高盛：中国工业科技-2025 年第一季度业绩基本符合预期；相较于受关税冲击的股票，更看好中国本土企业（买入国电南瑞，评级为 CL）；仍看好人工智能受益股

7 May 2025 | 3:35PM CST China Industrial Tech 1Q25 results largely in-line; prefer domestic China (Buy Nari, on CL) vs. tariff-hit stocks; still like AI beneficiaries 1Q25 sector results were overall largely in-line with 14/13/5 companies delivering earnings miss/in-line/beat (median revenue/gross profit/operating profit/net profit were -0%/-4%/-12%/-6% vs. GSe and GPM/OPM/NPM at -0.9pp/-1.7pp/-0.5pp vs. GSe). We lower our estimates primarily on expectations of tariff impact ahead, cut our sector average 20 ...