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1、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 thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.EQUITYEQUITYRESEARCH|RESEARCH|January 8,2024|10:13PM C

3、STA year after we laid our initial expectations for global humanoid robot TAM of US$6bn,we raise our 2035 TAM forecast to US$38bn resulting from a 4-fold increase in our shipments estimate to 1.4mn units with a much faster path to profitability on a 40%reduction in bill of materials.We believe our r

4、evised shipment estimate would cover 10%-15%of hazardous,dangerous and auto manufacturing roles.AI acceleration,technology breakthroughs,greater capex investments are the key drivers of our forecast changes.Improved technological viability is supported by incorporation of end-to-end AIand multi-moda

5、l AI algorithms enabling much faster product iterations,leadingplayers sooner-than-expected progress(e.g.,Tesla Optimus Gen 2),and bettercapabilities of the robots though possibility for a general purpose AI robot is still aquestion;BOM cost trended down likely by 40%to$150k per unit in 2023 from c.

6、$250k a year ago for high spec robots mainly driven by availability of cheapercomponents with broader scope of domestic supply chain options from the bestperformance components used in labs previously,implying a likely acceleration infactory application viability timeline by one year and consumer ap

7、plications timelineby 2-4 years vs our prior estimates;On labor market implications,the need for robots to handle dangerous jobs isalready elevated by national policy.Our sensitivity analysis suggests humanoidrobot demand could reach 1.1mn-3.5mn units globally assuming 5-15%substitutionrate for spec

8、ial operations and auto manufacturing to support our base caseassumptions.In our blue-sky scenario,we assume manufacturing labor shortageand household/elderly care demand to be addressed.Global Automation Humanoid Robot:The AI accelerantJacqueline Du+86(21)2401-8948 Goldman Sachs(China)SecuritiesCom

9、pany LimitedYuichiro Isayama+81(3)6437-9806 Goldman Sachs Japan Co.,Ltd.Daniela Costa+44(20)7774-8354 Goldman Sachs InternationalMark Delaney,CFA+1(212)357-0535 Goldman Sachs&Co.LLCNick Zheng,CFA+852-2978-Goldman Sachs(Asia)L.L.C.Olivia Xu+86(21)2411-8018 Goldman Sachs(China)SecuritiesCompany Limite

10、dFor the full list of authors,see inside80042414000000000000000000000000Note:The following is a redacted version of the original report published 8 January 2024 39 pgs.Yuichiro Isayama+81(3)6437-Goldman Sachs Japan Co.,Ltd.Nick Zheng,CFA+852-2978-Goldman Sachs(Asia)L.L.C.Daniela Costa+44(20)7774-Gol

11、dman Sachs InternationalOlivia XuZhou Li+86(21)2401-Goldman Sachs(China)SecuritiesCompany Limited+86(21)2411-Goldman Sachs(China)SecuritiesCompany LimitedHao Chen+86(21)2401-Goldman Sachs(China)SecuritiesCompany Limited Jacqueline Du+86(21)2401-Goldman Sachs(China)SecuritiesCompany LimitedMark Delan

12、ey,CFA+1(212)357-Goldman Sachs&Co.LLCTimothy Zhao+852-2978-Goldman Sachs(Asia)L.L.C.Zhihan Ye+86(21)2411-Goldman Sachs(China)SecuritiesCompany LimitedAUTHORS80042414000000000000000000000000What is special in t his report Different iat ed view vs.market expect at ions:Our shi pment esti mates unti l

13、2025E are li kely i n li ne or sli ghtly lower than vari ous company comments,but long run outlook looks hi ghly debatable wi th 1mn uni ts a commonly di scussed i nvestor expectati on but wi th vari ed ti meli ne and hi ghly polari zed market vi ews wi th the most aggressi ve expectati on of as hi

14、gh as 200mn uni ts eventually and the most beari sh vi ew that humanoi d robot wi ll never work.Below are the key factors we consi der i n our base case:The AI progress surprised us the most:We vi ew hardware technology i s mostlynready whi le progress i n end-to-end AI(compl etel y different from r

15、ul e-basedcontrol)coul d potential l y enabl e much faster humanoid robot iterations asseen from the i mprovement of mani pulati on and i nteracti on capabi li ti es of vari ousproducts i n 2023(for e.g.,Tesla Opti mus Gen 2).The cost curve:BOM cost trended down l ikel y by 40%to$150k per unit in 20

16、23nfrom c.$250k a year ago for hi gh spec robots mai nly dri ven by avai labi li ty ofcheaper components wi th broader scope of supply chai n opti ons from the bestperformance components i n labs previ ously,thus far driving better appl icationeconomics,whi ch means factory appl ication viabil ity t

17、imel ine coul d be oneyear earl ier(2024E-27E vs.2025E-28E previousl y)and consumer appl ications2-4 years earl ier(2028E-2031E vs.2030E-2035E).The potential demand:Consi deri ng current technologi cal capabi li ti es,we vi ewnhumanoi d robot has vi si ble demand from jobs i n structured environment

18、 such asmanufacturing(e.g.EV assembly and component sorti ng).Gi ven i ts li kelyadaptabi li ty to dynami c envi ronment enabled by AI algori thms,we beli evehumanoi ds look parti cularly appeali ng for special operations such as dangerousand hazardous tasks,consi deri ng the associ ated fatali ty r

19、ate and peoples lowwi lli ngness i n doi ng such jobs thus customers li kely wi lli ngness to pay a hi gherpri ce than typi cal manufacturi ng work.Growing investments:We are seei ng stronger commi tment from the supply chai n,nstart-ups i n the US and Asi a,multi ple li sted players setti ng up new

20、 robot di vi si onsand potenti ally more government support(i.e.from Chi na).Changes in our invest ment case:For our base case,we rai se up our humanoi d robot shi pment forecast byn75%-389%across 2024-2035E as 1)we see accelerated advancement i n AI,betterhardware configurati on,wi dened&deepened m

21、anufacturi ng supply chai n especi allyi n Chi na,si gni ficant cost reducti on,and i mprovi ng vi si bi li ty on speci al operati ons andmanufacturi ng appli cati on setti ngs;2)we take i nto account not only the hi gh-specrobots,but also the low&mi d-spec robots after MI I T elevated the strategi

22、ci mportance of humanoi d robot i ndustry development;For our bear case,our previ ous bear case assumpti on of a potenti al market exi t byn2028E looks unli kely now gi ven technology advancement;we now expect a delay i n8 January 2024 2Goldman SachsGlobal Aut omat ion:Humanoid Robot8004241400000000

23、0000000000000000high-spec humanoi d robots volume producti on by two years vs.our base case coul d be possibl e due to technol ogy bottl enecks or manufacturing constraints.For our bul l case,we expect humanoi d robot shi pment to hit 1mn units by 2031En(four years ahead of our previ ous expectati o

24、n of 2035E),accelerated byadvancement i n end-to-end AI;For our bl ue-sky scenario,we sti ll expect humanoi drobot to become the next commonly adopted technology after EVs andsmartphones,and we turn more posi ti ve on the potenti al of humanoi d robot to tapi nto more consumer appli cati ons and exp

25、ect the adopti on to be faster by a yearcompared to our previous forecasts.8 January 2024 3Goldman SachsGlobal Aut omat ion:Humanoid Robot80042414000000000000000000000000Key t hesis in chart s Exhibit 1:We believe hardware are most ly ready and progress in end-t o-end AI could pot ent ially enable m

26、uch fast er humanoid robot it erat ion as seen from t he improvement of manipulat ion and int eract ion capabilit ies in 2023 Our evaluat ion of humanoid robot t echnology readiness Not e:Dif f erent colors represent t he degree of t echnology readiness,wit h more ready,needing upgrade,less ready co

27、rresponding t o green,yellow,and red.Bot t lenecks are component s t hat have a relat ively significant proport ion in BOM wit h low t echnology readiness f or robot mass product ion.Source:Company dat a,compiled by Goldman Sachs Global Invest ment Research8 January 2024 4Goldman SachsGlobal Aut oma

28、t ion:Humanoid Robot80042414000000000000000000000000Exhibit 2:Meanwhile,cost reduct ion also t rended much fast er t han our prior expect at ion,implying fact ory applicat ion viabilit y t imeline could be one year earlier(2024E-27E vs.2025E-28E previously)and consumer applicat ions 2-4 years earlie

29、r(2028E-2031E vs.2030E-2035E)Humanoid robot payback period analysis(new vs.prior expect at ions)Not e:Blue shaded area represent s t he possible range of humanoid robot ASP cost reduct ion and t he green shaded area represent s t he possible range of humanoid robot product ivit y out put assuming t

30、he robot s ef ficiency is t wice a human worker;t he crossing point s represent t he payback point f or humanoid robot.Source:Goldman Sachs Global Invest ment Research8 January 2024 5Goldman SachsGlobal Aut omat ion:Humanoid Robot80042414000000000000000000000000Exhibit 3:We t hus raise our 2024-2035

31、E global humanoid robot shipment forecast s Global humanoid robot shipment forecast s(new vs.prior)Not e:We assume a 5-year lif e cycle in our inst allbase f orecast s.Source:Goldman Sachs Global Invest ment Research8 January 2024 6Goldman SachsGlobal Aut omat ion:Humanoid Robot800424140000000000000

32、00000000000Exhibit 5:Humanoid robot st ocks have been t heme-driven since mid-2022 while in our view concret e shipment volumes could emerge more mat erially heading int o 2024E onwards Comparison of humanoid robot st ocks performance since mid-2022 vs.EV index in hist ory(2009-2023)Not e:EV China S

33、ecurit ies Index is 399417.SZ.Humanoid robot index is const ruct ed by us using Sanhua,LeaderDrive,Moons Elect ric,BEST precision,Tuopu,using market-cap weight ed met hod.EV China Securit ies Index(in July 2010),SSE Index(in July 2010),and humanoid robot index(in June 2022)are rebased t o 100.Source

34、:Wind,MIIT,Goldman Sachs Global Invest ment Resarch8 January 2024 8Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000The AI progress surprised us t he most Robotic LLMs devel opment surprised us the most in 2023,such as the l aunch of Pal M-E and RT-2,as wel l as Tesl a

35、s end-to-end AI approach to devel op humanoids.The bedrock for all robot LLMs today i s Googles Transformer model,whi ch was developed si nce 2017,i ntroduci ng a novel neural network archi tecture based on a self-attenti on mechani sm.Based on the Transformer model structure,Google conti nued to de

36、velop three types of models:1)PaLM(Pathways Language Model),focusi ng on text content analysi s and generati on;2)ViT(Vision Transformer)&PaLI(Pathways Language and Image Model),combi ni ng texts and i mages analysi s,transformi ng and reasoni ng;3)RT(Robot Transformer),usi ng tokeni zed i nput and

37、output to connect i nput commands and robot output control.The three types of models evolved through thei r technology paths i nto PaLM-E,PaLI-X and RT-1,and by applyi ng PaLM-E&PaLI-X i n data trai ni ng and RT-1 i n fine-tuni ng,Google i ntroduced RT-2 i n July 2023.RT-2 i s capable of processi ng

38、 natural language commands and analyzi ng tasks scenari os through vi si on thanks to PaLM-E and PaLI-Xs multi modal analysi s capabi li ti es,and i s able to control robots to execute tasks thanks to RT-1s movement database and tokeni zed data processi ng technology.RT-2s end-to-end AI capabi li ty

39、 i s based on a robot movement database,taki ng Google 1.5 years to collect the data,thus RT models have longer R&D peri od vs.the other two types.After RT-2s release,select Chi na roboti c compani es also launched thei r own robot LLMs,whi le i n our vi ew the AI capabi li ti es of most domesti c h

40、umanoi d robot OEMs at the moment are developed based on open-sourced robot LLMs(large language models),such as from OpenAI,Meta and Google Deepmi nd.Exhibit 9:Robot ic LLMs development surprised us t he most in 2023,such as t he launch of PalM-E and RT-2 Key robot ics LLMs development t imeline Sou

41、rce:Dat a compiled by Goldman Sachs Global Invest ment Research,Ubt ech,Mechmind,Dat aa,Google,Nvidia8 January 2024 11Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000Tesla released a vi deo i n Sep 2023 to elaborate thei r end-to-end AI process i n Opti mus.End-to-end

42、 AI i s completely di fferent from pri or rule-based control,meani ng the software system i tself can execute the task from ori gi nal commands and scenari os to final outputs under AI self-generated rules i nstead of software engi neers pre-programmed rules.I n the vi deo,Tesla Opti mus completed t

43、he higher-l evel end-to-end control from scenari o observati on to task analysi s.These two processes are completed by robot LLMs as they have i mage/text/vi deo reasoni ng and analysi s abi li ti es.The l ower-l evel end-to-end control i ncludes si mulati on and final executi on,where robot AI need

44、s to arrange the workflow of movements(si mulati on)and then turn i nto the robot physi cal movements that we see.On Dec 13,2023,Tesla unvei led Tesla Opti mus Bot Gen 2 i n vi deo format.We note Tesla launched i ts Gen 1 product ni ne months back i n March 2023 and three months after they demonstra

45、ted the end-to-end AI learni ng capabi li ti es,showi ng a much faster product i terati on and R&D pace than comparable peers.Exhibit 10:End-t o-end AI is complet ely different from prior rule-based robot cont rol Illust rat ion of end-t o-end robot AI Source:Company dat a,Dat a compiled by Goldman

46、Sachs Global Invest ment Research8 January 2024 12Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000Exhibit 11:.which enabled much fast er robot it erat ion pace t hat we saw in 2023 Tesla Bot development t imeline vs Bost on Dynamics At las Source:Company dat a,compile

47、d by Goldman Sachs Global Invest ment Research8 January 2024 13Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000Cost s also declined fast er t o drive bet t er applicat ion economics We note the manufacturing cost for humanoid robot has dropped significantl y from l ik

48、el y$50-250k per unit l ast year to$30-150k(range of l ow spec to high spec)now,or around 40%decl ine(vs.our prior assumption of 15%to 20%p.a decl ine)mai nly dri ven by avai labi li ty of cheaper components wi th broader scope of supply chai n opti ons from the mere exi stence i n labs previ ously,

49、opti mi zati on i n desi gn and manufacturi ng techni que(e.g.cost for T-screw dropped si gni ficantly by shi fti ng from electri c di scharge machi ni ng to mechani cal machi ni ng)whi ch suggests robot commerci ali zati on could come faster vs our pri or expected ti meli ne based on a payback Exhi

50、bit 12:We believe hardware are most ly ready and progress in end-t o-end AI could pot ent ially enable much fast er humanoid robot it erat ion as seen from t he improvement of manipulat ion and int eract ion capabilit ies in 2023 Our evaluat ion of humanoid robot t echnology readiness Not e:Dif f er

51、ent colors represent s t he degree of t echnology readiness,wit h more ready,needing upgrade,less ready corresponding t o green,yellow,and red.Bot t lenecks are component s t hat have a relat ively significant proport ion in BOM wit h low t echnology readiness f or robot mass product ion.Source:Comp

52、any dat a,compiled by Goldman Sachs Global Invest ment Research8 January 2024 14Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000peri od analysi s of humanoi d robot cost curve vs.output.Looking forward,we continue to expect further cost reduction in the coming years,e

53、speci ally for hi gh-specs desi gn currently wi th bottlenecks on a few key components.For example,Tesla adopts planetary roller screws for the li near actuators whi ch can achi eve hi gh preci si on and wi thstand heavy loads per di scussi ons wi th planetary roller screw manufacturers such as Heng

54、li Hydrauli c and Best preci si on,however,we beli eve producti on capaci ty and cost reducti on depend on(1)avai labi li ty of key producti on equi pment,esp.hi gh-preci si on gri ndi ng machi ne wi th i nelasti c capaci ty from suppli ers(95%of equi pment comi ng from overseas,such as Japan and Eu

55、rope)wi th potenti al export restri cti ons(e.g.,Japan and some European countri es restri ct the export of hi gh-end equi pment to Chi na);(2)li mi ted technology know-how amongst domesti c component makers,as currently overseas players domi nate i n thi s speci al type of product,especi ally Europ

56、e;and(3)hi gh costs as a result of li mi ted i ndustry capaci ty(servi ng only ni che appli cati ons previ ously,e.g.machi ne tools and aerospace)and long manufacturi ng cycle ti me(1hr or more per pi ece).That sai d,accordi ng to our channel checks wi th many potenti al domesti c suppli ers(e.g.Bes

57、t Preci si on,Hengli Hydrauli c,and Sanhua),we beli eve mass producti on of humanoi d robots could bri ng down the uni t costs of planetary roller screws over ti me,whi le domesti c substi tuti on i s hi ghly determi ned by equi pment capaci ty,manufacturi ng techni que know-how and talent teams.8 J

58、anuary 2024 15Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000Consi deri ng current technology capabi li ti es,we view humanoid robot has visibl e demand from works in structured environment such as manufacturing(e.g.EV assembl y and component sorting).Per UBTech(9880

59、.HK.non-covered),70%of the overall current manufacturi ng work i n Chi na i s handled by exi sti ng machi nery&automati on soluti ons,20%i s sti ll handled by manual labor and 10%i s handled by management staff.Together wi th the exi sti ng i ndustri al robot products whi ch can perform more ri gi d

60、 and preci se tasks,we expect humanoi ds,bei ng more flexi ble and capable of adapti ng to complex terrai n vs.flat ground,can also help tackle the i ncremental automati on TAM.Gi ven i ts li kely adaptabi li ty to dynami c envi ronment enabled by AI algori thms,humanoids l ook particul arl y appeal

61、 ing for special operations such as“dangerous,di rty and dull”(3D)tasks,consi deri ng the associ ated fatali ty rate and peoples low Exhibit 13:Our updat ed assessment suggest s fact ory applicat ions could be economically viable in 2024E-27E(vs.previous expecat ion of 2025E-2028E)and consumer appli

62、cat ions by 2028E-2031E(vs.previous expect at ion of 2030E-2035E)Humanoid robot payback period analysis(new vs.prior expect at ions)Not e:Our base case cost curve is ref ering t o high spec robot s while bull case is ref ering t o low spec robot s t o account f or t he t echnology capabilit y f act

63、or t o handle t he out put we assumed.Source:Goldman Sachs Global Invest ment Research8 January 2024 16Goldman SachsGlobal Aut omat ion:Humanoid Robot 80042414000000000000000000000000wi lli ngness i n doi ng such jobs thus customers li kely wi lli ngness to pay a hi gher pri ce than typi cal manufac

64、turi ng work.Accordi ng to US Bureau of labor stati sti cs,fatal work i njuri es recorded i n US i s around 5,000 per year and fatal work i njury rate i s c3.5 per 100k workers.Taki ng coal mi ni ng as an example,fatali ty rate i n US/Chi na i s at 16.2 per 100k FTE(Full-ti me equi valent employees)

65、and 0.04 per mn ton of coal as of 2021.Other possi ble appli cati ons are:di saster rescue,nuclear reactor mai ntenance and chemi cals manufacturi ng.Along wi th auto manufacturi ng,as a sensi ti vi ty test,assuming 5%/10%/15%l abor substitution rate for these five appl ications,humanoid robot deman

66、d can potential l y reach 1.1mn-3.5mn units gl obal l y.The need for robots to handle hazardous/dangerous jobs i s already elevated by nati onal poli cy.On Jan 5,2024,the Mi ni stry of Emergency Management and Mi ni stry of I nformati on&Technology i n Chi na joi ntly announced thei r plan to develo

67、p emergency robots,whi ch are i ntelli gent robots that perform tasks such as moni tori ng and provi di ng early warni ngs,search and rescue,communi cati on command,logi sti cs support,safety producti on operati ons,and di saster reli ef.Accordi ng to our Asi a I ndustri als Analyst I sayama Yui chi

68、 ros takeaways from I nternati onal Robot Exhi bi ti on,Japanese robot OEMs are also dedi cated to launch a di verse range of soluti ons for more non-conventi onal appli cati ons.For example Kawasaki Heavy I ndustri es showed a demo of i ts Kalei do humanoi d robot,potenti ally sui table for di sast

69、er rescue.Exhibit 14:Exist ing global humanoid robot brands,product specs and t heir t arget ed applicat ions Robot models are updat ed as of Jan 5,2024.Source:Company dat a,Dat a compiled by Goldman Sachs Global Invest ment Research8 January 2024 17Goldman SachsGlobal Aut omat ion:Humanoid Robot800

70、42414000000000000000000000000Exhibit 15:China humanoid robot brands,t heir product specs and t arget ed applicat ions Robot models are updat ed as of Jan 5,2024.Source:Company dat a,Dat a compiled by Goldman Sachs Global Invest ment ResearchExhibit 16:US Bureau of labor st at ist ics recorded fat al

71、 work injuries in US at c.5,000 and fat al work injury rat e at c3.5 per 100k workers.US 2015-2021 work injuries st at ist ics Exhibit 17:.and t he same indicat ors for product ion act ivit ies came at 21k/1.1 in 2022 for China China 2015-2022 product ion act ivit ies fat alit ies st at ist ics 4,83

72、6 5,190 5,147 5,250 5,333 4,764 5,190 3.4 3.6 3.5 3.5 3.5 3.4 3.6 3.3 3.3 3.4 3.4 3.5 3.5 3.6 3.6 3.7 4,400 4,500 4,600 4,700 4,800 4,900 5,000 5,100 5,200 5,300 5,4002015201620172018201920202021(RHS)(LHS)No.of fatal work injuires recored in US(LHS)Fatal work injury rate in US(per 100k FTE workers)(

73、RHS)66 43 38 34 30 27 26 21 1.07 1.70 1.64 1.55 1.47 1.30 1.37 1.10 -0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80-10 20 30 40 50 60 7020152016201720182019202020212022(RHS)(LHS)kNo.of fatalities in production accidents in China(LHS)No.of production fatalities per 100k people in China(RHS)FTE workers:

74、Full-t ime equivalent (FTE)employees comput ed using report ed hours worked(2,000 hours=1 FTE)Source:US Bureau of Labor St at ist ics,Dat a compiled by Goldman Sachs Global Invest ment ResearchSource:NBS,Dat a compiled by Goldman Sachs Global Invest ment ResearchExhibit 18:No.of fat alit ies of coal

75、 mining in 2021 in US came at 37,wit h fat alit ies rat e at 16.2 per 100k FTE.US 2015-2022 coal mining fat alit ies st at ist ics Exhibit 19:.and China in 2021 had 178 fat alit ies in coal mining,wit h fat alit ies rat e at 0.04 per mn t on of coal China 2015-2021 coal mining fat alit ies st at ist

76、 ics 26242727272937299.8 10.1 11.0 10.5 10.5 12.9 16.2 11.8 -2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0051015202530354020152016201720182019202020212022(RHS)(LHS)No.of occupational mining fatalities in US(LHS)occupational mining fatalities rate in US(per 100k FTE)(RHS)5885383753333162251780.16 0.16 0.1

77、1 0.09 0.08 0.06 0.04 -0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.1801002003004005006007002015201620172018201920202021(RHS)(LHS)No.of coal mining fatalities in China(LHS)Fatality rate per million ton of coal in China(RHS)FTE:Full-t ime equivalent (FTE)employees comput ed using report ed hours worked(

78、2,000 hours=1 FTE)Source:St at ist a,CDC,US Bureau of labor st at ist ics,Dat a compiled by Goldman Sachs Global Invest ment ResearchSource:NBS,Dat a compiled by Goldman Sachs Global Invest ment Research8 January 2024 18Goldman SachsGlobal Aut omat ion:Humanoid Robot80042414000000000000000000000000W

79、i th that sai d,we would need to moni tor the i ndustry development for a longer ti me to evaluate humanoi d robots capabi li ty to handle generali zed multi-task appli cati ons.Put i n another word,it is stil l a question whether a general purpose AI robot is technol ogical l y viabl e to handle co

80、nsumer/household appli cati ons such as elderly care.Exhibit 20:As a sensit ivit y t est,humanoid robot demand could reach 1.1mn-3.5mn unit s globally assuming 5%/10%/15%subst it ut ion rat e of hazardous and dangerous works as well as aut o manufact uring at 5%substitution rateat 10%substitution ra

81、teat 15%substitution rateGlobal ex.ChinaChinaGlobal ex.ChinaChinaGlobal ex.ChinaChinaSpecial operations500 213 1,000 426 1,499 639 Disaster rescue70 19 140 38 211 58 Nuclear reactor maintenance9 2 18 3 26 5 Coal mining384 130 769 260 1,153 390 Hazardous chemical industry36 62 73 125 109 187 Auto man

82、ufacturing215 219 430 437 645 656 Total715 431 1,430 863 2,145 1,294 Humanoid robot demand from labor force substitution(k units)Source:US Bureau of Labor St at ist ics,St at ist a,DATAUSA,The World Bank,ACEA,NBS,World Nuclear Associat ion,IAEA,Goldman Sachs Global Invest ment ResearchExhibit 21:If

83、general purpose AI robot is t echnologically/economically viable,it could great ly solve social issues such as manufact uring labor short age and elderly care et c.Source:OECD,Deloit t e,FRED,Goldman Sachs Global Invest ment Research8 January 2024 19Goldman SachsGlobal Aut omat ion:Humanoid Robot800

84、42414000000000000000000000000Disclosure Appendix Reg AC I,Jacqueli ne Du,hereby certi fy that all of the vi ews expressed i n thi s report accurately reflect my personal vi ews about the subject company or compani es and i ts or thei r securi ti es.I also certi fy that no part of my compensati on wa

85、s,i s or wi ll be,di rectly or i ndi rectly,related to the speci fic recommendati ons or vi ews expressed i n thi s report.GS Fact or Profile The Goldman Sachs Factor Profile provi des i nvestment context for a stock by compari ng key attri butes to the market(i.e.our coverage uni verse)and i ts sec

86、tor peers.The four key attri butes depi cted are:Growth,Fi nanci al Returns,Multi ple(e.g.valuati on)and I ntegrated(a composi te of Growth,Fi nanci al Returns and Multi ple).Growth,Fi nanci al Returns and Multi ple are calculated by usi ng normali zed ranks for speci fic metri cs for each stock.The

87、 normali zed ranks for the metri cs are then averaged and converted i nto percenti les for the relevant attri bute.The preci se calculati on of each metri c may vary dependi ng on the fiscal year,i ndustry and regi on,but the standard approach i s as follows:Growth i s based on a stocks forward-look

88、i ng sales growth,EBI TDA growth and EPS growth(for financi al stocks,only EPS and sales growth),wi th a hi gher percenti le i ndi cati ng a hi gher growth company.Financial Returns i s based on a stocks forward-looki ng ROE,ROCE and CROCI (for financi al stocks,only ROE),wi th a hi gher percenti le

89、 i ndi cati ng a company wi th hi gher financi al returns.Mul tipl e i s based on a stocks forward-looki ng P/E,P/B,pri ce/di vi dend(P/D),EV/EBI TDA,EV/FCF and EV/Debt Adjusted Cash Flow(DACF)(for financi al stocks,only P/E,P/B and P/D),wi th a hi gher percenti le i ndi cati ng a stock tradi ng at

90、a hi gher multi ple.The Integrated percenti le i s calculated as the average of the Growth percenti le,Fi nanci al Returns percenti le and(100%-Multi ple percenti le).Fi nanci al Returns and Multi ple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters i n the futu

91、re.Growth uses i nputs for the fiscal year at least seven quarters i n the future compared wi th the year at least three quarters i n the future(on a per-share basi s for all metri cs).For a more detai led descri pti on of how we calculate the GS Factor Profile,please contact your GS representati ve

92、.M&A Rank Across our global coverage,we exami ne stocks usi ng an M&A framework,consi deri ng both quali tati ve factors and quanti tati ve factors(whi ch may vary across sectors and regi ons)to i ncorporate the potenti al that certai n compani es could be acqui red.We then assi gn a M&A rank as a m

93、eans of scori ng compani es under our rated coverage from 1 to 3,wi th 1 representi ng hi gh(30%-50%)probabi li ty of the company becomi ng an acqui si ti on target,2 representi ng medi um(15%-30%)probabi li ty and 3 representi ng low(0%-15%)probabi li ty.For compani es ranked 1 or 2,i n li ne wi th

94、 our standard departmental gui deli nes we i ncorporate an M&A component i nto our target pri ce.M&A rank of 3 i s consi dered i mmateri al and therefore does not factor i nto our pri ce target,and may or may not be di scussed i n research.Quant um Quantum i s Goldman Sachs propri etary database pro

95、vi di ng access to detai led financi al statement hi stori es,forecasts and rati os.I t can be used for i n-depth analysi s of a si ngle company,or to make compari sons between compani es i n di fferent sectors and markets.Dist ribut ion of rat ings/invest ment banking relat ionships Goldman Sachs I

96、 nvestment Research global Equi ty coverage uni verse As of October 1,2023,Goldman Sachs Global I nvestment Research had i nvestment rati ngs on 2,960 equi ty securi ti es.Goldman Sachs assi gns stocks as Buys and Sells on vari ous regi onal I nvestment Li sts;stocks not so assi gned are deemed Neut

97、ral.Such assi gnments equate to Buy,Hold and Sell for the purposes of the above di sclosure requi red by the FI NRA Rules.See Rati ngs,Coverage uni verse and related defini ti ons below.The I nvestment Banki ng Relati onshi ps chart reflects the percentage of subject compani es wi thi n each rati ng

98、 category for whom Goldman Sachs has provi ded i nvestment banki ng servi ces wi thi n the previ ous twelve months.Rating DistributionInvestment Banking RelationshipsBuyHoldSellBuyHoldSellGlobal48%36%16%62%56%44%8 January 2024 20Goldman SachsGlobal Aut omat ion:Humanoid Robot800424140000000000000000

99、00000000Regulat ory disclosures Disclosures required by Unit ed St at es laws and regulat ions See company-speci fic regulatory di sclosures above for any of the followi ng di sclosures requi red as to compani es referred to i n thi s report:manager or co-manager i n a pendi ng transacti on;1%or oth

100、er ownershi p;compensati on for certai n servi ces;types of cli ent relati onshi ps;managed/co-managed publi c offeri ngs i n pri or peri ods;di rectorshi ps;for equi ty securi ti es,market maki ng and/or speci ali st role.Goldman Sachs trades or may trade as a pri nci pal i n debt securi ti es(or i

101、 n related deri vati ves)of i ssuers di scussed i n thi s report.The followi ng are addi ti onal requi red di sclosures:Ownership and material conflicts of interest:Goldman Sachs poli cy prohi bi ts i ts analysts,professi onals reporti ng to analysts and members of thei r households from owni ng sec

102、uri ti es of any company i n the analysts area of coverage.Anal yst compensation:Analysts are pai d i n part based on the profitabi li ty of Goldman Sachs,whi ch i ncludes i nvestment banki ng revenues.Anal yst as officer or director:Goldman Sachs poli cy generally prohi bi ts i ts analysts,persons

103、reporti ng to analysts or members of thei r households from servi ng as an officer,di rector or advi sor of any company i n the analysts area of coverage.Non-U.S.Anal ysts:Non-U.S.analysts may not be associ ated persons of Goldman Sachs&Co.LLC and therefore may not be subject to FI NRA Rule 2241 or

104、FI NRA Rule 2242 restri cti ons on communi cati ons wi th subject company,publi c appearances and tradi ng securi ti es held by the analysts.Distribution of ratings:See the di stri buti on of rati ngs di sclosure above.Price chart:See the pri ce chart,wi th changes of rati ngs and pri ce targets i n

105、 pri or peri ods,above,or,i f electroni c format or i f wi th respect to multi ple compani es whi ch are the subject of thi s report,on the Goldman Sachs websi te at https:/ ional disclosures required under t he laws and regulat ions of jurisdict ions ot her t han t he Unit ed St at es The followi n

106、g di sclosures are those requi red by the juri sdi cti on i ndi cated,except to the extent already made above pursuant to Uni ted States laws and regulati ons.Austral ia:Goldman Sachs Australi a Pty Ltd and i ts affili ates are not authori sed deposi t-taki ng i nsti tuti ons(as that term i s define

107、d i n the Banki ng Act 1959(Cth)i n Australi a and do not provi de banki ng servi ces,nor carry on a banki ng busi ness,i n Australi a.Thi s research,and any access to i t,i s i ntended only for“wholesale cli ents”wi thi n the meani ng of the Australi an Corporati ons Act,unless otherwi se agreed by

108、 Goldman Sachs.I n produci ng research reports,members of Global I nvestment Research of Goldman Sachs Australi a may attend si te vi si ts and other meeti ngs hosted by the compani es and other enti ti es whi ch are the subject of i ts research reports.I n some i nstances the costs of such si te vi

109、 si ts or meeti ngs may be met i n part or i n whole by the i ssuers concerned i f Goldman Sachs Australi a consi ders i t i s appropri ate and reasonable i n the speci fic ci rcumstances relati ng to the si te vi si t or meeti ng.To the extent that the contents of thi s document contai ns any finan

110、ci al product advi ce,i t i s general advi ce only and has been prepared by Goldman Sachs wi thout taki ng i nto account a cli ents objecti ves,financi al si tuati on or needs.A cli ent should,before acti ng on any such advi ce,consi der the appropri ateness of the advi ce havi ng regard to the cli

111、ents own objecti ves,financi al si tuati on and needs.A copy of certai n Goldman Sachs Australi a and New Zealand di sclosure of i nterests and a copy of Goldman Sachs Australi an Sell-Si de Research I ndependence Poli cy Statement are avai lable at:https:/ sclosures/australi a-new-zealand/i ndex.ht

112、ml.Brazil:Di sclosure i nformati on i n relati on to 8 January 2024 21Goldman SachsGlobal Aut omat ion:Humanoid Robot80042414000000000000000000000000CVM Resoluti on n.20 i s avai lable at https:/ de/brazi l/area/gi r/i ndex.html.Where appli cable,the Brazi l-regi stered analyst pri mari ly responsi

113、ble for the content of thi s research report,as defined i n Arti cle 20 of CVM Resoluti on n.20,i s the first author named at the begi nni ng of thi s report,unless i ndi cated otherwi se at the end of the text.Canada:Thi s i nformati on i s bei ng provi ded to you for i nformati on purposes only an

114、d i s not,and under no ci rcumstances should be construed as,an adverti sement,offeri ng or soli ci tati on by Goldman Sachs&Co.LLC for purchasers of securi ti es i n Canada to trade i n any Canadi an securi ty.Goldman Sachs&Co.LLC i s not regi stered as a dealer i n any juri sdi cti on i n Canada u

115、nder appli cable Canadi an securi ti es laws and generally i s not permi tted to trade i n Canadi an securi ti es and may be prohi bi ted from selli ng certai n securi ti es and products i n certai n juri sdi cti ons i n Canada.I f you wi sh to trade i n any Canadi an securi ti es or other products

116、i n Canada please contact Goldman Sachs Canada I nc.,an affili ate of The Goldman Sachs Group I nc.,or another regi stered Canadi an dealer.Hong Kong:Further i nformati on on the securi ti es of covered compani es referred to i n thi s research may be obtai ned on request from Goldman Sachs(Asi a)L.

117、L.C.India:Further i nformati on on the subject company or compani es referred to i n thi s research may be obtai ned from Goldman Sachs(I ndi a)Securi ti es Pri vate Li mi ted,Research Analyst-SEBI Regi strati on Number I NH000001493,951-A,Rati onal House,Appasaheb Marathe Marg,Prabhadevi,Mumbai 400

118、 025,I ndi a,Corporate I denti ty Number U74140MH2006FTC160634,Phone+91 22 6616 9000,Fax+91 22 6616 9001.Goldman Sachs may benefici ally own 1%or more of the securi ti es(as such term i s defined i n clause 2(h)the I ndi an Securi ti es Contracts(Regulati on)Act,1956)of the subject company or compan

119、i es referred to i n thi s research report.I nvestment i n securi ti es market are subject to market ri sks.Read all the related documents carefully before i nvesti ng.Regi strati on granted by SEBI and certi ficati on from NI SM i n no way guarantee performance of the i ntermedi ary or provi de any

120、 assurance of returns to i nvestors.Goldman Sachs(I ndi a)Securi ti es Pri vate Li mi ted I nvestor Gri evance E-mai l:i ndi a-cli ent-.Compli ance Officer:Ani l Rajput|Tel:+91 22 6616 9000|Emai l:ani .Japan:See below.Korea:Thi s research,and any access to i t,i s i ntended only for“professi onal i

121、nvestors”wi thi n the meani ng of the Fi nanci al Servi ces and Capi tal Markets Act,unless otherwi se agreed by Goldman Sachs.Further i nformati on on the subject company or compani es referred to i n thi s research may be obtai ned from Goldman Sachs(Asi a)L.L.C.,Seoul Branch.New Zeal and:Goldman

122、Sachs New Zealand Li mi ted and i ts affili ates are nei ther“regi stered banks”nor“deposi t takers”(as defined i n the Reserve Bank of New Zealand Act 1989)i n New Zealand.Thi s research,and any access to i t,i s i ntended for“wholesale cli ents”(as defined i n the Fi nanci al Advi sers Act 2008)un

123、less otherwi se agreed by Goldman Sachs.A copy of certai n Goldman Sachs Australi a and New Zealand di sclosure of i nterests i s avai lable at:https:/ sclosures/australi a-new-zealand/i ndex.html.Russia:Research reports di stri buted i n the Russi an Federati on are not adverti si ng as defined i n

124、 the Russi an legi slati on,but are i nformati on and analysi s not havi ng product promoti on as thei r mai n purpose and do not provi de apprai sal wi thi n the meani ng of the Russi an legi slati on on apprai sal acti vi ty.Research reports do not consti tute a personali zed i nvestment recommend

125、ati on as defined i n Russi an laws and regulati ons,are not addressed to a speci fic cli ent,and are prepared wi thout analyzi ng the financi al ci rcumstances,i nvestment profiles or ri sk profiles of cli ents.Goldman Sachs assumes no responsi bi li ty for any i nvestment deci si ons that may be t

126、aken by a cli ent or any other person based on thi s research report.Singapore:Goldman Sachs(Si ngapore)Pte.(Company Number:198602165W),whi ch i s regulated by the Monetary Authori ty of Si ngapore,accepts legal responsi bi li ty for thi s research,and should be contacted wi th respect to any matter

127、s ari si ng from,or i n connecti on wi th,thi s research.Taiwan:Thi s materi al i s for reference only and must not be repri nted wi thout permi ssi on.I nvestors should carefully consi der thei r own i nvestment ri sk.I nvestment results are the responsi bi li ty of the i ndi vi dual i nvestor.Unit

128、ed Kingdom:Persons who would be categori zed as retai l cli ents i n the Uni ted Ki ngdom,as such term i s defined i n the rules of the Fi nanci al Conduct Authori ty,should read thi s research i n conjuncti on wi th pri or Goldman Sachs research on the covered compani es referred to herei n and sho

129、uld refer to the ri sk warni ngs that have been sent to them by Goldman Sachs I nternati onal.A copy of these ri sks warni ngs,and a glossary of certai n financi al terms used i n thi s report,are avai lable from Goldman Sachs I nternati onal on request.European Union and United Kingdom:Di sclosure

130、i nformati on i n relati on to Arti cle 6(2)of the European Commi ssi on Delegated Regulati on(EU)(2016/958)supplementi ng Regulati on(EU)No 596/2014 of the European Parli ament and of the Counci l(i ncludi ng as that Delegated Regulati on i s i mplemented i nto Uni ted Ki ngdom domesti c law and re

131、gulati on followi ng the Uni ted Ki ngdoms departure from the European Uni on and the European Economi c Area)wi th regard to regulatory techni cal standards for the techni cal arrangements for objecti ve presentati on of i nvestment recommendati ons or other i nformati on recommendi ng or suggesti

132、ng an i nvestment strategy and for di sclosure of parti cular i nterests or i ndi cati ons of confli cts of i nterest i s avai lable at https:/ sclosures/europeanpoli cy.html whi ch states the European Poli cy for Managi ng Confli cts of I nterest i n Connecti on wi th I nvestment Research.Japan:Gol

133、dman Sachs Japan Co.,Ltd.i s a Fi nanci al I nstrument Dealer regi stered wi th the Kanto Fi nanci al Bureau under regi strati on number Ki nsho 69,and a member of Japan Securi ti es Dealers Associ ati on,Fi nanci al Futures Associ ati on of Japan Type I I Fi nanci al I nstruments Fi rms Associ ati

134、on,The I nvestment Trusts Associ ati on,Japan,and Japan I nvestment Advi sers Associ ati on.Sales and purchase of equi ti es are subject to commi ssi on pre-determi ned wi th cli ents plus consumpti on tax.See company-speci fic di sclosures as to any appli cable di sclosures requi red by Japanese st

135、ock exchanges,the Japanese Securi ti es Dealers Associ ati on or the Japanese Securi ti es Fi nance Company.Rat ings,coverage universe and relat ed definit ions Buy(B),Neutral (N),Sel l (S)Analysts recommend stocks as Buys or Sells for i nclusi on on vari ous regi onal I nvestment Li sts.Bei ng assi

136、 gned a Buy or Sell on an I nvestment Li st i s determi ned by a stocks total return potenti al relati ve to i ts coverage uni verse.Any stock not assi gned as a Buy or a Sell on an I nvestment Li st wi th an acti ve rati ng(i.e.,a stock that i s not Rati ng Suspended,Not Rated,Coverage Suspended or

137、 Not Covered),i s deemed Neutral.Each regi on manages Regi onal Convi cti on li sts,whi ch are selected from Buy rated stocks on the respecti ve regi ons I nvestment li sts and represent i nvestment recommendati ons focused on the si ze of the total return potenti al and/or the li keli hood of the r

138、eali zati on of the return across thei r respecti ve areas of coverage.The addi ti on or removal of stocks from such Convi cti on li sts are managed by the I nvestment Revi ew Commi ttee or other desi gnated commi ttee i n each respecti ve regi on and do not represent a change i n the analysts i nve

139、stment rati ng for such stocks.Total return potential represents the upsi de or downsi de di fferenti al between the current share pri ce and the pri ce target,i ncludi ng all pai d or anti ci pated di vi dends,expected duri ng the ti me hori zon associ ated wi th the pri ce target.Pri ce targets ar

140、e requi red for all covered stocks.The total return potenti al,pri ce target and associ ated ti me hori zon are stated i n each report addi ng or rei terati ng an I nvestment Li st membershi p.Coverage Universe:A li st of all stocks i n each coverage uni verse i s avai lable by pri mary analyst,stoc

141、k and coverage uni verse at https:/ Rated(NR).The i nvestment rati ng,target pri ce and earni ngs esti mates(where relevant)are not provi ded or have been suspended pursuant to Goldman Sachs poli cy when Goldman Sachs i s acti ng i n an advi sory capaci ty i n a merger or i n a strategi c transacti

142、on i nvolvi ng thi s company,when there are legal,regulatory or poli cy constrai nts due to Goldman Sachs i nvolvement i n a transacti on,when the company i s an early-stage bi otechnology company,and i n certai n other ci rcumstances.Rating Suspended(RS).Goldman Sachs Research has suspended the i n

143、vestment rati ng and pri ce target for thi s stock,because there i s not a suffici ent fundamental basi s for determi ni ng an i nvestment rati ng or target pri ce.The previ ous i nvestment rati ng and target pri ce,i f any,are no longer i n effect for thi s stock and should not be reli ed upon.Cove

144、rage Suspended(CS).Goldman Sachs has suspended coverage of thi s company.Not Covered(NC).Goldman Sachs does not cover thi s company.Not Avail abl e or Not Appl icabl e(NA).The i nformati on i s not avai lable for di splay or i s not appli cable.Not Meaningful (NM).The i nformati on i s not meani ngf

145、ul and i s therefore excluded.Global product;dist ribut ing ent it ies Goldman Sachs Global I nvestment Research produces and di stri butes research products for cli ents of Goldman Sachs on a global basi s.Analysts based i n Goldman Sachs offices around the world produce research on i ndustri es an

146、d compani es,and research on macroeconomi cs,currenci es,commodi ti es and portfoli o strategy.Thi s research i s di ssemi nated i n Australi a by Goldman Sachs Australi a Pty Ltd(ABN 21 006 797 897);i n Brazi l by Goldman Sachs do Brasi l Corretora de T tulos e Valores Mobi li ri os S.A.;Publi c Co

147、mmuni cati on Channel Goldman Sachs Brazi l:0800 727 5764 and/or contatogoldmanbrasi .Avai lable Weekdays(except holi days),from 9am to 6pm.Canal de Comuni cao com o Pbli co Goldman Sachs Brasi l:8 January 2024 22Goldman SachsGlobal Aut omat ion:Humanoid Robot800424140000000000000000000000000800 727

148、 5764 e/ou contatogoldmanbrasi .Horri o de funci onamento:segunda-fei ra sexta-fei ra(exceto feri ados),das 9h s 18h;i n Canada by Goldman Sachs&Co.LLC;i n Hong Kong by Goldman Sachs(Asi a)L.L.C.;i n I ndi a by Goldman Sachs(I ndi a)Securi ti es Pri vate Ltd.;i n Japan by Goldman Sachs Japan Co.,Ltd

149、.;i n the Republi c of Korea by Goldman Sachs(Asi a)L.L.C.,Seoul Branch;i n New Zealand by Goldman Sachs New Zealand Li mi ted;i n Russi a by OOO Goldman Sachs;i n Si ngapore by Goldman Sachs(Si ngapore)Pte.(Company Number:198602165W);and i n the Uni ted States of Ameri ca by Goldman Sachs&Co.LLC.Go

150、ldman Sachs I nternati onal has approved thi s research i n connecti on wi th i ts di stri buti on i n the Uni ted Ki ngdom.Goldman Sachs I nternati onal(“GSI”),authori sed by the Prudenti al Regulati on Authori ty(“PRA”)and regulated by the Fi nanci al Conduct Authori ty(“FCA”)and the PRA,has appro

151、ved thi s research i n connecti on wi th i ts di stri buti on i n the Uni ted Ki ngdom.European Economic Area:GSI,authori sed by the PRA and regulated by the FCA and the PRA,di ssemi nates research i n the followi ng juri sdi cti ons wi thi n the European Economi c Area:the Grand Duchy of Luxembourg

152、,I taly,the Ki ngdom of Belgi um,the Ki ngdom of Denmark,the Ki ngdom of Norway,the Republi c of Fi nland and the Republi c of I reland;GSI -Succursale de Pari s(Pari s branch)whi ch i s authori sed by the French Autori t de contrle prudenti el et de resoluti on(“ACPR”)and regulated by the Autori t

153、de contrle prudenti el et de resoluti on and the Autori t des marches financi ers(“AMF”)di ssemi nates research i n France;GSI -Sucursal en Espaa(Madri d branch)authori zed i n Spai n by the Comi si n Naci onal del Mercado de Valores di ssemi nates research i n the Ki ngdom of Spai n;GSI -Sweden Ban

154、kfili al(Stockholm branch)i s authori zed by the SFSA as a“thi rd country branch”i n accordance wi th Chapter 4,Secti on 4 of the Swedi sh Securi ti es and Market Act(Sw.lag(2007:528)om vrdepappersmarknaden)di ssemi nates research i n the Ki ngdom of Sweden;Goldman Sachs Bank Europe SE(“GSBE”)i s a

155、credi t i nsti tuti on i ncorporated i n Germany and,wi thi n the Si ngle Supervi sory Mechani sm,subject to di rect prudenti al supervi si on by the European Central Bank and i n other respects supervi sed by German Federal Fi nanci al Supervi sory Authori ty(Bundesanstalt fr Fi nanzdi enstlei stun

156、gsaufsi cht,BaFi n)and Deutsche Bundesbank and di ssemi nates research i n the Federal Republi c of Germany and those juri sdi cti ons wi thi n the European Economi c Area where GSI i s not authori sed to di ssemi nate research and addi ti onally,GSBE,Copenhagen Branch fili al af GSBE,Tyskland,super

157、vi sed by the Dani sh Fi nanci al Authori ty di ssemi nates research i n the Ki ngdom of Denmark;GSBE-Sucursal en Espaa(Madri d branch)subject(to a li mi ted extent)to local supervi si on by the Bank of Spai n di ssemi nates research i n the Ki ngdom of Spai n;GSBE-Succursale I tali a(Mi lan branch)

158、to the relevant appli cable extent,subject to local supervi si on by the Bank of I taly(Banca dI tali a)and the I tali an Compani es and Exchange Commi ssi on(Commi ssi one Nazi onale per le Soci et e la Borsa“Consob”)di ssemi nates research i n I taly;GSBE-Succursale de Pari s(Pari s branch),superv

159、i sed by the AMF and by the ACPR di ssemi nates research i n France;and GSBE-Sweden Bankfili al(Stockholm branch),to a li mi ted extent,subject to local supervi si on by the Swedi sh Fi nanci al Supervi sory Authori ty(Fi nansi npekti onen)di ssemi nates research i n the Ki ngdom of Sweden.General d

160、isclosures Thi s research i s for our cli ents only.Other than di sclosures relati ng to Goldman Sachs,thi s research i s based on current publi c i nformati on that we consi der reli able,but we do not represent i t i s accurate or complete,and i t should not be reli ed on as such.The i nformati on

161、,opi ni ons,esti mates and forecasts contai ned herei n are as of the date hereof and are subject to change wi thout pri or noti ficati on.We seek to update our research as appropri ate,but vari ous regulati ons may prevent us from doi ng so.Other than certai n i ndustry reports publi shed on a peri

162、 odi c basi s,the large majori ty of reports are publi shed at i rregular i ntervals as appropri ate i n the analysts judgment.Goldman Sachs conducts a global full-servi ce,i ntegrated i nvestment banki ng,i nvestment management,and brokerage busi ness.We have i nvestment banki ng and other busi nes

163、s relati onshi ps wi th a substanti al percentage of the compani es covered by Global I nvestment Research.Goldman Sachs&Co.LLC,the Uni ted States broker dealer,i s a member of SI PC(https:/www.si pc.org).Our salespeople,traders,and other professi onals may provi de oral or wri tten market commentar

164、y or tradi ng strategi es to our cli ents and pri nci pal tradi ng desks that reflect opi ni ons that are contrary to the opi ni ons expressed i n thi s research.Our asset management area,pri nci pal tradi ng desks and i nvesti ng busi nesses may make i nvestment deci si ons that are i nconsi stent

165、wi th the recommendati ons or vi ews expressed i n thi s research.The analysts named i n thi s report may have from ti me to ti me di scussed wi th our cli ents,i ncludi ng Goldman Sachs salespersons and traders,or may di scuss i n thi s report,tradi ng strategi es that reference catalysts or events

166、 that may have a near-term i mpact on the market pri ce of the equi ty securi ti es di scussed i n thi s report,whi ch i mpact may be di recti onally counter to the analysts publi shed pri ce target expectati ons for such stocks.Any such tradi ng strategi es are di sti nct from and do not affect the

167、 analysts fundamental equi ty rati ng for such stocks,whi ch rati ng reflects a stocks return potenti al relati ve to i ts coverage uni verse as descri bed herei n.We and our affili ates,officers,di rectors,and employees wi ll from ti me to ti me have long or short posi ti ons i n,act as pri nci pal

168、 i n,and buy or sell,the securi ti es or deri vati ves,i f any,referred to i n thi s research,unless otherwi se prohi bi ted by regulati on or Goldman Sachs poli cy.The vi ews attri buted to thi rd party presenters at Goldman Sachs arranged conferences,i ncludi ng i ndi vi duals from other parts of

169、Goldman Sachs,do not necessari ly reflect those of Global I nvestment Research and are not an offici al vi ew of Goldman Sachs.Any thi rd party referenced herei n,i ncludi ng any salespeople,traders and other professi onals or members of thei r household,may have posi ti ons i n the products menti o

170、ned that are i nconsi stent wi th the vi ews expressed by analysts named i n thi s report.Thi s research i s not an offer to sell or the soli ci tati on of an offer to buy any securi ty i n any juri sdi cti on where such an offer or soli ci tati on would be i llegal.I t does not consti tute a person

171、al recommendati on or take i nto account the parti cular i nvestment objecti ves,financi al si tuati ons,or needs of i ndi vi dual cli ents.Cli ents should consi der whether any advi ce or recommendati on i n thi s research i s sui table for thei r parti cular ci rcumstances and,i f appropri ate,see

172、k professi onal advi ce,i ncludi ng tax advi ce.The pri ce and value of i nvestments referred to i n thi s research and the i ncome from them may fluctuate.Past performance i s not a gui de to future performance,future returns are not guaranteed,and a loss of ori gi nal capi tal may occur.Fluctuati

173、ons i n exchange rates could have adverse effects on the value or pri ce of,or i ncome deri ved from,certai n i nvestments.Certai n transacti ons,i ncludi ng those i nvolvi ng futures,opti ons,and other deri vati ves,gi ve ri se to substanti al ri sk and are not sui table for all i nvestors.I nvesto

174、rs should revi ew current opti ons and futures di sclosure documents whi ch are avai lable from Goldman Sachs sales representati ves or at https:/ cati ons/character-ri sks.jsp and https:/www.fiadocumentati on.org/fia/regulatory-di sclosures_1/fia-uni form-futures-and-opti ons-on-futures-ri sk-di sc

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