1 July 2025 | 10:57PM HKT China Healthcare: Drug policy pivoting towards innovation continues; NHSA to introduce commercial insurance novel drug list to NRDL Roll-out of long-anticipated policy framework: We note positively that China's domestic policy for drug innovation continues to evolve with new rules panning out - The National Healthcare Security Administration (NHSA) and the National Health Commission (NHC) jointly announced a new policy framework to further promote drug innovation in China, with new ...

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 Eq Positioning and Key Levels 股票头⼨及关键⽔平 Please see below for a consolidated recap of the various GS positioning metrics. 请⻅下⽅⾼盛各类仓位指标的综合回顾。 Summary: 摘要： -9.2bn last week. In the US, we have this cohort long 22bn. Estimates over the next week are mostly for sale in the US, but flip to buy over the next month in up and flat scenarios. 1. CTA Corner: We model CTAs long $67bn of global equities (61st percentile) after ...

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities View from Our Desk: NDX short-dated topside is too low to SPX. We like owning upside there as the spread to SPX in implied terms is trading at close to 5 year lows. Trade idea: QQQ 11Jul 103% Call at 12.9v (~13bps) 我们的观点：纳斯达克 100 指数短期看涨期权的顶价相较标普 500 指数 过低。我们看好该处的上涨机会，因为其隐含波动率与标普 500 的价差 接近五年低点。交易建议：买⼊ QQQ 7 ⽉ 11 ⽇到期，⾏权价为 103% 的 看涨期权，隐含波动率为 12.9 （约 13 个基点）。 1/22 市场洞察 - 重点报道 --- Market Insights - Marquee 市场洞察 | 市场 | 股票 GS Flow of F ...

Investment Rating - The market is currently pricing a full rate cut by September and more than two cuts by the end of the year [4][15]. Core Insights - Since late April, the market has upgraded its growth views while easing its view of the Fed's reaction function, reversing less of the tighter policy shock than the negative growth shock [2][3]. - Strong labor market data and higher inflation prints could challenge the easing priced in by the market, but favorable inflation news could create more room for earlier and deeper easing [2][16]. - The best expression of the market moving towards pricing more rate cuts depends on the accompanying growth backdrop [15]. Summary by Sections Market Dynamics - The market has begun to push towards pricing more Fed easing, with potential scenarios illustrating how this could affect various assets [5][15]. - A dovish policy shock could lower 2-year yields by 25 basis points, leading to rising equities and a weaker dollar [8]. Scenarios Analysis - **Scenario 1**: Dovish policy shock with equities rising and yields falling [8]. - **Scenario 2**: US growth expectations fall by 50 basis points, leading to mixed currency performance and falling equities [9]. - **Scenario 3**: Dovish Fed shift combined with downgraded growth expectations results in modest equity declines and pronounced yield falls [10]. - **Scenario 4**: Dovish Fed shift with upgraded growth expectations leads to clear risk asset gains and slight yield decreases [11]. Investment Strategies - Positioning for lower yields and higher equities offers leverage in a dovish shock scenario [15]. - Lower yields but lower equities provide the best leverage in a negative growth shock [15]. - A shift towards pricing more Fed easing could reinforce USD weakness and steeper yield curves [15].

30 June 2025 | 3:18PM EDT Americas Technology: Hardware: AI data center equipment 1Q25 market share & outlook update BOTTOM LINE: We update our industry networking and server models to reflect the latest available 1Q25 data from 650 Group. In AI Networking, ANET lost share (-2 pp sequentially to 16%) in back-end AI Ethernet while Nvidia gained share (+5 pp sequentially to 27%) and Celestica maintained share (flat at 27%). That said, ANET gained share in front-end AI Ethernet (+3 pp to 43%) and Cisco maintai ...

30 June 2025 | 12:14PM EDT US Daily: Shifting to a September Cut and a Lower Terminal Rate (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 Sachs & Co. LLC Elsie Peng +1(212)357-3137 ...

30 June 2025 | 4:00AM EDT Americas Transportation: US Tariff Impact Tracker - High Frequency Trends Indicate Softer Trends from China Possibly Forthcoming 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 -4% for vessels and -7% for TEU's, indicative again that the China surge may be somewhat abbreviated or have less depth than some may have previously thought. Container rates dropped sharply and Los An ...

30 June 2025 | 11:07AM CST Kingmed (603882.SS): China Healthcare Corporate Day 2025 — Key Takeaways: Policy pressures, operational challenges, cautious outlook We hosted Kingmed's IRD, Ms. Dongqi Xiao, with investors on Jun 25 at our China Healthcare Corporate Day 2025. Bottom line: Ms. Xiao mainly discussed: 1) Industry environment and policy impact; 2) Operating status and strategic response; and 3) Outlook and key initiatives. Key Takeaways Industry environment and policy impact: Multiple factors - inclu ...

30 June 2025 | 9:00AM JST Among back-end process stocks, which have relatively high AI exposure, investor interest in Advantest was particularly strong. We had much discussion about the company's earnings growth potential in FY3/26 and FY3/27, driven by expectations for expanding tester demand for ASICs in addition to GPUs. Meanwhile, for Disco, while concerns remain about near-term shipment momentum, many investors commented on the stock's increasing attractiveness relative to Advantest, considering its sh ...

Investment Rating - The report assigns a Neutral rating to Aier Eye Hospital with a 12-month target price of Rmb14, indicating a potential upside of 12.9% from the current price of Rmb12.4 [10][8]. Core Insights - Aier Eye Hospital is experiencing improvements in refractive surgery pricing due to new technologies, with a forecast of double-digit revenue growth for 2025 [2][7]. - The company anticipates a recovery in cataract surgery revenue growth to double digits in the second half of 2025, following price cuts of approximately 8-10% since the second half of 2024 [9][7]. - The overall ophthalmology market in China is expected to grow at a 12% CAGR from 2020 to 2030, driven by increased service upgrades and market penetration [7]. Summary by Sections Recent Trends - Growth in refractive surgeries slowed in April and May after a busy first quarter, but June showed improvement due to an increase in average selling prices (ASP) from new technologies [3]. - Cataract surgeries faced volume declines due to tightening reimbursement policies, while optometry performance remained moderate [3]. Refractive Surgery Pricing - New technologies such as SMILE 4.0 and SMILE pro have been launched, with SMILE 4.0 contributing 12% of refractive surgery revenue in Q1 2025 [3][6]. - The ASP for SMILE 4.0 is around Rmb18,800, with approximately 100 installations [3]. Cataract Surgery Outlook - The company expects cataract surgery revenue growth to recover to double digits in H2 2025, as the lower prices from H2 2024 are now reflected [9]. - Premium cataract surgeries accounted for 45%-50% of total cataract surgeries as of Q1 2025, with 15% of revenue coming from femtosecond laser-assisted surgeries [9]. Optometry Services - Recent pricing pressure on OK lenses was noted, particularly after public hospitals in Beijing reduced prices by 50% [9]. - The annualized cost for OK lenses is around Rmb10,000, while defocal lenses cost only Rmb2,000 to Rmb3,000 [9]. Overseas Expansion - Aier Eye Hospital is focusing on expanding its presence in South America [9].