The latest A-share target prices from six major foreign institutions—including Goldman Sachs, Morgan Stanley, JPMorgan, and UBS—are now available!

Goldman Sachs recently noted in its global equity and China macroeconomic outlook that although stock gains in 2026 may fall short of those in 2025, the global bull market is likely to persist, supported by earnings growth and economic expansion. It forecasts China’s real GDP growth at 4.8% in 2026—above the market consensus of 4.5%. Regarding concerns about an AI bubble and China’s property sector, Goldman offered the following views: 1. Is there an AI stock bubble? Overall, market enthusiasm for AI remains strong. However, this does not imply an excessively severe AI bubble. Although large tech stocks have surged, their valuations are not as extreme as during past bubbles. One metric illustrating this is the valuation gap between the five largest companies in the S&P 500 and the remaining 495 constituents—a gap significantly narrower than during prior cycles, such as the peak of the 2000 tech bubble. 2. Has the property market stabilized? The real estate market has yet to show signs of bottoming out. Housing inventory remains elevated, and several major developers continue to face stringent financing conditions. Goldman expects the drag of the property sector on annual real GDP growth to narrow each year over the coming years. According to our tally, since the start of 2026, Goldman Sachs has issued new ratings on 55 A-share companies, including 32 ‘Buy’, 14 ‘Neutral’, and 9 ‘Sell’ recommendations.

Friday, August 28, 2026, 10:00 PM — Market Summary

1. All three major U.S. indices closed lower on Wednesday: the Dow Jones Industrial Average fell 113.51 points (0.21%) to 53,463.87; the S&P 500 declined 1.58 points (0.02%) to 7,675.70; and the Nasdaq Composite dropped 21.10 points (0.08%) to 26,130.19. 2. The July PCE price index rose 3.7% year-on-year, while core PCE rose 3.3% year-on-year—both exceeding the Federal Reserve’s 2% policy target. 3. Following the PCE data release, market-implied odds of a Fed rate hike in September rose from 36% to 42%, while the probability for a December hike approached 77%. 4. NVIDIA reported second-quarter fiscal results after market close: revenue totaled $96.2 billion, up 106% year-on-year and surpassing the consensus estimate of $92.38 billion; adjusted EPS was $2.22, up 120% year-on-year. 5. Following the earnings announcement, NVIDIA surged over 8% pre-market to $226.53, with data center revenue reaching $89 billion. 6. Among the ‘Magnificent Seven’ U.S. tech giants, performance was mixed ahead of NVIDIA’s report: NVIDIA fell 1.59% to $209.66; Apple rose 1.15%; Meta gained 1.07%; Microsoft rose 0.95%; Google declined 1.23%; Tesla fell 1.26%; and Amazon dipped 0.30%. 7. Semiconductor stocks posted mostly gains: Western Digital rose over 4%; ARM and Seagate Technology each gained over 3%; Qualcomm and SanDisk rose over 1%; Intel edged up 0.87%; and Micron Technology rose 0.8%. 8. Optical communications stocks rallied broadly: Lumentum jumped over 6%; Corning rose over 3%. 9. Top decliners among notable U.S. stocks included Teads Holding (−13.66%), Zoom (−7.03%), Chewy (−6.97%), and Faraday Future (−6.14%). 10. In Chinese American Depositary Receipts (ADRs), Pinduoduo rose 0.07% to $417.69; BOSS Zhipin surged 15.65%; Futu Holdings rose 1.36%; JD.com fell 2.01%; and United Microelectronics declined 2.91%. 11. European equities showed mixed performance: Germany’s DAX 30 rose 0.08% to 26,285.96; France’s CAC 40 gained 0.27% to 8,462.39; and the UK’s FTSE 100 slipped 0.07% to 10,878.12. 12. The pan-European Stoxx 600 index ended flat, rising just 0.01% to 656.41; banking stocks led gains, with Deutsche Bank surging 4.3% and Commerzbank rising 2.8%. 13. Tech stocks fell 0.8%; SAP plunged 2.9% amid disappointing U.S. peers’ guidance and a rating downgrade by UBS. 14. Asian-Pacific markets were mixed: six of eleven major indices rose, five fell. Indonesia’s Jakarta Composite Index led gains with a 1.81% rise; South Korea’s KOSPI rose 1.53% to 6,912.37; Japan’s Nikkei 225 fell 0.20% to 66,131.98. 15. Crude oil prices edged lower: WTI crude fell 0.74% to $81.62 per barrel; Brent crude settled below $88. 16. Spot gold dropped 1.38% to $4,592.86 per ounce; NYMEX gold futures fell 0.88% to $4,653.30 per ounce—stronger dollar pressure weighed on precious metals.

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UBS downgraded Braskem SA to Sell, cutting its price target due to persistent spread pressures and restructuring challenges. The decision follows missed financial results and concerns over high indebtedness and negative free cash flow.

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