27 June 2025 | 4:44PM EDT US Weekly Kickstart Look for early impact of tariffs during 2Q 2025 earnings season 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)855-774 ...

27 June 2025 | 6:34AM HKT Xiaomi Corp. (1810.HK) Buy Extending leadership in premium autos on YU7's above-expected release, expanding ecosystem frontier on AI Glasses' debut; Buy 1810.HK 12m Price Target: HK$69.00 Price: HK$56.90 Upside: 21.3% On June 26, Xiaomi officially released the long-expected YU7, Xiaomi's premium pure electric SUV series that combines performance, comfort and spaciousness. Number of orders reached 200k within the first 3min of sales (out of which 122k+ orders were confirmed), and 28 ...

23 June 2025 | 4:55PM IST India CRO/CDMO tour takeaways: Signs of China+1 progressing well, focus on investments in new modalities We hosted our 2nd annual India CRO/CDMO trip between 16th and 18th June, 2025 across Bangalore (1 day) and Hyderabad (2 days). The event featured 10 CRO/CDMO companies in the country across the listed and unlisted space. We saw high client interest with 20+ clients across the globe (US, mainland China, HK, Taiwan, India) flying down to attend the meetings. Exhibit 1: We hosted m ...

25 June 2025 | 5:01PM EDT What's Top of Mind in Macro Research: Middle East risks, US soft data signals, CNY appreciation This week: Transcript Middle East reprieve, but risks remain Beyond the energy impacts, renewed escalation could also activate Dollar safe-haven flows, as initially occurred in response to the recent developments, though we ultimately expect the Dollar to continue weakening against a broad range of currencies as investors reassess US assets' relative return prospects. As such, the Dollar ...

26 June 2025 | 12:32AM HKT 3SBio Inc. (1530.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Prioritize licensing-out after landmark deal with Pfizer Presenters: Tony He - CFO Bottom line: management noted smooth execution on the SSGJ-707 deal while the initiation of global clinical trials needs to wait after deal closing. Assets with potential out-licensing opportunities include TL1A, BDCA2, multiple early-stage antibodies (dual-target or triple-target), and a pre-clinical candidate for weigh loss ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's property sector is experiencing renewed weakness in prices and activity, with property new starts down approximately 75% from their peak and property sales down 50% as of May 2025 [5] - Historical benchmarks indicate that housing busts typically involve a median price correction of around 30% over six years, with significant GDP growth deceleration and deflationary pressures following such downturns [4][10] - China's unique trajectory during this downturn includes substantial government-led investment in infrastructure and manufacturing, which has offset declines in residential investment [4][20] Summary by Sections Housing Bust Definition and Historical Context - Housing busts are defined as real price declines exceeding 20% from cyclical peaks, with 21 episodes identified across 15 economies since the 1960s [4][8] - The median duration of these busts is around six years, with a typical price decline of approximately 30% [10][12] China's Current Situation - China's real house prices have declined by 20% from the peak in Q4 2021 through Q4 2024, with projections indicating a potential further decline of 10% before stabilizing around 2027 [11][49] - The downturn coincided with Covid lockdowns and a subsequent reopening, complicating the growth patterns [4][5] Economic Implications - Real GDP growth typically declines by about 5 percentage points within the first two years of a housing bust, with non-residential investment being the largest growth drag [20][24] - In China, the share of residential investment in GDP has collapsed, while non-residential investment has rebounded due to government efforts [25][26] Trade and Policy Responses - Net exports as a share of GDP generally rise by 2-3 percentage points post-peak, driven by weaker imports and stronger exports, a trend currently observed in China [32][50] - China's policy response has been more measured compared to global norms, with a cautious approach to monetary and fiscal easing [36][41] Lessons from Historical Episodes - Historical evidence suggests that it may take years for housing busts to find a bottom, with the potential for further price corrections in China [49] - The report emphasizes the need for additional policy easing to prevent entrenched demand weakness, highlighting the constraints faced by Chinese policymakers [52]

25 June 2025 | 10:06PM HKT InnoCare Pharma (9969.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Target one major BD deal in 2H25 Presenters: Bonnie Yuan - Investor Relations Director Honglin Yan +852-2978-6666 | honglin.yan@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 Goldman Sachs InnoCare Pharma (9969.HK) Bottom line: management noted on-track commercial progress in 2Q and guided one major BD deal in 2H25. We expect potential licensing-out opportunities to come from two T ...

25 June 2025 | 5:00AM BST Global Strategy Views Diversify to Amplify; Part 2 1. For much of the post financial crisis era, diversification has not been an effective strategy. As an asset allocator, a simple US based 60/40 approach would have generated unusually high risk adjusted returns without the need to add additional assets. Within equities, the sustained outperformance of the US, mega-cap growth and technology meant that global investors would have reduced risk adjusted returns as a result of broad se ...

26 June 2025 | 12:29AM SGT Base Metals Analyst Copper: Raising Our 2H 2025 Price Forecast As Tariff-Driven Fears Of Ex-US Shortage Mount Copper: Raising Our 2H 2025 Price Forecast As Tariff-Driven Fears Of Ex-US Shortage Mount The ongoing US Section 232 copper investigation has continued to cause significant dislocation between LME (UK) and COMEX (US) copper prices. Significant over-imports of copper into the US have caused fears of a shortage in the rest of world, despite the global market being in surplus ...

25 June 2025 | 7:10PM HKT Ocumension (1477.HK): China Healthcare Corporate Day 2025 — Key takeaways: Confident on OT-101, BD negotiation; FY25 sales to double Presenters: Tim Ruan - Chief Financial Officer Bottom line: Mgmt highlighted: 1) confidence on OT-101 (low dose atropine) with BD under negotiation, and 2) Yutiq supply to resume, FY25 guidance reiterated. Ziyi Chen +852-2978-0526 | ziyi.chen@gs.com Goldman Sachs (Asia) L.L.C. Linhai Zhao, Ph.D. +852-3966-4059 | linhai.zhao@gs.com Goldman Sachs (Asia) ...