Vi e w p o i n t | 02 Dec 2025 23:19:47 ET │ 8 pages China Economics Few Surprises Towards Year-End – November Data Preview CITI'S TAKE We expect few surprises in Nov economic data or policy impact. We think an exports rebound could have happened, and reflation could have continued amid generally weak numbers. Yet concerns are likely on the sustainability of both. We focus more on the policy meeting and actions post-CEWC. Exports rebound likely to support production rebound? — Most activity indicators could ...

3 December 2025 | 3:15PM EST Economics Research Pierfrancesco Mei +1(212)902-8809 | pierfrancesco.mei@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 disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 On November 21st n , New York Fed President Williams argued for "a further adjustment [to the funds rate] in the near t ...

Flash | 03 Dec 2025 09:56:58 ET │ 11 pages China Materials Reiterating Our Key Calls, Aluminum and Copper Most Preferred, Followed by Battery Chain CITI'S TAKE As we approach year-end, we reiterate our key calls: 1) prefer aluminum and copper ahead of potential Fed rate cut; 2) bullish battery chain price hike cycle; 3) we have turned more cautious on anti-involution sectors. Sector pecking order: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel. Cross-sector top picks: Hongqia ...

Flash | TBC leadership supported by technology – 1) HBM: After securing bulk TCB order (HBM3E 12H) last year, ASMPT is the 1st vendor to secure TCB orders for HBM4 12H. Mgmt. is confident of its TCB competitiveness going forward given ASMPT's technology leadership (fluxless active oxide removal), better yield, and tool scalability. 2) C2S: ASMPT remains the sole TCB supplier at key foundry. 3) C2W: leading foundry has adopted ASMPT's plasma solution ultrafine pitch TCB for HVM, with order upside potential p ...

2 December 2025 | 9:08PM EST Equity Research Micron Technology Inc. (MU): 1Q Preview: Pricing strength should drive upside to quarter, positioning the company well for 2026 Key stock takeaways: We expect investors to continue to focus on the level of industry undersupply in DRAM and NAND, and to what extent pricing growth can sustain in these markets. Following continued pricing momentum, we expect healthy upside to Street estimates, with more moderate growth in the February quarter. We believe investor pos ...

4 December 2025 | 6:51AM HKT Equity Research Wuliangye Yibin (000858.SZ): Investor Meeting: More dedicated product/channel reforms for domestic resilience and overseas We hosted Wuliangye mgmt for an investor meeting in Shenzhen on Dec 3rd. The Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as ...

2 December 2025 | 10:25PM EST Commodities Research Oil Tracker: Two-Sided Geopolitical Risks Rise; Russia Export Revenues Fall 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. Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sach ...

December 3, 2025 11:52 AM GMT Consumer Staples | North America 2025 Global Consumer & Retail Conference – Day 1 Takeaways We hosted fireside chats/meetings with a number of US Consumer Staples companies at our Global Consumer & Retail Conference. Below are the takeaways from Day 1. Conference Takeaways: Below, we provide takeaways from fireside chats with PG, KO, CL, PM, EL, CLX, TAP, EPC, and NWL from Day 1 of our 2025 Global Consumer & Retail Conference. See body below for detail by company Presenting Wed ...

December 3, 2025 10:46 PM GMT China Financials | Asia Pacific Industry fee structure healthier after painful transition period. The largely sales- driven model in the industry resulted in excess turnover, high investment costs and improper investor suitability during 2020 and 2021. In 2024, the mix of volume- based revenue at fund distributors declined to 35%, from >70% in 2021, following fee declines and a series of reforms aimed at better aligning the interests of wealth managers, fund managers and invest ...

December 4, 2025 12:51 AM GMT 人形机器人 | Asia Pacific 中国人形机器人调查：采用意 愿高，等待产品成熟 M 我们首次针对中国各行业高管开展AlphaWise调查。在本报告 中，我们将分享关键结果，其中一些颇具意味，甚至令我们 感到意外。 要点 更多调查细节： 目前仅约 10% 的受访企业正在评估或启动试点项目，因此我们认 为采用计划和品牌偏好仍主要是意向性。到 2027 年底 62% 的采用意愿可能性偏 乐观，因为样本企业均为收入超过人民币 10 亿元且已使用其他机器人技术。 即便 如此，这次调查仍反映出强烈的采用意愿。令人意外的是，在整体满意度偏低的 情况下，制造业企业的满意度高于工业及服务业。最希望有改善的方面集中在工 作能力，包括人机协作、物联网集成、自学习功能及灵巧度。价格仍是一大障 碍，92% 的受访者认为单价需低于人民币 20 万元（约 2.8 万美元）才能实现大规 模采用。品牌选择方面，大多数企业仍处于观望状态，显示对不同供应商保持开 放态度。 投资启示：调查结果强化了我们对人形机器人长期积极观点，但目前仍处于早期 阶段，规模化需要时间。我们预计人形 ...