Goldman Sachs has issued a macro report titled "China 2026 Outlook: Exploring New Drivers," recommending an overweight position in Chinese equities for 2026. The report forecasts annual gains of 15% to 20% for the Chinese stock market in 2026 and 2027, driven by structural export growth, policy-supported investment rebounds, and increased emphasis on service consumption. The report highlights China's "15th Five-Year Plan," which focuses on building a modern industrial system and enhancing technological self-reliance, as key factors supporting strong exports and a robust current account. Additionally, the application of artificial intelligence, the "going global" trend, and "anti-involution" policies are expected to accelerate earnings growth. Goldman Sachs notes that the current valuation of the Chinese stock market is significantly discounted compared to global peers.