2025年上半年，在企业普遍秉持"变即常态"的理念下，全球并购交易总额同比增长+29%。尽管未来不确定性仍将持续，尤其对 关税敏感型行业的影响将更加显著，但众多企业正借此契机，以全新视角重新审视资产组合与战略目标。 虽有宏观逆风，并购交易仍呈增长态势 第一季度宏观环境一度明朗，但随着美国宣布加征关税、各方采取反制措施，市场随之波动，第二季度的不确定性加剧。尽管挑战 不断，但并购市场仍展现出强劲韧性，领军交易方同样步伐坚定。 财务投资机构活动蓄势攀升：风险偏好抬升但保持审慎 尽管宏观不确定性犹存，财务投资机构正积极部署，稳步积蓄动能。在有限合伙人资金回报压力与创新迅速加速的双重驱动下，其 投资行为呈现审慎进取的特征。 驱动2025年下半年并购活动的关键因素 企业聚焦增长，助推大型战略并购落地 随着企业关注点从成本削减转向长期增长，2025年上半年，单笔交易额超百亿美元的超大型并购创历史新高。这一趋势受到企业 CEO对运营投资和战略并购信心增强的推动，其中许多案例与强化人工智能领域的能力密切相关。 亚太地区超大型并购活动在上半年显著增长，各区域市场通过地区内及本土整合应对宏观经济的不确定性。 值得注意的是，变革性 ...

Group 1 - The core message emphasizes Goldman Sachs' commitment to attracting diverse talent for its various departments, particularly in technology and operations, regardless of academic background [1][2][4][6] - Goldman Sachs is hosting a series of virtual recruitment events in August 2025, targeting students graduating in 2026-2027, with specific focus on engineering and operations roles [2][4][6] - The events will provide insights into the roles and experiences of employees in the technology and operations departments, along with opportunities for direct interaction and networking [2][4][6] Group 2 - The APAC Engineering Insight Day will take place on August 5-6, 2025, from 4-6 PM Beijing time, allowing participants to learn about technology applications in finance [2] - The China Engineering Academy event is scheduled for August 28, 2025, from 10-11 AM Beijing time, offering insights into career development and application tips for internships and full-time positions [4] - The Operations Virtual Insight Day is set for August 26, 2025, from 2-3 PM Beijing time, focusing on the operations department's role in supporting business development and risk management [6] Group 3 - Participation in these events is by invitation only, and selected students will receive email notifications [3][5][6] - Registration for the events can be completed through the My GS Event Portal, with specific instructions provided for creating an account and signing up [7]

Core Insights - This summer, over 2,600 interns joined Goldman Sachs across 45 global offices, representing more than 500 universities and speaking over 85 languages [1] - The internship program aims to provide interns with substantial business understanding, teamwork experience, and relationship-building opportunities [1][7] - David Solomon, the CEO, shared career advice and expectations for the interns, emphasizing the importance of customer focus and teamwork in the financial industry [2][6] Summary by Sections - **Internship Overview** - The internship program includes 2,600 interns from diverse backgrounds, with 215 in the Asia-Pacific region [1] - Interns are encouraged to actively participate and engage with their teams to gain insights into the company and its operations [8] - **CEO's Message** - David Solomon expressed excitement about the new perspectives interns bring to the firm and shared key principles for a successful internship experience [5][6] - The message highlights the importance of collaboration, curiosity, and striving for excellence [6][8] - **Key Principles for Interns** - Engage meaningfully in team meetings and view each day as an opportunity to learn [8] - Ask questions and listen to colleagues to absorb valuable insights [8] - Collaborate with team members, emphasizing collective success over individual efforts [8] - Pursue excellence and avoid settling for less than the best [8] - Enjoy the journey and pace oneself, recognizing that this is just the beginning of a long career path [8] - **Future Opportunities** - Applications for Goldman Sachs' 2026 summer internship and full-time programs are currently open [10]

Recruitment Program - Goldman Sachs is accepting online applications for the Summer Analyst, Summer Associate, and New Analyst positions for the 2026 program [1][2] - Positions are available in various locations including Beijing, Shanghai, Shenzhen, Hong Kong, Singapore, Seoul, and Tokyo [2] Application Details - The program targets undergraduate and master's students graduating between August 2026 and July 2027, with a start date from June to August 2026 [3] - Application deadlines are set for October 5, 2025, for undergraduate/master's students and November 16, 2025, for master's students including MBA, PhD, JD, MD, and LLM [3] Departments Hiring - Various departments are hiring including Asset & Wealth Management, Corporate Treasury, Engineering, Global Investment Research, Global Banking & Markets (FICC & Equities), Investment Banking, Operations, Risk, Compliance, Controllers, and Internal Audit [3] Application Process - Applications are accepted on a first-come, first-served basis, encouraging early application and interview participation [4] - After submission, applicants will receive a status notification approximately one month later [4] Additional Information - Interested candidates can visit the Goldman Sachs recruitment website for more information and to search for job vacancies [5] - Online events are available to learn more about Goldman Sachs, and updates can be followed through their official WeChat account [6] Application Steps - The application process includes browsing the recruitment website, selecting the appropriate 2026 Asia-Pacific program, choosing the relevant project, and filling out personal background information [7]

Core Viewpoint - The article emphasizes the significant impact of geopolitical risks, particularly the U.S.-China trade tensions, on investment strategies and market analysis, reshaping the traditional focus on business cycles and macro policies [5]. Group 1: Career Background - The chief China equity strategist at Goldman Sachs, Kinger Lau, has been with the firm since 2004, focusing on onshore and offshore Chinese stocks, as well as markets in Hong Kong and Taiwan [2]. - Lau's educational background includes a master's degree in finance from the London School of Economics and a bachelor's degree in commerce from the University of British Columbia, along with certifications as a Chartered Financial Analyst (CFA) and a U.S. Certified Public Accountant [2]. Group 2: Market Events - Significant market events that have shaped Lau's perspective include the 2008 financial crisis, the 2015 A-share trading halt, and the COVID-19 pandemic, with the 2018 U.S.-China trade tensions being particularly transformative [5]. Group 3: Market Sentiment and Human Behavior - The article discusses the dual nature of investing as both a science and an art, highlighting the influence of human psychology on short-term market fluctuations. The development of quantitative models to gauge investor sentiment is noted, though the accuracy of these models is contingent on the quality of input data [6]. Group 4: Work-Life Balance - The importance of work-life balance is underscored, with emphasis on the need for recovery time to seize investment opportunities. Family time and sports activities are highlighted as key relaxation methods for Lau [7].

Group 1 - The GS Scholars program by Goldman Sachs focuses on knowledge sharing and business case analysis, providing participants with insights into the competencies required for campus recruitment [1] - Participants will have the opportunity to receive guidance and feedback from Goldman Sachs business leaders and apply course knowledge in practical case competitions [1] - The program is open for students interested in finance who are expected to graduate in 2026-2027, with top performers and winning teams eligible for prizes and direct access to summer internship interviews at Goldman Sachs China [1] Group 2 - The program aims to provide a deeper understanding of the essential soft and hard skills required in investment banking [2] - Participants will gain insights into Goldman Sachs' business scope and corporate culture [2] - The program facilitates direct communication with Goldman Sachs employees, offering talent matching and mentorship opportunities [2]

Core Viewpoint - The article discusses the changing dynamics of housing demand in urban China, highlighting a significant decline in new housing demand due to population decrease, urbanization slowdown, and shifts in family structure, with projections indicating a future annual demand of slightly below 5 million units [2][5][6]. Group 1: Population and Housing Demand - New housing demand in urban areas peaked around 2015, with projections indicating it may stabilize at just below 5 million units annually in the foreseeable future [2][6]. - Population growth has historically been a key driver of new housing demand, but projections show a negative contribution to housing demand from 2020 to 2029, averaging -500,000 units annually, and further declining to -1.4 million units annually from 2030 to 2039 [3][5]. Group 2: Urbanization Trends - Despite a declining population, urbanization rates continue to rise, contributing significantly to housing demand. However, the pace of urbanization is expected to slow as the government aims for a 70% urbanization rate by 2030, with only a 0.5 percentage point increase per year from 2024 to 2030 [4][5]. - The contribution of urbanization to new housing demand is projected to decrease from an average of 6.4 million units annually in 2010-2019 to 3.8 million units from 2020-2029, and further to 2.8 million units from 2030-2039 [4][5]. Group 3: Family Structure Changes - The trend of shrinking family sizes in urban areas is expected to continue, supporting new housing demand. The proportion of "one-generation households" has increased from 27% in 2000 to 50% in 2020, with projections indicating an increase in demand contribution from this factor [5][6]. - The average contribution of shrinking family sizes to new urban housing demand is expected to rise from 1.4 million units annually in 2010-2019 to 1.8 million units in 2020-2029, and further to 2.1 million units in 2030-2039 [5][6]. Group 4: Housing Investment Demand - Housing investment demand, which accounted for 24% of total urban housing demand from 2010-2019, peaked at 5.7 million units in 2021 but is expected to decline sharply due to falling property prices and negative future price expectations [7]. - Projections indicate that housing investment demand will average -180,000 units annually from 2025-2030 and -120,000 units from 2030-2039, with the release of vacant second-hand properties likely to further suppress new housing demand [7].

Group 1: Macroeconomic Insights - Goldman Sachs Chief Economist Jan Hatzius indicated that the recent US-China Geneva negotiations exceeded expectations, but uncertainties regarding US tariff policies remain significant, negatively impacting US economic growth [1] - Hatzius emphasized that trade between nations is not a zero-sum game, which is crucial for economic decision-makers to understand [1] - The firm noted that after the US-China trade negotiations, risks are gradually being released, and there is potential for valuation recovery in the e-commerce sector [2] Group 2: Industry-Specific Analysis - Goldman Sachs Asian Internet Research Head Ronald Keung pointed out that the potential adjustment of small package tax exemption policies by multiple countries could impact the e-commerce industry [2] - Goldman Sachs Asian Pharmaceutical Research Head Ziyi Chen analyzed that the US tariff measures on pharmaceuticals are filled with uncertainties, but the impact on China's pharmaceutical industry is limited, although supply chain costs may increase [2] - Goldman Sachs Industrial Technology Analyst Jacqueline Du discussed the development stage and competitive advantages of humanoid robots in China, noting that the industry is currently in the commercialization phase [3] Group 3: Automotive Sector Insights - Goldman Sachs Automotive Analyst Tina Hou observed that the competition in China's new energy vehicle market has entered a deep-water phase, with price wars still ongoing despite a slight narrowing in price reductions compared to last year [3] - The peak of capacity expansion in the new energy vehicle market has passed, but the "elimination race" among over 50 competing car manufacturers is still ongoing [3] Group 4: Investment Strategy - Goldman Sachs Chief China Equity Strategist Kinger Lau highlighted that despite ongoing external pressures, the resilience of Chinese assets is becoming increasingly evident, driven by domestic demand and policy support [3] - The firm noted that the structural opportunities for consumption upgrades and industrial transformation are being propelled by dual forces of domestic demand and policy incentives [3]

Core Viewpoint - The recent US-China trade negotiations have led to a significant reduction in tariffs, which is expected to positively impact China's economic growth and reduce the need for aggressive policy easing [2][3][5]. Group 1: Trade Negotiations and Tariff Adjustments - The US has agreed to cancel some retaliatory tariffs on China, reducing the effective tariff rate from over 100% to approximately 39% [2][3]. - China's effective tariff rate on the US will also decrease from 144% to around 30% as part of the agreement [2][3]. - The unexpected extent of tariff reductions suggests a lower drag on China's economic growth than previously anticipated, leading to adjustments in export growth forecasts [3][5]. Group 2: Economic Growth Predictions - China's export growth forecast for 2025 has been revised from -5% to 0%, with net exports now expected to contribute +0.1 percentage points to GDP growth [3][5]. - The GDP growth forecasts for 2025 and 2026 have been increased from 4.0% and 3.5% to 4.6% and 3.8%, respectively, due to the positive impact of tariff reductions [5]. Group 3: Policy Responses and Economic Stability - The Chinese government is focusing on stabilizing employment, businesses, and market confidence while maintaining a conservative approach to fiscal policy [6][8]. - Despite the need for short-term fiscal expansion, there are concerns about long-term fiscal sustainability, leading to a more cautious use of fiscal resources [7][8]. - The government is prioritizing high-tech manufacturing and structural transformation towards quality growth rather than quantity [9][10]. Group 4: Manufacturing Sector and Export Competitiveness - China's manufacturing sector remains a key focus, with significant investments in high-tech industries and a strong global export presence [9][10]. - The country has maintained a competitive edge in various mid-to-high-end product categories, with a notable increase in export shares to emerging markets [9][10]. - The low cost of production factors, including labor and industrial land, continues to support China's export competitiveness [10][11]. Group 5: Long-term Economic Rebalancing - The trade tensions may accelerate China's shift towards an economy driven by domestic demand and consumption rather than external demand [12]. - There is a clear long-term direction towards economic rebalancing, emphasizing household consumption and local market development [12].

各位股东： 在上一封信中，我提到2023年是高盛的执行之年，我们在战略上取得了重要进展，使公司在未来发展中处于更有利的地位。我很高兴地报告， 2024年我们 看到了对业务和员工持续投资的回报 ，这有助于我们为客户提供卓越的服务，并为股东实现可观的业绩。 2024年，我们的净收入同比增长16%，达到535亿美元；每股收益增长77%，达到40.54美元；股本回报率（ROE）提高了500多个基点，达到12.7%；效率 比提高了11.5个百分点，达到63.1%；总股东回报率（注1）达到52%。 高盛上个月发表了2024年的年度报告， 董事长兼首席执行官苏德巍 (David Solomon) 在致股东函中回顾了公司在 过去一年取得的进展、介绍了新成立的业务线 条以及2025年的战略重点 。 从左⾄右：首席财务官 Denis Coleman 、董事长兼首席执行官 苏德巍 (David Solomon) 、总裁兼首席运营官 温泽恩 (John Waldron) 苏德巍提到，自2020年投资者日以来，高盛过去五年一路走来并非一帆风顺，但他为公司及全体员工取得的进展感到自豪。 高盛已经提前完成了多个业务目标，且凭 借着对业务实 ...