Goldman Sachs(US:GS) Zhi Tong Cai Jing·2025-09-29 11:19Group 1 - Goldman Sachs strategists believe that global stock markets are likely to continue their upward trend until the end of the year, supported by the resilience of the US economy, strong valuations, and dovish signals from the Federal Reserve [1] - The strategy team, led by Christian Mueller-Glissmann, has upgraded their stock allocation rating to "overweight" for the next three months, citing strong earnings growth and a lack of recession backdrop as key factors [1] - The team suggests buying on market pullbacks before the end of the year, as recession risks are considered stable and manageable [1] Group 2 - Optimistic expectations regarding the Federal Reserve's timely interest rate cuts to avoid recession have driven global stock markets to historical highs, with Goldman Sachs raising its S&P 500 index target to 6800 points, anticipating a further 2% increase in the next three months [3] - Analysts expect a 7.1% year-on-year increase in S&P 500 component earnings for Q3, marking the smallest growth in two years, as the focus shifts to the upcoming earnings season [3] - Goldman Sachs warns of potential risks from growth falling short of expectations or interest rate fluctuations in the short term, while maintaining a "neutral" stance on regional allocation and recommending international asset diversification to mitigate risks [3]