--- title: "#外资研报" topic_id: 45548545818524848 created_at: 2026-09-21T08:18:52.900+0800 source: zsxq type: topic cssclasses: zsxq-vault --- # #外资研报 - 序号：507 - 星球链接：[打开网页](https://wx.zsxq.com/group/15522451881222/topic/45548545818524848) - 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 Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf 1. 5EzBWGjBoUfXfV8O8Q9PsQpPtRoQlOqQxOkPoPmO6MrQmMMYtQoPNZnOwP Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf 1. 5EPFVJiAtZcUcW9PcM7NtRqQtRpRiNmMxOfQnMsQ9PoPnNxNmPnMuOqMqQ Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf 1. 5ERHYEjBtZeWdXbR8QaQtRpPnPoQjMnNyRkPoPmObRrQqQMYtQnPNZmPnR Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf 1. 4FOEWGo4qWfXeUbRdN7NnPpPmOtNfQoOwPiNpOtR7NqRmMxNnOmNMYsOwO Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf 1. 1IzBZFo4pVfXfV8OaO8OpNpPmOqOiNmMwPeRnMqP8OrQoRMYtQqRMYnRpN Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf 1. AHyAXHm2tZfXdX9P9R8OsQoOoMtNjMmMyRlOrQpN7NnMrRuOtQqRwMoMnR Nomura-肿瘤药物销售专家电话会议要点.pdf 1. 0JzBUIp5pVcUaY7N8Q8OoMnNsQsMkPqQuNlOqRrN6MqRpRNZqQmNNZoMuN Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf 1. intensified competition and FX volatility to continue weighing on earnings through 2026. [RTealabtlivee_ Cpehraforrt]m ance chart 2. ability to deliver high-power products at scale and its progress in expanding relationships SAC Registration No.: S1720522060001 3. [WTAe BdLeEri_vVea oluuart itoanrgMeet thproicde] of CNY232.10 by applying a 55x target P/E to 2027F EPS of CNY4.22. Our target multiple is at a 4. [ATcAcBoLrdEi_nEg stgo] its 2025 Sustainability Report, Honor Electronic invested more than CNY13mn in environmental protection in 5. 2025, and its major production sites are ISO 14001-certified. It recycled and processed approximately 950 tonnes of waste 6. We, Peiyu Li and Xiaoming Ma, hereby certify (1) that the views expressed in this Research report accurately reflect our 7. personal views about any or all of the subject securities or issuers referred to in this Research report, (2) no part of our 8. Research report and (3) no part of our compensation is tied to any specific investment banking transactions performed by Nomura-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、NPOCPOOCS.pdf 1. 1IQGZFp5qWeWdX8O9R8OmOoOsQtNfQoOvMiNrQrN7NrQpRwMmMmNNZmPpP ## 文档 ### Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf|Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf]] #### 总结 1. 5EzBWGjBoUfXfV8O8Q9PsQpPtRoQlOqQxOkPoPmO6MrQmMMYtQoPNZnOwP #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf|Nomura-世纪互联（VNET.US）：中国北方AIDC（人工智能数据中心）建设的核心受益者.pdf]] ### Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf|Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf]] #### 总结 1. 5EPFVJiAtZcUcW9PcM7NtRqQtRpRiNmMxOfQnMsQ9PoPnNxNmPnMuOqMqQ #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf|Nomura-万国数据（GDS.OQ）：强劲订单储备与长期能见度，维持买入评级，目标价下调至45.7美元.pdf]] ### Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf|Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf]] #### 总结 1. 5ERHYEjBtZeWdXbR8QaQtRpPnPoQjMnNyRkPoPmObRrQqQMYtQnPNZmPnR #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf|Nomura-中国AI价值链：可持续AI投资驱动更高投资回报率（ROI）.pdf]] ### Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf|Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf]] #### 总结 1. 4FOEWGo4qWfXeUbRdN7NnPpPmOtNfQoOwPiNpOtR7NqRmMxNnOmNMYsOwO #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf|Nomura-中国雷赛科技 核心业务复苏超预期；机器人订单持续放量 China Leadshine Technology Core recovery beats; robotics orders gain traction.pdf]] ### Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf|Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf]] #### 总结 1. 1IzBZFo4pVfXfV8OaO8OpNpPmOqOiNmMwPeRnMqP8OrQoRMYtQqRMYnRpN #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf|Nomura-中国先进制造：吉隆坡与新加坡路演反馈.pdf]] ### Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf|Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf]] #### 总结 1. AHyAXHm2tZfXdX9P9R8OsQoOoMtNjMmMyRlOrQpN7NnMrRuOtQqRwMoMnR #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf|Nomura-中国消费：大众商场 7_8 月销售表现走弱 China consumer Weakened sales performance of mass-market mall in Jul-Aug.pdf]] ### Nomura-肿瘤药物销售专家电话会议要点.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-肿瘤药物销售专家电话会议要点.pdf|Nomura-肿瘤药物销售专家电话会议要点.pdf]] #### 总结 1. 0JzBUIp5pVcUaY7N8Q8OoMnNsQsMkPqQuNlOqRrN6MqRpRNZqQmNNZoMuN #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-肿瘤药物销售专家电话会议要点.pdf|Nomura-肿瘤药物销售专家电话会议要点.pdf]] ### Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf|Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf]] #### 总结 1. intensified competition and FX volatility to continue weighing on earnings through 2026. [RTealabtlivee_ Cpehraforrt]m ance chart 2. ability to deliver high-power products at scale and its progress in expanding relationships SAC Registration No.: S1720522060001 3. [WTAe BdLeEri_vVea oluuart itoanrgMeet thproicde] of CNY232.10 by applying a 55x target P/E to 2027F EPS of CNY4.22. Our target multiple is at a 4. [ATcAcBoLrdEi_nEg stgo] its 2025 Sustainability Report, Honor Electronic invested more than CNY13mn in environmental protection in 5. 2025, and its major production sites are ISO 14001-certified. It recycled and processed approximately 950 tonnes of waste 6. We, Peiyu Li and Xiaoming Ma, hereby certify (1) that the views expressed in this Research report accurately reflect our 7. personal views about any or all of the subject securities or issuers referred to in this Research report, (2) no part of our 8. Research report and (3) no part of our compensation is tied to any specific investment banking transactions performed by #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf|Nomura-欧陆通(300870.SZ) - 1H26业绩不及预期；高功率产品驱动复苏-20260910 Peiyu Li，Xiaoming Ma.pdf]] ### Nomura-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、NPOCPOOCS.pdf - 状态：skipped_existing - 错误： - 本地资源：[[assets/docs/260921_0818__外资研报__Nomura-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、NPOCPOOCS.pdf|Nomura-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、NPOCPOOCS.pdf]] #### 总结 1. 1IQGZFp5qWeWdX8O9R8OmOoOsQtNfQoOvMiNrQrN7NrQpRwMmMmNNZmPpP #### 预览 [[assets/docs/260921_0818__外资研报__Nomura-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、NPOCPOOCS.pdf|Nomura-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、NPOCPOOCS.pdf]]