17 April 2025 | 6:40AM HKT Xiaomi Corp. (1810.HK) Buy EV factory Phase II ready for production and YU7 timeline on track; Strong China sales momentum to partially offset overseas uncertainty; Buy On Apr 15, Phase II of the Xiaomi EV factory in Beijing received the acceptance note from Beijing Municipal Commission of Planning and Natural Resources after 9 months' construction (Exhibit 1), which in our view implies that the Phase II factory will likely commence trial production within the next month. We belie ...

16 April 2025 | 11:24PM HKT China Healthcare Analysis on the tariff impact, overall limited for our coverage, awaiting updates on potential pharmaceutical In this report we provide an updated view of the potential tariff impact on our covered China Healthcare names across various sub-sectors and sensitivity analysis for key names, following our previous report in Feb 2025 (link). We see the tariff impact on our covered Chinese healthcare names as manageable, while we await clarity on potential sector-specif ...

17 April 2025 | 4:13PM HKT Navigating China Internet: Top 400 app tracker: stable March engagement trends; solid AI & video momentum China's top 400 mobile apps maintained the prior month's momentum with total time spent up +7% yoy in March 2025 (vs. +5% in Feb 2025), with solid Weixin time spent growth (+8% yoy) and strong Douyin app engagement performance (main app +23% yoy/Lite +19% yoy), softer eCommerce time spent +1% yoy, while games' time spent increased by +3% yoy in Mar, according to QuestMobile da ...

16 April 2025 | 2:02PM HKT China: Q1 GDP and March activity data broadly beat expectations Bottom line: China's Q1 GDP and March activity data broadly beat market expectations, partly driven by export frontloading in anticipation of higher US tariffs. Industrial production growth jumped in March, led mainly by faster output growth in computer production and in line with the stronger-than-expected export growth. Retail sales growth rose notably in March, driven by a significant improvement in automobile and ...

Timothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte 16 April 2025 | 7:42PM HKT China Musings ADR de-listing risks: Back in focus, updated investor FAQs Investor concerns about Chinese companies de-listing from the US stock exchanges have resurfaced amid escalating US-China trade tensions, the regulatory risks for US investors assessing Chinese listed securities as highlighted in the America First Investment Policy signed by President Trump in February, and the recent comments m ...

14 April 2025 | 7:31AM HKT China Strategy Self-help is the best defense The Tariff Pandora's box has been opened US-China trade tensions have soared to unprecedented levels, prompting concerns about global recession, and decoupling risks between the two largest economies globally in other strategic cohorts, notably capital markets, technology, and geopolitics. Our US-China Relations Barometer, a gauge of multi-faceted bilateral frictions per market pricing, is at 2-year highs. Lower fair values, but higher ...

13 April 2025 | 7:32PM EDT Goldman Sachs Oil Analyst 18.7 19.2 18.3 18.3 20.0 19.5 19.0 18.5 18.0 17.5 17.0 16.5 20.0 19.5 19.0 18.5 18.0 17.5 17.0 16.5 18.0 16.0 16.0 New Balance Mar 16 Balance Baseline Growth, Global Slowdown, OPEC 2.2mb/d Unwind OPEC Baseline Global Slowdown, OPEC 2.2mb/d Unwind US Shale (L48 Crude and Total NGL) Production in Q4 2026 mb/d mb/d US Shale Production in 2026Q4 Would Undershoot Our Mid March Forecast by 1.2mb/d in a Scenario With a Global Slowdown and Where OPEC Unwinds All ...

13 April 2025 | 6:39PM HKT China: Three things in China Three quick highlights from China: n Cutting GDP forecasts on higher tariffs: With the US effective tariff rates on Chinese goods shooting up to more than 100%, Chinese exports to the US are likely to decline dramatically. We expect policymakers to step up easing efforts significantly and have raised our estimate of the "augmented fiscal deficit" to 14.5% of GDP from 13.8%. That said, we think achieving the government's "around 5%" GDP growth target th ...

13 April 2025 | 9:24PM HKT Asia in Focus How Easily Can US Importers Pivot Away from Chinese Suppliers? (Song/Chen) 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 (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. Chelsea Song ...

13 April 2025 | 7:27PM HKT China: Macro CIO Tour Takeaways Following a week marked by rapid tariff escalations and heightened market volatility, we hosted our China Macro CIO Tour in Beijing on April 11th. Discussions were predominantly centered around US tariff-related topics. Our speakers also addressed issues including the property market's recovery, potential government strategies to offset the impact of tariffs, and the growth outlook for the year. Key takeaways are summarized below. 1. Size of US Tari ...