Goldman Sachs: Staying overweight on A-shares, advising to focus on high-quality internet leaders in Hong Kong stocks.
Goldman Sachs’s latest research report maintains its overweight position on A shares. This year, the market has seen extreme differentiation, with A-shares in the hard technology sector significantly outperforming Hong Kong-listed internet companies.
Goldman Sachs believes that there is no overall bubble in the AI sector of A-shares, but valuations in subsectors such as semiconductors are high. Hong Kong-listed internet companies may see a short-term rebound, as current stock prices have already fully absorbed pessimistic expectations.
In terms of fund allocation, hedge funds are heavily invested in the South Korean and Taiwanese markets, while emerging market funds are beginning to overweight China.