16 June 2025 | 8:17PM HKT GC Tech: AI / AR glasses: proliferating new products, increasing affordability, AI features; growing consumer appetite Consumer appetite for technology experience has expanded from smartphone to AI / AR glasses. We see increasing popularity of AI / AR glasses, driven by new products by Meta, Xreal, Rokid, RayNeo, Meizu, INMO, with Xiaomi and Apple also having products in their pipeline. Affordability, rising use cases and increasing integration of AI features have been supporting i ...

15 June 2025 | 7:52PM HKT China Strategy The comeback of Chinese POEs (Part 3): The ascent of Prominent 10 We expect market (cap) concentration in the listed POE sector to rise over time (Part 2). Against that backdrop, our analysis suggests that ten existing leaders—Chinese Prominent 10—are capable of growing their dominance in the stock market, akin to the US Mag 7 stocks. These "Prom 10" stocks are all rated Buy by GS analysts. They amount to US$1.6tn in market cap and 42% of MSCI China index weight, tra ...

Investment Rating - The report assigns a "Buy" rating to LONGi Green Energy Technology Co. and a "Sell" rating to Flat Glass Group (A), Flat Glass Group (H), Tongwei, and Xinyi Solar Holdings [14]. Core Insights - Overall sentiment in the solar industry has turned more negative compared to the previous year, with lower expectations for supply-side policy support [1][4]. - Demand for solar installations is expected to face significant downside risks, with projections indicating a 55% year-over-year decline in installations from June to December 2025 and a 30% decline in 2026 [2]. - Tier 1 companies are maintaining optimistic price expectations, which may not align with the deteriorating internal rate of return (IRR) for solar farms in the current pricing environment [3][5]. - Leading module manufacturers are shifting focus towards integrated "Solar+BESS" solutions to enhance customer returns under new policy conditions [7]. - The report anticipates that 17% of end-2024 capacity will exit the market during 2025-2026 due to cash burn pressures and market access constraints [8]. Summary by Sections Industry Sentiment - The 2025 SNEC event in Shanghai reflected a smaller scale with fewer exhibitors and a more negative overall sentiment compared to 2024, with a notable increase in visitors from India and Central Asia [1][4]. Demand Projections - Industry experts predict a significant decline in solar installations, with expectations of a 55% year-over-year drop in the latter half of 2025 and a 30% decline in 2026, contrasting with more optimistic consensus estimates [2]. Pricing and Capacity - Tier 1 companies are guiding to maintain current solar prices, which may be overly optimistic given the current market conditions affecting solar farm IRR [3][5]. - Some companies have begun offering Topcon Modules at prices below Rmb 0.6/W, indicating a potential shift in pricing dynamics [5]. Competitive Landscape - Competition is intensifying in the high-efficiency module segment, with leading companies mass-producing higher wattage modules to compete effectively [6]. - The report highlights that leading players are actively exploring integrated service offerings combining solar and battery energy storage systems (BESS) [7]. Market Dynamics - The report suggests that the combination of cash burn pressures and market access constraints will lead to a significant exit of capacity from the market [8].

12 June 2025 | 9:11PM HKT GC Tech: Focuslight (688167.SS): Laser and Optics components, rising demand from local SPE and data center We talked to Focuslight (688167.SS, not covered) management recently. Key takeaways 1. Key growth drivers in 2025: Management views laser and optical products for (1) pan-semiconductor, (2) optical communication, (3) AR/ VR market as key drivers this year, and expects to see double digit revenues YoY growth in 2025E. The company has global customer base and is shifting some of ...

14 June 2025 | 5:29PM HKT Greater China Semis: May: IC import/ export value +8.9%/ +33.4% YoY Apr-May data (Exhibits 1-4): IC import volume was +9.9% YoY in May 2025 (vs. +7.6% YoY in Apr 2025), and import value was +8.9% YoY (vs. 11.1% YoY in Apr 2025), implying IC import ASP was down 1% YoY in May 2025. IC (integrated circuits) production growth was +4.0% YoY in Apr 2025 (link), vs. +9.2% YoY in Mar 2025, showing a flattish production volume. On inventory, China's electronics sector DOI (days of inventory ...

15 June 2025 | 7:44PM HKT China Strategy The comeback of Chinese POEs (Part 1): The tide has turned After losing almost US$4tn of market cap and underperforming the SOE sector by 56pp (cum dividends) since late 2020, Chinese private-owned enterprises (POEs), which represent 60% of the entire listed universe by market value, are in the process of regaining their "mojo" in the equity market. Key arguments are: While the beta story has improved, we believe selectivity is still required for success in the broad ...

15 June 2025 | 7:51PM HKT Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C. Timothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com Goldman Sachs (Asia) L.L.C. Kevin Wang, CFA +852-2978-2446 | kevin.wang@gs.com Goldman Sachs (Asia) L.L.C. 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 ...

15 June 2025 | 12:54PM HKT China Transportation Impact of potential Iran oil supply disruption - higher fuel cost for airlines and higher compliant tanker fleet demand Goldman Sachs China Transportation The Brent oil price has risen 12% over the past week to $74/bbl following escalating tensions in the Middle East and Israeli strikes targeting Iran's nuclear program. Our commodities team sees a higher geopolitical risk premium in the near term, while they still assume no disruptions to oil supply in the Mid ...

China Internet & Restaurants: Food delivery expert session takeaways: Focusing on evolving competitive landscape and implications to unit As part of the expert channel-check calls arranged alongside China Consumer team's APAC Consumer & Leisure Corporate Day, we hosted an expert session on food delivery with investors on June 11, where we invited Mr. Shi, CEO & Founder at Yuzhibo Information Technology. Key topics discussed include 1) Enlarged on-demand consumption market from recent platform subsidies, whe ...

12 June 2025 | 2:12PM HKT Sino Biopharmaceutical (1177.HK): 46th Annual Global Healthcare Conference — Key Takeaways Presenter: Kyler Lei - Head of Capital Markets Bottom Line: Management re-iterated guidance of double-digit sales growth for 2025, driven by 25% y/y growth of innovative drugs and positive growth from the generic portfolio de-risked from VBP impacts. With multiple innovative assets under active negotiations with MNC pharma and global leading biotech companies, the company highlighted one majo ...