Equity Research
 |
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 update our sector model, which estimates the probability that an equal-weighted sector outperforms the equal-weight S&P 500 by 5 pp or more during the next 6 months. Our updated overweights: Software & Services, Media...
10 Jul 2025 | 4:11am| 11pg| Research | Portfolio Strategy-Ryan Hammond 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.
UPCOMING WEBINAR on July 10th @ 8:30 AM ET | REGISTER | Slides
9 Jul 2025 | 4:08am| 70pg| Research | Equity-Eric Sheridan and others
Implication to consumption and consumer staples subsectors: 1) We quantify the potential policy impact on catering retail sales in 2025/26 by looking into three related consumption scenarios and affected customer cohorts 2) We develop a framework to evaluate the policy impact on individual China Consumer Staples sub sectors. 3) If policy implementation/ local scrutiny becomes broader and lasts longer than expected.
Current cycle likely prolonged further under new austerity policy impact: Potential headwinds from the recent Anti-Extravagance policy have led to more uncertainties on when investors can expect the current cycle to bottom out, which will likely prolong the current industry downcycle for spirits, in our view. Accordingly, we see downside revision risks for Street earnings expectations; however, we acknowledge that it is currently challenging to fully size the extent and duration of the new policy's impact.
BUY: Kweichow Moutai, Wulianye Yibin,
SELL: Jiangsu Yanghe, Anhui Gujing Distillery , Sichuan Swellfun, Jiugui Liquor
NEUTRAL: Luzhou Laojiao , Shanxi Xinghuacun Fen Wine , Jiangsu King's Luck Brewery, ZJLD
China Consumer | Hong Kong
Also see
China Brewing: 1H/2Q25 Preview: Factor in N-T policy impact; Margin resilience remains key
China Pork: 2Q25 preview: Stronger US hog production; China on track to grow; Buy WH Group
China Consumer Staples Cost Index Tracker: Jun 2025: Cost tailwinds for condiments/beverage; MoM easing milk powder/pork
CATL (300750.SZ): 2Q25 earnings preview: Unit GP, CAPEX and US market are the key focuses, Buy A/H
9 Jul 2025 | 10:57pm| 11pg| Research | Equity-Eric Shen and others
DISCO (6146.T): 1Q guidance raised; reiterate Buy, as multiple growth drivers should continue to fuel stronger earnings
9 Jul 2025 | 7:06pm| 7pg| Research | Equity-Shuhei Nakamura and others
China Consumer Durables: White goods 2Q25 preview: Resilience shifting to domestic market with leaders outperforming; Buy Midea
9 Jul 2025 | 5:30pm| 12pg| Research | Equity-Nicolas Yi and others
- Company HighlightsDISCO (6146.T): Japan Transformers: Earnings to re-accelerate, driven by new growth drivers such as hybrid bonding; reiterate Buy9 Jul 2025 | 2:32pm| 25pg| Research | Equity-Shuhei Nakamura and othersAdvantest (6857.T): Various data points reaffirm strong tester demand; raising GSe/target price, reiterating Buy rating9 Jul 2025 | 2:47pm| 8pg| Research | Equity-Shuhei Nakamura and othersMerck & Co. (MRK): Announced Verona Acquisition Has Strategic Rationale But Still More BD To Do10 Jul 2025 | 1:09am| 8pg| Research | Equity-Asad Haider, CFA and othersBSE Ltd. (BSEL.NS): Assessing potential impact of moving weekly options expiry to fortnightly expiry per news report; Neutral10 Jul 2025 | 6:59am| 9pg| Research | Equity-Gurpreet Singh Sahi, CFA and othersCapgemini (CAPP.PA): Key takeaways from CEO virtual fireside chat10 Jul 2025 | 12:54am| 8pg| Research | Equity-Mohammed Moawalla and othersCostco Wholesale (COST): June sales above expectations; traffic in line10 Jul 2025 | 8:14am| 7pg| Research | Equity-Kate McShane, CFA and others
- Industry HighlightsChina Restaurants: Jun update: Overall performance mixed; FMD brands continue to see meaningful delivery boost10 Jul 2025 | 7:21am| 14pg| Research | Equity-Michelle Cheng and othersAmericas Clean Technology: Solar: Growth outlook remains uncertain for US resi solar; downgrade ENPH to Sell and SEDG to Neutral9 Jul 2025 | 9:02am| 18pg| Research | Equity-Brian Lee, CFA and othersAmericas Transportation: 2Q25 Preview: Freight Growth Elusive, But Perhaps Stability at Soft Level = Buy Trucks For Recovery Torque9 Jul 2025 | 3:01pm| 19pg| Research | Equity-Jordan Alliger and othersChina Healthcare: Unlocking China innovation’s structural upside; Introducing PoLS framework8 Jul 2025 | 10:50pm| 35pg| Research | Equity-Ziyi Chen and othersAmericas Technology: Hardware: C2Q25 PC market share review: Global PC sales accelerate though US PCs flat9 Jul 2025 | 3:33am| 11pg| Research | Equity-Michael Ng, CFA and othersAmericas Healthcare: 2Q25 Hospital Due Diligence Day Takeaways9 Jul 2025 | 8:02am| 7pg| Research | Equity-David Roman and others
- PORTFOLIO STRATEGYGOAL: Global Opportunity Asset Locator: 2H Outlook: Goldilocks and the three bears9 Jul 2025 | 12:00pm| 29pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and othersUS Equity Views: Raising our S&P 500 valuation and return forecasts8 Jul 2025 | 7:04am| 12pg| Research | Portfolio Strategy-David J. Kostin and othersGOAL 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 others
- OPTIONSWeekly Options Watch: Option buying opportunities ahead of 2Q earnings season9 Jul 2025 | 5:00pm| 11pg| Research | Options-John Marshall and othersMacro 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 others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
China Spirits: Austerity policy risks prolonged cycle, inflection point not in sight; downgrade four stocks
10 Jul 2025 | 1:52am| 42pg| Research | Equity-Leaf Liu 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
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
Latest research
China Healthcare: Diagnostics and Clinical Labs: Performance divergence, Buy AmoyDx/Neutral Kingmed and Dian
10 Jul 2025 | 10:23am| 13pg| Research | Equity-Tianyi Yan and others
Lloyds Banking Group (LLOY.L): Q2'25 Preview
10 Jul 2025 | 9:42am| 15pg| Research | Equity-Benjamin Caven-Roberts and others
Targa Resources Corp. (TRGP): 2Q25 Preview: Quiet Quarter; 2025 Guide Intact Despite Macro Volatility, Watching 2026+
10 Jul 2025 | 9:39am| 8pg| Research | Equity-John Mackay and others
Aris Water Solutions Inc. (ARIS): 2Q25 Preview: Likely Quiet Despite Macro Volatility; Watching Reuse Updates
10 Jul 2025 | 8:43am| 8pg| Research | Equity-John Mackay and others
Brazil Commodities: First Take: US Increases Import Tariffs to 50% For Brazil; Pulp and Suzano the Most Impacted
10 Jul 2025 | 8:41am| 6pg| Research | Equity-Marcio Farid and others
GalaxyCore (688728.SS): 2Q Preview; strong revenue but profitability path remains the key focus; Neutral.
10 Jul 2025 | 8:23am| 7pg| Research | Equity-Jin Guo and others
Costco Wholesale (COST): June sales above expectations; traffic in line
10 Jul 2025 | 8:14am| 7pg| Research | Equity-Kate McShane, CFA and others
Ultragenyx Pharmaceutical (RARE): Setrusumab moves to final analysis; Positive on overall study success
10 Jul 2025 | 8:09am| 7pg| Research | Equity-Salveen Richter, CFA and others
China Healthcare: Unlocking China innovation’s structural upside; Introducing PoLS framework [PRESENTATION]
10 Jul 2025 | 7:45am| 34pg| Research | Equity-Ziyi Chen and others
China Restaurants: Jun update: Overall performance mixed; FMD brands continue to see meaningful delivery boost
10 Jul 2025 | 7:21am| 14pg| Research | Equity-Michelle Cheng and others
Rating changes (last 24 hrs)
Ticker
to
of
Page
of
* Contains active ratings and coverage designation. Source: Goldman Sachs Research
EPS changes (10% or more, last 24 hrs)
Ticker
to
of
Page
of
* Contains active ratings and coverage designation. Source: Goldman Sachs Research
Price target changes (10% or more, last 24 hrs)
Ticker
to
of
Page
of
* Contains active ratings and coverage designation. Source: Goldman Sachs Research
Recommended Publications
GS TWIG Notes
GS TWIG Notes has been added to your Publications
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
GS Equity Radar
GS Equity Radar has been added to your GS Equity Radar
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
Market Intelligence
Market Intelligence has been added to your Publications
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
US Morning Call
US Morning Call has been added to your Publications
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
The 720
The 720 has been added to your The 720
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
Follow rating and list changes
Rating Initiate
You are now following Rating Initiate
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
Rating Upgrade
You are now following Rating Upgrade
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
Rating Downgrade
You are now following Rating Downgrade
View new content in your feed and manage notifications
Get Email Alerts
Get Mobile Alerts
Featured Media
32:41
Research Unplugged: Global Refining: Are we at the Beginning of a New Structural Upcycle – Views from Research & Trading10 Jul 2025 | 7:06am| Equity Research
37:22
Research Unplugged: Multi-Industrial Toolkit – Key Quarterly Insights10 Jul 2025 | 3:34am| Equity Research
DAILY ROUNDUPS
The 720: China Spirits & Beer, CATL, DISCO, Advantest, China White goods, FII, Cross Asset Strategy
10 Jul 2025 | 7:20am| 9pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: bull...
10 Jul 2025 | 12:44am| 9pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
9 Jul 2025 | 9:13pm| 13pg| Research | Equity-Chris Hussey and others
UPCOMING EVENTS & CONFERENCES
Global Investment Research
webcast: Global
10 Jul 2025 | 8:30am NY | 1:30pm LN | 8:30pm HK
We introduce the third edition of the Goldman Sachs Global eCommerce Handbook where we analyze key trends and debates impacting eCommerce around the...Read more
Eric Sheridan, US Internet Analyst
Ronald Keung, CFA, China Internet & Logistics Analyst
Irma Sgarz, Latin America Retail & Consumer Analyst
Richard Edwards, Europe Retail & Internet Analyst
Lisa Yang, Europe Media & Internet Analyst
Roman Reshetnev, Europe Media & Internet Analyst
Eric Cha, Korea Internet, Games & Telco Analyst
Chris Hussey, US Research Merchandising
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
Global Investment Research
webcast: Asia
11 Jul 2025 | 8:30am HK | 8:30pm NY(-1) | 1:30am LN
We will discuss our deep-dive analysis on licensing deals and China’s innovative pipeline in a global context, in which we believe the licensing-out...Read more
Ziyi Chen, Head of APAC Healthcare Research
Caleb Chan, Asia Research Merchandising
Passcode: 092939: Meeting ID: 980 3201 1202
Global Investment Research
webcast: Americas
14 Jul 2025 | 10am NY | 3pm LN | 10pm HK
Please join us as we discuss current trends and 2H25 outlook for the data center and networking equipment market with a focus on (1) the impact of AI...Read more
Alan Weckel, Founder & Technology Analyst, 650 Group
Michael Ng, CFA, US Hardware and CommTech Equity Analyst, GIR
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
