27 March 2025 | 12:00AM HKT WuXi Biologics (2269.HK) Earnings Review: 2H24 earnings slightly higher than GSe; guided 12-15% revenue growth for FY25 and improving margin | 2269.HK | | --- | | 12m Price Target: HK$23.40 | | Price: HK$26.20 | | Downside: 10.7% | 2H24 revenue reached Rmb10.1bn (vs GSe Rmb9.70bn or VA consensus Rmb9.43bn), +18.3% y/y, that came at higher end of the previous guidance (FY24 +9.6% y/y, vs guidance of +5%-10% y/y), mainly attributable to the robust growth from WuXi XDC (+111% in 2H) ...

30 March 2025 | 7:27PM EDT US Equity Views Higher tariffs and weaker growth reduce our earnings estimates and S&P 500 return forecasts David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7744 | kartik.jayachandran@gs.com Goldman Sachs & ...

A Further Increase in Our Tariff Assumptions (Walker / Phillips / Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC 30 March 2025 | 4:52PM EDT US Economics Analyst 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 | elsie.peng@gs.com Goldman Sachs & Co. LLC Jessica Ri ...

4月还将标志着美联储资产负债表缩减的进一步放缓。我们的利率策略师预计，量化紧缩（即允许债券到期而不将 收益再投资）将在2025年第三季度末结束。虽然量化紧缩的缩减应会缓解股票风险溢价的压力，但在我们的股票 风险溢价（ERP）模型中，增长预期的信号强度是美联储资产负债表规模的三倍。我们的利率策略师预计，10年期 美国国债名义收益率到年底将维持在4.35%，与当前水平相近。 我们的基线预测是，标准普尔500指数在未来三个月将持平，但随着经济和收益持续增长，到年底将上涨11%。对 于股市的近期走势而言，对这一增长前景的调整将比收益率的变化更为重要。标准普尔500指数的回报率通常对股 市对经济增长的定价变化比对实际收益率的变化更为敏感，而且这种关系最近有所加强。除了关税，周五的就业 报告将是股票投资者的关键信号。 一些对利率敏感的股票的表现最近与利率走势出现了背离。长期股票，如我们的长期和非盈利科技篮子股票，在 股市抛售期间表现滞后。相比之下，像房地产这样的 "债券替代品" 表现优于大盘。在本报告中，我们对长期 和短期篮子进行了重新平衡（成分股见图表14和图表15）。 与客户的对话：4月政策调整对股市的影响 随着20 ...

26 March 2025 | 7:11AM HKT China Musings Global marketing feedback: China is back We have held extensive meetings with investors in Asia, the US, and Europe in the past month to discuss views and ideas on Chinese equities. We summarize clients' feedback and FAQs, and our latest market thoughts as follows: Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C. Timothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com G ...

26 March 2025 | 8:49PM GMT Precious Analyst Gold: Raising Our End-2025 Forecast to $3,300; Top 10 Questions Lina Thomas +44(20)7051-3062 | lina.thomas@gs.com Goldman Sachs International Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a8 ...

25 March 2025 | 7:37PM EDT US Daily: How Much Have Inflation Expectations Increased? (Peng) 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 | elsie. ...

22 March 2025 | 12:37AM SGT Base Metals Comment: Copper: Tactically Cautious, Structurally Constructive 1 Additionally, the recent executive order invoking the Defense Production Act to boost US mineral output is unlikely to impact near-term prices, as domestic production timelines remain long. Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Lavinia Forcellese +44(20)7774-9243 | lavinia.forcellese@gs.com Goldman Sachs International Aurelia Waltham +44(20)7051-2547 | aurelia. ...

24 March 2025 | 5:15PM CST Taiwan Technology: Components Slower AI server rack shipment outlook in the near-term; cut estimates/TPs; Buy Delta, EMC,TUC & GCE Our Global technology team sees further downside to the AI server shipment outlook (mainly for GPU AI server) in the near-term and have cut the global AI server rack shipment estimate by 35/10% in 2025/26E (see more details here). We expect the slower than expected AI server rack shipment to be mainly impacted by (1) slower than expected demand from AI ...

21 March 2025 | 4:52PM GMT EM Weekly Fund Flows Monitor Hedge Funds reversed 17% of ytd buying in China; Foreign outflows in Indonesia amid market volatility, led by Banks; Europe sees 6th consecutive weekly inflow HK/China Connect, Domestic retail flows Global Equity mutual fund flows funds saw outflows of US$1bn this week. Focus: China / Indonesia Flows and Positioning Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com Goldman Sachs International Mark Hung +852-3465-4266 | mark.hung@gs.com Goldman Sachs (Asi ...