新兴市场在2025年逆风翻盘，分析师预计明年优势还将继续

Group 1 - Emerging market assets have performed strongly this year, with the MSCI Emerging Markets Index rising nearly 30% as of November 28, compared to a 17% increase in the MSCI Global Index, driven by favorable macroeconomic conditions and improving investor sentiment [1] - Fund management company Asia Frontier is investing in stocks from Sri Lanka and Bangladesh, indicating that these countries are in the early stages of economic restructuring and governance improvement [1] - Aberdeen sees potential for bond price increases in Argentina, Ghana, and Ecuador, while Federated Hermes is increasing investments in frontier market bonds, particularly favoring Nigeria, Sri Lanka, Pakistan, and Ecuador [1] Group 2 - Frontier markets, which are less developed than emerging markets, have also gained popularity, with the MSCI Frontier Markets Index up 43% this year, potentially marking its best performance since 2005 [2] - Some previously debt-laden economies have become favored by investors due to their perceived immunity to trade tensions and geopolitical risks, contrasting with the fiscal challenges faced by major developed countries [2] - Federated Hermes highlights that frontier market bonds offer high yield returns and capital appreciation potential, with lower correlation to overall risk markets [2] Group 3 - The robust performance of the US economy and a weakening dollar create ideal conditions for emerging and frontier market stocks, while China's economic resilience boosts investor confidence in these markets [3] - Emerging markets provide opportunities to invest in world-class companies with cutting-edge technological innovations, with emerging market tech stocks trading at a price-to-earnings ratio of 18, compared to 31 for US tech stocks, raising concerns of a bubble in the latter [3]