Core Viewpoint - VisionWave Holdings, Inc. has reported that Goldman Sachs Group, Inc. has filed a Schedule 13G with the SEC, indicating beneficial ownership of approximately 798,260 shares, or about 5.2% of the company's outstanding shares as of September 30, 2025 [1][2]. Group 1: Filing Details - The filing was made under Rule 13d-1(b) of the Securities Exchange Act of 1934, which pertains to institutional investors acquiring securities in the ordinary course of business without the intent to influence control of the issuer [2]. - A Schedule 13G is a passive ownership report typically filed by large financial institutions holding positions in multiple public companies, reflecting Goldman Sachs's aggregate ownership across its asset-management and broker-dealer divisions [3]. Group 2: Company Response - Douglas Davis, Executive Chairman of VisionWave, stated that institutional ownership by respected financial firms signifies increasing recognition of VisionWave's technology roadmap and market positioning [4]. - The company remains focused on delivering value to shareholders through disciplined growth and innovation [4]. Group 3: Company Overview - VisionWave Holdings Inc. specializes in developing and commercializing next-generation defense technologies that integrate AI-based sensing, radar, and autonomous systems for various applications [5]. - The company's mission is to enhance situational awareness, safety, and decision-making for government, defense, and commercial customers globally [5].

Santa Claus rallies still tend to arrive even when the stock market sputters to open November, Goldman Sachs analysts find. - Spencer Platt/Getty Images The S&P 500 slumped 1.6% last week — but bad first weeks in November usually don’t hang over the stock market through the holiday season. Goldman Sachs analysts led by Gail Hafif found that when the first week of November is down, the median gain for the rest of the year for the S&P 500 SPX is 1.6% and 1.5% for the Nasdaq 100 NDX. Most Read from MarketW ...

在过去十年中，美股受科技股飙升及人工智能热潮推动持续领跑全球，但这一趋势今年出现逆转。截至 目前，标普500指数年内上涨约16%，而MSCI全球(不含美国)指数则上涨了27%，显著跑赢美股。 除新兴市场外，高盛预计，日本股市未来十年的年化回报率为8.2%，欧洲市场则预计可为投资者带来 7.1%的年化收益。报告指出，随着全球经济格局的调整与盈利增长来源的多元化，国际市场正迎来新 的投资机遇窗口。 高盛策略团队总结称："过去十年是美国科技巨头的黄金时代，而下一个十年可能属于全球更广泛的增 长领域。" 高盛集团最新发布的投资展望报告显示，未来十年美国股市的表现可能将逊于其他主要市场。策略师彼 得.奥本海默及其团队指出，当前美股估值过高，将限制未来回报空间，建议投资者提高对美国以外资 产的配置比例，以实现更佳的风险收益平衡。 报告预计，标普500指数未来十年的年化回报率约为6.5%，为全球主要地区中最弱。而新兴市场有望凭 借中国与印度的强劲盈利增长实现约10.9%的年化回报率，成为表现最突出的区域市场。 ...

格隆汇11月12日｜高盛：预计在未来十年，全球股市以美元计价的年均回报率将达到7.7%，接近历史 平均水平。 ...

Core Insights - Goldman Sachs recently released a research report on the humanoid robot industry, indicating that early capacity planning in this sector is reasonable and does not imply an imminent risk of oversupply [2] - The report predicts that global humanoid robot shipments will reach 1.38 million units by 2035, with an optimistic scenario projecting shipments of 11.57 million units, reflecting the early stage of industry development and various future possibilities [2] Group 1: Industry Outlook - Most supply chain companies in the humanoid robot sector are optimistic about future prospects and are actively planning production capacity both domestically and internationally [2][3] - Current capacity planning among Chinese supply chain companies corresponds to an annual production volume of approximately 100,000 to 1 million robots, with many companies intending to scale up after receiving actual orders [3] Group 2: Market Dynamics - The humanoid robot industry currently lacks substantial orders, primarily due to the absence of a significant order volume that can support a robust supply chain [3] - A minimum order volume of over 10,000 units is necessary to establish a viable supply chain system, as smaller orders cannot sustain industry growth [3] Group 3: Application and Demand - Demand for humanoid robots is emerging from technology companies, universities, and government procurement, with potential applications in large model training, factory use, and exhibition performances expected to see growth in the next one to two years [4] - The current application scenarios for humanoid robots are limited, but there is a consensus on the need for differentiated products and technological capabilities to attract investment, especially from overseas [4] Group 4: Market Performance - The humanoid robot sector has experienced a significant rise in the capital market this year, with strong performance in the A-share market reflecting future industry development expectations [4] - According to Gartner, by 2028, 80% of warehouses will utilize robotic technology, and by 2030, 30% of factory workers will interact with humanoid robots in real work environments, a significant increase from the current rate of less than 5% [5]

高盛报告预测，到2035年全球人形机器人出货量138万台，其极端乐观情景下的2035出货量为1157万台，这样比较宽泛的区 间主要反映出人形机器人仍在行业发展早期阶段，未来前行方向仍有很多可能性。杜茜团队近日在走访长三角地区的人形 机器人供应链企业时发现，大多数供应商都在积极规划中国和海外产能，以支持人形机器人的潜在量产，但尚无公司确认 接获大额订单或已有明确的生产时间表。 高盛近日发布的一份关于人形机器人产业的研究报告引发关注。11月12日，高盛中国工业科技研究主管杜茜在接受第一财 经记者专访时称，人形机器人行业提前布局有合理性。 "我们认为人形机器人行业的产能提前布局有合理性，当前的规划并不意味着供应过剩风险迫近。"杜茜对记者表示，"大多 数供应链企业对人形机器人行业前景持乐观的前瞻性看法。" 杜茜还表示，从行业的角度来看，目前供应链还没有出现实质性的订单，主要原因是人形机器人的订单量规模尚未形 成。"以工业级人形机器人为例，我们认为需要达到万台以上级别的量，才能形成一定体量的供应链体系，如果只是几百或 者一两千台的散单，支撑不起整个供应链的发展。"她说道。 她同时称，中国制造业生态成熟完善，在有序布局的 ...

Core Viewpoint - The Shanghai Stock Exchange International Investor Conference highlighted the importance of the bond repurchase market for domestic institutional investors, emphasizing its role as a liquidity management tool and a flexible investment strategy [1][3]. Group 1: Bond Repurchase Market - The bond repurchase market offers unique advantages in terms of collateral standards and central clearing models, facilitating easier access for investors [3]. - The arrangement of the exchange acting as a central counterparty enhances the trading experience in the repurchase market [3]. Group 2: Future Outlook - Many qualified domestic institutional investors are eagerly anticipating further opening measures in the market, indicating a strong willingness to engage in investment and trading once policies are implemented [3].

Core Viewpoint - Concerns about the overvaluation of AI concept stocks are rising, with notable figures like Michael Burry shorting Nvidia and SoftBank liquidating its Nvidia holdings, leading to a decline in tech stocks and a nearly 10% drop in Nvidia's share price since November [1][2] Group 1: Market Dynamics - The total market capitalization of major US tech companies, including Nvidia, Microsoft, and Amazon, has surpassed $20 trillion, with Nvidia's market cap increasing from $4 trillion to $5 trillion in less than four months [2] - The concentration of market capitalization among the top tech companies has reached historical highs, with these firms accounting for over 30% of the S&P 500 index [2] - Since the beginning of 2023, over $500 billion has flowed into the information technology sector, representing more than 36% of the incremental capital [2] Group 2: Analyst Insights - Analysts suggest that the current AI investment frenzy may be reminiscent of the 2000 internet bubble, indicating a collective irrational enthusiasm that could lead to significant asset price deviations from intrinsic values [2][3] - Goldman Sachs CEO David Solomon predicts a potential 10% to 20% market decline within the next 12 to 24 months, while JPMorgan CEO Jamie Dimon warns that many assets appear to be entering a bubble phase [3] Group 3: Profitability Concerns - Michael Burry highlights that many tech companies are extending the useful life of their assets to understate depreciation expenses, potentially inflating profit figures by approximately $176 billion from 2026 to 2028 [3][4] - The AI hype has led to concerns about the sustainability of profits, with OpenAI signing deals worth around $1 trillion for computing power, raising fears of an "AI circular trade" [4] Group 4: Investment Sentiment - Despite concerns, investors continue to increase their bets on AI-related stocks, with Deutsche Bank reporting ongoing capital inflows into popular tech sectors [6] - The proportion of stock investments in American households has reached historical highs, indicating extreme market enthusiasm and risk appetite [6] Group 5: Valuation Metrics - The "Buffett Indicator," which measures the total market capitalization of US stocks against GDP, is at historical highs, with a ratio of 223 as of November 11, indicating potential overvaluation [7] - The shift in valuation metrics from traditional earnings-based models to sales ratios and potential market size reflects a growing reliance on future expectations rather than current performance [7]

Group 1 - Goldman Sachs upgraded the rating of the Indian stock market to "Overweight" with a target of 29,000 points by the end of 2026, citing growth recovery, supportive policies, corporate profit rebound, and foreign investment interest as key factors [1] - Despite a weak performance last year due to foreign capital outflows, Goldman Sachs believes sentiment has reversed, with improved valuations and growth factors such as interest rate cuts and liquidity improvements expected to boost domestic demand [1] - Sectors such as finance, durable consumer goods, and defense are anticipated to lead market gains, supported by low inflation, stable agricultural cycles, and reduced GST rates, which are expected to enhance demand and profits in consumer-related industries [1] Group 2 - On November 10, foreign hedge funds ended a six-day short-selling streak and turned to net buying of Indian stocks, with a net inflow of 45.81 billion Indian Rupees (approximately 5.21 billion USD) [3] - Domestic institutional investors also purchased Indian stocks worth 66.75 billion Indian Rupees [3]

Core Insights - The U.S. government is expected to end its record shutdown, but investors face deteriorating labor data, with Goldman Sachs predicting a potential decline in non-farm payrolls for October, marking the first negative growth in nearly three years [1][2] Group 1: Government Shutdown and Data Collection - The Senate passed a bill to end the government shutdown, allowing key economic data to be released soon [1] - The Labor Department faces unprecedented challenges due to interrupted data collection during the shutdown, leading to potential permanent loss of some October data [2] Group 2: Labor Market Indicators - Private sector indicators show a sharp deterioration in the labor market, with announced layoffs in October reaching 153,000, nearly three times the number from the previous year and the highest for the month since 2003 [3][6] - Average weekly job losses in the private sector were 11,250 in the last four weeks of October, indicating struggles in job creation [7] - Goldman Sachs has adjusted its employment growth tracking indicator for October down to 50,000, a significant decrease from 85,000 in September [10] Group 3: Economic Outlook and Federal Reserve Implications - The interruption of data and the bleak labor market outlook place the Federal Reserve in a difficult position regarding interest rate decisions [15] - Goldman Sachs predicts a 20%-25% chance of a significant rise in the unemployment rate over the next six months, up from 10% six months ago [15][19] - The chaotic data release situation and negative private indicators complicate the risk assessment for investors, suggesting increased market volatility in the coming weeks [19]