中国 2026 股票展望：盈利难度提升-China_ 2026 China Equity Outlook_ Harder earned money

7 January 2026 | 6:32AM HKT Portfolio Strategy Research CHINA 2026 China Equity Outlook: Harder earned money A slower bull market Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com Goldman Sachs (Asia) L.L.C. We forecast MSCI China and CSI300 to appreciate 20% and 12% in 2026, after key benchmarks gained 20%-30% in the past year mainly on multiple expansion. We stay Overweight both A- and H-shares in Asia. No earnings, no gains Our expected equity gains in 2026 are almost entirely earnings-driven—we see profit grow ...