Equity Research
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REGISTRATION IS NOW OPEN
This four day event will feature C-level executives and other senior leaders from across the Tech, Internet, Media and Telecom landscape.
Please complete the online registration form by Monday, September 1 .
The deadline for eligible investors to submit one-on-one/group requests is Tuesday, July 22.
THEMES IN FOCUS:
Artificial Intelligence Data centers Automation Physical AI and more...
We raise our 3m, 6m and 12m S&P 500 return forecasts to +3% (6400), +6% (6600), and +11% (6900). Earlier and deeper Fed easing and lower bond yields than we previously expected, continued fundamental strength of the largest stocks, and investors' willingness to look through likely near-term earnings weakness support our revised S&P 500 forward P/E forecast of 22x (from 20.4x). Our previous index targets were 5900, 6100, and 6500, respectively.
8 Jul 2025 | 7:04am| 12pg| Research | Portfolio Strategy-David J. Kostin and others
IDC released preliminary 2Q25 PC data which reflected year-over-year acceleration in PC shipments. Specifically, IDC estimates 2Q25 shipments of 68.4 mn, reflecting +6.5% yoy growth, accelerating from +6.2% yoy growth in 1Q25.
9 Jul 2025 | 3:33am| 11pg| Research | Equity-Michael Ng, CFA and others
We introduce the third edition of the Goldman Sachs Global eCommerce Handbook where we analyze the key trends and debates that are impacting eCommerce around the world. We update our proprietary Goldman Sachs Global eCommerce industry model (available on request) and forecast that global eCommerce sales will grow at a +6% CAGR between 2025 and 2030.
Key Takeaways: 1) $4tn Global eCommerce Opportunity: +6% CAGR, Modest Online Penetration Gains. 2) Macro and Tariffs Are Key Risk Factors. 3) Lower Valuations Reflect New Growth Reality.
Global eCommerce Stock Picks: Amazon.com (AMZN) in the US, JD.com (JD) in China, Coupang (CPNG) in Korea, Sea Ltd. (SE) in ASEAN, MercadoLibre (MELI) in LatAm, Zalando (ZAL) in Europe, and Eternal (ETEA) in India.
9 Jul 2025 | 4:08am| 70pg| Research | Equity-Eric Sheridan and others
Previous Editions
IN THE SPOTLIGHT
Structural, Not Transitory: China's booming out-licensing trend has driven China biotech outperformance in 1H (+78% YTD, vs. China offshore/onshore HC +41%/+2%, or MXCN +18%), while debates on the sustainability of deal-making and valuations have emerged in recent weeks. Following a deep-dive analysis of licensing deals and China’s innovative pipeline in a global context, we believe this is a structural shift rather than a transitory rally, and expect the established route of licensing / M&A / NewCo to further unlock upside.
BUY: Legend Biotech, Zai Lab, InnoCare Pharma, CSPC Pharma, CStone Pharma , Hengrui Medicine, China Medical System, Innovent Biologics, Kelun Biotech, Sino Biopharmaceutical, Hansoh Pharma,
SELL: Betta Pharma, CARsgen Therapeutics
NEUTRAL: Jacobio Pharma, Ocumension , 3SBio, Ascletis Pharma, Luye Pharma Group, Everest Medicines, Antengene
Ziyi Chen
Head of Asia Healthcare Research | Hong Kong
8 Jul 2025 | 10:50pm| 35pg| Research | Equity-Ziyi Chen and others
Samsung Electronics (005930.KS): 2Q25 prelim OP miss likely from weaker HBM/foundry, yet setup into 3Q25 more favorable; Buy
8 Jul 2025 | 5:51pm| 13pg| Research | Equity-Giuni Lee and others
KE Holdings (BEKE): 2Q25 Preview: Lowering estimates on property market headwinds; Eyes on new initiatives' profit inflection and Beihaojia C2M expansion; Buy
8 Jul 2025 | 4:34pm| 14pg| Research | Equity-Timothy Zhao and others
China Games & Entertainment: What to expect into 2Q25 earnings season: key market debates & setup
9 Jul 2025 | 1:56am| 18pg| Research | Equity-Lincoln Kong, CFA and others
Australia Metals & Mining: Preview 13 Australian gold producers Jun-Q and FY26 expectations; NEM to Neutral, EVN to Sell
8 Jul 2025 | 2:28pm| 39pg| Research | Equity-Hugo Nicolaci and others
Australia Energy: Muted outlook for oil & LNG supports refining & domgas preference, upgrade AEL to Buy, preview Jun Q results
9 Jul 2025 | 6:33am| 32pg| Research | Equity-Henry Meyer and others
This inaugural conference will bring together thought leaders and senior executives from the most important companies listed in Asia Pacific to present their corporate strategy, current trends and challenges. Running in parallel with the main presentations, companies will be hosting one-on-one and small group meetings.
- Company HighlightsYaskawa Electric (6506.T): Awaiting an inflection point for meaningful growth/return improvement; down to Neutral8 Jul 2025 | 8:24pm| 23pg| Research | Equity-Yuichiro Isayama and othersHorizon Robotics (9660.HK): CFO call: J6 / Superdrive continues to ramp up to capture the AD trend in China and drive mix upgrade; Buy on CL8 Jul 2025 | 9:15pm| 6pg| Research | Equity-Allen Chang and othersPony AI Inc. (PONY): Mgmt. call: Robotaxi fleet size expansion with unit economics to turn around; Buy8 Jul 2025 | 11:28pm| 7pg| Research | Equity-Allen Chang and othersSea Ltd. (SE): 7.7 tracking shows overall stable competitive landscape8 Jul 2025 | 10:35am| 12pg| Research | Equity-Pang Vittayaamnuaykoon and othersBBB Foods Inc. (TBBB): A Rare Compounder, but at a Stretched Valuation; Initiate at Neutral9 Jul 2025 | 5:01am| 33pg| Research | Equity-Irma Sgarz and othersJBS (JBS): 2Q25 Earnings Preview: Cutting estimates on lower industry trends8 Jul 2025 | 3:14pm| 8pg| Research | Equity-Thiago Bortoluci and others
- Industry HighlightsIndia Transportation: Logistics: Q1FY26 preview: Favourable base to drive improved growth across; prefer APSE9 Jul 2025 | 12:03am| 12pg| Research | Equity-Pulkit Patni and othersAmericas Advisors & Investment Banks: Investment Banking Monitor: Broad-based improvement in activity, led by stronger M&A8 Jul 2025 | 11:06am| 32pg| Research | Equity-James Yaro and othersEurope Metals & Mining: Strategies back in focus as NAV discounts widen; JunQ preview9 Jul 2025 | 7:27am| 16pg| Research | Equity-Matt GreeneGS Housing Market Activity Scale: Week of June 29: Scale Down 1% Sequentially Led By Lower Home Sales8 Jul 2025 | 12:01pm| 9pg| Research | Equity-Susan Maklari and othersAmericas Machinery, Infrastructure, Sustainable Tech: Focus on improving Machinery supply amid mixed construction backdrop8 Jul 2025 | 6:22am| 31pg| Research | Equity-Jerry Revich, CFA and othersAmericas Food: Protein in Pictures: June 20258 Jul 2025 | 3:00pm| 17pg| Research | Equity-Leah Jordan, CFA and others
- PORTFOLIO STRATEGYGOAL Kickstart: Great British Bond sell-off - renewed Gilt volatility with budget uncertainty8 Jul 2025 | 4:20am| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and othersChina Strategy: Orchestrating Returns in China's Cash Symphony6 Jul 2025 | 10:07pm| 19pg| Research | Portfolio Strategy-Kevin Wang, CFA and othersEurope Weekly Kickstart: 1H/2Q-25 Earnings Preview: A low bar to beat4 Jul 2025 | 9:49pm| 27pg| Research | Portfolio Strategy-Peter Oppenheimer and others
- OPTIONSMacro Catalyst Reactions (8-Jul-2025)8 Jul 2025 | 9:11pm| 1pg| Research | Options-John MarshallOptimal Overwrites this week (07-Jul-25)7 Jul 2025 | 8:44pm| 17pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (6-Jul-2025)6 Jul 2025 | 9:41pm| 1pg| Research | Options-John Marshall
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Americas Clean Technology: Solar: Growth outlook remains uncertain for US resi solar; downgrade ENPH to Sell and SEDG to Neutral
9 Jul 2025 | 9:02am| 18pg| Research | Equity-Brian Lee, CFA and others
Australia Energy: Muted outlook for oil & LNG supports refining & domgas preference, upgrade AEL to Buy, preview Jun Q results
9 Jul 2025 | 6:33am| 32pg| Research | Equity-Henry Meyer and others
BBB Foods Inc. (TBBB): A Rare Compounder, but at a Stretched Valuation; Initiate at Neutral
9 Jul 2025 | 5:01am| 33pg| Research | Equity-Irma Sgarz and others
I
Mexico Banks: Assessing risks from lower rates, tariffs and fintechs; Downgrade Regional to Sell
9 Jul 2025 | 4:06am| 34pg| Research | Equity-Tito Labarta and others
Latest research
Brazil Healthcare: ANS Chartbook (May-25): Hapvida in the positive ground on a consolidated view, but negative in SP
9 Jul 2025 | 10:00am| 23pg| Research | Equity-Gustavo Miele
Foxconn Industrial Internet (601138.SS): 2Q25 NI guidance beat; AI servers and 800G switch ramp up driving data center business; Buy
9 Jul 2025 | 9:49am| 7pg| Research | Equity-Verena Jeng and others
Cyrela Brazil Realty (CYRE3.SA): 2Q25 Operational Preview: Healthy Sales Momentum; Reiterate Buy
9 Jul 2025 | 9:31am| 7pg| Research | Equity-Jorel Guilloty and others
Americas Clean Technology: Solar: Growth outlook remains uncertain for US resi solar; downgrade ENPH to Sell and SEDG to Neutral
9 Jul 2025 | 9:02am| 18pg| Research | Equity-Brian Lee, CFA and others
Penguin Solutions Inc. (PENG): F3Q25 Review: Advanced Computing soft, though Integrated Memory maintains momentum
9 Jul 2025 | 8:45am| 10pg| Research | Equity-Michael Ng, CFA and others
Americas Healthcare: 2Q25 Hospital Due Diligence Day Takeaways
9 Jul 2025 | 8:02am| 7pg| Research | Equity-David Roman and others
HG Tech (000988.SZ): 2Q net profit pre-announced; Rmb510mn at mid-point, +52% YoY, above GSe; Buy
9 Jul 2025 | 7:48am| 8pg| Research | Equity-Jin Guo and others
Europe Metals & Mining: Strategies back in focus as NAV discounts widen; JunQ preview
9 Jul 2025 | 7:27am| 16pg| Research | Equity-Matt Greene
Mexico Retail: Macro remains uncertain; Walmex still our preferred pick
9 Jul 2025 | 7:27am| 12pg| Research | Equity-Irma Sgarz and others
The 720: China Healthcare, Yaskawa downgrade, Samsung Elec, China Entertainment, Horizon Robotics, Pony AI, Global eCommerce
9 Jul 2025 | 7:20am| 9pg| Research | Equity-Michael Snaith and others
Rating changes (last 24 hrs)
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DAILY ROUNDUPS
The 720: China Healthcare, Yaskawa downgrade, Samsung Elec, China Entertainment, Horizon Robotics, Pony AI, Global eCommerce
9 Jul 2025 | 7:20am| 9pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: breadth
9 Jul 2025 | 1:21am| 9pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
8 Jul 2025 | 8:37pm| 12pg| Research | Equity-Chris Hussey and others
UPCOMING EVENTS & CONFERENCES
Global Investment Research in partnership with Global banking & Markets
webcast: Asia
9 Jul 2025 | 10am HK | 10pm NY(-1) | 3am LN
This call is a part of China in Motion.
Trina Chen, Head of China Basic Materials Research and Co-Head of Greater China Research
Allen Chang, Head of Greater China Technology Research
Tina Hou, China Autos Analyst
Nicolas Yi, China Household Durables Analyst
Mengwen Wang, China Clean Energy Analyst
Passcode: 784747; Meeting ID: 957 9434 6044
Global Investment Research
webcast: Americas
9 Jul 2025 | 8am NY | 1pm LN | 8pm HK
We will discuss Lizzie Dove’s recent launch of coverage of the US Gaming sector, plus developments in Macau, Tokyo, the UAE, and of course, online...Read more
Lizzie Dove, US Gaming, Lodging & Leisure
Simon Cheung, Asia Travel/Leisure and Conglomerates
Ben Andrews, European Leisure Lodging & Gaming
Ben Miller, US Internet & Interactive Entertainment
Chris Hussey, US Research Merchandising
Global Investment Research in partnership with FICC & Equities
webcast: Americas
9 Jul 2025 | 9am NY | 2pm LN | 9pm HK
We will discuss what we see is a longer-term inflection in refinery stocks and refined product margins amidst sustained oil supply from OPEC and too...Read more
Neil Mehta , Head of Americas Natural Resources Equity Research
Nikhil Bhandari , Co-head of APAC Natural Resources and Clean Energy Equity Research
Chris Hussey, Head of US Research Merchandising
Madhav Janakiraman , Senior Oil & Oil Products Trader
Global Investment Research
webcast: Americas
10 Jul 2025 | 11am NY | 4pm LN | 11pm HK
Please reach out to your respective sales representatives to participate.
Regis Repko, SVP System Planning and Construction
Paige Swofford, Manager, Investor Relations
Abby Motsinger, Vice President, Investor Relations
Carly Davenport, US Utilities Research Analyst
UPCOMING FEATURED CONFERENCES
Asia Leaders Conference
3-5 Sep 2025 | Hong Kong with virtual access
Register
European Medtech & Healthcare Services Conference
3-4 Sep 2025 | London
Register
32nd Annual Global Retailing Conference
3-4 Sep 2025 | New York
Register
Communacopia + Technology Conference
8-11 Sep 2025 | San Francisco
Register
European Communacopia Conference
16-17 Sep 2025 | London
Register
14th German Corporate Conference
22-24 Sep 2025 | Munich
Register
PAST CONFERENCES REPLAYS / TAKEAWAYS
