摩根士丹利发布亚太市场策略报告，指出亚洲正在再度面临考验，但旧的应对策略已不再适用。更高的能源成本与贸易壁垒，过去往往会暴露日本、中国和印度经济的传统脆弱点，而这一次各经济体都更具韧性：日本出现了由技术驱动的新政策动能，中国的制造业生态系统比许多人预期更难被替代，印度农村经济拥有比过去更多的缓冲。报告强调，亚洲真正的看点并非外部冲击本身，而是其底层正在发生的变化——投资、技术、基础设施与生产率正稳步重塑亚洲主要经济体的增长方式与抗压能力，值得关注的是当下的韧性能否转化为未来的增长引擎。报告预计市场波动仍将高企，并维持区域内较宽的牛熊分布区间，同时给出关键市场与宏观预测以及跨资产配置观点。
Asia is being tested again, but the old playbook doesn't quite fit. Higher energy costs, or trade barriers, would once have pointed to familiar vulnerabilities across Japan, China, and India. This time, each economy has more going for it. Japan has a new technology-driven source of policy momentum, China's manufacturing ecosystem is proving harder to dislodge than many expected, and India's rural economy has more buffers than it did in the past. That matters because the real story across Asia isn't the shock, but what has changed underneath it. Investment, technology, infrastructure, and productivity are steadily reshaping how Asia's largest economies grow and how they handle pressure. The question worth watching is whether today's resilience can become tomorrow's growth engine. We expect volatility to remain heightened and emphasize our wider bull-to-bear spread across the region.