东南亚指数双周报第 16 期：持续上扬，马来领涨-20260118

Market Performance - Southeast Asia ETF increased by 2.93%, outperforming China, the UK, the US, and India, but underperforming Japan, Latin America, and Africa[7] - The Southeast Asia Technology ETF rose by 1.51%, lagging behind the overall Southeast Asia ETF by 1.42 percentage points[7] Country-Specific Insights - iShares MSCI Indonesia ETF increased by 2.18%, underperforming by 0.75 percentage points, supported by improved growth expectations and positive domestic economic data[8] - iShares MSCI Singapore ETF rose by 1.08%, underperforming by 1.85 percentage points, with strong trading data and optimistic economic outlooks driving market sentiment[8] - iShares MSCI Thailand ETF increased by 0.67%, underperforming by 2.26 percentage points, influenced by ongoing interest rate cut expectations and weak economic growth prospects[8] - iShares MSCI Malaysia ETF rose by 3.14%, outperforming by 0.20 percentage points, bolstered by a drop in unemployment to a multi-year low and targeted financial support measures[8] - Global X MSCI Vietnam ETF increased by 0.08%, underperforming by 2.85 percentage points, supported by strong trade fundamentals[8] Trading Volume and Liquidity - Global X FTSE Southeast Asia ETF had a trading volume of 52.9 million shares, a week-on-week increase of 87.3%[16] - iShares MSCI Singapore ETF trading volume reached 8.583 million shares, up 49.3% week-on-week[15] - iShares MSCI Indonesia ETF trading volume was 4.445 million shares, increasing by 119.8% week-on-week[15] - iShares MSCI Thailand ETF trading volume was 1.243 million shares, up 161.7% week-on-week[15] - iShares MSCI Malaysia ETF trading volume reached 2.875 million shares, increasing by 104.7% week-on-week[15] Economic Indicators - Malaysia's unemployment rate fell to 2.9%, the lowest in 11 years, indicating structural improvements in the job market[23] - Indonesia's GDP growth for Q4 2025 is projected at 5.45%, indicating a recovery trend[17] - Vietnam's exports are expected to grow from $281.5 billion in 2020 to approximately $475 billion by 2025, maintaining an average annual growth rate of about 10%[25]