26 September 2024 | 7:57AM HKT _ China eCommerce: Internet Trip expert session takeaways: Focuses on de-minimis exemption changes; ecosystem of Temu with its merchants We hosted an expert session on cross-border eCommerce with investors on Sep 25 as part of our China Internet Trip, where we invited Mr. Jiale Wang, General Manager of China Region at Acquco (an eCommerce merchant) to share his thoughts on Temu. Key topics discussed include 1) Potential impact from the changes in the de-minimis exemption on cr ...

1 October 2024 | 11:52AM EDT _ USA: Job Openings Above Expectations; ISM Manufacturing Index and Construction Spending Slightly Below Consensus Expectations | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the **Middle East** geopolitical situation, particularly focusing on **Israel** and **Iran** relations, as well as the **Chinese economy** and its stimulus measures. Core Points and Arguments Middle East Geopolitics 1. **Escalation of Conflict**: The situation in the Middle East has deteriorated significantly, with Israel engaged in heavy fighting with Hizbullah and Iran launching missile attacks in response to Israeli actions. This has led to a humanitarian crisis with over 1 million displaced individuals in Lebanon [26][28]. 2. **Iran's Military Actions**: Iran's recent missile strike involved around 180 ballistic missiles aimed at Israel, indicating a significant escalation in military tensions. Most missiles were intercepted, but the attack reflects Iran's response to the perceived humiliation of its proxy, Hizbullah [26][28]. 3. **Israel's Military Strategy**: Israel's military operations have been characterized by targeted strikes against Hizbullah's leadership and military capabilities, which has raised concerns about potential overreach and the risks of a full-scale invasion of Lebanon [26][28]. 4. **Long-term Security Concerns**: The discussion emphasizes that a single decisive military action against Iran is unlikely to resolve the underlying security threats. Instead, sustained deterrence and diplomatic efforts are necessary to manage Iran's influence in the region [27][28]. Chinese Economic Stimulus 1. **Recent Policy Changes**: Chinese policymakers have shifted towards more aggressive economic stimulus measures after a prolonged period of half-hearted responses to economic challenges, including deflation and a declining property market [29][30]. 2. **Market Reactions**: Following the announcement of stimulus measures, Chinese stock markets experienced significant gains, with the CSI 300 index rising by 25% over five days, marking the largest increase since 2008 [17][29]. 3. **Need for Further Action**: Despite the positive market response, analysts argue that the current stimulus measures are insufficient to fully revive the economy. A more substantial stimulus package of 7 trillion to 10 trillion yuan (approximately $1 trillion to $1.4 trillion) is deemed necessary to escape the deflationary trap [29][30]. 4. **Global Implications**: The nature of the stimulus is expected to differ from past efforts, focusing more on consumer spending rather than infrastructure, which may have varied effects on global commodity markets and international trade dynamics [29][30]. Other Important but Possibly Overlooked Content 1. **Humanitarian Impact**: The ongoing conflict in the Middle East has resulted in significant civilian casualties and displacement, raising urgent humanitarian concerns that may affect international relations and aid responses [26][28]. 2. **Political Dynamics in Japan**: The appointment of Ishiba Shigeru as Japan's new prime minister is noted, highlighting his potential to influence Japan's diplomatic and defense policies amidst regional tensions, particularly with China and North Korea [31][36]. 3. **Antitrust Issues in the Tech Sector**: The ongoing antitrust case against Google is mentioned, with implications for how tech monopolies are regulated and the potential impact on competition in the digital marketplace [39][40]. This summary encapsulates the critical discussions and insights from the conference call, focusing on geopolitical tensions in the Middle East and economic developments in China, while also touching on broader implications for global markets and political landscapes.

27 September 2024 | 5:55PM BST _ | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | EM Weekly Fund Flows Monitor Foreign buying l ...

1 October 2024 | 11:19PM HKT _ KE Holdings (BEKE): H-share liquidity paves way for Southbound inclusion; Narrower mom existing home pricing decline in Sep; Buy | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------- ...

2 October 2024 | 12:53AM HKT Neutral COSCO SHIPPING Holdings (601919.SS) Up to Neutral on structural supply chain complexity supporting higher valuation; assessing port operation suspension scenarios 601919.SS 12m Prie Target: Rmb13.80 Prie: Rmb15.71 Downside: 12.2% 1919.HK 12m Prie Target: HK$10.70 Prie: HK$13.04 Downside: 17.9% Herbert Lu +852-2978-0726 | herbert.lu@gs.com Goldman Sachs (Asia) L.L.C. Simon Cheung, CFA +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Dorothy Wong +852-2978- ...

30 September 2024 | 1:55PM EDT _ Global: GS Economic Indicators Update: Financial Conditions Ease in China on PBOC Policy Announcements | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-------------------------------------------|-------------------------------|---------------------------------------|---------------------------------------------------------- ...

2 October 2024 | 4:01AM EDT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------|-------------------------------------------------|----------|--------------------------------------------------------|-----------------------------------------|-----------|----------------------------|-------------------------| | | | | | | | | | | | | Dell Technologies Inc. Key takeaways from 2024 investor field trip to DEL ...

3 October 2024 | 4:52PM CST _ | --- | --- | |-------------------------------------------------------------------|-------| | | | | GC Tech | | | Highlighting 5 stocks into 4Q with valuation upside | and | | solid growth outlook | | China's Communications and Networking stocks within our coverage have rallied 25% on average since Sept 23. The previous laggards (before Sept 23) and AI-related stocks outperformed vs. the rest of the pack since Sept 23. At this juncture, we continue to favor 5 stocks across AI n ...

2 October 2024 | 3:35PM EDT _ What's Top of Mind in Macro Research: Middle East escalation implications, even more China policy easing, US port strike impacts | --- | --- | |-------------------------------------------------------|----------------------------------------------------------------------------------------| | This week: | Jenny Grimberg \n+1(212)934-0199 \| jenny.grimberg@gs.com Goldman Sachs & Co. LLC | | Middle East: escalation implications | | | Policy easing: no longer piecemeal in China | Al ...