The Zhitong Finance App learned that Goldman Sachs published the 2025 Asian stock market research report, downgraded the rating of Hong Kong stocks to “reduced holdings” and maintained the “increase” rating of Chinese stocks. It is also expected that the target price of the MSCI China Index will be 75 points by the end of next year, and the Shanghai and Shenzhen 300 Index will be 4,600 points, correspondingForecast price-earnings ratioThey were 11 times and 14 times respectively, with potential increases of 15% and 13%, respectively, mainly driven by a 7% to 10% increase in corporate profits and a moderate increase in valuation. However, Goldman Sachs expects Hong Kong company stocks in the MSCI Hong Kong Index to weaken.

Goldman Sachs said that although the valuation of Hong Kong stocks is not high, there may not be much room for economic or profit growth in Hong Kong, and the real estate and retail industries are still under pressure.

Goldman Sachs generally favors A shares over H shares because A shares are more sensitive to policy easing and retail capital flows.

In terms of sector, Goldman Sachs suggests that the overall investment portfolio be biased towards the consumer sector and raise healthcare stocks and brokerage stocks to “increase holdings”. It is expected that the relevant capital will come from some traditional cyclical industries. The bank focuses on government consumption, emerging market exporters, etc., and individual new technology or infrastructure alternatives, while calling for the adoption of revenue strategies to capture potential policy dividends.