Goldman Sachs released a research report stating that since the beginning of 2025, Chinese AI-related listed companies have created a market value of nearly $5 trillion through rising stock prices and IPO. AI stocks now account for 42% of the total market value and 57% of the trading volume of A-shares and H-shares, and AI has changed the landscape of the Chinese stock market.

This line indicates that the global narrative of a AI "duopoly" pattern is attracting attention from investors, which consists of two major autonomous AI ecosystems dominated by the United States and its major trading partners, as well as one dominated by China. China has always been a key exporter in the global AI supply chain, holding over 50% of the global market share in areas such as rare earth production/refinement, power equipment, PCB, optical modules, and mature process semiconductors. With the development of domestic AI technology, China has gradually established an internal circular AI value chain that covers advanced semiconductors, open-source language models with significant influence, and the application layer, and is poised to compete with the AI ecosystem centered around the United States. The report estimates that Chinese AI companies have a market value of approximately 7.6 trillion US dollars based on their AI business exposure, accounting for about 10% of the global AI related market value and profits, about 14% of capital expenditures, and about 24% of revenue.

This line divides Chinese AI stocks into two main categories: First, there are over 360 export-oriented enterprises with a combined market value of about 1.7 trillion US dollars, and their overseas revenue accounts for more than 40%. These enterprises mostly belong to the AI infrastructure and power sectors and can be seen as agents of the Western AI capital expenditure boom. Second, there are over 880 enterprises that mainly serve domestic demand, with a combined market value of about 3.2 trillion US dollars. Their overseas revenue is less than 10%, and they have benefited from the increased capital expenditure of local large-scale cloud service providers AI, the surge in application demand, and policy initiatives to promote technological self-reliance.

From early 2025 to June 2026, the export-oriented AI stock returned 126%, outperforming its domestic-demand counterparts by about 84 percentage points. However, since the global AI adjustment at the end of June, it has fallen by 23% from its high level, narrowing its relative advantage by about 10 percentage points.

In terms of investment strategy, despite acknowledging geopolitical and trade policy risks, the bank remains optimistic about 20 Chinese AI export leaders, with an average overseas revenue contribution of 66% in the first half of 2026. According to market expectations, these companies are expected to achieve a compound annual growth rate of earnings per share of 38% over the next two years, and a price-earnings ratio of 21 times in 2027. The bank has also selected 20 domestic AI champions, with over 90% of their sales coming from the mainland. These companies are expected to have a compound annual earnings growth rate of 33% and a forward price-earnings ratio of 23 times. Additionally, the bank has updated its “China Select AI Portfolio” to include 50 stocks covering five sectors: power, semiconductors, infrastructure, models, and applications. The portfolio currently has a price-earnings ratio of 31 times for the next 12 months, with market expectations of a 46% earnings growth over the next two years, and approximately 58% of the revenue being directly related to AI business. For more details, please refer to the table below.

This reminder indicates that there are still significant gaps between the Sino-US AI value chains in terms of market value, profitability, and product pricing. The bottlenecks in local supply chains, as well as the exponential growth characteristics of AI technology, mean that for China to achieve complete AI self-sufficiency, it is still a long and challenging journey.

After the update by Goldman Sachs, the list of 50 shares in the "China Select AI Portfolio" is as follows:

Electricity

• Weichai (02338. HK ) -0.640 (-2.287%) Raised $131 million; Ratio 25.407% | Buy (Confirmed to be on the buy list)
• Yingliu Shares (603308. SH ) -0.740 (-2.159%) | Buy
• CSTEC (002518. SZ ) -0.760 (-2.367%) | Buy
• CATL (03750. HK ) +3.400 (+0.692%) with a trading volume of $503 million; ratio 32.203% | Buy
• Siyuan Electric (002028. SZ ) +0.560 (+0.466%) | Buy
• Hongfa Shares (600885. SH ) -0.510 (-1.581%) | Buy

Semiconductors

• Shengyi Technology (600183. SH ) -4.140 (-3.335%) | Buy (Confirmed to be on the buy list)
• Anji Technology (688019. SH ) -2.800 (-1.390%) | Buy
• Tianyue Advanced (02631. HK ) -2.250 (-3.566%) Trading volume: $1.72 million; Ratio: 3.801% | Neutral
• SMIC (00981. HK ) -1.450 (-2.515%) Sold $322 million; Ratio 13.276% | Buy
• Hua Hong Hong Li (01347. HK ) -4.700 (-4.971%) Sold $352 million; Ratio 20.440% | Buy
• Coreway Semiconductor Co., Ltd. (688521. SH ) -11.020 (-7.249%) | Buy
• TianDay Zhixin (09903. HK ) -0.300 (-0.340%) Volume: $68.5 million; Ratio: 19.960% | Buy
• Biren Technology (06082. HK ) -1.100 (-3.548%) Sold $43.8 million; Ratio 6.123% | Buy
• Cambrian (688256. SH ) -14.110 (-1.431%) | Buy
• GIGABYTE Technology (688825. SH ) -2.660 (-5.216%) | Buy
• GigaDevice Innovation (03986. HK ) -19.000 (-4.815%) Sold $32.7 million; Ratio 7.957% | Buy
• Lanqi Technology (06809. HK ) -13.400 (-4.996%) Sold $26.5 million; Ratio 5.974% | Buy
• Beifang Huachuang (002371. SZ ) -6.060 (-1.020%) | Buy
• Zhongwei Company (688012. SH ) +0.210 (+0.068%) | Buy
• Huahai Qingke (688120. SH ) +3.630 (+1.611%) | Neutral
• InnoSaike (02577. HK ) -1.120 (-3.048%) Sold $26.1 million; Ratio 17.459% | Buy
• Changdian Technology (600584. SH ) -2.750 (-4.383%) | Neutral
• BGI Genomics (301269. SZ ) +5.650 (+6.125%) | Neutral

Infrastructure

• Inveco (002837. SZ ) -2.040 (-4.009%) | Buy
• Lixun Precision (02475. HK ) -1.050 (-2.077%) Sold $25.6 million; Ratio 15.563% | Buy
• Runze Technology (300442. SZ ) -0.990 (-1.689%) | Buy
• Kingsoft Cloud (03896. HK ) +0.045 (+0.931%) Volume: $21.1 million; Ratio 14.164% | Buy
• Zhongji Xuchuang (03308. HK ) -71.500 (-7.337%) Sold $122 million; Ratio 9.431% | Buy
• New Yisheng (300502. SZ ) -22.600 (-6.105%) | Buy
• Tianfu Communication (300394. SZ ) -5.500 (-2.340%) | Buy
• Shennan Circuit (002916. SZ ) -19.470 (-5.607%) | Buy
• Shanghai Electric Group Co., Ltd. (002463. SZ ) -2.670 (-2.378%) | Buy
• Shenghong (02476. HK ) -6.000 (-3.319%) Drawn $114 million; Ratio 19.178% | Buy
• GIGABYTE Technology (601138. SH ) -4.020 (-7.170%) | Buy

AI Large Models

• Zhipu (002513. HK ) | Buy
• Minimax-W (00100. HK ) +1.000 (+0.469%) Sold $233 million; Rate 20.641% | Buy
• Shangtang-W (00020. HK ) -0.015 (-1.250%) Sold 115 million dollars; Ratio 31.493% | Neutral

Application ( AI +)

• Alibaba (09988. HK ) rose 1.200 (+1.121%) to close at $817 million; Ratio 16.094% | Buy
• Tencent (00700. HK ) +1.000 (+0.235%) with a trading volume of $674 million; Ratio 11.264% | Buy
• WuXi AppTec (02359. HK ) -0.200 (-0.096%) Sold $264 million; Ratio 39.590% | Buy
• Cailaiying (06821. HK ) +1.000 (+0.645%) Volume: $3.44 million; Ratio 6.713% | Buy
• Hang Seng Electronics (600570. SH ) +0.180 (+0.924%) | Buy

Application (Entity)

• BYD (01211. HK ) -1.250 (-1.653%) Sold $517 million; Ratio 28.133% | Buy (Confident to be on the buy list)
• Hesai-W (02525. HK ) -0.240 (-1.528%) 19.8 million in volume; Ratio 32.529% | Buy
• Horizon-W (09660. HK ) -0.120 (-2.916%) Market Capitalization: $80.9 million; Exchange Rate: 30.887% | Buy
• Lenovo Group (00992. HK ) -0.500 (-1.523%) Sold $668 million; Ratio 35.946% | Buy
• Sanhua Zhikong (02050. HK ) -0.440 (-1.932%) Sold 3.43 million shares; Ratio 4.231% | Buy
• Lingzhi Manufacturing (01688. HK ) -0.075 (-1.487%) Sold $3.37 million; Ratio 10.016% | Buy
• Double Ring Transmission (002472. SZ ) -1.660 (-4.408%) | Buy

The shares that were delisted include Kuaishou-W (01024. HK ) -0.840 (-2.791%) with a short volume of $209 million; ratio 21.112%, Pony.ai-W (02026. HK ) +2.280 (+5.024%) with a short volume of $5.21 million; ratio 9.348%, Xpeng-W (09868. HK ) +0.140 (+0.365%) with a short volume of $147 million; ratio 34.925%, Xiaomi-W (01810. HK ) -1.440 (-5.547%) with a short volume of $1.564 billion; ratio 34.428%, Han's Laser (002008. SZ ) -5.320 (-7.046%), WanGuo Data - SW (09698. HK ) -0.360 (-1.190%) with a short volume of $35.8 million; ratio 52.527%, Century Internet ( VNET.US ), Muxi Shares (688802. SH ) -12.530 (-2.700%), etc.

(da /U) (Hong Kong stock quotes are delayed by at least 15 minutes. Short selling data is as of 16:25 on 2026-10-12.) (A-share quotes are delayed by at least 15 minutes.) (US stock quotes are real-time streaming quotes; except for OTC market stocks, data is delayed by at least 15 minutes.)