Investment Rating - The report indicates that the software industry is currently in a bear market, with significant declines in market capitalization and net exposure [1][2]. Core Insights - The software sector has experienced a substantial sell-off, with the Broad Software Basket (GSTMTSFT) losing $2 trillion in value, approximately a 30% drop from its highs [1][5]. - Despite the decline in valuations, the software industry still trades at a 260% premium to the equal-weight S&P 500, consistent with historical averages [6][7]. - Consensus estimates predict a two-year forward revenue growth of 15% for software, which is more than double the 6% revenue growth expected for the median S&P stock [6][7]. Summary by Sections Software Market Performance - The software sector has faced fears of disruption from AI, leading to a significant drop in stock prices, with software stocks down 15% this week alone [5][9]. - The net exposure of software as a percentage of total US net market value has reached a record low of 4.2%, down from 7% at the beginning of 2026 and a historical peak of 17.7% [1][2]. Valuation and Growth Prospects - The price/sales ratio for software has decreased from 9x in September 2025 to 6x currently, indicating a sharp decline in valuations [6][7]. - There are signs of stabilization in leading indicators after four years of worsening trends, suggesting potential benefits from increased enterprise AI investment [14]. Industry Dynamics and Future Outlook - The report highlights a shift in AI project implementations from bespoke custom builds to packaged software offerings as the ecosystem matures [15]. - Evidence of pricing power is emerging as the push for adoption begins to convert into monetization, allowing companies to pass on incremental costs to customers [16]. - The report anticipates that it may take 2-3 quarters of stable fundamentals for investor sentiment to improve, with potential for a recovery in the software sector [9][14].

Milder industry growth in 2026E with focus on idiosyncratic opportunities; Buy Laopu China Jewelry 2026 outlook 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 certification and other important disclosures, see the Disclosu ...

⾼盛交易部⻔解读沃什将如何影响利率、美联储资 产负债表和市场 泰勒·德登 2026年2⽉3⽇，星期⼆，上午10:55 ⼀夜之间，⾼盛的研究和交易团队发表了他们对⼀个迅速成为市场最重要话题的观点：美联储主席 凯⽂·沃什将如何影响市场。 以下摘录部分要点： 对于时间紧迫的读者，我们摘录了⾼盛经济学家⼤卫·梅⾥克（David Mericle）的⼀份报告的主要 内容，该报告探讨了凯⽂·沃什（Kevin Warsh）担任美联储理事将如何影响市场，题为《 凯⽂ · 沃 什论利率政策、资产负债表政策和⾦融监管》 （仅限专业订阅⽤⼾阅读）。以下是重点内容 （我们 将在下⽂深⼊探讨该报告）。 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 接下来，我们将总结⾼盛交易员 对沃什⽴场的主要看法（ 详情⻅下⽂ ）。 ...

GS China Econ Proprietary Indicators: February Please find an update of our proprietary economic indicators below. The data behind our proprietary economic indicators can be downloaded here (methodology notes available in the appendix). Source: Goldman Sachs Global Investment Research, NBS, CEIC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/ ...

⾼盛顶级交易员对周五暴跌后市场的看法 BY TYLER DURDEN MONDAY,FEB 02,2026-08:15 AM 这是极其忙碌的⼀周，⻛险偏好不断下滑，尤其是像贵⾦属和加密货币这样的"法定货币替代品"， 由于市场错误地认为凯⽂·沃什会采取鹰派⽴场，它们在市场上遭受了重创。 ⾼盛交易员迈克·华盛顿在评论上周的表现时写道，卖单流速最⾼的板块出现在管理式医疗和软件 ⾏业。但各类资产的动量破位也尤其加剧了市场的负⾯反应（我们已经就周五⽩银27%、⻩⾦9% 的历史性跌幅写了很多相关内容）。 ⾼盛的交易台数据显⽰，资产管理公司本周最终净买⼊约30亿美元，主要受科技和⼯业领域部分 个股推动，⽽对冲基⾦最终净卖出40亿美元，主要由宏观产品驱动。ETF交易量依然居⾼不下（盘 中占⽐超过40%，表明市场情绪偏空），且标普指数最优买卖盘⼝情况依然很差，当⽇平均仍约为 540万美元（相⽐之下，⼀年平均为1160万美元）。到⽬前为⽌，约44%的标普市值公司已发布财 报，股票反应总体符合预期，尽管不及预期的公司受到了严厉的惩罚。 机构经纪业务：美国多空 gross 杠杆率连续第4周上升，上升2.9个百分点⾄226.2%（创历 ...

2 February 2026 | 6:50AM KST Equity Research South Korea Tech: Memory Pricing Tracker: Jan. 2026: 1Q26 DRAM pricing forecast of +90-95% qoq higher than GSe; NAND broadly inline 1Q26 DRAM pricing forecasts across all major applications, as well as for the overall conventional DRAM pricing have been revised up again substantially, where the latter is now at +90-95% qoq (after +45-50% qoq in 4Q25). Note that this is above 1Q26 GSe of +77-82% qoq for Samsung Electronics (SEC) and SK Hynix (Hynix), which we beli ...

与高盛同行：从人工智能到液化天然气——我们从微软 （MSFT）和先锋集团（VG）获得的洞见 20260131 摘要 微软 AI 战略涵盖基础设施、平台和应用多层，通过自研芯片和整合 Anthropic 等，使用户能平等使用各类 AI 模型，构建多元增长机会。 Copilot 的单位经济效益优于 Azure，长期来看产品粘性更强，差异化 程度更高，将 GPU 资源投入 Copilot 比投入 Azure 更加合理。 微软短期内牺牲 Azure 营收加速增长，优先发展 Copilot 和内部研发， 旨在构建更稳健的长期战略。Fairwater 项目上线后，有望缓解 GPU 供 应限制，解决 Copilot 和 Azure 业务之间的资源竞争。 微软关注 Azure 工作负载性能和毛利率优化，以及客户沟通和销售管线 管理，表明其在 AI 算力周期中已成为领导者，并注重成本控制和运营利 润率的提升。 市场对 Copilot monetization 的预期正在增强，超级智能团队在医疗 诊断领域的突破（难题解决率从专家最佳 5%-10%提升至 85%）可能 扭转市场对某些产品表现的负面看法。 Q&A 能否介绍微软的背景 ...

Investment Rating - The investment rating for Xinhua Intelligent Control Asia has been downgraded to Neutral due to market expectations already reflecting long-term prospects [2] Core Insights - The report highlights three major themes in the Chinese industrial sector: AI robots, AIDC power solutions, and space solar power [1] - The global humanoid robot shipment is expected to reach approximately 15,000 units by 2025, representing only 3% of the annual industrial robot shipments [3] - Significant growth is anticipated in the AIDC power sector, particularly for Chinese power solution providers, as they address urgent bottlenecks in AI infrastructure [2] Summary by Sections Humanoid Robots - The humanoid robot market is still in its early stages, with major shipments coming from Chinese companies. Future growth is expected to be exponential, with delivery targets increasing to thousands or even tens of thousands of units [3] - Current technology capabilities in humanoid robots have reached 80%-90% in terms of control, with rapid product iterations occurring every 6 to 8 months [3] AIDC Power Solutions - The report emphasizes the potential for Chinese power solution providers in the AIDC sector, particularly those capable of scaling delivery and supporting the transition to 800V DC systems [1][2] - Companies like Siyi Electric are expected to see a 40% increase in overseas orders, driven by product quality and global grid upgrades [8] Tesla Optimus Robot - Tesla's Optimus robot is still in early development, with potential sales not expected until late 2027. Current stock prices may reflect these expectations, and further evidence of effective AI models is needed for price support [4][5] Gas Turbine Blade Suppliers - INL, a gas turbine blade supplier, is positioned to benefit from power shortages and OEM capacity constraints, with a projected revenue CAGR of 25% by 2030 [6][7] Market Opportunities in Space Solar Power - The report discusses potential opportunities in space solar power, particularly with Tesla and SpaceX's plans to increase solar capacity significantly, which could benefit Chinese photovoltaic companies [13] Other Companies - KOSTA, a leading UPS supplier, is expected to see a 60% increase in net profit by 2025, driven by significant orders from the U.S. AI data center supply chain [9][10] - MKM is transitioning into the global AI server power market but faces execution challenges and is rated Neutral due to high valuation and recent losses [11][12]

高盛闭门会-铜价单日大涨 10%的原因，结构性机会和宏 观叙事 20260131 摘要 铜多头头寸年初分散至其他金属，微观交易员对铜空头接受度提高，但 铜价突破 13,400 美元后买盘涌入，虽与基本面尤其是库存不符，但长 期需求趋势提供了解释，短期内涨势或持续至持仓结构恢复正常。 镍、锌、铝交易活跃度上升，主要在铜多头头寸上获利了结，当前行情 或仅至中段。基本面方面，未来库存上升有一定道理，但供应故事将在 6 个月至 1 年后展开，做多参与度低于预期，主要受 CTA 行为驱动。 锌精矿端供应略紧，建筑领域需求疲软但出口渠道表现较好，锌需求好 于预期，基本面在金属中表现最佳，库存状况无需担忧。高频交易相关 消息对价格走势影响程度令人意外，保证金额度调整未产生显著影响。 短期波动率全线飙升，Gamma 最受关注，短期合约价格较两天前基准 水平上涨约三分之一，接近过去五年历史极值区间。做空 Gamma 风险 较高，需重新定位长期观察变动，风险逆转策略仍具价值。 宏观层面驱动力包括降息、财政扩张、AI 资本开支热潮以及货币贬值， 通胀回落、经济增长回升形成积极支撑，风险偏好处于高位，但宏观环 境向好，降息和财政刺激 ...

高盛：大宗散货交易与研究团队铁矿石问答 20260131 摘要 中国港口铁矿石库存处于历史正常区间，但仅从供需基本面来看，当前 价格区间难以维持。高频数据显示中国铁水产量仍处于高位，印度出口 减少，共同作用下港口库存保持平稳。 全球铁矿石出货量持续增长，供应端表现强劲，但中国钢铁行业面临严 重的供过于求，生产商利润空间受到挤压，钢铁出口的高增速难以持续， 市场或需通过产量下降来重新平衡。 中国矿产资源集团（CMRG）限制钢厂采购必和必拓大块矿产品，减少 了钢厂可获取的铁矿石量，在春节前补库周期支撑了铁矿石指数，但长 期来看，可能导致必和必拓业绩受损。 多数基金在战争相关资产上配置资金，并部署风险敞口在空头端，配对 交易策略中，多黄金空铜策略热度超过多黄金或多金属空铁矿石策略， 反映了市场对铁矿石的谨慎态度。 生产商倾向于在 106-108 美元进行对冲操作，消费商则在 103-104 美 元买入，波动区间有限。大部分创始人仍通过空头配置，财务状况稳定， 但整体来看，市场参与者对铁矿石价格的预期分歧不大。 Q&A 尽管近几个月铁矿石市场基本面恶化，铁矿石价格为何仍维持在 100 美元以上？ 回顾过去六个月，铁矿 ...