人工智能引爆风险偏好，结构性变革箭在弦上｜亚太市场观察

Core Insights - Despite challenges such as tariffs and geopolitical conflicts, several markets in the Asia-Pacific region, including China, Japan, South Korea, and Southeast Asia, have shown strong stock market performance [1][2] - The key drivers behind the robust performance of the Asia-Pacific markets include a revaluation of Chinese market values, corporate governance reforms in Japan, and the cyclical nature of technology stocks in South Korea [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 region is experiencing a divergence between developed markets like Japan and Australia and less developed markets, highlighting the varying economic conditions across the region [2] - Market liquidity is becoming less significant as more companies opt for privatization, leading to a situation where not all economic indicators are publicly available [2] - Tariffs have introduced uncertainty that affects economic activities requiring stability, such as investment decisions and mergers [2] Future Trends - The power of capital will ultimately manifest as companies consider various manufacturing locations, including China, Southeast Asia, and developed regions like the U.S. [3][4] - The importance of low-cost labor is expected to diminish over the next 50 years due to the rise of artificial intelligence and related technologies, leading to a shift in manufacturing site selection closer to consumer bases [4] - The Asia-Pacific region, with two-thirds of the world's population, is likely to remain a central hub for manufacturing due to its high domestic consumption levels [3][4]