Goldman Sachs' August 6 bombshell report exposes China's internet giants facing their biggest profit crisis since Q2 2022, with sector-wide earnings down 10% while AI cloud services surge 23%. The Big Three—Alibaba, Meituan, JD—are hemorrhaging profits (16%-70% decline) as they pour 30B+ yuan into instant delivery warfare. Tencent emerges victorious with 15% profit growth fueled by Delta Force's 9B yuan blockbuster and AI innovations. Market dynamics shift from duopoly dominance to three-way battle as competition intensity peaks in September quarter.

 Goldman's Aug 5 weekly shows China's Week 31 developer stocks tumbled 6% to historic 0.5x P/B lows with 33% NAV discount. Inventory clearance needs 25.9 months while Politburo omitted stimulus becomes key variable. Tier-1 cities' 6% WoW sales growth shows resilience vs central/western -6% decline deepening divergence. CIFI bucked trend with -1% drop earning buy rating.

U.S. employment data credibility faces political threats while Big Tech AI investments drive 73% profit growth but 30% free cash flow decline. Musk receives $23.7B compensation package amid tariff uncertainty hampering corporate investments. Academic "paper mills" threaten research integrity as Gen Z workplace anxiety intensifies. Colorectal cancer screening age lowered to 45, boosting early detection by 62%.

Goldman Sachs released August APAC Conviction List update on Aug 3, adding Jardine Matheson and Namura Shipbuilding. Jardine targets $68.10 with 21.7% upside, 38% NAV discount offers revaluation opportunity. PAG partner Lincoln Pan appointment drives portfolio review, expecting 15%/9% earnings growth in FY25/26. Namura targets ¥3,700 with 18.8% upside, benefiting from geopolitical reshaping and US tariffs on China shipbuilding, Japan's market share rising from 10% to 13%. Goldman upgrades capital goods, tech hardware to overweight, favors North Asia with six alpha themes.

This edition highlights five key trends: (1) Despite a low 4.2% unemployment rate, long-term joblessness hits a multi-year high; (2) A sudden M&A boom sees mega-deals flourish amid political tailwinds; (3) AI radically transforms McKinsey’s operations, triggering layoffs and new work models; (4) The US shocks Switzerland with a 39% tariff, fueling global trade uncertainty; (5) Earnings from giants like Berkshire and Boeing reveal profit strain and operational restructuring.

 UBS July 31 report reveals US sudden exemption of 50% import tariffs on major copper products triggered Comex copper price plunge over 20% and FCX stock crash 9.5%. Report highlights US accumulated 50-70K tons excess inventory, equivalent to 30-40% annual demand, posing persistent downward pressure on global copper prices. UBS downgrades FCX to neutral, warns 10-20% EBITDA downside risk. Tariff cancellation more negative for copper prices short-term, intensifying LME downside risks.

 Morgan Stanley's Aug 1 report reveals US tech sector P/E at 100th percentile historic high while MSI signals risk-off sentiment. Record $319B foreign inflow to US bonds but equity demand shifts to Europe. S&P 500 +2.3%, tech leads +5.1%, VIX at 16.7. Fed expected to cut 95bps, credit spreads tighten, commodities surge 8.1%.

 Citi Research's August 1st report reveals AI-related stocks comprise 48.4% of S&P 500 market cap. Despite 95th percentile P/E valuations, PEG ratios remain reasonable. The study introduces "Earnings Sharpe Ratio" - AI stocks score 0.74 vs non-AI tech's 0.38. Core thesis: current "bubble vs bull paradox" leans toward structural bull market. AI infrastructure build-out expected to continue 1-2 years, requiring eventual handoff to AI adopters. Investors should focus on valuation reasonableness, operational efficiency gains, and transition timing.

 US employment data revision shows 258K job losses in May-June, driving rate cut expectations from 38% to 70%. Nintendo Switch 2 hits 6M sales in 7 weeks as tech giants' AI investments reach record market caps. Palo Alto's $25B CyberArk acquisition sets cybersecurity M&A record. Luxury consumption shifts to "multi-location stocking" model while female work-life balance transcends political divides. 26 human students outperform AI in Math Olympiad, highlighting creativity's unique value. Tariff policies create divergent industry impacts - Apple faces $1.1B cost increase yet sees 13% sales growth.

Goldman Sachs' July 31 report reveals Q2 2025 China industrial robot sales hit 86K units (+20% YoY), with domestic brands capturing 54% market share. ESTUN maintains 11% market leadership with 44% sales growth, while Inovance dominates IA components (34% servo market share) and enters top-5 large PLC ranking. Cobots surge 52%, driven by lithium battery, semiconductor, and automotive demand. Despite strong performance, Goldman assigns ESTUN a "Sell" rating with 29% downside, highlighting profitability concerns amid market share gains.