英文亚洲基金经理调查：萌芽乐观

Recovery mode.The global growth forecast continues to gain momentum in October.APAC ex-Japan economy prospects reached an 11-month high, with over half of thesurvey respondents anticipating a stronger Japanese economy in the next 12 months.Despite enhanced growth expectations, inflation forecasts for the region remain low,providing a favorable environment for risk assets as the Fed persists with its easing cycle. 14 October 2025 Equity StrategyAsia Pacific Unfazed.Survey participants are unfazed by quasi-straight-line markets since Aprillows. Nine in 10 investors anticipate APAC ex-Japan equities to rise in the next 12months, with return expectations rising to the highest level since Feb’23 as investorssee recovery in corporate profits and see scope for upgrades in consensus earningsestimates. Valuation perceptions though above LT average are well below year-highs. Ritesh Samadhiya, CFA>>Equity StrategistMerrill Lynch (Hong Kong)+852 3508 7907ritesh.samadhiya@bofa.com From value trap to valuable.The FMS stays overwhelmingly positive on Japan, with 7in 8 panelists expecting positive returns in the next 12 months, with no one calling for adouble digit pullback. Investors see corporate governance reforms, policy normalization,and earnings as key themes determining the direction of market in the near-to-mediumterm. Recent political developments may muddle the next hike timeline, though 80%expect it to happen before March. Semis and banks remain investors’favorites. Winnie Wu>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 3058winnie.wu@bofa.com Masashi Akutsu>>StrategistBofAS Japan+81 3 6225 7754masashi.akutsu@bofa.com Confidence boost.China’s growth outlook continues to improve, currently at a seven-month high, with net 8% expecting astrongereconomy (from 59% expectingweakereconomy in April), amid expectations that Beijing would take further steps to end persistentdeflation and arrest recent slowdown in the economy. Investor sentiment is buoyant withourChina Risk-Love indicator (see 29 Sep report)climbing to the 92ndpercentile (highestsince April 2021) of its history. Investors think households will shift a part of the savings toassets and discretionary spending. Even the structural bears retreated in the latest update. Gina Wu>>StrategistMerrill Lynch (Hong Kong)+852 3508 8008gina.wu@bofa.com Don’t change a winning combination.Investors are sticking with what has worked sofar. Japan, Korea, Taiwan and China among countries and AI, anti-involution, Koreacorporate value-up program among themes remain investor favorites. FMS: Fund Manager SurveyAPAC: Asia PacificAA: Asset AllocationLT: Long-term % FMS investors thinking Chinese households will leave their savings in the savings account Notes to readers A total of 193 panellists with $468bnAUM participated in the Octobersurvey. 166 participants with $400bnAUM responded to the Global FMSquestions and 95 participants with$198bn AUM responded to theRegional FMS questions. Survey period: 3 Oct–9 Oct 2025 How to join the FMS panel Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience in relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst Investors/clients are encouraged tosign up to participate in the Survey.This can be done by contactingMichaelHartnettor your BofA salesrepresentative. under the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 11 to 13.12886666 Participants in the survey receive thefull set of results for the months inwhich they participate. Timestamp: 14 October 2025 01:11AM EDT Budding optimism Net % FMS investors expecting a stronger Global / Asia Pacific ex-Japan economy Exhibit 3: Inflation expectations slip to historical lows (13thpercentile)Net % FMS investors expecting higher inflation in Asia Pacific ex-Japan in the next 12 months Exhibit 4: Market returns expectations remain resilient with 9 out of 10 investors expecting a higherlevel for Asia ex-Japan equities a year outFMS view of Asia Pac ex-Japan equities over the next 12 months Expected upside for Asia Pac ex-Japan equities over the next 12 months Exhibit 5: Recovery in corporate profit expectations: a net 28% expectstrongerprofits for the APACex-Japan region, highest since November 2024Net % FMS investors