彭博：急于“升值”可能是亚洲股市应对特朗普的最佳防御手段

Investment Rating - The report indicates a positive outlook for the Asian stock market, particularly due to the "value uplift" strategies inspired by Japan's corporate governance reforms [1][3]. Core Insights - The rise of "value uplift" strategies across Asia is seen as a response to the need for improved shareholder returns and corporate governance, with various countries implementing reforms similar to Japan's [1][3][5]. - The report highlights that since 2022, Japanese companies have significantly increased cash returns to investors, leading to a historical high in the Nikkei 225 index, breaking a 30-year stagnation [3]. - Countries like South Korea, China, and India are adopting similar measures to enhance corporate valuations, with South Korea launching its own "corporate value enhancement plan" [3][5]. - Despite some initial successes, the report notes that not all markets are experiencing positive outcomes, with South Korea's Kospi index declining over 7% this year [6]. - Fund managers express optimism about finding investment opportunities within the "value uplift" theme, emphasizing the importance of corporate earnings and returns [6][7]. Summary by Sections - Japan's Influence: Japan's structural reforms have led to increased shareholder returns and improved corporate governance, inspiring similar initiatives across Asia [1][3]. - Regional Developments: Countries like South Korea, China, and India are implementing reforms to boost corporate valuations, with varying degrees of success [3][5]. - Market Performance: The MSCI Asia index has risen 30% since late 2014, but this is modest compared to the S&P 500's 190% increase during the same period [5]. - Investor Sentiment: Fund managers are actively seeking opportunities in the "value uplift" space, indicating a shift in focus towards corporate profitability and shareholder returns [6][7].