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Goldman names 11 stocks that could rally on China's 'common prosperity' drive

Published Thu, Oct 28 202110:49 PM EDT

Analysts at Goldman Sachs have named a slew of stocks that they believe have exposure to China's "common prosperity" drive. The stocks are insulated from regulation risk, have limited exposure to the housing market, and are sensitive to macro policy easing, the investment bank said in a note on Oct. 25. CNBC spotlights 11 of the bank's stock picks that are listed in the U.S. or Hong Kong. President Xi Jinping's remarks on "common prosperity" in August came against the backdrop of a sweeping regulatory crackdown that has ensnared a myriad of sectors from technology to property to private education, roiling the stock market and sending it into a tailspin. The MSCI China index is down 12% this year, while the MSCI World Index is up nearly 18%. While policy specifics have been scant, Goldman believes that Xi's clarion call represents "a growth reorientation where policy support could pivot towards industries that carry long-term strategic value to China." This includes the "semiconductor, green or renewable energy, and sports [sectors]," it said. Despite a slide this year for Chinese equities, opportunities remain for investors to cash in, with Goldman noting that "investing aligned with long-term policy goals has been historically rewarding in China." The Wall Street firm identified "mass but unique consumption," "hard" technology and manufacturing upgrading, green or renewable energy, and state-owned enterprise reformers as the "structural trends that