美银：亚洲基金经理调查-Asia Fund Manager Survey

Investment Rating - The report indicates a positive investment outlook for the Asia Pacific ex-Japan region, with 90% of investors expecting equities to rise in the next 12 months [2][17]. Core Insights - The global growth forecast is improving, with APAC ex-Japan economic prospects reaching an 11-month high, and over half of respondents anticipating a stronger Japanese economy in the next year [1][3]. - Investor sentiment towards China is notably optimistic, with a net 8% expecting a stronger economy, a significant shift from previous expectations of weakness [4][26]. - Japan remains a favored market, with 7 in 8 panelists expecting positive returns, driven by corporate governance reforms and policy normalization [3][40]. Summary by Sections Economic Outlook - The global growth forecast is gaining momentum, particularly in the APAC ex-Japan region, which has reached an 11-month high [1]. - China's growth outlook is improving, with a notable increase in investor sentiment, as indicated by the China Risk-Love indicator reaching its highest level since April 2021 [4][26]. Market Sentiment - 90% of investors anticipate a rise in APAC ex-Japan equities over the next year, with return expectations at their highest since February 2023 [2][17]. - Japan is viewed positively, with virtually no investors expecting a weaker economy in the next 12 months [3][38]. Sector Preferences - Semiconductors and banks are highlighted as the most favored sectors in Japan, benefiting from higher interest rates and ongoing technological advancements [47]. - In the broader Asia Pacific ex-Japan region, semiconductors, tech hardware, and financial services are the most preferred sectors, while energy and consumer staples are out of favor [52]. Investment Themes - Key investment themes include AI, anti-involution, and corporate value-up programs in Korea, reflecting a focus on innovation and corporate governance [5][60]. - In China, the focus is on AI and semiconductors, while cyclicals and green economy themes have lost traction [54].