人工智能引爆风险偏好，结构性变革箭在弦上

Core Insights - Despite challenges such as tariffs and geopolitical conflicts, markets in the Asia-Pacific region, including China, Japan, South Korea, and Southeast Asia, are performing exceptionally well [1] - The core drivers behind the strong performance of these markets include a revaluation of value in China, corporate governance reforms in Japan, the cyclical nature of technology stocks in South Korea, and industrial transitions in Southeast Asia [1][2] - The future of the Asia-Pacific capital markets may face pressures from traditional growth models due to demographic changes, geopolitical factors, and global supply chain restructuring [1][3] Market Dynamics - The Asia-Pacific markets are influenced by both negative factors, such as geopolitical uncertainties and tariffs, and positive factors, including optimism surrounding technological revolutions like artificial intelligence [2] - There is a significant disparity between developed markets like Japan and Australia and less developed markets in the region [2] - Market liquidity is becoming less critical as more companies opt for privatization, leading to a situation where not all economic indicators are publicly available [2] Tariff Impacts - Tariffs have introduced considerable uncertainty, affecting economic activities that require stability, such as investment decisions and mergers [2] - It is anticipated that tariffs will stabilize at higher levels, but not reach the extreme levels previously proposed [2] Future Manufacturing Trends - The rise of artificial intelligence and related technologies will diminish the importance of low-cost labor in manufacturing over the next 50 years [4] - Manufacturing locations may shift closer to consumer bases, potentially leading to significant changes in the Asian economy [4][5] - The Asia-Pacific region, which houses two-thirds of the world's population, will continue to be a focal point for manufacturing due to its high domestic consumption levels [3][5]