亚洲基金经理调查：从增长担忧到AI信心

From growth concerns to AI conviction 19 May 2026 BofA April Asia Fund Manager SurveySpotlight: The MSCI Asia Pacific Index has rallied 17.6% since its March low to reach Equity StrategyAsia Pacific record highs, driven by strong optimism in AI-exposed markets such as Japan, Taiwan,and Korea (the top three preferred markets among FMS investors). Taiwan is viewed asthe clearest beneficiary of the next phase of the AI cycle. Meanwhile, concerns aroundenergy security have eased materially MoM (from 91% to 52%). Macro: Growth expectations remain negative but have improved significantly MoM(from net 55% to 5%). Net 81% now expect higher inflation. 67% of investors see thenext BoJ rate hike as most likely in Jun, consistent with oureconomist’s view (see JapanWatch note). Kaspar Lam>>Research AnalystMerrill Lynch (Hong Kong)kaspar.lam@bofa.com Expected Returns: Expected 12-month returns for APAC ex-Japan equities haverebounded sharply to 6.0%, while expected returns for Japan equities rise to 6.9% (all-timehigh). Notably, fewer investors think AI-driven equity upside is priced in or over-valued. Masashi Akutsu>>StrategistBofAS Japanmasashi.akutsu@bofa.com Themes: Within China, AI/semis remain the top investor priorities, in line with our recentChina Conference takeaways (see report:Equity Strategy – China: China Conferencefeedback, 15 May 2026), while Internet has seen improving preference MoM. In Japan,earnings are cited by the largest share of investors (38%) as the primary driver of Japanequity prospects. Net 71% (up from 14% two months ago) expect a stronger semis cycle,putting it in the 91st percentile of history (see US Semiconductors: AI 2030 report). Winnie Wu>>Research AnalystMerrill Lynch (Hong Kong)winnie.wu@bofa.com Amish Shah, CFA>>Research AnalystBofAS Indiashah.amish@bofa.com Positioning: Japan, Taiwan & Korea have further consolidated their leadership in investorpreference. India is viewed as the first market to be reduced across APAC if global growthweakens further. Within APAC ex-Japan, May saw rotation out of Energy and ConsumerStaples into Consumer Discretionary (ex Retailing), Real Estate, and Software. FMS: Fund Manager SurveyAPAC: Asia Pacific Notes to readers A total of200 panelists with $517bnAUM participated in the May survey.170 participants with $461bn AUMresponded to the Global FMS questionsand 92 participants with $209bn AUMresponded to the Regional FMSquestions. Survey period:8 May–14 May 2026 How to join the FMS panel Investors/clients are encouraged tosign up to participate in the Survey.This can be done by contactingMichaelHartnettor your BofA salesrepresentative. Trading ideas and investment strategies discussed herein may give rise tosignificant 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 analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take Participants in the survey receive thefull set of results for the months inwhich they participate. responsibility for the information herein in particular jurisdictions.BofASecurities 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 16 to 18.12975729 BoJ–Bank of Japan Timestamp: 19 May 2026 12:30AM EDT Macro Exhibit2: Growth expectationsstay innegative territory,but have eased significantly comparedto last monthNet % expecting a stronger Global / APAC ex-Japan economy Exhibit3:Inflation expectations remain elevated, with a net81% of respondents anticipatinghigher inflation over the next 12 months, the highest level since Apr 2022Net % expecting higher inflation in Asia Pacific ex-Japan in the next 12 months Exhibit4:Corporate profit expectationshave swung sharply, with a net 33% now expectingstronger profits (from net 45% expectingweaker)Net % expecting better corporate profits in Asia Pacific ex-Japanin the next 12 months Net % deeming consensus EPS estimates for the coming year as high How concerned are you about energy security risks forAPACregion in current geopolitical environment? Exhibit8: Japan growth expectationsbounce back strongly in May,though still below the highsseen earlier in the yearNet % expecting a stronger Japanese economy over the next 12 months Exhibit9:Investors expect the next rate hike to be most likely in JuneWhen do you think the BOJ next ratehike will be? When do you think the BOJ next rate hike will be? Expected Returns and Valuations Exhibit10:Investor optimism picked up again a