港股，突发！高盛，最新发声！动能减弱？

Market Overview - The Hong Kong stock index experienced a significant decline, with the Hang Seng Tech Index dropping over 2% at one point, which also affected the A-shares market in the afternoon [1][3] - The Hang Seng Index closed down 1.17%, while the Hang Seng Tech Index fell by 1.05% [1] - The A50 index also saw a substantial drop, exceeding 1.5% [3] External Market Influences - The downturn in the Hong Kong market was influenced by a nearly 1% drop in the US Dow Jones index and a continued decline in the Japanese stock market, which fell over 1.7% [1][3] - Analysts attribute the market volatility to external factors, particularly the recent performance of US financial stocks and a strengthening US dollar, which has pressured commodity stocks [3] Goldman Sachs Report Insights - Goldman Sachs released a report projecting that the bull market will continue until 2026, although the momentum is expected to slow down [5] - The S&P 500 index is forecasted to achieve a total return of 12% in 2026, with a target of around 7600 points, aligning with other major banks' growth expectations [5][6] - The report emphasizes that strong earnings growth will be the primary driver for the stock market's rise, supported by a robust US economy and favorable macroeconomic conditions [6] AI Investment Trends - Capital expenditures related to AI are expected to rise significantly, with a projected increase of 36% to approximately $539 billion in 2026, followed by a further 17% growth in 2027 [6][7] - The report indicates that the AI sector will enter a new phase characterized by slower capital expenditure growth and broader application of AI in businesses [7] Market Challenges - Despite the optimistic outlook, Goldman Sachs warns of two major challenges: high valuation levels near historical peaks and record market concentration, with the top 10 companies in the S&P 500 accounting for 41% of its total market value [7]