星展银行：亚洲市场成全球投资者核心关注区域

Core Viewpoint - The demand for diversified asset allocation is increasing, with the Asian market becoming a core focus for global investors as of 2026 [1][2] Market Performance - In 2025, major Asian indices such as the Shanghai Composite Index, Shenzhen Component Index, Hang Seng Index, and the Hang Seng Composite Index performed well, with the Korean market showing particularly strong growth [1] - Southeast Asian markets also exhibited impressive performance [1] Investment Strategy - The trend of "de-dollarization" and "de-US Treasury" is becoming more pronounced, leading to a sustained weak dollar outlook in 2026, which enhances the attractiveness of Asian currencies [2] - The Asian market has advantages in exchange rate stability, national security, and industry development potential [2] - The focus on high-quality Chinese enterprises in the Asian market is emphasized, with both A-shares and H-shares identified as core allocation directions [2] - The "14th Five-Year Plan" highlights key development areas such as new productivity, green technology, and innovation, with technology and new economy stocks nearing 50% weight in the MSCI China Index, becoming core growth engines [2] Specific Investment Recommendations - The core investment strategy for Q1 2026 is a barbell strategy, focusing on technology stocks for growth and healthcare and financial sectors for value [2] - The financial sector is expected to benefit from a loose monetary policy environment, with increased demand for direct and indirect financing during the interest rate cut cycle, leading to potential profitability growth in investment banking, asset management, and credit businesses [2]