Goldman Sachs(US:GS) 智通财经网·2025-12-14 08:40Core Viewpoint - As 2026 approaches, Wall Street is increasingly consensus that the technology giants leading the bull market may step aside, with market rotation becoming the main investment theme for the new year [1] Group 1: Market Sentiment and Trends - Major Wall Street strategists, including those from Bank of America and Morgan Stanley, are advising clients to focus more on traditional sectors like healthcare, industrials, and energy, rather than the "Tech Seven" giants like Nvidia and Amazon [1] - Recent earnings reports from AI bellwethers such as Oracle and Broadcom have failed to meet high market expectations, heightening investor concerns [1] - Since the market hit a short-term low on November 20, the Russell 2000 small-cap index has risen by 11%, while the "Tech Seven" index's gains have been only half of that [1] Group 2: Economic Outlook and Sector Rotation - Goldman Sachs predicts that the U.S. GDP growth rate will reach 2.5% next year, higher than the 2.0% market consensus, suggesting that cyclical sectors still have room for growth [1][4] - The market has already begun to rotate, with the S&P 500 equal-weight index outperforming its market-cap-weighted counterpart since November 20 [3] - Strategists believe that a "great rotation" towards financials and consumer discretionary sectors will occur in 2026, as large tech stocks may lag behind new leading sectors [3] Group 3: Sector Opportunities - Goldman Sachs highlights non-residential construction stocks as having significant potential, as these stocks have underperformed due to weak earnings over the past two years [5] - The report indicates that the earnings growth for the "S&P 493" (excluding the Tech Seven) is expected to accelerate from 7% this year to 9% by 2026, while the Tech Seven's contribution to S&P 500 earnings will decrease from 50% to 46% [5]