2025-06-17-高盛-720报告_中国饮料_印度能源_人工智能_增强现实眼镜_中国基础材料_日本半导体_中亚银行_迈瑞_聚焦_中国饮料_9页_325kb

Analysis Summary

GS Market Insights June 2025

China Beverages

Goldman Sachs highlights the China beverages sector's resilience despite rising competition. Key concerns include potential disruption from delivery subsidies for freshly made drinks (FMD). Despite these challenges, key companies like Eastroc, Tingyi, CR Beverage, and Nongfu are reiterated as Buys.

India Energy

India's power demand is expected to grow at a 7.2% CAGR through 2035. Key bottlenecks to renewable scaling include coal power, requiring coal enablers and renewable manufacturers. Recommended buys include NTPC, Adani Ports, Reliance Industries, Power Grid, KEI Industries, and Schneider Electric.

AI/AR Glasses

The AI/AR glasses market is projected to grow 56% CAGR through 2030, reaching a $1 billion market. Key components analyzed include BoM, costs, consumer use cases, and market size. Supply chain highlights include players in SoC, sensors, PCBs, and foundry manufacturing.

China Basic Materials

Demand for Chinese copper and aluminum has softened due to declining solar (7-10% of total demand) and weaker construction/exports. Steel production cuts have stalled. Strong sentiment noted for companies with exposure to AI.

Japan Semiconductors

Semiconductor sentiment improves amid interest in AI. Top Buys highlighted: Advantest (AI-driven guidance upgrade) and Disco (beyond HBM/CoWoS growth).

Industry Events & Takeaways

• Bank Central Asia: Banking operations stable with cautious optimism for 2025.
• KPIT Tech: Stable margin expectations emerging mid-2026.
• Mindray Investor Day: AI focus expands testing/robotics initiatives with recurring revenue goals.

China Macro

Urban housing demand declining due to population drop and slowed urbanization. Urban demand predicted to decrease from 20mn units/year in 2017 to ~5mn in 2025-2030.

Disclosure Notes

Standard disclaimers regarding investment risks, compliance, and conflicts of interest apply.

Key Recommendations & Ratings

• Buy: China beverages (select firms), India energy enablers, Japan semiconductors (Advantest, Disco), Asian infrastructure, Mindray.
• Hold/Neutral: Various depending on sector risk factors.
• Sell: Rare mentions but used in the standard rating framework.

Contact Info

• Caleb Chan: +852-2978-0790, caleb.chan@gs.com
• Michael Snaith: +852-2978-0455, michael.snaith@gs.com