高盛亚洲｜投资信念清单、中国电信运营商、韩国科技反馈、回复参加亚洲金融公司日

2 December 2025 | 8:27 AM China Standard Time personGermaine KhongGOLDMAN SACHS (SINGAPORE) PTE.Global Banking & Markets SeeGS Launchpad - Dec 2for a full list of events, scroll to bottom for today’s events 请参阅GS Launchpad - 12月2日了解全部活动，向下滚动至底部查看今日活动 Meituanin GS HK office today – 1030am HKT. Post results, Ronald Keung reframedbull/ bearnarratives. 美团今天在GS香港办公室——香港时间上午10:30。业绩公布后，Ronald Keung重新构建了多空叙事。 GS will be hosting > 50 corporates at ourAsia Financials Corporate Dayin Jan.Handy notefrom financial team where they identify themes in focus for tideas within each segment.Register. 高盛将在1月举办的亚洲金融公司日上接待超过50家企业。金融团队提供了一份便捷说明，指出在我们公司日上演示的公司所关注的主题，并突出每个 Singapore Session: 5-6 Jan 新加坡场次：1月5-6日 Hong Kong Session: 12-13 Jan Virtual Session: 7-9 Jan and 14-23 Jan 线上场次：1月7-9日及1月14-23日 USequities began December trading in the red, finishing near worst levels:SPX-53bps to 6812,NDX-36bps to 25,342,RTY-125bps to 2469. Bitcoin Sespeculative pockets of the market, such as Retail Favorites (GSXURFAV, -154bps) and High Beta 12M Winners (GSCBHMOM, -388bps) also fell. SNPS +4.and OpenAI, respectively. Shares ofMRNAfell -7% on reports the FDA will impose new, stricter vaccine requirements. 美国股市在12月开盘走低，收盘接近当日最低点：SPX下跌53个基点至6812，NDX下跌36个基点至25342，RTY下跌125个基点至2469。中其他投机性板块如零售热门（GSXURFAV，-154个基点）和高贝塔12个月赢家（GSCBHMOM，-388个基点）也下跌。SNPS上涨4.9%，A高。因有报道称FDA将施加新的更严格疫苗要求，MRNA股价下跌约7%。 Hedge Fund Performance and Positioning (Nov).HFs net bought global equities for a third straight month and at the fastest pace since June, driven byOverall gross trading activity – long and short combined – increased in 18 of the past 20 sessions.North America and DM Asia were net bought for a thirdfastest pace in seven months. Morehere. 对冲基金业绩与仓位（11月）。对冲基金连续第三个月净买入全球股票，并以自6月以来最快的速度买入，主要由个股多头买入推动，宏观类——在过去20个交易日中有18日呈上升。北美和发达市场亚洲连续第三个月被净买入，而对冲基金以七个月来的最快速度净卖出欧洲股票。更 Conviction List changes. Conviction List变更。 APACConviction List – We add Maruti Suzuki, Xero Ltd, and Fisher & Paykel Healthcare whilst removing Goodman, Japan Exchange Group, ResMed, and 亚太地区Conviction List ——我们加入了Maruti Suzuki、Xero Ltd和Fisher & Paykel Healthcare，同时移除了Goodman、Japan Exchange Group、Res USConviction List - We add Ares Management (ARES), Celestica (CLS), Keysight Technologies (KEYS), and Wynn Resorts (WYNN) while removing Kodiak G(OLED). 美国Conviction List ——我们加入了Ares Management (ARES)、Celestica (CLS)、Keysight Technologies (KEYS)和Wynn Resorts (WYNN)，同时移除了KDisplay (OLED)。 EuropeanConviction List - We remove Adecco and SSE from the Conviction List this month. 欧洲Conviction List ——本月我们将Adecco和SSE从Conviction List中移除。 Research in focus this morning 今晨重点研究 China Telcos.New note out from Allen Chang and Ting Song:China Telcos: Capex shift to computing infrastructure to support AI/ Cloud growth; dividendChina telcos in this report including capex spending, dividends, valuation etc. Overall, despite the soft revenue growth of traditional telecom businesses,value-added services to drive spending, and expand to cloud business with total solutions across IDC, computing power, AI models, and applications.AlsoChina Unicom; Buy 中国电信运营商。Allen Chang和Ting Song发布新报告：中国电信运营商：资本支出转向支持AI/云增长的计算基础设施；股息支付将稳步增加标，包括资本支出、股息、估值等。总体来看，尽管传统电信业务收入增长疲软，他们认为中国电信运营商是AI的主要受益者，通过提供更多用的整体解决方案向云业务扩展。另见单列报告——中国移动；买入，中国电信；买入，中国联通；买入 Korea Tech.Giuni Lee back from marketing. The memory sector remains in focus, with the main topics of discussion including potential tailwinds and headconventional memory shortage, HBM qualification progress, HBM pricing/volume/market share, and stock preferences. Reiterate our Buy ratings on bot 韩国科技。Giuni Lee从营销回归。存储器行业仍是关注焦点，讨论的主要话题包括对存储器上行周期的潜在顺风与逆风、传统存储器短缺的规及股票偏好。重申我们对SEC和Hynix的买入评级。更多内容见此。 More research highlights hereThe 720: APAC Conviction List, China Telcos, GC Tech - ASIC beneficiaries, Korea Tech, Lenovo, China Vanke, Titan, Yum C 更多研究亮点：The 720：亚太确信名单、中国电信运营商、大中华科技——ASIC受益者、韩国科技、联想、中国万科、Titan、百胜中国 Most Popular Research最受欢迎的研究 US Economics Analyst: Low-End Consumer Underperformance; Growing AI Focus in Labor Market Discussions 美国经济分析师：低端消费者表现不佳；劳动力市场讨论中对人工智能关注度上升 US Conviction List - Directors' Cut: December 2025 Update 美国定罪名单—导演剪辑：2025年12月更新 US Consumer Dashboard: November 2025: Weak Labor Market and Sentiment; Middle-Income Income Growth Set to Outperform in 2026 美国消费者仪表盘：2025年11月：疲弱的劳动力市场与情绪；中等收入群体在2026年有望实现领先的收入增长 Aerospace & Defense: 17th Annual Industrials & Autos Week — Day 1 Key Takeaways 航空航天与国防：第17届年度工业与汽车周——第1天关键要点 Americas Retail: Black Friday 2025 Takeaways 美洲零售：2025年黑色星期五要点 Global Views: Looking Beyond December 全球视角：超越十二月 Research Unplugged: US Conviction List - Directors' Cut: December 2025 Spotlight 研究即刻通：美国高信念清单—导演剪辑版：2025年12月焦点 Global Rates Trader: Return of the Macro 全球利率交易员：宏观回归 USA: ISM Manufacturing Index Somewhat Below Expectations; S&P Global Manufacturing PMI Revised Up 美国：ISM制造业指数略低于预期；标普全球制造业PMI上调 European Economics Analyst: ECB—Fighting the Dragon? Monetary Policy and the Second China Shock 欧洲经济分析师：欧洲央行——与巨龙交锋