高盛：维持对A股和H股的超配 A股“慢牛”格局似比以往更加稳固

Core Viewpoint - Goldman Sachs maintains an overweight rating on A-shares and H-shares, recommending buying on dips and focusing on investment themes such as leading private enterprises, artificial intelligence, anti-involution, and shareholder returns [1] Group 1: Market Outlook - Analysts Kinger Lau and team indicate that profitability is essential for the sustained performance of the stock market, but liquidity is also a necessary condition [1] - The current "slow bull" pattern in A-shares appears to be more stable than in the past [1] Group 2: Investment Themes - Goldman Sachs has repeatedly expressed a positive outlook on A-shares and H-shares, having maintained an "overweight" rating since February [1] - The development of artificial intelligence is expected to continue supporting the performance of H-shares from both fundamental and liquidity perspectives [1] - A-shares are believed to have room for growth, potentially narrowing the return gap with H-shares [1] Group 3: Fund Flows and Investor Participation - Goldman Sachs noted that while they are more optimistic about A-shares in the short term, they still expect the Hang Seng Tech Index to perform well due to upward revisions in profit expectations driven by AI applications [1] - As global funds increase their allocation to China, H-shares may continue to be favored, while greater participation from domestic individual investors could support A-share performance [1]