普徕仕：看好股市前景 但重新配置区域资产管理风险

Group 1: Global Asset Allocation Insights - The company expresses a positive outlook on stock markets, supported by global economic resilience and AI infrastructure investments, while advocating for regional asset reallocation to seize opportunities and manage risks [1] - The company has a high allocation to large-cap US stocks, reflecting long-term benefits from AI and strong earnings momentum in large tech stocks, alongside ongoing government support for strategic tech industries [1] - Despite concerns over high valuations and monetary policy risks in the US stock market, there remains significant debt financing capacity without substantial credit pressure emerging [1] Group 2: Asian Market Performance - Asian economies, particularly export-oriented ones, are expected to perform well in 2025, even amid initial market concerns regarding US tariffs, with strong global trade volumes [1] - The manufacturing Purchasing Managers' Index (PMI) in ASEAN has risen for five consecutive months, indicating robust economic performance in the region [1] - North Asia, particularly Taiwan and South Korea, benefits from the AI investment boom, with Taiwan's exports surging by 56% year-on-year in November, driven by IT product shipments [1] Group 3: Bond Market Outlook - The company maintains a low allocation to bonds due to inflation and US fiscal stimulus potentially exerting upward pressure on long-term interest rates [2] - There is a preference for short-duration bonds, with a low allocation to US long-term government bonds, while favoring higher-yield credit sectors such as high-yield bonds and emerging market local currency bonds [2] - The company holds a neutral allocation to cash, primarily using it as a liquidity source to capitalize on tactical investment opportunities during market volatility [2]