美银9月亚洲基金经理调查：对中国情绪回暖，增加敞口，但70%仍然认为是“结构市”

Core Viewpoint - The sentiment towards the Chinese market has significantly improved, with a notable decrease in the proportion of fund managers expecting economic weakness from 59% in April to just 9% in September, marking a six-month high in growth expectations [1][4][10]. Group 1: Market Sentiment - The proportion of fund managers fully invested in the Chinese market increased from 3% in August to 13% in September, indicating a more active investment approach [2][7]. - The waiting period for more reliable easing signals has decreased, with the proportion of those waiting dropping from 23% to 13% [7]. - Despite the positive sentiment, 70% of respondents still view the Chinese stock market as a "structural market," with an increased willingness to reduce exposure from 7% to 17% [2][12][13]. Group 2: Investment Themes - The "anti-involution" theme emerged as the most favored investment topic, chosen by 52% of respondents, significantly ahead of artificial intelligence/semiconductors and cyclical stocks, which both received 22% [15]. - Traditional sectors such as real estate, tourism, and stock buybacks/dividends received no interest, reflecting a cautious stance towards conventional sectors [17]. Group 3: Household Savings and Investment - The inclination for household savings remains high, with 61% of respondents indicating a preference for saving accounts, up from 53% in August [18]. - The proportion of households considering investments in stocks, bonds, or real estate slightly increased from 23% to 26%, suggesting a gradual shift towards investment from a previously cautious stance [18].