亚太量化全景：亚洲主题暴露

01 July 2026 Exposure to positive and negative themesAnalysis of exposureof MSCI country indices to 18 global themes shows Taiwan and Quant StrategyAsia Pacific Korea have the most exposure to positive themes, while India has exposure to negativethemes. Taiwan stocks provide exposure to AI Compute, Data Centre & Infrastructure,Robotics, and Energy Storage which are all highly ranked based on Triple Momentum(earnings, price, news). Korea also provides exposure to AI Compute and Energy Storage.In contrast, other countries in Asia have exposure to lower-ranked themes including India(Consulting), China (AI Data & Platforms), and Hong Kong (Luxury Lifestyle). Nigel Tupper>>Quant StrategistMerrill Lynch (Australia)+61 2 9226 5735nigel.tupper@bofa.com Long-only funds are positioned for AI outperformance Active long-only funds globally are nowoverweight Asiaby the largest amount in fiveyears. Funds remain most overweight Taiwan and Korea, and underweight India andAustralia, according to our analysis of 4,021 funds managing $2.5 trillion in Asia equities.ByAsia sector, funds are most overweight Semiconductors and Tech Hardware. Fundsappear well positioned for AI outperformance but may be exposed if that theme fades. Amar Vashi>>Quant StrategistMerrill Lynch (Australia)amar.vashi@bofa.com Sumuhan Shanmugalingam>>Quant StrategistMerrill Lynch (Australia)sumuhan.shanmugalingam@bofa.com Top-ranked stocks in Asia In APxJ, PositiveTriple Momentum stocks(Q1) have outperformed Negative TripleMomentum stocks (Q5) by 11.0% per annum since 2004. Currently, the top-rankedstocks (minimum $20bn market cap and $20bn ADTV) are Yuanta Financial, SK Inc, NanYa Plastics, Elite Material, Yageo, Hyundai Heavy, Wiwynn, CTBC Financial, Accton Tech,LG Electronics, Asia Vital Electronics, Chroma ATE, and United Microelectronics. Unless otherwise noted all links onthe front page of this report refer tosections in this research report. Executive Summary Chart1:MSCI Country Index Exposure to Global Investment ThemesTaiwan/Korea are exposed to positive themes. India/China/HK have exposure to negative themes Top-down:Global Wave.EarningsPolicy.Stock:Most Important StocksContenders & DefendersStyle:Performance Boosters &Bunkers.Speculation.Steady CompoundersValuationsCountry-Sector AllocationTheAPxJ Quant Strategy FiftyTheAxJ Quant Strategy FiftyGeographic Revenue ExposurePacific PositioningGlobal ProductPaediaNewsAlphaTactical View 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 toabsorb 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 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 havea 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 213 to 215.12989250 Contents Notice to Readers: The various screens identified in this report are intended to be indicative metrics onlyand may not be used for reference purposes or as a measure of performance for anyfinancial instrument or contract, or otherwise relied upon by third parties for any otherpurpose, without the prior written consent of BofA Global Research. These screens werenot created to act as a benchmark. The screens in this report are not a recommended list either individually or as a group ofstocks. Investors should consider the fundamentals of the companies and their ownindividual circumstances/objectives before making any investment decisions. Acronyms used in this report and its definitions (full form) Executive Summary Key message The Global Wave signal has recently turned positive. Following a trough signal, cyclicalstyles, regions, and sectors tend to outperform, on average. •TheGlobal Wavesignal has turned positive on the global cycle, which istypically a positive for Asia equities•Earningscycle has a strong relationship with the Global Wave and the resilientearnings trends by itself is a positive signal for equities•Valuationsare currently not at extremes, but not a catalyst by themselves for asustained equity market rally•Re-engineeredPositioninganalysis highlights“Equity Flow”and combinesPositioning with Triple Momentum to differentiate between crowded stockswith positive catalyst (Crowded Positives) and negative catalyst.•Market leadershiphas turned unambiguously cyclical in Asia Pac ex-Japan•Asia Pac ex-Japan Boostersare stocks with styl