王者归来！2025亚洲市场全面碾压欧美，2026将续写神话？

Group 1 - The Morgan Stanley Capital International Asia Pacific Index has risen by 27% this year, marking the first time since 2020 that Asian markets have outperformed both US and European benchmarks in the same year [1][3] - The strong performance of Asian markets reflects an increasing attractiveness for investors seeking higher growth as the economies in Europe and the US slow down [3][4] - The broad-based rally includes double-digit gains in stock markets across Japan, South Korea, Taiwan, and mainland China, with South Korea's Kospi index surging by 71%, making it one of the best-performing major markets globally [3][4] Group 2 - In China, the stock market is experiencing its strongest year since 2020, driven by the AI boom, which has rekindled investor interest in the tech sector [4] - The optimism surrounding emerging markets, particularly in China, is bolstered by a renewed focus on technology stocks, with expectations for continued growth through 2026 [4][5] - Despite potential risks such as a strengthening dollar and signs of crowded trading in AI-related stocks, the overall trend in the region is viewed as the beginning of a long-term valuation re-rating cycle [4][5] Group 3 - The weakening dollar has enhanced the attractiveness of Asian assets for dollar-based investors, with most Asian currencies also appreciating [6] - The offshore Chinese yuan is nearing its highest level in over a year, while the Australian and New Zealand dollars have risen due to expectations of tightening monetary policy [6] - The Asian dollar-denominated investment-grade bond index has outperformed its US counterpart and is on track for its largest annual gain since 2019, supported by strong fundamentals and a controlled level of bond issuance [6][8]