高盛中国策略_慢牛市场中的五年规划-GS China Strategy_ Your _5-Year Plan_ in a Slow(er) Bull Market [Presentation]

GS China Strategy Views Your "5-Year Plan" in a Slow(er) Bull Market Asia Strategy Views November 2025 Kinger Lau, CFA Goldman Sachs (Asia) L.L.C. 852-2978-1224 Kinger.Lau@gs.com Si Fu, PhD Goldman Sachs (Asia) L.L.C. 852-2978-0200 Si.Fu@gs.com Kevin Wang, CFA Goldman Sachs (Asia) L.L.C. 852-2978-2446 Kevin.Wang@gs.com MSCI China has bounced 80% from the cycle lows in late 2022, but disrupted by 4 major drawdowns. We now call for a more sustained uptrend, forecasting key indexes to rise 30-40% and reach all ...