高盛：反内卷提振企业利润率 中国股票估值仍有上行空间

Core Viewpoint - The anti-involution policy is expected to inject new momentum into corporate profitability, with a projected 53% increase in profitability for involution-affected industries over the next two years, and a cumulative growth rate of 5% to 14% for overall market profitability during the same period [1] Group 1 - The anti-involution policy has led to an 8% increase in certain beneficiary stocks since July, with an anticipated compound annual growth rate of 17% in profitability over the next two years [1] - Overall, there remains approximately 10% upside potential in the valuation of Chinese stocks as profitability improves [1] - The focus is on stocks benefiting from the anti-involution policy, leading private enterprises, and shareholder return themes [1]