本报告为野村股票策略团队对新加坡、马来西亚及香港机构投资者路演反馈的速评。投资者对印度股市整体持谨慎偏负面态度，估值偏高是核心担忧，叠加债券收益率上行与外资流出，多数人认为估值倍数存在下修压力。宏观层面担忧未来数季增长放缓、通胀与利率高企、货币与财政刺激效应减弱；保险分销、药品贸易加价限制等政策监管干预亦打击情绪，此外还有美印贸易协议进展及美国关税等不确定性。策略上建议自下而上选股，偏好价值、精选成长、不追逐主题叙事，关注出口企业、数据中心与电力基础设施、国防、IT服务中的AI机会，对汽车零部件、工程制造、资本品和制药偏建设性，看好金融与IT服务估值，对消费谨慎、对大宗商品中性。
This quick note summarises Nomura Equity Strategy's marketing feedback from institutional investors in Singapore, Malaysia and Hong Kong. Investors are cautious-to-negative on India: valuations are the main concern, compounded by rising bond yields and FII selling, and many expect multiples to de-rate across sectors. On the macro side, investors worry about slower growth in coming quarters given a high base, elevated inflation and interest rates, and fading monetary and fiscal stimulus. Policy and regulatory interventions, such as insurance distribution rules and caps on trade margins in drugs, have hurt sentiment, and geopolitical uncertainty around a US-India trade deal and potential US tariffs adds to concerns. The team prefers a bottom-up approach: favour value, be selective in growth and avoid chasing narratives. Key themes are established exporters, data centre and power infrastructure, defence, AI-led opportunities in IT Services, plus constructive views on auto ancillaries, eng