Investment Rating - The report provides a "Buy" rating for AstraZeneca, indicating strong confidence in its growth potential, particularly with the SERD class breast cancer therapy [2]. Core Insights - The utility sector is entering a new era characterized by localized and defensive growth, with electricity demand and revenues on the rise after a 15-year decline. The modernization of the power grid is essential to enhance energy security and meet the demands of renewable energy and data centers [1]. - AstraZeneca's SERD therapy is expected to become a key focus in the upcoming ASCO meeting, with a potential market value exceeding $15 billion by 2035, driven by a patient population of over 5 million globally [2]. - The report highlights SSE and National Grid as top picks in the UK utility sector due to their significant domestic market exposure and positive revenue trajectories [1]. Summary by Sections Utility Sector - The report discusses the necessity for Europe to invest approximately €2 trillion to modernize its electricity systems after years of underinvestment [1]. - Key topics include the recent power outage in Spain and its implications for the utility sector [1]. Pharmaceutical Sector - AstraZeneca's camizestrant is viewed as a critical growth driver, particularly for patients who have undergone endocrine therapy, positioning the company favorably against Roche [2]. - The report anticipates that the complete data presentation for camizestrant could serve as a market catalyst, reflecting its unique positioning and value [2]. Retail and Consumer Goods - The UK clothing market saw a year-on-year growth of 1.4% in the 12 weeks ending April 27, with Zara and M&S leading in sales growth [3]. - In the US, beauty product sales slowed in May, while Beiersdorf outperformed other brands in the skincare segment [3]. Beverage Sector - US beer sales declined by 3.7% over a 12-week period, while the spirits market saw a 3.8% drop, with ABI and STZ receiving a buy rating for gaining market share [4][5].

28日5月2025年 | 上午6:39香港时间 +852-2978-1681 | verena.jeng@ gs.com 高盛集团（亚洲）有限责任 公司Ting Song +852-2978-6466 | ting.song@g s.com 高盛公司（亚洲）有限责任 公司 GC Telecom：5G BTS月环比下降；4月电信服务收入同 比增长2%。 ：2025年4月，5G基站部署疲软，达44千个，同比减少，截至2025年4月累计基站 部署达440万个；基站产量同比2025年4月增长26%，出口 1) 中国电信服务业收入同比增长2%。 一个强劲的表现： 1) 4月份达到1516亿元人民币，较2025年3月的同比增长0.3%（根据工信部数据） ；2) 2025年4月5G新基站部署增速放缓，新增44万个单位，而2024年4月新增101万 个单位，2025年3月新增70万个单位；3) 5G用户增长增速放缓，2025年4月新增130 0万用户，而2024年4月新增1500万用户。光纤光缆、BTS和PCB出口的海外市场价 值同比增长，而CCL出口价值在2025年4月下降。 艾伦·张 +852-2978-2930 | a ...

2025年5月28日 | 下午2:46香港时间 韩国化妆品：月度追踪器 Apr-25: 由于大谷进口减少，DFS增长仍呈负势；美国COSRX持续去库存。 我们总结了我们韩国化妆品追踪器在DFS销售和相关表现数据方面在中国和美国市场 的4月更新如下。关键要点包括： 1. 韩国DFS销量持续同比下降10%（而3月份同比下降16%） 被韩国人/外国人拖累，同比分别下降8%和10%。 与2019年同期相比，2025年4月的总DFS营业额为47%，较2025年3月的39%有所 2. 美国市场：韩国化妆品出口在4月份继续保持同比增长21%。 led by the and at 13%/7% yoy, as well as （vs. +24% yoy in Mar） 美国 日本 年增长率12%。在 , Cosrx Apr GMV declined at 中国大陆 亚马逊美国 19% 同比增长（对比3月份-38%的同比增长）并持续表现不佳，未能达到整体美容 及个人护理品类32%的同比增长增速，而兰芝在4月份增长率达到73%（对比3月份 +87%的同比增长）并持续超越品类表现。整体在4月份持续显现疲软态势。 发往美国的货物数量 ...

2025年5月27日 | 晚上7:58 EDT Shoals Technologies .SHLS 虚拟投资者会议的要点；买入 | | | 我们举办了一场与SHLS首席执行官Brandon Moss及财务与投资 者关系副总裁Matt Tractenberg的虚拟投资者会议，以讨论关键 竞争动态、近期关税和政策变化的影响、近期及长期需求趋势等 议题。我们此次通话的关键要点已在文中进行了更详细的总结。 Implications Following NXT's recent acquisition of 竞争动态。 eBOS公司Bentek，人们曾担忧SHLS的竞争定位可能存在风险。然 而在我们的电话会议中，SHLS管理层讨论了Bentek历来更多地涉 及组合箱和其他电气外壳，同时还提供一种绝缘刺穿连接器（IPC ）干线总线系统，该系统很少直接与SHLS竞争。重要的是，管理 层指出Bentek的IPC产品与SHLS的BLA产品有几个关键差异，因为 后者是在现场安装而非预组装，并且不具备可持续25-30年的同等 产品质量。因此，这些产品可能更专注于小型站点或对成本更敏感 的客户，而非在速度和质量至关重要的大型项目中。 ...

28五月2025 | 晚上7:07 JST 三菱电机（6503.T）：投资者日：对业务/投资重组、 财务成本削减、商业模式转型持正面看法；买入 三菱电机（Melco）于5月28日10:30-15:00（日本标准时间）举行了投资者关系日 （IR Day）（相关资料于5月28日08:30（日本标准时间）发布）。 关键要点：（1）商业和投资选择与集中度： Melco计划从主要基于纯粹产品销售的业务模式转型为使用从组件中提取的数据的业 务模式，通过更加关注小型化和结束与其战略不符的业务（其计划在财年3/26期间识 别销售额为0.8万亿日元的其他业务）。鉴于xEV应用的放缓，Melco将投资从电源器 件转向数据中心的光器件。 Melco计划本地化FA运营。 (2) 快速成本削减： 这些公司主要在中国面临困境，并减少固定成本。 (3) 资本配置 Melco is considering M&A in the (growth investment and shareholder returns): 工业、暖通空调（HVAC）和人工智能与数字技术领域（通过至第28财年/28年度预 算1万亿日元设定新的并购预算）。Melco目 ...

28 May 2025 | 7:02PM AEST Fisher & Paykel Healthcare Corp. (FPH.AX): FY25 Result: Multi-year growth opportunity. Retain Buy FPH delivered a strong FY25 result with total revenue and NPAT broadly in line with our estimates and ahead of Visible Alpha Consensus Data by ~1% and ~4%. Looking ahead - the momentum of FPH's Hospital business (~60% FY25 group revenue) remains solid (Gse: +14% FY26) with key new products including Optiflow Switch and Airvo 3 NIV in the US market not materially contributing to FY26 gu ...

27 May 2025 | 9:40PM BRT Brazil Energy: Oil: Key takeaways from our Brazil Commodities Conference (Day I - O&G) We hosted the first day of our Brazil Commodities Conference today, with a focus on the O&G industry with the presence of management and/or IR teams of Petrobras, PetroReconcavo, Brava Energia, Ultrapar, Cosan and Vibra Energia. We've also hosted Daan Struyven, Co-Head of GS Global Commodities Research, who shared details on GS cautious view for oil prices. E&Ps. The main question from investors w ...

28 May 2025 | 6:02AM CEST Powering Up Europe Domestic, defensive and growing; a new era for Utilities Domestic, defensive and growing. Utilities operate predominantly domestic businesses with a large share of regulated or contracted profits (i.e., defensive). We expect the industry to positively surprise on organic growth, thanks to: (1) the inflection in power demand; (2) a pivot in capital allocation; and (3) the secular need to modernize the entire power system. In this context, we believe Utilities may ...

35.0% WEB.AX 12个月目标价： A$7.10 价格：A$5.26 上行： WEB于2025年5月27日召开了其2025财年业绩说明会，当期交易总 额（TTV）达到49亿澳元，同比增长22%（环比对比GSe和VA公司 下降约2%），营收同比增长1%（环比对比GSe增长1%），EBITD A为1.21亿澳元，并给出2025财年上半年的指引区间为1.17亿至1.2 2亿澳元。管理层还指出，2025财年首8周的业绩表现强劲，TTV（ 欧元）/订单量同比增长28%/29%，得益于美洲地区增长36%。管理 层电话会议要点如下。 28五月2025 | 晚上7:56澳大利亚东部标准时间 WEB旅行集团 (WEB.AX) FY26收缩性投资为中期提供~6.5%的收入利润 信心，买入 +23% 财年 2025 年总电视广告支出（欧元）增长，由 +13% 的改 进驱动。 : WEB 2025年总电视收入 (以欧元计) 增长 转化率（与2024财年相比+10%） +23%，并且前8周环比增长+29%是我们认为的关键积极因素。WE B同比增长+23%的TTV增长，与主要竞争对手HBX同比增长+12% 的TTV增长（2024 ...

分组1 - Investment Rating: Buy for Xiaomi, PDD, Kuaishou, Link REIT, Hesai, and Telstra [1][3][5][9] - Xiaomi's 1Q25 results exceeded expectations with revenue growth of +47% year-over-year to Rmb111 billion and adjusted net profit growth of +65% year-over-year to Rmb10.7 billion [1] - PDD's 1Q25 profit declined significantly due to increased user and merchant investments, leading to a negative share price reaction despite a +15% growth in online marketing revenue [3] - Kuaishou maintained its FY25 guidance and showed sequential improvement in advertising and eCommerce, indicating strong growth momentum [5] - Hesai's 1Q25 results showed a net profit beat driven by higher gross margins and lower operating expenses, with a revised target price increase to US$23.30 [5][9] 分组2 - Key segments for Xiaomi include AIoT and EV, which continue to outperform expectations [1] - PDD's domestic GMV profit margin is expected to stabilize at 2.0% to 2.2% for FY25E to FY27E, down from previous estimates [3] - Kuaishou's strong position in AI applications and better-than-industry ad growth are potential drivers for stock re-rating [5] - Telstra's strategy focuses on consistent earnings growth and maximizing shareholder returns, with a financial capacity exceeding A$20 billion through FY30 [9]