Core Viewpoint - Goldman Sachs is initiating its 2025 Fall Campus Recruitment events, inviting students from various backgrounds and majors to participate in the financial industry [1]. Group 1: Event Highlights - The recruitment events will feature guest speakers from key functional departments of Goldman Sachs, including Global Banking and Markets, Asset and Wealth Management, Research, Operations, and Information Technology [3]. - Alumni from major universities will share valuable workplace experiences and market insights, helping students broaden their perspectives and enter the forefront of the financial industry [3]. Group 2: Registration Information - Students can register for the events by scanning a QR code to access the My GS Event Portal, where they can create an account and sign up for the activities [4]. - The offline recruitment events are scheduled at several universities: Fudan University on September 16, Peking University on September 17, Tsinghua University on September 18, and Shanghai Jiao Tong University on September 23 [5][6][7]. Group 3: Understanding Goldman Sachs - Participants will gain insights into Goldman Sachs' business scope, corporate culture, and core advantages through workplace sharing by business representatives [8]. - Human resources will provide tips on job applications and interviews, along with a Q&A session [8]. - There will be opportunities for in-depth discussions with business representatives about career development and professional networking [8].

Core Viewpoint - The relationship between China and the United States is evolving into a clear strategic interdependence, reshaping the global economy and requiring companies to embrace complexity and adapt to new dynamics [1][5][9]. Group 1: Changes in Economic Relations - Recent months have seen a de-escalation in U.S.-China trade tensions, but fundamental changes in economic relations are evident, with geopolitical, security, and supply chain resilience now influencing economic decisions as profoundly as cost and efficiency did in the past [5]. - The share of Chinese imports in the U.S. has decreased from a historical high of 22% in 2017 to 13.4% in 2024, while Vietnam's share has doubled, and Mexico has become the largest trading partner of the U.S. [6]. - Foreign direct investment (FDI) inflows into China have dropped over 90% in the past four years, reaching a 30-year low, as Western investors reduce investments, particularly in sensitive sectors like technology [6][8]. Group 2: Strategic Shifts in Business Operations - Companies are now prioritizing resilience and diversification over efficiency, leading to increased spending on supply availability and security, resulting in deeper inventories and higher costs [5][6]. - The current focus on trade is accompanied by a fragmentation of capital flows, with a notable shift towards a "China for China" strategy among companies [6][8]. - Businesses operating in China must navigate structural complexities such as regulatory uncertainty, data localization requirements, national security reviews, and capital controls, necessitating a more cautious and strategic approach to capital deployment [8]. Group 3: Future Outlook and Recommendations - The Chinese economy is advancing in advanced manufacturing and is committed to solidifying its global technological leadership, yet foreign direct investment remains low [8]. - Chinese outbound investment to the U.S. has decreased by over 95% from its peak in 2016, with capital increasingly directed towards Southeast Asia, the Middle East, and Latin America [8]. - Successful companies will be those that possess refined intelligence, flexible business models, and a deep understanding of local conditions in this strategically interdependent world [8][9].

Core Insights - Goldman Sachs research predicts an increase in the number of autonomous taxis (Robotaxis) in the U.S. as leading operators reduce costs and scale operations, with an upward revision of the potential market size for autonomous taxis in China [1] U.S. Market Overview - Currently, over 1,500 autonomous taxis are operating commercially in five U.S. cities, expected to grow to approximately 35,000 by 2030, generating annual revenues of $7 billion and capturing about 8% of the shared mobility market, up from less than 1% [2] - The compound annual growth rate (CAGR) for the autonomous taxi market from 2025 to 2030 is projected to be around 90%, with gross margins for vertically integrated operators potentially reaching 40-50% in the next three to five years, leading to total gross profits of about $3.5 billion by 2030 [2] China Market Potential - In China, technology readiness is acknowledged, with an expectation of 535,000 autonomous taxis operating in over 10 cities by 2030, driven by consumer acceptance, fleet maturity, and supportive government and insurance sectors [3] - The potential market size in China is projected to reach $61 billion by 2035, with profitability expected in first-tier cities by early 2026 [3] Factors Influencing Predictions - The speed at which autonomous vehicle suppliers can scale operations and the level of competition will determine whether Goldman Sachs' predictions are overly optimistic or conservative [4] - Early signs of successful scaling in autonomous vehicles are emerging, with consumer preferences shifting towards autonomous options in specific shared mobility markets [4] Cost Dynamics - As the scale of autonomous vehicles increases, costs are decreasing, with significant reductions in hardware requirements and driving costs per mile, projected to drop from approximately $0.35 in 2025 to $0.15 by 2040 [5] - Insurance costs are also expected to decline from $0.50 per mile to about $0.23 during the same period, while the number of vehicles managed by a remote operator is anticipated to increase significantly [5] Consumer Behavior - Despite the rise of autonomous taxis, ownership of personal vehicles may not decline sharply, as the cost of operating a private car remains competitive compared to shared mobility options [6] - The report suggests that in the next 3-5 years, deliveries of autonomous vehicles in the U.S. will primarily focus on commercial applications [6] Trucking Sector Insights - The development of autonomous trucks is expected to be slower compared to the shared mobility market, with only a few deployments currently in the U.S. and an estimated 25,000 autonomous trucks by 2030, still representing less than 1% of commercial truck fleets [7]

Core Viewpoint - Despite macroeconomic headwinds, the M&A market continues to show resilience, with a significant increase in global M&A transaction volume in the first half of 2025, up by 29% year-on-year [1] Group 1: M&A Activity Trends - In the first half of 2025, the number of mega-deals (transactions over $10 billion) reached a historical high, driven by corporate focus on long-term growth and increased confidence from CEOs in operational investments and strategic mergers [2] - The Asia-Pacific region saw a notable increase in mega-deal activity, with transactions between $1 billion and $5 billion rising by 57% year-on-year, while the Americas and Europe, the Middle East, and Africa experienced increases of 42% and 9%, respectively [3] Group 2: Financial Institutions and Investment Behavior - Financial investment institutions are actively deploying capital, showing a cautious yet progressive investment approach amid macroeconomic uncertainties [4] - The role of financial investment institutions in supporting corporate development is becoming increasingly critical, with sustained high demand for key assets [5] Group 3: Corporate Strategies for Value Creation - Corporate spin-offs and organizational streamlining are essential strategies for unlocking shareholder value, particularly in a favorable interest rate environment and recovering stock markets [6] - In response to de-globalization trends, companies are simplifying their structures to mitigate risks and enhance value, with geopolitical tensions and regional regulatory differences driving businesses to reorganize by region [7] Group 4: Regional M&A Dynamics - The Asia-Pacific region is experiencing a dual acceleration in both cross-border and local M&A activities, as companies seek to diversify revenue sources and expand into high-growth emerging markets [8]

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].