市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 Eq Positioning and Key Levels 股票头⼨及关键⽔平 Please see below for a consolidated recap of the various GS positioning metrics. 请⻅下⽅⾼盛各类仓位指标的综合回顾。 Summary: 摘要： -9.2bn last week. In the US, we have this cohort long 22bn. Estimates over the next week are mostly for sale in the US, but flip to buy over the next month in up and flat scenarios. 1. CTA Corner: We model CTAs long $67bn of global equities (61st percentile) after ...

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities View from Our Desk: NDX short-dated topside is too low to SPX. We like owning upside there as the spread to SPX in implied terms is trading at close to 5 year lows. Trade idea: QQQ 11Jul 103% Call at 12.9v (~13bps) 我们的观点：纳斯达克 100 指数短期看涨期权的顶价相较标普 500 指数 过低。我们看好该处的上涨机会，因为其隐含波动率与标普 500 的价差 接近五年低点。交易建议：买⼊ QQQ 7 ⽉ 11 ⽇到期，⾏权价为 103% 的 看涨期权，隐含波动率为 12.9 （约 13 个基点）。 1/22 市场洞察 - 重点报道 --- Market Insights - Marquee 市场洞察 | 市场 | 股票 GS Flow of F ...

30 June 2025 | 1:31PM EDT Global Markets Daily: Cross-Asset Implications If the Fed Eases More Quickly (Chang) Vickie Chang +1(212)902-6915 | vickie.chang@gs.com Goldman Sachs & Co. LLC 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/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 n Since late April, the market has upgraded its growth views while ...

30 June 2025 | 12:14PM EDT US Daily: Shifting to a September Cut and a Lower Terminal Rate (Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1(212)357-3137 ...

30 June 2025 | 3:18PM EDT Americas Technology: Hardware: AI data center equipment 1Q25 market share & outlook update BOTTOM LINE: We update our industry networking and server models to reflect the latest available 1Q25 data from 650 Group. In AI Networking, ANET lost share (-2 pp sequentially to 16%) in back-end AI Ethernet while Nvidia gained share (+5 pp sequentially to 27%) and Celestica maintained share (flat at 27%). That said, ANET gained share in front-end AI Ethernet (+3 pp to 43%) and Cisco maintai ...

30 June 2025 | 4:00AM EDT Americas Transportation: US Tariff Impact Tracker - High Frequency Trends Indicate Softer Trends from China Possibly Forthcoming US Tariff Impact Tracker – The directional uptick in inbound traffic from China to the US ebbed last week and in fact showed slight sequential downticks of -4% for vessels and -7% for TEU's, indicative again that the China surge may be somewhat abbreviated or have less depth than some may have previously thought. Container rates dropped sharply and Los An ...

30 June 2025 | 11:07AM CST Kingmed (603882.SS): China Healthcare Corporate Day 2025 — Key Takeaways: Policy pressures, operational challenges, cautious outlook We hosted Kingmed's IRD, Ms. Dongqi Xiao, with investors on Jun 25 at our China Healthcare Corporate Day 2025. Bottom line: Ms. Xiao mainly discussed: 1) Industry environment and policy impact; 2) Operating status and strategic response; and 3) Outlook and key initiatives. Key Takeaways Industry environment and policy impact: Multiple factors - inclu ...

30 June 2025 | 9:00AM JST Among back-end process stocks, which have relatively high AI exposure, investor interest in Advantest was particularly strong. We had much discussion about the company's earnings growth potential in FY3/26 and FY3/27, driven by expectations for expanding tester demand for ASICs in addition to GPUs. Meanwhile, for Disco, while concerns remain about near-term shipment momentum, many investors commented on the stock's increasing attractiveness relative to Advantest, considering its sh ...

1 July 2025 | 2:48AM HKT Taiwan ODM/Brands: 3-month Preview: ASIC AI servers rising trend; rack-level model transition in 2H25; tariff pull-in brings high base We preview 3-month revenues for 10 companies in AI servers / AI PCs supply chain and expect the avg. YoY growth of these 10 companies to come in at +37% / +27% / +18% in June / July / Aug 2025, driven by AI servers ramp up, more new product launches in 2H25 for consumer electronics; however, we also note: (1) rack-level AI servers entering model tran ...

30 June 2025 | 11:11AM CST Aier Eye Hospital (300015.SZ): China Healthcare Corporate Day 2025 — Key Takeaways: Refractive surgery price improvement We hosted Aier Eye Hospital's IR with investors on Jun 25 at our China Healthcare Corporate Day 2025. Bottom line: The company provided some insights on recent industry trends, with highlights on refractive surgery pricing improvement driven by new technologies (i.e. SMILE 4.0 and SMILE pro) and cataract surgery revenue growth back to double digits in H2. The co ...