Fu Si, an analyst specializing in China equity strategy at Goldman Sachs, stated that the investment bank holds a generally optimistic view of China's stock market, asserting that it is poised to enter a growth phase. Three key factors—artificial intelligence (AI), a shift away from cutthroat internal competition (anti-inner-roll competition), and overseas expansion—are anticipated to serve as robust catalysts for profit growth among Chinese companies. Goldman Sachs forecasts that by the end of 2027, the A-share and H-share indices could potentially deliver returns in the vicinity of 30%. This projection is underpinned by an expected 12% annual compound profit growth rate and a 5% to 10% potential for expansion in the price-to-earnings ratio.

This year, Chinese tech stocks have exhibited robust performance, particularly those centered around the AI theme. This surge has been primarily propelled by improved market expectations and a heightened sense of optimism, which have, in turn, propelled valuations upward. Fu Si is of the opinion that the current valuations within the tech sector remain appealing. Looking ahead to the coming year, he anticipates that market attention may pivot towards fundamental enhancements, necessitating more substantial profit growth to underpin further valuation escalations.