美银亚洲基金经理调查：投资者正重返中国！

Group 1 - The core viewpoint of the article indicates a significant rebound in investor participation in the Chinese market, contrasting with the low allocation trend observed over the past three years [1] - Approximately 90% of respondents expect the stock market in the Asia-Pacific region (excluding Japan) to rise in the next 12 months, marking the highest level of optimism in the survey's history [1] - A net 39% of respondents predict stronger corporate earnings in the Asia-Pacific region (excluding Japan), the highest level since October 2024 [1] Group 2 - The survey reveals a shift in investment stance towards China, with 21% of respondents building positions, 14% having completed full allocation, and another 14% actively seeking entry opportunities [2] - In terms of investment themes, AI/Semiconductors are the most favored sector with 64% of respondents, followed by the anti-involution concept at 24% [5] Group 3 - Despite 79% of respondents anticipating further easing of Chinese monetary policy, there is a noted decrease in household risk appetite, reflected in a simultaneous decline in discretionary spending and investment behavior [8] - Japan remains the most favored market in the Asia-Pacific region, with about 70% of respondents predicting a rise in the stock market over the next year [11] Group 4 - Semiconductor stocks (46%) and bank stocks (29%) continue to be the top preferences among investors, maintaining their leading positions since being included in the survey in October 2023 [14] - Approximately two-thirds of respondents expect the Bank of Japan to initiate interest rate hikes in the first quarter of 2026 [14]