26 March 2026 | 10:42AM HKT Economics Research ASIA ECONOMICS ANALYST China's "Barbell Strategy" for High-Quality Growth in the 15 th FYP Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. 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/hed ...

Group 1 - The Trade Desk (TTD) experienced a challenging year in 2025, with its stock price declining approximately 70% [1] - Revenue growth rates for TTD in the second and third quarters of 2025 were significantly lower than expected [1] Group 2 - Mosaic Insights focuses on identifying companies with high revenue growth, expanding margins, and durable competitive advantages [1] - The investment strategy emphasizes quality growth, global scope to reduce portfolio volatility, and a business-first analysis approach [1] - The philosophy of high-quality growth is inspired by renowned investors such as Charlie Munger, Peter Lynch, and Terry Smith [1]