#外资研报

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附件总结 GS-中金公司（3908.HK）：管理层会议.pdf

0JOEXHn3oUfXdXaQ8Q9PsQmMnPtNfQqQyRjMrQyQ8OqRqQvPqNtPvPsRoP

GS-中微公司（688012.SS）：中国 AI 产业调研：先进沉积设备与刻蚀机已推出；看好先进逻辑与存储订单 AMEC (688012.SS) China AI Tour Advanced deposition tools and etchers launched; Positive on advanced logic and memory orders.pdf

companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and thereore does not
InnoScience, Innolight (A), Innolight (H), Inspur, Insta360, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo,
Goldman Sachs expects to receive or intends to seek compensationor investment banking services in the next 3 months: AMEC (Rm b336.01)
As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys
Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to

GS-专家电话会：中长期供应缺口与行业展望-20260918.pdf

China Property Expert Call series in 2026 (see the first/second). Dr. Ding is the yi.wang@goldmansachs.cn
For the property market, Dr. Ding expects 1) market supply to remain balanced in zihan.y.wang@goldmansachs.cn
the near term as developers rush for construction/presale permits before Aug 28, Company Limited
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
significant gap in new salable inventory. 3) In the long run (beyond two years), Dr. Ding

GS-紫光股份（000938.SZ）：中国AI路演纪要——超级节点业务扩张中；乘中国AI基础设施强劲需求东风；中性评级.pdf

0JzBYEiAoU8YfVbRcMaQtRnNsQtNjMpPyReRrQtPbRoPnNvPoOpOwMrRmN

GS-阻力最小的路径-20260920.pdf

accelerated to 5.2% yoy in August, while retail sales growth slipped to 0.4% yoy. Goldman Sachs (Asia) L.L.C.
Exhibit 1: Only export value and industrial production Exhibit 2: Official data show small retailers significantly
Exhibit 3: Significant divergence in physical output of tech Exhibit 4: Significant divergence in retail sales of different
1 The NBS 70-city property price indices show less volatility than other house price indices in China, but the
Exhibit 5: House prices have diverged across city tiers this Exhibit 6: China’s CPI inflation has been much lower than
Exhibit 7: Bank loan growth has fallen below nominal GDP Exhibit 8: Manufacturing is less labor-intensive than
Exhibit 9: We expect sequential growth to edge up in Q3 Exhibit 10: Risk of GDP growth not reaching this year’s
Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 No target was set for 2020 due to the Covid pandemic.

JPM-中国房地产：国庆前或将推出房贷补贴-20260921.pdf

Over the past two trading days, Chinese developers have risen 5% (HSI: +2%), led Mainland China/Hong Kong Property
ov 2025 = 100) (19 Nsidieubs sgeortgabout mtion aulacpet srkea mviousid prem a-Hnkea / Vcunand Srty arope P of Chinaencarform peepric verify the current speculation, we think this is a possible policy direction (and venus.choi@jpmorgan.com
23-Jul-26 Dalian Mortgage interest 15% 0.5ppt Subsidy period of 3 years Available for qualifying second-home HPF mortgages
26-Mar-26 Suzhou Mortgage interest 50% 1.5ppt Rmb50k per unit Available to eligible degree holders who are either
18-Nov-24 Yuncheng Mortgage interest 30%-50% 1.2ppt Loan cap: Rmb100k-300k For eligible full-time high-level talent, gov't provides
20-Mar-26 Nanjing Mortgage rate - 1.0ppt Gov't budget: Rmb100mn Provided to buyers completing a "trade-in" transaction
2-Mar-26 Nanchong Mortgage rate - 1.0ppt Rmb2k per family Provide one-off subsidy for couples whose first marriage
Note: Share price performance is from the close of 17 Sep to the close of 21 Sep. Past performance is not an indicator of future

MS-TFT-LCD面板2026年9月价格：电视、显示器和笔电环比持平-20260921.pdf

75" TV panel prices all stood flat for the month of September, i n line with our Exhibit 1 : TFT-LCD TV Panel Price Trends
1. However, some supply chain players think this might take longer, and there refer to the Disclosure Section, located at the end of this
Screen Size Format Resolution BLU 1/1/2025 2/1/2025 3/1/2025 4/1/2025 5/1/2025 6/1/2025 7/1/2025 8/1/2025 9/1/2025 10/1/2025 11/1/2025 12/1/2025 1/1/2026 2/1/2026 3/1/2026 4/1/2026 5/1/2026 6/1/2026 7/1/2026 8/1/2026 Sept-26 (A) Sept-26 (E) Diff %
75" 4K2K 3840x2160Open-Cell 253 256 257 257 257 256 253 253 253 251 248 245 245 247 250 251 251 251 248 247 247 247 0.0%
Change (%) 1.2% 1.2% 0.4% 0.0% 0.0% -0.4% -1.2% 0.0% 0.0% -0.8% -1.2% -1.2% 0.0% 0.8% 1.2% 0.4% 0.0% 0.0% -1.2% -0.4% 0.0% 0.0%
65" 4K2K 3840x2160Open-Cell 184 186 187 187 187 186 183 183 183 181 178 178 179 182 185 187 187 187 184 183 183 183 0.0%
Change (%) 1.1% 1.1% 0.5% 0.0% 0.0% -0.5% -1.6% 0.0% 0.0% -1.1% -1.7% 0.0% 0.6% 1.7% 1.6% 1.1% 0.0% 0.0% -1.6% -0.5% 0.0% 0.0%
55" 4K2K 3840x2160Open-Cell 135 136 137 137 137 136 134 134 134 133 131 131 132 134 136 136 136 136 134 133 133 133 0.0%

GS-中国重汽-3808.HK-会议要点：出口将在更长时间内走强；电动重卡利润率压力持续；维持买入评级（摘要）-20260910.pdf