Capturing Earnings, the Capex Boom, and Structural Winners

研报英文原文证据摘录

Capturing Earnings, the Capex Boom, and Structural Winners

Portfolio Strategy Research

28 June 2026 | 3:52PM HKT

ASIA STRATEGY BASKETS

Our strategy baskets provide investors with a unique investment platform to Alvin So, CFA

+852-2978-1585 | alvin.so@gs.com

generate ideas and track Asian equities through macro slices, geographic exposure, Goldman Sachs (Asia) L.L.C.

styles/factors, positioning, and thematic lenses. In this update, we rebalance 59 Timothy Moe, CFA

strategy baskets, which can be tracked in real time on Bloomberg and GS Marquee. +65-6889-1199Goldman Sachs (Singapore)| timothy.moe@gs.comPte

Kinger Lau, CFA

+852-2978-1224 | kinger.lau@gs.com

Recommended Basket and Thematic Ideas for 2H2026 Goldman Sachs (Asia) L.L.C.

Factor and Macro Exposures Bruce Kirk, CFA

+81(3)4587-9950 | bruce.kirk@gs.com

Goldman Sachs Japan Co., Ltd.

n Value Cyclicals, GARP and Select Financials: Growth at a Reasonable Price

Sunil Koul

(GSSZGARP), Global Cyclicals (GSSZMSGC), and Rate-Sensitive Financials +44(20)7051-4931 | sunil.koul@gs.com

Goldman Sachs International

(GSSZMSFR) vs. Domestic Cyclicals (GSSZMSDC) / Consumption (GSSZDOMC)

John Kwon

+65-6654-6337 |

n HALO: Capital Intensive (GSSZHALO) vs. Capital Light (GSSZLAHO) jongmin.kwon@gs.com

Goldman Sachs (Singapore) Pte

n Earnings Momentum: Consensus Revision Winners vs. Losers (GSSZREVW vs. Amorita Goel, CFA

GSSZREVL) and Strong vs. Weak Earnings Revisions (GSSZSERV vs. GSSZWERV) +65-6654-5445Goldman Sachs (Singapore)| amorita.goel@gs.comPte

Regional Structural Themes

n Built for Orbit: Asia Space Economy (GSSZSPCE)

n Defense Spending: Aerospace & Defense (GSSZADEF) and Non-Core Defense

Suppliers (GSSZDEFS) better entry point

n AI Beneficiaries: Infrastructure—AIGC Hardware (GSSZAIHW) & Semis