Valuations Return to Healthy Levels! Goldman Sachs: No Bubble in Chinese AI, Three Sub-Sectors Hold Strongest Investment Value

Recently, global AI-related equities have experienced heightened volatility due to concerns over the sustainability of infrastructure investments and inflated valuations, with semiconductor and other AI概念股 pulling back significantly from their peaks. However, Goldman Sachs' Chief China Equity Strategist Liu Jinjin has recently stated that there is no systemic bubble in China's AI sector. The recent market correction has instead brought valuations back to healthy levels, and he highlights three sub-sectors as offering the most promising investment opportunities.

In a media interview, Liu Jinjin pointed out that the total market capitalization of Chinese AI-related stocks has yet to fully reflect the technology’s potential economic benefits.

He acknowledged that in June this year, the A-share market did experience localized overheating. Valuations of some AI hardware companies listed on the STAR Market and ChiNext briefly reached five-year highs, but subsequent price declines and earnings forecast adjustments have restored a dynamic balance, with valuations now entering a 'reasonable and healthy' range.

Data shows that Chinese AI companies currently account for approximately 11% of the global AI stock market capitalization, yet foreign investors allocate only about 1% of their AI investment portfolios to Chinese AI equities.

Goldman Sachs concludes that foreign capital is severely underweight in Chinese AI stocks, indicating significant room for future portfolio repositioning and valuation recovery.

Goldman Sachs has explicitly identified three AI sub-sectors with the strongest investment value. First is the power supply chain, where surging energy demands from AI data centers will continue to drive demand for power equipment and energy management solutions. Second is hardware infrastructure, covering core components such as computing chips, servers, optical modules, and liquid cooling systems. Third is physical AI—the deep integration of AI with robotics and automation equipment—which is seen as the next major industrial application breakthrough following large language models.

Market analysts believe that despite short-term fluctuations driven by global risk sentiment, China’s AI industry chain maintains clear advantages in application scenarios, engineering capabilities, and manufacturing support. Goldman Sachs’ 'underweight' assessment and 'three key赛道' guidance provide valuable contrarian investment references. As the earnings verification period arrives in the second half of this year, companies capable of delivering real financial performance are expected to lead the way out of valuation troughs.