6 June 2025 | 4:47PM EDT US Weekly Kickstart Dissecting the equity market's pricing of economic growth David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@gs.com Goldman Sachs & Co. LLC Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7744 | kar ...

Investment Rating - The report assigns a "Buy" rating to Costco Wholesale (COST) with a 12-month price target of $1,133, indicating an upside potential of 7.3% from the current price of $1,055.59 [9][10]. Core Insights - Costco's May same-store sales (SSS) growth was +6.0%, slightly below the consensus estimate of +6.2% and down from +6.7% in April. U.S. comparable sales (ex-gas) were +5.5%, also below the consensus of +6.4% and down from +7.1% in April. The company noted a negative impact from cannibalization of approximately 70 basis points in May [1]. - Worldwide traffic growth decelerated to +3.4% in May, compared to +4.2% in April. U.S. traffic growth also slowed to +2.8% from +5.0% in April, while global ticket sales (ex-gas/FX) increased by an estimated +2.6% [2]. Sales Performance - The report highlights that the Fresh category saw high-single-digit growth, driven by strong performance in meat and bakery. Food & Sundries grew mid-single-digit to high-single-digit, while non-foods increased mid-single-digit. The ancillary business, however, decreased low-single-digit to mid-single-digit [8]. Financial Metrics - The report provides financial forecasts for Costco, projecting revenues of $254.45 billion for the current year, increasing to $310.24 billion by 2027. EBITDA is expected to grow from $11.52 billion to $15.45 billion over the same period. The earnings per share (EPS) is forecasted to rise from $16.56 to $21.51 [10].

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 GS Flow of Funds: School's Out ⾼盛资⾦流向：学校放假了 盖尔·哈菲夫 Gail.Hafif@gs.com | 布莱恩·加勒特 Brian.Garrett@gs.com | 李·科珀史密斯 Lee.Coppersmith@gs.co Gail Hafif Gail.Hafif@gs.com | Brian Garrett Brian.Garrett@gs.com | Lee Coppersmith Lee.Coppersmith@gs.com m technicals/flows, not third grade "graduation." School's out and we are on the cusp of summer holiday... but first, we need to address "award season" ... awards for market 学校放假了 ...

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 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 Good morning 早上好 Five things you need to know: 五件你需要知道的事： 2/ India Preview – 25bps cut expected – short USDINR and long IGBS up to 5yr 2/ 印度预览——预计降息 25 个基点——做空美元兑印度卢⽐，做多印度政府债券⾄ 5 年期 3/ ECB recap – ...

Investment Rating - The report assigns a "Buy" rating to Xiaomi Corp. with a 12-month target price of HK$65, indicating an upside potential of 27.6% from the current price of HK$50.95 [17][20]. Core Insights - Xiaomi's GMV (Gross Merchandise Value) during the first phase of the 6.18 shopping festival reached Rmb16.9 billion, representing a 64% year-over-year increase compared to Rmb10.3 billion at the same time in 2024 [3][5]. - The report highlights that Xiaomi's flagship series did not make the top 10 list this year, attributed to aggressive inventory clearance by Apple, which temporarily increased competition in the premium segment [1][3]. - Xiaomi's discount level during the 6.18 festival is noted to be more disciplined at around 16%, compared to 22% during the same period last year, with potential discounts reaching up to 29% when considering national subsidies [4][16]. Summary by Sections Sales Performance - Xiaomi ranked No.1/2 in sales volume and GMV among domestic smartphone brands on JD.com, maintaining four of the top 10 best-selling models [3][7]. - The company experienced stronger GMV growth in smartphones (+46%/110% year-over-year) compared to AIoT products (+39%/91% year-over-year) at its proprietary channels [7]. Competitive Landscape - Apple's aggressive inventory clearance has led to a temporary recovery in its market share in China, with a noted increase of 6.6 percentage points year-over-year [1][13]. - The report anticipates that the ratio of Phase I GMV to total shopping festival GMV for this year's 6.18 shopping festival will be around 50%, higher than previous years [3][10]. Future Outlook - Xiaomi is positioned for multi-year ecosystem expansion with projected revenue and EPS CAGRs of 26% and 39% from 2024 to 2027, supported by its "Human x Car x Home" strategy [17][18]. - The report emphasizes Xiaomi's robust balance sheet and competitive advantages in the EV supply chain, enhancing its appeal in the electric vehicle market [17].

Investment Rating - The report maintains a Neutral rating for HUTCHMED (HCM) with a 12-month price target of $18 for the ADR listed in the US, indicating a potential upside of 32.4% from the current price of $13.60 [12][14]. Core Insights - Increased investor focus is expected on savolitinib following data presentations at ASCO, with the company highlighting severe under-detection of MET amplification when using NGS testing compared to FISH testing [1][2]. - The company’s internal unpublished data suggests that only about 30% of patients who test positive for MET amplification via FISH would also test positive using the NGS method [2]. - The global Phase 3 SAFRON study of savolitinib in combination with osimertinib will offer patients the option of two companion diagnostics: FISH and IHC methods [2]. Summary by Sections MET Amplification Testing - Testing for MET amplification is crucial for patient selection, with a cross-study analysis indicating that NGS testing severely under-detects the biomarker compared to FISH [2]. - The MARIPOSA-2 study detected MET amplification in 14% of patients using ctDNA NGS, while the SACHI study showed approximately 30% detection using tissue FISH [5]. Clinical Efficacy - The SACHI study demonstrated a median progression-free survival (PFS) of 8.2 months for the savolitinib plus osimertinib combination compared to 4.5 months for chemotherapy, with a statistically significant hazard ratio of 0.34 [5][6]. - For patients previously treated with a 3rd-generation EGFR TKI, the median PFS was 6.9 months for the combination arm versus 3.0 months for chemotherapy, also showing a significant difference [6]. Safety Profile - The SAVANNAH study indicated a promising PFS curve separation with a manageable safety profile, although adverse events leading to dose interruption of savolitinib occurred in approximately 48% of patients [9].

2 June 2025 | 10:42PM HKT Xtep International Holdings (1368.HK): Consumer & Leisure Corporate Day: Full-year outlook reiterated; confidence in Saucony's Bottom line: We hosted Xtep Group at our Consumer & Leisure Corporate Day on Jun 2. Key takeaways include 1) Full year guidance reiterated in view of YTD trend, i.e. deliver positive sales growth at group level (Saucony/Merrell is guided to deliver 30%-40% sales growth) and >10% yoy NP growth. 2) Xtep core: discount level stayed broadly stable in 2Q-to-date ...

2 June 2025 | 9:22PM HKT Anta Sports Products (2020.HK): Consumer & Leisure Corporate Day: Guidance reiterated; Jack Wolfskin deal complete; Fila reforms on the Bottom line: We hosted Anta group at our Consumer & Leisure Corporate Day on Jun 2. Key investors focus are Fila reform under new CEO's strategies, margin puts and takes by brand and plans for Jack Wolfskin/future M&A. Our positive view on Anta group is reinforced by its solid trading YTD and strong execution across its brand portfolio, though we no ...

2 June 2025 | 10:23PM HKT China Resources Beer (0291.HK): Consumer & Leisure Corporate Day: Continued solid performance in May led by Heineken; Thoughts on We hosted CR Beer at our Consumer & Leisure Corporate Day on Jun 2. Key takeaways: 1) Key metrics' run-rate in May: CRB's beer volume growth in May trended at similar run-rate as in April, i.e above the volume growth of SD% in 1Q25; The blended ASP mildly increased and margin profiles performed positively towards full year target; 2) By brand, the key vo ...

Investment Ratings - The report maintains a "Buy" rating for Keysight Technologies (KEYS) based on improved order trends and revenue guidance [6][7]. Core Insights - Palo Alto Networks (PANW) reported in-line quarterly results with revenue of $2.29 billion, slightly above consensus expectations of $2.28 billion, and guided for FQ4 revenue between $2.49 billion and $2.51 billion, indicating a growth of 19-20% for FY RPO [3][4]. - Baidu (BIDU) exceeded expectations with Q1 revenue of CNY 32.45 billion, driven by a 42% year-over-year growth in its AI Cloud business, leading to a 2.5% increase in stock price [5][6]. - Keysight Technologies (KEYS) reported a revenue of $1.31 billion, 2% above market expectations, and guided for FY25 revenue growth of approximately 6% year-over-year, reflecting an acceleration in order growth [6][7]. - Wolfspeed (WOLF) shares plummeted 60% following reports of the company preparing for bankruptcy, indicating significant distress in the semiconductor sector [8]. - Google (GOOGL) showcased innovations in AI during its I/O keynote, emphasizing its commitment to integrating AI capabilities across its product suite, which may enhance its competitive position in the search market [9][11]. Summary by Sections Market Insights - Futures are pulling back with NDX/SPX down 65 basis points as higher yields impact risk appetite, with US 10-year yields at 4.53% and 30-year yields at 5.02% [1][2]. - The report highlights a surge in short interest, indicating a shift in market sentiment and potential investment strategies [12][14]. Company Performance - PANW's stock fell 3.5% post-earnings despite meeting expectations, while BIDU's stock rose 2.5% on strong Q1 results [3][4][5]. - KEYS experienced a 5% increase in stock price due to positive order trends and revenue guidance [6][7]. - WOLF's stock saw a drastic decline of 60% amid bankruptcy preparations, reflecting severe challenges in the semiconductor industry [8]. Hedge Fund Trends - Hedge funds have maintained a positive return of +1% YTD, with a notable increase in short positions across ETFs and single stocks, indicating a strategic shift in investment approaches [12][32]. - The average large-cap mutual fund has outperformed benchmarks, with 50% exceeding their targets, reflecting strong relative performance despite macroeconomic uncertainties [19][36].