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The desk research, the way the analysts wrote it. 分析师原文研报，原汁原味呈现。

Showing the latest saved institutional reports.Refreshing the latest institutional reports. New buy-side and sell-side desk reports land here hourly — read the ones that touch what you hold. 正在显示最近保存的机构研报。正在刷新最新机构研报。买方与卖方研究每小时更新至此 —— 挑与你持仓相关的读。

The research the desks write for their clients — now on yours. 机构写给客户的研报 —— 现在也在你手中。
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Refreshing the latest reports…正在刷新最新研报…
Goldman SachsSell-side卖方

SMIC (0981.HK) AI to drive 2H26 growth; strongest revenues QoQ in 2Q26 among global top 10 foundries; Buy

  • SMIC Revenue Growth & China AI Demand: Q226 QoQ revenue growth at 20% (vs. top 10 foundries’ 11.5% avg), driven by China’s generative AI trend, localization, and +15% YoY China Semis Capex growth in 2026-28E.
  • AI Chip TAM & Capex Allocation: China’s AI chip TAM to reach US$4.123bn by 2030 (base case), with SMIC allocating 54-71% of capex to 7nm/advanced nodes, supported by strong analog/power IC demand.
  • US Geopolitical Risk: BIS Entity List restrictions threaten critical equipment/material supply, posing a direct operational and growth risk for SMIC.
  • 2H26 Revenue Outlook: Q3/Q4 2026 revenues projected at +12% Hoh, +27% YoY; capacity tightness for AI chips supports stable ASPs despite rising depreciation.
Sep 23, 2026 · 16:33 UTC
Goldman SachsSell-side卖方

General Mills Inc. (GIS) First Take F1Q beat; FY27 guidance reiterated

  • F1Q Beat & FY27 Guidance: Adj EPS beat ($0.75 vs $0.72); FY27 guidance slightly below consensus (EPS $3.00-$3.20 vs $3.12/$3.08), but $750mm cost savings offsetting higher input inflation (4-5%).
  • Margin Strength: Gross margin 33.3% (above consensus 33.0%) and operating margin 14.4% (vs consensus 13.7%) despite net sales down -2.8% y/y.
  • Valuation Anchor: Neutral rating underpinned by 50/50 P/E blend (10x/11x/12x) and EV/EBITDA (9.5x/10x/10.5x) for $35 target.
  • Critical Risks: Downside from economic slowdown, trade-down to private label, and input cost inflation not fully passed through to margins.
Sep 23, 2026 · 14:39 UTC
Goldman SachsSell-side卖方

Brenntag SE (BNRGn.DE) 15th German Corporate Conference — Key Takeaways

  • Guidance Upgrade: Revised FY revenue guidance to €1,450m (up from €1,350m), driven by new operating strategy execution and cost-out program (€150m savings in 2024, €200-250m by 2027), partially offsetting oil price volatility risks.
  • Geopolitical Pricing Impact: Middle East conflict directly boosting pricing power in sector, enhancing near-term margin visibility amid energy cost pressures.
  • China Competitive Dynamics: China emerging as medium-term chemical manufacturing competitor in essentials/semi-specialty segments (not high-end), with Brenntag positioned as global supply chain enabler to navigate competitive shifts.
Sep 23, 2026 · 14:39 UTC

2718 more institutional reports还有 2718 篇机构研报

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Not investment advice. The Research Vault hosts third-party institutional research for reference and education. Highlighted reports are chosen for the quality of their argument, not as recommendations to buy or sell. Documents are provided by their authors; ratings and views are the authors', not ours. Access is metered and every download is watermarked — not for redistribution. 非投资建议。研报库仅收录第三方机构研究，供参考与学习之用。精选报告因其论证质量入选，并非买卖建议。文档由作者提供，其中评级与观点均属作者本人，与本平台无关。访问受配额限制，下载均加水印 —— 不得转发。

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