Investment Rating - The report maintains a "Buy" rating for Midea, Hisense, and Robam, while downgrading XGimi to "Sell" and upgrading Man Wah to "Neutral" [8][9][10][27][30]. Core Insights - The report emphasizes that the domestic trade-in policy and overseas demand are critical factors influencing revenue and profit growth for durable consumer goods companies in 2025. It predicts an 8% year-on-year increase in appliance sales, driven by a subsidy scale of RMB 100-120 billion and a price demand elasticity of approximately 1.1 [11][12][43]. - The white goods sector, particularly air conditioning, is expected to benefit significantly from the trade-in policy, with increased subsidies and a higher overseas business share [2][16]. - The report highlights that while the growth rate for exports may moderate, emerging markets are expected to outperform developed markets, with a focus on companies with limited exposure to the US market [14][65]. Summary by Sections Trade-in Program Impact - The trade-in program is projected to expand in 2025, including more product categories and increased subsidy limits, which will likely enhance demand for appliances [44][45]. - The report anticipates that categories with high penetration potential, such as robotic vacuum cleaners and dishwashers, will lead growth in 2025, with expected growth rates exceeding 10% [11][45]. Company-Specific Insights - **Midea**: Expected to achieve 9% revenue growth and 13% profit growth in 2025, benefiting from its leading position in the domestic market and overseas expansion [8][23]. - **Hisense**: Anticipated to grow revenue and profits by 9% and 14% respectively, supported by improved retail demand and export resilience [9][25]. - **Robam**: Projected to see an 8% revenue increase and a 12% profit increase, driven by recovery in retail demand and government subsidies [10][26]. - **XGimi**: Downgraded to "Sell" due to challenges in its core consumer projector business and high valuation relative to fundamentals [27][28]. - **Man Wah**: Upgraded to "Neutral" as the stock shows limited downside potential and may benefit from the trade-in program [30][31]. Earnings and Target Price Revisions - The report revises earnings forecasts for covered companies down by 4% for 2024-2026, reflecting a more conservative outlook on demand and margins [32][151]. - Target prices for Midea and Hisense remain unchanged, while XGimi's target price is adjusted to reflect its downgraded rating [97][107][117]. Valuation and Shareholder Returns - The average dividend payout ratio for the coverage companies is expected to increase to 53% in 2024, with white goods companies showing the highest yields [88][89]. - The report notes that most companies are trading at or below historical medians, with potential for re-rating among those with improving fundamentals [92][93].

Investment Rating - The report maintains a **Buy** rating for Gigadevice (603986 SS) with a 12-month target price of RMB 136, based on a 37x 2026E P/E ratio [10][12] Core Views - Gigadevice is expected to enter a new growth cycle driven by its expansion into niche DRAM products, with strong EPS growth anticipated as its market share in China's niche DRAM market increases [12] - The company's NOR Flash and MCU businesses are expected to remain stable and show moderate recovery in 2024-25 [12] - The current valuation of Gigadevice is below historical levels, making it attractive [12] 2024 Q4 Performance Outlook - Revenue for Q4 2024 is expected to be RMB 1 883 million, down 8% QoQ but up 38% YoY [1][4] - Gross margin is projected to decline to 39% in Q4 2024, down from 42% in Q3 2024, due to normalized product mix and continued DRAM price pressure [1][2] - Net profit is forecasted to be RMB 276 million, down 12% QoQ but a significant improvement from a loss in the same period last year [1][4] 2025 Q1 Performance Outlook - Revenue for Q1 2025 is expected to remain flat QoQ at RMB 1 866 million, reflecting the typical seasonal weakness in Q1 [2][3] - Net profit is projected to increase slightly by 6% QoQ to RMB 292 million [3][4] DRAM Business Outlook - The DRAM market is expected to remain oversupplied in H1 2025, with a recovery in supply-demand balance anticipated in H2 2025 [6] - Gigadevice's niche DRAM growth will be driven by product expansion, including the mass production of 8Gb DDR4 products in 2025, and increased order share from domestic customers [6] AI Opportunities - The growth of edge AI is expected to benefit Gigadevice's products, including increased NOR Flash chip adoption in AI PCs and AI headphones, and strong growth in AI glasses [7] - The company is exploring customized storage solutions, which could also benefit from edge AI development in areas like AI phones and robotics [7] Financial Forecast Adjustments - Revenue forecasts for 2024-27 have been revised downward by 0%-5%, with gross margin forecasts reduced by up to 3 percentage points, and net profit forecasts lowered by 3%-23% [7][8] - The 2026E revenue is now projected at RMB 11 628 million, with a gross margin of 39 4% and net income of RMB 2 459 million [8]

2025年1月14日 | 7:26AM CST 中国 房地产 第二周综述：一手房销售继续呈走弱趋势，二手房销售改善 本周重点： 中央层面，财政部再次明确允许地方政府在2025年通过新增 发行地方政府专项债来收回收购存量闲置土地和已建成库 存，并预计政策效果将在2025年逐步释放（金华以及福州、 三门峡、南阳等地辖区县市上周均发布了土地回购项目公开 征集公告）；地方层面，继国务院鼓励进一步推进城市更新 工作后，郑州市宣布计划投资人民币1.1万亿元用于约400个 城市更新项目，其中2025年/2026年将分别投资人民币2,000 亿元/1,500亿元。为满足2025年的资金需求，地方政府还表 示计划从金融机构争取人民币200亿元新增贷款，并从中央政 府预算中获得人民币100亿元资金。 我们优化后的放松措施影响追踪（图表 1至图表 5，参见更详 细的计算方法和过去的放松措施影响）表明，在本轮放松周 期的第15周，我们看到：1）一手房/二手房总销售面积环比 -22%/+19%，较放松前水平高20%/42%（本轮放松周期以来 前几周的平均改善幅度为81%/52%），令一手房/二手房销售 面积较之前放松周期的峰值分别低4 ...

Investment Rating - The investment rating for Country Garden Services has been downgraded to "Sell" due to slower-than-peer business recovery prospects [3] - Ratings for China Resources Mixc Life, Greentown Service, China Overseas Property, and Poly Property are maintained at "Buy" due to their robust and predictable free cash flow generation and attractive valuations [3] Core Insights - The property management (PM) industry is expected to face continued growth challenges until 2027 due to the ongoing downturn in the real estate market, but long-term structural investment themes remain intact [1][9] - The focus on efficiency gains, high-quality expansion, and risk control among PM companies is anticipated to positively impact profit margins and cash flow in the coming years [1][9] - The macroeconomic environment is expected to stabilize, with government policies aimed at boosting consumption and improving liquidity benefiting community value-added services (VAS) [1][16] Summary by Sections Industry Outlook - The PM industry is maturing with a greater emphasis on quality growth and risk control, which is expected to enhance margins and cash flow [9][10] - The property downturn will continue to be a drag on PM growth until 2027, but improvements in consumption and government liquidity are expected to support VAS revenue [9][24] Financial Projections - Earnings forecasts for PM companies have been adjusted, with an average expected revenue growth of 6% and profit growth of 8% from 2024 to 2027 [2][29] - Free cash flow (FCF) generation is projected to improve, with net cash flow ratios expected to rise from 0.6x in 2024 to 1.2x in 2027 [2][30] Valuation Framework - A new valuation framework focusing on FCF generation has been introduced, applying a long-term multiple of 9x for 2027 FCF, with target prices adjusted by -15% to +15% [2][47] - The average target price for coverage PM companies implies a 9x 2025E P/E ratio, reflecting an 8% EPS CAGR from 2025 to 2027 [47]

2025年1月13日 | 7:11AM CST 中国 人形机器人 因长期可预见性增强而延展目标价基础至2030 年;买入三花/贝斯特;上调绿的谐波/鸣志至中性 鉴于近来一些关于技术和产品开发前景的积极评论（尤其来自英伟达和特斯拉），我 们认为市场可能会对人形机器人行业采取愈发长远的视角。我们将估值基准年份延展 至2030年（此前为2027年），并贴现回2025年，同时将覆盖范围内四只人形机器人 零部件股的目标价上调34%~82%，但我们维持行业出货量和公司盈利预测不变，以等 待有关技术成熟度的更明确依据。 我们相对更看好评级为买入的三花智控和贝斯特，因为我们认为二者股价提供了更具 吸引力的风险回报，而且其核心业务有望受益于国内汽车/家电销售的政策支持（参见 报告" China: Policymakers unveiled implementation details for the 2025 "dual upgrade" plan to boost consumption"）。我们将绿的谐波/鸣志电器的评级从卖出 上调至中性，以反映其均衡的回报状况（下行空间0%/9%，而我们覆盖范围内股票平 均下行空间为5% ...

中国 房地产 2025年一季度展望：二手房市场仍将表现最 好；关注更多刺激措施 我们在本篇报告中总结了2024年9月末政策放松后四季度的房地产市场表现，并展望 了2025年一季度前景。 2024年四季度：房地产销售面积高于预期，尽管在2025年初有所放缓。一线城市和部 分二线城市的平均房价环比回升，但由不同的房价区间驱动。自11月份以来，深圳房 价环比涨幅最高。到2024年底，我们看到新政策更多地侧重于城中村改造计划和保交 房。 2025年一季度：一季度通常是房地产市场的淡季。我们预计75个城市的销售面积和整 体二手房市场将同比正增长。但全国一手房市场、土地出让、新开工和竣工面积的同 比下降趋势可能会持续。3月份也将是观察开发商流动性状况的重要时点，因为这将是 今年债券偿付的第一个压力点。 我们预计，短期内覆盖范围内开发商的股价将在一定区间内波动，区间上限将由房价 企稳的改善所驱动，区间下限将由低于预期的政策趋势和弱于预期的房地产市场复苏 迹象所驱动。覆盖范围内开发商当前股价再次处于区间下限，反映出在没有额外政策 支持的情况下，房价企稳的可预见性较低。因此，我们预计估值将在一季度回升，推 动因素包括：1）持续 ...

CPI Forecast - Core CPI is expected to rise 0.25% MoM in December, with a YoY increase of 3.27%[1][2] - Headline CPI is projected to increase 0.40% MoM, driven by food prices rising 0.35% and energy prices surging 2.3%[1][2] - Core services CPI (excluding rent and OER) is forecasted to rise 0.21%, while core PCE is expected to increase 0.18%[1][2] Key CPI Components - Used car prices are expected to rise 1.0% MoM, reflecting auction price increases[1][3] - Airline fares are projected to increase 1.0% MoM due to seasonal factors[1][7] - Auto insurance prices are forecasted to accelerate slightly, rising 0.3% MoM[1][10] Future Inflation Outlook - Core CPI and core PCE are expected to reach 2.7% and 2.4% YoY, respectively, by December 2025[1][15] - Downward pressure on inflation is anticipated from rebalancing in auto, rent, and labor markets, offset by tariff increases[1][15] Housing and Other CPI Trends - Owners' equivalent rent is expected to rise 0.30% MoM, while rent of primary residence is forecasted to increase 0.25%[13] - Communication prices are expected to stabilize after a 1.0% decline in November[13]

Investment Rating - The investment rating for the company is Neutral, with a 12-month target price of RMB 23.9, indicating a downside potential of 35.7% from the current price of RMB 37.16 [1][5]. Core Insights - The company is a leading player in the domestic gas sensing technology sector, focusing on the development of gas and particulate sensors used in various applications such as air quality control, industrial process monitoring, and automotive emissions monitoring [2]. - Despite stable orders from the automotive sector, the company faces multiple challenges, including weak demand in indoor air quality sensors due to the real estate market, a decline in the medical gas sensor business due to anti-corruption measures, and increasing costs in sales management and R&D [2][3]. - Revenue is expected to grow at a compound annual growth rate (CAGR) of 16% from 2023 to 2030, driven by robust growth in automotive sensors and safety monitoring sensors, while indoor air quality and medical health applications may hinder overall performance [3]. Summary by Sections Current Outlook - The company is expanding its market presence in the automotive sector while maintaining a strong foothold in air quality and medical markets [2]. - Challenges include a shift towards lower-margin automotive sensors and rising operational costs impacting net profit margins [2]. Profit Forecast and Valuation - Revenue growth is projected at a CAGR of 16% from 2023 to 2030, with specific segments like automotive sensors expected to grow at 23% CAGR [3]. - Net profit is expected to grow at a slower pace of 14% CAGR due to product mix changes and high sales and R&D expenses [3]. - The target price is based on a 15x P/E ratio for 2025, with potential upside risks related to market awareness and policy support [3].

Core Insights - The Goldman Sachs economic team forecasts China's GDP growth to slow from 4.9% in 2024 to 4.5% in 2025, primarily due to ongoing real estate deleveraging and escalating trade tensions with developed markets impacting exports. However, strong government policy measures are expected to alleviate these challenges and facilitate a shift from trade and investment-driven growth to domestic consumption-driven growth [2][11][17] - The MSCI China Index and CSI300 Index are projected to rise approximately 20% by the end of 2025, driven by expected earnings growth of 7% and 10% respectively, alongside reasonable price-to-earnings ratios of 11x and 14x. This baseline forecast assumes a 20% increase in tariffs on Chinese goods by the US and effective implementation of fiscal policies [2][6][11] - Despite a challenging start to the year, the risk/reward profile for Chinese equities remains attractive, leading to an overweight recommendation for both A-shares and H-shares [6][11][32] Market Overview - Short-term returns for A-shares and H-shares are expected to stabilize, with market sentiment and liquidity conditions likely improving by the end of Q1 2025 as tariff and policy clarity emerges [6][11] - The report emphasizes the importance of government consumption proxies, emerging market exporters, and new technology/infrastructure investments as key investment themes for 2025 [11][17][23] Investment Themes - Government consumption proxies are expected to benefit from a recovery in local government spending, particularly in sectors such as construction, transportation infrastructure, and healthcare [11][12][14] - Companies that export to emerging markets and those that benefit from RMB depreciation are highlighted as potential investment opportunities, as they may gain market share in stable or improving trade relationships [17][20][62] - Investments in "Little Giants," which are emerging companies supported by government policy, are recommended due to their alignment with national strategic objectives [23][27][63] Sector Recommendations - The report suggests an overweight position in consumer sectors, particularly online retail, media, and healthcare, while advising caution in sectors like autos and energy due to competitive pressures and market conditions [36][39][44] - The healthcare sector is expected to recover in 2025, with a projected growth rate of around 15% as regulatory pressures ease [40][41] - The banking sector is upgraded to market weight, anticipating stronger loan growth and sustained dividend payouts due to expected government support [49] Factor and Style Preferences - The report favors a blend of value and growth stocks, particularly those that exhibit strong cash returns through dividends and buybacks, as well as select small and mid-cap stocks that may offer alpha opportunities [52][55][56] - The analysis indicates that small caps may stabilize in performance relative to large caps, with a focus on thematic investments in "Little Giants" potentially generating excess returns [55][56]

Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com 高盛集团 Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com 高盛集团 2025年1月9日 | 8:58AM EST 美国经济日评: 12月份非农就业数据前瞻 Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com 高盛集团 Alec Phillips +1(202)637-3746 | alec.phillips@gs.com 高盛集团 David Mericle +1(212)357-2619 | david.mericle@gs.com 高盛集团 Elsie Peng +1(212)357-3137 | elsie.peng@gs.com 高盛集团 Jessica Rindels +1(972)368-1516 | jessica.rindels@gs.com 高盛集团 投资者不应视本报告为作出投资决策的唯一因素。 有关分析师的申明和其他重要信息，见信息披露附录，或参阅 www.gs.com/re ...