Goldman Sachs: Maintains overweight rating on A-shares and H-shares. The pattern of the "slow bull" market in A-shares seems more stable than before.

Goldman Sachs released a research report stating that it maintains an overweight rating on A-shares and H-shares, and recommends buying on dips. It is optimistic about investment themes such as leading private enterprises, artificial intelligence, anti-inner circle competition, and shareholder returns. Analysts such as Kinger Lau pointed out in the report that while earnings are necessary for the sustainability of the stock market, liquidity is also a necessary condition. Currently, the "slow bull" pattern in A-shares seems more stable than before. It is reported that Goldman Sachs has repeatedly expressed optimism towards A-shares and H-shares. In February of this year, the Goldman Sachs strategy team stated in a report that it maintains an "overweight" rating on A-shares and H-shares. Goldman Sachs believes that the development of artificial intelligence will continue to support the performance of H-shares from both fundamental and liquidity perspectives, while A-shares still have room to catch up, narrowing the gap in returns with H-shares. At that time, Goldman Sachs stated, "Although we are more optimistic about A-shares in the short term, we still believe that the Hang Seng TECH Index will continue to perform well, as the upward revision of profit expectations brought by the application of artificial intelligence will continue to drive its rise. In terms of fund flows, as global funds further increase their allocation in China, H-shares may continue to be favored. If more domestic individual investors participate, A-shares performance may receive support."