外资杀回东南亚！2026年亚洲投资“香饽饽”浮出水面

Group 1 - Southeast Asia is becoming a key segment in the global financial landscape by 2026, driven by undervaluation advantages and the need for portfolio diversification, with a net foreign inflow of $337 million in December, potentially reaching a new high since September 2024 [1] - The MSCI ASEAN index underperformed the broader Asia-Pacific index by approximately 13 percentage points in 2025, marking the largest gap in five years, primarily due to the lack of assets related to the booming AI industry [1] - Investors are seeking to diversify their allocations to reduce dependence on the US market and crowded sectors like AI, which directly benefits the ASEAN market [1] Group 2 - Markets like Vietnam are expected to benefit from global supply chain shifts and anticipated interest rate cuts by the Federal Reserve, with the FTSE Russell upgrading Vietnam's stock market to secondary emerging market status in October [2] - The earnings outlook for stock markets in Indonesia, Vietnam, and the Philippines is gradually improving, supported by large-scale fiscal spending plans, infrastructure development, and consumer demand stimulation [2] - Current dynamic P/E ratios for benchmark indices in Indonesia, Thailand, Malaysia, and Vietnam range from 12 to 15 times, while the Philippines' benchmark index is below 10 times, compared to over 22 times for the S&P 500 [2] Group 3 - The region's markets face multiple risks, particularly in Thailand and Indonesia, where domestic political instability is a concern, with Thailand's Prime Minister announcing a dissolution of parliament and elections scheduled for February 2024 [4] - If the AI investment trend continues to attract market interest, the ASEAN market may struggle to reverse its current underperformance [5] - Moderate valuation levels are gradually enhancing the ASEAN market's appeal to value investors, especially with a rebound in earnings growth, as indicated by December's fund flow data [5]