Goldman Sachs | Research Digest: China AI, CATL, HSBC, AIA, HKEX, Inovance, Korean Banks, Largan, WUS Printed Circuit, Singapore Banks, Shein
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A wide-ranging Goldman Sachs digest spans China's AI strategy, third-quarter previews and global macro strategy. The bank argues China is building a self-sufficient AI ecosystem, a market it sizes at $3-4 trillion by 2030 with a 28% CAGR, favoring a mix of export leaders, domestic champions and select names. Previews: CATL's 3Q26 net profit is seen at RMB 24 billion (+30% YoY) on 260 GWh of battery sales; HSBC's underlying pre-tax profit at $10.4 billion, 2% above consensus; AIA's value of new business down 3% YoY; and HKEX EPS of HKD 3.76, down 3% YoY. China's Ministry of Finance approved an additional RMB 550 billion of local government bond quotas, implying roughly RMB 5 trillion of usable fiscal funds in the fourth quarter. Goldman also expects $600 billion of US corporate primary equity issuance in 2027, sees the US 10-year Treasury yield falling from 5.2% to 4.4% in 2027, and raised December 2026 Brent to $90 per barrel and WTI to $81. Ratings and targets: CATL Buy (H-shares HKD 859; A-shares RMB 559); HSBC Buy (HKD 192; 1,860p); AIA Buy (HKD 95); HKEX Buy (HKD 523); Inovance Buy (RMB 75.9); Largan Buy (NTD 11,000); WUS Printed Circuit Buy (RMB 148); Sonic Healthcare cut to Neutral (A$19.20).