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

  1. 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
  2. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  3. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  4. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  5. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  6. 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
  7. 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
  8. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

GS Consumer - Morning Trading Update -US.pdf

  1. 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
  2. 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
  3. 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
  4. (+5%) is evaluating strategic alternatives per Axios and COSTannounced partnership with Doordash. In research, Lizzie previewing CCL quarter expect
  5. 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
  6. 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
  7. 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
  8. 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

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

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

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

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

JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

  1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of
  2. Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
  3. holding, and new product and automation initiatives are gaining traction. J.P. Morgan Securities (Asia Pacific) Limited/
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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

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

  1. 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
  3. Tuesday, September 15, 2026, the worst single day of the Bitcoin ETPs’ flows since michael.cho@jpmchase.com
  4. the end of June 2026. Fidelity’s FBTC and BlackRock’s IBIT drove the group’s net J.P. Morgan Securities LLC
  5. Note: Grayscale’s GBTC seed capital represents January 10, 2024, AUM of legacy structure that converted into ETP
  6. Note: Grayscale’s ETHE seed capital represents July 22, 2024, AUM of legacy structure that converted into ETP
  7. Figure 1: Weekly Flows Summary: Week Ended September 18 Flips Net Negative to $327mn on the Back of Yesterday’s Net Redemptions
  8. $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)

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

  1. ◼ AI infrastructure-led growth remains supply-constrained rather than demand-constrained, with NVDA framing its FY28/CY27
  2. +70% Y/Y growth outlook as a “comfortable” base case with room for revenue to more than double absent supply constraints;
  3. ◼ Analog recovery continues to broaden, with YTD 2026 Y/Y sales growth positive every month as industrial, auto, AI / data-center,
  4. ◼ Cloud capex expectations continue to be revised materially higher YTD (+DD %), with CY26-28 cloud capex estimates now at
  5. Meta MTIA AI ASIC processor family Broadcom 7nm, 5nm, 3nm, 2nm Gen 1, Gen2, Gen 3 and follow-ons Ramping now through CY28
  6. $ $ 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 % %
  7. ◼ F/L spend should be anchored by TSMC’s N2/N3 buildout and incremental upside from INTC. Asia checks show a more aggressive
  8. 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

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

  1. 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%
  2. 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%
  3. 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%
  4. 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%
  5. 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%
  6. 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%
  7. 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%
  8. 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%

文档

CITI-中国在线游戏行业期刊-2026年8月刊-20260916.pdf

总结

  1. 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
  2. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  3. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  4. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  5. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.
  6. 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
  7. 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
  8. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

预览

CITI-中国在线游戏行业期刊-2026年8月刊-20260916.pdf

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

预览

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

GS Consumer - Morning Trading Update -US.pdf

总结

  1. 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
  2. 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
  3. 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
  4. (+5%) is evaluating strategic alternatives per Axios and COSTannounced partnership with Doordash. In research, Lizzie previewing CCL quarter expect
  5. 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
  6. 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
  7. 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
  8. 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

预览

GS Consumer - Morning Trading Update -US.pdf

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

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

预览

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

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

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

预览

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

JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

总结

  1. This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of
  2. Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.
  3. holding, and new product and automation initiatives are gaining traction. J.P. Morgan Securities (Asia Pacific) Limited/
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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

预览

JPM-波动中的可见度：逢低买入-保持乐观-20260917.pdf

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

  1. 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
  3. Tuesday, September 15, 2026, the worst single day of the Bitcoin ETPs’ flows since michael.cho@jpmchase.com
  4. the end of June 2026. Fidelity’s FBTC and BlackRock’s IBIT drove the group’s net J.P. Morgan Securities LLC
  5. Note: Grayscale’s GBTC seed capital represents January 10, 2024, AUM of legacy structure that converted into ETP
  6. Note: Grayscale’s ETHE seed capital represents July 22, 2024, AUM of legacy structure that converted into ETP
  7. Figure 1: Weekly Flows Summary: Week Ended September 18 Flips Net Negative to $327mn on the Back of Yesterday’s Net Redemptions
  8. $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)

预览

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

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

总结

  1. ◼ AI infrastructure-led growth remains supply-constrained rather than demand-constrained, with NVDA framing its FY28/CY27
  2. +70% Y/Y growth outlook as a “comfortable” base case with room for revenue to more than double absent supply constraints;
  3. ◼ Analog recovery continues to broaden, with YTD 2026 Y/Y sales growth positive every month as industrial, auto, AI / data-center,
  4. ◼ Cloud capex expectations continue to be revised materially higher YTD (+DD %), with CY26-28 cloud capex estimates now at
  5. Meta MTIA AI ASIC processor family Broadcom 7nm, 5nm, 3nm, 2nm Gen 1, Gen2, Gen 3 and follow-ons Ramping now through CY28
  6. $ $ 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 % %
  7. ◼ F/L spend should be anchored by TSMC’s N2/N3 buildout and incremental upside from INTC. Asia checks show a more aggressive
  8. 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

预览

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

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

  1. 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%
  2. 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%
  3. 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%
  4. 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%
  5. 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%
  6. 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%
  7. 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%
  8. 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%

预览

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

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站内副本：2026-09-18/topics/379.md