美国银行（BofA）8月份的基金经理调查显示，尽管基金经理们对全球经济放缓的担忧日益加剧，但对 亚洲股市的信心却保持坚挺。 此外调查还显示，投资者们对中国经济前景信心增强，中国大陆和香港地区的股票市场成投资者第二青 睐市场。 九成投资者看多亚洲股市 印度市场因存在美国关税相关的担忧，而成为基金经理们最不青睐的地区市场。这与几个月前的情况形 成鲜明对比：今年5月时，印度股市还是基金经理们在亚洲最为热捧的市场。 调查显示，41%的受访者预计全球经济将走弱，显著高于上月的31%，原因是担心美国劳动力市场降温 和消费疲软。投资者对亚洲地区经济前景的悲观程度也有所加深：净31%的受访者预计亚洲地区（除日 本以外）经济增长将放缓，较6月份略有增加。 在行业方面，基金经理们对亚洲地区（除日本外）股票市场的行业偏好偏向科技硬件、半导体和金融服 务，而材料和汽车则相对落后。 不过，这份调查还显示，约90%的投资者仍预计未来一年亚洲股市将走高，理由是企业盈利还有增长空 间。 调查显示，在日本股票市场，银行和半导体是投资者的首选。 调查还显示，投资者们对中国经济前景的信心有所增强。预计中国经济增速放缓的人数从7月的净10% 下降到 ...

Group 1 - Goldman Sachs has upgraded the outlook for Asian stock markets, citing increased certainty in tariff policies and a loose monetary environment as positive factors for the region's stock markets [1] - The firm raised its 12-month target price for the MSCI Asia Pacific ex-Japan index by 3% to 700 points, anticipating a 9% return in USD terms [1] - The upgrade is primarily driven by a more favorable macro environment and enhanced certainty in tariff policies, with the firm noting that the negative impact on fundamental growth from slightly higher tariff rates may not be as severe as previously feared [1] Group 2 - Goldman Sachs has upgraded its rating for Hong Kong stocks from underweight to market weight, based on expectations that the Federal Reserve's rate-cutting cycle will weaken the USD, benefiting markets like Hong Kong [1] - The firm highlighted that the Hang Seng Index and MSCI Hong Kong Index have recorded at least an 18% increase since the downgrade to underweight in November of the previous year [1] - The firm also identified the Philippines as one of the most sensitive regional markets to the Federal Reserve's easing policies [1] Group 3 - Earnings growth is expected to be the main driver of returns in regional stock markets, with a forward P/E ratio of 14 times aligning with the "macro model fair value," providing a reasonable valuation basis for future earnings [2] - Goldman Sachs maintains an overweight stance on the stock markets of China, Japan, and South Korea, while downgrading Malaysia's stock market rating to underweight [1][2]

金十数据7月11日讯，高盛集团策略师上调了对亚洲股市的预期，理由是宏观经济环境更加有利，关税 的确定性增加。以Timothy Moe为首的策略师在周五的一份报告中表示，MSCI亚太（除日本外）指数的 12个月目标指数上调了3%，至700点，这意味着在此期间以美元计算的回报率为9%。该团队还将港股 评级上调至"持股"（market weight），并称其将在美联储开启宽松周期、美元走弱的背景下成为主要受 益者之一。他们补充称，菲律宾等也是对这一趋势最为敏感、受益最大的市场之一。策略师们表 示："关税征收和宽松的货币政策可能是第三季度对亚洲股市的重要宏观影响。"他们指出，即便最终实 施的关税税率略高于当前的基线预期，"其对基本面增长的冲击可能不会像市场在第二季度初所担忧的 那样严重。" 高盛策略师：上调亚洲股票目标，调高港股评级 ...