花旗《全球观点》（2026年10月16日）汇总亚太、日本、拉美、西欧及北美等地区最新个股与行业研究观点及评级、目标价调整。台积电3Q26营收7630亿新台币（同比+69%、环比+8%），毛利率/营业利润率66.4%/58.7%均超指引与市场预期，公司重申AI需求强劲，并将2026年全年营收增速指引上调至+44%，预计其AI收入明年翻倍。亚洲电讯方面，认为Starlink在美国的频谱收购与D2D布局将被复制到亚洲的担忧过度，亚洲地面频谱稀缺、监管与国家安全框架及5G成本优势使LEO更可能作为互补批发基础设施与运营商共存，首选新加坡电信、KT与Bharti Airtel。首次覆盖广东松发陶瓷（恒力重工上市平台）给予买入、目标价300元，看好全球造船上行周期延续至约2035年、VLCC运价高企带动新船需求及新产能获取订单。
Citi's The Global Point (16 October 2026) summarizes the latest regional equity research and ratings/target-price changes across Asia, Japan, Latin America, Western Europe and North America. TSMC reported an upbeat 3Q26 with revenue of NT$763bn (up 69% YoY and 8% QoQ) and GM/OPM of 66.4%/58.7%, beating guidance and consensus; management reaffirmed tremendous AI demand and raised its 2026 full-year revenue growth guidance to +44%, with AI revenue expected to double next year. On Asian telcos, we believe fears that Starlink's US spectrum acquisitions and D2D launches will be replicated in Asia are overdone: scarce and concentrated terrestrial spectrum, regulatory and national-security frameworks, and 5G being ~0.9x cheaper per GB make LEOs complementary wholesale infrastructure partners rather than direct competitors, with top picks Singtel, KT Corp and Bharti Airtel. We initiate Guangdong Songfa Ceramics (the listed vehicle of Hengli Heavy Industry) at Buy with a Rmb300 target price, ex