Goldman Sachs(US:GS) Sou Hu Cai Jing·2026-01-05 11:19Core Viewpoint - The A-share market has shown strong performance, achieving a 12-day consecutive rise and surpassing the 4000-point mark, marking the longest winning streak since 1993, driven by various sectors including AI and semiconductor stocks [1][11]. Market Performance - The A-share market's trading volume reached 2.5 trillion yuan, with significant gains across multiple sectors, including brain-computer interfaces, AI applications, commercial aerospace, memory chips, and innovative pharmaceuticals [1]. - The South Korean Composite Index rose approximately 3.4%, while the Nikkei 225 Index increased nearly 3%, with AI chip concepts leading the gains [1]. Sector Highlights - The semiconductor sector saw the China-Korea Semiconductor ETF rise by 8.45%, driven by news of Samsung and SK Hynix seeking a 70% price increase for server memory chips [1]. - Medical ETFs, including the Hong Kong Medical ETF and the Hong Kong Innovative Drug ETF, experienced significant increases of 7.13% and 6.97%, respectively, with medical device ETFs also performing well [1][2]. Fund Inflows - Various ETFs, including the Satellite ETF and the Robotics ETF, are expected to see net inflows of 690 million yuan and 340 million yuan, respectively, indicating strong investor interest [4]. - The overall sentiment in the A-share market is positive, with expectations of increased capital inflows [5]. Future Outlook - Goldman Sachs has recommended overweighting Chinese stocks, projecting annual returns of 15%-20% for the Chinese stock market in 2026-2027, driven by factors such as profit improvement, valuation recovery, policy support, and macro resilience [11][12]. - Key drivers for profit growth include manufacturing upgrades, AI application advantages, improved profit margins, and a structural increase in exports of high-value products [11].