#外资研报

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附件总结【个股-AAPL】【英】JPM-苹果产品供应追踪：交付周期周中显著延长-缓和同比需求担忧-20260917.pdf

days of expansion for the 18 Pro and 7 days for the 18 Pro Max. Following early Software - Large Cap / Mid & Small
times are now tracking in line with the iPhone 17 cycle relative to the same time Samik Chatterjee, CFA AC
with 18 Pro closing most of the gap and the Pro Max in line (even as the iPhone Duo samik.x.chatterjee@jpmorgan.com
19 and 26 days in our mid-week check, vs. 7 and 19 days, respectively, in Week J.P. Morgan Securities (Taiwan) Limited
Our tracker aggregates delivery and pickup dates across various countries from Apple.com on a weekly basis. Given the quantity
of SKUs available and the various delivery dates for each SKU across the different countries, we use the average date for each
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1 2 3 4 0 0 0 0 5 2 7 3 6 3 5 2 2 2 2 2 9 1 5 1 5 1 5 1 0 1 1 1 6 7 1 N 0 1 9 A 4 1 1 1 3 1 1 1 0 3 0 3 2 2 8 1 5 1 5 1 2 4 1 1 1 3 1 1 1 0 3 7 3 6 3 2 3 9 2 1 2 9 1 5 1 7 7 1 3 5 4 1 1 1 2 2 3 3 0 5 0 5 0 5 5 2 1 2 2 2 2 9 1 9 1 9 1 9 1 5 1 5 1 6 1 1 1 1 1 9 1 1 2 6 6 1 4 1 1 1 1 1 1 4 3 4 3 4 2 4 1 2 2 2 2 1 2 1 2 4 1 8 8 3 4 3 4 3 4 2 2 2 9 2 9 2 8 2 8 2 1 2 1 2 5 1 8 9 4 4 6 8 9

【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf

Flat Y/Y iPhone 18 lead times likely signal healthier early premium iPhone Price target $360.00
demand than recent headlines suggests. At 4 days after pre-orders started Shr price, close (Sep 15, 2026) $331.34
(Tuesday, September 15th), iPhone 18 Pro/Pro Max lead times are 2-4 weeks, flat to 52-Week Range $344.57-235.03
slightly longer Y/Y vs. their respective iPhone 17 models, outside of China. Flat to
larger Y/Y is concentrating its purchases on just 2 models, rather than the historical
zero correlation to iPhone cycle strength, iPhone revenue, or how Apple stock For analyst certification and other important disclosures,
Our $360 PT is based an 9.4x EV/Sales CY27 multiple, which is derived from a regression of
tech and consumer platform peers. Our price target implies ~35x P/E on $10.30 CY27 EPS.

【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf

Bottom Line: We have four key takeaways: (1) AMD described its AI adoption Khalil Fenina
journey as progressing from building and optimizing its data foundation to deploying +1(212)357-6392 |
frontier and open-source models to coexist, with customers increasingly optimizing Marshall Wong
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
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 10 Sep 2026 close.

【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf

• On pricing: The company indicated that the price increases indicated at its Q2 Price Target (Jun-28):$2,400.00
immersion, with the new capacity starting volume production in ‘29. The craig.mcdowell@jpmorgan.com
See page 5 for analyst certification and important disclosures, including non-US analyst disclosures.
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{[{YK6dSI7oqO4IwDOp_wKNtLrbFjvUv-r-Bh2ZaQTvWahPXXO-ij67b9JOPyPePyk1aVtwyQam96YTqOuqzIqu-Wc}]}
has historically traded at 28-38x forward earnings in the last five years (interquartile range)
We believe the key risks that could prevent the stock from achieving our price target are: 1)
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本地资源：【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf