Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's activity data weakened sequentially in April, reflecting the negative impact of increased US tariffs and soft domestic demand, with a Q2 real GDP growth forecast of 5.0% year-on-year appearing on track despite mixed activity data [1][17] Summary by Relevant Sections Industrial Production - Industrial production (IP) growth declined to 6.1% year-on-year in April from 7.7% in March, slightly above market consensus of 5.7% due to trade re-routing [2][10] - Sequentially, IP contracted by 0.2% month-on-month non-annualized in April [10] - Output growth in computer-related industries slowed significantly, with smartphone and computer output growth dropping to -6.4% and -2.2% year-on-year, respectively [10] Fixed Asset Investment - Fixed asset investment (FAI) growth fell to 3.6% year-on-year in April from 4.3% in March, primarily due to slower infrastructure and property investment growth [11] - Infrastructure investment growth declined to 7.1% year-on-year, while property investment saw a drop of 11.3% year-on-year in April [11] Retail Sales - Retail sales growth slowed to 5.1% year-on-year in April from 5.9% in March, below market consensus of 5.9% [4][12] - Online goods sales, offline goods sales, and restaurant sales revenue growth moderated to 6.1%, 4.7%, and 5.2% year-on-year, respectively [13] Services Industry - The Services Industry Output Index growth remained stable at 6.0% year-on-year in April, down from 6.3% in March [14] - Sequentially, the index fell by 0.2% month-on-month non-annualized in April [14] Property-Related Activity - Property sales growth slowed to -2.1% year-on-year in April from -1.0% in March, with significant declines in new home starts and completions [15] - Real estate investment dropped by 11.3% year-on-year in April [12][15] Labor Market - The nationwide unemployment rate edged down to 5.1% in April from 5.2% in March, with the unemployment rate for migrant workers also decreasing to 4.8% [16]

16 May 2025 | 7:22PM BST Simon Freycenet +44(20)7774-5017 | simon.freycenet@gs.com Goldman Sachs International Friedrich Schaper +44(20)7774-7906 | friedrich.schaper@gs.com Goldman Sachs International This report is intended for distribution to GS institutional clients only. 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/hedge.html. c45a43530 ...

智通财经5月17日电，高盛集团利率策略师们上调2025年年底美国10年期国债收益率预期至4.5%，之前 预计为4%。上调两年期美债收益率预期至3.9%，之前预计为3.3%。 ...

14 May 2025 | 10:39PM HKT Tariff turnover; reverting to our pre-Liberation Day base case Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C. China Musings 1. After the two-day trade talks in Switzerland over the past weekend, on May 12, the US and China announced a 90-day pause in retaliatory tariffs imposed in April. The effective US tariff rate on Chinese goods will be lowered from 107% to 39% starting May 14, whereas the import levy from the US to China will be cut to 30% from ...

14 May 2025 | 1:04PM EDT US Economics Analyst The Long-Term Effects of Higher Tariffs (Abecasis) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1(212)357-3137 | e ...

14 May 2025 | 7:23PM EDT We have argued that, because tariffs have been responsible for the main risks to the 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/hedge.html. Dominic Wilson +1(212)902-5924 | dominic.wilson@gs.com Goldman Sachs & Co. LLC Vickie Chang +1(212)902-6915 | vickie.chang@gs.com Goldman Sachs & Co. LLC c45a43530f604d12bcb9a ...

市场洞察 - Marquee --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 GS Flow of Funds: Pulse Check ⾼盛资⾦流动：脉搏检查 Gail Hafif Gail.Hafif@gs.com | Brian Garrett Brian.Garrett@gs.com | Lee Coppersmith Lee.Coppersmith@gs.com Not Zac Efron, but the VIX was 17 Again. 不是扎克 · 埃夫隆，但 VIX ⼜回到了 17 。 and add exposure? Sure you don't remember learning that one in school but still true nonetheless. April Showers bring May vol collapse i.e. opportunities to roll hedges 四⽉的阵⾬带来五⽉的波动率崩溃，也就是对冲滚动和增加敞⼝的 ...

Core Insights - Truxton Capital Advisors (TCA) acted as the sell-side advisor for the sale of two environmental businesses to a publicly traded company, enhancing the acquirer's market share in environmental testing products and services in North America [1] Group 1: Transaction Details - The acquisition involved a combined asset purchase of two commonly owned environmental businesses [1] - TCA provided advisory on deal terms and conducted extensive financial, accounting, tax, and due diligence support [2] Group 2: Stakeholder Perspectives - Peter Deming, Managing Director of TCA, expressed pride in the transaction, highlighting its significance for the families involved and the successful handling of the businesses' succession [3] - A family business owner praised TCA for their exceptional guidance, professionalism, and support throughout the transaction process [4] Group 3: Company Overview - Truxton Capital Advisors specializes in providing consultative services and investment banking strategies tailored for family-owned businesses, focusing on maximizing outcomes for both the business and the family [4] - Truxton, founded in 2004 in Nashville, Tennessee, offers wealth, banking, and family office services, emphasizing a relationship-focused approach to meet complex financial needs [5]

May 12, 2025 07:05 AM GMT Global Macro Strategist Are You "Overweight" the USA? If investors outside the US sit overweight US assets in aggregate, then US investors must sit underweight. The home bias of US investors challenges the popular view that foreign investors indeed sit overweight the US. Regardless, allocation and hedge ratio adjustments should still weigh on USD. Key Takeaways Please add me to your distribution list. Must reads from Global Macro Strategy US Rates Strategy: The Path to a 30% Bill S ...

13 May 2025 | 6:25PM SGT Global Markets Daily: Asian FX — What's Changed, What's Not, and Where Next From Here? (Suwanapruti) Asian FX — What's Changed, What's Not, and Where Next From Here? On Monday, 12 May, the Trump administration announced a 90-day pause in retaliatory tariffs imposed on Chinese imports in April, which will leave the US tariff increases at +30pp (from +145pp, previously). Likewise, China also reduced its retaliatory tariff on US imports to +10pp (from +125pp, previously). While we expe ...