2025年9月1日-30日国外投行金融机构732份行业研究报告PDF网盘资源合集，包含摩根大通/瑞银/美银/花旗/高盛/汇丰/贝莱德…等机构报告

2025年9月国外行业报告资源

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2025年9月国外行业报告资源截图

包括行业投资报告在内的诸多研报资源均在299素材网百度网盘群组持续更新，本行业报告系列将持续将群组中的部分研报资源进行展示，紧跟时事，持续更新。

目前在更的是2025行业报告系列，本文对2025年9月1日-9月30日更新的国外研报电子版PDF合集进行汇总，百度网盘分享，文件大小共4.9G，后续持续更新中，包含732份+摩根大通/汇丰/瑞银/美银/花旗/高盛/贝莱德……等国外金融机构投行报告。

目录如下

732份+国外报告国外研报国外机构报告国外投行报告

├── 250920更新
│ ├── Economic自有渠道
│ │ ├── 翻译-高盛Powering the AI Era_translated.pdf
│ │ ├── 2908 The Flow Show_translated.pdf
│ │ ├── J.P. Morgan-Flows & Liquidity：Who drove the recent rally in Chinese equities？-250828.pdf
│ │ ├── J.P. Morgan-China Hong Kong Equity Strategy Dashboard-250914.pdf
│ │ ├── UBS-Fuyao Glass（600660）Positive outlook on ASP and margin-250915.pdf
│ │ ├── UBS-Micron Technology Inc（MU.US）FQ4：25 （Aug） Earnings Preview： Fundamentals Supportive of Our Thesis-250915.pdf
│ │ ├── 高盛Powering the AI Era.pdf
│ │ ├── Goldman Sachs-Taiwan Technology： Communacopia + Technology Conference 2025： AI sentiment on the rise； Buy TSMC （on CL）； ASE （Buy） gaining traction-250916.pdf
│ │ ├── Morgan Stanley-A~Share Sentiment Spiking to Approach Sep~24 Level -250828.pdf
│ │ ├── CITI-China Networking Key Takeaways from CIOE Tour： Scale~Up OCS CPC， 3.2T 6.4T 12.8T Roadmap， Higher Attach Rate？ Buy Innolight Eoptolink-250914.pdf
│ │ ├── Morgan Stanley-China Equity Strategy：2Q25 Earnings Interim Review： MSCI China Improved vs. 1Q While A~shares Softened-250828.pdf
│ │ ├── CITI-Greater China Semiconductors：China Launches Anti~Dumping Probe Targeting US Analog ICs； Open Upside CW on SG Micro， OmniVision-250914.pdf
│ │ ├── Goldman Sachs-Navigating China Internet： eCommerce tracker，Steady Aug online retail GMV growth； Eyes on potential Sep moderation on trade~in categories-250916.pdf
│ │ ├── Goldman Sachs-China Property Monthly Tracker：Weak Aug broadly inline， low expectation for _Golden September”-250915.pdf
│ │ ├── Bernstein-Global Energy Storage： Can US ESS demand offset EV weakness for Korean battery makers-250916.pdf
│ │ ├── Goldman Sachs-Greater China Semis： August： IC import export value +8.4% +32.8% YoY-250916.pdf
│ │ ├── Goldman Sachs-China Musings：Why the liquidity~driven rally has further to go-250828.pdf
│ │ ├── CITI-Victory Giant Tech （300476） Relentless Rhythm； TP to Rmb447.0-250914.pdf
│ │ ├── CITI-BYD （1211.HK）BYD China Inventories & Retail Tracker （End~Aug）-250914.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025：Minieye： NOA and Driver Monitoring System business in expansion-250915.pdf
│ │ ├── 2908 The Flow Show.pdf
│ │ ├── UBS-Meitu（1357.HK）Aug~25 monthly tracker： RoboNeo building momentum-250916.pdf
│ │ ├── CITI-China Auto Manufacturers：11 Figures； 11 Trends （Aug~25 Summary）-250914.pdf
│ │ ├── 翻译-摩根士丹利 A 股情绪激增接近 9 月 24 日水平 -250828 — Morgan Stanley-A~Share Sentiment Spiking.pdf
├── 250902更新
│ ├── Economic自有渠道
│ │ ├── UBS-Zhejiang Sanhua Intelligent Controls（002050） Q225 NP in line with pre~results-250829.pdf
│ │ ├── UBS-Zhejiang NHU（002001）H125 net profit up 63% YoY； ramp~up of 180ktpa methionine project in focus-250828.pdf
│ │ ├── UBS-Ningbo Tuopu Group（601689）2Q25 results slightly beat； an upswing in 2H25 operations-250828.pdf
│ │ ├── Morgan Stanley-Shenzhen Goodix Technology Co Ltd（603160）China BEST Conference Feedback-250828.pdf
│ │ ├── UBS-Kunshan Dongwei Technology（688700）Q225 a miss； positive signs on accelerated PCB equipment demand-250828.pdf
│ │ ├── Morgan Stanley-Zhejiang Hangke Technology（688006）：2Q25 Net Profit Beats Consensus-250828.pdf
│ │ ├── Goldman Sachs-Mindray （300760）： Earnings review： 1H25 miss on faster channel inventory destocking； guides for a turning point in Q3； Buy-250828.pdf
│ │ ├── Goldman Sachs-Huaqin Technology （603296）： AI servers Data center business in expansion； 2Q25 in line； Buy （on CL）-250828.pdf
│ │ ├── Goldman Sachs-Inspur （000977）： AI server to ramp up on rising China Cloud capex and expanding platform； 2Q GM recovery while Rev missed； Buy-250829.pdf
│ │ ├── Goldman Sachs-China Musings：Why the liquidity~driven rally has further to go-250828.pdf
│ │ ├── Goldman Sachs-Horizon Robotics （9660.HK）： SuperDrive and J6P mass production in 2H25 to drive mix upgrade； 1H25 Rev +68% YoY while OP missed； Buy-250828.pdf
│ │ ├── Goldman Sachs-Haier Smart Home Co. （600690）： 2Q25 First Take： Margins and interim dividends positive surprises； Buy-250829.pdf
│ │ ├── Goldman Sachs-DiDi Global Inc. （DIDIY.US） 2Q25 review： Strong profit beat from domestic mobility； continued international & robotaxi investments； Buy-250829.pdf
│ │ ├── CITI-Han’s Laser Technology （002008） 2025~26E Likely a _Super” Cycle Led by AI PCB and Apple； Raise TP to Rmb45.0-250828.pdf
│ │ ├── UBS-China Industrial Automation：Takeaways from World Robot Conference-250812.pdf
│ │ ├── Morgan Stanley-Wuxi Lead Intelligent（300450）2Q25 NP Beats Consensus； Potential Upside on F25 New Order Target-250829.pdf
│ │ ├── Goldman Sachs-China Property Weekly Wrap：Week 32 Wrap ~ Transactions extended softening trends； Beijing further eased HPR-250812.pdf
│ │ ├── Bernstein-Global Digital Assets：The Digital Assets Memo： How to invest in Ethereum？ Coinbase looks most ETH~aligned （109 n）-250811.pdf
│ │ ├── CITI-China Economics：Potentially More Impact of Anti~Involution on CPI Than PPI in July-250810.pdf
│ │ ├── BofA Securities-Teradyne（TER.US）Investor Day highlights： NT macro headwinds， LT stretch targets， reit. U P-250311.pdf
│ │ ├── UBS-China Online Entertainment Sector：Can the online entertainment rally be sustained？ Q225 results preview-250811.pdf
│ │ ├── Bernstein-US~India~Russia： Repeating an historic blunder？-250811.pdf
│ │ ├── Bernstein-U.S. Semiconductors：NVIDIA， AMD~Trump wants a China AI pay~to~play？-250811.pdf
│ │ ├── Goldman Sachs-2025 WRC takeaways： Rapid product evolution compared to a few months ago； Buy Sanhua H A-250811.pdf
│ │ ├── Bernstein-Advanced Micro~Fabrication Equipment Inc China（688012）AMEC 2Q25： Rev in~line， GPM miss， R&D ratio hit a record high lead to NPM miss and short term pressure on EPS-250828.pdf
│ │ ├── Bernstein-China Autos： Mid~year outlook confronts tougher comps； BYD and Xiaomi remain our top Outperform picks-250811.pdf
├── 250927更新
│ ├── Economic自有渠道
│ │ ├── 翻译-Bernstein-China Smart Driving Chip： Powering Auto Intelligence~Initiation with OP on Horizon Robotics and UP on Black Sesame-250901_translated.pdf
│ │ ├── 翻译-UBS-China Industrials：Tracking trade flows amid changing US tariffs on China （week 35） -250901_translated.pdf
│ │ ├── 翻译-JPM_China_Hong_Kong_Equi_2025-09-01_translated.pdf
│ │ ├── BofA Securities-European Chemicals：The next China cycle wont be so super-250918.pdf
│ │ ├── Morgan Stanley-A picture is worth a thousand words-250919.pdf
│ │ ├── Nomura-Greater China Semi：Taiwan tier~two foundries： silver lining？-250921.pdf
│ │ ├── J.P. Morgan-China Battery & Materials：Solid production trend continues； September production outlook-250901.pdf
│ │ ├── Nomura-China intelligent vehicle：Our digest on national safety needs for smart driving functions-250921.pdf
│ │ ├── J.P. Morgan-China ESS：Expert call takes： Tender strength and policy support to drive a V~shaped recovery-250920.pdf
│ │ ├── Goldman Sachs-China Property Weekly Wrap：Week 35 Wrap ~ Transactions improved modestly but sentiment softened； urban renewal remains policymaker focus-250902.pdf
│ │ ├── UBS-Global I O Tech Hardware & Semis：3Q25 UBS APAC Tech Tour： Firing on all cylinders-250922.pdf
│ │ ├── J.P. Morgan-Global Fixed Income Technical Update：The 2025 US belly richening trend looks done for now-250919.pdf
│ │ ├── 翻译J.P. Morgan-Asia Non~USD Credit Markets-250902_译文_202509021408.pdf
│ │ ├── UBS-UBS Global I O： Global PC Hardware：UBS Evidence Lab inside： Commercial PCs resilient， offsetting muted consumer demand-250922.pdf
│ │ ├── J.P. Morgan-Macro Trade Recommendations-250919.pdf
│ │ ├── J.P. Morgan-Global Markets Strategy：Market movers-250920.pdf
│ │ ├── UBS-China Industrials：Tracking trade flows amid changing US tariffs on China （week 35） -250901.pdf
│ │ ├── 翻译-高盛-中国工业科技：电池设备 2025 年第二季度小幅不及预期；订单回升但可持续性为关键；固态电池处于早期阶段；对力达汉科持中性评级-250901.pdf
│ │ ├── J.P. Morgan-FX Markets Weekly：Fed affirms asymmetric bearish risks to USD， contingent on data-250919.pdf
│ │ ├── Bernstein-China Smart Driving Chip： Powering Auto Intelligence~Initiation with OP on Horizon Robotics and UP on Black Sesame-250901.pdf
│ │ ├── J.P. Morgan-Asia Non~USD Credit Markets-250902.pdf
│ │ ├── J.P. Morgan-Global Commodities：The Week in Commodities-250919.pdf
│ │ ├── Bernstein-Global Energy Storage-250922.pdf
│ │ ├── BofA Securities-China A~share W&W Indicator ~ Monthly ：The W&W Indicator fell to _neutral” zone in Sep-250919.pdf
│ │ ├── J.P. Morgan-Emerging Markets FX-250919.pdf
├── 250924更新
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-Neway Valve （Suzhou） Co.， Ltd（603699）The _N.E.W_ Way Forward-250911.pdf
│ │ ├── Nomura-Asia Insights：China： August manufacturing PMI shows continued softness-250831(2).pdf
│ │ ├── Morgan Stanley-Greater China Semiconductor：AI Growth Rippling into Old Memories-250917.pdf
│ │ ├── Morgan Stanley-Micron Technology Inc（MU.US）Micron FAQ into what should be a strong quarter， with HBM headwinds-250917.pdf
│ │ ├── Bernstein-Horizon Robotics（9660.HK）China Next Winners： China Semis~Horizon Robotics， Domestic leader for smart driving SoC with a globally unique model-250919.pdf
│ │ ├── Goldman Sachs-China Software： 2Q25 result review； AI monetization and integration with software as focus， enhanced productivity starts to reflect on-250901.pdf
│ │ ├── Morgan Stanley-ANTA Sports（2020.HK）Takeaways from Factory Visit-250917.pdf
│ │ ├── Morgan Stanley-China TransInfo Technology Co Ltd（002373）：Risk Reward Update-250917.pdf
│ │ ├── Goldman Sachs-China Consumer Staples：Prepared food： weak 2Q but divergent by scale， product and input cost； more rational competition into 2H-250831.pdf
│ │ ├── Bernstein-China Emerging Interent & Asia Software Technologies：China Next Winners： Emerging Internet Software~4 winning themes for a new era~Music IP， ERP software， OTAs going global， Robotaxis-250919.pdf
│ │ ├── MorganStanley_AlibabaGroupHoldingChinasBestAIEnablerThesisPlayingOut_Sep_01,_2025.pdf
│ │ ├── UBS-Jiangsu Hengli Hydraulic（601100）Demand recovery + market share gains + new product potential； reiterate Buy rating-250918.pdf
│ │ ├── Goldman Sachs-Asia in Focus：Liquidity and Inflation Redux – A Roundup of China’s Monetary Policy Stance （Chen）-250901.pdf
│ │ ├── CITI-Baidu.com （BIDU.US） Positive Market Reaction Post Large AI Cloud Contract-250917.pdf
│ │ ├── UBS-Shanghai Hanbell Precise Machinery（002158）Leading compressor supplier overlooked in IDC cooling supply chain； upgrade to Buy-250918.pdf
│ │ ├── Morgan Stanley-China Equity Strategy：China Free Liquidity vs. MSCI China YoY Change-250917.pdf
│ │ ├── Jefferies-China （PRC） _ Industrials：Jefferies China Factory Automation Tour~Final Call-250917.pdf
│ │ ├── CitigroupInc_AlibabaGroup(BABAN9988HK)StrategicInvestmentinAI+CloudQuickCommerceBearingSynergy_Sep_01,_2025.pdf
│ │ ├── BofAGlobalResearch_AlibabaGroupJuneQlargelyin-linepositiveoncloud,CMRandquickcommerceoutlook_Sep_01,_2025.pdf
│ │ ├── GoldmanSachs_AlibabaGroup(BABA)1QFY26ReviewCloudcapexbeatwitharenewedAI-drivennarrativeBuy_Sep_01,_2025.pdf
│ │ ├── Bernstein-Global Memory： NAND rallies but can’t sustain？ And why DRAM HBM can？-250919.pdf
│ │ ├── Morgan Stanley-China Autos & Shared Mobility：Where Market Share Reshuffled in August-250917.pdf
│ │ ├── J.P. Morgan-China Reinsurance Group~H（1508.HK）：High retention ratio： Every cloud has a silver lining-250917.pdf
├── 250915更新
│ ├── Economic自有渠道
│ │ ├── UBS-Global Financials：AI Insights： How are Financial Companies Using AI？-250909.pdf
│ │ ├── UBS-OPT Machine Vision（688686）AI to empower vision solutions and new applications； raise PT and maintain Buy-250910.pdf
│ │ ├── UBS-China Economic Perspectives：China by the Numbers （August 2025）-250826.pdf
│ │ ├── 翻译-瑞银全球策略：A 股咆哮——离岸人民币能跟上吗？-250826 — UBS-Global Strategy：China Equities Roar~Will.pdf
│ │ ├── UBS-China Industrials：Pivoting back to fundamentals-250909.pdf
│ │ ├── UBS-Global Strategy：China Equities Roar~Will CNH Catch Up？-250826.pdf
│ │ ├── UBS-China TCM Monthly Tracker：TCM raw material prices in 8M25 down 14% YoY； down 2% MoM in August-250909.pdf
│ │ ├── 翻译-瑞银——中国经济视角：数字中的中国（2025 年 8 月）-250826 — UBS-China Economic Perspectives：China b.pdf
│ │ ├── UBS-China Power Equipment Sector Smart meter： Domestic demand recovered in State Grid’s 2nd round tendering-250826.pdf
│ │ ├── Nomura-Laopu Gold（6181.HK）Direct beneficiary of strong gold price hike-250909.pdf
│ │ ├── Goldman Sachs-Xiaomi Corp. （1810.HK）： Asia Leaders Conference 2025 and Communacopia + Technology Conference 2025 — Key Takeaways-250910(1).pdf
│ │ ├── Morgan Stanley-Laopu Gold（6181.HK） Key takeaways from NDR group call-250910.pdf
│ │ ├── J.P. Morgan-China Technology：What next after China Semiconductor sector rally？ Rerating in sector； remain selective on stocks-250825.pdf
│ │ ├── Goldman Sachs-Focus Media Information Tech（002027）Multiple levers to accelerate revenue growth in 2H25； Raise TP， Buy-250910.pdf
│ │ ├── Goldman Sachs-Hangzhou First Applied Material （603806）： Mgmt. call takeaways： AI~PCB and solid state battery to drive the next leg of earnings growth-250910.pdf
│ │ ├── ai_dc_white_paper_cn.pdf
│ │ ├── CITI-Global Semiconductors：Memory Pricing Update，Commodity Memory Supply Shortage to Drive 2026E Memory Pricing-250910.pdf
│ │ ├── Goldman Sachs-China Education： Beststudy 1H25 results readacross： Revenue growth to accelerate in fall post summer promotion-250826.pdf
│ │ ├── CITI-China Healthcare：Hospitals Continued to Accelerate Spending _2024 Fiscal Stimulus Money” in Aug-250910.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 36~61% NEV penetration； NEV ICE dealer discount widened wow-250910.pdf
│ │ ├── Morgan Stanley-Asia Technology：HBM ~ Avoiding the Commodity Trap-250825.pdf
├── 250904更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Asia~Pacific Weekly Kickstart MXAPJ closed slightly lower amid foreign outflows across all markets， with North Asia outperforming the South； the China A rally continued-250830.pdf
│ │ ├── 翻译Goldman Sachs-China Software：Gen~AI to drive customer spending； Initiate on Sensetime at Neutral； Glodon down to Sell-250814_dual.pdf
│ │ ├── 翻译Goldman Sachs-China Semis：Initiating SPE components， RTP， and OSAT： Buy Kematek， Neutral E~Town and JCET； Vanchip down to Sell-250814_dual.pdf
│ │ ├── Goldman Sachs-EM Weekly Kickstart：MSCI EM fell 0.6% w w； CEEMEA， India lagged； Liquidity~driven A~share rally continues； We raised South Africa to OW and expect Domestic rotation-250829.pdf
│ │ ├── J.P. Morgan-High Grade Automotive：Weekly Road Trip-250829.pdf
│ │ ├── Goldman Sachs-Global Rates Trader：Let the Data Do the Work-250829.pdf
│ │ ├── Goldman Sachs-Europe Weekly Kickstart Summer data~only update-250829.pdf
│ │ ├── Bernstein-Tianqi Lithium（002466）Quick Take： Tianqi Lithium 1H25~Resilience amid price pressure with growth on the horizon-250830.pdf
│ │ ├── Nomura-Asia Insights：China： Will the anti~involution campaign reflate the economy？-250814.pdf
│ │ ├── Nomura-Asia Insights：China： Credit growth picked up in July while new RMB loans recorded negative growth-250813.pdf
│ │ ├── Nomura-Asia Insights：China rates，Torn between better risk sentiment and concerns over a macro slowdown-250812.pdf
│ │ ├── Goldman Sachs-Weekly Fund Flows：A Shifting Balance for Bonds-250829.pdf
│ │ ├── Goldman Sachs-China： Policymakers launched temporary interest subsidies to boost consumption， another piecemeal easing effort-250813.pdf
│ │ ├── 翻译-野村-亚洲洞察：中国：反内卷运动会重新刺激经济吗？-250814 — Nomura-Asia Insights：China： Will the anti~.pdf
│ │ ├── Goldman Sachs-China Software：Gen~AI to drive customer spending； Initiate on Sensetime at Neutral； Glodon down to Sell-250814.pdf
│ │ ├── Goldman Sachs-Navigating China Internet： Top AI apps tracker： AI model upgrades， ARR trends and focus on chip supply； healthy July app engagement-250813.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 32 ~ 58% NEV penetration； BYD market share +0.5pp wow-250813.pdf
│ │ ├── Jefferies-EUROPE _ Europe Insights：In Case You Missed It…-250830.pdf
│ │ ├── J.P. Morgan-China Industrial Ecosystems：China’s new mega projects ignite an era of infra growth？ July machinery HDT train demand beat， 2Q25 preview-250812.pdf
│ │ ├── Bernstein-China Semiconductors：China AI： Higher demand & improved supply for Cambricon-250812.pdf
│ │ ├── China’s Economy Slows Sharply in Ominous Sign for Outlook.PDF
│ │ ├── Morgan Stanley-China Internet：Burn to Earn~The 30~Minute Battle-250807.pdf
│ │ ├── Goldman Sachs-China Data Centers：2Q25 results likely inline yet DayOne’s solid execution potentially a bright spot-250814.pdf
│ │ ├── Goldman Sachs-China Semis：Initiating SPE components， RTP， and OSAT： Buy Kematek， Neutral E~Town and JCET； Vanchip down to Sell-250814.pdf
├── 250928更新
│ ├── Economic自有渠道
│ │ ├── J.P. Morgan-ESS Battery：Expecting solid growth into year~end； August shipment review-250921.pdf
│ │ ├── Morgan Stanley-WeiChai Power（2338.HK）：WeiChai’s Share Price vs. LNG HDT Sales~August 2025-250922.pdf
│ │ ├── Morgan Stanley-China Biotech Outlook–Stick with the Treatment Plan-250921.pdf
│ │ ├── Goldman Sachs-VeriSilicon （688521）： Local AI chips expansion to drive long~term growth of design services and IP； Solid order growth in 3Q25； Buy-250923.pdf
│ │ ├── UBS-Global Precious Metals Comment Gold ~ back to life， back to the bull run-250902.pdf
│ │ ├── UBS-BYD Company Limited（1211.HK）New ESS solution launch event takeaways-250922.pdf
│ │ ├── 翻译weekly-investment-commentary-en-us-20250902-three-lessons-from-an-eventful-2025_translated.pdf
│ │ ├── Nomura-China： Will the ongoing stock rally boost the real economy？-250902.pdf
│ │ ├── weekly-investment-commentary-en-us-20250902-three-lessons-from-an-eventful-2025.pdf
│ │ ├── 翻译-野村-中国当前的股市反弹会推动实体经济吗？-250902(1) 2 — Nomura-China： Will the ongoing stock rally.pdf
│ │ ├── Morgan Stanley-Anti~Involution ~ Priority， Progress and Potential： Market， Sector and Stock Implications-250901.pdf
│ │ ├── UBS-Key Call： SK Hynix（000660.KS）Conventional memory upcycle could help shifting HBM bargaining power-250922.pdf
│ │ ├── Morgan Stanley-China Property：Developers Recorded Softer Sales Decline in August， but Outlook Remains Weak-250901.pdf
│ │ ├── Bernstein-Oracle Corp（ORCL.US）Quick Take： Everything changes and everything stays the same-250922.pdf
│ │ ├── Goldman Sachs-Navigating China Internet：Top AI apps tracker： Focuses around multi~modal with renewed AI Infrastructure narratives； Lifting Alibaba TP-250916.pdf
│ │ ├── J.P. Morgan-Global Data Watch： Asia：China domestic demand continues to underwhelm， underscoring case for more policy support-250922.pdf
│ │ ├── Goldman Sachs-Samsung Electro~Mechanics （009150.KS）Strong AI server and ADAS upgrade beneficiary with multiple positive catalysts ahead； Buy-250922.pdf
│ │ ├── Goldman Sachs-China Consumer Durables： Appliance Tracker，Aug 2025： Exports improve marginally， domestic growth decelerates off an elevated base-250922.pdf
│ │ ├── Goldman Sachs-SenseTime （0020.HK）Gen~AI new project~wins on rising Cloud capex spending and comprehensive AI offerings； Buy-250922.pdf
│ │ ├── Morgan Stanley-Tech Diffusion ~What’s New in Gen AI’s Impact on the Entertainment Business？-250921.pdf
│ │ ├── UBS-US Semiconductors and Semi Equipment SemiBytes： MU Update， NVDA CPX， Taiwan Summit & APAC Tech Tour-250921.pdf
│ │ ├── Morgan Stanley-Old Memories： Four key questions from investors-250921.pdf
├── 250926更新
│ ├── Economic自有渠道
│ │ ├── CITI-China Hardware What’s New from Citi’s 2025 China TMT Day： Capturing the Strong Growth of Blooming AI Smart Glas-250831.pdf
│ │ ├── 翻译-Bofa-China An Equity Strategist’s Diary (HA)-250901_translated.pdf
│ │ ├── J.P. Morgan-China Property：Developers’ sales weakness extends into August-250901.pdf
│ │ ├── UBS-China Medtech：Q225 wrap： overall sluggish revenue and declining profit； overseas biz as a silver lining-250901.pdf
│ │ ├── J.P. Morgan-Pop Mart~H（9992.HK）Understanding the China IP Ecosystem （Part 2） – licensing； takeaways from our expert call-250918.pdf
│ │ ├── Morgan Stanley-Greater China Semiconductors： Global AI Supply Chain Updates； Key Opportunities in Asia Semis-250919.pdf
│ │ ├── J.P. Morgan-China alt~data trackers chartpack （Series 43）：Tentative signs of production recovery-250919.pdf
│ │ ├── Morgan Stanley-China Autos & Shared Mobility： Robotaxi ~ There’s Strength in Numbers-250919.pdf
│ │ ├── BofA Securities-Global Wave：A few positives-250919.pdf
│ │ ├── JPM_China_Hong_Kong_Equi_2025-09-01.pdf
│ │ ├── Morgan Stanley-Greater China Materials：Weekly Monitor，Strengthened Inspection in Coal-250919.pdf
│ │ ├── Goldman Sachs-Chinese Prominent 10-250617.pdf
│ │ ├── UBS-Channel Checks： China Construction Machinery Domestic excavator sales beat expectations in August-250919.pdf
│ │ ├── 3.Investor Presentation Asia Pacific China Market Debate Key Takeaways from Beijing and Shenzhen.pdf
│ │ ├── Nomura-China healthcare：2Q25 drug sales tracker-250919.pdf
│ │ ├── Bofa-China An Equity Strategist’s Diary (HA)-250901.pdf
│ │ ├── Goldman Sachs-China Industrial Tech： Battery equipment 2Q25 slight miss； order recovery but sustainability key； early stage for SS battery； Neutral on Lead Hangke-250901.pdf
│ │ ├── J.P. Morgan-Hong Kong Property Chartbook：All the charts you need-250920.pdf
│ │ ├── Nomura-Baidu（BIDU.OQ）Promising chips， concerning ads business-250920.pdf
│ │ ├── J.P. Morgan-China Local Markets Weekly：Policy hopes keep bullish sentiment alive-250919.pdf
│ │ ├── 翻译-摩根大通-中国房地产：开发商销售疲软延续至八月-250901.pdf
│ │ ├── Morgan Stanley-Where Supply Meets Demand-250919.pdf
│ │ ├── MS-China Musings Asia Pacific China Market Debate Key Takeaways from Beijing and Shenzhen-250901.pdf
├── 250925更新
│ ├── Economic自有渠道
│ │ ├── Nomura-Nomura Tech Monthly： September 2025：Sector view-250918.pdf
│ │ ├── Morgan Stanley-Meitu Inc（1357.HK）DesignKit Launched on Amazon SPN-250918.pdf
│ │ ├── UBS-China AI Intelligence Q225 results wrap： AI adoption deepening with monetisation progress-250901.pdf
│ │ ├── Bernstein-China Internet：China Next Winners： Winning in the AI application layer-250919.pdf
│ │ ├── UBS-China Construction Machinery Sector：Channel check takeaways： September domestic demand improved YoY and MoM； optimism for National Day payment collection-250919.pdf
│ │ ├── Nomura-Chinasoft International（0354.HK）A good proxy for Huawei’s AI Cloud ambitions-250919.pdf
│ │ ├── 翻译-Bernstein-Global Semicap and Memory ~US revokes Samsung and SK hynix semicap license waivers for their China Fabs-250901_translated.pdf
│ │ ├── J.P. Morgan-Hong Kong Property：Getting closer to positive carry， but not yet-250918.pdf
│ │ ├── Bernstein-China Pharma and Biotech： Quarterly hospital sales tracker （2Q25） Topline ~5% and innovatives flat-250919.pdf
│ │ ├── Bernstein-Global Energy Storage：Electric China： If power is the bottleneck to AI， is China winning？-250901.pdf
│ │ ├── J.P. Morgan-Meta Platforms Inc（META.US）Glasses Move a Step Closer to the Next Form Factor of Computing； Reiterate Overweight & $875 PT-250918.pdf
│ │ ├── CITI-China Multi~Asset：Fifteenth Five~Year Plan： Imperative Rebalancing-250918.pdf
│ │ ├── Bernstein-Global Semicap and Memory ~US revokes Samsung and SK hynix semicap license waivers for their China Fabs-250901.pdf
│ │ ├── CITI-NAURA Technology （002371） Citi Call Takeaways： Higher R&D and ESOP Expense but Better Advanced Logic Outlook； Buy-250918.pdf
│ │ ├── 翻译-UBS-China AI Intelligence Q225 results wrap： AI adoption deepening with monetisation progress-250901_translated.pdf
│ │ ├── 翻译-Bernstein-Global Energy Storage：Electric China： If power is the bottleneck to AI， is China winning？-250901_translated.pdf
│ │ ├── UBS-China Property：Top 100 developers’ sales decline narrowed in August-250901.pdf
│ │ ├── Bernstein-Global Semiconductors：Global Semis： Giving US$5B to a competitor？ Quick thoughts on NVIDIA’s investment in Intel-250918.pdf
│ │ ├── J.P. Morgan-China Battery：Supply shortage emerging？ Upgrade CATL~H to OW on Street~high earnings-250914.pdf
│ │ ├── Bernstein-Asia Tech Hardware：China Next Winners： Tech Hardware~Luxshare’s AI play and China’s dominance in optical transceiver & HDI-250919.pdf
│ │ ├── UBS-Chinese Internet Data Centre Sector：Multiple catalysts ahead； potential more new orders coming？-250919.pdf
│ │ ├── CITI-Shennan Circuit （002916） Raise TP on Faster Mix Upgrade into AI~PCB with Higher Margin-250918.pdf
├── 250923更新
│ ├── Economic自有渠道
│ │ ├── CITI-China Hardware：What’s New from Citi 2025 China TMT Day – Read Across from Lingyi and Everwin-250829.pdf
│ │ ├── CITI-Dongshan Precision（002384）Bright 2026 Ahead Despite 2025 Muted； Raise TP to Rmb99.0-250916.pdf
│ │ ├── Morgan Stanley-HIKVision Digital Technology （002415）Risk Reward Update-250916.pdf
│ │ ├── Morgan Stanley-AI Supply Chain： Oracle capex， OpenAI ASIC， SEMICON Taiwan-250916.pdf
│ │ ├── Morgan Stanley- China Equity Strategy： New Highs for the Market； What’s Next？-250829.pdf
│ │ ├── UBS-Anhui Yingliu Electromechanical（603308）Higher AI CAPEX spend drives better gas turbine demand； raising EPS and price target-250917.pdf
│ │ ├── Goldman Sachs-HG Tech （000988.SZ）： Ample catalysts into 4Q； Focus on domestic demand and progress overseas； Buy-250918.pdf
│ │ ├── UBS-China Online Entertainment Monthly：August： Tencent stood out among overall soft games； iQiyi sequentially recovered-250917.pdf
│ │ ├── Morgan Stanley-China and the Miners-250829.pdf
│ │ ├── BofA Securities-Software：BofA Cloud Views， Cloud and desktop activity slows meaningfully in August-250916.pdf
│ │ ├── 翻译Morgan Stanley- China Equity Strategy： New Highs for the Market； What’s Next？-250829_translated.pdf
│ │ ├── Bernstein-Asia Nuclear Power： Big potential for small reactors. Can nuclear fuel the rise of AI？-250918.pdf
│ │ ├── Morgan Stanley-Biotechnology：Weekly Neurology Script Tracker： ACAD， AXSM， NBIX-250829.pdf
│ │ ├── Morgan Stanley-Tencent Holdings Ltd. （0700.HK）2025 Global Digital Ecosystem Summit Takeaways-250916.pdf
│ │ ├── Morgan Stanley-China OTAs：Positive Policy Supporting Travel Consumption-250916.pdf
│ │ ├── BofA Securities-Global Memory Tech：Weekly theme： NVIDIA led Hynix’s HBM3e upside， data center tour， server DRAM hike-250828.pdf
│ │ ├── UBS-China Semi Equipment ：Aug semi production equipment （SPE） imports： US$2.6bn， +12% YoY， ~22% MoM； SPE imports YTD： +3% YoY-250918.pdf
│ │ ├── J.P. Morgan-JD.com（9618.HK）Key takeaways from recent investor meeting-250916.pdf
│ │ ├── 翻译-摩根大通-我们专家电话会议的要点-250829.pdf
│ │ ├── Goldman Sachs-China： Both official manufacturing and non~manufacturing PMIs edged up in August-250831.pdf
│ │ ├── J.P. Morgan-China Internet：Takeaways from our Quick Commerce expert call-250829.pdf
│ │ ├── UBS-China Auto Supply Chain：MIIT seeks views on Safety Rules of Smart and Connected Vehicle Combined Driver Assistance System.-250918.pdf
│ │ ├── 翻译CITI-China Hardware：What’s New from Citi 2025 China TMT Day – Read Across from Lingyi and Everwin-250829_translated.pdf
│ │ ├── UBS-Horizon Robotics（9660.HK）More positive outlook for mass HSD deployment； reiterate Buy-250918.pdf
│ │ ├── Morgan Stanley-Humanoid~From Digital to Physical AI-250915.pdf
├── 250922更新
│ ├── Economic自有渠道
│ │ ├── 翻译-高盛—新兴市场每周资金流动监测：本周外国机构投资者抛售以印度为首；中国对冲基金本月迄今创纪录买入；共同基金上月增持印度，减持巴西；富时再平衡分析—250829 .pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 37~60% NEV penetration； NEV ICE dealer discount widened wow-250917.pdf
│ │ ├── Morgan Stanley-Semiconductor Production Equipment： Tech Monthly Sep 2025-250917.pdf
│ │ ├── Goldman Sachs-China Consumer：Pulse check： 2Q25 wrap~up： Softer demand and pricing trends； structural growth generate alpha opportunities-250916.pdf
│ │ ├── UBS-China Auto Sector：China truck and bus electrification and export company takeaways-250917.pdf
│ │ ├── J.P. Morgan-Asia Pacific Equity Derivatives Strategy：China’s Sustainable Bull Market： Rising News Volume Highlights AI and Anti~Involution Driving a Higher Sharpe Path； Event Risk and Seasonality Align in Favor of Long NKY Vol-250917.pdf
│ │ ├── Goldman Sachs-China Spirits 3Q Preview： trough on rational shipment w demand still tied to policy macro； stocks reflect sentiment bottoming，-250916.pdf
│ │ ├── BofA Securities-Investor Sentiment： Risk~Love First signs of euphoria-250829.pdf
│ │ ├── Jefferies-Tencent Holdings（0700.HK）Takeaways from Main Forum of 2025 Tencent Global Digital Ecosystem Summit-250916.pdf
│ │ ├── Morgan Stanley-Scaling the AI Opportunity： A Scale~Up Network Primer-250829.pdf
│ │ ├── J.P. Morgan-China HK First to Market：Top Stories-250917.pdf
│ │ ├── J.P. Morgan-Li Auto（2015.HK）HK Stock Connect Scheme announcement-250917.pdf
│ │ ├── Goldman Sachs-EM Weekly Fund Flows Monitor：FII selling this week led by India； China saw record hedge funds buying MTD； MFs added India， trimmed Brazil last month； FTSE Rebalancing analysis-250829.pdf
│ │ ├── CITI-Global Supply Chain Research Highlights-250917.pdf
│ │ ├── Goldman Sachs-China Financial Services：Fund sales rebound on market recovery in 1H25 with fintech gaining more market share-250916.pdf
│ │ ├── Barclays-NVIDIA Corp.（NVDA.US）Networking Shines as China Remains Unresolved-250827(OCR).pdf
│ │ ├── UBS-NIO Inc（NIO.US）Upgrade to Buy： Consumer confidence restored-250916.pdf
│ │ ├── J.P. Morgan-Asia Technology Tracker：Asia Pacific Reports Notes-250917.pdf
│ │ ├── Goldman Sachs-China Spirits：2Q25 Wrap： Super premium maintained resilience； Margin stability on opex control-250830.pdf
│ │ ├── 翻译-高盛—中国白酒：2025 年第二季度回顾：超高端维持韧性；通过控制运营开支实现利润率稳定—250830 — Goldman Sachs-China Spir.pdf
│ │ ├── CITI-Global Commodities：We expect $100 lb in 2026 as upside momentum returns to uranium. Demand from China， SMRs， and enrichers is underappreciated-250829.pdf
│ │ ├── Jefferies-China Consumer：Directives to expand service~related consumption announced-250916.pdf
│ │ ├── J.P. Morgan-Xpeng~（9868.HK）：HK Stock Connect Scheme announcement-250917.pdf
├── 250921更新
│ ├── Economic自有渠道
│ │ ├── Nomura-China healthcare：2025 CSCO Annual Meeting takeaways-250916.pdf
│ │ ├── CITI-Hesai Technology （2525.HK） Initiating Coverage on Hesai~H at Buy-250916.pdf
│ │ ├── Nomura-Thunder Software（300496）Solid progress in the AIoT market…-250916.pdf
│ │ ├── UBS-Greater China Property：The Rise of Private REITs-250830.pdf
│ │ ├── Bernstein-Asia~Pacific Oil & Gas：Bernstein Energy，Will oil price crack in the face of rising supply？-250915.pdf
│ │ ├── 翻译-UBS-Greater China Property：The Rise of Private REITs-250830_译文_202508301426.pdf
│ │ ├── Morgan Stanley-China Biotech： Innovation Dawn-250826.pdf
│ │ ├── Morgan Stanley-Biotechnology：Takeaways from our Covered Names at the Annual MS Global Healthcare Conference-250916.pdf
│ │ ├── Goldman Sachs-China Smartphones： Sep price & spec updates： Foldable phones in expansion； AI， Cameras， Satellite communication as key upgrades-250917.pdf
│ │ ├── 翻译-摩根大通—资金流动与流动性：谁推动了近期中国股票的反弹？-250828 — J.P.pdf
│ │ ├── Nomura-Asia Insights：The weekly China chart book：The Madrid talks， US~China tech rivalry and the growth slowdown-250915.pdf
│ │ ├── Nomura-Alibaba Group Holding（BABA.US）Upbeat tone on ecommerce， quick commerce & AI-250830.pdf
│ │ ├── UBS-China Consumer Sector：Staples food monthly： what does August’s data tell us？-250916.pdf
│ │ ├── Nomura-Asia Insights China monthly：August data preview-250829.pdf
│ │ ├── UBS-China Restaurant Sector：Our takeaways from the recent debate over preprepared dishes in restaurants-250915.pdf
│ │ ├── Goldman Sachs-Eoptolink（300502）Keynote takeaways at TGS： SiPho is center stage； Buy-250917.pdf
│ │ ├── UBS-China Consumer Appliances Monthly：August 2025： White goods growth slowed； Roborock’s top RVC share； DJI’s debut-250916.pdf
│ │ ├── Morgan Stanley-Tesla Inc（TSLA.US）Thoughts at $410： Out of Favor， the Recruiter， New Model Y， Grok in the Car-250916.pdf
│ │ ├── Nomura-China Consumer：Social retail sales weakened further in August-250915.pdf
│ │ ├── Bernstein-Global Software， U.S. and China Internet：Cloud in the Quarter： How did the hyperscalers do in 2Q25？-250915.pdf
│ │ ├── 翻译-Morgan Stanley-China Equity Strategy：2Q25 Earnings Interim Review： MSCI China Improved vs. 1Q While A~shares Softened-250828_translated.pdf
├── 250919更新
│ ├── Economic自有渠道
│ │ ├── Nomura-AI PCB & CCL：Upgrades accelerating in 2026F-250915.pdf
│ │ ├── Bernstein-Global Energy Storage：Battery Weekly 15 September-250915.pdf
│ │ ├── Nomura-Greater China Semi：CoPoS， hybrid bond， advanced logic test-250915.pdf
│ │ ├── 高盛—芯片法案 3：中国资本支出持续增长；尽管面临挑战，迁移仍在进行—250828 — Goldman Sachs-CHIPS Act 3： China c.pdf
│ │ ├── Morgan Stanley-Tesla Inc（TSLA.US）Road Trip： NY to Michigan with Foster and FSD-250914.pdf
│ │ ├── 翻译-摩根大通-中国：结构性失衡与增长放缓-250828 — J.P.pdf
│ │ ├── Goldman Sachs-Oil Analyst：How to Return to a Bull Market？-250914.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025~Q Tech（1478.HK）Strong momentum in Aug； smartphone CCM specification upgrade drives growth-250915.pdf
│ │ ├── JPM-Pop Mart-20250914.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025~Biwin （688525）： AI full stack solution offers one~stop service to clients-250915.pdf
│ │ ├── 翻译UBS-China Industrials：Going global： breakdown of China’s exports （July 2025）-250827_translated.pdf
│ │ ├── 翻译Bernstein-China Semiconductors：China AI： Overheated Market？ Cambricon & Hygon model update-250829_translated.pdf
│ │ ├── Morgan Stanley-Greater China Materials：Weekly Monitor： A Lot of Noise on Lithium Restart-250912.pdf
│ │ ├── Bernstein-China Semiconductors：China AI： Overheated Market？ Cambricon & Hygon model update-250829.pdf
│ │ ├── Morgan Stanley-Greater China Materials：Demand Tracker – September 12-250912.pdf
│ │ ├── J.P. Morgan-China： Structural Imbalances vs. Growth Slowdown-250828.pdf
│ │ ├── J.P. Morgan-Jiangsu Hengli Hydraulic（601100）Raising PT post JPM fireside chat： Bull~base~bear case for FA & robotics -250912.pdf
│ │ ├── Goldman Sachs-China Cosmetics：2Q25 wrap： Improved ROI； stabilizing demand； rising divergence on brand cycle turnaround； Buy Giant Jahwa-250914.pdf
│ │ ├── JPM_China_Battery_Supply_2025-09-14_5081089.pdf
│ │ ├── Nomura-WUS Printed Circuit（002463）Upside from ASIC， mid~plane and scale~up switch-250914.pdf
│ │ ├── J.P. Morgan-[Update] FTSE China~Quarterly Review~September 2025：Confirmed Component Changes-250913.pdf
│ │ ├── Bernstein-Global Semiconductors：Global Analog Semis，Impact of China’s anti~dumping investigation on analog chips imported from U.S.-250915.pdf
├── 250918更新
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-China Merchants Energy Shipping Co. Ltd.（601872）：Research Tactical Idea-250912.pdf
│ │ ├── Nomura-China： Will the real economy benefit from the stock market boom？-250827.pdf
│ │ ├── Bernstein-Oracle Corp（ORCL.US）Quick Take：Key investor questions on Oracle-250912.pdf
│ │ ├── Goldman Sachs-Asia Strategy Baskets：Alpha Opportunities Around AI and Policy Catalysts-250912.pdf
│ │ ├── Goldman Sachs-CHIPS Act 3： China capex continues to grow； migration ongoing despite challenges-250828.pdf
│ │ ├── Morgan Stanley-Greater China Technology Hardware：2025 Taiwan AI Forum Takeaways-250912.pdf
│ │ ├── UBS-China Industrials：Going global： breakdown of China’s exports （July 2025）-250827.pdf
│ │ ├── Morgan Stanley-Sporting Goods：Chart of the day： China environment remains weak but adidas should have remained resilient-250911.pdf
│ │ ├── 翻译-巴克莱——全球半导体：中国系列第 5 期：光刻设备细节中的魔鬼-250826 — Barclays-Global semiconductors：China .pdf
│ │ ├── 翻译-CITI-中国经济学：催化剂更新——（在）一个充满希望的夏末？-250826 — CITI-China Economics：Catalyst Update .pdf
│ │ ├── Morgan Stanley-China Datacenters：More Supportive REITs Policy from NDRC-250912.pdf
│ │ ├── Goldman Sachs-Weekly Fund Flows：Commodities Drive Cyclical Sector Inflows-250912.pdf
│ │ ├── Morgan Stanley-Pop Mart（9992.HK）：Fun Bites： Labubu Entering World of Fashion ~ Moynat， Marko Monroe， Naomi Osaka-250912.pdf
│ │ ├── 翻译-摩根士丹利-中国生物科技：创新曙光-250826 — Morgan Stanley-China Biotech： Innovation Dawn-25082.pdf
│ │ ├── Nomura-Meituan（3690.HK）Takeaways from management call-250912.pdf
│ │ ├── Nomura-Asia Insights China：Credit expansion slowed in August-250912.pdf
│ │ ├── UBS-China Tourism Group Duty Free Corp（601888）Hainan performance is likely to improve in H225-250912.pdf
│ │ ├── Morgan Stanley-Semiconductors：Trough in the Rearview – Reflecting on Analog Earnings-250912.pdf
│ │ ├── Goldman Sachs-Americas Semiconductors：2025 Communacopia and Technology Conference Wrap-250912.pdf
│ │ ├── UBS-China Insurance Sector APAC Focus： Powering NEV insurance profitability-250912.pdf
│ │ ├── Goldman Sachs-China Battery Chartbook-250912.pdf
├── 250917更新
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-Robotaxis – From Local Commuters to Global Contenders-250912.pdf
│ │ ├── Nomura-Orbbec Inc（688322）An update on 3D printing scanner business-250912.pdf
│ │ ├── Nomura-Hengli Hydraulic（601100）Gearing up：recovery at home， expansion abroad-250912.pdf
│ │ ├── Nomura-Asia Insights：China rates： Funds’ bond trading behavior and liquidity are set to gain more attention-250912.pdf
│ │ ├── Jefferies-Asia Insights：On Clients’ Minds ~ Asia-250912.pdf
│ │ ├── Morgan Stanley-Greater China Technology Hardware： AI Demand Growth + Design Value Upgrade = Profit Up-250912.pdf
│ │ ├── Goldman Sachs-China Banks：Soft TSF in Aug due to weaker credit and gov. bond growth； Deposits shift towards non~deposit products-250912.pdf
│ │ ├── Barclays-Global semiconductors：China #5： Devil in the WFE detail-250826.pdf
│ │ ├── Morgan Stanley-China Biotech： Innovation Dawn-250826.pdf
│ │ ├── UBS-China Property：Normalised issuance for Public REITs； Slight Positive-250912.pdf
│ │ ├── UBS-China Solar Industry China solar biweekly： China announces BESS development plan -250912.pdf
│ │ ├── Morgan Stanley-WeiChai Power（2338.HK）WeiChai’s HDT Sales vs. Share Performance – August~25-250912.pdf
│ │ ├── Morgan Stanley-The Viewpoint： China – Contrasting Its Fiscal Policy with the US-250826.pdf
│ │ ├── Goldman Sachs-SK Hynix Inc. （000660.KS）： Completes HBM4 development and ready for MP； quick take and view on memory pricing-250912.pdf
│ │ ├── 瑞银-本土市场反馈+10大问题.pdf
│ │ ├── CITI-China Economics：Catalyst Update – （At the End of） A Hopeful Summer？-250826.pdf
│ │ ├── Morgan Stanley-China Batteries and ESS：China Sets Energy Storage Target for 2027， Securing High ESS Deployment Capex-250912.pdf
│ │ ├── 翻译-摩根士丹利观点：中国——将其财政政策与美国进行对比-250826 — Morgan Stanley-The Viewpoint： China – Cont.pdf
│ │ ├── Bernstein-China Consumer Branded： From Bricks to Blindboxes： Branding lessons from Toy Industry Titans-250912.pdf
│ │ ├── Morgan Stanley-China Consumer： Where is consumption trending now？-250911.pdf
│ │ ├── Morgan Stanley-China Five~factor Consumer Activity Z~Score vs. MSCI China-250827.pdf
│ │ ├── Goldman Sachs-China Consumer Connection： Online Brand Tracker： Aug~25： M~o~m deceleration for most sectors； RVC led； Apparel Supplements lag-250912.pdf
│ │ ├── 翻译-瑞银-本土市场反馈+10大问题_中英.pdf
├── 250914更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-China Merchants Bank （3968.HK）： Asia Leaders Conference 2025 — Key Takeaways： Asset quality improvement in sight-250909.pdf
│ │ ├── Goldman Sachs-Innolight （300308）： Update post 2Q result； reflecting better margins. Buy-250908.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025~Key Takeaways： Wondershare： Enhanced multi~modal AI model； SuperMedia AI agent newly launched-250908.pdf
│ │ ├── 翻译Goldman Sachs-China Solar： Tracking profitability inflection Early sign of module price hike emerged in Aug， but sustainability in question given worsening S D outlook-250825_translated.pdf
│ │ ├── 翻译-瑞银——中国的保证金融资与卖空：谁在使用，以及什么在起作用？-250825 — UBS-Margin financing and short selling.pdf
│ │ ├── Nomura-China A~share strategy：How to position for a liquidity~driven market rally？-250825.pdf
│ │ ├── UBS-China Construction Machinery Sector：August： Domestic sales of excavators wheel loaders beat； slowing exports in line-250909.pdf
│ │ ├── Goldman Sachs-HG Tech （000988）： Asia Leaders Conference 2025~HG Genuine CEO meeting takeaways； solid demand and overseas progress； Buy-250908.pdf
│ │ ├── 翻译-野村-全球人工智能趋势追踪：AI 专题报告 – GPT 5、Genie 3 与 DeepSeek V3.1-250825 — Nomura-Global A.pdf
│ │ ├── Nomura-Asia Insights：The weekly China chart book： Shanghai unveils property easing measures amid stock market rally-250825.pdf
│ │ ├── J.P. Morgan-China Insurance：2Q25 League Table： Robust Solvency and Dividend Growth –Coulda Final Dividend Surprise Be Ahead？-250909.pdf
│ │ ├── Goldman Sachs-China Solar： Asia Leaders Conference 2025 — Key Takeaways： Anti~Involution topical； divergent pricing outlook by segments-250908.pdf
│ │ ├── Goldman Sachs-Lingyi （002600）： Server thermal and power supply business expansion； Dollar content upgrade of smartphones cooling； Buy-250909.pdf
│ │ ├── J.P. Morgan-China Financials （Brokers vs Insurers）， Futu （Bullish）， ANZ （Restructuring）-250909.pdf
│ │ ├── Goldman Sachs-BYD Co. （002594）： Asia Leaders Conference 2025 — Key Takeaways： Focus on technology marketing design improvement-250908.pdf
│ │ ├── Morgan Stanley-PDD Holdings Inc（PDD.US）Temu Progress Check – Aug 2025-250908.pdf
│ │ ├── Bernstein-Asian Industrial Technology China Automation Pulse Check： August 2025-250908.pdf
│ │ ├── 翻译Artificial_Intelligence_AI_The_Information_Eras_Apex_Technology-Artificial_Intelligence_译文_202508261324.pdf
│ │ ├── Goldman Sachs-AI Adoption Tracker 2025Q3： AI Hardware Investment Remains Strong； Adoption Progress Slows （Dong Briggs）-250908.pdf
│ │ ├── Goldman Sachs-China Property Weekly Wrap：Week 36 Wrap~Shenzhen followed suit in further easing HPR； Transactions fell ahead of peak season-250909.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 34~NEV ICE dealer discount widened； Li Auto market share +0.6pp wow-250827(1).pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025 ~ Key Takeaways： 4Paradigm： industry AI agent deployment as key focus； diversified enterprise AI solutions-250908.pdf
│ │ ├── Goldman Sachs-China International Capital Corp.（3908.HK）Takeaways from post~result group call-250909.pdf
├── 250913更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Kematek（301611）Asia Leaders Conference 2025 — Key Takeaways： CFO： SPE ceramic heater to drive growth ahead-250906.pdf
│ │ ├── Goldman Sachs-NSIG （688126）： 300mm continuous wafer capacity expansion with mix upgrade； 2Q25 Rev GM miss； Sell-250907.pdf
│ │ ├── UBS-China Economic Perspectives：Softer labour market， continued policy support ~UBS Evidence Lab inside-250825.pdf
│ │ ├── Goldman Sachs-China Solar： Tracking profitability inflection Early sign of module price hike emerged in Aug， but sustainability in question given worsening S D outlook-250825.pdf
│ │ ├── UBS-China Economic Outlook：Tariff Shock， Property Downturn and Policy Stimulus-250825.pdf
│ │ ├── Bernstein-Asia Tech Hardware：TW suppliers monthly sales： Chroma 3Q25 revenue tracking behind while Largan tracking ahead-250907.pdf
│ │ ├── 翻译-J.P. Morgan-Short~Term Market Outlook And Strategy-240823_translated.pdf
│ │ ├── Morgan Stanley-Caught in the Steepening-250905.pdf
│ │ ├── Jefferies-US~China Tech War.pdf
│ │ ├── J.P. Morgan-China monthly data outlook：A modest recovery unfolded in August-250905.pdf
│ │ ├── Morgan Stanley-Don’t Fade the Move： The BullSteepener Has Room to Run-250905.pdf
│ │ ├── 翻译-Morgan Stanley-Global Macro Commentary-240823_translated.pdf
│ │ ├── 翻译-Cambricon (688256.SS)_ AI chips on China Cloud and Diversification trend; TP up to Rmb1,835_translated.pdf
│ │ ├── Morgan Stanley-Alphabet Inc.（GOOGL.US）How is META TikTok Disruption an Analog for GOOG vs GPT？-250626.pdf
│ │ ├── Nomura-Global AI Trend -Tracker：AI thematic report – GPT 5， Genie 3 and DeepSeek V3.1-250825.pdf
│ │ ├── Goldman Sachs-Transsion（688036）Asia Leaders Conference 2025—AI and specification upgrades bring margin improvement-250906.pdf
│ │ ├── J.P. Morgan.pdf
│ │ ├── Goldman Sachs-Huaqin Technology （603296）： Asia Leaders Conference 2025： Data center business remains strong； rising smartphone ODM penetration-250907.pdf
│ │ ├── Cambricon (688256.SS)_ AI chips on China Cloud and Diversification trend; TP up to Rmb1,835.pdf
│ │ ├── Bernstein-China Pharma and Biotech：Quick Take： WCLC shows HARMONi OS trend improving over time-250907.pdf
├── 250912更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025 — Longcheer （603341.SS） CFO meeting； AI AR glasses to grow-250906.pdf
│ │ ├── Goldman Sachs-BYDE （0285.HK）： Asia Leaders Conference 2025 — Riding on smartphone new product cycle and AI trend-250906.pdf
│ │ ├── Artificial_Intelligence_AI_The_Information_Eras_Apex_Technology-Artificial_Intelligence.pdf
│ │ ├── Goldman Sachs-Foxconn Industrial Internet （601138）： Hon Hai Cloud strong growth in Aug reflects AI servers strong ramp up； TP up to Rmb68.3； Buy-250906.pdf
│ │ ├── Bernstein-China Pharma & Biotech： WCLC 2025 is this weekend； updates in the HARMONi global trial and more-250904.pdf
│ │ ├── Goldman Sachs-Lingyi （002600）： Asia Leaders Conference 2025 — Foldable phones precision components， thermal solutions as catalysts-250906.pdf
│ │ ├── Goldman Sachs-Meituan （3690.HK）： Asia Leaders Conference 2025 — Key Takeaways： Defending food delivery leadership under an enlarged Quick-250906.pdf
│ │ ├── Assessing sustainability of the liquidity rally and implications to brokers and banks.pdf
│ │ ├── 翻译-Assessing sustainability of the liquidity rally and implications to brokers and banks_dual.pdf
│ │ ├── 翻译2208 The Flow Show_translated.pdf
│ │ ├── Goldman Sachs-China Economic Activity and Policy Tracker： September 5 （Song）-250905.pdf
│ │ ├── Bofa-The Flow Show-250822.pdf
│ │ ├── Morgan Stanley-China Autonomous Driving – Robotaxis Run Around the Clock-250905.pdf
│ │ ├── J.P. Morgan-INNOVATION ECONOMY Sector Spotlight： Applied Technology-250823.pdf
│ │ ├── Morgan Stanley-Biopharma：A picture is worth a thousand words-250905.pdf
│ │ ├── Nomura-China Internet & New Media：Takeaways from Douyin ecommerce expert call-250905.pdf
│ │ ├── 翻译J.P. Morgan-INNOVATION ECONOMY Sector Spotlight： Applied Technology-250823_translated.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025 — Yealink （300628）： non~China markets in expansion； diversifying production sites-250906.pdf
│ │ ├── Goldman Sachs-VNET Group （VNET.US）： Asia Leaders Conference 2025 — Key Takeaways： AI order volume likely to recover in 3Q25-250905.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025： IC Advanced packaging equipment in expansion； 8~inch SiC substrate ramping up-250906.pdf
│ │ ├── Goldman Sachs-Lenovo （0992.HK）： Asia Leaders Conference 2025 — Key Takeaways： CFO： AI solutions ramping up； on~going global penetration-250906.pdf
│ │ ├── Bernstein-Auto Semis Cycle Tracker 2Q25：How clear is the bottom？-250904.pdf
├── 250911更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-EM Weekly Fund Flows Monitor FII buying led by Taiwan； Chinese equities saw largest monthly net buying since Sep ‘24； A~share absolute margin balances reached highest since 2015-250905.pdf
│ │ ├── Goldman Sachs-AI and US equities： The path forward for the AI trade-250904.pdf
│ │ ├── Goldman Sachs-Asia Strategy Baskets：Assessing AI~Powered Investment Opportunities in Asia； Introducing the Asia Nuclear Power Basket （GSSZNUCL）-250904.pdf
│ │ ├── Nomura-Global AI Trend Tracker： AI Expert Call #50-250904.pdf
│ │ ├── J.P. Morgan-Short~Term Market Outlook And Strategy-240823.pdf
│ │ ├── J.P. Morgan-JPM-CHINA~3x reasons to stay bullish， even post +42% past 1y.. -250822.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025 — Key Takeaways：China’s capacitythe path to equilibrium-250905.pdf
│ │ ├── Nomura-Asia Economic Monthly：Are Asian exporters absorbing US tariffs？-250905.pdf
│ │ ├── 翻译-瑞银—中国经济展望：劳动力市场趋软，政策持续支持 ~瑞银证据实验室内参-250825 — UBS-China Economic Perspectives：S.pdf
│ │ ├── UBS-China Pet Food Sector：Q225 results wrap： strong domestic momentum； divergent overseas performance-250904.pdf
│ │ ├── Goldman Sachs-GDS Holdings （GDS.US）： Asia Leaders Conference 2025 — Key Takeaways： Asset monetization to improve capex sustainability while-250905.pdf
│ │ ├── Morgan Stanley-Global Macro Commentary-240823.pdf
│ │ ├── UBS-AI Research：Latest Customer AI Adoption Checks-250824.pdf
│ │ ├── UBS-China Battery Materials APAC Focus：LFP cathode—a polarised market-250904.pdf
│ │ ├── Goldman Sachs-XPeng Inc. （XPEV.US）： Asia Leaders Conference 2025—Key Takeaways： Strong EREV model pipeline； Reiterate 4Q25 break~even target-250905.pdf
│ │ ├── 摩根大通（J.P. Morgan-JPM）中国~即便过去一年上涨 42%后仍看多的 3 大理由.. -250822.pdf
│ │ ├── 翻译-瑞银人工智能研究：最新客户人工智能采用检查-250824 — UBS-AI Research：Latest Customer AI Adoption Che.pdf
│ │ ├── UBS-China Securities Sector：H125 review，high profit growth driven by brokerage investment-250905.pdf
│ │ ├── UBS-China Industrials Industrial：insights （Aug）—mixed developments with more incremental negatives-250825.pdf
│ │ ├── UBS-APAC Technology：AI Server Tracker and Credo HPE Implications-250904.pdf
│ │ ├── J.P. Morgan-China Equity Strategy 99% 100% of MXCN CSI~300 have reported 2Q25： anti~involution and overseas expansion stood out-250905.pdf
│ │ ├── Goldman Sachs-Miniso （MNSO.US）： Asia Leaders Conference 2025 — Key Takeaways： Gradually cultivate exclusive IP with encouraging initial performance，-250904.pdf
│ │ ├── Goldman Sachs-China： What do local clients think about the economy？ Local marketing takeaways， August 2025-250824.pdf
├── 250910更新
│ ├── Economic自有渠道
│ │ ├── Bernstein-Asia Quant Strategy： China rally looks sustainable…but we see early warning signs-250822.pdf
│ │ ├── J.P. Morgan-China Battery Materials：Anti~involution results unfolding； separator， LFP cathode and copper foil call takeaways-250904.pdf
│ │ ├── Bernstein-Asia Quant Strategy： China rally looks sustainable…but we see early warning signs-250822_dual.pdf
│ │ ├── UBS-China Industrial Automation：Humanoid expert call series：still diverging AI models and data paths are the main bottlenecks-250821.pdf
│ │ ├── J.P. Morgan-China Securities：1H25 review： Robust investment income drives earnings growth； positive momentum should persist into 3Q-250904.pdf
│ │ ├── Nomura-Asia Insights：China，Policymaking amid a stock market rally and growth slowdown-250821.pdf
│ │ ├── Goldman Sachs-Alibaba Group （BABA.US）： Asia Leaders Conference 2025 — Key Takeaways： AI~driven cloud and quick commerce scale gains-250904.pdf
│ │ ├── 翻译-野村亚洲洞察：中国——在股市上涨与增长放缓中的政策制定（2021 年 8 月 25 日） — Nomura-Asia Insights：China，Poli.pdf
│ │ ├── Goldman Sachs-Tencent Holdings （0700.HK）： Asia Leaders Conference 2025 — Key Takeaways： Deep moats with AI~empowering growth； Buy-250904.pdf
│ │ ├── Goldman Sachs-EM Weekly Fund Flows Monitor Strong FII outflows led by Taiwan； HFs net bought Chinese equities at the fastest pace in 7 weeks； EM funds post +2% +18% in Mtd Ytd-250822.pdf
│ │ ├── Goldman Sachs-Pony AI Inc. （PONY.US）： Asia Leaders Conference 2025： Gen~7 Robotaxi fleet ramp up； Driverless Robotaxi operation in multiple cities-250904.pdf
│ │ ├── UBS-China Biotech：H125 wrap： Commercialisation and R&D well on track， BD expands global potential-250904.pdf
│ │ ├── BofA Securities-AI Infrastructure~China：Expert call： DC power equipment mkt to double in 5 years； China to gain mkt share-250820.pdf
│ │ ├── UBS-China EV & Battery Monthly：EV Monthly： Domestic EV penetration reached 55%； new launches to join competition-250822.pdf
│ │ ├── 翻译-高盛—新兴市场每周基金流向监测：由台湾主导的强劲外资净流出；对冲基金以 7 周最快速度净买入中国股票；新兴市场基金本月-年初至今分别上涨+2%和+18%—250.pdf
│ │ ├── J.P. Morgan-Wingtech Tech~A（600745）Robust outlook for Semiconductor business； ODM disposal to be completed； OW-250904.pdf
│ │ ├── 翻译Goldman Sachs-China Property：What would it take to clear China’s housing inventory （No. 3）： Forming a positive feedback loop is the key-250821_dual.pdf
│ │ ├── Goldman Sachs-China Property：What would it take to clear China’s housing inventory （No. 3）： Forming a positive feedback loop is the key-250821.pdf
│ │ ├── 翻译-瑞银中国电动汽车与电池月报：电动汽车月报：国内电动汽车渗透率已达到 55%；新车型将加入竞争—250822 — UBS-China EV & Batter.pdf
│ │ ├── J.P. Morgan-CNOOC Ltd~A H（600938）Raising our dividend estimates； 2Q gas ASP hike a signal of improving sales mix？ Initiate on CNOOC~A at OW-250904.pdf
│ │ ├── UBS-China Industrial Automation：2025 A~share Conference： various downstream drivers behind moderate industry recovery； active embodied AI planning-250904.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 35~NEV ICE dealer discount narrowed wow； 5 2 facelift models were launched at lower higher prices vs. old versions-250904.pdf
│ │ ├── Goldman Sachs-Beijing Roborock Technology （688169）： Asia Leaders Conference 2025 — Key Takeaways：Improving visibility-250904.pdf
├── 250909更新
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-Beijing Geekplus Technology Co.， Ltd.（2590.HK） Post~earnings NDR Takeaways： Growth， Moat， Robots-250902.pdf
│ │ ├── Morgan Stanley-China Brokers：Mapping the Drivers Behind Our Bull Case of Rmb2tn ADT-250820.pdf
│ │ ├── 翻译Bernstein-Global Semiconductor Capital Equipment：China WFE Import Tracker （Jul 2025）： Record high month of the year，翻译demand still resilient with imports YTD +2%-250821_译文_202508211232.pdf
│ │ ├── Nomura-China solar：Industry update on prices and policies-250821.pdf
│ │ ├── Bernstein-China Pharma & Biotech： WCLC 2025 is this weekend； updates in the HARMONi global trial and more-250904.pdf
│ │ ├── Bernstein-Auto Semis Cycle Tracker 2Q25：How clear is the bottom？-250904.pdf
│ │ ├── UBS-Memory Semis Monthly September ’25 Edition： DRAM capex upside as cycle gathers strength-250904.pdf
│ │ ├── UBS-H125 wrap： CDMO with higher overseas exposure continues outperforming-250904.pdf
│ │ ├── UBS-China Healthcare：Biopharma funding： Aug 2025 YoY +316% and MoM +24%； follow~on momentum continues with VC PE picking up-250904.pdf
│ │ ├── Morgan Stanley-Southbound Inclusion – A BackTested Trading Strateg-250819.pdf
│ │ ├── Morgan Stanley-Autos & Shared Mobility：Global Auto Monitor： Robotaxis Ready For Their ‘iPhone Moment’-250818.pdf
│ │ ├── Bernstein-Global Semiconductor Capital Equipment：China WFE Import Tracker （Jul 2025）： Record high month of the year， demand still resilient with imports YTD +2%-250821.pdf
│ │ ├── 翻译Goldman Sachs-China Matters Not in a Hurry （Shan）-250820_dual.pdf
│ │ ├── Goldman Sachs-China Matters Not in a Hurry （Shan）-250820.pdf
│ │ ├── 翻译Morgan Stanley-Autos & Shared Mobility：Global Auto Monitor： Robotaxis Ready For Their ‘iPhone Moment’-250818_dual.pdf
│ │ ├── Morgan Stanley- Cloud Semis： Spending Smartly in China-250902.pdf
│ │ ├── 翻译Morgan Stanley-Southbound Inclusion – A BackTested Trading Strateg-250819_dual.pdf
│ │ ├── Goldman Sachs-USI （601231.SS）： Asia Leaders Conference 2025： AI accelerator card， AI glasses support 2026； HVDC optical transceiver opportunity-250903.pdf
│ │ ├── Goldman Sachs-SenseTime （0020.HK）： Asia Leaders Conference 2025： One~stop AI solution for diversified client group； interaction tools to drive growth.-250903.pdf
│ │ ├── UBS-Global I O Memory Semis：APAC Focus： Is High Bandwidth Memory on the cusp of commoditisation？-250904.pdf
│ │ ├── Goldman Sachs-Asia Leaders Conference 2025~Key Takeaways： Meitu CFO meeting： Paying subscriber growth on expanding AI features-250903.pdf
│ │ ├── Goldman Sachs-Horizon Robotics （9660.HK）： Asia Leaders Conference 2025： Key Takeaways： CFO meeting-250903.pdf
│ │ ├── 翻译MIT-ai_report_2025 — ai_report_2025.pdf
├── 250908更新
│ ├── Economic自有渠道
│ │ ├── 翻译-Nomura-Asia Insights：China rates and FX： Massive offshore bond outflows in July-250819_dual.pdf
│ │ ├── J.P. Morgan-Property Data Monitor：Mainland China： Leading indicators improved after Shanghai easing； HK： tourist arrivals hit a new high-250902.pdf
│ │ ├── CITI-Dongfang Electric （600875） More Profits from Coal~fired and Nuclear in 2025~26E-250902.pdf
│ │ ├── Morgan Stanley-Pop Mart International Group（9992.HK）Risk Reward Update-250902.pdf
│ │ ├── UBS-China Construction Machinery Sector：H125 earnings call summary： Companies are quite bullish about future demand-250902.pdf
│ │ ├── UBS-Gambol Pet Group（301498）2025 A~share Conference： strong domestic momentum； cautious on OEM due to tariff -250903.pdf
│ │ ├── UBS-Lens Technology（300433） 2025 A~share Conference： new map unlocked with liquid cooling for AI servers-250903.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 33 ~ NEV dealer discount narrowed； BYD market share +1.4pp wow-250820.pdf
│ │ ├── Bernstein-Horizon Robotics（ 9660.HK）Horizon Robotics： Domestic winner for smart driving SoC with integrated hardware~software， Outperform， PT HKD 15-250903.pdf
│ │ ├── UBS-Yantai China Pet Foods（002891） 2025 A~share Conference： Strong domestic growth； Resilient overseas sales-250903.pdf
│ │ ├── Goldman Sachs-Meituan （3690.HK） 2Q25 First Take： Results miss on food delivery unit economics； eyes on 3Q & eventual landscape； Buy-250827.pdf
│ │ ├── UBS-China Renewable Energy：Positive surprise on subsidy collection； downstream and upstream players to benefit-250903.pdf
│ │ ├── UBS-China Oil， Gas and Chemical Monthly Higher expectations for oil supply surplus； eyes on chemicals with price hike potential-250902.pdf
│ │ ├── Morgan Stanley-Shanghai United Imaging Healthcare Co（688271）Risk Reward Update-250902.pdf
│ │ ├── Goldman Sachs-China： Unofficial services PMI increased in August-250903.pdf
│ │ ├── UBS-China Equity Strategy Liquidity to drive a normalisation in A~H premium from here？-250820.pdf
│ │ ├── Morgan Stanley-Medtide（3880.HK）1H25 Results Driven by Strong Demand for TIDES CDMO Services-250902.pdf
│ │ ├── Morgan Stanley-Bridging the World to Japan： China Anti~Involution for Chemicals & Steel-250903.pdf
│ │ ├── H100 vs GB200 NVL72 Training Benchmarks – Power, TCO, and Reliability Analysis, Software Improvement Over Time – SemiAnalysis.pdf
│ │ ├── UBS-Chinese Internet Data Centre Sector：2025 A~share Conference： AI demand ready to take off-250902.pdf
│ │ ├── Goldman Sachs-Hwatsing （688120）： Solid orders and product expansion to thinning dicing polishing equipment； 2Q25 in line； Neutral-250903.pdf
│ │ ├── 翻译Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 33 ~ NEV dealer discount narrowed； BYD market share +1.4pp wow-250820_译文_202508201049.pdf
├── 250907更新
│ ├── Economic自有渠道
│ │ ├── Morgan Stanley-Investor Presentation：Greater China Semiconductors： Global AI Supply Chain Updates； Key Opportunities in Asia Semi-250826.pdf
│ │ ├── UBS-China Auto Parts Sector：APAC Focus： LiDARs ~ The eyes of smart driving-250819.pdf
│ │ ├── Goldman Sachs-China Property Weekly Wrap：Week 33 Wrap~Transactions remain plateaued amidst stable market sentiments-250819.pdf
│ │ ├── UBS-Lenovo Group（0992.HK）Future Center tour profiles the latest AI hardware and service innovations-250901.pdf
│ │ ├── Goldman Sachs-China： Fiscal expenditure growth continued to outpace revenue growth in July， albeit only modestly-250819.pdf
│ │ ├── Morgan Stanley-China Coal：Selective amid a structural downturn -250901.pdf
│ │ ├── Morgan Stanley-Giant Biogene（2367.HK）Solid Track Record ~ Why All The Doubt？-250901.pdf
│ │ ├── Morgan Stanley-Greater China Semiconductors： Global AI Supply Chain Updates； Key Opportunities in Asia Semi-250818.pdf
│ │ ├── Goldman Sachs-China Industrial Tech 2Q25 wrap： Buoyant outlook in AIDC supply chain； downside surprise from PA； 3 rating changes-250902.pdf
│ │ ├── Jefferies-China Macro Chat： Bull Market Fueled by Liquidity： Go With the Flow？-250818(1).pdf
│ │ ├── Goldman Sachs-Zhejiang Supcon Technology Co. （688777） Downgrade to Neutral from Buy on challenging chemicals end~market outlook； limited pull from industrial AI software despite solid progress-250902.pdf
│ │ ├── 翻译-UBS-China Auto Parts Sector：APAC Focus： LiDARs ~ The eyes of smart driving-250819_dual.pdf
│ │ ├── Morgan Stanley-Hong Kong China Insurance：Increased Stock Allocations in 1H25， and We Believe the Trend Could Continue-250902.pdf
│ │ ├── J.P. Morgan-Asia Tech Key Takeaways from Asia Tech Tour-250902.pdf
│ │ ├── Morgan Stanley-China’s Anti~Involution： Implications for the Global Solar Value Chain-250901.pdf
│ │ ├── Nomura-Asia Insights The weekly China chart book：The decoupling between the economy and markets-250818.pdf
│ │ ├── UBS-China Equity Strategy：Who are net buyers amid bullish sentiment？-250819.pdf
│ │ ├── 翻译Jefferies-China Macro Chat： Bull Market Fueled by Liquidity： Go With the Flow？-250818(1)_dual.pdf
│ │ ├── Morgan Stanley-China Materials：Trip Takeaways： Day 1 – Shanghai-250902.pdf
│ │ ├── ai_report_2025.pdf
│ │ ├── UBS-China Cement Sector：APAC Focus： Be selective in the middle of a demand downcycle； lessons from Japan-250902.pdf
├── 250906更新
│ ├── Economic自有渠道
│ │ ├── 翻译Goldman Sachs-China Basic Materials Monitor：August 2025： the power of supply work， 1st broad sequential price hikes since 2021-250817_译文_202508181000.pdf
│ │ ├── Morgan Stanley-Zhejiang Hangke Technology（688006）2Q25 Earnings Call Takeaways： Positive Global Order Outlook-250831.pdf
│ │ ├── CITI-China Economics：Eyes on Policy Implementation and Structural Tools – Takeaways from MPR for 25Q2-250817.pdf
│ │ ├── Goldman Sachs-China Basic Materials Monitor：August 2025： the power of supply work， 1st broad sequential price hikes since 2021-250817.pdf
│ │ ├── Goldman Sachs-Chengdu XGimi Technology Co. （688696）： Data update post 2Q25 results-250901.pdf
│ │ ├── Morgan Stanley-China Auto Parts：Sanhua vs Tuopu： Same Story， Different Earnings？-250901.pdf
│ │ ├── Bernstein-U.S. SMID~Cap and Global Software：Software mid~’25 CIO survey： spend moderates， strong AI demand-250901.pdf
│ │ ├── Goldman Sachs-China Strategy：Anti~involution： Reigniting hopes for profit reflation-250818.pdf
│ │ ├── Goldman Sachs-HG Tech （000988）： Incremental strength from customer capex bodes well for transceiver demand； Buy-250901.pdf
│ │ ├── UBS-China Industrials：Pivoting back to fundamentals-250901.pdf
│ │ ├── 翻译Goldman Sachs-China Property Weekly Wrap：Week 33 Wrap~Transactions remain plateaued amidst stable market sentiments-250819_dual.pdf
│ │ ├── Goldman Sachs-COSCO Shipping Energy （1138.HK）2Q25 results slightly beat； TCE rally is driven by tightening sanctions over restricted oil； mgmt provide optimistic outlook on Q4 TCE； Buy-250902.pdf
│ │ ├── J.P. Morgan-Weichai Power ~ H A 2Q25 cleared out， robust growth prospects reaffirmed across AIDC power~gen engines， LNG trucks， and KION’s SCS robotic-250831.pdf
│ │ ├── Goldman Sachs-AccoTest （688200）： OSAT Capex cycle recovery and product migration to drive growth ahead； TP up to Rmb245； Buy-250902.pdf
│ │ ├── Goldman Sachs-Xiaomi Corp. （1810.HK）： EV delivery volume broke out to c.12k units last week； Solid execution on capacity expansion； Buy-250902.pdf
│ │ ├── 翻译花旗—中国经济：流动性更新 ~ 一个充满希望的夏天？-250818 — CITI-China Economics：Liquidity Update ~A H.pdf
│ │ ├── Morgan Stanley-Shanghai United Imaging Healthcare Co（688271）2Q Above MSe； Accelerated 2H Growth Seen Driven by Policy Tailwinds， Innovative Initiatives， Global Expansion-250831.pdf
│ │ ├── Goldman Sachs-BYD Co. （002594）2Q25 Earnings Review： Revenues below expectations and margin miss； expect unit profit to recover in 2H； Buy-250902.pdf
│ │ ├── Goldman Sachs-Navigating China Internet：eCommerce tracker，July industry online retail GMV accelerated to 8%； online share gains via trade~in categories； Express previews-250818.pdf
│ │ ├── Goldman Sachs-China Humanoid Robot：2025 WHRG takeaways： some progress in autonomous capability-250818.pdf
│ │ ├── Morgan Stanley-Greater China IT Services and Software ：China AI Applications 1H25 Recap-250901.pdf
│ │ ├── 翻译-高盛-中国类人机器人：2025 WHRG 关键要点：在自主能力方面取得了一些进展-250818 — Goldman Sachs-China Humanoid.pdf
│ │ ├── J.P. Morgan-Semiconductor SPE Chinese WFE outlook from SPE manufacturers’ perspective-250827.pdf
│ │ ├── Morgan Stanley-China Financials： What will drive the next leg up in valuation？-250901.pdf
│ │ ├── Morgan Stanley-Estun Automation Co Ltd（002747）2Q25 Earnings Call Takeaways： Aggressive Target for 2025~26-250901.pdf
│ │ ├── CITI-China Economics：Liquidity Update ~A Hopeful Summer？-250818.pdf
├── 250905更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Kehua Data Co. （002335） 2Q25 largely in line， solid domestic outlook， overseas expansion in progress； Maintain Neutral on valuation-250831.pdf
│ │ ├── Goldman Sachs-Lingyi （002600） Server and foldable phones components in expansion； 2Q25 OP beat； TP raised to Rmb20.1； Buy-250831.pdf
│ │ ├── Nomura-Asia Insights：China，July activity data broadly missed market consensus-250815.pdf
│ │ ├── 0815 The Flow Show.pdf
│ │ ├── Morgan Stanley-China Musings：Small Steps， Right Direction-250814.pdf
│ │ ├── Goldman Sachs-Midea Group （000333）： 2Q25 First Take： Strong results led by 2B and domestic 2C， first interim dividend announced； Buy-250901.pdf
│ │ ├── Goldman Sachs-China： PBOC Q2 monetary policy report carries a less dovish tone-250816.pdf
│ │ ├── Goldman Sachs-Jiangxi Copper （0358.HK） Earnings Review：1H25 above on lower cost； strong profit delivery supported by copper price； Maintain Buy -250831.pdf
│ │ ├── 翻译Goldman Sachs-China Strategy：Anti~involution： Reigniting hopes for profit reflation-250818_dual.pdf
│ │ ├── Morgan Stanley-China Hong Kong Consumer：China Retail Sales – July 2025： Further Deceleration-250815.pdf
│ │ ├── Goldman Sachs-Anji Micro （688019）：New applications ramp up and clients’ expanding capacity to drive growth； 2Q25 NI beat； Neutral-250831.pdf
│ │ ├── UBS-China Shenhua Energy~A（601088）Robust 2Q result benefiting from significant cost control， interim dividend payout beat-250901.pdf
│ │ ├── Goldman Sachs-China Property Monthly Tracker：Jul~25 below expectation and unlikely to improve in Aug； developers’ landbanking remains strong-250815.pdf
│ │ ├── J.P. Morgan-China A~shares Monthly Wrap：Aug 2025： strong rally defying the weak seasonality-250831.pdf
│ │ ├── Nomura-FX Insights：US portfolio flows： No clear signs that the US exceptionalism theme is back-250815.pdf
│ │ ├── Goldman Sachs-Nexchip （688249）： Migrations to 40nm 28nm with stable capacity expansions； 2Q Rev NI in~line while GM missed； Buy-250831.pdf
│ │ ├── Goldman Sachs-China： July’s 70~city data show continued divergence in property prices between top~tier and lower~tier cities-250815.pdf
│ │ ├── Goldman Sachs-Kuaishou Technology （1024.HK） 2025 Investor Day–Upbeat tone over AI empowering Kuaishou’s differentiated community and Kling growth potential； Buy-250901.pdf
│ │ ├── J.P. Morgan-Kingsoft Cloud：Strong AI demand with Xiaomi~Kingsoft ecosystem a key growth driver； maintain OW-250831.pdf
│ │ ├── Morgan Stanley-China Property：Sales Decline Widened in July； Weak Trends to Continue-250815.pdf
│ │ ├── Goldman Sachs-China： July activity data broadly weakened and missed expectations – First Take-250815.pdf
│ │ ├── Jefferies-China Retail Sales~July 2025-250815.pdf
│ │ ├── Nomura-Asia Chart Alert：China，New home sales growth worsened again in August-250831.pdf
│ │ ├── UBS-China Economic Perspectives：July growth notably weaker； more headwinds ahead-250815.pdf
│ │ ├── 翻译UBS-China Equity Strategy：Who are net buyers amid bullish sentiment？-250819_dual.pdf
├── 250903更新
│ ├── Economic自有渠道
│ │ ├── Nomura-China Auto EV Batteries：Weak season in July； peak season is approaching-250812.pdf
│ │ ├── BofA Securities-China Consumer：Renewed concerns on social security： our initial reality checks-250811.pdf
│ │ ├── UBS-China Industrials：Tracking trade flows amid changing US tariffs on China （week 34）-250825.pdf
│ │ ├── UBS-ZTE~A（000063）Q225 review：AI opening up the second growth curve-250829.pdf
│ │ ├── Nomura-Accelink（002281）Domestic AI investments drives solid optical demand-250829.pdf
│ │ ├── UBS-China Battery Materials：SSB rally~rotation over fundamentals-250829.pdf
│ │ ├── Morgan Stanley-Yili Industrial（600887）：1H25 Briefing Call Takeaways-250829.pdf
│ │ ├── MS-Alibaba Group Holding BABA 1QF26 CMR in line, Cloud beat, e-com profit in line-250829.pdf
│ │ ├── Morgan Stanley-Biopharma：A picture is worth a thousand words-250829.pdf
│ │ ├── Morgan Stanley-Advanced Micro~Fabrication Equipment Inc（688012）Robust topline and backlog growth； OW-250829.pdf
│ │ ├── UBS-China AI Intelligence：AI application #2，Recruiting as a promising vertical for AI adoption-250812.pdf
│ │ ├── BofA Securities-Asia Fund Manager Survey：Steady state-250812.pdf
│ │ ├── Goldman Sachs-UNIS （000938）： AI servers switches riding on China cloud capex； 2Q25 beat with NI QoQ at +99%-250830.pdf
│ │ ├── J.P. Morgan-China Chemicals.pdf
│ │ ├── Morgan Stanley-Bullish Risk Skew for Duration-250829.pdf
│ │ ├── UBS-China Internet Sector China ad pulse check： 2Q25 a bit weaker but AI benefit emerges -250812.pdf
│ │ ├── Nomura-Ningbo Tuopu Group（601689）Liquid cooling opens a new chapter of growth-250829.pdf
│ │ ├── Nomura-Wuxi Lead Intelligent Equipment（300450）ASSB equipment as a new growth driver-250829.pdf
│ │ ├── BofA Securities-China Consumer （H A）：New vs. Old Consumption： imbalance amid stagnation-250811.pdf
│ │ ├── GS-Alibaba Group (BABA) 1QFY26 First Take Cloud and CapEx beat; In-line China eCommerce; Eyes on quick commerce investments; Buy-250829.pdf
│ │ ├── UBS-China Internet Sector：Online recruitment： continued online shift amid a stable hiring market-250812.pdf
│ │ ├── J.P. Morgan-Property Data Monitor Mainland China： Asking price index hit a new low； HK： Home prices~1.2% W W-250812.pdf
│ │ ├── Bernstein-BYD Co Ltd（002594）BYD Q2： The price of market leadership-250830.pdf
│ │ ├── J.P. Morgan-Innovent Biologics（1801.HK）：Raise PT post strong 1H25； reiterate as top pick in China biopharma-250829.pdf
│ │ ├── UBS-China Internet Sector：Quick commerce monthly，Alibaba gaining momentum-250825.pdf
│ │ ├── Barclays-China Technology：The Current State of AI Agents in China-250811.pdf
│ │ ├── UBS-China Battery Supply Chain：Apause after solid state battery rally-250812.pdf
├── 250901更新
│ ├── Economic自有渠道
│ │ ├── Goldman Sachs-Innovent Biologics （1801.HK）： Earnings Review： Expect higher FY profit with 1H beat； first ph3 MRCT to accelerate IBI363 development-250828.pdf
│ │ ├── UBS-Endovascular MedTech（688016.SS）Q225 largely in line； overseas sales further accelerated-250827.pdf
│ │ ├── Jefferies-NVIDIA Corporation（NVDA.US）Blackwell Ramp On Track While China Gets Sorted Out-250827.pdf
│ │ ├── Morgan Stanley-XPeng Inc.（XPEV.UN）P7 launch ~ likely a dark horse-250827.pdf
│ │ ├── UBS-Shennan Circuits（002916） A solid beat led by data center communication PCB and BT substrate recovery-250828.pdf
│ │ ├── Morgan Stanley-Shandong Gold Mining Co. Ltd （1787.HK）2Q25 in Line； Benefiting from Higher Sales Volume and Gold Price-250827.pdf
│ │ ├── Goldman Sachs-Mixue Group （2097.HK）Earnings review： Solid China operations though overseas still in transition； Buy-250828.pdf
│ │ ├── Morgan Stanley-StarPower Semiconductor Ltd（603290）2Q25 earnings beat with better opex control-250827.pdf
│ │ ├── J.P. Morgan-China Property：Shanghai easing alone is unlikely sufficient， but the sector may stay resilient on stronger policy hopes-250825.pdf
│ │ ├── Goldman Sachs-Meituan （3690.HK） 2Q25 First Take： Results miss on food delivery unit economics； eyes on 3Q & eventual landscape； Buy-250827.pdf
│ │ ├── UBS-Horizon Robotics（9660.HK）1H25 results review：Share gain accelerated-250828.pdf
│ │ ├── UBS-Dongfang Electric~A（ 600875） Beneficiary of subscription model shift and China’s nuclear upcycle； initiate coverage at Buy-250828.pdf
│ │ ├── Goldman Sachs-HG Tech （000988）： Migration to 800G in domestic market to drive growth in 2026~27E； Overseas progress could add more upside； Buy-250828.pdf
│ │ ├── Goldman Sachs-Fosun Pharma （2196.HK）： Earnings Review： 2Q saw sequential improvements； new incentive plan targets 20% earnings CAGR-250828.pdf
│ │ ├── UBS-China National Nuclear Power（ 601985）Defensive growth with leverage from renewables and nuclear new tech-250828.pdf
│ │ ├── Bernstein-Luxshare Precision Industry Co Ltd（002475）Luxshare 2Q25： accelerated AI server and auto revenue； PT raised to RMB 59-250827.pdf
│ │ ├── Goldman Sachs-Zijin Mining （2899.HK） Earnings Review： 1H25 above on strong gold and copper profit； Maintain Buy-250827.pdf
│ │ ├── Goldman Sachs-CNOOC （0883.HK）First take： 1H in line； strong FCF achieved； remain Buy-250827.pdf
│ │ ├── Goldman Sachs-Zhejiang Dingli Co Ltd. （603338）： First Take： 2Q25 headline results inline； GPM lower than expected； overseas sales resilient； Buy-250827.pdf
│ ├── 其他渠道
│ │ ├── 250825-BofA-泡泡玛特.pdf
│ │ ├── 250825-JPM-荣盛石化.pdf
│ │ ├── 250825-BofA-太阳能-中国2025年上半年隆基、晶澳、天合电气、迈克斯韦尔业绩报告.pdf
│ │ ├── 250825-citi TMT周报.pdf
│ │ ├── 250826-GS-联影医疗.pdf
├── 250929更新
│ ├── Economic自有渠道
│ │ ├── 翻译-摩根士丹利—反内卷—优先、进展与潜力：市场、行业与个股影响—250901 — Morgan Stanley-Anti~Involution ~ Priori(1).pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 38~NEV ICE dealer discount narrowed wow but 3 MSRP cuts observed-250924(1).pdf
│ │ ├── Goldman Sachs-China Consumer Staples： Snacks， Spirits & F&B Hunan Tour： Weak sentiment into festival season； snacks fostering collaboration with new-250924(1).pdf
│ │ ├── Goldman Sachs-Kuaishou Technology （1024.HK）： Kling AI new model 2.5 Turbo released at competitive pricing； Buy-250924(1).pdf
│ │ ├── 翻译-摩根士丹利——追踪中国半导体本土化：国产 AI GPU 发展——炒作还是希望？—250902 — Morgan Stanley-Tracking China(1).pdf
│ │ ├── Goldman Sachs-Micron Technology Inc. （MU.US）： Strong outlook driven by continued DRAM momentum and NAND inflection-250923(1).pdf
│ │ ├── UBS-China Oil Product Monthly：Diesel export volume up， eyes on anti~involution MT LT boost to refining sector-250903(1).pdf
│ │ ├── Goldman Sachs-Pony AI Inc. （PONY.US）： Robotaxi commercial operation to drive unit economics； Singapore and Qatar in expansion； TP up to US$27.7； Buy-250923(1).pdf
│ │ ├── Nomura-Greater China Semi： Where could China accumulate its AI chips？-250902(1).pdf
│ │ ├── 翻译-瑞银-全球贵金属评论黄金 ~ 重获新生，重返牛市-250902(1) 2 — UBS-Global Precious Metals Comment Gol(1).pdf
│ │ ├── Morgan Stanley-IT Hardware Monthly Data Tracker： iPhone 17 Lead Times Remain Longer Y Y； App Store Tracking Ahead of MSe QTD-250923(1).pdf
│ │ ├── UBS-AI Research：OpenAI–A Deep~Dive Into its Growth Drivers and the Impact on Microsoft， Oracle and the Broader Software Sector-250902(1).pdf
│ │ ├── 2026 semiconductor outlook Update of our 2026 AI accelerator model(1).pdf
│ │ ├── J.P. Morgan-Gold market outlook From excess to scarcity-250902(1).pdf
│ │ ├── Goldman Sachs-AMEC （688012.SS）： Etching and Deposition products in expansion， riding on memory and logic capacity growth； Buy-250924(1).pdf
│ │ ├── 翻译J.P. Morgan-Gold market outlook From excess to scarcity-250902_translated(1).pdf
│ │ ├── Goldman Sachs-Samsung Electronics（005930.KS）Stronger conventional memory and HBM to lead to significant profit growth in 2026；raise TP to W96K and reiterate Buy-250923(1).pdf
│ │ ├── Morgan Stanley-Tracking China’s Semi Localization：Domestic AI GPU development – hype or hope？-250902(1).pdf
│ │ ├── Goldman Sachs-SMIC （0981.HK）： AI chip demand ramping up； domestic solutions evolving； Buy-250923(1).pdf
│ │ ├── UBS-China Basic Materials：Solid results for non~ferrous； lift earnings and PTs-250903(1).pdf
│ │ ├── J.P. Morgan-Property Data Monitor Mainland China： weekly sales turned positive YoY； HK： home prices rose to 13~month high-250923(1).pdf
│ │ ├── Goldman Sachs-Shenzhen Inovance Technology Co.（300124）2025 CIIF takeaways： Positioning as standardized component platform for humanoid robots-250923(1).pdf
│ │ ├── 翻译-UBS-AI Research：OpenAI–A Deep~Dive Into its Growth Drivers and the Impact on Microsoft， Oracle and the Broader Software Sector-250902_translated(1).pdf
│ │ ├── Morgan Stanley-China Equity Strategy：China Five~factor Consumer Activity Z~Score vs. MSCI China-250923(1).pdf
│ │ ├── 翻译-野村——大中华半导体：中国在哪些地方可能囤积其人工智能芯片？-25903 — Nomura-Greater China Semi： Where could(1).pdf
│ │ ├── UBS-China Oil Product Monthly：Diesel export volume up， eyes on anti~involution MT LT boost to refining sector-250903.pdf
│ │ ├── 翻译J.P. Morgan-Gold market outlook From excess to scarcity-250902_translated.pdf
│ │ ├── UBS-AI Research：OpenAI–A Deep~Dive Into its Growth Drivers and the Impact on Microsoft， Oracle and the Broader Software Sector-250902.pdf
│ │ ├── 翻译-野村——大中华半导体：中国在哪些地方可能囤积其人工智能芯片？-25903 — Nomura-Greater China Semi： Where could.pdf
│ │ ├── 翻译-摩根士丹利—反内卷—优先、进展与潜力：市场、行业与个股影响—250901 — Morgan Stanley-Anti~Involution ~ Priori.pdf
│ │ ├── J.P. Morgan-Property Data Monitor Mainland China： weekly sales turned positive YoY； HK： home prices rose to 13~month high-250923.pdf
│ │ ├── Morgan Stanley-China Equity Strategy：China Five~factor Consumer Activity Z~Score vs. MSCI China-250923.pdf
│ │ ├── 翻译-瑞银-全球贵金属评论黄金 ~ 重获新生，重返牛市-250902(1) 2 — UBS-Global Precious Metals Comment Gol.pdf
│ │ ├── Goldman Sachs-Shenzhen Inovance Technology Co.（300124）2025 CIIF takeaways： Positioning as standardized component platform for humanoid robots-250923.pdf
│ │ ├── Goldman Sachs-China New Energy Vehicle Weekly Chartbook：2025 Week 38~NEV ICE dealer discount narrowed wow but 3 MSRP cuts observed-250924.pdf
│ │ ├── Goldman Sachs-SMIC （0981.HK）： AI chip demand ramping up； domestic solutions evolving； Buy-250923.pdf
│ │ ├── Nomura-Greater China Semi： Where could China accumulate its AI chips？-250902.pdf
│ │ ├── Goldman Sachs-China Consumer Staples： Snacks， Spirits & F&B Hunan Tour： Weak sentiment into festival season； snacks fostering collaboration with new-250924.pdf
│ │ ├── Goldman Sachs-Kuaishou Technology （1024.HK）： Kling AI new model 2.5 Turbo released at competitive pricing； Buy-250924.pdf
│ │ ├── 翻译-UBS-AI Research：OpenAI–A Deep~Dive Into its Growth Drivers and the Impact on Microsoft， Oracle and the Broader Software Sector-250902_translated.pdf
│ │ ├── J.P. Morgan-Gold market outlook From excess to scarcity-250902.pdf
│ │ ├── Goldman Sachs-Pony AI Inc. （PONY.US）： Robotaxi commercial operation to drive unit economics； Singapore and Qatar in expansion； TP up to US$27.7； Buy-250923.pdf
│ │ ├── Morgan Stanley-IT Hardware Monthly Data Tracker： iPhone 17 Lead Times Remain Longer Y Y； App Store Tracking Ahead of MSe QTD-250923.pdf
│ │ ├── Morgan Stanley-Tracking China’s Semi Localization：Domestic AI GPU development – hype or hope？-250902.pdf
│ │ ├── UBS-China Basic Materials：Solid results for non~ferrous； lift earnings and PTs-250903.pdf
│ │ ├── Goldman Sachs-Micron Technology Inc. （MU.US）： Strong outlook driven by continued DRAM momentum and NAND inflection-250923.pdf
│ │ ├── 翻译-摩根士丹利——追踪中国半导体本土化：国产 AI GPU 发展——炒作还是希望？—250902 — Morgan Stanley-Tracking China.pdf
│ │ ├── Goldman Sachs-AMEC （688012.SS）： Etching and Deposition products in expansion， riding on memory and logic capacity growth； Buy-250924.pdf
│ │ ├── 2026 semiconductor outlook Update of our 2026 AI accelerator model.pdf
│ │ ├── Goldman Sachs-Samsung Electronics（005930.KS）Stronger conventional memory and HBM to lead to significant profit growth in 2026；raise TP to W96K and reiterate Buy-250923.pdf