高盛：2025年2月亚洲股市投资态势：对冲基金、行业交易与资金流向解析

Investment Rating - The report indicates a positive investment outlook for Asia-focused fundamental long/short managers, with performance metrics showing significant gains in February 2025 [4][7][10]. Core Insights - Asia-focused fundamental long/short managers are up +2.8% month-to-date (MTD) and +4.0% year-to-date (YTD), driven by strong performance in China and favorable asset selection [4][10]. - China-focused managers have seen a +3.9% MTD and +6.5% YTD increase, primarily due to concentrated longs and technology sector tilts [4][10]. - Japanese managers are slightly down -0.6% MTD, with YTD returns at +0.4%, reflecting mixed performance across sectors [4][10]. - The report highlights that Asia is currently the most overweight region compared to MSCI World AC weights, with net allocations at +6.2% overweight and gross allocations at +2.6% overweight [20]. Performance Metrics - Gross leverage for Asia fundamental long/short managers is at 190%, which is in the 80th percentile over the past five years, while net leverage is at 60%, in the 78th percentile [15]. - Asian equities are experiencing the highest monthly risk-on activity in three years, with notable inflows from China/Hong Kong and Japan [4][17]. - Japanese equities have seen moderate net selling, but hedge funds are increasing their gross allocation to 6.4% (94th percentile) and net allocation to 5.7% (99th percentile) [31]. Sector Highlights - The industrials sector is the most net bought sector in February, with significant buying activity across Japan and China [41]. - Financials is the second most net bought sector, with inflows from both China and Japan, although allocations remain at multi-year lows [44]. - Technology, Media, and Telecommunications (TMT) stocks have seen modest net buying, with the highest risk-on activity in the region, particularly in China and Hong Kong [47]. Regional Allocations - China and Hong Kong equities have experienced strong risk-on flows, with gross allocations increasing by +0.8% to 5.4% and net allocations increasing by +1.5% to 8.5% [25][22]. - Positioning in Emerging Markets (EM) Asia excluding China has remained relatively flat, with moderate buying in Korea and Taiwan offset by selling in India [36].