Goldman Sachs has reiterated its bullish stance on Chinese equities, forecasting a more than 10% rally in the CSI 300 Index to 4,600 by year-end.

Despite ongoing investor caution and a tepid first half, the bank expects a stronger performance in the second half of 2025, supported by

• policy easing,
• improving corporate earnings,
• and stabilising macro indicators.

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Goldman Sachs maintains an “overweight” rating on both onshore A-shares and Chinese stocks listed overseas, citing attractive valuations and the potential for capital inflows as sentiment turns.

Goldman’s optimism contrasts with the still-muted tone among global investors, but it suggests a growing belief that Beijing’s efforts to support the economy and revive confidence may be starting to gain traction.

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