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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

Hon Hai (2317)

  • **2026 Revenue Beat & Margins**: Hon Hai forecasts 2026 revenue growth across AI servers (GPU/ASIC), Consumer Electronics, PCs, and Components; 6.1% GM (vs.
  • consensus 5.7%/6.0%), 35% YoY NI to NT$60bn, Opex down to 2.4% driven by AI server ramp (double-digit QoQ) and EV Model B delivery by end-2026.
  • **AI Server & EV Growth Catalysts**: AI server rack shipments growing at high double-digit QoQ (2026) due to market share gains; EV business advancing with Model B (AUS/NZ delivery end-2026) and CAVIRA in Taiwan, supported by vertical integration and global production.
  • **Target Price Upside & Valuation**: Goldman Sachs target price NT$400 (193.50 NTS above current price), 18.9x 2027E P/E, reflecting bullish sentiment on AI server/EV outsourcing expansion despite stock trading below target.
Aug 13, 2026 · 01:24 UTC
Goldman SachsSELL

AVC (3017)

  • **AI-Driven Revenue & GM Upside**: Jul revenue +57% YoY (vs.
  • 6% QoQ) from AI server liquid cooling components; 2Q26 GM beat at 32.6% (vs.
  • consensus) driven by higher-margin AI cooling, rack shipments, and penetration rates.
  • **2025-28 Growth Catalyst**: 52% CAGR net income growth via AI spending tailwinds, liquid cooling penetration expansion, and market leadership in air/liquid cooling solutions (supported by R&D/manufacturing capacity).
Aug 13, 2026 · 01:24 UTC
Goldman SachsSELL

Tingyi (0322.HK) 1H26 Review Upgrade to Buy on enhanced core category position, improved operation efficiency amid cost vol...

  • **Margin Expansion & Core Segment Strength**: 1H26 results beat expectations with EBIT margin improving to 9.6% (from 8.8%), driven by cost management, sweetened tea (+15% yoy) and noodles segment growth (50%+ H1 2026), supported by product innovation and structural F&B transformation.
  • **PET Cost Resolution & Margin Resilience**: PET prices corrected from Rmb9k+/t to Rmb7-8k/t, turning cost pressure into tailwind; eased input costs and automation-driven expense efficiency support earnings resilience amid sugar/palm oil price stability.
  • **20% Upside Target & Catalysts**: Goldman Sachs upgrades to Buy with HK$14.80 target (20.4% upside), citing 20%+ total return potential, 15.5x 2027 P/E, and strong growth catalysts (sugar-free tea +25% market growth, noodles premiumization >Rmb5/unit).
  • **Reduced Leverage & Outperformance**: Net debt/equity (excl.
Aug 13, 2026 · 01:24 UTC

1036 more institutional reports还有 1036 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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