12连阳，创纪录！高盛：高配中国股票

Group 1: Market Performance - The Shanghai Composite Index rose by 1.38% on January 5, 2026, returning to the 4000-point level, marking a 12-day consecutive increase since December 17, 2025, the longest streak since March 1992 [1] - The index has previously recorded three instances of 11 consecutive days of gains since March 1992, specifically in May 1992, June 2006, and December 2017 [1] Group 2: Investment Recommendations - Goldman Sachs recommends overweighting Chinese stocks, projecting a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027, driven by factors such as AI applications, the "going out" trend, and "anti-involution" policies [2] - The current valuation of the Chinese stock market is significantly undervalued compared to global peers, with structural upward potential in exports and a rebound in investments supported by policy [2] Group 3: Market Sentiment and Trends - Galaxy Securities suggests that the "spring rally" may begin earlier due to improved investor confidence from the strengthening of the Hong Kong stock market and the renminbi exchange rate during the New Year holiday [2] - The outlook for 2026 indicates a strengthening of reform policy expectations and improved liquidity supported by price factors, which may enhance market confidence [2] Group 4: Capital Flow and Economic Outlook - CICC believes that the recent appreciation of the renminbi against the US dollar, driven by expectations of Federal Reserve rate cuts and year-end settlement peaks, will accelerate capital inflow into A-shares [3] - A weak dollar is expected to lead to a global economic recovery, boosting domestic export growth and company profits, while more global funds are flowing into emerging markets seeking higher returns [3]