高盛建议：高配中国股票

Core Viewpoint - Goldman Sachs recommends overweighting Chinese stocks for 2026, projecting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027, supported by earnings growth and valuation re-rating [1] Group 1: Stock Market Outlook - The stock strategy team at Goldman Sachs has previously suggested overweighting A-shares and Hong Kong stocks in the Asia-Pacific region [1] - The expected growth is driven by 14% and 12% earnings growth, along with approximately 10% valuation re-rating [1] - Current valuations of the Chinese stock market show significant discounts compared to global peers [1] Group 2: Economic Drivers - Accelerating earnings growth is attributed to factors such as the application of artificial intelligence, the trend of "going abroad," and "anti-involution" policies [1] - Structural upward potential exists for Chinese exports in 2026, with investment likely to rebound under policy support [1] - There is an increased emphasis on service consumption, with policies encouraging more holidays and paid leave [1] Group 3: Policy and Planning - The "14th Five-Year Plan" prioritizes building a modern industrial system and accelerating high-level technological self-reliance [1] - Strong performance in exports and the current account is anticipated in the coming years [1]