宏利投资：全球宏观经济前景明朗 多因素支撑亚洲市场长期投资吸引力

Group 1 - The core viewpoint of the report is that the global macroeconomic outlook is becoming clearer, with increased policy predictability, making the Asian market an important area for investors to diversify growth and mitigate risks [1][2] - The report anticipates that global growth will remain robust in early 2026, supported by gradually declining interest rates, resilient corporate earnings, and ongoing investments in productivity-enhancing themes such as artificial intelligence and digitalization [1][2] - Despite geopolitical risks and fiscal challenges in developed markets, the inherent resilience of domestic demand, flexible policy adjustments, and structural reform momentum in Asia continue to support its long-term investment appeal [1][2] Group 2 - From a macro perspective, the global macro environment is gradually stabilizing, with major economies experiencing declining inflation and central banks shifting focus from curbing inflation to supporting economic growth [2] - The Asian market benefits from a continuously accommodative financial environment, a weaker dollar, and diversified local growth dynamics, creating unique opportunities for investors due to lower synchronization with developed market economic cycles [2] - In equity investments, the company maintains a high allocation to stocks, driven by resilient corporate earnings, fiscal support, and gradually easing monetary policy, while emphasizing the importance of diversification and disciplined deployment [3] - The outlook for Asian stocks in the first half of 2026 remains positive, bolstered by favorable monetary conditions and improved earnings visibility, with upward revisions in profit forecasts for 2026 and 2027 supporting valuations [3]