Technology Fellow 计划，或简称 Tech Fellow , 是高盛内部跨部门的技术工程师所组成的社群，在公司内享有盛誉且具有影响力。 他们通常拥有深厚的技术知识和丰富的经验，被公认为各自领域的专家，在推动公司的技术战略、实施创新和尖端解决方案方面经 常发挥着关键作用。 适逢妇女节，我们专访了三位常驻高盛大中华区办公室的女性Tech Fellow，走进她们的金融科技职涯，了解她们的业务及日常生活。 熊巧丽 Lily 常駐北京 高盛的Technology Fellow计划以及它对你和你的团队的意义 "Tech Fellow"旨在培养一批顶尖的技术专家，以推动创新并提升高盛的技术标准。Tech Fellow通常是经验丰富的资深工程师，能 够为大规模的企业工程项目提供可靠的指导和建议。计划的评估标准包括技术创新能力、领导力及影响力、培养技术人才的能力 以及对公司整体的商业影响力。 Tech Fellow在公司内部享有极高的声誉。我很荣幸能够加入这个小组——从而有更多渠道与全球的技术专家联系，也有更多的机 会获得关于中国项目和设计的直接反馈。 给渴望在高盛展开职涯的技术人才的建议 高盛为同事们提供了施 ...

Core Viewpoint - Africa is poised for significant growth opportunities driven by the African Continental Free Trade Area (AfCFTA), which is expected to enhance regional integration and boost demand for consumer goods, industrial products, and infrastructure [4][6]. Economic Overview - Africa's GDP growth from 2018 to 2023 has been stagnant at a compound annual growth rate (CAGR) of 2.4%, matching global growth rates [5]. - The economic structure remains largely unchanged, with agriculture, industry, and services contributing 15%, 39%, and 46% to GDP respectively in 2023 [5]. - Africa's integration into the global value chain is low, with merchandise trade accounting for only 2.8% of global trade in 2022, down from 3.5% in 2012 [5]. Trade and Industry - AfCFTA has led to a CAGR of 11.8% in intra-African trade from 2021 to 2023, but intra-African trade still only accounts for 15% of total trade, significantly lower than Europe and Asia [6]. - The internal trade of Africa is characterized by a high proportion of intermediate and manufactured goods, which could foster industrial development and regional capacity integration [6]. - Africa's foreign direct investment (FDI) inflow in 2023 was only 4.0% of global FDI, indicating a need for improvement in attracting investment [20]. Resource Potential - Africa possesses vast mineral resources, holding approximately 8% of the world's oil reserves and over 90% of platinum group metals [7][41]. - The reliance on resource extraction can lead to economic vulnerabilities, as seen in countries like the Democratic Republic of the Congo, which has become overly dependent on mining [49][50]. - Botswana serves as a positive example, successfully utilizing diamond revenues to diversify its economy and improve social welfare [52]. Infrastructure Challenges - Africa faces significant infrastructure deficits, with an estimated investment gap of $1.7 trillion by 2040, representing 1.2% of cumulative GDP [8][59]. - Transportation costs in Africa are high, accounting for about 40% of final goods prices, due to inadequate road networks and high logistics costs [8][63]. - The energy infrastructure is also lacking, with nearly half of the population lacking access to electricity, despite Africa having 60% of the world's solar resources [8][60]. China-Africa Relations - China's direct investment in Africa reached approximately $4 billion in 2023, accounting for 2.2% of China's total outbound investment and 7.6% of Africa's FDI [9][10]. - China is Africa's largest trading partner, with trade volume expected to reach about $295.6 billion in 2024, reflecting a growing economic relationship [10][37]. - The trade pattern continues to be characterized by Africa exporting primary products in exchange for manufactured goods from China [39].

Core Viewpoint - Recent economic activity data in the US has shown signs of weakness, leading to pessimistic expectations for Q1 GDP growth, with the Atlanta Fed's GDPNow model predicting a decline to -1.5% annualized growth [1][2] Group 1: Trade Deficit and Gold Imports - The significant increase in gold imports has been identified as a major factor contributing to the widening trade deficit, with January's goods trade deficit exceeding 6% of GDP [2] - Goldman Sachs estimates that gold imports in January amounted to approximately $25 billion, accounting for nearly the entire $31 billion increase in the trade deficit [2] - The surge in gold imports is primarily driven by market participants in Europe seeking to mitigate potential tariff risks, rather than reflecting immediate consumption needs [2][3] Group 2: GDP Growth Predictions - Goldman Sachs forecasts a Q1 2025 GDP growth rate of 1.6%, which, while lower than previous expectations, remains above the Atlanta Fed's prediction [3] - The firm maintains its Q4 2025 GDP growth forecast at 2.2%, slightly down from an initial expectation of 2.4% [3] Group 3: Consumer Spending and Unemployment Claims - Weak consumer spending in January is attributed to multiple factors, including cold weather, seasonal influences, and a normal correction following rapid consumption growth in the latter half of 2024 [6] - The rise in unemployment claims may be overstated due to seasonal volatility and difficulties in seasonal adjustment, with past spikes in claims often reverting quickly [6]

Core Viewpoint - The global asset market has experienced significant volatility since the beginning of the year, with a strong start in February followed by a sharp decline in various assets by the end of the month [1] Group 1: Market Dynamics - Goldman Sachs traders anticipate a potential short squeeze in the U.S. stock market, suggesting that risk assets may see a substantial rise due to recent developments in the cryptocurrency space [2] - The S&P 500 and Nasdaq 100 indices fell by 0.98% and 3.38% respectively last week, with meme stocks and long-term momentum stocks also experiencing significant declines [2][4] - As of February 28, the market showed positive signals with pension funds needing to purchase approximately $13 billion in stocks, which helped absorb about $20 billion in S&P 500 sell-offs [3] Group 2: Hedge Fund Activity - Hedge funds have recorded a significant increase in short positions, with total leverage dropping to 206.5% and net leverage decreasing to 53.5%, marking the largest weekly decline since September 2023 [4][6] - The market's momentum indicators have reached a ten-year low, often signaling a potential reversal, while several positive factors are accumulating that could catalyze a sudden market rise [5] Group 3: Economic and Geopolitical Factors - Recent geopolitical developments, such as the potential restart of the Nord Stream 2 pipeline, could lead to lower natural gas prices in Europe, benefiting risk assets [10] - Trade tensions appear to be easing, with the U.S. indicating that tariffs on Mexico and Canada may be lower than 25%, which could trigger a rebound in emerging market risk assets [10] - Germany's new government has established two special funds of €400 billion each for defense and infrastructure, which may stimulate economic activity [10] Group 4: Market Sentiment and Strategy - The market is at a delicate balance, with high short positions and momentum indicators suggesting a potential squeeze, while macroeconomic data remains mixed with uncertainties in inflation and employment [9] - Investors are advised to closely monitor market sentiment and position changes, as the potential for a short squeeze could create significant market movements [11]

高盛研究部早前预计， 2035年全球人形机器人市场或将达到380亿美元的规模 。人工智能加速演进、技术突破、研发及资本支出投资加大，进一步 推动人形机器人市场的发展。 从目前的进展来看， 行业可能在2025年从研发阶段步入量产阶段 。众多供应链上市公司，尤其在亚洲，已公开披露了进军或进一步推进人形机器人相关 业务的计划。高盛研究部认为一个 全方位的生态系统正在成型 ，在我们的基本情景假设下，迅速增长的全球人形机器人需求到2035年可能释放380亿美 元的潜在市场规模。此外，考虑到人形机器人仍处于早期发展阶段且存在各种潜在技术方案，我们认为 竞争格局将持续演进 。 高盛研究部认为 供应链零部件仍最具吸引力 。团队推出了 高盛独家产品品类偏好排名(GS proprietary product category preference rank) ，以评估我们在 人形机器人供应链覆盖范围内的主要投资机会。我们 更看好谐波减速机供应商和执行器总成商 ，因其技术壁垒更高，或产品被采用的确定性更强。 2. 市场已经计入了哪些因素？ 高盛研究部所覆盖的人形机器人供应链股年初至今 已平均上涨48% （沪深300指数持平），这表 ...

Investment Rating - The report indicates a positive outlook for the China/HK market, with expectations of a broadening rally in the near future [3][7][14]. Core Insights - There has been a notable rotation from growth to value stocks, with no signs of panic selling in A-shares, suggesting a more orderly market environment [4][12]. - The Southbound trading remains robust, with net inflows averaging US$1.1 billion per day in February, marking the 20th consecutive month of net inflows [12][28]. - The report highlights that the A/H premium spread remains depressed, indicating potential for a catch-up play as tech strength drives H-outperformance [8][14]. - The report anticipates that small and mid-cap A-shares, particularly the CSI1000 index, will outperform due to higher exposure to AI and retail ownership [8][31]. Summary by Sections Market Performance - Despite a recent pullback, year-to-date performance for HSTECH is +24.6%, HSCEI +15.5%, and CSI 1000 +5.2% [7]. - The report notes that the sharp outperformance in HK shares has pushed the A/H premium to levels rarely seen in the last four years [14]. Fund Flows - Hedge funds have increased their exposure to China, with their China allocation now at the 45th percentile, up from the 8th percentile in December [17][18]. - Mutual funds and global long-only funds have trimmed their China exposure, indicating a mixed sentiment among different investor types [20]. Retail and Institutional Interest - Onshore retail margin trading has reached post-2015 highs, indicating increased interest in software and AI application-related stocks [28][31]. - The CSI1000 index is noted for its balanced exposure to software applications and infrastructure, making it a favorable investment choice [33].

Group 1 - The event is a series of dialogues organized by CICC Global Institute, focusing on significant global economic issues and inviting institutions with in-depth research for discussions [1] - The dialogue is co-hosted by CICC Global Institute and the International Labour Organization (ILO) [1] Group 2 - The agenda includes a welcome speech by Peng Wensheng, the president of CICC Global Institute, followed by a keynote speech by Ekkehard Ernst on the employment market [2] - A roundtable discussion features experts from various institutions, including Harvard University and the ILO, discussing labor market resilience and innovation [3] Group 3 - CICC Global Institute aims to serve as a new type of think tank for public policy research and decision-making in China, focusing on long-term development issues in the economy and capital markets [4] - The institute is led by Peng Wensheng as the chief economist and director, with Wu Huimin as the executive director [5]

Research +65-6889-1199 | timothy.moe@gs.com 高盛(新加坡) 私人公司 干丰丰. CFA 2025年2月23日 | 8:19PM HKT 中国市场寻思: 计划A股投资正当时 DeepSeek-R1的推出点燃了投资者对于中国经济增长和股市表现的乐观情绪。MSCI中 国指数自1月份触底以来已上涨26%，离岸互联网板块领涨（恒生科技指数上涨 31%），而A股涨幅为相对温和的7%。过去三个月，A股和港股的回报差距扩大至 15%,处于历史区间的第99百分位,是2018年以来第二大回报差距,仅低于2022年 11月至2023年2月重新放开反弹初期的MSCI中国指数跑赢沪深300指数30%的表现。 我们的A-H市场轮动模型显示，未来三个月市场的领先地位可能发生轮动，并预测A股 将跑赢2%。经验表明，当A股和港股的回报差距超过15%时，市场主导地位逆转的后 验概率为95%。我们在模型中考虑了六个关键宏观和市场因素（经济增长、宏观政 策、监管/地缘政治、公司基本面、估值以及流动性/市场情绪），预计估值未处高位 以及潜在的宏观刺激政策将是推动A股迎头赶上的关键因素。当前MSCI中国指数和 ...

公告编号：临2025-005 证券代码：600000 证券简称：浦发银行 转债代码：110059 转债简称：浦发转债 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 交易简要内容：上海浦东发展银行股份有限公司（以下简称"公司"） 拟为浦银金融租赁股份有限公司（简称"浦银金租"）、浦银国际控股有限公司 （简称"浦银国际"）分别核定人民币 265 亿元、港币 135.01 亿元的综合授信 额度。 ● 浦银金租、浦银国际为公司关联法人，上述交易构成关联交易。 ● 上述交易不构成重大资产重组。 ● 上述关联交易已经董事会风险管理与关联交易控制委员会（消费者权益 保护委员会）及独立董事专门会议审议通过，并由公司董事会批准，无需提交股 东会审议。 ● 上述关联交易是公司的正常授信业务，对公司持续经营能力、损益及资 产状况不构成重要影响。 给予浦银国际综合授信额度港币 135.01 亿元（约合人民币 127 ...

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