy, $218.36), Qnity
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. 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
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

GS-美国能源服务、管道与MLP：与KGS、LBRT、PUMP就数据中心电力基础设施圆桌会议要点.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 has received compensationor investment banking services in the past 12 months: Kodiak Gas Services Inc. ($62.50), Liberty Energy Inc.
  6. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Kodiak Gas Services Inc.
  7. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Kodiak Gas Services Inc. ($62.50), Liberty
  8. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Kodiak Gas Services Inc. ($62.50), Liberty Energy

GS-每日720：中国策略、中国互联网、中金、GO出行、Ramsay医疗、太阳工业、中...-20260916.pdf

  1. China Musings – Policy and macro back to school. As investor focus pivots back to Goldman Sachs (Asia) L.L.C.
  2. our Overweight stance on China A shares versus Marketweight on offshore equities. 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. taxi operations in Tokyo by 2027 as a positive long-term catalyst. While the initial rollout
  8. not dilute its focus on defense capital allocation. We maintain our 12m TP of INR 26,550.

文档

GS-美的集团-000333-2026年二季度业绩分析：稳健业绩符合预期，营业利润好于预期，预计下半年增速加快；买入-20260831.pdf

总结

  1. AHPFYEn3oUcUdX9P9R9PoMnNpNrPjMpPuNfQoOqRaQpOrOuOqRoQMYqRsM

预览

GS-美的集团-000333-2026年二季度业绩分析：稳健业绩符合预期，营业利润好于预期，预计下半年增速加快；买入-20260831.pdf

GS-美的集团-000333-Asia Leaders Conference 2026要点：战略定位清晰，重点关注ToB海外业务；买入-20260831.pdf

总结

  1. BGyAYEo4pVcUfVbRaO9PtRnNmOpRlOqQzQkPoOpO8OpOqPvPrQqOuOoPoM

预览

GS-美的集团-000333-Asia Leaders Conference 2026要点：战略定位清晰，重点关注ToB海外业务；买入-20260831.pdf

GS-美国电信与媒体：Communacopia + Technology 2026 会议——第二天核心要点.pdf

总结

  1. 4FQGWGp5pVfXfV8OdN9PnPoOtRtNjMqQuNeRoPrR6MoPsPxNmQrQNZnRqO

预览

GS-美国电信与媒体：Communacopia + Technology 2026 会议——第二天核心要点.pdf

GS-美国股票每周综述：市场仓位、资金流向及交易一线观察 US Equities Weekly Rundown Positioning, Flows, and Observations Across the Floor.pdf

总结

  1. and to the extent it would otherwise be subject to, CFTC Regulations 1.71 and 23.605. All references to “we/us/our” refer to the views and observations of the desk unless specified otherwise.
  2. US stocks rose on Friday despite a firmer core CPI reading though the S&P 500 still fell -0.8% on the week as rates / oil were the focus with
  3. print. Amid the start of September conference season, TMT stocks saw the largest 2-week long buying since Jun ’25 (97th percentile 5-year), while
  4. non-consumer cyclicals were net sold for a second straight week, led by Financials with HFs selling the sector at the fastest pace in 6 months.
  5. 500 roll cheapened from around FF+72 on Monday to around FF+65 on Friday, with Nasdaq futures following the move lower while maintaining
  6. the typical 2-3bp premium. This cheapening has played out even as Sep implied funding has rebounded from the mid-week lows. The funding
  7. ▪ Derivatives: Despite CPI coming in “hot” on Friday and the market now pricing in a 90% chance of a rate hike, skew + vol both got crushed – all
  8. week following our annual GS Communacopia + Technology conference. As such, we like GSCBTC10 Upside -- in either swap or option format to

预览

GS-美国股票每周综述：市场仓位、资金流向及交易一线观察 US Equities Weekly Rundown Positioning, Flows, and Observations Across the Floor.pdf

GS-美国管道与MLP：Gastech大会及亚洲LNG路演前夕的全球LNG关键主题.pdf

总结

  1. in the Middle East, 2) low storage levels in Europe, 3) shifting trade flows and efforts +1(801)884-1197 | ben.lund@gs.com
  2. companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
  3. representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
  4. departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
  5. Cheniere Energy Inc. (Buy, $275.93), Cheniere Energy Partners (Sell, $69.91), Excelerate Energy Inc (Buy, $39.32), Golar LNG (Buy, $51.94), NextDecade
  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

预览

GS-美国管道与MLP：Gastech大会及亚洲LNG路演前夕的全球LNG关键主题.pdf

GS-美国科技：半导体行业——Communacopia + 科技大会 2026 首日要点.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. Broadcom Inc. (Buy, $368.56), Camtek (Neutral, $147.01), GlobalFoundries Inc. (Neutral, $45.09) and Qualcomm Inc. (Neutral, $174.09)
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. 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
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

预览

GS-美国科技：半导体行业——Communacopia + 科技大会 2026 首日要点.pdf

GS-美国科技：半导体行业——Communacopia+科技大会2026第三日要点总结.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. Credo Technology Group (Buy, $160.31), EPAM Systems Inc. (Neutral, $114.52), Lam Research Corp. (Buy, $298.01), Nvidia Corp. (Buy, $218.36), Qnity
  5. As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
  6. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
  7. 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
  8. to CVM Resolution n. 20 is available at https://www.gs.com/worldwide/brazil/area/gir/index.html. Where applicable, the Brazil-registered analyst

预览

GS-美国科技：半导体行业——Communacopia+科技大会2026第三日要点总结.pdf

GS-美国能源服务、管道与MLP：与KGS、LBRT、PUMP就数据中心电力基础设施圆桌会议要点.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 has received compensationor investment banking services in the past 12 months: Kodiak Gas Services Inc. ($62.50), Liberty Energy Inc.
  6. Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: Kodiak Gas Services Inc.
  7. Goldman Sachs has received compensationor non-investment banking services during the past 12 months: Kodiak Gas Services Inc. ($62.50), Liberty
  8. Goldman Sachs had an investment banking services client relationship during the past 12 months with: Kodiak Gas Services Inc. ($62.50), Liberty Energy

预览

GS-美国能源服务、管道与MLP：与KGS、LBRT、PUMP就数据中心电力基础设施圆桌会议要点.pdf

GS-每日720：中国策略、中国互联网、中金、GO出行、Ramsay医疗、太阳工业、中...-20260916.pdf

总结

  1. China Musings – Policy and macro back to school. As investor focus pivots back to Goldman Sachs (Asia) L.L.C.
  2. our Overweight stance on China A shares versus Marketweight on offshore equities. 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. taxi operations in Tokyo by 2027 as a positive long-term catalyst. While the initial rollout
  8. not dilute its focus on defense capital allocation. We maintain our 12m TP of INR 26,550.

预览

GS-每日720：中国策略、中国互联网、中金、GO出行、Ramsay医疗、太阳工业、中...-20260916.pdf

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