股票雷达- 本周观点：看涨情绪、资本支出、中国竞争格局及重点研究-GS Equity Radar_ Bullish sentiment, Capex, China competition call and key research from the week

Summary of Key Points from the Conference Call Industry and Company Overview - The conference highlighted bullish sentiment in the market, particularly regarding US GDP growth and global equity returns for 2026, indicating a positive outlook for various sectors [1][41]. - The Multi-Industry Capex Tracker was discussed, focusing on capital expenditure trends across approximately 4,000 companies, with a significant portion of growth driven by AI-related markets [2][26]. Core Insights and Arguments - US GDP Growth Expectations: Over 80% of surveyed clients anticipate US GDP growth to be around or above the consensus estimate of 2.1% for 2026, with recession fears diminishing [1][41]. - Global Equity Returns: 82% of clients expect positive global equity returns in 2026, with 42% forecasting double-digit gains, marking the highest expectations recorded [1][41]. - Capex Growth: The Multi-Industry Capex Tracker was revised upward to reflect a compound annual growth rate (CAGR) of approximately 8% from 2025 to 2028, with 32% of this growth attributed to AI-driven end markets such as data centers and semiconductors [2][26]. - China Competition: A webcast was planned to discuss the implications of competition from China, integrating macroeconomic perspectives with sector-specific insights from chemicals, autos, and pharmaceuticals [3][11]. Additional Important Content - Earnings Focus: Upcoming earnings reports were highlighted, including companies like Wise, Alstom, and Rio Tinto, with specific buy/sell recommendations provided [4][6]. - Sector-Specific Insights: The report included insights on various sectors, such as logistics, where DSV was identified as a top pick due to its adaptability and potential for AI productivity gains [15][20]. - Market Sentiment: The overall sentiment from the Global Strategy Conference indicated strong economic activity and a preference for emerging markets, reflecting a risk-on positioning among investors [1][41]. - Regulatory and Economic Updates: The report touched on regulatory changes and their potential impacts on various sectors, including the implications of proposed credit card regulations in the US [31][46]. This summary encapsulates the key points discussed during the conference call, providing insights into market expectations, sector trends, and specific company outlooks.