(*seasonally adjusted by GS) Main points: 1. China's headline CPI inflation was unchanged at -0.1% yoy in May, as the decline in goods prices was offset by higher services prices (Exhibit 1). In month-on-month terms, headline CPI fell to +0.5% (annualized, seasonally adjusted) in May (vs. +0.8% mom s.a. ann in April). 2. In year-over-year terms, food inflation edged down to -0.4% yoy in May from -0.2% yoy in April. This is primarily due to lower prices of fresh vegetables (Exhibit 2). Among major food items ...

市场洞察 - Marquee 市场洞察|市场|股票 股票——上涨尾部 旋⻛般的⼏个⽉ 从本届政府迄今为⽌的⾏动中可以清楚地看出，其⽬标并⾮推翻这艘巨轮，⽽是将其引向有利于 美国经济⻓远利益的⽅向，同时推动盟友和伙伴承担各⾃的责任，即分担责任，在解决全球安 全、稳定和⼈道主义援助等问题上发挥更⼤作⽤。这是为了减轻美国不成⽐例的负担，同时仍然 保持其在从军事到科技等多个领域的全球主导影响⼒。我知道——实现这⼀⽬标说起来容易做起 来难，但我们应该以开放的⼼态来审视和评估。 对于市场⽽⾔，我们知道政策的⾛向。我们已经从负⾯情绪和超卖的深渊中反弹。虽然经济显⽰ 出⼀些疲软迹象，但总体表现良好。仓位和情绪指标保持平衡，因此仍有重新冒险的空间。短期 内若没有重⼤冲击，⻛险倾向于股市进⼀步上涨。 标准普尔5⽉创下1990年以来最佳表现，跑赢新兴市场股票。"五⽉抛售，离场"的呼声就此终结 吧 资料来源：GIR。Glissman。2025年6⽉2⽇。过往业绩不代表未来业绩。 周期性股票与防御性股票的表现反映了美国实际GDP约2%的增⻓环境。⾼盛经济学家预计，未来 四个季度实际GDP增⻓率将达到约1%。 这⾥有两种可能的解释：1/ ...

澳⼤利亚和印度尼西亚今⽇假期 US and China set for trade talks in London today (9 June) Reuters 市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Asia 市场洞察 | 市场 | 亚洲 GS Macro: Five things you need to know ⾼盛宏观：五⼤要点解读 Good morning and hope you had a great weekend 早上好，希望您度过了⼀个愉快的周末 Holidays in Australia and Indonesia today 美国和中国定于今⽇（6 ⽉ 9 ⽇）在伦敦举⾏贸易谈判 路透社 Five things you need to know: 五件你需要知道的事： 1/ GS Weekend – thought leader views and macro webcast 1/ ⾼盛周末——思想领袖观点及宏观⽹络研讨会 2/ EUR – revising our forecast h ...

Nick Zheng, CFA +852-2978-1405 | nick.zheng@gs.com Goldman Sachs (Asia) L.L.C. 8 June 2025 | 9:00PM HKT China Machinery Field trip takeaways: domestic divergence driven by policy; exports and electrification in focus We visited machinery companies Sany Heavy, Volvo CE (VOLVb.ST, Buy on CL, Covered by our Europe industrials analyst Daniela Costa), Weichai Power, Sinotruk and Foton (600166.SS, Not Covered); and industry consultant Off-Highway Research (OHR), as part of our China Industrials trip together with ...

9 June 2025 | 2:01AM HKT Taiwan Technology: Monthly revenues preview on Chenbro, Auras, E Ink; ASIC AI servers / e-papers to drive growth; FX affects 2Q25 We preview Chenbro, Auras, and E Ink monthly revenues in this report. Chenbro: May revenues miss on FX, while new rack products (noise-cancellation racks) to support 3Q25 revenues. Auras: May revenues declined 20% MoM due to FX impact and production sites diversification, while rising liquid cooling adoption rate and expansion from GPU AI servers to ASIC ...

8 June 2025 | 5:43PM HKT China FX/Rates Monitor: CNY Appreciation Bias Post Trade De-escalation (Chen/Suwanapruti) Our monitor tracks the latest developments and identifies key indicators for China FX and rates, including valuations/policy stance, technicals, flows, and fundamentals. Below we summarize our key takeaways on the China FX and rates markets. 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. Danny ...

9 June 2025 | 2:01AM HKT Taiwan Technology: Monthly revenues preview on Chenbro, Auras, E Ink; ASIC AI servers / e-papers to drive growth; FX affects 2Q25 Chenbro May revenues declined by 7% MoM to NT$1.8bn, or 12% behind our estimates. The sequential decline is mainly caused by high base and FX impact, while the rising AI servers (HGX, MGX, and ASIC), and general servers new product cycle continue to support the company's growth. For coming months, we expect June revenues to stay at similar level as May, a ...

5 June 2025 | 12:27AM HKT Innovent Biologics (1801.HK): ASCO 2025 take: Encouraging survival benefit of IBI363; Better understanding of POC hinges on RCT data As noted in our previous ASCO2025 notes (preview, abstract takeaway), Innovent orally presented the updated ph1 data of IBI363 (PD-1/IL-2α-bias BsAb) in NSCLC, CRC, and melanoma, which we view as incrementally positive for ORR/PFS compared to abstract, with particular highlight on the encouraging survival benefit (OS data debut) in IO-treated squamous ...

6 June 2025 | 8:12PM HKT China Basic Materials China commodities: Refreshing earnings estimates Trina Chen +852-2978-2678 | trina.chen@gs.com Goldman Sachs (Asia) L.L.C. Joy Zhang +852-2978-6545 | joy.x.zhang@gs.com Goldman Sachs (Asia) L.L.C. Roy Shi +852-2978-0110 | roy.shi@gs.com Goldman Sachs (Asia) L.L.C. Fiona Ye +852-2978-0680 | fiona.ye@gs.com Goldman Sachs (Asia) L.L.C. Daisy Dai +852-2978-7904 | daisy.dai@gs.com Goldman Sachs (Asia) L.L.C. We refresh our earnings estimates for our China commoditie ...

6 June 2025 | 10:11AM EDT Global Markets Daily: How Fiscal Risks Could Impact the Dollar (Rosenberg/Jenkins) How Fiscal Risks Could Impact the Dollar Fiscal sustainability has come into greater focus for investors, not only in the US, but in the UK and Japan as well. The timing of the budget process has led markets to focus on the US's large and persistent deficit at a time when investors were already eyeing the durability of foreign demand for US assets. This has led to some brief but sharp dislocations be ...