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附件总结 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

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

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

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

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

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

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

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

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

    1. Product Releases — Foldable and more....................................................................................................................................................................3
  2. iPhone 18 Pro and Pro Max - meaningful performance upgrades, with modest price increases at lower storage tiers..............3
  3. iPhone Duo - a compelling first foldable Form Factor from Apple.................................................................................................................4
  4. the gateway to consumer edge AI..............................................................................................................................................................................6
  5. New AirPods and watches deliver solid audio, health, AI, and battery upgrades......................................................................................6
  6. ........................................................................................................................7
  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
  8. 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

Bernstein-全球能源存储：电池周报.pdf

  1. • LG Energy Solution secures US lithium supply for ten years.- electrive.com LG Energy Solution (LGES) has signed a 10-year lithium supply
  2. agreement with Smackover Lithium, securing 80,000 tonnes of battery-grade lithium carbonate from Arkansas beginning in 2029. Under
  3. 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.
  4. 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
  5. • 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
  6. battery cells for energy storage systems (ESS) to US-based NeoVolta Power from 2027 to 2031. The batteries will be manufactured at SK
  7. 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
  8. additional 9 GWh collaboration, which could bring total cooperation to 18 GWh. The deal supports SK On's strategy to diversify beyond EV

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

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

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

  1. 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
  2. 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
  3. than 30%" previously, while expectations for the remainder of the portfolio, including RF-SOI, Power-SOI, Automotive and
  4. expects 2Q27 Photonics-SOI revenue of around three times the prior-year level, 1H27 revenue of around 2.3x the prior-year level,
  5. silicon-photonics revenue to more than double in 2026 versus 2025, citing its capacity ramp and technology capability, and
  6. • STMicroelectronics’ 23 July 2Q26 call, coincident with Soitec's 1Q FY27 publication date, was also distinctly positive.
  7. • Most pertinent for Soitec, key customer Tower Semi's silicon-photonics revenue rose more than 270% year-on-year and 60%
  8. We increase our FY27 Photonics-SOI revenue estimate to $296m (+11% vs our post-1Q estimate at $266m), at the upper end of

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

  1. Oracle is not only executing well but also communicating better, with more details, clarity and 52-Week Range 345.72/114.50
  2. Last night Oracle delivered another strong quarter, guided for Q2, and updated FY guidance. They also showed that they can
  3. (~5%). They also continued to hone how they communicate in numerous ways that will hopefully increase investor confidence.
  4. • Business trajectory: Oracle has laid out a very specific trajectory for the business through FY30 and this quarter played
  5. the previously announced $20B in equity (which likely helped drive the recent weakness in the stock). They have previously
  6. • Yet again Oracle added to RPO ($30B this quarter of additional AI Cloud contracts) that will not increase the company’s
  7. Even though these most recent contracts will not impact FY27 and likely FY28 results they not only don’t add to the cash
  8. renewed / recontacted at 20% higher revenue, AI servers can be used for longer than 6 years, there is far more stickiness to

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

  1. Decoding the tech behind MRDIMM.................................................................................................................................................................................3
  2. Four fundamental paths to boost memory bandwidth........................................................................................................................................3
  3. MRDIMM doubles host-interface speed by exploiting rank parallelism........................................................................................................6
  4. MRDIMM optimizes task-level latency by reducing the queuing delay..........................................................................................................9
  5. Power, thermal density, and physical space are the primary trade-offs....................................................................................................10
  6. MRDIMM requires modest incremental module BOM......................................................................................................................................10
  7. Why DDR bandwidth demand structurally rises in the agentic AI era................................................................................................................11
  8. 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

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

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

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

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

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

  1. (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,
  2. C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,
  3. Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
  4. Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.
  5. The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for
  6. for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
  7. Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse
  8. 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

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
  2. iPhone 18 Pro and Pro Max - meaningful performance upgrades, with modest price increases at lower storage tiers..............3
  3. iPhone Duo - a compelling first foldable Form Factor from Apple.................................................................................................................4
  4. the gateway to consumer edge AI..............................................................................................................................................................................6
  5. New AirPods and watches deliver solid audio, health, AI, and battery upgrades......................................................................................6
  6. ........................................................................................................................7
  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
  8. 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

Bernstein-全球能源存储：电池周报.pdf

总结

  1. • LG Energy Solution secures US lithium supply for ten years.- electrive.com LG Energy Solution (LGES) has signed a 10-year lithium supply
  2. agreement with Smackover Lithium, securing 80,000 tonnes of battery-grade lithium carbonate from Arkansas beginning in 2029. Under
  3. 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.
  4. 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
  5. • 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
  6. battery cells for energy storage systems (ESS) to US-based NeoVolta Power from 2027 to 2031. The batteries will be manufactured at SK
  7. 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
  8. 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

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

  1. (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,
  2. C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,
  3. We value QCOM by setting a target multiple of ~15x applied to the average of our FY2027/28 diluted EPS estimate (~$11.14)
  4. issues monetizing China, "leakage" of IP issues, 5G penetration and ramp slower than we model resulting in lower device or chipset
  5. The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for
  6. for European insurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P
  7. Where this report contains investment recommendations for credit instruments, as defined in article 3(1)(35) of the Market Abuse
  8. 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

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

  1. 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
  2. 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
  3. than 30%" previously, while expectations for the remainder of the portfolio, including RF-SOI, Power-SOI, Automotive and
  4. expects 2Q27 Photonics-SOI revenue of around three times the prior-year level, 1H27 revenue of around 2.3x the prior-year level,
  5. silicon-photonics revenue to more than double in 2026 versus 2025, citing its capacity ramp and technology capability, and
  6. • STMicroelectronics’ 23 July 2Q26 call, coincident with Soitec's 1Q FY27 publication date, was also distinctly positive.
  7. • Most pertinent for Soitec, key customer Tower Semi's silicon-photonics revenue rose more than 270% year-on-year and 60%
  8. 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

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

  1. Oracle is not only executing well but also communicating better, with more details, clarity and 52-Week Range 345.72/114.50
  2. Last night Oracle delivered another strong quarter, guided for Q2, and updated FY guidance. They also showed that they can
  3. (~5%). They also continued to hone how they communicate in numerous ways that will hopefully increase investor confidence.
  4. • Business trajectory: Oracle has laid out a very specific trajectory for the business through FY30 and this quarter played
  5. the previously announced $20B in equity (which likely helped drive the recent weakness in the stock). They have previously
  6. • Yet again Oracle added to RPO ($30B this quarter of additional AI Cloud contracts) that will not increase the company’s
  7. Even though these most recent contracts will not impact FY27 and likely FY28 results they not only don’t add to the cash
  8. 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

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