The Zhitong Finance App learned that the artificial intelligence (AI) boom is changing the stock market structure and investment logic. Goldman Sachs's research report shows that since DeepSeek in early 2025, AI-related listed companies in China have generated a total market value of nearly 5 trillion US dollars (equivalent to HK$39 trillion) through rising stock prices and IPOs, of which the increase in stock prices contributed about 2.8 trillion US dollars and IPOs contributed about 2 trillion US dollars. AI stocks currently account for 42% of the total market value of A shares and H shares and 57% of the turnover; international investors are still clearly under-allocating Chinese AI stocks.
Goldman Sachs mentioned that judging from the market structure, the degree of penetration of the AI theme into the Chinese stock market has increased dramatically. The share of AI stocks in the total market value of A shares and H shares has risen from about 20% in 2024 to 42% now, accounting for 57% of turnover, and the share of IPO financing has also jumped from 4% in 2024 to 13% so far in 2026.
Looking at profit fundamentals, the differentiation between AI companies and non-AI companies in China is equally remarkable. From 2023 to 2028, Chinese AI companies expect the compound profit growth rate per share to be 16%, while non-AI companies are only 4%. The market value of AI companies in China is about 7.6 trillion US dollars, accounting for about 10% of the global AI market value, about 24% of revenue, and 14% of capital expenditure.
Goldman Sachs clearly divides China's AI investment opportunities into two main lines. The first is an export-oriented AI company, which covers more than 360 listed companies, with a total market value of about 1.7 trillion US dollars, and accounts for more than 40% of overseas revenue. These companies are mainly concentrated in the field of AI infrastructure and power equipment, and are viewed by investors as beneficiaries of the Western AI capital expenditure boom. The cumulative return from the beginning of 2025 to June 2026 reached 126%, but since the pullback in global AI stocks at the end of June, it has fallen 23% from a high point.
The second is a domestic demand-driven domestic AI leader, covering more than 880 listed companies that mainly serve the domestic market, accounting for less than 10% of overseas revenue, with a total market value of about 3.2 trillion US dollars. This group has benefited from the rapid growth in AI capital expenditure of Chinese hyperscale cloud service providers, the explosion in demand for AI applications, and strong support for self-reliance in technology at the policy level. Compared to export-oriented companies, domestic AI leaders are more sensitive to China's AI capital expenditure trends and domestic AI policy trends, and have shown stronger defensiveness in recent global AI stock pullbacks.
Goldman Sachs believes that regardless of geopolitical and trade policy risks, both main lines have considerable investment value. It is predicted that the total market size of China's 21 AI-related industries is expected to reach 3 trillion to 4 trillion US dollars by 2030, corresponding to a compound growth rate of about 28% from 2026 to 2030.
Goldman Sachs simultaneously updated the “China Selected AI Portfolio” covering 50 stocks. Since its inception in February 2025, the portfolio has increased 33% cumulatively. The bank pointed out that the allocation of Chinese AI stocks by international investors is still clearly low. Chinese AI companies account for about 10% of the global AI market value, but the actual allocation ratio of mutual funds to Chinese technology stocks is only about 5.8%, which is significantly low. This may provide potential space for subsequent capital inflows.