高盛：中国股市将步入更具持续性的上行趋势

Core Viewpoint - Goldman Sachs' China equity strategy team predicts a sustained upward trend in the Chinese stock market, with major indices expected to rise approximately 30% by the end of 2027, driven by a 12% growth in earnings and a further valuation adjustment of 5% to 10% [1] Group 1: Factors Supporting the Bull Market - Policy benefits are becoming more favorable [1] - Corporate earnings growth is accelerating, influenced by AI reshaping profit structures, increased capital expenditure from AI, "anti-involution" measures boosting profitability, and the competitiveness of Chinese companies in international markets, leading to an estimated earnings growth rate of around 12% [1] - Chinese companies are currently undervalued, with the index's price-to-earnings ratio at mid-cycle levels, low bond yields, and a historical valuation discount compared to global markets, alongside favorable conditions from the Federal Reserve's policy easing [1] - The capital flow into the Chinese stock market remains strong, with a structural trend of capital inflow beginning, as global investors seek diversification and have a continued underweight in the Chinese market [1] Group 2: Investment Strategy Recommendations - Investors are advised to focus on excess return strategies, particularly in growth stocks, emphasizing leading private enterprises in China, AI-related themes, companies excelling in international markets, "anti-involution" concepts, and small-cap A-shares [2] - A balanced approach is suggested through shareholder return investment portfolios to achieve high cash yield [2]