2026开年，亚洲科技股远远跑赢美国纳指

Core Viewpoint - Asian technology stocks are outperforming their U.S. counterparts, driven by strong fundamentals and attractive valuations, with a year-to-date increase of approximately 6% compared to the Nasdaq 100's 2% rise [1] Group 1: Market Trends - Investors are shifting from high-valued U.S. tech stocks to undervalued Asian tech stocks, reflecting a change in risk-return preferences [2] - The MSCI Asia Pacific Information Technology Index has a forward P/E ratio of 16.3, significantly lower than the Nasdaq 100 and Philadelphia Semiconductor Index, which are around 25 [2] - Fund managers are increasingly allocating to Asian tech stocks, with demand from various types of funds flowing into markets like South Korea and Hong Kong [2] Group 2: Earnings Growth Potential - Higher earnings growth potential is a key driver of bullish sentiment, with expected EPS growth of 79% for South Korean stocks and 36% for Taiwanese stocks over the next 12 months, compared to 28% for Nasdaq-listed companies [3] - Major Asian tech stocks, including TSMC, Samsung, and SK Hynix, have seen price increases between 8% and 16% this year, with Hua Hong Semiconductor exceeding a 20% rise [3] Group 3: Chinese Tech Recovery - The Chinese market is crucial for Asian tech investments, with expectations of significant earnings growth for Chinese tech giants in 2026, potentially surpassing the U.S. "Big Seven" for the first time since 2022 [4] - The enthusiasm for Chinese tech is bolstered by advancements in AI, with new companies like Minimax and Zhiyu AI recently going public [4] Group 4: AI Investment Landscape - The North Asian tech ecosystem is positioned at the forefront of the global AI growth trend, with significant investments expected from major tech companies [5] - Concerns are rising regarding the potential for an AI bubble, as capital expenditures from companies like Microsoft, Google, Amazon, and Meta are projected to increase by 34% to approximately $440 billion next year [5]