19 May 2025 | 6:07AM EDT Charter Communications Inc. (CHTR): Announces agreement to acquire Cox; takeaways with industry context Key takeaways: Per the company, the announced merger (if consummated) will provide Charter with significantly increased scale tied to network, procurement, and other operating costs - with ~$500 mn in announced cost synergies. On a standalone basis, we see no change to the competitive challenges the company faces in the medium term. The company expects the transaction to be potent ...

Investment Rating - Xiaomi is rated as a Buy, with a target price increased to HK$62 [1] - Mitsubishi Electric is also rated as a Buy, with a target price of ¥3,600 [5] - JD Logistics is rated as a Buy, with a target price of HK$17.60 [5] - Emami is rated as a Buy, with a target price of Rs 830 [6] Core Insights - Xiaomi's strong AIoT sales are expected to drive higher profits in 1Q25, with a projected revenue CAGR of 25% from 2024 to 2027 [1][9] - The company is set to unveil significant products during its 15th anniversary event, including its first in-house SoC, the XRING O1 chip, and new premium smartphone models [1] - The easing of US/China tariff tensions has led to raised earnings forecasts across Asia, with an expected 8% USD price return over the next 12 months [2] - Hong Kong banks have revised EPS estimates for FY25-27E by -3% to +3%, reflecting updated HIBOR and income growth [2] - Mitsubishi Electric is shifting away from conservative financial discipline and will disclose ROIC by business at its upcoming IR Day [5] - JD Logistics aims for double-digit revenue growth and mid-single-digit profit growth in 2025, focusing on emerging e-commerce platforms [5] - Emami's revenue increased by 8.1% YoY in 4QFY25, with expectations for double-digit growth in FY26 [6] Summary by Sections Xiaomi - Strong operating metrics for smartphone and AIoT segments in 1Q25 [1] - Anticipated product launches include the XRING O1 chip and new EV model [1] Hong Kong Banks - EPS estimates revised by -3% to +3% for local banks [2] - HSBC remains the sole Buy rating due to its diversification [4] Mitsubishi Electric - Focus on balance sheet reforms and ROIC management [5] - Upcoming IR Day to provide details on business portfolio reforms [5] JD Logistics - Strategic balance between revenue and profit growth for 2025 [5] - Notable focus on international business contributions from Asia [5] Emami - Consistent revenue performance with potential for re-rating [6] - Core domestic revenue growth of 8% in FY25, outperforming the FMCG sector [6]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies mentioned [20]. Core Insights - The report highlights key takeaways from the Global Staples Forum 2025, focusing on various companies such as Kroger Co., General Mills, Constellation Brands, and others, discussing their performance and outlook in the consumer staples sector [3][5]. - It emphasizes the impact of macroeconomic factors, including inflation and consumer spending trends, on the performance of consumer staples companies [5][6]. Summary by Relevant Sections - **Kroger Co. (KR)**: Key insights from the Global Staples Forum 2025 indicate a positive outlook for the company, driven by strong consumer demand and strategic initiatives [3]. - **General Mills (GIS)**: The report discusses the company's resilience in the face of economic challenges, highlighting its product innovation and market positioning [3]. - **Constellation Brands (STZ)**: Insights reveal a focus on premium product offerings and expansion strategies that are expected to drive growth [3]. - **Celsius Holdings**: The report notes the company's strong performance in the beverage sector, capitalizing on health trends among consumers [3]. - **Zevia PBC (ZVIA)**: Key takeaways indicate a growing market for zero-calorie beverages, positioning Zevia favorably within the industry [3]. - **Vita Coco Co. Inc. (COCO)**: The report highlights the increasing popularity of coconut water and its potential for continued growth in the beverage market [3]. - **Kimberly-Clark Corp. (KMB)**: Insights from investor meetings suggest a strong focus on sustainability and innovation in product offerings [3]. - **Colgate-Palmolive Co. (CL)**: The report discusses the company's strategies to maintain market share amid competitive pressures [3]. - **Consumer Cyclicality**: The report reviews the outlook for consumer discretionary spending, indicating potential challenges for certain segments within the consumer staples industry [5][6].

Investment Ratings - Maintain Buy on Empyrean, Kingdee, and Kingsoft Office; Neutral on Yonyou and Glodon; Sell on ZWSOFT, Thundersoft, Primarius, and Sangfor [1] Core Insights - The average revenue growth for the software sector in 1Q25 was 6% YoY, while the average net margin was -3% due to weak seasonality [4][10] - Companies are focusing on high-quality products with better margins, new product upgrades, and AI features to drive growth in 2H25 [1] - Profitability improvement is a key focus, with companies implementing headcount optimization and cost control measures [1] Company Summaries Glodon - 1Q25 revenues decreased by 5% YoY to Rmb1.2 billion, attributed to muted demand from the property market and headcount optimization [6] - The company is enhancing its AI capabilities and focusing on cost management and product mix improvement [7] - Earnings estimates for 2025-27E have been revised down by 18%/16%/14% mainly due to lower revenue from construction management software [11] Thundersoft - 1Q25 revenue grew by 25% YoY, supported by IoT software and smartphone software recovery [16] - Gross margin improved to 36.3%, but Opex ratio increased to 32.6% due to higher spending on AI edge solution development [16] - Earnings estimates for 2025-27E have been revised down by 2% across the board, reflecting higher Opex spending [20] Empyrean - 1Q25 revenues increased by 10% YoY to Rmb234 million, with expectations for sequential growth due to new product ramp-up [25] - The company plans to expand its digital EDA tools and has announced an acquisition plan for Xpeedic [25][26] - Earnings estimates for 2025-27E have been revised down by 42%/27%/20% mainly due to lower revenues from panel EDA tools [29] Yonyou - 1Q25 revenue decreased by 21% YoY to Rmb1.4 billion, missing estimates due to a slowdown in new project wins and migration to a subscription model [33] - The company reported a net loss of Rmb736 million, attributed to lower gross margin and higher Opex spending [33]

Investment Rating - The report maintains a supply chain congestion scale rating of '2', indicating a moderate level of congestion [3][6][52]. Core Insights - The congestion index has decreased slightly by 1% week-over-week, while the bottleneck scale remains unchanged at '2' [3][6]. - The number of container ships waiting to dock on the West Coast is stable at 1, and the East Coast backlog remains at 5 [16][17]. - Ocean container shipping rates from China to the US West Coast have decreased by 38% year-over-year, reflecting ongoing improvements in shipping costs [4][28]. Summary by Sections Supply Chain Metrics - The average weekly bottleneck score for May is '2.0', significantly lower than the peak congestion levels observed in December 2021/January 2022 [8][52]. - West Coast rail intermodal traffic growth has decelerated, showing an increase of approximately 4% year-over-year [4][23]. - Chassis dwell times at US ports have decreased, indicating improved efficiency in container handling [4][27]. Transport Subsector Analysis - The report highlights that if supply chain pressures continue to ease, the index could potentially return to '1' by 2025 [11]. - US Rails (NSC, UNP, CSX) and intermodal marketing companies (SNDR, JBHT) are identified as potential beneficiaries of reduced congestion, as they were significantly impacted by previous supply chain issues [11]. Shipping and Delivery Times - The average door-to-door shipping time from China to the US is currently 54 days, which is closer to pre-pandemic levels compared to peak congestion times exceeding 80 days [39]. - The percentage of containers dwelling for more than 5 days has stabilized at around 8% [15][34]. Labor and Capacity Indicators - The LMI Transportation Capacity Index indicates a slight expansion in transportation capacity, with a reading of 53.6 in March [43]. - Truck transportation employee counts remain below pre-pandemic highs, reflecting ongoing labor market challenges in the sector [41].

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 ...

Investment Rating - The report maintains a positive outlook on the eCommerce sector, with a recommendation for a dual-pronged stock picking approach focusing on domestic policy beneficiaries and defensive games [2][12]. Core Insights - April online retail growth was healthy at +6% year-over-year (yoy), consistent with the first quarter of 2025, despite softer overall retail sales [2][8]. - Anticipation of strong online retail growth in May due to the front-loading of the 618 shopping festival sales, which began mid-May [2][9]. - Positive outlook for the second quarter from eCommerce platforms like Alibaba and JD, with estimated revenue growth of +10% yoy for Alibaba and +14% yoy for JD in June [2][12]. - Resumption of direct air-shipment SKUs on the Temu US platform following the reduction of US trade tariffs on China [2][11]. Summary by Sections Online Retail Performance - April online retail goods GMV grew by +6% yoy, driven by strong performance in the consumption trade-in category [8][33]. - Overall retail sales growth was +5.1% yoy in April, below expectations, with notable growth in appliances at +39% yoy and communication devices at +20% yoy [8][32]. 618 Shopping Festival Insights - Key observations from the 618 shopping festival include extended sales periods, simplified discount structures, and collaboration with content platforms [9][12]. - Major platforms initiated sales earlier than the previous year, indicating a strategic shift to enhance consumer engagement [9]. eCommerce Platform Performance - Both Alibaba and JD reported strong first-quarter results, with Alibaba's CMR and Taobao-Tmall Group EBITA growth exceeding expectations [12][36]. - JD's management lifted its full-year growth targets, indicating confidence in its operational leverage and food delivery initiatives [12][36]. Mobile App Engagement - Total time spent on China's top mobile apps grew by +6% yoy in April, with eCommerce and gaming categories showing positive trends [2][13]. - JD's engagement growth was particularly strong, attributed to its aggressive food delivery initiatives [13][14]. Cross-Border eCommerce Trends - Temu has gradually resumed its full-entrusted direct air shipment model for select SKUs on its US site, following tariff reductions [11][12]. - The report anticipates further shifts in Temu's business model towards local warehouses for US and European markets [11][12].

Investment Rating - The report maintains a neutral investment rating with a focus on diversification in asset allocation and an overweight position in cash [7]. Core Insights - Investor concerns have shifted from growth to long-dated rates, with US 30-year rates nearing 5%, reflecting a trend towards higher yields [2]. - The report indicates that the US 10-year yield is expected to reach 4.5% and 30-year yields at 4.9% by the end of 2025, suggesting a less dovish policy path for central banks [2]. - The equity risk premium is currently low, and further increases in bond yields may negatively impact equities, especially given the ongoing fiscal concerns [7]. Summary by Sections Market Overview - Risky assets have shown recovery, with the S&P 500 up 5% week-over-week and Nasdaq up over 6.5% [1]. - Gold prices decreased by 5% week-over-week to around $3,200 per troy ounce [1]. Bond Market Dynamics - Long-dated yields are at multi-decade highs, with Japan and the UK experiencing significant increases [2]. - The report notes a negative correlation between equities and bonds, which may continue if bond yields rise further [2][7]. Asset Allocation Recommendations - The report suggests an overweight position in cash and a neutral stance on equities after a strong rally, anticipating headwinds from a slowdown in hard data [7]. - The credit team has shifted to a more neutral stance on credit quality, favoring EUR over USD [7]. Forecasts and Projections - The report projects that the US 10-year yield will stabilize around 4.5% and the 30-year yield at 4.9% by the end of 2025 [2]. - The report highlights a potential for increased bond term premia, which could further weigh on equities [7].

Investment Rating - The investment rating for Kweichow Moutai is "Buy" with a 12-month price target of Rmb2,017, indicating an upside potential of 27.7% from the current price of Rmb1,578.98 [8][10][19]. Core Insights - Kweichow Moutai's management expressed confidence in achieving a 9% year-on-year sales growth by 2025, supported by a diversified channel strategy and strong brand equity [2][6]. - The company has implemented a "4+6" channel layout to enhance consumer reach, consisting of 4 key direct sales channels and 6 wholesale channels [2][11]. - The product strategy focuses on maintaining pricing stability and a structured product portfolio, with Classic Feitian Moutai as the cornerstone [2][11]. - Long-term strategies include globalization efforts, with early progress noted in Southeast Asia and Japan, and targeting the younger generation through product and technological innovations [6][11]. - Kweichow Moutai has initiated share buybacks exceeding Rmb4 billion, aiming to fulfill its buyback commitment of Rmb3-6 billion soon, with plans for a new round of buybacks in progress [2][6]. Financial Targets and Strategies - The company aims for a sales growth of 9% year-on-year by 2025, supported by a diversified channel strategy and brand equity [2][6]. - The pricing system and product portfolio structure will remain stable, focusing on various product sizes and types, including cultural Moutai spirits and vintage collections [11]. - The management sees a rational spending sentiment emerging in the macro environment, which they believe will benefit leading brands during industry transitions [6][11].

19 May 2025 | 8:51AM EDT US Economics Analyst A Slightly Larger Tax Cut Still Won't Offset the Drag From Tariffs (Phillips) 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 Sachs & Co. LLC Inv ...