Goldman Sachs listed 11 independent Chinese technology companies with no US exposure, and believes they have unique momentum.
The Zhitong Finance App learned that Goldman Sachs released a research report saying that it is recommended to prefer the Goldman Sachs China Resilience Technology Index (GSCBCRTE Index) and the Goldman Sachs China Science and Technology Independence Index (GSCBCSST Index) — no US exposure. In terms of individual stocks, the bank is particularly optimistic about Horizon Robot-W (09660), My Little Pony (Pony.us), North China Chuang (002371.US), Jinshan Office (688111.SH), and Guodian Nanrui (600406.SH). Its CNR Goldman Sachs gave it a “firm buy” rating.
Goldman Sachs's main views are as follows:
Regarding the direction of China's independent investment in technology, Goldman Sachs suggests the first choice:
Goldman Sachs China Resilience Technology Index (GSCBCRTE Index) - Robust Technology
Goldman Sachs China Technology Independence Index (GSCBCSST Index) — no US exposure
Individual stocks:
Horizon Robotics (Horizon Robotics), Pony AI (Pony AI), Northern Huachuang (Naura), Kingsoft Office (Kingsoft Office), Guodian Nari Tech (Nari Tech)
Goldman Sachs discussed Nari Tech (Nari Tech) yesterday morning. The company reported results that exceeded expectations, with expected revenue growth of 12% year over year in 2025 — thanks to the current strong backlog of orders and the annual outlook, which surpassed 10% for the first time in the past 8 years. This is the case of a company with strong domestic momentum that is not affected by geopolitical fluctuations (its size and scope of business can best benefit from China's structured smart grid needs, and Goldman Sachs gave it a “firm buy” rating).
Although the tariff level may fall from its current high level, its uncertainty is likely to occur (the lower tariff limit and many companies in China's independent technology sector have independent momentum and are not affected by geopolitical ups and downs).
Companies that Goldman Sachs is particularly optimistic about include:
Horizon Robotics (Horizon Robotics): Full-stack software and hardware capabilities can further strengthen its market-leading position through product upgrades to high-end driving features.
Pony AI (Pony AI): On April 2, it announced the establishment of a strategic partnership with Tencent, focusing on the development of L4 autonomous driving technology and large-scale commercialization of Robotaxi.
Northern Huachuang (Naura): Yesterday, it announced that revenue increased 40% year over year, exceeding expectations/market consensus, thanks to increased capital expenditure from Chinese fabrics/IDM customers and the expansion of the company's products to core semiconductor manufacturing processes.
Kingsoft Office (Kingsoft Office): Revenue fell short of expectations last night due to weak local software spending on clients, but Goldman Sachs still believes it is an early beneficiary of generative AI applications. AI transformation has now started simultaneously with B-side and C-side customers. The company announced a 5-year distribution channel strategy to accelerate the growth of enterprise-grade AI office software by improving sales, service, and customer retention.
Goldman Sachs has listed 11 independent Chinese technology companies with no US exposure, and believes that they have unique momentum:
