高盛 -中国市场寻思：启航2025（第二部分）：在中国股市中斩获超额收益（摘要）

4.5%，反映出房地产去杠杆的持续拖累，以的出口放缓。然而，政府已经启动了强有力的政策托底措实。应承认的是，公允价值的分布范围存在于大盘整体回报的重要意义。尽管市场开年表现n市场：短期内A股和港股回报率将持平，随着关税和政策更加明朗，n投资主题：买入1)政府消费的代表性投资税；以及3)部分新技术/基础设施的代表性投资标的，以期充分顺应国家的战略目刘劲津,CFA慕天辉,CFA王主丰,CFAn板块：我们建议投资组合向广义消费领域倾斜，维持高配线上零售、媒体和医疗投资者不应视本报告为作出投资决策的唯一因素。有关分析师的申明和其他重要MSCIChina(HKD)EPS(HKD)4540MSCIChina+10%Target(+21%)7676◆(RHS)48◆49MSCIChina+10%Target(+21%)7676◆(RHS)48◆49+7%+12%GS24/25/26EEPSGrowth+12%Dec-21Dec-22Dec-23Dec-24DeCSI300(CNY)EPS(CNY)5,3004,8004,3003,8003,3002,800Target(+21%)4,4964,6004,256+10%3,6913,7963,784+6%(RHS)3,159GS24/25/26ETarget(+21%)4,4964,6004,256+10%3,6913,7963,784+6%(RHS)3,159GS24/25/26EEPSGrowthCSI300Price4,2013,5093,180+10%295285275265255Dec-21Dec-22Dec-23Dec-24DecHarshcase:+60%tariffwithoutCNYdepreciatesBasecaseforecast:MSCIChinafairMSCIChinafairvalueEffectiveUStariffsongoodsChineseEffectiveUStariffsongoodsAdditionalfiscalstimulus40%62(-5%)66Additionalfiscalstimulus40%62(-5%)66(6%)71(15%)76(22%)78(26%)86(32%)30%70%55(-16%)53(-15%)58(-6%)64(3%)77(17%)inremaining2024inremaining2024to70(13%)74(20%)80(30%)83(34%)89(37%)2.5tn3.5tn4.0tn4.5tn5.5tn2025^(RMB)75(21%)82(33%)81(30%)90(46%)85(38%)96(55%)88(42%)99(60%)93(41%)96(47%)2025^(RMB)Note:^referstoextra-budgetcentralgovernmentspecialbondissuanceintheremainingof2024and2025.Numbersinbracketindicatetheupsidefromcurrentindexlevel(asofNov12,2024closing).BullcasePredictbalancedA12% 4% -4% -8%-12%PredictbalancedAAvsHshare3-monthrelativereturnmModel-fittedtAsharesoutperformActualandH-sharereturnsFactorFavoring1%in3monthsandH-sharereturnsFactorFavoringEconomicGrowthHMacroEconomicGrowthHMacroPolicyARegulations&GeopoliticsACompanyFundamentalsHValuationsH!!HsharesoutperformJun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24ReplenishingtheequitycapitalofsmallandmediumsizedbanksEcologicalconstructionandenvironmentalprotectionLogistics,energyandnewinfraRuralrevitalization,agriculture,forestryandwaterconservancySocialhousingEducation,HealthandsocialworkTransportationinfrastructureOthersMunicipalconstructionandindustrialparkInvestmenttargetoflocalgovernmentbondsInvestmenttargetoflocalgovernmentbondsissuedJan-Sep20242021-23Average05101520253035Shareoftotalissuance,percentServicesNote:ServicesNote:ServicesbasedonMSCIChinaConsumerServicesindexconstituents;GoodsbasedontheaverageofMSCIChinaFood,Bev&TobaccoandHouseholdDurablesindex151117101117101GoodsGovernmentSpendingBeneficiariesJan-24Apr-24Jun-24Jul-24Aug-24Jan-24Apr-24Jun-24Jul-24Aug-24Jan-25Corr.withLGSBIssHighLGSBissuancecorr.w/outperformance20%15%10% HighLGSBissuancecorr.w/outperformance20%15%10% oscorr.outperformance个

SemisTechHW个个ConFoodBevHCEquipRealealEstateTranspTranspEnergyHighcreditimpulseUtilitiw/MediaNbasedonmonthlydataforlast5yearsNbasedonmonthlydataforlast5yearsforLocalGovernmentSpecialBond;correlation资料来源：MSCI,FactSet,万得,CEIC,高盛全球投资研究部ChinagovernmentconsumptionproxiesTechHW,Semis,19%46%Autos,3%Media,Retailing,3%ChineseCompanies'669996720142015201620172018201920202021202220232024E20142015201620172018201920202021202220232024EChinaChinaNote:*EMsalesexposureproxyasnon-China,US,EUsalesexposure;subjecttodataavailabilityPricePerformanceIndex45040035030025020050ChineseEMExportersvs.MSCIChinaChineseUSExportersvs.MSCIChina405163Jan-19Jan-20JanJan-19Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25 10%Food&StapRetailRealEstateConsServComm&ProfServEnergyFood&BevInsuranceTelecomPharma&BiotechMaterialsSemiconductorsFood&StapRetailRealEstateConsServComm&ProfServEnergyFood&BevInsuranceTelecomPharma&BiotechMaterialsSemiconductorsAutosCapitalGoodsHardwareHouseholdProductsTransportationMedia&EntertainBanksDurablesBrokersCorrelation◆T-stat(RHNote:CalculationisbasedonmonthlyofRmbIndexvs.MXCNsectorrelativereturns;4504000Jan-20Jan-21Jan-22Jan-23Jan-24Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Note:BasedonaverageconstituentsP/EforEMExportersChineseEMExportersExporters397264(RMBtn)InfrastructureInvestment2086420TraditionalTraditionalInfraNewInfra92%84%83%82%80%201920202021202220232024E2025ENote:For2019&2020,greencapex(withinNewInfra)onlyincludeswindandsolarcapex资料来源：CEIC,高盛全球投资研究部Index84838483RelativeperformancevsCSI300Apr-23Jun-23Aug-23Apr-24Jun-24Apr-23Jun-23Aug-23Apr-24Jun-24Aug-24Note:includingcompaniesNote:includingcompaniesthatareonthe"LittleGIant"listorownsubsidariesonthelistwhichcontributeatleast30%oftotalrevenueDatalabel:Industrygroupname+#of"LittleGiants"+marketcap%Others(1%)CapGoodsAuto49HC288(26%)(4%)Equipment29(3%)Materials174(17%)TechHW161(20%)Semi85(17%)Software41(4%)Pharma43(6%) 0Select"LittleGiants"20x0.8x3,5003,0002,5002,0003,5003,0002,5002,00003,5003,0002,5002,00002006200720082009201020112012201320142015201620172018201920202021202220232024E2025E2006200720082009201020112012201320142015201620172018201920202021202220232024E2025ESharebuybacksDividendsualNote:2024E/25Ebasedoncompanieswithavailableconsensusestimatesfor24ytd24ytdactnumberswereused;Sharebuybacksinnumberswereused;Sharebuybacksin2,3362024E2024EusedYTDactualbuybacksasasestimatesdataweregenerallynotavailableCY25EJChinaShareholderReturnsPortfolio fPE(x)JChinaShareholderReturnsPortfolio fPE(x)9Relativeperformanc11.9xApr-22Apr-23Apr-24Apr-22Apr-23Apr-24Overseasrevenueexposure^^^^24-26EOverseasrevenueexposure^^^^24-26EEPSCAGR21%31%4%24%-3%MFPositioning(bp)^^^^^WeightinMSCIChina(%)2.00.4ReturnsensitivitytoCAIgrowth(%ileranking)^^Returnsensitivitytopolicy(%ileranking)^MSCIChinaindustrygroups25EMSCIChinaindustrygroups25EP/E(X)25EP/B(X)Valuationz-score^^^25EPEGAllocationPerfsinceJan2024-3%48%-24%25%32%55%30%-14%-3%48%-24%25%32%55%30%-14%8%-2%-15%0%5%8%30%6%6%28%9%8%44%0%3%7%41%0%22%21%21%49%0%68%37%37%21%37%32%21%37%95%84%89%68%5%37%68%37%-3-3-5-20-63-176-88-6379-28-1-6-88-60-35-10-20.84.78.68.430.3-1.3-1.2-0.4-1.0-0.8-1.4-0.3-1.32.4--0.5-0.38%24%84%40%88%32%92%80%64%56%20%52%96%68%72%76%44%28%MediaRetailingConsumerSvcsHealthCareDivFinancialsBanksTechHardwareInsuranceFoodBevCapitalGoodsUtilitiesConsumerDurablesRealEstateSemisAutosEnergyMaterialsTransportationTelecomOverweightOverweightMarketweightMarketweight-66%-66%6%20%-9%33%UnderweightUnderweight--Note:^basedonoverallscoreofpolicyscorecard,higherscoreindicateshighersensitivitytopolicyeasingacross5dimensions-financialcondition,macro,property,andregulation;^^basedonmonthlyrelativereturn(toMXCN)sensitivityvs.CAIgrowth(momchangeonqoq);^^^z-scorevs.5-yearhistoricalaverage;^^^^basedonMSCIChinacompanieswithavailablerevenuebygeographydatain2023;^^^^^basedonallocationintopAsia/EMfundsasofNov30,2024资料来源：FactSet,MSCI,Factiva,EPFR,高盛全球投30%20%10% 0%-10%-20%-30%2010201120122013201420152016201720182019202020212022202320242025MXCNGrowthvs.Valuerotation,since20102010201120122013201420152016201720182019202020212022202320242025 Growthvs.Value(3mrollingreturn)Growthvs.Valuerel.performance-RHS'35030025020050PriceIndexPerformancebyGrowthBucket40Jul-22Jan-23Jul-23Jan-24Jul-24StableGrowthJul-22Jan-23Jul-23Jan-24Jul-24SecularGrowthCyclicalGrowthEx-GrowthPre-profitGrowth40Jan-16Jul-16Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25GrowthLiquidityContributorsPolicyJan-16Jul-16Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25GrowthLiquidityContributorsPolicyMarketTechnicalsSmallcapCSI1000vsCSI3003-monthreturn(model-fitted)outperform9523-Sep30-Sep7-Oct14-Oct28-Oct4-Nov18-Nov25-Nov2-Dec9-23-Sep30-Sep7-Oct14-Oct28-Oct4-Nov18-Nov25-Nov2-Dec9-Dec16-Dec23-Dec30-Dec6-JanNewNewvs.CSI300(RHS)NewCSI30012312310611695资料来源：万得,FactSet,高盛全球投资研究部fiscalspending-Topquintileexposed^TickerADVTChinagovernment□consumptionproxiesAMEC99ShennanCircuit976615Autos55333OlympicCircuitTech32--6Note:PricesasofJan7,2024;ValuationitemsareI/B/E/Sconsensus.^fiscalspending-exposedindustrygroupsincludeTechHW,Semis,Autos,FoodBev,ConsSvcs,ConsDur,Retailing,HCequipmentandMedia.^^basedonthepercentilerankingofquarterlyrevenuegrowth(yoy)correlationtolocalgovernmentbondissuanceincrease(vssamequarterlastyear)since2016.KunlunTechEPSgisbasedon26Eonlyas25Enumberisnotmeaningfulduetoexpectedlossmadein2024.资料来源：MSCI,FactSet,万得,CEIC,高盛全球投资研究部>US$1bn>US$5mnTickerNameSectorEst.EMSalesExposure(%)ReturnCorrelationwithRMBIndex(%)QuotedCurrencyQuotedPriceListedMarketCap(US$bn)6MADVT(US$mn)2025EP/E(x)2024-26EEPSCAGR(%)ChineseEMExporters688036CGTranssionHoldingInfoTech35%(1%)CNY88.69915.51519HKJ&TGlobalExpressIndustrials30%(44%)HKD6.0619.286522HKASMPTInfoTech27%(9%)HKD77.043019.41070HKTCLElectronicsConsDisc27%HKD6.2259.7222382HKSunnyOpticalInfoTech24%(14%)HKD67.387723.0212313HKShenzhouInt'lConsDisc21%(6%)HKD61.64612.9992HKLenovoInfoTech17%(4%)HKD9.76710.226968HKXinyiSolarInfoTech17%(4%)HKD3.343210.8259896HKMINISOConsDisc17%(28%)HKD48.453116.5231810HKXiaomiInfoTech15%(2%)HKD34.27333128.920000425CSXCMGIndustrials15%0%CNY7.58310.829603129CGCFMotoPowerConsDisc13%(5%)CNY162.733314.524300274CSSungrowPowerSupplyIndustrials10%10%CNY71.731711.51211HKBYD(H)ConsDisc10%10%HKD259.23821815.124600104CGSAICMotorConsDisc5%1%CNY18.6275518.016Average19%(6%)9615.731Note(1):PricingasofJan7,2025;EMsalesexposurebasedonNote(2):CorrelationcalculatedwithCFETSRmbIndexcompanydataandFactSetGeoRevestimates,proxiedwithnon-China,US,EUsalesTickerNameIndustryGroupMgmtincentiveplansinpast5YBuybacksinpast3YNo.ofsell-sidecoveragePrice(CNY)ListedMktCap(US$bn)ADVT(US$mn)Salesgrowth(2023)EPSgrowth(2023)SalesCAGR(2024-26E)EPSCAGR(2024-26E)R&Dintensity(3yavg)25EP/E(X)25EPEG (X)25EDY(%)Selected"LittleGiants"002028CSSieyuanElectricCapitalGoods√2869.976618%27%20%23%7%21.0688617CGAPTMedicalHealthCareEquip√√348.754336%49%33%33%15%36.10.5603786CGKebodaTechnologyAutos√√2458.4337%35%25%26%10%21.5300346CSNataOpto-electronicMatMaterials√√336.838%13%20%31%14%44.40.4688361CGSkyverseTechnologySemiconductors√2284.435275%1073%47%104%-100.40.3603290CGStarPowerSemiSemiconductors√84.536636%11%26%37%7%22.40.7688050CGEyebrightMedicalTechHealthCareEquip√√96.832664%31%30%29%14%35.90.5688019CGAnjiMicroelectronicsSemiconductors√√134.624315%15%27%28%19%688037CGKINGSEMISemiconductors√√2180.327224%19%37%61%11%688408CGArctechSolarCapitalGoods√√69.723073%682%22%25%4%17.10.7300775CSTriangleDefenseCapitalGoods√622.726132%30%25%20%4%300820CSInjetElectricCapitalGoods√√51.722738%24%23%24%6%17.10.8688596CGGenTechSemiconductors√√34.512342%53%25%37%5%12.70.4688698CGVeichiElectricCapitalGoods√√43.512244%31%24%23%11%27.30.9300360CSSunriseTechTechHW&Equip√716.712218%27%15%17%7%11.00.70.9300855CSToLandAlloyMaterials√21.0134%29%27%23%5%17.80.7688503CGFusionNewMaterialSemiconductors√√44.414358%13%17%19%-688106CGJinhongGasMaterials√√16.5124%37%19%28%4%20.30.7688639CGHuahengBiotechMaterials√√28.112237%40%27%49%-605123CGPaikeNewMaterialsMaterials351.51930%-7%17%28%5%13.20.5-资料来源：万得,FactSet,IBES,高盛全球投资研究部>30GS>30GSChinaShareholderReturnsPortfolio<20<25or<15>=US$4bnStableCashCows600519CGKweichowMoutaiFoodBev520240241444.0CNY247247600900CGChinaYangtzePowerUtilities73928.8CNY96378205.663.13.6-000333CSMideaConsDur49203178.7CNY753327ICBCBanks305774.9HKD5421750-0.46.8-3988HKBankofChinaBanks316893.9HKD425-1-0.46.6-600025CGHuanengHydropowerUtilities5259.1CNY224992.12.8-3968HKCMBBanks33538.3HKD239862-0.85.7-003816CSCGNPowerUtilities428853.7CNY20993.5652.8-601006CGDaqinRailwayTransport599496.4CNY800.7-710.74.9-601169CGBankofBeijingBanks301286.0CNY8050.57-0.45.6-2328HKPICCProperty&CasualtyInsurance4161HKD3777.4-0.95.5-000708CSCiticPacificSpecialSteelMaterials537CNY82390.9445.9-601799CGXingyuAutoLightingAutos335132.9CNY527210.829243.30.6<30√>=0>=0>=US$4bnShareholderreturnsupsidecandidates700HKTencentMedia√60373.4HKD443242.8300750CSCATLCapGoods√35247.3CNY8820.83.99618HKJD.comRetailing24√937133.2HKD50252873.02.2600276CGJiangsuHengruiPharma22√1743.1CNY37240424.2235.50.60.2BYDAutos√4255.8HKD362030.723213.4002371CSNAURATechnologySemis√12385.7CNY28361260.841335.50.4-688012CGAdvMicro-FabricEquipSemis3√17182.0CNY238460.9325.10.2-9987HKYUMChinaConsSvcs26√50339.4HKD2482.71.64.12057HKZTOExpressTransport√76145.9HKD290.94.20.4600233CGYTOExpressTransport26√5CNY6390.53.30.4601117CGChinaNationalChemEngCapGoods23√23387.5CNY66070.980.72.80.0688169CGRoborockTechnConsDur√4235.3CNY6232.92.00.1002353CSJerehOilfieldEnergy√0537.3CNY5400.6780HKTongcheng-ElongConsSvcs5√8HKD5240.7340.0-000400CSXJElectricCapGoods√225.3CNY4710.5262.0<40√>=0<30>=US$4bnSelectcentralandlocalSOEs600809CGXinghuacunFenWineFoodBev37√7-28173.1CNY29600018CGShanghaiInt'lPortTransport30√95.8CNY289-1.1430.93.2-000625CSChanganAutomobileAutos38√-42CNY3460.6-2220-000338CSWeichaiPowerCapGoods37√97CNY0.785.7-600418CGJianghuaiAutomobileAutos30√5-135.8CNY485935.50.1-600415CGCommoditiesCityRetailing33√CNY90.8000999CSChinaResourcesSanjiuPharma34√6-2643.7CNY8622.43.5-603369CGKing'sLuckBreweryFoodBev37√6-3843.2CNY750223.03.0-002916CSShennanCircuitTechHW32√127126.1CNY926343.9-600426CGHualu-HengshengMaterials27√12620.3CNY65880.2214.0-600875CGDongfangElectricCapGoods37√6CNY6490.44.6-600060CGHisenseVisualTechConsDur34√-4821.3CNY4390.763.50.1Median--980.93.00.2Aggregate158976712.8我们，刘劲津,CFA、慕天辉,CFA、付思,Ph.D.、王主丰,CFA，在此申明，本报告所表述的所有观点准确反映了我们的个人看法，没有受到公司业务本报告首页所列作者为高盛全球投资研究部分析师，除非另有说明。任何本报告中研究企业所需的特定公司法定披露见上文：包括即将进行交易的承销商或副承销商，1%或其他股权，特定服务的补偿，客户关系种类，之前担任承销商或副承销商的公开发行，担任董事，担任股票做市及／或专家的角色。高盛担任或可能担任本报告中所涉及发行方的债券（或相关衍生品）以下为额外要求的披露：股权及重大利益冲突:高盛的政策为禁止其分析师、分析师属下专业人员及其家庭成员持有分析师负责研究的任何公司的证券。分析师薪酬:分析师薪酬部分取决于高盛的盈利，其中包括投资银行的收入。分析师担任高级职员或董事:高盛的政策通常禁止其分析师、分析师属下人员及其家庭成员担任分析师负责研究的任何公司的高级职员、董事或顾问。非美国分析师:非美国分析师可能与高盛无关联，因此可以不受FINRA2241条FINRA2242条对于与所研究公司的交流、公开露面及持有交易证券的限制。构不是澳大利亚经授权的存款机构（1959年《银行法》所定义），因此不在澳大利亚境内提供银行服务，也不经营银行业务。本研究报告或本报告的其他形式内容只可分发予根据澳大利亚公司法定义的”批发客户”，在事先获得高盛许可的情况下可以有例外。在撰写研究报告期间，GoldmanSachsAustralia全球投资研究部的职员可能参与本研究报告中所讨论证券的发行公司或其他实体组织的现场调研或会议。在某些情况下，如果视具体情形GoldmanSachsAustralia认为恰当或合理，此类调研或会议的成本可能部分或全部由该证券发行人承担。如本报告内容包含任何金融产品建议，则该建议仅为一般建议，且高盛提出该建议时并未考虑客户的目标、财务状况或需求。客户在就此类建议采取行动之前，应结合其自身目标、财务状况和需求来考虑该建议的适当性。高盛澳大利亚和新西兰的利益披露，以及高盛澳大利亚卖方研究独立性制度声明请参见册分析师为本报告开头部分标明的第一作者，除非报告末另有说明。加拿大:这些信息仅供您参考，在任何情况下都不应被理解为GoldmanSachs&Co.LLC对加拿大证券购买者进行有关任何加拿大证券交易的广告、要约或征求行为。GoldmanSachs&Co.LLC未在适用的加拿大证券法规下注册为任何加拿大司法管辖区内的交易商，通常不被允许交易加拿大证券，并且可能被禁止在加拿大某些司法管辖区内销售某些证券和产品。若您想在加拿大交易任何加拿大证券或其他产品，请联系GoldmanSachsCanadaInc.(高盛集团的关联机构)或其他已注册的加拿大交易商。香港:可从高盛（亚洲）有限责任公司获取有关本报告中所研究公司的证券的额外资料。印度:可从高盛（印度）证券私人有限公司（分析师印度证券交易委员会(SEBI)编号的证券（1956年印度《证券合同(管理)法》条款2(h)之定义）的1%或更高比例。证券市场投资会受到市场风险的影响。请在投资之前仔细阅读所有相关文件。在SEBI注册并获得NISM认证并非对该中间机构表现的担保，亦不能对投资者回报做出保障。高盛（印度）证券私人有限公司投资者支持部门电另行同意，本报告无论以何种方式取得，仅供《金融服务与资本市场法》定义的“专业投资者”使用。可从高盛（亚洲）有限责任公司首尔分公司获取有款机构”。本研究报告以及本报告的其他形式内容只可分发给2008年财务顾问法案定义的“批发客户”，在事先获得高盛许可的情况下可以有例外。高究报告并非俄罗斯法律所定义的广告，而是不以产品推广为主要目的的信息和分析，也不属于俄罗斯法律所界定的评估行为。研究报告不构成俄罗斯法律法规定义的个性化投资建议，并非针对某个具体客户，在报告准备阶段也未分析客户的财务状况、投资特征或风险特征。高盛不对某个客户或任何其他人基于本报告可能做出的任何投资决策承担责任。新加坡:高盛（新加坡）私人）（报告承担法律责任，若有由本研究报告所引发或与本研究报告相关的任何事宜，请联系高盛（新加坡）私人公司。台湾:本信息仅供参考，未经允许不得翻印。投资者应当谨慎考虑他们自身的投资风险，投资结果由投资者自行负责。英国:在英国根据金融市场行为监管局的定义可被分类为私人客户的人士参阅本报告的同时应当参阅高盛以往对本报告研究企业的研究报告，并应当参考高盛国际已经发给这些客户的风险警告资料。该风险警告资料复本，以及本报告中采用部分金融辞汇的解释可向高盛国际索取。欧盟和英国:与欧盟委员会实施条例(EU)(2016/958)（欧盟议会和欧盟理事会条例(EU)No596/2014的补充条款,规定了有关投资建议或其他投资策略的推荐或建议之信息的客观陈述,以及对特定利益或利益冲突进行披露的技术安排应达到的监管技术标准；英国脱离欧盟和欧洲经济区之后该实施条例被纳日本:高盛证券株式会社是在关东财务局注册（注册号：No.69）的金融工具交易商，同时也是日本证券业协会日本金融期货业协会、第二类金融工具公司协会、日本投资信托协会以及日本投资顾问协会的成员。关于日本证券交易所、日本证券交易商协会或日本证券金融公司所要求的适用的信息披露，请参见与公司有关的法定披露部分。高盛全球投资研究部在全球范围内为高盛的客户制作并分发研究产品。高盛分布在其全球各办事处的分析师提供行业和公司的研究，以及宏观经济、货GoldmanSachs&Co.LLC分发；在香港由高盛（亚洲）有限责任公司分发；在印度由高盛（印度）证券私人有限公司分发；在日本由高盛证券株式会社分发；在韩国由高盛（亚洲）有限责任公司首尔分公司分发；在新西兰由新加坡由高盛（新加坡）私人公司（公司号：198602165W）分发；在美国由高盛集团分发。高盛国际已批准本研究报高盛国际（由审慎监管局授权并接受金融市场行为监管局和审慎监管局的监管）已批准本研究报告在英国分发。欧洲经济区:由高盛国际（由审慎监管局授权并接受金融市场行为监管局和审慎监管局的监管）向欧洲经济区内的以下司法管辖区分发研究报告：卢森堡大公国、意大利、比利时王国、丹麦王国、挪威王国、芬兰共和国和爱尔兰