Goldman Sachs said that the bank's model shows that the performance of H-share software stocks may improve in the next few months, and is expected to narrow the gap with the A-share hard technology sector in various dimensions such as fundamentals, valuation, and liquidity. Overall, I don't agree with the view that there is a bubble in China's AI stocks as a whole, but we have also observed signs of partial overheating within the AI investment sector, mainly in the semiconductor sector and some representative targets of “hard technology” for A-shares. For the second half of the year, maintaining overallocated A-shares is mainly due to their more advantageous profit momentum in terms of cycle and decentralized allocation value, which has not been fully appreciated by international investors; it is also recommended to gradually increase holdings of some major Hong Kong Internet company shares.

Goldman Sachs said that the bank's model shows that the performance of H-share software stocks may improve in the next few months, and is expected to narrow the gap with the A-share hard technology sector in various dimensions such as fundamentals, valuation, and liquidity. Overall, I don't agree with the view that there is a bubble in China's AI stocks as a whole, but we have also observed signs of partial overheating within the AI investment sector, mainly in the semiconductor sector and some representative targets of “hard technology” for A-shares. For the second half of the year, maintaining overallocated A-shares is mainly due to their more advantageous profit momentum in terms of cycle and decentralized allocation value, which has not been fully appreciated by international investors; it is also recommended to gradually increase holdings of some major Hong Kong Internet company shares.