Goldman Sachs' latest stance on A-share stocks

China 1. The People's Bank of China (PBOC) announced on Monday that it will “significantly increase” the proportion of its foreign exchange reserves allocated to assets held in Hong Kong, and will support the Hong Kong Monetary Authority (HKMA) in using swap funds to establish a RMB 100-billion trade financing liquidity facility. It will also institutionalize the issuance of RMB-denominated treasury bonds and PBOC bills in Hong Kong. China has not yet disclosed the share of Hong Kong dollars in its foreign exchange reserves. According to the latest publicly available data, as of 2019, U.S. dollar-denominated assets accounted for 55% of China’s foreign exchange reserves, while non-U.S. dollar assets accounted for 45%. 2. The HKMA announced the launch of an offshore RMB bond repurchase (repo) facility, effective February 10, enabling “Northbound” participants under the Bond Connect program to use eligible onshore bonds as collateral for RMB repo transactions in Hong Kong. This initiative aims to improve the market-based mechanism for offshore RMB liquidity and enhance Hong Kong’s competitiveness as an offshore RMB business hub. 3. Despite the continued downward trend in China’s stock market, Goldman Sachs maintains its bullish stance. In a statement issued on Sunday, the firm said it continues to increase its positions in both onshore and offshore Chinese equities, citing still-attractive risk-return profiles. It forecasts that both the MSCI China Index and the CSI 300 Index will rise approximately 20% by the end of 2025. The firm noted that market sentiment and liquidity conditions may begin improving by the end of the first quarter, as tariffs and policy directions become clearer; meanwhile, shareholder returns “should continue to outperform,” driven by “record-high cash dividends and steadily declining domestic interest rates.” In November last year, Goldman Sachs had projected that China’s stock market could rise about 20% over the next 12 months amid intensified policy stimulus. Since then, however, the MSCI China Index has fallen roughly 10%. 4. The chart below shows the year-on-year growth rates of key commodity exports and imports for the full year 2024. 5. Between 2016 and 2023, China’s portfolio investment in the United States remained relatively stable. Although global attention has focused on China’s reduced purchases of U.S. Treasury securities, this decline has been largely offset by increased investments in U.S. agency debt and corporate equities. China remains the third-largest investor in U.S. capital markets—behind only Japan and Canada. 6. China’s National Financial Regulatory Administration stated on Monday that the “white list” mechanism for real estate project financing—launched in January last year to alleviate funding pressures facing property developers—approved over RMB 5 trillion in loans in 2024. 7. In 2024, China’s iron ore imports rose 4.9% year-on-year to 1.24 billion tonnes—the second consecutive annual record high—driven by low iron ore prices stimulating procurement and resilient overseas demand for Chinese steel products. Meanwhile, China’s steel exports surged 22.7% year-on-year to 110.72 million tonnes—the highest level in nine years. However, this sharp export growth has triggered trade frictions, prompting multiple countries to impose anti-dumping duties on Chinese steel.

U.S. Top Five Listed Residential Developers vs. Mainland Chinese Property Developers: Comparison of Market Capitalization, Financials, and P/E Ratios

For investors, a global perspective is critically important. This article focuses on a horizontal comparison between the top five listed residential developers in the United States and leading mainland Chinese property developers, examining three core dimensions: market capitalization, key financial metrics, and price-to-earnings (P/E) valuation ratios. For ease of comparison, all monetary units denoted as “yuan” refer to RMB. Top Five U.S. Listed Residential Developers by Market Cap: 1st: Horton Homes — Market cap: RMB 258.65 billion; 2025 revenue: RMB 229.48 billion; net profit: RMB 24.02 billion; P/E ratio: 12.6x. 2nd: PulteGroup — Market cap: RMB 147.27 billion; 2025 revenue: RMB 115.99 billion; net profit: RMB 14.87 billion; P/E ratio: 11.5x. 3rd: Lennar — Market cap: RMB 123.36 billion; 2025 revenue: RMB 229.05 billion; net profit: RMB 13.92 billion; P/E ratio: 14.1x. 4th: NVR — Market cap: RMB 109.81 billion; 2025 revenue: RMB 69.17 billion; net profit: RMB 8.98 billion; P/E ratio: 14.4x. 5th: Toll Brothers — Market cap: RMB 82.15 billion; 2025 revenue: RMB 73.48 billion; net profit: RMB 9.02 billion; P/E ratio: 10.2x. Top Five Mainland Chinese Listed Residential Developers by Market Cap: 1st: China Resources Land — Market cap: RMB 174.37 billion; 2025 revenue: RMB 281.44 billion; net profit: RMB 25.42 billion; P/E ratio: 7.7x.

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Freedom Capital Markets reaffirmed its Buy rating on Quaker Houghton (NYSE: KWR), indicating a continued positive outlook on the chemical company's stock performance.

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