Recently, Goldman Sachs' chief China equity strategist, Jinjin Liu, released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned". Jinjin Liu pointed out that driven by various macro, policy and micro factors, the medium-term investment prospects of China's private enterprises are improving. Goldman Sachs also imitated the "Big Seven" of the US stock market and listed China's "Big Ten", that is, the top ten Chinese private listed companies that Goldman Sachs is particularly optimistic about. They are: Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip and Anta. The total market value of the above ten companies is US$1.6 trillion, accounting for 42% of the weight of the MSCI China Index, and the daily trading volume is US$11 billion. Goldman Sachs analysts expect that the earnings of the "Big Ten" will increase by 13% (compound annual growth rate) in the next two years, with a price-to-earnings ratio of 16 times. The "Big Ten" will jointly embody the latest economic themes such as China's artificial intelligence/technology development, "going out", new consumption and improving shareholder returns. In addition, Jinjin Liu specifically pointed out that investing in private enterprises does not mean excluding state-owned enterprises - Goldman Sachs reiterated that it still prefers "high-quality" Chinese state-owned enterprises and shareholder return combinations.