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 ...

12 June 2025 | 8:12PM SGT Asia Pacific Data Centers Conceptualising the impact of AI on data centers; Buy Goodman, KDC, Keppel, NextDC, DigiCo Technology development impacts real estate through: (i) driving demand and improving fundamentals, (ii) asset valuation uplift, and (iii) share price re-rating from both earnings growth and multiple expansion. To determine the impact of AI on data centers, we analyse the effect that e-commerce had on logistics during Covid. We believe that we are early in the data ce ...

15 May 2025 | 12:57AM HKT China Healthcare Pulse Biotech led valuation re-rating YTD; eyeing on inflection for domestic recovery As we note earlier (Feb 25 and Nov 24), a recovery for China healthcare is underway, with improving investor sentiment and bottoming valuation. China offshore HC saw a pickup at +21% YTD, vs MXCN +12% and is now trading at 15x, 36%tile over last 5y. The YTD strong performance of Biotech (+37%) was driven by licensing-out theme and relative resilience to geopolitical uncertainty, w ...

13 June 2025 | 6:19AM EDT Oil Comment: Higher Risk Premium Near Term; Unchanged 2026 Forecast +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Ephraim Sutherland Daan Struyven +1(972)368-0395 | ephraim.sutherland@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@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 Di ...

12 June 2025 | 6:17PM CST China Property What would it take to clear China's housing inventory (No. 2) With incremental inventory (including both saleable and non-saleable WIP and land reserve) data being disclosed by city governments lately, we perform a deep dive into China's housing inventory in the 2nd edition on this topic (see first edition here). We examine 78 cities which account for ~50% of China's population and housing stock and ~60% GDP. Shi Xu +86(21)2401-8929 | shi.x.xu@goldmansachs.cn Goldman ...

13 June 2025 | 12:54PM AEST Global Metals & Mining Copper cost curve analysis; Top 20 copper miner all-in marginal cost ~US$4.3/lb We have constructed a global copper cash cost curve (cash costs net of credits) and all-in cost curve (including sustaining and growth capex) for the world's Top 20 copper producers (covering >50% global mined production) based on CY24 production, cost and capex data. Our analysis implies all-in marginal cost was ~US$4.3/lb (90th percentile) for the major producers in 2024 (on a ...