#外资研报

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附件总结 GS Sales Note- AI Series- The build-out ....pdf

2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?
only c.4% of live capacity in China. This is three times the total upcoming data center capacity in
Johor, Malaysia (live and pipeline combined, Exhibit 2) which has the largest incoming data center
2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?
to grow from c.3GW today to 13GW by 2030E in our base case (a 33% 5-year CAGR). We identify Johor
as the largest hub at one-third of regional capacity by 2030E, with Bangkok and Batam as the fastest
platforms. Listed real estate beneficiaries are KDCREIT with 2/3rd exposure in Singapore, Keppel
2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?

GS-GS SUSTAIN：欧盟碳关税向下游延伸：每年约1500-4300亿美元的机动车与工业品进口或将被纳入范围.pdf

CN Code Product name T I ( m o U t $ p a m o l r E n ts U ) % E U of t e ra x d tr e a s - Ex N p o o . r 1 te r Ex N p o o . r 2 te r Ex N p o o . r 3 te r Ex N p o o . r 4 te r Ex N p o o . r 5 te r E % x N p f o o r . o r 1 t m e r E % x N p f o o r . o r 2 t m e r E % x N p f o o r . o r 3 t m e r E % x N p f o o r . o r 4 t m e r E % x N p f o o r . o r 5 t m e r
850440 Power converters, inverters, rectifiers 14,023 35% M C a h in in la a n * d Thailand* USA Japan Hon S g A K R ong 62% 8% 6% 4% 4%
870421 Light diesel commercial trucks (<5t) 10,452 29% Türkiye South Africa Thailand* Japan M C ai h n i l n a a nd 57% 32% 6% 3% 2%
870899 Miscellaneous automotive components 7,772 19% Türkiye M C ai h n i l n a a nd Morocco India South Korea 22% 19% 14% 13% 9%
841191 Aircraft engine/turboprop parts 7,441 35% Singapore Hon S g A K R ong Japan M C ai h n i l n a a nd USA 28% 17% 14% 12% 12%
854449 Low-voltage insulated cables & wires 5,355 29% Türkiye Morocco M C ai h n i l n a a nd Bosnia Egypt 34% 23% 13% 6% 5%
870829 Vehicle body parts & accessories 4,852 13% M C a h in in la a n * d Türkiye South Korea Serbia FR USA 33% 27% 11% 7% 5%
850300 Electric motor & generator parts 4,720 43% M C a h in in la a n * d India Japan Türkiye Serbia FR 50% 16% 7% 6% 6%

2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?
only c.4% of live capacity in China. This is three times the total upcoming data center capacity in
Johor, Malaysia (live and pipeline combined, Exhibit 2) which has the largest incoming data center
2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?
to grow from c.3GW today to 13GW by 2030E in our base case (a 33% 5-year CAGR). We identify Johor
as the largest hub at one-third of regional capacity by 2030E, with Bangkok and Batam as the fastest
platforms. Listed real estate beneficiaries are KDCREIT with 2/3rd exposure in Singapore, Keppel
2026/8/29 09:11 [GS Sales Note]: AI Series: The build-out of gigantic data centers in China and ASEAN: Can you pinpoint the city Ulanqab (乌兰察布) on a map?

CN Code Product name T I ( m o U t $ p a m o l r E n ts U ) % E U of t e ra x d tr e a s - Ex N p o o . r 1 te r Ex N p o o . r 2 te r Ex N p o o . r 3 te r Ex N p o o . r 4 te r Ex N p o o . r 5 te r E % x N p f o o r . o r 1 t m e r E % x N p f o o r . o r 2 t m e r E % x N p f o o r . o r 3 t m e r E % x N p f o o r . o r 4 t m e r E % x N p f o o r . o r 5 t m e r
850440 Power converters, inverters, rectifiers 14,023 35% M C a h in in la a n * d Thailand* USA Japan Hon S g A K R ong 62% 8% 6% 4% 4%
870421 Light diesel commercial trucks (<5t) 10,452 29% Türkiye South Africa Thailand* Japan M C ai h n i l n a a nd 57% 32% 6% 3% 2%
870899 Miscellaneous automotive components 7,772 19% Türkiye M C ai h n i l n a a nd Morocco India South Korea 22% 19% 14% 13% 9%
841191 Aircraft engine/turboprop parts 7,441 35% Singapore Hon S g A K R ong Japan M C ai h n i l n a a nd USA 28% 17% 14% 12% 12%
854449 Low-voltage insulated cables & wires 5,355 29% Türkiye Morocco M C ai h n i l n a a nd Bosnia Egypt 34% 23% 13% 6% 5%
870829 Vehicle body parts & accessories 4,852 13% M C a h in in la a n * d Türkiye South Korea Serbia FR USA 33% 27% 11% 7% 5%
850300 Electric motor & generator parts 4,720 43% M C a h in in la a n * d India Japan Türkiye Serbia FR 50% 16% 7% 6% 6%