[Goldman Sachs: AI has rewritten the landscape of China’s stock market and related listed companies have created a market value of nearly US$5 trillion] On October 13, Goldman Sachs’ chief China equity strategist Liu Jinjin and his team released a latest report stating that since the “DeepSeek moment” in early 2025, China’s artificial intelligence (AI)-related listed companies have created a market value of nearly US$5 trillion through stock price increases and IPOs. Currently, AI stocks account for 42% of the total market capitalization of A-shares and Hong Kong stocks, and 57% of the total turnover. The report also stated that China has always been a key exporter in the global AI supply chain, accounting for about 50% of the global market share in some AI power and infrastructure fields. With the advancement of domestic AI technology, China has gradually established an internal circulation AI value chain, which also covers advanced semiconductors, (open weight) large language models and application layers.