[Goldman Sachs: Maintain Overweight on A-shares, Recommend Positioning in High-Quality Hong Kong Internet Leaders] According to a report by Jinse Finance, on July 13, Goldman Sachs released its latest research report, maintaining its overweight stance on A-shares. This year, the market has seen extreme divergence, with A-share hard tech significantly outperforming Hong Kong internet stocks. Goldman Sachs believes that the A-share AI sector as a whole does not have a bubble, but valuations in certain sub-sectors like semiconductors are relatively high, and there is a need to be cautious about the risks of excessive trading concentration. Goldman Sachs pointed out that Hong Kong internet stocks have seen a short-term rebound, and current stock prices have largely priced in pessimistic expectations regarding AI investment losses and pressure on core businesses. With narrowing subsidies and accelerated monetization of cloud and AI applications, earnings in the second to third quarters are expected to reach a turning point. It is recommended to gradually position in high-quality Hong Kong internet leaders. On the capital side, hedge funds are heavily invested in South Korean and Taiwanese markets, but emerging market funds have started to overweight China. (Jin10)