Here is a quick rundown of what the traders running the 8 main sectors on Goldman's trading floor think about the market and their respective sectors. Courtesy of the Goldman equities Sales and Trading desk, here is a summary on sector sentiment and standouts.
以下是高盛交易大厅负责 8 个主要板块的交易员对市场及各自板块看法的简要总结。感谢高盛股票销售与交易部门提供的板块情绪及亮点汇总。

Quick GS Trading/Sector Specialist collab on sentiment, flows, views and more
高盛交易/板块专家快速合作，分享情绪、资金流向、观点等内容

Sentiment Trends represent a subjective desk view on MoM changes in investor sentiment. 
情绪趋势反映了交易台对投资者情绪环比变化的主观看法。

TMT – Peter Bartlett, Peter Callahan, Leyla Kamshad

• What stocks are most topical / debated right now: AMD (how far can this run? covering or ‘real’); ANET (AI positioning? visibility?); AMZN (outlook on AWS into 2H); Apps Software (what’s the deal here?)
  目前最热门/讨论最多的股票有哪些：AMD（还能涨多久？是回补还是“真实”上涨）；ANET（AI 定位？可见度？）；AMZN（下半年 AWS 的前景）；应用软件（这里的情况如何？）
• Where was the biggest inflection this past month (stock, theme, sector, etc); Semis: as mentioned above, Semis have been on a huge run, up ~40% over the last 45-days (best stretch in 20+ years) – near-term outlook hinges on continued AI narrative upside outrunning ongoing unknowns (China cyclical, tariffs, pull-fwd) and, as a bank-shot, also worth mentioning Software, which has lagged this month amidst a build-up in AI optimism – both spend/capex and ROI
  过去一个月最大的转折点在哪里（股票、主题、行业等）；半导体：如上所述，半导体经历了一波大涨，过去 45 天上涨约 40%（20 多年来最佳表现）——短期前景取决于持续的 AI 叙事能否超越持续存在的不确定因素（中国周期性、关税、提前透支），顺带一提，本月在 AI 乐观情绪积累中表现落后的软件板块也值得关注——包括支出/资本开支和投资回报率
• What catalysts matter most next month: July 9th tariff deadline, AMZN Prime Day July 8-11, earnings season (NFLX 7/17)
  下个月最重要的催化剂是什么：7 月 9 日关税截止日，AMZN Prime Day 7 月 8-11 日，财报季（NFLX 7 月 17 日）
• What looks extended: Per 14day RSIs these are overbought (yes, a lot of names): CRDO, AMD, MU, ALGM, ARM, NVDA, TSM, AVGO, JBL, WDC, FLEX, STX, VST, MSFT, NET, SNOW, ORCL, NFLX, FIGS, RBLX vs. Oversold: Dassault, WU, PAYX, DUOL, IBTA, EQIX
  哪些看起来已经超买：根据 14 天相对强弱指数，这些股票处于超买状态（是的，很多名字）：CRDO、AMD、MU、ALGM、ARM、NVDA、TSM、AVGO、JBL、WDC、FLEX、STX、VST、MSFT、NET、SNOW、ORCL、NFLX、FIGS、RBLX；而超卖的有：Dassault、WU、PAYX、DUOL、IBTA、EQIX
• What note / topic / story is worth double-clicking on: of course, AI related:
  值得深入关注的笔记/话题/故事：当然是与人工智能相关的内容：
  • 1) thoughtful note from team GIR (Covello + Sheridan) pushing the AI discussion towards a focus on existing industry profit pools ($s) that AI is likely to disrupt (in this case, examining a ~$250BN opportunity in advertising);
    1）来自 GIR 团队（Covello + Sheridan）的深思熟虑的笔记，将人工智能讨论推向关注现有行业利润池（资金）——人工智能可能颠覆的领域（本例中，分析了广告领域约 2500 亿美元的机会）；
  • 2) AMZN: got a lot of attention already (re: workforce outlook), but Amazon’s ‘thoughts on Generative AI’ were worth a read. (Link)
    2）AMZN：已经引起了大量关注（关于劳动力前景），但亚马逊关于生成式人工智能的“看法”值得一读。（链接）

Financials – Alex Mitola, Christian DeGrasse
金融板块 – Alex Mitola，Christian DeGrasse

• What stocks are most topical / debated right now: V/MA (Stablecoin overhang), C (Capital return), MS (Capital market beneficiary), FI (Clover growth into 2Q/2H), PGR (Competition?), APO (SRE growth), XYZ (Cash App ramp), PYPL (Branded), AXP (Top line debates), NTRS (M&A, Expenses), EQIX (Capex & AI-Upside post-Investor Day), TOST (TAM, take rate expansion), VNO & SLG (NY Office)
  当前最热门/讨论最多的股票：V/MA（稳定币压力），C（资本回报），MS（资本市场受益者），FI（Clover 进入第二季度/下半年增长），PGR（竞争？），APO（SRE 增长），XYZ（Cash App 增长），PYPL（品牌化），AXP（收入争议），NTRS（并购，费用），EQIX（资本支出及投资者日后 AI 潜力），TOST（总可用市场，提成率扩展），VNO & SLG（纽约办公楼）
• Where was the biggest inflection this past month (stock, theme, sector, etc): Stablecoins, Bank loan growth (Trending positively), Capital markets activity, Retail trading theme remains hot..
  过去一个月最大转折点在哪里（股票、主题、行业等）：稳定币，银行贷款增长（趋势向好），资本市场活动，零售交易主题依然火热。
• What catalysts matter most next month: Stress test results & capital return announcements / 2nd Quarter Earnings kick off July 15th
  下个月最重要的催化剂：压力测试结果及资本回报公告 / 第二季度财报于 7 月 15 日开始发布
• What looks extende:  Per 14day RSIs, Overbought: JPM, HOOD, COIN, AFRM, SF, EVR, WT vs. Oversold: HLNE, WU, ALL, V, MMC, BHF
  哪些看起来被高估：根据 14 天相对强弱指数，超买：JPM、HOOD、COIN、AFRM、SF、EVR、WT；超卖：HLNE、WU、ALL、V、MMC、BHF
• What note / topic / story is worth double-clicking on: Amidst the market focus on stablecoins.. Good 1 pager from the GS Digital Asset team on the GENIUS Act, what it does and next steps (Link)
  值得深入关注的笔记/话题/故事：在市场关注稳定币之际……GS 数字资产团队关于 GENIUS 法案的优秀一页介绍，内容涵盖法案作用及后续步骤（链接）

Healthcare – PJ Gallo, Jon Chan
医疗保健 – PJ Gallo，Jon Chan

• What stocks are most topical / debated right now: LLY, UNH, GILD, EW
  当前最热门/争议最大的股票：LLY，UNH，GILD，EW
• Where was the biggest inflection this past month (stock, theme, sector, etc): Catalyst heavy month with a of positive clinical catalysts + uptick in M&A + moderation in policy uncertainty
  过去一个月最大的转折点在哪里（股票、主题、行业等）：本月催化剂密集，积极的临床催化剂增多 + 并购活动回升 + 政策不确定性有所缓和
• What catalysts matter most next month: 2Q Earnings Season Starting, Reconciliation Clarity
  下个月最重要的催化剂是什么：第二季度财报季开始，调和方案明朗化
• What looks extended: Managed Care Bearishness/Uncertainty
  看起来被高估的是什么：管理式医疗的看跌情绪/不确定性
• What note / topic / story is worth double-clicking on: PD1/VEGF Landscape, Next Generation Obesity Treatments
  值得深入关注的笔记/话题/故事是什么：PD1/VEGF 领域，下一代肥胖症治疗

Consumer – Eric Mihelc, Scott Feiler
消费者 – Eric Mihelc，Scott Feiler

• What stocks are most topical / debated right now: SBUX, LULU, ONON, CELH, HD, DKS
  目前最热门/讨论最多的股票：SBUX、LULU、ONON、CELH、HD、DKS
• Where was the biggest inflection this past month (stock, theme, sector, etc): Better consumer discretionary trends, with most companies talking to a decent 2H of May and June. This was across travel and most pockets of discretionary.
  过去一个月最大的转折点在哪里（股票、主题、行业等）：消费者非必需品趋势改善，大多数公司预计五月和六月下半年表现良好。这涵盖了旅游及大多数非必需品领域。
• What catalysts matter most next month: Positioning will matter, as consumer discretionary is 0th percentile exposure in our PB data, with market at highs. Also, focus on the tax bill and the impact to the low-income consumer will be a very large focus.
  下个月最重要的催化剂是什么：仓位将很关键，因为在我们的 PB 数据中，消费者非必需品的持仓暴露处于第 0 百分位，而市场处于高位。同时，关注税收法案及其对低收入消费者的影响将成为重点。
• What looks extended: Overbought: RCL, VIK, SHAK, W, OLLI, ELF, EL, CELH vs. Oversold: MCD, ROST, LULU, QSR, TJX, TAP, SAM, CAG, CPB, CLX, GIS
  哪些看起来已超买/超卖：超买：RCL、VIK、SHAK、W、OLLI、ELF、EL、CELH；超卖：MCD、ROST、LULU、QSR、TJX、TAP、SAM、CAG、CPB、CLX、GIS
• What note / topic / story is worth double-clicking on: Given all the inbounds we have received on low income vs high income, any article discussing the impact around Medicaid and SNAP cuts is a must read (Link)
  值得深入关注的笔记/话题/故事：鉴于我们收到的关于低收入与高收入的所有反馈，任何讨论医疗补助（Medicaid）和补充营养援助计划（SNAP）削减影响的文章都是必读内容（链接）

Industrials – Amanda Ross, Ryan Novak
工业板块 – Amanda Ross，Ryan Novak

• What stocks are most topical / debated right now:  GE, BA, CP, CSX, NSC, CAR, APTV, RTX, URI, DE, EMR …
  目前最热门/争议最大的股票：GE、BA、CP、CSX、NSC、CAR、APTV、RTX、URI、DE、EMR……
• Where was the biggest inflection this past month (stock, theme, sector, etc): Winners keep winning (Aero – aftermarket and original equipment as well as electricals). Losers are squeezing despite no change in fundamentals (Autos & Chemicals).  
  过去一个月最大的转折点在哪里（股票、主题、行业等）：赢家继续获胜（航空——售后市场和原始设备以及电气设备）。尽管基本面无变化，输家却在被挤压（汽车和化工）。
• What catalysts matter most next month: ISM, truck orders, auto sales, early Q2 prints
  下个月最重要的催化剂：ISM 指数、卡车订单、汽车销售、第二季度初期数据
• What looks extended: Overbought: CW, APH, WWD, FERG, HEI, CCJ, FTI, EQT, WMB, SHEL, TLN, VST, PARR, FM, NUE vs. Oversold: PKG, LPX, KBH, GWW, FSLR, ARRY, SLB, FANG, COP, LNG, CRK, NEE, IVN
  看起来过度延伸的：超买股票：CW、APH、WWD、FERG、HEI、CCJ、FTI、EQT、WMB、SHEL、TLN、VST、PARR、FM、NUE；超卖股票：PKG、LPX、KBH、GWW、FSLR、ARRY、SLB、FANG、COP、LNG、CRK、NEE、IVN
• What note / topic / story is worth double-clicking on: Bonus depreciation and the potential impacts to both the P&L of heavy capex corporates but also the stimulative impact to the US economy.
  值得深入关注的笔记/话题/故事：奖金折旧及其对重资本支出企业利润表的潜在影响，以及对美国经济的刺激作用。

Energy / Utes – Amanda Ross, Adam Wijaya
能源/公用事业 – Amanda Ross，Adam Wijaya

• What stocks are most topical / debated right now: XOM, CVX, CEG, VST, FANG, CCJ, WMB, VLO, CVE, FCX, EXE, DUK
  当前最热门/讨论最多的股票有哪些：XOM、CVX、CEG、VST、FANG、CCJ、WMB、VLO、CVE、FCX、EXE、DUK
• Where was the biggest inflection this past month (stock, theme, sector, etc): The nuclear story continues to gain momentum – what was once a forgotten about sector within Energy/Power has re-emerged full force following positive headlines around future deployment of nuclear power from hyperscalers, tech companies and even specific states in the US. The debate right now is less around whether nukes will be part of the power growth story, but more so around valuation following the run in the complex, with some names +20% over the last month.
  过去一个月最大的转折点在哪里（股票、主题、行业等）：核能故事持续获得动力——曾经被遗忘的能源/电力板块中的核能领域，在关于未来核电部署的积极新闻推动下重新全面崛起，这些新闻来自超大规模云计算公司、科技公司甚至美国的特定州。目前的争论不再是核能是否会成为电力增长故事的一部分，而更多集中在该板块估值上，部分股票在过去一个月内上涨了 20%。
• What catalysts matter most next month: back to the fundamentals vs headlines for the oil macro – OPEC+ expected to meet next Sunday to discuss August production levels – consensus expectations for another +411 kb/d increase for the next month and potentially the month after as well – demand forecasts continue to be revised downwards, placing more pressure on Brent/WTI expectations.
  下个月最重要的催化剂是什么：油市宏观面将回归基本面而非新闻头条——预计 OPEC+将于下周日召开会议，讨论 8 月份的产量水平——市场普遍预期下个月及可能的下下个月产量将增加 41.1 万桶/日——需求预测持续下调，给布伦特原油和 WTI 的预期带来更大压力。
• What looks extended: Overbought: CW, APH, WWD, FERG, HEI, CCJ, FTI, EQT, WMB, SHEL, TLN, VST, PARR, FM, NUE vs. Oversold: PKG, LPX, KBH, GWW, FSLR, ARRY, SLB, FANG, COP, LNG, CRK, NEE, IVN
  看起来超买：CW、APH、WWD、FERG、HEI、CCJ、FTI、EQT、WMB、SHEL、TLN、VST、PARR、FM、NUE；超卖：PKG、LPX、KBH、GWW、FSLR、ARRY、SLB、FANG、COP、LNG、CRK、NEE、IVN
• What note / topic / story is worth double-clicking on: The Senate tax bill proposal remains topical for solar and renewables stocks as we await clarity on finality of language surrounding tax/production credits through the remainder of the decade. There continues to be debate around whether revisions could be positive or negative, as bulls point to the need for more renewables to meet near-term power demand requirements while bears highlight concerns around reliability and relative preference for gas power over renewables. Self-imposed deadline of July 4th approval is in focus for the complex – and is likely to be a binary event.
  值得深入关注的笔记/话题/故事：参议院税收法案提案仍然是太阳能和可再生能源股票的热点，我们正等待关于税收/生产抵免在本十年剩余时间内语言最终确定的明确性。围绕修订可能是积极还是消极的争论仍在继续，多头指出需要更多可再生能源以满足近期电力需求，而空头则强调对可靠性的担忧以及相对于可再生能源对天然气发电的偏好。7 月 4 日的自定截止日期成为该领域关注焦点——这很可能是一个二元事件。

Special Situations – Peter Davis, Andrew Ramirez
特殊情况 – Peter Davis，Andrew Ramirez

• What situations are most topical / debated right now: K (EC Phase II / FTC ET); HES/CVX (Arbitration; HES Standalone value; CVX reaction), ANSS/SNPS (SAMR Approval)
  当前最热门/讨论最多的情况有哪些：K（EC 第二阶段/FTC ET）；HES/CVX（仲裁；HES 独立价值；CVX 反应），ANSS/SNPS（SAMR 批准）
• Where was the biggest inflection this past month (stock, theme, sector, etc) .. K the EC formally opened its Phase 2 investigation into the deal, causing the spread to initially widen to 7.2% gross / ~15% IRR to mid-December before coming back in after the FTC announced the early termination of the HSR to 5.5% gross / ~12% IRR to mid-December.
  过去一个月最大的转折点在哪里（股票、主题、行业等）……欧盟委员会正式启动了对该交易的第二阶段调查，导致利差最初扩大至 7.2%毛利/约 15%内部收益率至 12 月中旬，随后在联邦贸易委员会宣布提前终止 HSR 后回落至 5.5%毛利/约 12%内部收益率至 12 月中旬。
• What catalysts matter most next month .. RDFN (Expected Close); SKX (EC Phase I); ANSS/SNPS (Walk Date); FL/DKS (HSR Expires); INFA (HSR Expires); ALE (MN ALJ recommendations)
  下个月最重要的催化剂是什么……RDFN（预期收盘）；SKX（EC 第一阶段）；ANSS/SNPS（行走日期）；FL/DKS（HSR 到期）；INFA（HSR 到期）；ALE（MN ALJ 建议）
• What are the most popular Arb names  .. IPG/OMC, K, INFA, HES/CVX, SKX, TGI
  最受欢迎的套利名称有哪些……IPG/OMC、K、INFA、HES/CVX、SKX、TGI
• What note / topic / story is worth double-clicking on:  Fortive is separating its precision technologies business, Ralliant. When-issued trading began on Wednesday, June 25th and is set to start trading “regular-way” on Monday, June 30th. Our team includes their thoughts in this article. (Link)
  值得深入关注的笔记/话题/故事是什么：Fortive 正在剥离其精密技术业务 Ralliant。定向发行交易于 6 月 25 日星期三开始，计划于 6 月 30 日星期一开始“常规交易”。我们的团队在本文中包含了他们的看法。（链接）

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