高盛：对明年股市持建设性看法 料企业盈利持续增长

Core Viewpoint - Goldman Sachs maintains a constructive outlook on the stock market for 2026, expecting continued growth in corporate earnings, but forecasts lower index returns compared to 2025 as the bull market expands [1] Economic Outlook - The firm anticipates ongoing economic expansion across all regions, with the U.S. Federal Reserve expected to implement slight interest rate cuts [1] - The stock market is unlikely to experience significant declines or bear markets as long as the economy does not enter a recession, despite high valuations [1] Market Projections - Goldman Sachs projects a price return rate of 13% for the stock market in 2026, with a total return of 15% when including dividends, primarily driven by earnings [1] - There is an upward risk to the firm's forecasts, as valuations typically rise during optimistic phases later in the economic cycle [1] Investment Recommendations - The firm advises investors to maintain their investments and diversify assets across different regions, with a particular focus on emerging markets [1] - Investors should evenly distribute their portfolios between growth and value stocks, as well as across various industries, while paying attention to stocks with high alpha values [1]