Goldman Sachs(US:GS) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-22 13:30Group 1 - As of September 22, 2025, the performance of Chinese assets has been strong, with the Shanghai Composite Index up 14.23%, the Shenzhen Component Index up 26.34%, the Hang Seng Index up 31.33%, and the Hang Seng Tech Index up 40.06%, outperforming the S&P 500's approximately 13% increase this year [1] - High interest from long-term overseas investors in non-US markets, particularly China, Japan, and Europe, is noted, as US stock valuations are considered high [1] - The recent market rebound is supported by a more balanced participation from domestic institutional investors, including insurance, pension funds, quantitative funds, and public funds, alongside retail investors [1] Group 2 - The focus on "anti-involution" has surpassed discussions on US-China trade negotiations, potentially leading to an annual increase of about 2% in corporate profits over the next few years [2] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, predicting an 8% upside for A-shares and a 3% upside for H-shares over the next 12 months [2] - The firm remains optimistic about sectors such as internet, insurance, and materials, while also monitoring opportunities in AI themes and Chinese companies expanding overseas [2]