Goldman Sachs(US:GS) 中国基金报·2026-01-15 14:06Group 1 - The core viewpoint is that the Chinese AI industry does not currently exhibit a bubble, with expectations for continued growth and a significant number of quality AI companies expected to go public [3][6]. - The Hong Kong capital market is projected to remain active in 2026, with IPO and refinancing volumes expected to be higher than historical averages, despite a slowdown in growth compared to the explosive increase of 170% from 2024 to 2025 [2][5]. - The successful IPOs of companies like MiniMax and Zhiyu have set a positive precedent for future listings, indicating strong international demand for Chinese AI enterprises [6]. Group 2 - International capital has significantly returned to the Hong Kong market, with participation from major long-term investors increasing from 10%-15% in early 2024 to 85%-90% in 2025 [8]. - The Hong Kong biotechnology sector is considered to have established a solid foundation, entering a second growth phase after a period of market consolidation and natural selection of companies [10]. - The consumption sector remains attractive in the Hong Kong market due to its straightforward business models, predictable future earnings growth, and relatively appealing valuations, with price-to-earnings ratios around ten times [6].