The 720: China Consumer, Nio upgrade, China Building Materials, KR Industrials, China Grid Tech, Yaskawa, GS Sustain, US CPI/Rates

研报英文原文证据摘录

The 720: China Consumer, Nio upgrade, China Building Materials, KR Industrials, China Grid Tech, Yaskawa, GS Sustain, US CPI/Rates

Goldman Sachs The 720

FY27-29 DPU estimates reflecting foreign exchange drags from weaker regional

currencies. Heading into 2Q26 results, we expect reporting REITs to see a 0.3% YoY

decline in interim DPU on average. Xuan Tan

Themes in Play | Korea Industrials, China Grid Tech, China Brokers & Asset

Managers, JP Machinery, Shennan Circuits, Largan Precision, Yaskawa Electric

Korea Industrials – 2Q26 Preview: Rotation into defense and robotics. We expect 2Q26

results to be slightly weaker than consensus across autos, robotics, and defense, though

we believe recent share price weakness has largely priced this in. Auto weakness stems

primarily from cost inflation-related margin pressure that should normalize into 2H26,

while defense estimates face a mechanically high base comparison from 2Q25, leaving

our 2026 estimates intact. With investor focus shifting to 2H26 catalysts like defense

order momentum and robotics development milestones, our preferred names include

Hanwha Aerospace and Hyundai Rotem in defense, alongside Hyundai Mobis, HL

Mando, and Robotis in robotics. Do Hyoung Kim

China Grid Tech – 2Q26 Preview – Buy Sieyuan. We reiterate Buy on Sieyuan but lower

our 12m TP to Rmb203.7 and cut 2026-30E EPS by 8-11%, viewing its 2Q26 earnings

miss as driven by temporary overseas revenue delays and FX losses rather than

deteriorating demand. Underlying operations remain intact with 2Q26 new orders

growing around 40% yoy, and we expect back-end loaded earnings in 2H26 alongside

margin improvements from higher-margin North American transformer shipments.

Conversely, we maintain Neutral on Huaming and lower our 12m TP to Rmb23.90,