摩根士丹利：亚洲新兴市场股票策略_资金流与仓位指引

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Emerging Market (EM) equity funds experienced outflows of US$1.2 billion in the week ending April 30, 2025, with China leading the outflows at US$2.8 billion, partially offset by inflows from India (US$0.7 billion), Brazil (US$0.5 billion), Korea (US$0.4 billion), and Taiwan (US$0.4 billion) [2][3] - GEM long-only managers increased their overweights in Brazil and Korea while reducing their underweight in China, funded by adding to India underweight and cutting South Africa overweight [3][4] - Japanese equities saw foreign inflows of US$3.7 billion in the week ending April 25, 2025, although year-to-date flows remain net sold [5] Market Dynamics - In March 2025, GEM investors trimmed underweights in Consumer Discretionary Distribution & Retail and Telecommunication Services, funded by cutting overweights in Semiconductors and Media & Entertainment [4] - The underweight in Japan among long-only investors narrowed to 27 basis points as of the end of March 2025, down from 39 basis points at the end of December 2024 [5] - Active long-only managers added to overweight positions in Consumer Durables & Apparels and trimmed underweight in Automobiles & Components, funded by adding to underweight in Capital Goods [5] Fund Positioning - As of March 31, 2025, the relative market allocation of EM fund managers shows a significant underweight in China, which has narrowed, while both portfolio and index weights have risen [11] - The report highlights that the active fund positions in EM equities by market show Brazil with a portfolio weight of 7.8%, India at 19.5%, and Korea at 9.0% [21] - Sector positioning indicates that Financials account for 24.1% of the portfolio, followed by Information Technology at 21.5% and Consumer Discretionary at 14.5% [23][27]