美银：亚洲基金经理调查-风向正在逆转

Investment Rating - The report indicates a general improvement in investor sentiment towards the Asia Pacific region, with a net 21% of participants expecting a stronger Japan economy and a net 10% anticipating a weaker Chinese economy, marking significant improvements from previous months [4][25]. Core Insights - The report highlights a recovery in growth expectations, with a notable shift in investor sentiment from panic to optimism, driven by confidence in trade resolutions and global monetary easing [1]. - Earnings recovery is anticipated, with nearly 90% of participants expecting higher earnings levels in the coming year, a significant turnaround from previous expectations of a slowdown [2]. - The semiconductor sector is viewed positively, with a net 38% of investors expecting it to strengthen over the next 12 months, indicating a favorable outlook for technology investments [6][61]. Summary by Sections Economic Outlook - A net 46% of investors expect a weaker global economy, down from 82% in April, while a net 45% foresee a weaker Asian economy, improving from 89% [1]. - In China, the economic outlook has improved, with only a net 10% expecting a weaker economy, a significant drop from 48% the previous month [3][25]. Country Allocation - Japan has regained its position as the most favored market, followed by India, with South Korea rising to the third spot due to expectations of policy reforms [5][49]. - Thailand and Indonesia remain the least preferred markets among investors [5]. Sector Preferences - In the Asia ex-Japan portfolio, technology sectors are favored, while energy, materials, and real estate are avoided [6][51]. - In Japan, banks are the top choice, benefiting from higher interest rates, followed by semiconductors [7][46]. Investment Themes - AI is the most favored investment theme in China, while in India, IT services, infrastructure, and consumption are the primary themes being monitored [54][56]. - The report notes a positive sentiment towards the semiconductor cycle, with expectations for growth in exports from Korea and Taiwan [61].