Bank of America(US:BAC) Hua Er Jie Jian Wen·2025-09-17 02:35Core Insights - Interest in the Chinese market among Asian fund managers is increasing, with a notable improvement in sentiment observed in the latest Bank of America survey [2][3][6] Group 1: Market Sentiment - Only 9% of surveyed fund managers expect the Chinese economy to weaken in the next 12 months, a significant drop from 59% in April, marking the best outlook in six months [2][3] - The proportion of fund managers fully exposed to the Chinese market rose from 3% in August to 13% in September, while the wait-and-see stance decreased from 23% to 13% [5][6] - Despite the improved sentiment, 70% of respondents still view the Chinese stock market as undergoing a "structural downgrade" [10] Group 2: Investment Themes - The most favored investment theme is "anti-involution," chosen by 52% of respondents, significantly outpacing artificial intelligence/semiconductors and cyclical stocks, which both received 22% [12][14] - Traditional sectors such as real estate, leisure, and stock buybacks/dividends received no interest, indicating a cautious approach towards these areas [14] Group 3: Policy Expectations - A strong expectation for more accommodative monetary policy in China is evident, with 83% of fund managers anticipating such measures in the next 12 months, although this is a decrease from April's historical high [8] Group 4: Household Savings and Investment - The survey indicates a rise in household savings inclination, with 61% of respondents prioritizing savings accounts, up from 53% in August [15] - The percentage of households considering investments in stocks, bonds, or real estate has slightly increased from 23% to 26%, suggesting a gradual shift in risk appetite [15]