China competition, HALO with Buy ideas, Previews to revisit, Oil capex and Dairy plus key research: CONNECTING THE DOTS

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China competition, HALO with Buy ideas, Previews to revisit, Oil capex and Dairy plus key research: CONNECTING THE DOTS

Equity Research

17 July 2026 | 12:41PM BST

CONNECTING THE DOTS

China competition, HALO with Buy ideas, Previews to revisit, Oil capex

and Dairy plus key research

China competition one stop shop. Stocks exposed to Chinese competition have Sahar Islam

+44(20)7051-4935 |

been a consistently underperforming theme (Exhibit 1), which we revisited with 9 sahar.islam@gs.com

Goldman Sachs International

speakers to provide a holistic view from macro to micro. Filippo Taddei in Economics

talked through why China competition is only getting fiercer, a view supported by

Patrick Creuset’s datasets showing how trade has structurally shifted, and Sharon

Bell talked us through how to think about which companies are exposed in a nuanced

way (important given parts of Europe continue to do well so we shouldn’t be too

pessimistic). Note that the China Competition Basket (GSXECHNX) in the below chart

has underperformed rather than the broader China Exposure basket, reinforcing the

case for selectivity. Sectors: The discussion spans a wide range of sectors, including

several where competition from China is newer and not showing up in numbers just

yet (Medtech with Richard Felton, see R&D chart below). The debate is also nuanced

within sectors (e.g., parts of Multi-Industry have enough growth that for now the

China competition debate is less relevant, according to Daniela Costa) and between

companies (e.g., in Autos, the product cycles will matter as per Christian Frenes).

Overall, this remains an area to watch for structural underperformance,

especially if we see growth from pockets like electricals slow over the next few

years. Listen here for more.