V i e w p o i n t | 12 Jun 2025 00:28:47 ET │ 22 pages MENA Natural Resources & ClimateTech GCC Set To Become Global AI Hub CITI'S TAKE Building on our global data center outlook, we explore the emerging opportunity in the Middle East. In our view, advantaged energy costs – and low cost of capital – means that the GCC can grow faster than global peers, taking a potential 5% market share this decade and with significant opportunity to scale beyond. We upgrade ADNOC Gas to Buy (4 AED TP) as our higher gas-to- ...

17 June 2025 | 10:34PM BST Precious Comment: Survey Shows Continued Central Bank Gold Appetite; Speculative Positioning Remains Muted Lina Thomas +44(20)7051-3062 | lina.thomas@gs.com Goldman Sachs International n Amid escalating tensions in the Middle East, gold prices traded near all-time highs earlier this week. Despite increased safe-haven demand, speculative gold positioning remains unusually low given the macro uncertainty. This hesitancy likely stems from investors believing they missed the initial r ...

17 June 2025 | 8:13PM HKT Laopu Gold (6181.HK) Buy Raise TP on stronger growth outlook; Expanding Moat/TAM through new products, VIC, ornaments; An eventful quarter ahead; Reiterate Buy 6181.HK 12m Price Target: HK$1,090.00 Price: HK$881.50 Upside: 23.7% We raise Laopu Gold's 12m TP to HKD1,090 to reflect our upwards revision to earnings by 15-26% in 2025-27E due to stronger YTD tracking in both online/offline sales and faster store expansion backed by rising brand awareness and a continued gold price uptre ...

13 June 2025 | 12:31AM HKT Chow Tai Fook Jewellery Group (1929.HK): First Take: 2HFY25 div miss; FY26 OP guidance slightly behind; still negative QTD tracking; Neutral Chow Tai Fook announced its FY3/25 annual results (full year ending Mar-25) and hosted a briefing on June 12. In short, FY25 dividend payout, QTD tracking and FY26 OP guidance came in weaker than market expected. FY26 topline/SSSG target of LSD-MSD%/MSD% growth could be under pressure considering still negative Apr-May SSSG despite an easy ba ...

13 June 2025 | 5:30AM EDT GS Healthcare: Conference Wrap-Up - Key Themes And Takeaways Following our 46th Annual Global Healthcare Conference we recap key themes and offer perspective from GS HC analysts on what stood out most from presentations across their coverage. At the highest level, we note the following items exiting the conference: Asad Haider, CFA +1(212)902-0691 | asad.haider@gs.com Goldman Sachs & Co. LLC Salveen Richter, CFA +1(212)934-4204 | salveen.richter@gs.com Goldman Sachs & Co. LLC David ...

13 June 2025 | 9:16PM HKT Hikvision (002415.SZ): 2Q gradual recovery on overseas and innovative business; Multi-modal AI models to enhance performance; Neutral 2Q25 outlook: We expect Hikvision 2Q25 revenues to grow 5% YoY (vs. 1Q25 at 4% YoY), or 33% QoQ to Rmb24.7bn on better seasonality, and on overseas and innovative business expansion. We model 2Q25 GM at 43.9%, improving from 4Q24 GM at 41.6% as the company is focusing on business with higher margin. We expect it will still take time to see improving ...

16 June 2025 | 10:20PM HKT China Healthcare Read across from our global healthcare conference and investor feedback from US marketing We participated in the 46th Global Healthcare Conference (June 9-11) and met with 20+ US investors across Miami and New York. Discussions centered on the momentum behind China biotech's re-rating (+72% YTD, vs +17% for MXCN, see Exhibit 1), driven by a surge in licensing-out deals, particularly in PD-1/VEGF bispecifics, which validated asset quality and innovation. Investors ...

17 June 2025 | 12:48AM HKT China Beverages: Addressing key debates: Solid product cycle and earnings visibility despite rising competition; Scenario analysis on Our covered names in China Beverages, our most preferred subsector in the staples space, have rallied 19% YTD, outperforming vs. MSCI China staples index up 8%. Into 2Q25, we continue to prefer this sub-sector with growth scarcity, positive product cycle and solid earnings visibility amid continued cost benefits; however, we note rising investor con ...

16 June 2025 | 6:02PM HKT Asia Economics Analyst China's Demand for New Homes to Stay Low (Shan) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. n In 2021, we first presented our estimates of Chinese demand for new urban housing through 2050. However, ou ...

16 June 2025 | 1:21PM HKT China: Strong retail sales, softer industrial production and investment in May Bottom line: China's May industrial production (IP) and fixed asset investment (FAI) missed market consensus modestly, while retail sales beat meaningfully. IP growth moderated in May on the back of slowing export growth due to increased US tariffs, led by slower output growth in electrical machinery and chemical manufacturing industries. FAI growth declined further, weighed on mainly by slower infrastru ...