Goldman Sachs' chief China equity strategist, Liu Jinkui, stated in a research report that despite recent market volatility, the firm maintains its "overweight" rating on Chinese stocks, including both A-shares and H-shares. The report identifies key factors currently influencing global investor sentiment and stock price movements, such as geopolitical tensions in the Middle East, fluctuations in energy prices, and the opportunities and challenges presented by ongoing breakthroughs in artificial intelligence technology. According to the report, the MSCI China Index has retreated 12% from its late January peak and is down 5% year-to-date, primarily dragged down by the software and internet technology sectors. In contrast, the CSI 300 Index has shown relative stability, remaining largely flat for the year. Based on recent discussions with clients in Asia and the United States, Goldman Sachs has updated its market perspective. The firm believes A-shares offer a higher risk-adjusted return potential, as measured by the Sharpe ratio. While maintaining its existing profit forecasts and valuation assessments, Goldman Sachs tactically advises investors to focus on structural themes to capture excess returns until concerns over global geopolitical risks and AI-driven disruptions subside.