Goldman Sachs lists the shares of China's "Top Ten Private Enterprises" and forecasts the compound annual growth rate of their earnings (Table)

Goldman Sachs released its 2026 outlook report for the Chinese market, highlighting key themes including the field of artificial intelligence, the "Ten Private Giants," and supportive regulatory policies for private enterprises. The bank's "top-down" framework lists 10 large private companies' stock names:

Stock │ CAGR of EPS from 2025 to 2027 │ 2025 Forecasted P/E Ratio

Tencent (00700.HK) │ 12% │ 17 times

Alibaba-W (09988.HK) │ 28% │ 17 times

CATL (300750.SZ) │ - │ 19 times

Xiaomi-W (01810.HK) │ 18% │ 19 times

BYD (01211.HK) │ 30% │ 16 times

Meituan-W (03690.HK) │ 188% │ 46 times

NetEase-S (09999.HK) │ 7% │ 15 times

Midea (00300.HK) │ 7% │ 12 times

Hengrui Medicine (600276.SH) │ 15% │ 40 times

Trip.com Group-S (09961.HK) │ -13% │ 17 times