高盛研究部早前预计， 2035年全球人形机器人市场或将达到380亿美元的规模 。人工智能加速演进、技术突破、研发及资本支出投资加大，进一步 推动人形机器人市场的发展。 从目前的进展来看， 行业可能在2025年从研发阶段步入量产阶段 。众多供应链上市公司，尤其在亚洲，已公开披露了进军或进一步推进人形机器人相关 业务的计划。高盛研究部认为一个 全方位的生态系统正在成型 ，在我们的基本情景假设下，迅速增长的全球人形机器人需求到2035年可能释放380亿美 元的潜在市场规模。此外，考虑到人形机器人仍处于早期发展阶段且存在各种潜在技术方案，我们认为 竞争格局将持续演进 。 高盛研究部认为 供应链零部件仍最具吸引力 。团队推出了 高盛独家产品品类偏好排名(GS proprietary product category preference rank) ，以评估我们在 人形机器人供应链覆盖范围内的主要投资机会。我们 更看好谐波减速机供应商和执行器总成商 ，因其技术壁垒更高，或产品被采用的确定性更强。 2. 市场已经计入了哪些因素？ 高盛研究部所覆盖的人形机器人供应链股年初至今 已平均上涨48% （沪深300指数持平），这表 ...

Core Viewpoint - Goldman Sachs has demonstrated strong performance in the financial services industry, with significant stock price appreciation and robust revenue growth, particularly in investment banking and investment management [1][2][3]. Financial Performance - In 2024, Goldman Sachs reported total revenue of $53.5 billion, a 16% increase from the previous year, following a 2% decline in 2023 [2]. - Net interest income surged by 27%, contributing to a 68% increase in net income for 2024 [3]. - The company is projected to grow its earnings per share at a compound annual rate of 12% over the next three years, surpassing its trailing 10-year average of 9% [7]. Market Position and Opportunities - Goldman Sachs ended the year as the No. 1 M&A advisor, indicating strong positioning in investment banking [2]. - The company is optimistic about future prospects, citing potential catalysts for continued activity in the financial markets [3]. - The launch of a Capital Solutions Group aims to capitalize on opportunities in private credit and private equity, enhancing the bank's ability to serve clients [6]. Valuation and Stock Performance - As of February 26, shares were trading at a price-to-earnings ratio of 15.3, which is considered historically expensive [9]. - Despite impressive five-year stock returns, expectations are high, and the current valuation may limit future returns for new investors [10][11].

Core Insights - Goldman Sachs shares have increased by 186% over the past five years, with a total return of 219% including dividends, significantly outperforming the S&P 500 [1] - The stock is currently trading 7% below its peak price, indicating ongoing positive momentum and optimism from investors regarding the company's future prospects [1] Strategic Decisions - In 2016, Goldman Sachs launched Marcus to enter the consumer banking sector, aiming to diversify revenue streams, but the initiative was ultimately unsuccessful and was dismantled [2] - The failure of Marcus may have redirected management's focus back to the company's strengths in high-end Wall Street activities, such as deal-making and serving ultra-high-net-worth clients [3] Business Focus - Goldman Sachs is expected to concentrate on its core competencies, including being a top M&A advisor, leading equities franchise, and a dominant player in fixed income, commodities, and asset management [5] Financial Performance - In 2024, Goldman Sachs reported a 16% increase in total revenue and a 68% rise in net income, marking a strong financial year [6] - The company anticipates continued positive catalysts, including an improving economic environment, potential lower interest rates, deregulation, and increased CEO confidence [7] Market Outlook - The favorable economic backdrop is expected to enhance opportunities for initial public offerings and M&A activity, providing additional revenue streams for Goldman Sachs [8] - Despite the positive outlook, the unpredictability of macroeconomic factors and regulatory developments remains a consideration [8] Valuation Considerations - Goldman Sachs is recognized as a high-quality business with strong fundamentals and leadership in various capital markets [9] - The current price-to-earnings (P/E) ratio stands at 15.3, which is historically high, having increased by 48% since February 2020, suggesting that the stock may not be a smart buying opportunity until the P/E ratio approaches 10 [10][11]

Financial Performance - Goldman Sachs reported a significant increase in revenues from Global Banking & Markets, driven by strong performance in investment banking fees and intermediation activities [16]. - The firm generated substantial revenues from investment banking fees, including equity underwriting and advisory services, maintaining a leading position in worldwide public common stock offerings [25]. - FICC intermediation activities contributed notably to revenues, with a focus on interest rate products, credit products, and commodities [28]. - The majority of revenues in Asset & Wealth Management come from asset-based fees, which are influenced by investment performance and client asset inflows [40]. - Consumer platforms generate revenues primarily from net interest income on credit card lending activities, with a transition of the GM credit card program expected by Q3 2025 [42]. Client Engagement and Services - Goldman Sachs maintains a diverse client base, including corporations, financial institutions, governments, and individuals, ensuring a broad revenue stream [13]. - The firm is focused on expanding its consumer platforms and transaction banking services within its Platform Solutions segment [16]. - Goldman Sachs is committed to maintaining long-term relationships with institutional clients, facilitating transactions across various asset classes [18]. - Asset & Wealth Management manages client assets across various strategies, including equity, fixed income, and alternative investments, with a focus on fiduciary management [34][35]. Technology and Innovation - Goldman Sachs continues to invest in technology platforms like Marquee to enhance client connectivity and trading capabilities [22]. - The company aims to advance sustainable economic growth and financial opportunity through its One Goldman Sachs initiative, promoting comprehensive service delivery [13]. Sustainability Initiatives - Goldman Sachs aims to deploy $750 billion in sustainable financing, investing, and advisory activity by the beginning of 2030, having achieved over 80% of this goal as of December 2024 [69]. - The firm has been carbon neutral in its operations and business travel since 2015 and has expanded its carbon commitment to include its supply chain [70]. - Goldman Sachs' sustainability strategy focuses on two priorities: Climate Transition and Inclusive Growth, with efforts to help clients decarbonize and support sustainable economic growth [65]. - The firm has established a Sustainable Banking Group to provide analysis, advice, and capital solutions for clients focused on sustainability objectives [66]. Employee Engagement and Welfare - Over 1,300 employees achieved Mental Health First Aid certification, surpassing the goal of training 1,000 by the end of 2024 [58]. - Approximately 103,000 hours of service were volunteered globally by employees through the Community TeamWorks initiative in 2024 [56]. - The company offers a minimum of 20 weeks of parental leave and up to four weeks of family care leave to support employee wellness [57]. - As of December 2024, Goldman Sachs had a headcount of 46,500 employees, with 50% in the Americas, 20% in EMEA, and 30% in Asia [61]. - 43% of Goldman Sachs employees were working in strategic locations as of December 2024, enhancing the firm's capabilities [63]. Regulatory Environment - Goldman Sachs faces intense competition in the financial services industry, with pressure to retain market share and commit capital to businesses [73]. - The firm is subject to extensive regulation and supervision worldwide, impacting its competitive position and operational practices [82]. - GSBE is directly supervised by the European Central Bank (ECB) and is subject to various E.U. regulations, including the E.U. Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) based on Basel III standards [91][97]. - The capital conservation buffer requirements for Group Inc. consist of a 2.5% buffer, a stress capital buffer (SCB), and both a countercyclical buffer and the G-SIB surcharge [99]. - The Liquidity Coverage Ratio (LCR) for Goldman Sachs and GS Bank USA is set at a minimum of 100%, ensuring adequate levels of high-quality liquid assets [116]. Risk Management - The company emphasizes risk management across its business segments, including market, credit, and operational risk management strategies [20]. - The SCB applies to BHCs with total consolidated assets of $100 billion or more, reflecting stressed losses estimated under the CCAR stress tests, with a 2.5% floor effective annually [123]. Market Competition - Price competition has intensified in investment banking, market-making, and asset management, affecting trading commissions and bid/offer spreads [77]. - The firm competes with a range of financial institutions, including investment banks, commercial banks, and fintech companies, based on transaction execution, client experience, and innovation [73].

Goldman Sachs added its president and chief operating officer John Waldron to its board of directors a month after he was given a retention bonus, cementing his position as a potential successor to CEO David Solomon.Waldron, 55, joins Solomon, 63, as the second member of the management committee to have a seat on the board.“It does appear that firmer succession planning is underway,” said Stephen Biggar, a banking analyst at Argus Research.John Waldron has been president and chief operating officer since Oc ...

Albert Anthony is the pen name of a Croatian-American media personality on investor platforms Investing.com and Seeking Alpha, where he has grown over +1K followers since 2023 and covers markets & stocks, and as of 2025 hosting an ongoing set of articles called Financial Markets: Growing A Dividend Income Portfolio. His new book of the same name is planned for a 2025 global launch on Amazon soon. A native of the NYC area, he has also called home Austin Texas where he worked as a management & information sys ...

Donald Trump appears to have secured David Solomon’s job for the foreseeable future.The Goldman Sachs CEO has had, let’s say, a rocky relationship with the rank-and-file inside the big investment bank, and just a few months ago, looked to be on thin ice.MDs and senior executives thought he was dictatorial and could be a jerk at a company where CEOs normally stroked the egos of top brass. Junior bankers believed his back-to-work edicts and perk-containment strategies wreaked of insensitivity, and leaks were ...

近期 DeepSeek-R1 以及其它被视为具有全球竞争力和成本效益的中国 AI 模型横空出世，引来了转折时刻，改变了中国的科技题材叙事。高盛研 究部认为，这一发展或将加速人工智能科技的传播及采用，对全球经济增长和股市带来更大的影响。 高盛研究部首席中国股票策略分析师 刘劲津 在最近的研究报告中指出， 投资者对于AI经济增长和效益的乐观情绪，已经助力恒生科技指数和MSCI中 国指数在过去1个月大涨27%及19% 。而自2022年11月ChatGPT面市以来，美国股市飙升了50%，美国科技股市值增加了13万亿美元。 AI提振了企业盈利、股票估值倍数和投资组合流动性 高盛研究部的中国股票研究团队预计， 未来十年AI的广泛普及有望推动中国股票整体盈利每年提高2.5% 。 从 企业盈利 角度出发，企业可以通过人工智能的应用，从三个主要途径提高盈利: 此外， 增长前景改善 以及随之而来的 潜在信心提升 ，也 预计推动中国股票的公允价值提高15-20%，并可能带来超过2,000亿美元的资金流入 。 基于上述原因，高盛研究部将MSCI中国及沪深300指数目标点位分别上调至85点及4700点，意味着 两指数在未来12个月分别 ...

Investment banks are set to thrive under President Donald Trump’s second term, according to Kingsley Jones, founder and chief investment officer at Jevons Global. Speaking to CNBC’s Martin Soong, the Australian investor expressed optimism about Wall Street’s performance, highlighting a favorable environment for financial stocks.Regulatory Changes and Trade Policies Favor BanksJones pointed to Trump’s pro-business stance, which includes loosening deal-making regulations and implementing trade tariffs that co ...

In the past year, The Goldman Sachs Group, Inc. (GS) shares  jumped 72%, outperforming the industry’s growth of 55.7% and the S&P 500 index rise of 24.3%. Further, the stock has fared better than its JPMorgan (JPM) and Morgan Stanley (MS) , which gained 56.4% and 66.2%, respectively, during the same time frame.Price Performance Image Source: Zacks Investment Research Also, the GS stock is trading just 2.2% below its 52-week high of $663.87 touched on Feb. 7, 2025.Now, let us delve deeper and analyze the fac ...