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 ...

Investment Rating - The report assigns a target price of $600 for Microsoft, indicating a potential upside of over 30% based on a 28x P/E ratio [2][9] - For Venture Global (VG), the target price is set at $15, with the current stock price below $10, suggesting significant upside potential [2][14] Core Insights - Microsoft is focusing on its AI strategy, prioritizing Copilot and internal R&D over Azure revenue growth, which is expected to yield stronger long-term economic benefits [1][4] - VG's modular construction method for LNG facilities significantly enhances construction speed, with the CP2 project expected to show clear progress this summer [2][11] - The global LNG market is projected to see a substantial increase in supply over the next few years, making VG's low-cost operating model crucial for maintaining competitive advantage [2][13] Summary by Sections Microsoft - Microsoft's AI strategy encompasses infrastructure, platform, and application layers, leveraging self-developed chips and partnerships with companies like Anthropic to create diverse growth opportunities [1][5] - The Copilot tool is expected to have better unit economics than Azure, with a focus on enhancing user engagement and monetization potential [1][6] - The Fairwater project is anticipated to alleviate GPU supply constraints, allowing for better resource allocation between Copilot and Azure [1][8] Venture Global - VG operates LNG export facilities and is positioned within the energy ecosystem, with a focus on efficient construction methods to enhance project timelines [10][12] - The company has made significant progress in its modular LNG construction approach, with the CP2 project advancing faster than expected [11][12] - VG's financing strategy is clear, with substantial funding already secured for ongoing projects, and plans to raise additional capital to support future expansions [12][14]

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 ...

高盛会谈：AI 如何推动药物研发——Xaira Therapeutics 公司 Marc Tessier Lavigne20260131 摘要 A 级人才吸引 A 级人才，提高人才标准至关重要，如洛克菲勒大学宁缺 毋滥的教职招聘策略和斯坦福大学 140 年前确立的高标准文化，均体现 了人才质量对机构发展的深远影响。 大学在人才培养中扮演关键角色，尤其在识别和培养具备解决重大问题 驱动力和智慧的人才方面。大学是汇聚、培育未来领袖并助力其开启职 业生涯的不可或缺的平台。 Zynerba Therapeutics 利用人工智能革新药物研发，通过高质量数据 积累，减少对传统湿实验的依赖，旨在缩短研发周期、提高成功率，并 已筹集 10 亿美元资金支持该愿景。 Zynerba Therapeutics 采取全面策略，同时攻克分子靶点选择、药物 设计及患者表征三大领域，通过 AI 技术与自主研发的高通量生物学系统 生成海量数据，形成差异化竞争优势。 Zynerba Therapeutics 作为一家利用人工智能革新药物研发与发现过程的 新兴公司，有何独特之处？ 药物研发过程本质上效率低下，目前仍依赖大量经验和直觉，存在高失 ...