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Last week increased expectations of a more dovish Fed (Exhibit 1), de-escalation of Middle East tensions (Exhibit 2) and progress in U.S. trade negotiations (including removal of section 899) supported growth pricing across assets.
1 Jul 2025 | 5:11am| 31pg| Research | Portfolio Strategy-Andrea Ferrario and others

We identify 25 stocks that have most frequently preannounced in July in years past and also have a recent history of releasing results early. Year-to-date, we estimate there have been 393 preannouncements and the average stock has moved +/-6.1% on the two days around these events. This year, stocks made positive moves following these events 48% of the time. As is typical, Healthcare and Consumer Discretionary names have dominated year-to-date activity.

2 Jul 2025 | 5:02pm| 9pg| Research | Options-John Marshall and others
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The intensity of competition between eCommerce players and local services leader Meituan in food delivery/instant shopping has elevated to a new level. Unlike previous investments by eCommerce players that were scaled back within a few quarters, we believe the duration of investments this time will extend for longer— given all of the companies are shifting focus to become China's 'everyday app' for transactions across goods and services.

  Webinar: China Internet: The 'everyday app' Battle in eCommerce
4 July @ 8:30am HKT | REGISTER

3 Jul 2025 | 2:10am| 59pg| Research | Equity-Ronald Keung, CFA and others
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Reflecting the stronger-than-expected momentum in May-June and our expectation that the busy concert/event schedule will continue to drive more gamblers to Macau, as highlighted in our prior report (Jun 2), we raise our FY25E GGR growth forecast from +4% to +6% yoy, which implies +10%/6% yoy growth in 3Q/4Q25E (vs. +1%/+8% in 1Q/2Q25), followed by steady +6% in FY26E as we believe the impact of illegal money exchange crackdown should lapse by then (this has been a drag on GGR since 4Q24).

Macau gaming names TP and rating change summary
Source: Datastream, Company data, Goldman Sachs Global Investment Research
2 Jul 2025 | 11:18pm| 42pg| Research | Equity-Simon Cheung, CFA and others

IN THE SPOTLIGHT

Australia Metals & Mining: Initiate on six Growth & Leveraged Gold mid-caps; Buy: VAU, WGX, PNR; Neutral: GGP, GMD, RMS

We continue to expect a combination of factors to drive medium-term fundamental outperformance in the Australian gold sector: 1) Margins/cash generation, 2) Volume growth/exploration upside (including M&A/regional consolidation), and 3) Balance sheet strength/capital returns. We initiate on six Australian gold miners benefiting from this gold equities cycle, where with gold price volatility in focus, we assess our expanded gold coverage in relative baskets on gold price leverage/size.

2 Jul 2025 | 87pg | Research | Equity - Hugo Nicolaci and others

Also see: Metals & Mining: Gold: Addressing key questions in gold equities

RATING AND LIST CHANGES
Latest research
US Autos & Industrial Tech: Tesla and Rivian 2Q25 vehicle deliveries results takeaways
3 Jul 2025 | 9:05am| 9pg| Research | Equity-Mark Delaney, CFA and others
Americas Energy: Oil - Refining: Green Shoots: Early Signs of a Refining Recovery; Buy Valero
3 Jul 2025 | 7:59am| 11pg| Research | Equity-Neil Mehta and others
Boeing Co. (BA): Monthly aircraft delivery tracker: June looks strong
3 Jul 2025 | 6:47am| 12pg| Research | Equity-Noah Poponak, CFA and others
Metals & Mining: Gold: Addressing key questions in gold equities
3 Jul 2025 | 6:45am| 10pg| Research | Equity-Hugo Nicolaci and others
Apple Inc. (AAPL): June 2025 App Store Spending +12% yoy; +11% C2Q25
3 Jul 2025 | 5:14am| 8pg| Research | Equity-Michael Ng, CFA and others

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DAILY ROUNDUPS
Midday Market Intelligence: teflon?
3 Jul 2025 | 1:06am| 9pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
2 Jul 2025 | 8:27pm| 12pg| Research | Equity-Chris Hussey and others
WEEKLY ROUNDUPS
US Idea Radar: Seeking Dependable Growth and Inflections
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UPCOMING EVENTS & CONFERENCES
Global Investment Research
webcast: Asia
3 Jul 2025 | 4pm HK | 4am NY | 9am LN
A year ago we wrote about the imbalance of China's capacity, the outlook for its cyclical inflections and structural consolidation, leveraging our...Read more
Trina Chen, Co-head, Greater China Equity Research
Nicolas Yi, China Consumer Analyst
Eric Shen, China Battery Analyst
Mengwen Wang, China Clean Energy Analyst
Michael Snaith, Asia Research Merchandising
Passcode: 434425; Zoom Meeting ID: 934 0172 1265
Global Investment Research in partnership with Executive Office
webcast: Americas
3 Jul 2025 | 1pm NY | 6pm LN | 1am HK(+1)
Please reach out to your respective sales representative to participate.
Lee Brenner, Goldman Sachs Office of Government Affairs and Head of Cryptocurrency Policy and Advocacy
James Yaro, iBanks & Brokers Research Analyst
Global Investment Research
webcast: Asia
4 Jul 2025 | 8:30am HK | 8:30pm NY(-1) | 1:30am LN
We will discuss our views on the intensifying competition between eCommerce players and local services leader Meituan in food delivery/instant...Read more
Ronald Keung, CFA, Head of Asia Internet Research
Michael Snaith, Asia Research Merchandising
Passcode: 396288; Zoom Meeting ID: 948 4647 4162
Global Investment Research in partnership with FICC & Equities
webcast: Europe
4 Jul 2025 | 11am LN | 6am NY | 6pm HK
Telco Consolidation noise continues to ramp as European authorities appear more open to in-market mobile consolidation with the EU supporting Mario...Read more
Andrew Lee, Head of European Telecoms Research
Sean Johnstone, European TMT Specialist Sales
Kangning Hong, EMEA Equity Derivatives Structuring
Natasha Tiwana, EMEA Custom Baskets

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