Goldman Sachs recently released a research report to maintain its position of overallocating A-shares. The market was extremely divided this year, with A-share hard technology leading the Hong Kong stock internet by a large margin. Goldman Sachs judged that there is no bubble in the A-share AI sector as a whole, but the valuation of segments such as semiconductors is too high, so we need to be wary of the risk that trading concentration is too high. Goldman Sachs pointed out that the Hong Kong stock Internet has rebounded in the short term. The current stock price has fully absorbed pessimistic expectations of AI investment losses and pressure on the main business. Along with the narrowing of subsidies and the acceleration of monetization of cloud and AI applications, profits in the second to third quarter are expected to reach an inflection point. It is recommended to gradually lay out the leading high-quality Internet in Hong Kong stocks. At the capital level, hedge funds are heavily invested in the Korean and Taiwanese markets, but emerging market funds are beginning to overallocate China.

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