2026年10月美银亚洲基金经理调研显示，投资者对AI主题的信心显著增强。对AI估值过高的担忧缓解，仅35%的投资者认为AI的积极影响已被充分或过度定价（9月为55%）；仓位更趋积极，45%的投资者仍超配AI或在AI内部轮动，高于一个月前的25%，70%认为AI货币化是未来12个月亚太股市表现的最大驱动因素。宏观方面，增长预期保持稳定，但50%预期通胀上升（上月为25%）；60%预计日本央行下次加息在12月。主题方面，盈利取代日本央行政策正常化成为日本股市的主导主题；对半导体周期走强的预期回升，内存成为最受偏好的AI风险回报机会。仓位方面，台湾和日本仍是最受青睐市场，反映投资者持续偏好科技与AI相关机会；在亚洲除日本外，投资者本月轮入医疗保健、材料和工业，减少对保险及消费相关板块的敞口，日本仓位仍高度集中于银行和半导体。
Investor confidence in the AI theme strengthened meaningfully in October. Concerns around AI overvaluation eased, with only 35% of investors believing AI's positive impact is fairly or more than fully priced in (vs. 55% in Sep). Positioning also became more constructive, as 45% remain overweight AI or rotate within AI opportunities, compared with just 25% a month earlier. 70% view AI monetization as the biggest driver of APAC equity performance in the next 12 months. Macro: while growth expectations held steady, 50% now expect higher inflation, up from 25% last month. 60% expect the next BoJ rate hike to occur in Dec. Themes: Earnings became the dominant theme for Japan equities, surpassing BoJ policy normalization. Expectations for a stronger semiconductor cycle recovered, while memory emerged as the market's preferred AI risk-reward opportunity. Positioning: Taiwan and Japan remain the most favored markets, reflecting continued investor preference for technology and AI-related opport