21 May 2025 | 12:53PM JST Automobiles: Tariff responses: Automakers plan to offset about 30% of negative tariff impact; tire makers expect to fully offset it Kota Yuzawa +81(3)4587-9863 | kota.yuzawa@gs.com Goldman Sachs Japan Co., Ltd. Ken Kawamoto +81(3)4587-1921 | ken.kawamoto@gs.com Goldman Sachs Japan Co., Ltd. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

Investment Rating - The report highlights a positive investment outlook for the nuclear energy sector, with 14 stocks identified as having strong leverage to the nuclear energy opportunity, including Cameco, Mirion Technologies, Mitsubishi Heavy Industries, and Southern Company, all rated as "Buy" [6][7]. Core Insights - Nuclear energy is positioned for significant growth due to increasing demand for reliable and clean electricity sources, with a COP28 declaration aiming to triple nuclear energy capacity by 2050 [6][11]. - The current global nuclear fleet consists of approximately 440 reactors, expected to expand to around 500 by 2030, with over 400 additional reactors planned or proposed in the coming decades [6][11]. - The report emphasizes the broad opportunities across the nuclear value chain, including materials, technologies, and services, driven by renewed investment and policy support [6][11]. Summary by Sections Nuclear Energy Overview - Nuclear energy has been a proven technology since the 1950s, but its growth has been inconsistent due to policy shifts and public perception [6][25]. - The global nuclear power generation mix has declined from 17% in the 1980s to approximately 9% in 2023, with the U.S. maintaining around 18% [28][29]. Current Drivers of Demand - Key drivers for renewed nuclear demand include increasing power consumption, a shift towards cleaner energy sources, and the need for baseload power to complement intermittent renewable sources [16][19]. - The levelized cost of electricity (LCOE) for traditional nuclear is estimated at ~$125/MWh, while Small Modular Reactors (SMRs) could achieve LCOE of ~$100/MWh or less once fully developed [19][21]. Investment and Policy Support - Global investment in nuclear power generation has grown at a CAGR of ~14% from 2020 to 2024, driven by improving policy support and the need for less emission-intensive alternatives [44]. - At COP28, 31 countries pledged to triple global nuclear capacity by 2050, supported by major energy users and financial institutions [60][61]. Future Outlook - The report projects that by 2040, nuclear generating capacity will grow to 575 GW globally, increasing its share of the electricity mix from ~9% to over 12% [55][56]. - There are currently 61 reactors under construction, with 59 expected to come online between 2025 and 2032, alongside a robust pipeline of planned and proposed reactors [47][48].

23 May 2025 | 10:05AM BST Ferrous Analyst Global Steel: Lower China Exports To Lift Global Prices In 2026 Aurelia Waltham +44(20)7051-2547 | aurelia.waltham@gs.com Goldman Sachs International Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investm ...

25 May 2025 | 11:12AM HKT Lenovo (0992.HK): Generative AI to drive AI PCs, AI servers, AI projects services in coming years; Buy We remain positive on Lenovo post Mar-Q results (report link). Despite the PC production sites diversifying into Vietnam affecting OPM, and non-cash items (e.g. fair value loss on derivative financial liabilities relating to warrants, notional interest of convertible bonds) dragging the net income (down 64% YoY to US$90m), the company's non-HKFRS net income increased by 22% YoY, d ...

23 May 2025 | 5:31PM HKT Alibaba Group (BABA): TechNet China 2025 — Key Takeaways: Continued cloud acceleration; healthy Taobao-Tmall CMR growth; Buy We hosted Alibaba's Investor Relations team at our GS TechNet China in Shanghai. Key investor focuses/topics discussed include: 1) Cloud: Strong visibility in revenue acceleration on the back of AI computing demand (strong growth in inference, MaaS, and AI agent in the long-term), with unchanged AI capex target of Rmb380bn through its one cloud multiple chips ...

Investment Rating - The report provides a growth forecast for China with a rating of 4.6% for 2025, which is above consensus expectations [9][10]. Core Views - The report highlights that China achieved a growth target of "around 5%" in 2024, primarily driven by exports and related manufacturing investments [6]. - It expresses caution regarding medium- to long-term GDP growth due to challenges such as demographics, debt, and de-risking, while noting potential upside risks from AI adoption [8]. - The report anticipates that elevated US tariffs on Chinese goods will negatively impact GDP growth, projecting flat export volumes for the year [9]. - It expects a widening fiscal deficit by 2.6 percentage points of GDP in 2025 compared to 2024, with total social financing stock growth rising to 9.5% [9]. Summary by Sections Economic Growth Forecasts - The report forecasts China's GDP growth at 4.6% for 2025, down from 5.0% in 2024, with domestic demand expected to rise to 4.5% [10]. - Consumption growth is projected at 4.9% for 2025, with household consumption at 4.8% [10]. Inflation and Monetary Policy - The report predicts a prolonged reflation path with CPI at 0.0% and PPI at -2.1% in 2025 [9]. - It outlines a series of monetary policy measures, including interest rate cuts and RRR reductions, aimed at stabilizing the economy [32]. Trade and Exports - The report notes that Chinese exports are expected to decline by 2.4% in nominal USD terms in 2025, following a 5.9% increase in 2024 [10]. - It emphasizes that despite US-China trade tensions, Chinese exports to other economies may continue to grow [23]. Fiscal Policy - The augmented fiscal deficit is projected to reach 13.0% of GDP in 2025, reflecting increased government spending and lower revenue [37]. - The report discusses the implications of local government debt and special bond issuance on fiscal health [37].

24 May 2025 | 4:11AM HKT We hosted Lithography expert, Axera (Private)'s Chairperson, and SICC (688234.SS, Buy)'s CTO at the panel, Semiconductors: Completing the Self-Sufficiency Chain, on May 21 during our TechNet Conference China 2025. Key discussions were about China's efforts in developing semiconductor technologies (from lithography, IC design to materials) as well as the outlook for semiconductor capex and R&D investment in China. Overall, the expert/ management see continuous R&D progress in technol ...

21 May 2025 | 10:53AM EDT Americas Transportation: Eye on Freight: "Big Three" Ports Somewhat Lower Than Seasonality; Trade Uncertainty Could Create Volatility The "Big Three" West Coast Ports (L.A., Long Beach, and Oakland) reported April 2025 traffic – with combined inbound loaded containers +9.5% y/y, which is above the pre-pandemic five-year average of +1% y/y. Sequentially, the combined data was up +10% m/m, which is below the 5-yr average (typically +12% m/m, Exhibit 1). Focus on JBHT and UNP for West ...

20 May 2025 | 7:01AM CST China Property Weekly Wrap Week 20 Wrap - Transactions rebounded with more upbeat performance from export-oriented cities Key highlights for the week: Our tariff impact assessment (Exhibit 1 to Exhibit 4, more details on methodology) showcases more upbeat performance from export-reliant cities: 1) transaction: under web-registration metrics, the most export-reliant cities outperformed in primary (+26% wow in aggregated volume vs. flattish for rest cities) but lagged peers in seconda ...

21 May 2025 | 4:09PM BST Global Markets Daily: The Case for Relative EM Local Rate Resilience to US Back-End Pressures (Gedminas) The Case for Relative EM Local Rate Resilience to US Back-End Pressures Concerns Over US Long-End Spillovers Come at a Time of Tight EM Local Spreads The US-China tariff relief brought a sharp recovery in cyclical and risk assets, as the market priced out some of the downside risks to global growth. This shift puts EM local rate markets in an awkward position, as the front-end-le ...