亚洲基金经理调查：复苏进行时

Recovery in motion Growth upswing.Global growth expectations continued to firm up in November, withAPAC ex-Japan economic prospects climbing to a 13-month high. Two-thirds anticipate astronger Japanese economy over the next 12 months. Inflation forecasts remain subdued 18 November 2025 Equity StrategyAsia Pacific Convictionintact.Recent market volatility has done little to shake investor confidence.Nine in tenrespondents expect APAC ex-Japan equities to advance over the next 12 months, with return expectations at the 92ndpercentile of survey history. Optimism isdriven by expectations of a robust corporate profit rebound and significant earningsupgrade potential. While valuations are above long-term averages, they remain well RiteshSamadhiya, CFA>>Equity StrategistMerrill Lynch (Hong Kong)+852 3508 7907ritesh.samadhiya@bofa.com Policyoptionality.Japan remains the standout story. Seven in eight investors forecastpositive returns over the next year, and none expect a double-digit correction. Views onTakaichi’s policy impact are mixed: 40% believe only part of her growth agenda is pricedin, leaving room for additional support, while 30% expect consolidation as markets havealready front-run her policies. Leadership changes have clouded the timing of the next Winnie Wu>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 3058 Masashi Akutsu>>StrategistBofAS Japan+81 3 6225 7754 A step back.After six months of improving sentiment, China’s growth outlook took asharp turn in November. Net 29% of respondents now expect aweakereconomy (vs. 8% expectingstrengthin October), as recent data signals faltering domestic demand with Gina Wu>>StrategistMerrill Lynch (Hong Kong)+852 3508 8008 FAI contracting 11.2% YoY in October, the steepest drop in five years. Despite this,investors foresee limited policy easing and note waning household risk appetite, withpullbacks in both discretionary spending and investment. Favoriteshold firm.Investors are sticking with proven outperformers. Japan, Korea,Taiwan, and China remain favored markets, while thematic plays including AI, anti- FMS: Fund Manager SurveyAPAC: Asia PacificAA: Asset Allocation Notes to readers A total of 202 panellists with $550bnAUM participated in the Novembersurvey. 172 participants with $475bnAUM responded to the Global FMSquestions and 95 participants with Survey period: 7 Nov–13 Nov 2025 How to join the FMS panel Trading ideas and investment strategies discussed herein may give rise to significant riskand 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 contactingMichael Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does andseeks to do business with issuers covered in its researchreports. 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. Participants in the survey receive thefull set of results for the months in Recovery in motion Source:BofA Global & Asia Fund Manager Survey Source:BofA Asia Fund Manager Survey FMS view of Asia Pac ex-Japan equities over the next 12 months Exhibit5:Recovery in corporate profit expectations:net39% expectstrongerprofits for the APACex-Japan region, highest since October 2024 Net % FMSinvestors expecting better corporate profits in Asia Pacific ex-Japanin the next 12 months Source:BofA Asia Fund Manager Survey Exhibit6:Survey respondents don’tconsiderconsensusearningsestimatesashigh–leavingscopefor upgrades in the future Net % FMS investors saying Asia Pacific ex-Japan equities are overvalued Net % FMS investors expecting a stronger Chinese economy in thenext 12 months Source:BofA Asia Fund Manager Survey Source:BofA Asia Fund Manager Exhibit12:After six months of improving confidence, momentum stalled as FMS participantssee Chinese households turning a tad cautious - likely cutting back on discretionary spending Exhibit13:Widespread optimism on Japan economy–virtually norespondentsseeaweakerJapan economy in the next 12 months FMS view of the economic outlook of Japan over the next 12 months Exhibit15:Earnings, corporate reforms, and BoJ policyhold the key to the prospect for Japan stocksFMS view of the themes that hold the key for Japan equities in the near-to-medium term Exhibit16:Views on Takaichi’s policy impact are mixed: 40% believe only part of hergrowth agendais priced in, leaving room for additional support, while 30% expect consolidation as marke