思维纪要社 2026-09-18 附件明细

Bottom Line: 1) In a world of ongoing supply shortages, Microsoft’s comments on selina.zhang@gs.com
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
Importantly, Microsoft was clear that the objective is not simply to replace 3P silicon
with internally developed alternatives. Instead, 1P chips represent an additional tool
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 9 Sep 2026 close.

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【个股-MSFT】【英】GS-微软：Communacopia+科技2026大会要点-20260910.pdf

283. 【个股-MSFT】【英】MS-微软：股息提升8%-增强总回报吸引力-20260916.pdf

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【个股-MSFT】【英】MS-微软：股息提升8%-增强总回报吸引力-20260916.pdf

总结

announced a 7.7% increase in its quarterly dividend to $0.98/share from $0.91, Fiscal Year Ending 06/26 06/27e 06/28e 06/29e
25x Base Case FY28e EPS of $24.06. 25x PE is a slight premium to large cap software peers, ▪Greater than expected capacity-driven
Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 15
Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
Azure, O365 & Robust Contribution from AI Azure, M365 & Ramping Contribution from Macro, Scale & Limited AI Adoption Drives
business lines drive low-20s revenue CAGR business lines drive high-teens rev CAGR limited. This drives mid-teens rev CAGR.
in the coming years. Operating margins ahead. Operating margins expand beyond Operating margins only expand to ~45.0%
is $27.64. ~29x PE represents a premium to 25x PE is a premium to large cap software FY28 EPS is $21.84. ~12x PE is a discount to

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【个股-MSFT】【英】MS-微软：股息提升8%-增强总回报吸引力-20260916.pdf

284. 【个股-MU】【英】GS-美光科技4Q预览：供应紧张持续-资本回报成焦点-20260912.pdf

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【个股-MU】【英】GS-美光科技4Q预览：供应紧张持续-资本回报成焦点-20260912.pdf

总结

strong quarter with upside to the Street and company guidance. We believe investor +1(212)357-6392 |
heading into the print given ongoing DRAM price momentum, albeit more measured +1(212)902-5297 | luya.you@gs.com
Financials ($ mn, except EPS) New Y/Y % Street GS / Street New Y/Y % Street GS / Street New Y/Y % Street GS / Street New Y/Y % Street GS / Street
Total Revenue 51,905 458% 50,523 3% 57,700 617% 56,747 2% 174,921 313% 172,586 1% 262,305 50% 256,083 2%
Gross Margin 87.3% +4839 bps 87.0% +34 bps 88.1% +5015 bps 87.5% +59 bps 85.3% +8531 bps 85.0% +32 bps 88.3% +299 bps 89.5% -121 bps
Operating Margin 83.9% +5836 bps 83.6% +31 bps 84.9% +6106 bps 84.3% +58 bps 81.4% +4725 bps 81.2% +14 bps 85.3% +397 bps 86.4% -103 bps
Non-GAAP EPS $32.54 1607% $31.40 4% $37.06 2276% $35.25 5% $106.93 849% $103.97 3% $170.70 60% $163.63 4%
Segments New Y/Y % Street GS / Street New Y/Y % Street GS / Street New Y/Y % Street GS / Street New Y/Y % Street GS / Street

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【个股-MU】【英】GS-美光科技4Q预览：供应紧张持续-资本回报成焦点-20260912.pdf

285. 【个股-NVDA】【英】SemiAnalysis-英伟达-后盾宇宙-——正面我赢-反面谁输-20260912.pdf

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【个股-NVDA】【英】SemiAnalysis-英伟达-后盾宇宙-——正面我赢-反面谁输-20260912.pdf

总结

Senior Credit Markets Specialist - New York: 5-7 years in credit sales, sales trading, or trading,
Credit Analyst - New York: 5-7 years in credit analysis, ideally covering high-yield, distressed,
asset side, Nvidia’s cash balance has increased from $12B to $22B in the past few quarters,
numbers, yet the scale of overall AI investment is larger – we estimate ~$11T of cumulative
This line item made its debut in the 2Q F1/27 earnings report released on August 26th, 2026
funds to mobilize over $500B of third-party capital to support the buildout of AI Clusters.
as it not only reduces the residual value guarantee to only up to 25%, but it also is silent on
While Nvidia has said the program targets over $500B of capital, we think it will likely swell

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【个股-NVDA】【英】SemiAnalysis-英伟达-后盾宇宙-——正面我赢-反面谁输-20260912.pdf

286. 【个股-BE】【英】UBS-Bloom Energy：数据中心DC供电专题报告要点-20260917.pdf

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【个股-BE】【英】UBS-Bloom Energy：数据中心DC供电专题报告要点-20260917.pdf

总结

As highlighted in a BE report, power demand per AI rack is expected to surge from Price (16 Sep 2026) US$270.02
conversion capacity, with key electrical equipment facing severe supply chain Avg. daily volume ('000) 3,087
BE believes the adoption of native 800V DC fuel cell architectures has the potential Shneur Z. Gershuni, CFA
Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence
of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below.
the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

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【个股-BE】【英】UBS-Bloom Energy：数据中心DC供电专题报告要点-20260917.pdf

287. 【个股-LLY】【英】JPM-肥胖症处方数据追踪-20260911.pdf

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【个股-LLY】【英】JPM-肥胖症处方数据追踪-20260911.pdf

总结

(lack of step-edits, PAs, $50 co-pay), although this will likely take a couple (1-212) 622-0790
– here, data for the week ending 9/4/26 show TRx of ~221k (vs ~207k Ekaterina V Knyazkova, CFA
{[{HYhlmmYyuH3WxG6QXWa2bljQ7EYJ87Oa0P3UPjw8EuwLmXCjfokrhwiRrt-8AyWdeUWR2IXGdOHSydqzuoTt04E}]}
Injectable Wegovy Novo 327,867 324,738 332,459 338,663 202,068 198,364 204,316 208,432 20% 25%
Injectable Wegovy Novo 274,863 273,657 306,556 324,703 163,251 171,333 189,968 201,772 18% 26%
{[{HYhlmmYyuH3WxG6QXWa2bljQ7EYJ87Oa0P3UPjw8EuwLmXCjfokrhwiRrt-8AyWdeUWR2IXGdOHSydqzuoTt04E}]}
{[{HYhlmmYyuH3WxG6QXWa2bljQ7EYJ87Oa0P3UPjw8EuwLmXCjfokrhwiRrt-8AyWdeUWR2IXGdOHSydqzuoTt04E}]}
{[{HYhlmmYyuH3WxG6QXWa2bljQ7EYJ87Oa0P3UPjw8EuwLmXCjfokrhwiRrt-8AyWdeUWR2IXGdOHSydqzuoTt04E}]}

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【个股-LLY】【英】JPM-肥胖症处方数据追踪-20260911.pdf

288. 【个股-META】【英】CITI-Meta产品路线图加速-多重催化剂可期-20260916.pdf

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【个股-META】【英】CITI-Meta产品路线图加速-多重催化剂可期-20260916.pdf

总结

capacity expands significantly in ’27, we believe META’s product roadmap is Expected share price
exceeding IG and FB App downloads over the last several days, we believe Expected dividend yield 0.3%
demand is accelerating organically, though we note Meta’s 3.6B DAP Expected total return 19.7%
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
Figure 1. Muse's 5 Tabs Unlock Personalized & Agentic Assistance for Short-Term Tasks & Long-Term Goals
Figure 3. Muse at 900K+ App Downloads in One Week.. Figure 4. ...Surpassing Meta's Individual US FoA Downloads
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

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【个股-META】【英】CITI-Meta产品路线图加速-多重催化剂可期-20260916.pdf

289. 【个股-META】【英】CITI-新增90日上行催化剂观察-20260916.pdf

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【个股-META】【英】CITI-新增90日上行催化剂观察-20260916.pdf

总结

across Muse, its next-generation models, and its Meta glasses strategy. Market Cap US$1,707,441M
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
We rate Meta Platforms Buy. We view that Reels can effectively compete with other short-form video platforms and that
Our target price of $800 is based on ~22x our 2027E GAAP EPS of $36.92 and implies ~11x our 2027E EV/EBITDA. We justify
our valuation methodology based on Meta’s user scale, growing engagement, product super cycle and AI opportunity, ads
Risks to our target price include: 1) Impacts from changes to ATT and IDFA could prove more difficult to overcome and
contributions from its investments in non-advertising businesses (metaverse). 5) Adverse economic and/or consumer

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【个股-META】【英】CITI-新增90日上行催化剂观察-20260916.pdf

290. 【个股-META】【中英】GS-Meta推出Muse AI：从-对话到行动-范式转变及行业启示-20260914.pdf

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【个股-META】【中英】GS-Meta推出Muse AI：从-对话到行动-范式转变及行业启示-20260914.pdf

总结

With the introduction of several action-based consumer agents in +1(917)343-8683 | eric.sheridan@gs.com
dedicated iOS and Android applications, the web (muse.ai), and EBIT ($ mn) 83,276.0 86,938.3 89,950.2 118,608.1
Ratios & Valuation __________________________________________ Other current assets 53,080.0 12,134.3 9,051.3 10,759.9
Interest cover (X) 71.5 27.6 26.9 35.4 Other current liabilities 30,729.0 43,810.5 53,508.4 63,845.3
Growth & Margins (%) ______________________________________ Other long-term liabilities 25,258.0 31,640.9 40,918.2 49,657.5
Price Performance __________________________________________ Cash Flow ($ mn) ___________________________________________
Income Statement ($ mn) ___________________________________ Total cash flow (8,016.0) 36,510.2 (47,832.0) (15,400.6)
Cost of goods sold (36,174.0) (57,638.1) (94,381.9) (116,978.1) Source: Company data, Goldman Sachs Research estimates.

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【个股-META】【中英】GS-Meta推出Muse AI：从-对话到行动-范式转变及行业启示-20260914.pdf

291. 【个股-SPCX】【英】MS-末日对冲：SpaceX是防御性AI股吗-20260915.pdf

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【个股-SPCX】【英】MS-末日对冲：SpaceX是防御性AI股吗-20260915.pdf

总结

have rattled the AI trade. We offer 5 reasons why SpaceX may Space Technology | United States of America
improvement in intelligence-per-watt-per-dollar-per-second. 52-Week Range $225.64-104.83
Author's note. SpaceX is a manufacturing and infrastructure company engaged in EPS ($)** (1.69) 0.55 2.54 6.01
the conversion of energy into intelligence at scale through its vertically integrated Prior EPS ($)** - - - -
space launch, sat comms, and computing stack. In other words, SpaceX is an AI EPS ($)§ - 0.03 1.72 4.67
is driven by the Enterprise AI business. You can't have it both ways. However, for ** = Based on consensus methodology
1. Diversification. SpaceX is not a pure-play AI name. Starship milestones, Q2 (0.34) - (0.09)a - 0.63
worth $118/share on our SOTP). At the current share price, the stock gives For analyst certification and other important disclosures,

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【个股-SPCX】【英】MS-末日对冲：SpaceX是防御性AI股吗-20260915.pdf

292. 【个股-SPCX】【英】MS-普罗米修斯耸肩：太空与机器人AI新前沿-20260911.pdf

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【个股-SPCX】【英】MS-普罗米修斯耸肩：太空与机器人AI新前沿-20260911.pdf

总结

Robotics and Space are more than just another new technology. They are Devin.Roser@morganstanley.com + 1 212 296-4539
take important steps today to position their portfolios for the next frontier. Industry View Attractive
We offer 10 principles for investor consideration from a US perspective on the Shr price, close (Sep 10, 2026) $148.18
1. Everything that can be automated likely will be automated. Machines that are EPS ($)** (1.69) 0.54 2.45 6.36
automatons. The machines doing useful work of any economic significance should EPS ($)§ - 0.03 1.72 4.79
cars made in US plants and Chinese gears, motors, magnets, sensors and batteries in 2026e 2026e 2027e 2027e
1. China is the leading player in physical AI. The US may have the led in frontier AI Q3 (0.36) - 0.21 - 0.62
1. Reassessment of skilled trades/vocational education and training is needed. refer to the Disclosure Section, located at the end of this

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【个股-SPCX】【英】MS-普罗米修斯耸肩：太空与机器人AI新前沿-20260911.pdf

293. 【个股-TEM】【英】MS-Tempus AI：MS医疗年会炉边对话纪要-20260915.pdf

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【个股-TEM】【英】MS-Tempus AI：MS医疗年会炉边对话纪要-20260915.pdf

总结

W hat's New from MS GHC Kallum.Titchmarsh@morganstanley.com + 1 212 761-2351
Moat around the Data business described as durable by management. Mkt cap, curr (mm) $11,225
MRK / MRNA V940 vaccine: We asked management for a bit more clarity around
developed by MRK / MRNA that read out Phase 3 data in melanoma recently.
Biopharma / Data: TEM sees the Data business growing sustainably around +30% y/
launched competing offerings. For analyst certification and other important disclosures,
connection with its definitive agreement to acquire Personalis, Inc. (“Personalis”), as
announced on July 20, 2026. The proposed transaction is subject to approval by

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【个股-TEM】【英】MS-Tempus AI：MS医疗年会炉边对话纪要-20260915.pdf

294. 【个股-TSLA】【英】GS-特斯拉3Q26交付量更新及需求数据-20260916.pdf

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【个股-TSLA】【英】GS-特斯拉3Q26交付量更新及需求数据-20260916.pdf

总结

1. USA - Through August, QTD deliveries are tracking down in the GS Factor Profile ______________________________
Ratios & Valuation __________________________________________ Other current assets 34,438.0 14,874.0 14,874.0 14,874.0
Growth & Margins (%) ______________________________________ Other long-term liabilities 16,491.0 17,656.0 17,656.0 17,656.0
Income Statement ($ mn) ___________________________________ Total cash flow 889.0 10,733.1 (7,544.6) 675.8
Cost of goods sold (77,733.0) (87,508.2) (102,232.6) (115,045.6) Source: Company data, Goldman Sachs Research estimates.
31-90-1202 80-11-1202 30-10-2202 82-20-2202 52-40-2202 02-60-2202 51-80-2202 01-01-2202 50-21-2202 03-10-3202 72-30-3202 22-50-3202 71-70-3202 11-90-3202 60-11-3202 10-10-4202 62-20-4202 22-40-4202 71-60-4202 21-80-4202 70-01-4202 20-21-4202 72-10-5202 42-30-5202 91-50-5202 41-70-5202 80-90-5202 30-11-5202 92-21-5202 32-20-6202 02-40-6202 51-60-6202 01-80-6202
31-90-1202 80-11-1202 30-10-2202 82-20-2202 52-40-2202 02-60-2202 51-80-2202 01-01-2202 50-21-2202 03-10-3202 72-30-3202 22-50-3202 71-70-3202 11-90-3202 60-11-3202 10-10-4202 62-20-4202 22-40-4202 71-60-4202 21-80-4202 70-01-4202 20-21-4202 72-10-5202 42-30-5202 91-50-5202 41-70-5202 80-90-5202 30-11-5202 92-21-5202 32-20-6202 02-40-6202 51-60-6202 01-80-6202
50-90-0202 50-21-0202 50-30-1202 50-60-1202 50-90-1202 50-21-1202 50-30-2202 50-60-2202 50-90-2202 50-21-2202 50-30-3202 50-60-3202 50-90-3202 50-21-3202 50-30-4202 50-60-4202 50-90-4202 50-21-4202 50-30-5202 50-60-5202 50-90-5202 50-21-5202 50-30-6202 50-60-6202 50-90-6202

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【个股-TSLA】【英】GS-特斯拉3Q26交付量更新及需求数据-20260916.pdf

295. 【个股-TSLA】【英】MS-特斯拉Semi入局-重塑自动驾驶货运-20260911.pdf

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【个股-TSLA】【英】MS-特斯拉Semi入局-重塑自动驾驶货运-20260911.pdf

总结

for FSD on consumer vehicles today. If Tesla reaches 82k Semis on road by 2040 For analyst certification and other important disclosures,
Our PT of $400 is comprised of 5 components: (1) $45/share for core Tesla Auto business on ▪Leader in Physical AI. Tesla under Elon
~8.5mm units in 2040, 8.4% exit EBIT margin (ex-FSD), 10.9% WACC, and 10x 2040 exit Musk's leadership is poised to be a market
EBITDA multiple. (2) Network Services at $144/share, 80% attach rate at $240/month ARPU leader across autonomous mobility,
1. (4) Energy at $35/share, and (5) Humanoids at $56/share (50% probability discount). ▪Network Services the Crown Jewel. We
$$$111333000...000000(((---666444...222444%%%))) PPPrrrooobbb (((<<<111333000...000000)))~~~333...555%%% Secular Growth: Positive
Sep 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either
deliver ~12.5mm units by 2040 with ~13.5% components: (1) $45/share for core Tesla automotive which assumes ~6.0mn units by

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【个股-TSLA】【英】MS-特斯拉Semi入局-重塑自动驾驶货运-20260911.pdf

296. 1pm BST - 8am EST Today- GCEM Macro Symp....pdf

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1pm BST - 8am EST Today- GCEM Macro Symp....pdf

总结

2026/9/14 19:45 * 1pm BST / 8am EST Today: GCEM Macro Symposium -> Mester, Hatzius, Varadhan, Senior Trader Panel..
Starting at 8am EDT / 1pm BST -> Day one of the GS Global Currencies & EM Virtual Macro
Registration Link:https://goldmansachs.brandlive.com/GCEM-Symposium-September-2026
GS Currencies & Emerging Markets invite you to our Bi-AnnualVirtual Macro Conference taking place
on 14th, 15th + 16th September: Two sessions per day, commencing at 8am EST / 1pm BST, each one will
https://marquee.gs.com/s/content/markets/291e5c78-ce50-463c-b4a8-0c53ce426861 1/4
2026/9/14 19:45 * 1pm BST / 8am EST Today: GCEM Macro Symposium -> Mester, Hatzius, Varadhan, Senior Trader Panel..
Registration Link:https://goldmansachs.brandlive.com/GCEM-Symposium-September-2026

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1pm BST - 8am EST Today- GCEM Macro Symp....pdf

297. 【个股-ON】【英】GS-安森美半导体-ON-：投资者日亮点——2030财务目标、功率产品增长与汽车业务展...-20260917.pdf

文档

【个股-ON】【英】GS-安森美半导体-ON-：投资者日亮点——2030财务目标、功率产品增长与汽车业务展...-20260917.pdf

总结

stock reaction (down 9%) as overdone in light of elevated expectations heading into jim.schneider@gs.com
of the Street (VA)) as very solid, although they may have fallen slightly short of the +1(212)357-6392 |
semis tied to both AI datacenters and physical AI. In addition, we are encouraged by +1(212)357-1366 |
the company’s plans to return 100% of FCF to shareholders while maintaining low Goldman Sachs & Co. LLC
revenue CAGR of 12%–14%, reaching ~$11 bn by 2030. Its targets contemplate Goldman Sachs & Co. LLC
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research

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【个股-ON】【英】GS-安森美半导体-ON-：投资者日亮点——2030财务目标、功率产品增长与汽车业务展...-20260917.pdf

298. 【个股-ORCL】【英】CITI-Oracle落地AI算力-为投资者日铺平道路-20260911.pdf

文档

【个股-ORCL】【英】CITI-Oracle落地AI算力-为投资者日铺平道路-20260911.pdf

总结

accelerate. Multicloud DB cloud grew 353% y/y and multicloud customers grew 180% y/y with multicloud DB regions reaching
y/y which is generally in-line with consensus expectations and Q2 cloud revenue is expected to grow between 67% y/y cc at
the midpoint which was 3 pts above street expectations . 2Q EPS is expected to be $1.87 at the mid-point which missed
consensus $1.89. FY27 total revenue is expected to be at least $90B or +34% y/y growth (prior language was at $90B) with
Estimate Changes — We are largely keeping our top and bottom-line estimates unchanged following the reiteration of FY27
guide of at least $90B and F2Q guide in-line with expectations. We raise our FY29-FY30 Infrastructure estimates by ~$5B
modeling a 4-YR CAGR for Cloud revenue and EPS growth of 57% and 30%, respectively. Our target price remains unchanged
Our 1-year target price of $330 is based on ~18x PE multiple to our FY30E Non-GAAP EPS of $22 discounted back. We see the

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【个股-ORCL】【英】CITI-Oracle落地AI算力-为投资者日铺平道路-20260911.pdf

299. 【个股-ORCL】【英】GS-甲骨文1QFY：积压订单转化初现-FY28资本开支强度仍受关注-20260914.pdf

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【个股-ORCL】【英】GS-甲骨文1QFY：积压订单转化初现-FY28资本开支强度仍受关注-20260914.pdf

总结

overhang by completing the $20bn ATM and highlighted that most GS Forecast __________________________________
financing, and BYOC structures. In our view, the larger debate Revenue ($ mn) Old 67,358.0 89,013.5 125,852.8 165,807.7
remains FY28 and beyond as investors look to gain visibility into the EBIT ($ mn) 28,925.0 35,485.0 46,498.0 69,686.3
Ratios & Valuation __________________________________________ Other current assets 4,893.0 5,649.1 7,620.6 9,637.4
Growth & Margins (%) ______________________________________ Other long-term liabilities 27,949.0 37,592.7 38,426.6 22,352.1
Price Performance __________________________________________ Cash Flow ($ mn) ___________________________________________
Income Statement ($ mn) ___________________________________ Total cash flow 20,503.0 (5,205.3) 8,821.0 2,979.3
Cost of goods sold (22,162.0) (38,818.4) (67,609.6) (89,119.4) Source: Company data, Goldman Sachs Research estimates.

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【个股-ORCL】【英】GS-甲骨文1QFY：积压订单转化初现-FY28资本开支强度仍受关注-20260914.pdf

300. Barclays-全球航空航天：数据追踪与预测指南——二季度数据支撑更广泛的商业航空航天投资逻辑，而非从售后市场轮动撤离.pdf

文档

Barclays-全球航空航天：数据追踪与预测指南——二季度数据支撑更广泛的商业航空航天投资逻辑，而非从售后市场轮动撤离.pdf

总结

driven by engine aftermarket up +24.1% YoY (Fig 16). While the Q2 growth rate is unlikely to be milene.kerner@barclays.com
Aftermarket. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Deliveries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Deferrals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
FIGURE 1. Reflective of headwinds from the Middle East, global FIGURE 2. Domestic traffic has grown +1.0% YTD while international
FIGURE 3. Middle Eastern RPKs declined ~30% YoY in Q2 26 with the FIGURE 4. Middle East represented a 9.5% share of industry RPKs in
FIGURE 5. IATA expects total segment passengers to exceed 5bn in FIGURE 6. ...while aircraft departures are expected to see a marginal
FIGURE 7. Factoring in the impact from the Middle Eastern conflict, IATA now forecasts RPK growth of +2.1% in 2026 (vs prior forecast of +4.9%

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Barclays-全球航空航天：数据追踪与预测指南——二季度数据支撑更广泛的商业航空航天投资逻辑，而非从售后市场轮动撤离.pdf

301. Barclays-全球再保险：蒙特卡洛会议要点——软化之势未见放缓.pdf

文档

Barclays-全球再保险：蒙特卡洛会议要点——软化之势未见放缓.pdf

总结

A poll of investors and market participants during annual Barclays Monte Carlo reinsurance trip. 2023 n=17, 2024 n=16, 2025
1 0 2 1 0 2 1 0 2 1 0 2 1 0 2 1 0 2 1 0 2 1 0 2 1 0 2 2 0 2 2 0 2 2 0 2 2 0 2 2 Q 1 2 Q 2 2 Q 3 2 Q 4 2 Q 1 2 Q 2 2 Q 3 2 Q 4 2 Q 1 2 Q 2 2 Q 3 1 1 0 2 1 0 3 1 0 4 1 0 5 1 0 6 1 0 7 1 0 8 1 0 9 1 0 0 2 0 1 2 0 2 2 0 3 2 0 4 2 Q 4 2 Q 4 2 Q 4 2 Q 5 2 Q 5 2 Q 5 2 Q 5 2 Q 6 2 Q 6 2 Q 6 2 Q
We, Ivan Bokhmat and Alex Scott, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about
any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or
publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY
2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.
acquisition of a 30% stake in Allianz Hellas from Allianz, and the signing of a long-term bancassurance agreement between NBG and Allianz Hellas.
CH: Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFC

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Barclays-全球再保险：蒙特卡洛会议要点——软化之势未见放缓.pdf

302. Barclays-为AI供电：数据中心的政治博弈.pdf

文档

Barclays-为AI供电：数据中心的政治博弈.pdf

总结

Campus Ohio, U.S. Dept. for add'l 3.75 with capacity online expected to be owned by the U.S. reliability without shifting
Purchase Energy up to 4.6 GW of intended to be built specifically NextEra will fund and reliability, create approximately
We, William Thompson, Hannah Greenberg, Michael McLean and Anika Agarwal, hereby certify (1) that the views expressed in this research report
accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our
publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY
2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.
Overweight - The stock is expected to outperform the unweighted expected total return of the industry coverage universe over a 12-month investment
Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the industry coverage universe over a 12-month

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Barclays-为AI供电：数据中心的政治博弈.pdf

303. Bernstein-China Semiconductors：China Semis Tour 2H26： Demand Holds Up as Supply Tightens-260908.pdf

文档

Bernstein-China Semiconductors：China Semis Tour 2H26： Demand Holds Up as Supply Tightens-260908.pdf

总结

Semicap.......................................................................................................................................................................................................................................3
NAURA (002371.CH)......................................................................................................................................................................................................3
AMEC (688012.CH).........................................................................................................................................................................................................4
Piotech (688072.CH)......................................................................................................................................................................................................5
ACM Research (688082.CH, Not Covered)............................................................................................................................................................6
Leadmicro Nano (688147.CH, Not Covered).........................................................................................................................................................7
Beijing E-Town Semiconductor (688729.CH, Not Covered).............................................................................................................................7
Seichi Tech (688627.CH, Not Covered)...................................................................................................................................................................8

预览

Bernstein-China Semiconductors：China Semis Tour 2H26： Demand Holds Up as Supply Tightens-260908.pdf

304. Bernstein-Qualcomm Inc（QCOM.US）Amazon deal adds confidence to datacenter targets though not upside-260908.pdf

文档

Bernstein-Qualcomm Inc（QCOM.US）Amazon deal adds confidence to datacenter targets though not upside-260908.pdf

总结

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,
C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,
We value QCOM by setting a target multiple of ~15x applied to the average of our FY2027/28 diluted EPS estimate (~$11.14)
issues monetizing China, "leakage" of IP issues, 5G penetration and ramp slower than we model resulting in lower device or chipset
The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for
for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse
Prior to April 1, 2024, Sanford C. Bernstein & Co., LLC. issued the ratings and price target information in the graph(s) below for

预览

Bernstein-Qualcomm Inc（QCOM.US）Amazon deal adds confidence to datacenter targets though not upside-260908.pdf

305. Bernstein-阿里巴巴：AI 资本开支、回购及资金需求的自下而上建模 Alibaba Bottom‑up modelling of AI capex payback, funding needs.pdf

文档

Bernstein-阿里巴巴：AI 资本开支、回购及资金需求的自下而上建模 Alibaba Bottom‑up modelling of AI capex payback, funding needs.pdf

总结

consistent with a three year payback on capex, while channel feedback on the new M890 Absolute (%) (23.7) (13.3) (16.1) (14.6)
quotes for server rental prices have continued to point higher in recent months, and our Relative (%) (36.9) (15.3) (29.8) (34.7)
Alibaba’s share price drop following its $10.2bn equity raise has triggered significant investor grumbling. Beyond the generic
the fact Alibaba could easily have funded the amount raised from internal resources (e.g. $30.7bn net cash as of June 30).
2024 CB raise. Even believers in the company’s AI growth strategy accepted that the recent sequence of events diluted the
generations of T-head silicon. At a high level, we think management’s claims around 2.5-3 year breakeven periods on capex are
over $100bn of external cloud revenues by FY3/31 likely requires close to RMB1tn of cumulative capex in the coming years.
Compared with reasonable estimates for Alibaba’s e-commerce and cloud profits, a c. RMB170bn funding gap exists which is

预览

Bernstein-阿里巴巴：AI 资本开支、回购及资金需求的自下而上建模 Alibaba Bottom‑up modelling of AI capex payback, funding needs.pdf

306. Bernstein-戴尔（DELL.US）：管理层网络研讨会要点.pdf

文档

Bernstein-戴尔（DELL.US）：管理层网络研讨会要点.pdf

总结

Overall demand continues to accelerate. Dell received approximately $61 billion of new AI server orders during the quarter,
shipped $16.4 billion, and ended with a $95 billion backlog of orders awaiting fulfillment. Demand also extends well beyond
than 60% over the past six months. It added approximately 3,300 customers over the past three quarters, roughly the same
margin Dell IP storage should provide additional support. In Q3, Dell expects ISG operating margin to improve by more than 1
same mid-single-digit range as Rubin ramps. Rubin shipments in Q3 and Q4 are already included in guidance. Current backlog
It targets at least 10% annual dividend growth through FY30 and is increasing the dividend by 20% this year, while recent
$6 billion to $7 billion previously, because the company is approximately 70% larger than one year ago. Core leverage remains
Capital Expenditure and Capitalized Software De(v2e,6lo5p2m)ent(2,633) (3,960) (3,793) (4,593) (963) (1,239) (879) (879)

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Bernstein-戴尔（DELL.US）：管理层网络研讨会要点.pdf

307. Barclays-量子计算：知识覆盖.pdf

文档

Barclays-量子计算：知识覆盖.pdf

总结

We, Simon Coles, CFA and Laia Marin i Sola, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal views
about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or
publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY
2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.
research report during the preceding 12 months. To view all investment recommendations published by Barclays Equity Research in the preceding 12
disclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRA Rule 2242, it is an “institutional debt research
debt research reports” as required by US FINRA Rule 2242, they will not receive any such reports that may be co-authored by non-debt research
not received any compensation from the subject companies in the past 12 months. If this publication contains recommendations, they are general

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Barclays-量子计算：知识覆盖.pdf

308. Barclays-欧洲必需消费品：上海调研纪要.pdf

文档

Barclays-欧洲必需消费品：上海调研纪要.pdf

总结

AHPFZFp5pVeWfVbR9RaQsQpPpNpRfQoOxOeRpPxPbRpOtOxNoOpPxNrNoQ

预览

Barclays-欧洲必需消费品：上海调研纪要.pdf

309. Bernstein-澜起科技（Montage Technology）：MRDIMM深度解析——AI智能体时代的内存带宽破局者，维持跑赢大盘评级.pdf

文档

Bernstein-澜起科技（Montage Technology）：MRDIMM深度解析——AI智能体时代的内存带宽破局者，维持跑赢大盘评级.pdf

总结

Decoding the tech behind MRDIMM.................................................................................................................................................................................3
Four fundamental paths to boost memory bandwidth........................................................................................................................................3
MRDIMM doubles host-interface speed by exploiting rank parallelism........................................................................................................6
MRDIMM optimizes task-level latency by reducing the queuing delay..........................................................................................................9
Power, thermal density, and physical space are the primary trade-offs....................................................................................................10
MRDIMM requires modest incremental module BOM......................................................................................................................................10
Why DDR bandwidth demand structurally rises in the agentic AI era................................................................................................................11
From computing scaling to context scaling: importance of DDR elevated in the memory tiering.....................................................11

预览

Bernstein-澜起科技（Montage Technology）：MRDIMM深度解析——AI智能体时代的内存带宽破局者，维持跑赢大盘评级.pdf

310. Bernstein-美国工业与科技：数据中心项目管线 —— 容量、建设、可信度与项目取消（2026 年 8 月） US Industrials & Tech The Data Center Project Pipeline - Capacity, Construction, Credibility & Cancellations (Aug '26).pdf

文档

Bernstein-美国工业与科技：数据中心项目管线 —— 容量、建设、可信度与项目取消（2026 年 8 月） US Industrials & Tech The Data Center Project Pipeline - Capacity, Construction, Credibility & Cancellations (Aug '26).pdf

总结

mark.newman@bernsteinsg.com construction (2nd time in the last 3 months this has happened). On a TTM basis, the pipeline
~32GW power portfolio and operating ability to deliver ‘warm powered shells’ in time. Over the past two years, miners have
contracted ~9GW of power capacity to hyperscalers, frontier AI labs, neoclouds and AI-chip manufacturers across 20+ deals
started to construct 203 MW of their own datacenter capacity while neither of their hyperscaler competitors added meaningful
contracts but the direct is in-line with our thesis. Oracle (Outperform, $325) leases all their datacenter capacity and the capacity
Credibility Analysis - New Analysis Added This Month...............................................................................................................................................8
Key Charts................................................................................................................................................................................................................................11
What’s New This Month......................................................................................................................................................................................................17

预览

Bernstein-美国工业与科技：数据中心项目管线 —— 容量、建设、可信度与项目取消（2026 年 8 月） US Industrials & Tech The Data Center Project Pipeline - Capacity, Construction, Credibility & Cancellations (Aug '26).pdf

311. Bernstein-美国数据中心项目管道——产能、建设、可信度与取消情况.pdf

文档

Bernstein-美国数据中心项目管道——产能、建设、可信度与取消情况.pdf

总结

mark.newman@bernsteinsg.com construction (2nd time in the last 3 months this has happened). On a TTM basis, the pipeline
~32GW power portfolio and operating ability to deliver ‘warm powered shells’ in time. Over the past two years, miners have
contracted ~9GW of power capacity to hyperscalers, frontier AI labs, neoclouds and AI-chip manufacturers across 20+ deals
started to construct 203 MW of their own datacenter capacity while neither of their hyperscaler competitors added meaningful
contracts but the direct is in-line with our thesis. Oracle (Outperform, $325) leases all their datacenter capacity and the capacity
Credibility Analysis - New Analysis Added This Month...............................................................................................................................................8
Key Charts................................................................................................................................................................................................................................11
What’s New This Month......................................................................................................................................................................................................17

预览

Bernstein-美国数据中心项目管道——产能、建设、可信度与取消情况.pdf

312. Bernstein-美国新兴互联网：智能体电商的熊市逻辑回归并催生机遇 US Emerging Internet The Agentic Commerce bear case is back -- and creating opportunities.pdf

文档

Bernstein-美国新兴互联网：智能体电商的熊市逻辑回归并催生机遇 US Emerging Internet The Agentic Commerce bear case is back -- and creating opportunities.pdf

总结

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,
C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,
Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for
for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse
Prior to April 1, 2024, Sanford C. Bernstein & Co., LLC. issued the ratings and price target information in the graph(s) below for

预览

Bernstein-美国新兴互联网：智能体电商的熊市逻辑回归并催生机遇 US Emerging Internet The Agentic Commerce bear case is back -- and creating opportunities.pdf

313. Bernstein-苹果公司（AAPL）：Surprise and Shine发布会未令人失望，但毛利率呢？.pdf

文档

Bernstein-苹果公司（AAPL）：Surprise and Shine发布会未令人失望，但毛利率呢？.pdf

总结

1. Product Releases — Foldable and more....................................................................................................................................................................3
iPhone 18 Pro and Pro Max - meaningful performance upgrades, with modest price increases at lower storage tiers..............3
iPhone Duo - a compelling first foldable Form Factor from Apple.................................................................................................................4
the gateway to consumer edge AI..............................................................................................................................................................................6
New AirPods and watches deliver solid audio, health, AI, and battery upgrades......................................................................................6
........................................................................................................................7
area vs the iPhone 17 Pro, and enable up to 40% higher sustained performance. The other major upgrade is a new 48 MP main
Battery life reaches 36 hours of video playback on the Pro and 45 hours on the Pro Max, with both charging to 50% in around

预览

Bernstein-苹果公司（AAPL）：Surprise and Shine发布会未令人失望，但毛利率呢？.pdf

314. Bernstein-全球能源存储：电池周报.pdf

文档

Bernstein-全球能源存储：电池周报.pdf

总结

• LG Energy Solution secures US lithium supply for ten years.- electrive.com LG Energy Solution (LGES) has signed a 10-year lithium supply
agreement with Smackover Lithium, securing 80,000 tonnes of battery-grade lithium carbonate from Arkansas beginning in 2029. Under
the deal, LGES will receive 8,000 tonnes annually, equivalent to more than one-third of the project's planned 22,500-tonne annual capacity.
where the company plans to build more than 50 GWh of LFP storage battery capacity by end-2026. The lithium will be sourced using direct
• SK On to Supply 9 GWh of LFP Batteries to NeoVolta Power- thelec.net SK On has signed a five-year agreement to supply 9 GWh of LFP
battery cells for energy storage systems (ESS) to US-based NeoVolta Power from 2027 to 2031. The batteries will be manufactured at SK
On's Georgia plant, with the contract estimated to be worth about KRW 1.5 trillion (US$1.1 billion). The companies are also discussing an
additional 9 GWh collaboration, which could bring total cooperation to 18 GWh. The deal supports SK On's strategy to diversify beyond EV

预览

Bernstein-全球能源存储：电池周报.pdf

315. Bernstein-高通（QCOM）：亚马逊合作增强服务器目标信心，但上行空间有限 Qualcomm (QCOM) Amazon deal adds confidence to datacenter targets though not upside.pdf

文档

Bernstein-高通（QCOM）：亚马逊合作增强服务器目标信心，但上行空间有限 Qualcomm (QCOM) Amazon deal adds confidence to datacenter targets though not upside.pdf

总结

(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,
C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,
We value QCOM by setting a target multiple of ~15x applied to the average of our FY2027/28 diluted EPS estimate (~$11.14)
issues monetizing China, "leakage" of IP issues, 5G penetration and ramp slower than we model resulting in lower device or chipset
The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for
for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse
Prior to April 1, 2024, Sanford C. Bernstein & Co., LLC. issued the ratings and price target information in the graph(s) below for

预览

Bernstein-高通（QCOM）：亚马逊合作增强服务器目标信心，但上行空间有限 Qualcomm (QCOM) Amazon deal adds confidence to datacenter targets though not upside.pdf

316. Bernstein-光电子：AI 光学需求持续加速，光子产业动能再度增强 Soitec Photonics momentum strengthens again as AI optics demand continues to accelerate-20260908.pdf

文档

Bernstein-光电子：AI 光学需求持续加速，光子产业动能再度增强 Soitec Photonics momentum strengthens again as AI optics demand continues to accelerate-20260908.pdf

总结

are expected to be in place with eight of its roughly ten major Photonics-SOI customers, Absolute (%) 518.2 17.0 243.8 334.1
Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26
than 30%" previously, while expectations for the remainder of the portfolio, including RF-SOI, Power-SOI, Automotive and
expects 2Q27 Photonics-SOI revenue of around three times the prior-year level, 1H27 revenue of around 2.3x the prior-year level,
silicon-photonics revenue to more than double in 2026 versus 2025, citing its capacity ramp and technology capability, and
• STMicroelectronics’ 23 July 2Q26 call, coincident with Soitec's 1Q FY27 publication date, was also distinctly positive.
• Most pertinent for Soitec, key customer Tower Semi's silicon-photonics revenue rose more than 270% year-on-year and 60%
We increase our FY27 Photonics-SOI revenue estimate to $296m (+11% vs our post-1Q estimate at $266m), at the upper end of

预览

Bernstein-光电子：AI 光学需求持续加速，光子产业动能再度增强 Soitec Photonics momentum strengthens again as AI optics demand continues to accelerate-20260908.pdf

317. Bernstein-甲骨文 27 财年第一财季：季度表现稳健、沟通改善，下一催化因素为 FAM Oracle 1Q27 Solid quarter and improving communication. Next catalyst is FAM.pdf

文档

Bernstein-甲骨文 27 财年第一财季：季度表现稳健、沟通改善，下一催化因素为 FAM Oracle 1Q27 Solid quarter and improving communication. Next catalyst is FAM.pdf

总结

Oracle is not only executing well but also communicating better, with more details, clarity and 52-Week Range 345.72/114.50
Last night Oracle delivered another strong quarter, guided for Q2, and updated FY guidance. They also showed that they can
(~5%). They also continued to hone how they communicate in numerous ways that will hopefully increase investor confidence.
• Business trajectory: Oracle has laid out a very specific trajectory for the business through FY30 and this quarter played
the previously announced $20B in equity (which likely helped drive the recent weakness in the stock). They have previously
• Yet again Oracle added to RPO ($30B this quarter of additional AI Cloud contracts) that will not increase the company’s
Even though these most recent contracts will not impact FY27 and likely FY28 results they not only don’t add to the cash
renewed / recontacted at 20% higher revenue, AI servers can be used for longer than 6 years, there is far more stickiness to

预览

Bernstein-甲骨文 27 财年第一财季：季度表现稳健、沟通改善，下一催化因素为 FAM Oracle 1Q27 Solid quarter and improving communication. Next catalyst is FAM.pdf

318. Bernstein-中国半导体：2026 下半年中国半导体产业走访：需求保持韧性，供给趋紧 China Semis Tour 2H26 Demand Holds Up as Supply Tightens.pdf

文档

Bernstein-中国半导体：2026 下半年中国半导体产业走访：需求保持韧性，供给趋紧 China Semis Tour 2H26 Demand Holds Up as Supply Tightens.pdf

总结

Semicap.......................................................................................................................................................................................................................................3
NAURA (002371.CH)......................................................................................................................................................................................................3
AMEC (688012.CH).........................................................................................................................................................................................................4
Piotech (688072.CH)......................................................................................................................................................................................................5
ACM Research (688082.CH, Not Covered)............................................................................................................................................................6
Leadmicro Nano (688147.CH, Not Covered).........................................................................................................................................................7
Beijing E-Town Semiconductor (688729.CH, Not Covered).............................................................................................................................7
Seichi Tech (688627.CH, Not Covered)...................................................................................................................................................................8

预览

Bernstein-中国半导体：2026 下半年中国半导体产业走访：需求保持韧性，供给趋紧 China Semis Tour 2H26 Demand Holds Up as Supply Tightens.pdf

319. Bernstein-中国半导体巡回路演 2026 年下半年——需求坚挺，供给趋紧.pdf

文档

Bernstein-中国半导体巡回路演 2026 年下半年——需求坚挺，供给趋紧.pdf

总结

Semicap.......................................................................................................................................................................................................................................3
NAURA (002371.CH)......................................................................................................................................................................................................3
AMEC (688012.CH).........................................................................................................................................................................................................4
Piotech (688072.CH)......................................................................................................................................................................................................5
ACM Research (688082.CH, Not Covered)............................................................................................................................................................6
Leadmicro Nano (688147.CH, Not Covered).........................................................................................................................................................7
Beijing E-Town Semiconductor (688729.CH, Not Covered).............................................................................................................................7
Seichi Tech (688627.CH, Not Covered)...................................................................................................................................................................8

预览

Bernstein-中国半导体巡回路演 2026 年下半年——需求坚挺，供给趋紧.pdf

320. BofA-The Flow Show_Those yields might not hurt yet, but diesel-20260911.pdf

文档

BofA-The Flow Show_Those yields might not hurt yet, but diesel-20260911.pdf

总结

Chart 3: “Peak yield” trades working ahead of central bank hikes… Chart 4: …but rally in duration assets like biotech outpacing flows
S&P Small Cap 600 index vs cumulative flows to US small cap ($bn, RHS) Biotech ETF (XBI) vs cumulative flows to biotech funds ($bn, RHS)
S&P Small Cap 600 US small cap fund flows $bn (cumulative, RHS) Biotech stocks (XBI) Biotech* flows $bn (cumulative, RHS)
Chart 7: US CPI inflation trending to 2.4%-2.8% by midterms Chart 8: Bond & stock returns are positively correlated again in ‘26
US headline CPI YoY projection assuming pace of MoM prints Average 10Y UST yield vs average correlation (60-day) between 10Y UST yield
Source: BofA Global Investment Strategy, Bloomberg Source: BofA Global Investment Strategy, Bloomberg. *2026 = latest 10Y UST yield & 60-day
Chart 11: Materials sector funds have seen 10 weeks of inflows Chart 12: Past 6 weeks strong $6.8bn inflow to crypto funds
By sector: inflows tech ($2.2bn), materials ($1.3bn), financials ($1.2bn), real estate ($0.3bn), com svs ($35mn), outflows

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BofA-The Flow Show_Those yields might not hurt yet, but diesel-20260911.pdf

321. BofA-美国经济周报——解决利率问题时间紧迫，一个复合难题.pdf

文档

BofA-美国经济周报——解决利率问题时间紧迫，一个复合难题.pdf

总结

4FRHXHjBsY9ZfV9PaO9PtRmMoMoQfQqQwPjMnNrM7NmNtNNZnOmMNZqMnP

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BofA-美国经济周报——解决利率问题时间紧迫，一个复合难题.pdf

322. China's Go Global - 4pm today.pdf

文档

China's Go Global - 4pm today.pdf

总结

Please join us at 430pm HK on Wednesday 16th September for a webinar on ‘China's great Go Global expansion:
With a sharp rise to an 18% share for Chinese players in ex-China markets, competition is now moving from
encompassing 11 sectors and 40 companies, to ask what the learnings from past global expansions are, and how
Chinese companies' market shares to rise further to 31% by 2035E, with revenue growth of 3.6x, favoring the
Goldman Sachs agrees to host these calls/webcasts on the basis that no third party speaker will provide confidential or material, non-public
information. These calls/webcasts are strictly for clients of Goldman Sachs. They are not intended for media and are off the record. In addition,
by attending these calls/webcasts, you provide Goldman Sachs the right to record and re-distribute the call/webcast information. The views of
Union implementing the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) please ensure that your organisation has entered into

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China's Go Global - 4pm today.pdf

323. CICC.pdf

文档

CICC.pdf

总结

Did you know CICC historically only breached the 15% ROE mark during wild bull markets like
15% ROE would require shifting over 40% of capital to the high-yielding Hong Kong business, a
15.8% payout ratio, significantly lagging peers like CITICS (34.5%). GIR estimates that even at a
12% ROE, CICC has ample room to double its payout ratio while still compounding book value at
Trading at a distressed 0.5x forward P/B despite limited credit and market risk, CICC-H
(3908.HK) offers a compelling asymmetric setup. We reiterate our Buy rating with a HK$38.20
target price, implying a massive 92% upside. Keep a close eye on the upcoming management
meeting on September 17, which should provide further clarity on the M&A timeline and capital

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CICC.pdf

324. Bernstein-全球软件及欧洲科技软件行业：全球软件——下一轮ERP超级周期：争夺企业执行控制权的竞赛.pdf

文档

Bernstein-全球软件及欧洲科技软件行业：全球软件——下一轮ERP超级周期：争夺企业执行控制权的竞赛.pdf

总结

Investment summary...............................................................................................................................................................................................................5
Why ERP is at an inflection point.......................................................................................................................................................................................6
ERP’s historical role: From system of record to enterprise backbone..........................................................................................................6
ERP 4.0: The emergence of Enterprise Resource Execution...........................................................................................................................8
The real shift: From transaction digitization to coordination digitization...................................................................................................10
Why the inflection is happening now......................................................................................................................................................................11
Bull and bear arguments.............................................................................................................................................................................................12
Investment implications...............................................................................................................................................................................................13

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Bernstein-全球软件及欧洲科技软件行业：全球软件——下一轮ERP超级周期：争夺企业执行控制权的竞赛.pdf

325. Bernstein-日本及欧盟半导体：日本、欧盟、半导体——中国台湾地区进口追踪（2026年8月）：半导体工艺设备（SPE）进口同比增长10%.pdf

文档

Bernstein-日本及欧盟半导体：日本、欧盟、半导体——中国台湾地区进口追踪（2026年8月）：半导体工艺设备（SPE）进口同比增长10%.pdf

总结

61-naJ 61-yaM 61-peS 71-naJ 71-yaM 71-peS 81-naJ 81-yaM 81-peS 91-naJ 91-yaM 91-peS 02-naJ 02-yaM 02-peS 12-naJ 12-yaM 12-peS 22-naJ 22-yaM 22-peS 32-naJ 32-yaM 32-peS 42-naJ 42-yaM 42-peS 52-naJ 52-yaM 52-peS 62-naJ 62-yaM
61-naJ 61-yaM 61-peS 71-naJ 71-yaM 71-peS 81-naJ 81-yaM 81-peS 91-naJ 91-yaM 91-peS 02-naJ 02-yaM 02-peS 12-naJ 12-yaM 12-peS 22-naJ 22-yaM 22-peS 32-naJ 32-yaM 32-peS 42-naJ 42-yaM 42-peS 52-naJ 52-yaM 52-peS 62-naJ 62-yaM
• Advantest SoC tester revenue is highly correlated to the Taiwan tester import (Exhibit 4). TW import of testers in August from
• Our regression indicates a SepQ Taiwan sales for Advantest of -4% QoQ (Exhibit 5, Exhibit 6), with downside vs. consensus
61-naJ 61-yaM 61-peS 71-naJ 71-yaM 71-peS 81-naJ 81-yaM 81-peS 91-naJ 91-yaM 91-peS 02-naJ 02-yaM 02-peS 12-naJ 12-yaM 12-peS 22-naJ 22-yaM 22-peS 32-naJ 32-yaM 32-peS 42-naJ 42-yaM 42-peS 52-naJ 52-yaM 52-peS 62-naJ 62-yaM
61-naJ 61-rpA 61-luJ 61-tcO 71-naJ 71-rpA 71-luJ 71-tcO 81-naJ 81-rpA 81-luJ 81-tcO 91-naJ 91-rpA 91-luJ 91-tcO 02-naJ 02-rpA 02-luJ 02-tcO 12-naJ 12-rpA 12-luJ 12-tcO 22-naJ 22-rpA 22-luJ 22-tcO 32-naJ 32-rpA 32-luJ 32-tcO 42-naJ 42-rpA 42-luJ 42-tcO 52-naJ 52-rpA 52-luJ 52-tcO 62-naJ 62-rpA 62-luJ
• TW litho imports were relatively strong in July at €525mn, down 5% MoM but up 9% YoY (vs August 2025). On a sequential
basis, the first two months of the quarter were up 35% QoQ. As highlighted in previous reports, monthly import data tend to

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Bernstein-日本及欧盟半导体：日本、欧盟、半导体——中国台湾地区进口追踪（2026年8月）：半导体工艺设备（SPE）进口同比增长10%.pdf

326. Bernstein-日本及欧盟半导体：日本半导体——小盘股大思维：芝浦机械（Shibaura Mechatronics）——键合未来.pdf

文档

Bernstein-日本及欧盟半导体：日本半导体——小盘股大思维：芝浦机械（Shibaura Mechatronics）——键合未来.pdf

总结

Shibaura Mechatronics (6590.JP, not covered) is a semiconductor equipment maker with exposure to both advanced packaging
TFC-6500-W, the high-throughput variant, as well as the TFC-6600 series (Exhibit 3). These are mass-reflow (MR) flip chip
some auxiliary use for CoW process. Also, hybrid bonder is being developed for mass production in 2028. In aggregate, flip chip
FY26, the biggest contribution was from phosphoric acid etching with ¥14.9bn, followed by single-wafer cleaning equipment
for silicon wafer manufacturing (¥9.2bn), and photomask cleaning equipment for photomask manufacturing (¥3.5bn). These 3
toward CoPoS, 2. Potential entry into the hybrid bonding market, and 3. Longer-term recovery of selected front-end wafer
Currently, we believe Shibaura is the sole supplier for the flip chip CoW process in TSMC’s CoWoS package with the TFC-6500
series which migrated to TFC-6500-W with higher throughput. So far, the main customer has been TSMC but Shibaura obtained

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Bernstein-日本及欧盟半导体：日本半导体——小盘股大思维：芝浦机械（Shibaura Mechatronics）——键合未来.pdf

327. CITI-AI基础设施峰会：AI安全将需要更多算力-20260916.pdf

文档

CITI-AI基础设施峰会：AI安全将需要更多算力-20260916.pdf

总结

roughly 10–12 to 4–5 to improve decision-making speed. Lip-Bu does not see current AI cycle as a reason for concern and
agentic AI, orchestration layers, and general-purpose compute workloads. 18A is in volume production with 14A approaching
We value INTC based on our SOTP valuation, our price target is $130. We apply a SOTP valuation framework to each of Intel’s
Customer risk: Intel’s largest PC OEM customers collectively represent roughly 45% Intel’s revenue. As a result, any major
Our target price of $800 is based on ~22x our 2027E GAAP EPS of $36.92 and implies ~11x our 2027E EV/EBITDA. We justify
Risks to our target price include: 1) Impacts from changes to ATT and IDFA could prove more difficult to overcome and
Our price target for NVDA of $315 is based on ~21x P/E on C27E earnings power. Our 21x P/E multiple is in-line with 1 year
Downside risks to the attainment of our target price include: 1) competition on gaming could drive the stock lower if Nvidia

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CITI-AI基础设施峰会：AI安全将需要更多算力-20260916.pdf

328. Citi-Lumentum（LITE.O）：花旗全球 TMT 会议要点：乐观展望 Lumentum Holdings Inc (LITE.O) Citi Global TMT Conference Takeaways - Positive.pdf

文档

Citi-Lumentum（LITE.O）：花旗全球 TMT 会议要点：乐观展望 Lumentum Holdings Inc (LITE.O) Citi Global TMT Conference Takeaways - Positive.pdf

总结

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity
(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)
the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment
stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient
chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in
call to indicate the analyst expects the share price to rise (fall) in absolute terms over a specified period of 30 or 90 days in

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Citi-Lumentum（LITE.O）：花旗全球 TMT 会议要点：乐观展望 Lumentum Holdings Inc (LITE.O) Citi Global TMT Conference Takeaways - Positive.pdf

329. Citi-TMT Conference 2026.pdf

文档

Citi-TMT Conference 2026.pdf

预览

Citi-TMT Conference 2026.pdf

330. CITI-持续学习将驱动HBM与eSSD需求-AI训练-推理-20260914.pdf

文档

CITI-持续学习将驱动HBM与eSSD需求-AI训练-推理-20260914.pdf

总结

52-naJ 52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA
Design Partner 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26E 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 1Q28E 2Q28E 3Q28E 4Q28E
Company AI Chips E D x e t s e i r g n n a P l A ar S t I n C e / r 1Q24 2Q24 2024 3Q24 4Q24 1Q25 2Q25 2025 3Q25 4Q25 1Q26 2Q26 2026 3Q26 4Q26 1Q27 2Q27 2027 3Q27 4Q27 1Q28 2Q28 2028 3Q28 4Q28
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

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CITI-持续学习将驱动HBM与eSSD需求-AI训练-推理-20260914.pdf

331. CITI-费城半导体指数回调：下一步如何-20260915.pdf

文档

CITI-费城半导体指数回调：下一步如何-20260915.pdf

总结

Our PT of $515, or 19X F28 EPS, is at the low end of recent trading range of 20-40X to reflect intensifying competition.
Customer: We estimate it derives ~35-40% of sales from its largest customer, Google. Therefore, any major uptick/downtick
SG&A target: Broadcom's long-term SG&A target is <3% of revenue (excluding stock-based compensation), one of the lowest
among semi peers. However, if Broadcom is unable to reach its SG&A target, it could result in downside to our estimates and
Competition: Any fluctuations in market share between Broadcom and its competitors could result in upside/downside risk to
M&A: If Broadcom pursues further acquisitions, it could lead to margin/EPS accretion/dilution and result in upside/downside
Our price target for NVDA of $315 is based on ~21x P/E on C27E earnings power. Our 21x P/E multiple is in-line with 1 year
Downside risks to the attainment of our target price include: 1) competition on gaming could drive the stock lower if Nvidia

预览

CITI-费城半导体指数回调：下一步如何-20260915.pdf

332. Citi-国巨（2327.TW）：花旗中国台湾半导体巡回路演——更全面的涨价，更广泛的AI标的.pdf

文档

Citi-国巨（2327.TW）：花旗中国台湾半导体巡回路演——更全面的涨价，更广泛的AI标的.pdf

总结

We set our target price at NT$1,450, based on 35x average 2027E-28E earnings. We value Yageo based on PE as we believe the
company’s earnings performance and industry dynamics would be the key focuses of the market. Our target multiple of 35x is
at the higher end of the trading range since 2022. During this period the company has gone through the cycles, successfully
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity
(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)
the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment

预览

Citi-国巨（2327.TW）：花旗中国台湾半导体巡回路演——更全面的涨价，更广泛的AI标的.pdf

333. CITI-花旗TMT会议第三日纪要：先进能源、Veeco、 Celestica、东京电子、...-20260910.pdf

文档

CITI-花旗TMT会议第三日纪要：先进能源、Veeco、 Celestica、东京电子、...-20260910.pdf

总结

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
transitions. CY27 is expected to be primarily a design-win year, with meaningful
year and could be flattish in dollars in CY27, implying further mix decline as the
through the year as incremental capacity comes online, particularly from late 2Q
into 3Q. Opex dollars will rise with growth but should decline as a percentage of
with the longer-term goal of ~10,000 units pulled forward from the original late-
initial revenue contribution potentially beginning from 2H of the current fiscal
n $3.5B equity raise is for 2 things: capex and working capital. On track to spend

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CITI-花旗TMT会议第三日纪要：先进能源、Veeco、 Celestica、东京电子、...-20260910.pdf

334. CITI-拉美零售头条速览：美客多物流扩张、亚马逊配送中心启用、电商增长与税收改革-20260914.pdf

文档

CITI-拉美零售头条速览：美客多物流扩张、亚马逊配送中心启用、电商增长与税收改革-20260914.pdf

总结

Brazil E-Commerce Revenue Grows 5.1% in August as Overall Retail Falls 2% in Real Terms (09/11/2026, E-Commerce Brasil)
Brazilian e-commerce revenue increased 5.1% year over year in August, according to the Cielo Expanded Retail Index, while
total retail sales declined 2% in real terms. The overall retail decline followed a 1.4% contraction in July and marked the 15th
Brazil’s tax reform will change the treatment of tax credits associated with outsourced logistics services. An Ilos survey of 110
companies with average revenue of R$22 billion found that 85% use transportation companies, while 8% operate their own
fleets and 7% use independent truck drivers. Under the new rules, companies will only be able to claim credits after the
logistics provider has effectively paid the tax, and the credit will correspond to the amount actually paid. Ilos said 55% of
surveyed companies expect transportation costs to increase under the new framework, while 45% expect a reduction.

预览

CITI-拉美零售头条速览：美客多物流扩张、亚马逊配送中心启用、电商增长与税收改革-20260914.pdf

335. CITI-8月统计局数据：新开工降幅扩大-供给驱动市场萎缩-20260915.pdf

文档

CITI-8月统计局数据：新开工降幅扩大-供给驱动市场萎缩-20260915.pdf

总结

Real Estate Investment RMB'bn 14,760 12,269 11,091 10,028 8,279 4,301 4,798 6,410 4.4% -16.9% -9.6% -10.6% -17.2% -19.2% -19.9% -22.6%
GFA under construction mn sqm 9,754 9,034 8,384 7,332 6,599 5,576 5,608 5,873 5.2% -7.4% -7.2% -12.7% -10.0% -12.7% -12.8% -11.0%
Transaction amount - Overall RMB’bn 18,193 12,473 11,662 9,675 8,394 4,272 4,747 7,487 4.8% -31.4% -6.5% -17.1% -12.6% -13.1% -13.0% -10.8%
GFA Starts - Residential mn sqm 1,464 876 693 537 430 195 218 308 -10.9% -40.2% -20.9% -23.0% -19.8% -24.6% -25.4% -28.5%
GFA Completed - Residential mn sqm 730 618 724 537 428 134 148 321 10.8% -15.4% 17.2% -27.4% -20.2% -25.5% -25.4% -25.0%
GFA under construction - resi mn sqm 6,903 6,395 5,903 5,133 4,601 3,871 3,893 4,081 5.3% -7.3% -7.7% -13.1% -10.3% -13.0% -13.2% -11.3%
Transaction amount - Resi RMB’bn 16,273 10,956 10,299 8,486 7,334 3,754 4,178 6,623 5.3% -32.7% -6.0% -17.6% -13.0% -13.2% -13.1% -9.7%
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission

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CITI-8月统计局数据：新开工降幅扩大-供给驱动市场萎缩-20260915.pdf

336. Citi-台光电子（2383.TW）：花旗中国台湾半导体巡回路演——未来两年供给持续紧俏.pdf

文档

Citi-台光电子（2383.TW）：花旗中国台湾半导体巡回路演——未来两年供给持续紧俏.pdf

总结

Our target price for EMC is set at NT$6,000, based on a target PE multiple of 30x on our 2027E EPS average. We believe our
target PE multiple, at the peak of its forward PE average in the past 5 years, is justified by a strong earnings outlook supported
by its leading position in CCL supply for AI GPU and ASIC (high m/s) from 2026E onwards. We also believe the continued spec
history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity
(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)
the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment
stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient
chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in

预览

Citi-台光电子（2383.TW）：花旗中国台湾半导体巡回路演——未来两年供给持续紧俏.pdf

337. Citi-台湾散热领域——花旗中国台湾半导体考察之旅核心纪要.pdf

文档

Citi-台湾散热领域——花旗中国台湾半导体考察之旅核心纪要.pdf

总结

Key downside risks to our investment thesis and target price include: 1) slower adoption pace for liquid cooling adoption;
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
history of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity
(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)
the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment
stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient
chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in

预览

Citi-台湾散热领域——花旗中国台湾半导体考察之旅核心纪要.pdf

338. CITI-中国PCB：CPO对PCB影响的几点思考-20260917.pdf

文档

CITI-中国PCB：CPO对PCB影响的几点思考-20260917.pdf

总结

Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and Qualified
channels to operate within a sufficiently relaxed loss budget, which could be challenging for large, high-layer-count boards
with complex routing, vias and connectors. Importantly, our checks with PCB makers suggest that current CPO samples still
use M8-class materials, indicating that designers continue to prioritize SI margin and proven stack-ups at this stage. We
sees remain at roughly 40–50 layers, and it does not expect CPO to materially reduce PCB value content. We think the
underlying logic is reasonable: CPO reduces the Signal Integrity burden associated with long-reach high-speed SerDes, but
We apply 25x 2027E P/E to derive our target price of Rmb161.0 for WUS, which we believe is justified by an 81% 2026-28E
Key downside risks that could impede the stock from reaching our TP include: (1) less-than-expected share allocation in

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CITI-中国PCB：CPO对PCB影响的几点思考-20260917.pdf

339. CITI-中国房地产：投资者持仓-截至2026年9月11日-及板块估值概览-20260917.pdf

文档

CITI-中国房地产：投资者持仓-截至2026年9月11日-及板块估值概览-20260917.pdf

总结

17 Sep 2026 03:03:53 ET │ 14 pages
Investor Positioning (as of 11 Sep 2026) and Sector Valuation Overview
This publication separates out China property stocks from a broader group
in Citi’s quant investor positioning report (link) and provides an overview of Griffin Chan AC
the sector’s equity valuations and performance.
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and Qualified
Foreign Institutional Investors.

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CITI-中国房地产：投资者持仓-截至2026年9月11日-及板块估值概览-20260917.pdf

340. CITI-中国房地产8月降幅加速-边际下滑对金属需求影响减弱-20260916.pdf

文档

CITI-中国房地产8月降幅加速-边际下滑对金属需求影响减弱-20260916.pdf

总结

at least two decades. Completions were also –28.4% YoY in August (8M26: Krishan M Agarwal
for FY26 are for sales –7% YoY and starts –28% YoY. Property has now Shashi Shekhar, CFA
YoY and starts –24.8% YoY) on weak comps — The property weakness that began Shreyas Madabushi
in 2021 is now on its fifth year, though the rate of decline has started to narrow for
floor space sales and starts. The 32mn sqm of floor space starts in August was the
takes us back to sales levels seen in 2008 and starts in 2004. 1Q is usually a weak
implies floor space starts at –35% YoY and sales at +4% YoY for the rest of the year
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.

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CITI-中国房地产8月降幅加速-边际下滑对金属需求影响减弱-20260916.pdf

341. Citi-美的集团（000333.SZ）：花旗主办投资者会议要点.pdf

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Citi-美的集团（000333.SZ）：花旗主办投资者会议要点.pdf

总结

up 90%+ of segment sales, and this segment's performance was dragged by the industry sales decline in 1H26. (2) Building
contribution from data-center cooling-related sales (i.e., commercial AC sales) starting 2H27E. (3) Robotics sales grew ~10%
Our target price for Midea of Rmb114.8 is based on 19x 26E target P/E, a 30% premium to its 5-year trading average, to reflect
Key downside risks that could impede the shares from reaching our target price include: 1) slower-than-expected white-goods
The Firm has made a market in the publicly traded equity securities of Midea Group Co., Ltd. on at least one occasion since 1
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the
Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

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Citi-美的集团（000333.SZ）：花旗主办投资者会议要点.pdf

342. CITI-美联储加息与长端利率：对全球股市影响的历史镜鉴-20260915.pdf

文档

CITI-美联储加息与长端利率：对全球股市影响的历史镜鉴-20260915.pdf

总结

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

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CITI-美联储加息与长端利率：对全球股市影响的历史镜鉴-20260915.pdf

343. CITI-平仓黄金多头头寸-20260914.pdf

文档

CITI-平仓黄金多头头寸-20260914.pdf

总结

We added long gold spot in our GMS portfolio and asset allocation on the
view of a dovish Fed and US Treasury buyback announcement (Our Take on Adam Pickett AC
US Treasury Announcement: Buy Gold). Hawkish Fed repricing post Jackson
Hole, combined with the energy price rally since then, have changed the
narrative, and our economist is now seeing a hike. We cut our exposure in Alice Zheng AC
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
Close trade: long gold spot at $4284/oz. Opened at $4488/oz in $8mio notional
on 19-Aug-2026. P/L -$395k/-0.40% of GMS PF, including funding cost. Pricing

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CITI-平仓黄金多头头寸-20260914.pdf

344. CITI-企业AI：Island - 花旗全球TMT会议第三天要点-20260910.pdf

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CITI-企业AI：Island - 花旗全球TMT会议第三天要点-20260910.pdf

总结

than 30% of enterprise traffic, creating security gaps across tools such as Office,
$100 per user per year and network modules at double to triple that. Fey noted that
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
ways that appear benign to network infrastructure (e.g., Gemini traffic appearing as Google). He noted there are effectively no
switching costs in AI, making model governance across the enterprise particularly difficult, and flagged that approximately
80% of observed prompts reflect non-productive use, pointing to early-stage enterprise adoption dynamics. Fey
characterized AI as the largest security challenge enterprises have faced, exceeding the complexity of the cloud transition, and
argued that incumbent security vendors are architecturally misaligned to the problem that meaningful responses will require

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CITI-企业AI：Island - 花旗全球TMT会议第三天要点-20260910.pdf

345. CITI-中国在线游戏行业期刊-2026年8月刊-20260916.pdf

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CITI-中国在线游戏行业期刊-2026年8月刊-20260916.pdf

总结

35 2 ( 9 R .3 mb b 2 n 9 ) .7 31.4 31.9 31.5 32.5 33.2 31.5 30.4 30.9 30.0 31.1 25 21.5 (R 2 m 1. b 5 bn) 22.6 22.5 22.2 22.6 22.7 22.3 22.4 22.7 22.5 23.1
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
32-rpA 32-nuJ 32-guA 32-tcO 32-ceD 42-beF 42-rpA 42-nuJ 42-guA 42-tcO 42-ceD 52-beF 52-rpA 52-nuJ 52-guA 52-tcO 52-ceD 62-beF 62-rpA 62-nuJ 62-guA
52-beF 52-raM 52-rpA 52-yaM 52-nuJ 52-luJ 52-guA 52-peS 52-tcO 52-voN 52-ceD 62-naJ 62-beF 62-raM 62-rpA 62-yaM 62-nuJ 62-luJ 62-guA
© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

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CITI-中国在线游戏行业期刊-2026年8月刊-20260916.pdf

346. Everyone Says Datacenter Moratoriums Are Killing the US Buildout. We Mapped All 300 of Them.pdf

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Everyone Says Datacenter Moratoriums Are Killing the US Buildout. We Mapped All 300 of Them.pdf

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Everyone Says Datacenter Moratoriums Are Killing the US Buildout. We Mapped All 300 of Them.pdf

347. GS Consumer - Morning Trading Update -US.pdf

文档

GS Consumer - Morning Trading Update -US.pdf

总结

dynamics supporting sentiment. WTI is down 1.75% to $100.65, while the 10-year and 30-year Treasury yields have declined 4 bps and 3 bps, respec
Consumer focus is on earnings and analyst days today. AS (unch) raised 3Q as expected ahead of analyst day while YETI (+3%) trading higher after reaffi
guidance but raising longer term algo.EAT (unch) outlined its longer term growth framework while LEN(-1.5%) missed quarter but everyone aware of t
(+5%) is evaluating strategic alternatives per Axios and COSTannounced partnership with Doordash. In research, Lizzie previewing CCL quarter expect
AS unch…they raised in 3Q ahead of their analyst day last year and another raise was expected this time. That’s what we got, which feels roughly i
argue the recent pressure was due to any concern on the fundamentals. Details: Ahead of their analyst day, they tweaked higher the 3Q revenue and op
margin guide. They now see 3Q revenues +20-22% vs prior +18-20% (Consensus was at +20%). They also sees operating margins slightly above the high
previous 13.5-14.0% target. The long-term targets largely remain the same but are extended another 5 years and they are off a higher base than befor

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GS Consumer - Morning Trading Update -US.pdf

348. GS-每日720：中国互联网、美国FOMC、安踏体育、港股地产、港交所、携程、三菱重工...-20260917.pdf

文档

GS-每日720：中国互联网、美国FOMC、安踏体育、港股地产、港交所、携程、三菱重工...-20260917.pdf

总结

China Internet & AI Models – Key Themes and Refreshed Ideas Into Year-End. We Goldman Sachs (Asia) L.L.C.
Games & Entertainment to our top pick for defensive growth, followed by Cloud & Goldman Sachs (Asia) L.L.C.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
sales of ¥250 billion through FY3/31. To address concerns that AI-led productivity gains
FY27 buyback, aiming to fund it through Tencent dividends and potential asset sales like

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GS-每日720：中国互联网、美国FOMC、安踏体育、港股地产、港交所、携程、三菱重工...-20260917.pdf

349. GS-美联储9月加息25基点-点阵图预计2026年再加息一次-20260917.pdf

文档

GS-美联储9月加息25基点-点阵图预计2026年再加息一次-20260917.pdf

总结

3.75-4.00% at its September meeting, the first hike since July 2023. There were no Goldman Sachs & Co. LLC
the fed funds rate in 2027. Chairman Warsh did not submit projections. The median Goldman Sachs & Co. LLC
SEP forecast projected slightly higher core and headline PCE inflation in 2026, Ronnie Walker
for those revisions at this point, as well as higher GDP growth and a lower +1(212)902-8809 |
September meeting, the first hike since July 2023. There were no dissents from the +1(202)585-6760 |
Committee’s decision. The post-meeting statement noted that inflation “remains Goldman Sachs & Co. LLC
Committee’s 2 percent goal.” It also reiterated that economic activity is “expanding
Investors should consider this report as only a single factor in making their investment decision. For Reg AC

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GS-美联储9月加息25基点-点阵图预计2026年再加息一次-20260917.pdf

350. JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

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JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

总结

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of
Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
holding, and new product and automation initiatives are gaining traction. J.P. Morgan Securities (Asia Pacific) Limited/
HD Hyundai Heavy 329180 KS OW 440500.00710000.00 61% 33,778 -13% 11.8 11.2 6.9 6.5 3.2 3.2 30.4 NA 3.3 2.7
Source: Bloomberg Finance L.P. (data as of 16 September 2026), J.P. Morgan estimates. Consensus estimates for the not covered (NC) companies, J.P. Morgan estimates for all others. For the
HD Hyundai Electric 267260 KS OW 700000 1375000 96% 18,541 -10% 25.3 18.8 40% 34% 0.6 0.5 42.4 43.1 9.4 7.1
Hyosung Heavy Industrie2s98040 KS OW 2689000 4100000 52% 18,424 50% 30.0 22.0 60% 36% 0.5 0.6 30.5 31.4 8.0 6.0
Source: Bloomberg Finance L.P. (data as of 16 September 2026), J.P. Morgan estimates. Consensus estimates for the not covered (NC) companies, J.P. Morgan estimates for all others. For the

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JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

351. JPM-加密货币市场：9月15日现货ETP资金流向——美国参议院推进CLARITY法案表...-20260916.pdf

文档

JPM-加密货币市场：9月15日现货ETP资金流向——美国参议院推进CLARITY法案表...-20260916.pdf

总结

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the
1. We estimate that the U.S. spot Solana ETPs reported net sales of $1mn Kenneth B. Worthington, CFA AC
Tuesday, September 15, 2026, the worst single day of the Bitcoin ETPs’ flows since michael.cho@jpmchase.com
the end of June 2026. Fidelity’s FBTC and BlackRock’s IBIT drove the group’s net J.P. Morgan Securities LLC
Note: Grayscale’s GBTC seed capital represents January 10, 2024, AUM of legacy structure that converted into ETP
Note: Grayscale’s ETHE seed capital represents July 22, 2024, AUM of legacy structure that converted into ETP
Figure 1: Weekly Flows Summary: Week Ended September 18 Flips Net Negative to $327mn on the Back of Yesterday’s Net Redemptions
$4,000mn BTC Net Flows (incl. GBTC) ETH Net Flows (incl. ETHE) SOL Net Flows BTC Gross Flows (excl. GBTC) ETH Gross Flows (excl. ETHE)

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JPM-加密货币市场：9月15日现货ETP资金流向——美国参议院推进CLARITY法案表...-20260916.pdf

352. JPM-美国半导体与半导体设备2026秋季系列更新-20260917.pdf

文档

JPM-美国半导体与半导体设备2026秋季系列更新-20260917.pdf

总结

◼ AI infrastructure-led growth remains supply-constrained rather than demand-constrained, with NVDA framing its FY28/CY27
+70% Y/Y growth outlook as a “comfortable” base case with room for revenue to more than double absent supply constraints;
◼ Analog recovery continues to broaden, with YTD 2026 Y/Y sales growth positive every month as industrial, auto, AI / data-center,
◼ Cloud capex expectations continue to be revised materially higher YTD (+DD %), with CY26-28 cloud capex estimates now at
Meta MTIA AI ASIC processor family Broadcom 7nm, 5nm, 3nm, 2nm Gen 1, Gen2, Gen 3 and follow-ons Ramping now through CY28
$ $ 4 8 18%14%10%11% -8% 2% 15% 11% 5% 1% 2% 3% 1% 0% 0% 2% 1% - 1 1 0 5 % % $4 27% 18% 6% -5% -2% 5% 24% 15% 7% 0% 2% -1% -3% -4% 0% 1% 1% 1 3 0 5 % %
◼ F/L spend should be anchored by TSMC’s N2/N3 buildout and incremental upside from INTC. Asia checks show a more aggressive
INTC UW $516,933 $101.28 $0.43 $1.58 237.6x 64.2x $52,853 $63,336 9.8x 8.2x $0.43 $1.53 $2.07 $52,853 $63,325 $72,627 237.6x 66.0x 49.0x 9.8x 8.2x 7.1x

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JPM-美国半导体与半导体设备2026秋季系列更新-20260917.pdf

353. CITI-中国房地产——国家统计局首次发布二手房交易数据的影响-20260916.pdf

文档

CITI-中国房地产——国家统计局首次发布二手房交易数据的影响-20260916.pdf

总结

Real Estate Investment RMB'bn 14,760 12,269 11,091 10,028 8,279 4,301 4,798 6,410 4.4% -16.9% -9.6% -10.6% -17.2% -19.2% -19.9% -22.6%
GFA under construction mn sqm 9,754 9,034 8,384 7,332 6,599 5,576 5,608 5,873 5.2% -7.4% -7.2% -12.7% -10.0% -12.7% -12.8% -11.0%
Transaction amount - Overall RMB’bn 18,193 12,473 11,662 9,675 8,394 4,272 4,747 7,487 4.8% -31.4% -6.5% -17.1% -12.6% -13.1% -13.0% -10.8%
GFA Sold - Overall (Primary) mn sqm 1,794 1,221 1,117 974 881 450 499 819 1.9% -31.9% -8.5% -12.9% -8.7% -11.8% -12.1% -7.0%
GFA Starts - Residential mn sqm 1,464 876 693 537 430 195 218 308 -10.9% -40.2% -20.9% -23.0% -19.8% -24.6% -25.4% -28.5%
GFA Completed - Residential mn sqm 730 618 724 537 428 134 148 321 10.8% -15.4% 17.2% -27.4% -20.2% -25.5% -25.4% -25.0%
GFA under construction - resi mn sqm 6,903 6,395 5,903 5,133 4,601 3,871 3,893 4,081 5.3% -7.3% -7.7% -13.1% -10.3% -13.0% -13.2% -11.3%
Transaction amount - Resi RMB’bn 16,273 10,956 10,299 8,486 7,334 3,754 4,178 6,623 5.3% -32.7% -6.0% -17.6% -13.0% -13.2% -13.1% -9.7%

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CITI-中国房地产——国家统计局首次发布二手房交易数据的影响-20260916.pdf

354. MS-CPO短期内难以颠覆高端CCL需求-20260917.pdf

文档

MS-CPO短期内难以颠覆高端CCL需求-20260917.pdf

总结

CPO unlikely to disrupt high- Irene.Yen@morganstanley.com +886 2 2730-2869
Co-packaged optics (CPO) is a long-term risk, not an imminent demand Industry View In-Line
EMC (2383.TW) shares fell 7.7% and TUC (6274.TWO) shares declined
6.7% on Sep 17, vs TAIEX +0.8%. Following the sell-off, investors have questioned
high-speed electrical signal paths that would otherwise traverse the printed circuit
meaningful challenges related to cost, manufacturing yield, reliability, serviceability,
and thermal management. As such, we believe the risk of a broad-based reduction in
CCL requirements across AI systems before 2028 remains limited. W e would view

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MS-CPO短期内难以颠覆高端CCL需求-20260917.pdf

355. MS-加州机器人节预览：湾区机器人巡礼-20260916.pdf

文档

MS-加州机器人节预览：湾区机器人巡礼-20260916.pdf

总结

Generalist's GEN-1.5 reported a 59% first-try success after a demonstration lasting 3-
12 seconds, with the core model itself left untouched. Skild's S1, released in August,
collection. This year, a number of players including NVIDIA, Yann LeCun's AMI Labs, For analyst certification and other important disclosures,
3rd party videos (highly available, but lower fidelity). Meanwhile, Generalist's model
performance across 20,854 hours of human video. Dyna Robotics reported a similar
improved smoothly from 1,000 to 1,000,000 hours of training video with no sign
phenomena occurred: 1) models reached a capability threshold where they could be
Note: May not capture 100% of players. Does not include autonomous driving-specific companies (see separate section).

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MS-加州机器人节预览：湾区机器人巡礼-20260916.pdf

356. MS-美联储加息推动美债收益率曲线趋平-20260916.pdf

文档

MS-美联储加息推动美债收益率曲线趋平-20260916.pdf

总结

10y yield finished at 5.02 (+2.1bp). Longer maturities outperformed as the Jasper.Knyphausen@morganstanley.com +44 20 7425-2185
the dollar and short-term US yields increased. The combination left the investors should be aware that the firm may have a conflict of
corresponding rise in long-run inflation compensation. Research as only a single factor in making their investment
• The dollar strengthened broadly as the Fed hike and Warsh’s inflation refer to the Disclosure Section, located at the end of this
rose 0.9% despite the franc’s usual defensive characteristics. Nordic and may not be subject to FINRA restrictions on
currencies also weakened, with USD/NOK up 1.0% and USD/SEK up 0.9%, as and trading securities held by a research analyst account.
Fed Implied 1d Δ (bp) Total Δ ECB Implied 1d Δ (bp) Total Δ BOE Implied 1d Δ (bp) Total Δ BOJ Implied 1d Δ (bp) Total Δ
EFFR (9/15) 3.630 0.0 -- EONIA (9/15) 2.190 0.0 -- SONIA (9/15) 3.730 0.0 -- TONAR (9/15) 0.978 0.0 --

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MS-美联储加息推动美债收益率曲线趋平-20260916.pdf

357. UBS-UBS台湾科技峰会2026第二三日要点速览-20260916.pdf

文档

UBS-UBS台湾科技峰会2026第二三日要点速览-20260916.pdf

总结

Realtek, FOCI. Detailed takeaways for our covered companies start on page 2. See also randy.abrams@ubs.com
CoWoS industry capacity expansion continues to accelerate into 2027-28. We recently nicolas.gaudois@ubs.com
raised CoWoS industry capacity to 260kwpm by end of 2027, up from 160kwpm end of +65-6495 5148
requirement. We believe a new OSAT partner could move in tools from 2027 for volume ryan-za.sun@ubs.com
production in 2028. Even if ASE has competition from a new OSAT partner, we believe +886-2-8722 7267
ASE should grow LEAP sales steadily in 2027 to US$7.5bn+ and higher in 2028 with Christine Chen, CFA
in next generation products should create larger demand for probing test and related +886-2-8722 7352
This report has been prepared by UBS Securities Pte. Ltd., Taipei Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES,

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UBS-UBS台湾科技峰会2026第二三日要点速览-20260916.pdf

358. UBS-大宗商品日报：美联储鹰派加息-金价承压回落-20260917.pdf

文档

UBS-大宗商品日报：美联储鹰派加息-金价承压回落-20260917.pdf

总结

If you are receiving this report through your superannuation fund trustee, this report has been prepared by UBS AG, Australia Branch.
For all other recipients, this report has been prepared by UBS Securities Australia Limited.ANALYST CERTIFICATION AND REQUIRED
weeks. Investor discussions revolved around: 1) contracting activities, and the divergent
deceleration in 2Q activities points to downside risk to our full-year growth expectations.
more than once that financial conditions are not restrictive. He said that the 0.25 pp rate
Our investment view on MI6 is subject to a range of upside and downside risks inherent in the
methodology with a 6% discount rate. MI6 faces specific risk as it develops its Bullabulling
reflective of gold as a speculative asset. MI6 does not currently have full funding required for

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UBS-大宗商品日报：美联储鹰派加息-金价承压回落-20260917.pdf

359. Views and Research.pdf

文档

Views and Research.pdf

总结

timelier return” to the 2% target at consecutive meetings. We have kept our forecast for the terminal
18, by 25bp to 1.25%. The yen, which we consider as one factor influencing the timing of rate hikes, has
overshooting inflation. We therefore still expect a subsequent rate hike in January 2027, with another (to
materially overshooting the BOJ's 2% objective. JPY weakness alone is sufficient to justify this week's
expectations. Our bias is that with 1y1y rates at 2.2% pricing is quite full, perhaps reflecting recent
dissents from either Takata or Tamura for 50bps would be meaningful. We have no outlook report but if
Ueda shifted to talking about risks of underlying inflation overshooting 2% (in contrast to last outlook
1. As a result, the past 5 years have been among the worst periods for bond investors in a century,

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Views and Research.pdf

360. 伯恩斯坦-美国半导体及半导体设备：AI“精灵”还能被塞回瓶子里吗？+20260914.pdf

文档

伯恩斯坦-美国半导体及半导体设备：AI“精灵”还能被塞回瓶子里吗？+20260914.pdf

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伯恩斯坦-美国半导体及半导体设备：AI“精灵”还能被塞回瓶子里吗？+20260914.pdf

361. MS-2Q26财报回顾：MSCI中国基本符合预期-A股盈利面仍偏弱-20260916.pdf

文档

MS-2Q26财报回顾：MSCI中国基本符合预期-A股盈利面仍偏弱-20260916.pdf

总结

F n o u r m M be S r C o I f C h co in m a p , r a e n p ie o s r t ( e -3 d . 0 ea % r ) n i a n n g d s w w e e i r g e h b te r d o a s d u l r y p i r n is l e in ( e + 4 w . i 8 t % h ) c , o i n m s p e r n o s v u i s n g b y f r b o o m th - - - - 2 4 3 1 0 0 0 0% % % % -12 -9 % - % 7 -1 % 5 -1 %- 0 1 % 9% -13 - % 6% -20 -3 % % - - 1 2 4 5 % % -23% -7% -20%-2 - 2 1 % 6% -2 -1 2- 4 2% % 4%- - 2 1 4 4 - % % 2 - 5 3 % 6 - % 1 - 9 2 % 6 - % 2 - 1 2 % 4 - % 1 - 8 3 % 0%-29%--3330 - %% 3 - 8 2 - % 0 2 % 7- - %2 1 4 7 % % -2 - 4 3 % 4% - - 2 3 % 3% -4 - % 5% - - 3 1 % 4% - - 9 2 % 0 - % 1 - 1 2 % 3% - - 9 1 % 3% - - 3 1 % 0%
In revenue terms, top-line trends remained softer than earnings. MSCI China ex- 10 0% % 3% 1% 9% 4 8 % % 2% 2% 0% 9%10% 5%4 1 % %1%2% 0% 5% 7%6%7%7%8% 3%5%3%3%0%3% 0% 53%%
F su in r a p n ri c s i e a l d s e a s n p d it M e a S C sl I i g C h h t in m a i A ss e b x y -F c in o a m n p c a ia n l y s w co e u r n e t b . oth broadly in line by weighted - - 2 1 0 0 % % -1% -5%-7% -17% - - 2 8 % %-7% -9 -3 %- % 8% -1% -5% -2% -7% -4 - % 2 -7 % %-6% -16-%16% -5% -11%-8% -16% -9% -4% -7%-10% 3% -3%-2-3%%-3%
Exhibit 4: MSCI China detailed sector- and industry-level 2Q26 earnings – largely in-line results by number of companies and by
Exhibit 7: MSCI China detailed sector- and industry-level (ex-financials) 2Q26 revenue – net miss by number of companies and in line
Exhibit 10: MSCI China A Onshore detailed sector- and industry-level 2Q26 earnings – miss by number of companies and in-line result
Exhibit 13: MSCI China A Onshore detailed sector- and industry-level (ex-financials) 2Q26 revenue – Notable net miss by number of
Exhibit 16: Energy – Earnings estimate revision breadth (ERB) Exhibit 17: Materials – Earnings estimate revision breadth (ERB)

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MS-2Q26财报回顾：MSCI中国基本符合预期-A股盈利面仍偏弱-20260916.pdf

362. MS-AI广告：从注意力到成果转化-20260916.pdf

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MS-AI广告：从注意力到成果转化-20260916.pdf

总结

- We calculate 2025 advertising revenue divided by the annual DAU time pool for the marketing density. Where a platform’s disclosed revenue scope includes commissions, we mark the bubble with a dashed outline.
Taobao/Tmall's net spend score improved from -3 in 2024 to +55 in Clearest transaction-led beneficiary: closed-loop outcome data supports
AI-tool users report c.10ppt higher perceived ROI. CMR recovery and longer-term commission and merchant-workflow upside.
Meituan's net spend score rose from +9 in 2024 to +55 in 2026, Transaction closure—not standalone AI mindshare—is the moat;
Exhibit 10: Improvements in content generation, ROI and Exhibit 11: AI is already affecting marketing expenditure across
Improve content produc a t s io s n e t e s f t f e ic s i t e e n d cy / increase number of 64% Creative production spend 80%
- We calculate 2025 advertising revenue divided by the average daily DAU time pool for the marketing density.Where a platform’s disclosed revenue scope includes commissions, we mark the bubble with a dashed outline.
Exhibit 21: 72% report unchanged total ad dollars but internal Exhibit 22: AI has made cross-platform media allocation more

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363. 高盛-英伟达+800V+直流方案对电气设备行业的影响专家交流反馈+20260915.pdf

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364. 美银-全球基金经理调研：逐鹿前沿阵地+20260915.pdf

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365. 美银-亚洲基金经理调查：静待+AI+变现与日本央行货币政策正常化+20260915.pdf

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美银-亚洲基金经理调查：静待+AI+变现与日本央行货币政策正常化+20260915.pdf

366. 摩根大通-中国电池行业：整合大幕是否已然开启？从宁德时代收购吉利电池资产看行业趋势+20260915.pdf

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367. 摩根大通-中国房地产：后预售时代的不确定性或引发波动+20260913.pdf

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368. 野村-全球AI趋势追踪-CIOE+2026展会纪要：400G芯片、硅光薄膜铌酸锂相干精简、NPO&CPO&OCS+20260914.pdf

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野村-全球AI趋势追踪-CIOE+2026展会纪要：400G芯片、硅光薄膜铌酸锂相干精简、NPO&CPO&OCS+20260914.pdf

369. 大摩-中国半导体：中国国际光电博览会（CIOE）核心调研要点+20260913.pdf

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大摩-中国半导体：中国国际光电博览会（CIOE）核心调研要点+20260913.pdf

370. 高盛晨读 - 10月再加息-预测调整- - 中国互联网-AI模型重新梳理 - 携....pdf

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高盛晨读 - 10月再加息-预测调整- - 中国互联网-AI模型重新梳理 - 携....pdf

总结

主要原因在于我们对核⼼PCE通胀的预测低于联储官员中值：2026年四季度同⽐为3.2%（vs.联储为3.4%），2027年
第三，受全球化、⼯会弱化及企业集中度提⾼等因素影响，劳动者的议价能⼒下降，可能也对劳动收⼊份额的下滑产⽣
中国互联⽹及AI模型：年末关键主题及最新投资思路…China Internet & AI Models – Key Themes and Refreshed Ideas Into Year-End
携程集团：2026年第⼆季度业绩符合预期，指引彰显韧性…Trip.com Group – 2Q26 Results Inline With Resilient Guidance – Buy
⾹港房地产：施政报告及⾸份五年规划出炉，聚焦北部都会区发展与⻓期房屋供应…Hong Kong Real Estate: HK Policy Address and Inaugural 5-Year Plan: Emphasis in
潍柴快评…Weichai Power (000338.SZ): Generac's generator supply agreement with Amazon strengthens long-term visibility;
https://marquee.gs.com/s/content/markets/a3d0e30e-df1e-43a9-a3e7-3fafccb8f44d 1/7
*For events with self-registration, your personalized pin code will be sent to your registered email. *I: In-person;

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高盛晨读 - 10月再加息-预测调整- - 中国互联网-AI模型重新梳理 - 携....pdf

371. 高盛-光通信之旅：走访一线创业者，提炼技术、供需与竞争格局十大洞见+20260914.pdf

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高盛-光通信之旅：走访一线创业者，提炼技术、供需与竞争格局十大洞见+20260914.pdf

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