6 July 2025 | 2:42PM EDT Oil Comment: OPEC+ Announces Larger August Supply Hike; Keeping Forecast for Lower Prices Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@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 di ...

4 July 2025 | 12:45PM HKT China Metals & Mining Chinese metal demand - decomposing the resilient growth, front-loaded demand weighs on outlook The strength of Chinese metal demand YTD has been resilient. However, decomposing the growth by downstream sector suggests large contributions to the growth are front loaded in nature, including rush installations of renewables, and sizable stimulatory consumption from Autos and Appliances on the back of the trade-in program. With this, we expect much decelerated gro ...

4 July 2025 | 12:45PM HKT China Metals & Mining Chinese metal demand - decomposing the resilient growth, front-loaded demand weighs on outlook The strength of Chinese metal demand YTD has been resilient. However, decomposing the growth by downstream sector suggests large contributions to the growth are front loaded in nature, including rush installations of renewables, and sizable stimulatory consumption from Autos and Appliances on the back of the trade-in program. With this, we expect much decelerated gro ...

ab 23 June 2025 Global Research Global Oil and Gas Global oil and refining markets outlook Equities Global Oil Companies, Major Henri Patricot, CFA Analyst henri.patricot@ubs.com +33-14-888 3033 Anna Kishmariya Analyst anna.kishmariya@ubs.com +44-20-7568 7999 Nayoung Kim Analyst nayoung.kim@ubs.com +44-20-7568 4010 Joshua Stone Analyst joshua.stone@ubs.com +44-20-7901 5588 This report has been prepared by UBS Europe SE. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitativ ...

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EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

发改委政策具持续性，2025-2026年猪价有望超预期 发改委要求大型集团猪企停止增加能繁母猪存栏、出栏体重控制在120kg、不鼓励销售二育猪。该行判 断，由于生猪价格正处于下行周期，且能繁母猪存栏量减少传导至商品猪需要10-12个月时间，发改委 在2026年上半年之前基本不会修正生猪政策。①大型集团猪企产能受限，全国能繁母猪存栏量有望步入 下行通道。2024Q4，牧原、温氏合计增加能繁母猪存栏25.6万头，全国仅新增16万头;2025Q1，温氏新 增能繁母猪存栏11万头，而全国下降39万头。随着大型集团猪企产能扩张受限，全国能繁母猪存栏量有 望步入下行通道，大型集团企业也将更多聚焦于种群优化、提升PSY等生产效率指标;②体重有望步入 下降通道;③预计二次育肥销售将减少。 随着政策的严格持续落实，该行预计生猪均重和二育体量均会逐步下行，猪价短期承压，随着生猪均重 回归正常，二育体量降至低位，生猪价格逐步企稳回升。由于大型集团企业扩张受控，行业能繁母猪存 栏量有望呈现下降趋势，2026生猪出栏量或同比下降，再考虑到生猪均重或低于2025年，2026年生猪价 格、盈利水平有望超过2025年。 上市猪企基本面持续改 ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

13 June 2025 | 12:54PM AEST Global Metals & Mining Copper cost curve analysis; Top 20 copper miner all-in marginal cost ~US$4.3/lb We have constructed a global copper cash cost curve (cash costs net of credits) and all-in cost curve (including sustaining and growth capex) for the world's Top 20 copper producers (covering >50% global mined production) based on CY24 production, cost and capex data. Our analysis implies all-in marginal cost was ~US$4.3/lb (90th percentile) for the major producers in 2024 (on a ...