近日，国际知名投行高盛发布最新研究报告，建议投资者‘高配’（即超配）中国股票。这一观点基于多重积极因素：首先，中国经济正逐步企稳复苏，政策支持力度加大，包括财政与货币政策的协同发力；其次，A股和港股估值处于历史低位，具备较高安全边际和长期投资价值；再者，美联储加息周期接近尾声，全球流动性压力缓解，有利于新兴市场资金回流，中国资产有望受益。此外，高盛指出，中国在绿色能源、高端制造和数字经济等结构性增长领域展现出强劲动能，为资本市场提供新的增长引擎。尽管短期市场情绪仍受地缘政治和全球经济不确定性影响，但高盛认为当前是布局中国股市的战略窗口期，建议全球投资者提升对中国股票的配置比例，以捕捉中长期回报机会。
Recently, global investment bank Goldman Sachs released a new research report recommending investors to ‘overweight’ Chinese equities. This recommendation is based on several positive factors: First, China’s economy is gradually stabilizing and recovering, supported by stronger fiscal and monetary policy coordination. Second, both A-shares and H-shares are trading at historically low valuations, offering attractive safety margins and long-term investment value. Third, with the Federal Reserve’s rate-hiking cycle nearing its end, global liquidity pressures are easing, which could drive capital back into emerging markets—including China. Additionally, Goldman Sachs highlights China’s strong momentum in structural growth areas such as green energy, advanced manufacturing, and the digital economy, which are creating new engines for equity market growth. Although near-term sentiment remains cautious due to geopolitical tensions and global economic uncertainties, Goldman Sachs views the current period as a strategic window to increase exposure to Chinese stocks and recommends global investors raise their allocation to capture medium- to long-term return opportunities.
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