高盛：中国股市将出现更具持续性的上行趋势

Core Viewpoint - Goldman Sachs predicts a more sustainable upward trend in the Chinese stock market, with major indices expected to rise by approximately 30% by the end of 2027, driven by a 12% trend in earnings growth and a potential valuation uplift of 5% to 10% [1] Group 1: Supportive Factors for Stock Market Growth - Policy benefits are opening up, with supportive measures introduced a year ago, demand-side stimulus, and the "14th Five-Year Plan" aimed at growth rebalancing and mitigating external risks, while the new "National Nine Articles" enhances shareholder returns [1] - Growth is set to accelerate again, as AI is reshaping the profit landscape, with capital expenditures in AI increasingly boosting earnings, leading to a projected trend in earnings per share growth of around 12% [1] - The Chinese stock market has long been undervalued compared to global markets, with favorable conditions from the Federal Reserve's policy easing and a potential decline in China's real interest rates benefiting stock valuations [1] Group 2: Capital Inflow Trends - A structural trend of capital inflow into the stock market may have already begun, with potential asset reallocation from residents to stocks bringing in trillions of yuan [1] - Externally, the demand for investment diversification and the continued underweighting of the Chinese market by global investors have brought China back into the spotlight for international investment [1]