高盛 China impact on US TMT stocks[tr][/tr]

Table of contents China’s growth presents opportunities but introduces new competitors for US TMT 3 China’s enterprise tech demand is small but rapidly expanding, while its global impact on broader TMT appears larger 4 Take note of changing seasonality, as BRICs contribution to global tech spend rises 9 China as a source of opportunity 13 CommTech—a big opportunity for handsets, networking, and LCD TVs, but pricing a risk 14 Hardware—China continues to provide incremental growth for PCs 16 Internet—heavy government intervention has gated success of US-based companies 19 IT Services—the next large pool of talent for global delivery 21 Media/Entertainment—attractive demographics, heavy regulation, 3D opportunity 22 Semiconductors, SPE—China increasingly important as end-market 24 Software—a potentially large market opportunity tempered by piracy issues and preference for local incumbents 26 China as a source of global competition—increasingly a threat in some US TMT sectors 27 CommTech—intensifying competitive pressure from China, led by Huawei and ZTE 28 Hardware—China-based vendors pose competitive threat in PCs, less on enterprise 29 Internet—we do not expect China internet companies generally to compete outside China; Tencent, Alibaba.com on radar screen 30 IT Services—Consulting and Outsourcing: Emerging competition appears Asia-focused 31 IT Services—Transaction Processing: China Union Pay could aim at global payments 31 Semiconductors, SPE—Taiwan companies competitive in semis, less China threat in SPE 32 Solar—Chinese makers dominate in crystalline silicon, helped by low cost 34 Disclosures 38