Goldman Sachs maintains an "overweight" rating on the Chinese stock market, including stocks listed on Shanghai and Hong Kong, according to its research report.  Goldman Sachs’ Chief China Equity Strategist Liu Jinjun said that the core factors currently driving global investor sentiment and stock price movements include geopolitical tensions in the Middle East, fluctuations in energy prices, and the ongoing opportunities and challenges brought about by breakthroughs in artificial intelligence technology. In the report, Goldman Sachs pointed out that the MSCI China Index has retreated 12% from its peak in late January, largely due to the underperformance of the software and internet technology sectors, and has fallen 5% year-to-date. In contrast, the CSI 300 Index has remained relatively stable, essentially flat for the year. Based on recent communications with clients in Asia and the United States, Goldman Sachs has updated its market outlook. Liu believes that A-shares offer a higher risk-reward ratio (Sharpe ratio). However, while maintaining earnings forecasts and valuation judgments, the report advises investors to focus on structural themes to capture excess returns until the global geopolitical risks and concerns over AI disruption ease.