Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Ephraim Sutherland +1(972)368-0395 | ephraim.sutherland@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. c45a43530f604d12bcb9a82b5aa6b9f6 n ...

25 March 2025 | 7:02AM CST China Property Weekly Wrap Week 12 Wrap - Primary sales improved further while secondary stabilized Key highlights for the week: Inventory reduction progress: Guangzhou has taken the lead among T-1 cities by launching its affordable housing for sale program, starting with 2 pilot projects converted from acquired completed inventory (totaling 1.3k+ units or c.0.7% of Guangzhou's saleable housing inventory by end-Feb) with key features 1) centrally located and primarily offering uni ...

22 March 2025 | 12:09AM SGT Asian Equity Perspectives What's on investors' minds In the past two weeks, our Asia strategy team has had meetings with investors in HK, Singapore, the US, and Europe. Conversations continue to center on tariffs, AI, China, and geopolitics, with drilldowns into the larger regional markets. We summarize the key discussion points along with our views, emphasizing noteworthy new developments. We remain constructive on Asian equities, with 9% upside to our MXAPJ 640 index target, ov ...

25 March 2025 | 8:25AM CST Optical Transceiver: Lowering 1.6T volume estimate following GS AI Server revision Following GS AI Server estimate revisions (report), where rack-level AI servers are revised down to 19k/57k in 2025/26E (from 31k/66k previously), we revise our estimates for Innolight/TFC optical's 1.6T volume outlook. To note, we have previously cut 1.6T shipment estimates for Innolight and Eoptolink (for more details, Innolight/Eoptolink on March 3rd). In this report, we lower Innolight's 2026E n ...

Investment Rating - The report downgrades Quanta from Buy to Neutral with a new 12-month target price of NT$293, reflecting a 7% to 21% reduction in target prices for Taiwan ODM/cooling supply chain companies [1]. Core Insights - The forecast for rack-level AI server volumes has been revised down to 19k and 57k for 2025 and 2026, respectively, from previous estimates of 31k and 66k, due to product transitions and demand uncertainties [1]. - The demand for high-power AI servers is expected to remain stable, with unit estimates revised to 423k for both 2025 and 2026, indicating that some customers prefer baseboard solutions for design flexibility [2]. - The overall outlook for AI inferencing and general servers remains positive, driven by AI technology applications and a recovery in the replacement cycle [2]. Server Market Outlook - The global server market is projected to grow significantly, with revenues expected to reach US$231 billion, US$277 billion, and US$376 billion in 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 64%, 20%, and 36% [10]. - AI training server revenues are anticipated to grow at 30% and 63% year-on-year, reaching US$160 billion and US$260 billion in 2025 and 2026, respectively [11][30]. - General server volumes are expected to increase by 6% and 4% year-on-year in 2025 and 2026, supported by a recovery in replacement cycles and new CPU platform introductions [15]. Customer Spending Insights - Leading US cloud service providers are forecasted to increase their capital expenditure budgets by 41% and 15% year-on-year in 2025 and 2026, respectively [3][20]. - Chinese cloud platforms are expected to raise their capital expenditure by 26% in 2025, stabilizing to a 4% increase in 2026 [3][26].

Investment Rating - The report indicates a positive outlook for the MSCI China index with a target price of 85, suggesting a potential upside of 11% [35] - The CSI300 index has a target price of 4,700, indicating a potential upside of 20% [35] Core Insights - The State Council has introduced measures to boost consumption, which may positively impact economic activity [1] - Recent activity data for January-February showed industrial production growth of 5.9%, fixed asset investment growth of 4.1%, and retail sales growth of 4.0%, all year-on-year [1] - Earnings for 4Q24 have shown a significant increase, with 33% of the China/MXCN universe reporting a 25% year-on-year rise in earnings [11] - The report highlights that the offshore tech sector has seen EPS upgrades due to AI optimism, while earnings surprises have been less favorable historically [14] Summary by Sections Performance - Utilities and Value sectors outperformed, while Real Estate and Growth sectors lagged [8] - MXCN/CSI300 forward P/E ratios are 11.5x and 13.0x respectively, with expected EPS growth of 8% for 2025 and 14% for 2026 for MXCN [9] Flows - Southbound flows reached US$51 billion year-to-date, indicating strong foreign interest in Chinese equities [3] Policies and News - The State Council has unveiled a new food safety regulatory framework across the full supply chain, which may impact related sectors positively [4] Earnings and Valuations - The report notes that the consensus EPS growth estimates for 2025/26 are 8%/14% for MXCN and 16%/12% for CSI300, with significant upward revisions in Information Technology and Real Estate sectors [9][37] Macro Indicators - The report provides macroeconomic forecasts, projecting China's real GDP growth at 5.0% for 2024 and 4.5% for 2025, with industrial production growth expected to be 5.8% in 2024 [36][38]

20 March 2025 | 2:36PM HKT Asia Views: Peak Policy Uncertainty? 1. Investors and policymakers across the Asia-Pacific region are watching warily as the second Trump administration engages in a major reorientation of US macro policy. So far, this has included tariffs, abrupt changes in foreign policy, and budget wrangling—including a near-government shutdown. New tariffs on China have already reached our assumption (+20pp from the beginning of the year), and the White House has been signaling that global tar ...

21 March 2025 | 5:34PM EDT US Weekly Kickstart The role of foreign investors in the US equity market David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@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 | karti ...

21 March 2025 | 6:14PM HKT China Matters Upside Risks to Our Growth Forecast (Shan) 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 +852-2978-0106 | chelsea.song@g ...

Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis 20 March 2025 | 4:57PM EDT US Daily: Investor Expectations for the Second Trump Administration: Two Months Later (Mericle / Phillips) 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 +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & C ...