Workflow
Goldman Sachs
icon
Search documents
高盛:康哲药业-2025 年中国医疗企业日-关键要点
Goldman Sachs· 2025-06-25 13:03
24 June 2025 | 10:37PM HKT China Medical System Holdings (0867.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Highlighted drivers beyond Key Takeaways Highlighted topline growth albeit divestiture of Dermavon: the company emphasized that positive sales growth in 2026 could be achieved after the spin-off of Dermavon, a subsidiary focusing on dermatology diseases. The previous guidance of double-digit sales growth for 2025 remain unchanged as the spin-off is expected to complete by YE25, driven by: ...
高盛:药明康德-2025 年中国医疗企业日 -关键要点
Goldman Sachs· 2025-06-25 13:03
We hosted WuXi XDC's Head of IR & PR with investors on Jun 24 at our China Healthcare Corporate Day 2025. Bottom line: mgmt reiterated 1) high visibility of FY25 revenue growth guidance of over 35% y/y, backed with strong client demand in ADC development, particularly from emerging China Biotech companies; 2) technological leadership in ADC and bio-conjugates, e.g. diversified technology platform for DAR, payload, linker, etc., and the advantage of new molecule development; 3) on-track capacity expansion wi ...
高盛:中国汽车行业-电动汽车-未见拐点
Goldman Sachs· 2025-06-25 13:03
24 June 2025 | 2:11PM CST China Automobiles EVs - no inflection in sight Bottom line: After reassessing the S/D balance of the China NEV industry, we see no inflection in sight (see more details here). Our assessment shows: Industry capex trend and capacity addition Capacity is still expanding, but at slower pace. China NEV capacity is still expanding but at a slower pace vs. 2023/2024, we expect 2.5mn units of net adds (+13% yoy) in 2025E. On the back of expectations for declining industry capex in 2025E-2 ...
高盛:中国太阳能-低价持续
Goldman Sachs· 2025-06-25 13:03
24 June 2025 | 2:17PM CST China Solar Lower for longer Bottom line: Profitability inflection to be pushed out due to slower demand growth and long run normalized earnings to stay low, but still on track to reach a cyclical bottom in 2025E. We believe China's solar industry is on track to reach a cyclical bottom in 2025E with improving supply/demand balance on back of larger capex cut by Group 1 players, but mid-to-long run normalized profitability will likely stay low in our view, given demand growth slowdo ...
高盛:中国零售行业-回应投资者关于盲盒监管的问题
Goldman Sachs· 2025-06-25 13:03
24 June 2025 | 8:36PM HKT China Retail Addressing investor questions on blind box regulation Michelle Cheng +852-2978-6631 | michelle.cheng@gs.com Goldman Sachs (Asia) L.L.C. Xinyu Ruan +852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. Molly Dai Share prices for diversified retailer names in our coverage, Pop Mart/Bloks/Miniso/Shanghai M&G, declined by 5% on Jun 20 on average vs. CSI 300/HSI +0%/+1%, following People's Da ...
高盛:美国经济-挽救软数据 - 企业称其如何应对关税
Goldman Sachs· 2025-06-24 02:28
23 June 2025 | 7:07AM EDT US Economics Analyst Salvaging the Soft Data: How Companies Say They Are Responding to Tariffs (Walker / Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sac ...
高盛:全球半导体-硅片、碳化硅衬底、氮化镓的供需模型更新,中国产能及对全球企业的影响
Goldman Sachs· 2025-06-24 02:28
S/D model update on silicon wafer, SiC substrate, GaN. China capacity and implications to global players As a global team, we review and refresh our S/D model across (1) silicon wafers, (2) SiC substrate, (3) GaN devices, and (4) IGBT (Exhibits 8, 10, 12, 32). Key conclusions: (1) Chinese in China: Local coverage (local production/ local demand) of 12-inch silicon wafer/ 6-inch SiC substrate to grow from 41%/ 80% in 2024 to 54%/ 87% in 2027E. (2) Pricing: 8-inch silicon wafer ASP to decline 10% CAGR in 2024 ...
高盛:中国经济指标更新
Goldman Sachs· 2025-06-24 02:28
23 June 2025 | 10:50PM HKT China: GS Economic Indicators Update: June (Song) Please find an update of our proprietary economic indicators below. The data behind our proprietary economic indicators can be downloaded here. (Methodology notes available in the appendix.) GS Proprietary Economic Indicators in April Source: Goldman Sachs Global Investment Research, NBS, CEIC 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 (Asi ...
高盛:特斯拉-特斯拉启动机器人出租车运营 -初步要点
Goldman Sachs· 2025-06-24 02:28
Investment Rating - The report assigns a Neutral rating to Tesla Inc. with a 12-month price target of $285, indicating a potential downside of 18.3% from the current price of $348.68 [16][19]. Core Insights - The launch of Tesla's robotaxi operations is seen as a significant step towards addressing the autonomous vehicle (AV) rideshare market, with an estimated market size of approximately $7 billion in the U.S. by 2030 [13]. - Initial user feedback on the robotaxi rides has been largely positive, highlighting smooth driving experiences, although some navigation issues were reported [4][6]. - The comparison with Waymo indicates that Tesla's operational area and service hours are currently more limited, which may affect its competitive positioning in the AV market [7][10]. Summary by Sections Robotaxi Launch Performance - Initial rides have shown a good degree of drive smoothness, with users noting features like a customer support button and personalized preferences [4][6]. - A navigation error was reported where a vehicle incorrectly used a left turn lane, raising concerns about the technology's readiness [6][10]. Comparison with Waymo - Tesla's robotaxi operates in a smaller area and has limited hours (6 am to midnight) compared to Waymo's 24/7 service in a larger operational area [7][10]. - Pricing for Tesla's rides is set at a flat fee of $4.20, while Waymo's pricing varies like traditional Uber rides [7]. Scaling and Future Outlook - The presence of a Tesla employee in the vehicle and the reported navigation issues suggest that scaling will be slow in the near term [10]. - Regulatory developments will be crucial for the speed of scaling, with Texas recently signing a bill requiring permits for robotaxi operations [11]. - The report includes a discounted cash flow (DCF) analysis for Tesla's robotaxi business, indicating a wide range of potential value per share depending on scaling and margin differentiation [14][16].
高盛:美国关税影响追踪 - 高频趋势或显示中国热潮消退
Goldman Sachs· 2025-06-24 02:28
23 June 2025 | 5:00AM EDT Americas Transportation: US Tariff Impact Tracker - High Frequency Trends Potentially Reveal Ebbing in China Surge US Tariff Impact Tracker – The directional uptick in inbound traffic from China to the US ebbed last week and in fact showed slight sequential downticks of -7% for vessels and -4% for TEU's, perhaps indicative that the China surge may be somewhat abbreviated or have less depth than some may have previously thought. That said, based on other data it is possible another ...