Summary of Key Points from the Conference Call Industry and Company Overview - The report focuses on the **Asia Strategy Baskets** and investment opportunities in the context of **higher-for-longer energy prices**. It provides a platform for investors to track Asian equities through various macroeconomic and thematic lenses [1][6]. Core Insights and Arguments - **Value Cyclicals & GARP**: Amid uncertainty regarding Federal Reserve cuts and hawkish Asian central banks, there is a preference for **Growth at a Reasonable Price (GSSZGARP)** and **Value Cyclicals** within the Global and Commodities baskets [6][9]. - **Macro Divergence**: The report highlights a preference for **US Reindustrialization (GSXAUSRE)** over European and Domestic Consumption themes due to weaker Euro area growth and pressures on Asian consumption from elevated energy prices [10]. - **Shareholder Yield**: Improvements in dividends, buybacks, and governance in China, Korea, and Japan are noted as supportive factors. The **Secured Dividend Yield (GSSZDIVY)** is recommended for stable income in volatile markets [11]. - **Earnings Momentum**: Dynamic earnings revision factors have consistently delivered alpha across market cycles, with notable performance in **Consensus Revision Winners vs. Losers** (+11 percentage points YTD) and **Strong vs. Weak Earnings Revisions** (+4 percentage points YTD) [12]. Regional Structural Themes - **Defense Spending**: Increased geopolitical risks are driving demand for **Aerospace & Defense (GSSZADEF)** and **Non-Core Defense Suppliers (GSSZDEFS)**, with 66 and 59 liquid stocks included in the rebalanced baskets, respectively [14]. - **AI Beneficiaries**: The demand for AI-driven compute is boosting stocks in **AIGC Hardware (GSSZAIHW)** and semiconductors, with a focus on edge-AI beneficiaries like Taiwan Apple Suppliers [14]. - **Power Up Asia**: The report emphasizes strategic investments in **Nuclear (GSSZNUCL)** and **Renewables (GSSZEVMT)**, supported by China's policies, alongside core holdings in **Power & Electricity (GSSZPOWE)** for stable earnings [14][35]. Market-Specific Themes - **China**: Targeted policies are supporting strategic areas such as HALO and AI, the 15th Five-Year Plan, and Going Global Leaders [31]. - **Korea**: Governance reforms are enhancing dividend tax reform and treasury share cancellations [16]. - **Japan**: The alignment with US economic security themes is highlighted, focusing on defense and critical minerals [33]. - **India**: Emphasis is placed on self-sufficiency in energy and defense, along with a revival in mass consumption [39]. Additional Important Insights - The report includes a detailed table of contents outlining various thematic baskets and their performance metrics, indicating a structured approach to investment strategies [7][42]. - The performance of specific stocks aligned with preferred factors is highlighted, showcasing a range of companies across different sectors and regions [15]. - The report underscores the importance of macroeconomic conditions, liquidity, and market constraints in trading strategies [43]. This comprehensive analysis provides a detailed overview of the investment landscape in Asia, focusing on strategic themes and potential opportunities amidst current economic conditions.

7 January 2026 | 6:21AM SGT Portfolio Strategy Research Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com Goldman Sachs International Bruce Kirk, CFA +81(3)4587-9950 | bruce.kirk@gs.com Goldman Sachs Japan Co., Ltd. Amorita Goel, CFA +65-6654-5445 | amorita.goel@gs.com Goldman Sachs (Singapore) Pte ASIA-PACIFIC PORTFOLIO STRATEGY 2026 Outlook: Room to run, but a tighter leash Our positive stance on Asian equities rests on mid-teen earnings-driven returns. Higher starting valuations point to a good year, albei ...

Company Vision & Strategy - Terraform Industries aims to reinvent American industry by tiling the United States in solar panels to generate rocket fuel and clean water for tens of millions of people [1] - The company focuses on synthetic fuels, developing prototypes to achieve its vision [2][3] - Terraform Industries is exploring desalination to support new mega-cities, indicating a long-term vision beyond fuel production [3] Technology & Innovation - Terraform Industries is innovating in the area of solar to hydrocarbons conversion, focusing on scaling the technology [3] - The company's founder, Casey Handmer, previously worked at NASA and JPL, seeking to address inefficiencies and lack of innovation in traditional institutions [2] Geopolitical & Economic Context - The interview highlights the geopolitical stakes in the space race between the US and China, framing it as a competition for lunar dominance [1][3] - The discussion touches on energy geopolitics and the potential for US reindustrialization through innovative energy solutions [3] Talent & Culture - Terraform Industries values ambition, self-awareness, curiosity, and practical experience in its hiring and talent development philosophy [2][3] - The company's culture emphasizes hands-on building and a practical approach to problem-solving [3]

Group 1 - MP Materials is gaining significance due to geopolitical tensions, presenting an opportunity for expansion [1] - The company is positioned to transition into a more prominent role in the market [1] Group 2 - The article reflects the author's personal opinions and does not represent any financial advice [2][3]