Goldman Sachs Research: APAC Conviction List & Asia Leaders Conference Takeaways (September 2026)

Goldman Sachs updates its APAC Conviction List for September by adding Kotak Mahindra Bank and NEC while removing four names. The note also compiles key takeaways from the Asia Leaders Conference across tech, autos, consumer, and financials, alongside commodity rating revisions and a structural bullish CNY macro view.

Key Takeaways

• 1.Kotak Mahindra Bank and NEC are added to the APAC Conviction List, while Jardine Matheson, Foshan Haitian Flavouring & Food (H), Wuxi AppTec, and Shenzhen Inovance are removed.
• 2.Chinese policymakers are expected to favor a gradual RMB appreciation of 3% to 5% per year against the USD, reaching roughly 6.00 by end-2028 and 5.50 by end-2031.
• 3.Goldman Sachs revised base metals earnings forecasts by -54% to +30% following 1H26 results, downgrading Zhaojin to Neutral and GEM to Sell, while upgrading Ganfeng-H and Huayou Cobalt to Neutral.

Table of Contents

• In Focus | APAC Conviction List
• Asia Leaders Conference Takeaways |
• Technology & Internet
• Autos
• Consumer
• Financials
• Healthcare
• Themes in Play | Singapore Equities, Australia earnings season, China Commodities
• China Macro | RMB
• Graphic language | APAC CL - Anatomy of the List
• Disclosure Appendix

Report data

APAC CL - Anatomy of the List

Reports in this series

The 720 is shown in chronological order through this edition, published on September 3, 2026.

Part of the The 720 series — view all 25 editions

Looking for the latest edition? The 720 Xiaomi, BYD, Innolight, China Staples, China Cosmetics & Proya, Korea Industrials, CDMO CRO, MetaX (Sep 8, 2026)

1. May 11The 720 China Internet
2. May 13The 720 Furukawa
3. May 18The 720 Global Market Views
4. May 21The 720 Alibaba
5. May 22The 720 Samsung Electronics
6. May 28The 720 PDD
7. Jun 4The 720 Global Healthcare (CDMO
8. Jun 5The 720 HK Banks & Insurance
9. Jun 9The 720 Japan Tech (MLCCs
10. Jun 10The 720: China Data Centers, SKY Perfect JSAT, Tsuruha, BeOne Medicines, Asia Financial Corporate Day, Cross Asset Strategy
11. Jun 23The 720: Global Views, Murata, US Internet, Shinhan, China & Korea Macro, Global Severs, China Spirits
12. Jun 30The 720 Asia Views, Samsung Electronics, Kuaishou, Kakao, China Education, GS Asia Consumer & Leisure Corp Day, Mitsubishi E...
13. Jul 24The 720 KBFG & Shinhan, India Auto Parts II, China Value Retailers, Baycurrent, Samsung Biologics, Indigo, DISCO, Global Mar...
14. Jul 27The 720 Japan Semis, Components & SPE, Trip.com, CATL, Shin-Etsu, Hyundai Mobis, HSBC, China Clean Tech, US FOMC
15. Aug 3The 720 APAC CL, MediaTek, Kioxia, Murata, Renesas, Wiwynn, Sony, Eternal, Fanuc, AIA, Divi’s Labs, Amazon
16. Aug 5The 720 Korea Memory & Strategy, Ibiden, MHI, HSBC, AMEC, Toyota, China Value Retailers, Asia Views, Japan FX
17. Aug 6The 720 Global PCB CCL, Xiaomi, Anker, Coupang, Aspeed, Nittobo, Rohm, Taiyo Yuden, HSBC STAN
18. Aug 14The 720 Lenovo, Japan Tech, Rohm, JD.com, SMIC, Hua Hong, Hon Hai, GDS, Thai Oil, SanDisk, Yen, Tingyi
19. Sep 1The 720 Asia Leaders Conference Day 1 Takeaways, Zhipu, Japan Chemicals, Haitian, Kstar, Skshu Paint, Toto
20. Sep 2The 720 Asia Leaders Conf Day 2 Takeaways, Tencent, Xiaomi, MiniMax, BYD, Alibaba, Anta, Mediatek, S Oil

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