英文【高盛】早间研究回顾：评级和目标价格变化-截至2025年5月27日美国东部时间上午5-30

The calls around the world to focus on today Macro/Global US Economics, Mericle: Why We Only Expect a One-Time Inflation Boost from nTariffs Oil Comment, Grigsby: GS Top Projects Takeaways: Strong Supply in 2025-2026, nTighter Later Americas Machinery, Infrastructure, Sustainable Tech, Revich: Increasing allocation to nMachinery amid three year-supply inflection; Rating changes Clean Energy, Lee: Nuclear: Trump signs executive orders expected to accelerate nadoption of nuclear power within the US Europe FLSmidth (FLS.CO, Buy), Hinderaker: Margin up-lift to drive re-rating; Up to Buy nEurope Retail, Edwards: Mid-Year European Retail Outlook & Strategy: Having nlowered European consumer HAC to c.+2%, we focus on four themes for 2025 Asia Sumitomo Metal Mining (5713.T, Sell), Yuzawa: Expecting cathode nmaterials/metals business earnings deterioration on slowdown in BEV demand; downgrade to Sell from Buy Varun Beverages (VARB.BO, Buy), Mitra: Unlocking market potential through nsuperior execution; Initiate at Buy The macro round-up Economics US Daily: Why We Only Expect a One-Time Inflation Boost from Tariffs (Mericle) Global Investment Research +1(212)902-1000 GS Early Morning Research Recap Ratings and Target Price Changes - May 27, 2025 as of 5:30 AM ET27 May 2025 | 6:09AM EDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. 26 May 2025 | Economics Research - Jan Hatzius, Alec Phillips, David Mericle, Ronnie Walker, Manuel Abecasis, Elsie Peng, Jessica Rindels Global Rates Trader: Duration Hot Potato 23 May 2025 | Economics Research - George Cole, William Marshall, Bill Zu, Simon Freycenet, Friedrich Schaper US Daily: Drug Pricing Policy Changes Will Probably Have Modest Effects on Inflation (Abecasis) 23 May 2025 | Economics Research - Jan Hatzius, Alec Phillips, David Mericle, Ronnie Walker, Manuel Abecasis, Elsie Peng, Jessica Rindels Global FX Trader: The Bond and the Beautiful 23 May 2025 | Economics Research - Kamakshya Trivedi, Michael Cahill, Danny Suwanapruti, Teresa Alves, Karen Reichgott Fishman, Isabella Rosenberg, Stuart Jenkins, Victor Engel, Lexi Kanter US Week Ahead: May 26 - June 1 25 May 2025 | Economics Research - Jan Hatzius, Alec Phillips, David Mericle, Ronnie Walker, Manuel Abecasis, Elsie Peng, Jessica Rindels Global Markets Daily: European Front-End — Steep For A Reason (Cole/Schaper) 23 May 2025 | Economics Research - George Cole, Friedrich Schaper European Economics Analyst: BoE—An Optimal Policy Perspective (Stehn/Mob