中国股票的吸引力正在持续升温。 高盛Hui Shan策略师团队在最新发布的策略报告中对中国资产发出强烈的看多信号，建议投资者在区域背景下"超配"中国股票。该行预测， 受企业盈利增长和 估值修复的双重驱动，中国股市在2026年和2027年将迎来稳健的牛市行情，预计年均上涨幅度将达到15%至20%。 1月6日，沪指涨1.14%，实现日线13连 阳。值得注意的是，在今天再度收出阳线后， 上证指数已创出史上最长连阳纪录 。 在这份题为《2026年中国展望：探索新增长引擎》的报告中，高盛维持对A股和H股的"超配"评级。高盛认为，中国股市的上涨动力将主要来自两方面： 一是 企业盈利的实质性改善，预计2026年和2027年的利润增长率将分别达到14%和12%；二是估值体系的重估，预计将带来约10%的估值提升。 报告指出，推动这一轮利润加速增长的关键因素包括人工智能（AI）技术的广泛应用、中国企业的"出海"趋势以及政策层面旨在遏制无序竞争的"反内卷"行动。 高盛强调，与全球同类市场相比，中国股票目前仍处于显著的估值折价状态，这种估值优势结合中国市场对国际和国内投资者具有的强大分散投资价值，将进 一步吸引资本回流。 基本面上， ...

Core Viewpoint - The article highlights the persistent mispredictions by Western media regarding the collapse of the Chinese economy over the past three decades, contrasting these predictions with China's actual economic growth and resilience [1][2][4][5]. Group 1: Historical Predictions and Reality - In 1990, the CIA predicted that China would face economic and social crises by the year 2000, but instead, China became known as the "world's factory" [2]. - During the 1997 Asian financial crisis, Western media forecasted China's downfall, yet the Chinese government maintained the stability of the yuan, which helped stabilize the region [4]. - After China's accession to the WTO in 2001, predictions of economic destruction were made, but China saw significant export growth, becoming the world's largest exporter by 2009 [4]. Group 2: Economic Resilience and Growth - In response to the 2008 global financial crisis, China implemented a stimulus plan that led to a GDP growth of 9.2% in 2009, making it the only major economy to maintain high growth during that period [4][8]. - By 2020, despite predictions of entering a "middle-income trap," China's per capita GDP exceeded $10,500, nearing the high-income threshold defined by the World Bank [6]. - In 2021, China's GDP growth rebounded to 8.1%, contrasting with the weak recovery in the US and Europe during the same period [8]. Group 3: Structural Changes and Global Position - China's trade structure has evolved from low-end manufacturing to high-end manufacturing and self-branded products, with its manufacturing sector accounting for 31% of the global total [10]. - In 2023, China's exports of new energy vehicles reached over 1.2 million units, representing nearly 50% of global exports in that category [10]. - The actual use of foreign investment in China reached 1.13 trillion yuan in 2024, showing a year-on-year increase of 6.3%, primarily directed towards high-end manufacturing and new energy sectors [12]. Group 4: Media Narratives and Economic Analysis - The article argues that the narrative of China's impending economic collapse is more about media bias and less about factual economic analysis, as the data consistently contradicts these predictions [10][14]. - The persistent negative predictions serve to satisfy a narrative of anxiety rather than rational analysis, as they fail to acknowledge the alternative paths of development and modernization that China has successfully pursued [14].