聚焦高盛亚太科技互联网论坛

Group 1: Macroeconomic Insights - Goldman Sachs Chief Economist Jan Hatzius indicated that the recent US-China Geneva negotiations exceeded expectations, but uncertainties regarding US tariff policies remain significant, negatively impacting US economic growth [1] - Hatzius emphasized that trade between nations is not a zero-sum game, which is crucial for economic decision-makers to understand [1] - The firm noted that after the US-China trade negotiations, risks are gradually being released, and there is potential for valuation recovery in the e-commerce sector [2] Group 2: Industry-Specific Analysis - Goldman Sachs Asian Internet Research Head Ronald Keung pointed out that the potential adjustment of small package tax exemption policies by multiple countries could impact the e-commerce industry [2] - Goldman Sachs Asian Pharmaceutical Research Head Ziyi Chen analyzed that the US tariff measures on pharmaceuticals are filled with uncertainties, but the impact on China's pharmaceutical industry is limited, although supply chain costs may increase [2] - Goldman Sachs Industrial Technology Analyst Jacqueline Du discussed the development stage and competitive advantages of humanoid robots in China, noting that the industry is currently in the commercialization phase [3] Group 3: Automotive Sector Insights - Goldman Sachs Automotive Analyst Tina Hou observed that the competition in China's new energy vehicle market has entered a deep-water phase, with price wars still ongoing despite a slight narrowing in price reductions compared to last year [3] - The peak of capacity expansion in the new energy vehicle market has passed, but the "elimination race" among over 50 competing car manufacturers is still ongoing [3] Group 4: Investment Strategy - Goldman Sachs Chief China Equity Strategist Kinger Lau highlighted that despite ongoing external pressures, the resilience of Chinese assets is becoming increasingly evident, driven by domestic demand and policy support [3] - The firm noted that the structural opportunities for consumption upgrades and industrial transformation are being propelled by dual forces of domestic demand and policy incentives [3]