--- title: "#外资研报" topic_id: 45548548248548118 created_at: 2026-09-18T08:42:51.439+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：371 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/45548548248548118) - 附件：图片 0，音频 0，文档 9 - 音频文件：_无音频_ ## 图片 _无图片_ ## 正文 详情页仍未获取到全文。原始列表正文可能被截断。 ## 总体总结 主题正文 1. 详情页仍未获取到全文。 2. 原始列表正文可能被截断。 附件总结 【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 1. days of expansion for the 18 Pro and 7 days for the 18 Pro Max. Following early Software - Large Cap / Mid & Small 2. times are now tracking in line with the iPhone 17 cycle relative to the same time Samik Chatterjee, CFA AC 3. with 18 Pro closing most of the gap and the Pro Max in line (even as the iPhone Duo samik.x.chatterjee@jpmorgan.com 4. 19 and 26 days in our mid-week check, vs. 7 and 19 days, respectively, in Week J.P. Morgan Securities (Taiwan) Limited 5. Our tracker aggregates delivery and pickup dates across various countries from Apple.com on a weekly basis. Given the quantity 6. of SKUs available and the various delivery dates for each SKU across the different countries, we use the average date for each 7. 10 5 11 8 9 2 7 1 4 2 2 4 4 2 2 3 2 4 2 3 2 7 8 3 3 2 4 2 3 2 8 8 3 4 5 6 4 10 5 4 7 8 2 7 7 4 1 1 0 1 1 3 4 1 4 2 4 2 4 8 9 3 4 1 4 2 4 2 8 8 4 4 5 6 2 8. 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 1. Flat Y/Y iPhone 18 lead times likely signal healthier early premium iPhone Price target $360.00 2. demand than recent headlines suggests. At 4 days after pre-orders started Shr price, close (Sep 15, 2026) $331.34 3. (Tuesday, September 15th), iPhone 18 Pro/Pro Max lead times are 2-4 weeks, flat to 52-Week Range $344.57-235.03 4. slightly longer Y/Y vs. their respective iPhone 17 models, outside of China. Flat to 5. larger Y/Y is concentrating its purchases on just 2 models, rather than the historical 6. zero correlation to iPhone cycle strength, iPhone revenue, or how Apple stock For analyst certification and other important disclosures, 7. Our $360 PT is based an 9.4x EV/Sales CY27 multiple, which is derived from a regression of 8. 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 1. Bottom Line: We have four key takeaways: (1) AMD described its AI adoption Khalil Fenina 2. journey as progressing from building and optimizing its data foundation to deploying +1(212)357-6392 | 3. frontier and open-source models to coexist, with customers increasingly optimizing Marshall Wong 4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors 5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. 6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC 7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research 8. 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 1. • On pricing: The company indicated that the price increases indicated at its Q2 Price Target (Jun-28):$2,400.00 2. immersion, with the new capacity starting volume production in ‘29. The craig.mcdowell@jpmorgan.com 3. See page 5 for analyst certification and important disclosures, including non-US analyst disclosures. 4. {[{YK6dSI7oqO4IwDOp_wKNtLrbFjvUv-r-Bh2ZaQTvWahPXXO-ij67b9JOPyPePyk1aVtwyQam96YTqOuqzIqu-Wc}]} 5. {[{YK6dSI7oqO4IwDOp_wKNtLrbFjvUv-r-Bh2ZaQTvWahPXXO-ij67b9JOPyPePyk1aVtwyQam96YTqOuqzIqu-Wc}]} 6. has historically traded at 28-38x forward earnings in the last five years (interquartile range) 7. We believe the key risks that could prevent the stock from achieving our price target are: 1) 8. {[{YK6dSI7oqO4IwDOp_wKNtLrbFjvUv-r-Bh2ZaQTvWahPXXO-ij67b9JOPyPePyk1aVtwyQam96YTqOuqzIqu-Wc}]} ## 文档 ### 【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 - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260918_0842__外资研报__【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|【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]] #### 预览 [[assets/docs/260918_0842__外资研报__【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|【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]] ### 【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf|【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf|【个股-AAPL】【英】MS-iPhone 18交付时间同比持平-实为良好开局-20260916.pdf]] ### 【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf|【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf|【个股-AMD】【英】GS-AMD：Communacopia+Technology 2026大会要点-20260912.pdf]] ### 【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf|【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf|【个股-ASML】【英】JPM-ASML公司调研纪要：需求强劲、定价上行-20260914.pdf]] ### 【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf - 状态：downloaded - 错误：401 Client Error: Unauthorized for url: https://api.zsxq.com/v2/files/181544114841442/download_url - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf|【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf|【个股-9660】【英】MS-地平线机器人：中国BEST大会2026要点-20260917.pdf]] ### 【个股-300661】【英】GS-圣邦股份：光模块模拟IC扩张-产品升级驱动ASP-20260912.pdf - 状态：downloaded - 错误：401 Client Error: Unauthorized for url: https://api.zsxq.com/v2/files/584155445854184/download_url - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-300661】【英】GS-圣邦股份：光模块模拟IC扩张-产品升级驱动ASP-20260912.pdf|【个股-300661】【英】GS-圣邦股份：光模块模拟IC扩张-产品升级驱动ASP-20260912.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-300661】【英】GS-圣邦股份：光模块模拟IC扩张-产品升级驱动ASP-20260912.pdf|【个股-300661】【英】GS-圣邦股份：光模块模拟IC扩张-产品升级驱动ASP-20260912.pdf]] ### 【个股-603986】【英】GS-兆易创新：中国AI巡演：特种DRAM环比增长与产品升级；SLC NAND出货加速...-20260911.pdf - 状态：downloaded - 错误：401 Client Error: Unauthorized for url: https://api.zsxq.com/v2/files/814822442124812/download_url - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-603986】【英】GS-兆易创新：中国AI巡演：特种DRAM环比增长与产品升级；SLC NAND出货加速...-20260911.pdf|【个股-603986】【英】GS-兆易创新：中国AI巡演：特种DRAM环比增长与产品升级；SLC NAND出货加速...-20260911.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-603986】【英】GS-兆易创新：中国AI巡演：特种DRAM环比增长与产品升级；SLC NAND出货加速...-20260911.pdf|【个股-603986】【英】GS-兆易创新：中国AI巡演：特种DRAM环比增长与产品升级；SLC NAND出货加速...-20260911.pdf]] ### 【个股-688072】【英】GS-Piotech：内存扩产驱动增长-工具规格升级-20260914.pdf - 状态：downloaded - 错误：401 Client Error: Unauthorized for url: https://api.zsxq.com/v2/files/214822442124281/download_url - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-688072】【英】GS-Piotech：内存扩产驱动增长-工具规格升级-20260914.pdf|【个股-688072】【英】GS-Piotech：内存扩产驱动增长-工具规格升级-20260914.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-688072】【英】GS-Piotech：内存扩产驱动增长-工具规格升级-20260914.pdf|【个股-688072】【英】GS-Piotech：内存扩产驱动增长-工具规格升级-20260914.pdf]] ### 【个股-AAPL】【英】JPM-iPhone 18 Pro交货期同比缩短-消费者或在等折叠屏-20260913.pdf - 状态：downloaded - 错误：401 Client Error: Unauthorized for url: https://api.zsxq.com/v2/files/214822442124221/download_url - 本地资源：[[assets/docs/260918_0842__外资研报__【个股-AAPL】【英】JPM-iPhone 18 Pro交货期同比缩短-消费者或在等折叠屏-20260913.pdf|【个股-AAPL】【英】JPM-iPhone 18 Pro交货期同比缩短-消费者或在等折叠屏-20260913.pdf]] #### 预览 [[assets/docs/260918_0842__外资研报__【个股-AAPL】【英】JPM-iPhone 18 Pro交货期同比缩短-消费者或在等折叠屏-20260913.pdf|【个股-AAPL】【英】JPM-iPhone 18 Pro交货期同比缩短-消费者或在等折叠屏-20260913.pdf]]