亚洲基金经理调查

Easingup 16December2025 afour-yearhigh,whileAPACex-Japaneconomicprospectsheldnearone-yearhighs. EquityStrategyAsiaPacific Japan’sgrowthoutlookclimbedtoasurveypeak.Inflationforecastsremainsubdued, Moderatingexpectations.Investorsretainapositivemarketbiasbuthavetemperedreturnexpectations.Optimismisanchoredinarobustcorporateprofitrebound,yet Thesteadywinner.Japanremainstheregion’sclearfavorite,consistentlytoppingpreferencerankingssinceitsinclusioninOctober2023.ViewsonTakaichi’spolicy impactremainpositive,withshort-termpullbackslargelyseenashealthyconsolidationforthecontinuationoftherally.Withlong-termratestrendingsteadilyhigher,investorsfavorbanksalongsidesemis,thelatterdrivenbyAItheme.However,giventhe~50%rallysinceAprillows,investorsmaintainapragmaticoutlookonpotentialreturns. RiteshSamadhiya,CFA>>EquityStrategistMerrillLynch(HongKong)+85235087907ritesh.samadhiya@bofa.com MerrillLynch(HongKong)+85235083058winnie.wu@bofa.com Lifeaftertherebound.FollowingsixmonthsofimprovingsentimentsinceLiberation-dayshock,China’sgrowthmomentumhasstalled.Thelong-termstructuralviewisnolongergrim.Yet,withvaluationsnolongersupportive,investorsawaitconcretesignsofstimulativepolicybeforeaddingexposure.Householdriskappetiteiswaning,withashifttowardsavingsoverinvesting.Consequently,allocationshaveslippedtounderweight. MasashiAkutsu>>StrategistBofASJapan masashi.akutsu@bofa.comGinaWu>>StrategistMerrillLynch(HongKong)+85235088008 Indiaup,Chinadown.India,afterfallingtothebottomofthepackinAugust,hasslowlyclimbedbacktomildoverweight,likelyservingasadiversificationplayagainstAI- buoyedbyelevatedsemiscycleexpectations.Despiterecentvolatility,AI,internet,anti-involution,andKorea’scorporatevalue-upprogram,continuetodominatepositioning. FMS:FundManagerSurveyAPAC:AsiaPacificAA:AssetAllocation Notestoreaders Atotalof238panellistswith$550bnAUMparticipatedintheDecembersurvey.203participantswith$569bnAUMrespondedtotheGlobalFMSquestionsand119participantswith$293bnAUMrespondedtotheRegionalFMSquestions. Surveyperiod:5Dec–11Dec2025 HowtojointheFMSpanel 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. Investors/clientsareencouragedtosignuptoparticipateintheSurvey.ThiscanbedonebycontactingMichaelHartnettoryourBofAsales >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks 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 affectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Participantsinthesurveyreceivethefullsetofresultsforthemonthsinwhichtheyparticipate. Source:BofA Global & Asia Fund Manager Survey Exhibit5:Corporate profit expectationscontinue to rise:net41% expectstrongerprofits for theAPAC ex-Japan region, highest since October 2024 Net % FMS investors expecting better corporate profits in Asia Pacific ex-Japanin the next 12 months Source:BofA Asia Fund Manager Survey Net % FMS investors deeming consensus EPS estimates for the coming year as high Net % FMS investors saying Asia Pacific ex-Japan equities are overvalued Exhibit8:China’s growth outlookhas stabilized following the rebound, with net3% expecting a strongereconomy (from 29% expectingweakereconomy last month) Net % FMS investors expecting a stronger Chinese economy in the next 12 months Source:BofA Asia Fund Manager FMS view of monetary policy in China Source:BofA Asia Fund Manager Exhibit11:Unlike in previous three years, investors have been engaging withChinese equitiesFMS current stance/positioning on China equities Exhibit 12:After six months of improving confidence from April lows, momentum has stalledover the past two months as FMS participants observe Chinese households becoming slightlymore cautious, allocating less of their savings to investments 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 Exhibit17:Semiconductors, an AI play and banks, a key beneficiary of higher interest rates,continueto remain investor favorites in JapanFMS opinion on the two most overweight sectors in Japan Asia Pacific market sentiment: Net % FMS investors overweight Exhibit19:Tech hardware,semiconductors,software,industrials,andtelecomare the mostpreferred sectors in Asia Pac ex-Japan, whi