高盛全球策略报告认为亚洲股市已演变为全球第二大市场（市值约50万亿美元），流动性更强、科技属性更高（科技约占指数市值与盈利的一半），市场与行业领导力、个股集中度及宏观敏感度均发生变化，需采取差异化投资方式。报告预计区域盈利2026-2028年增长34%，主要由科技驱动，信息技术未来五年复合增速约20%，据此将MXAPJ指数十年年均盈利增速预测上调至10%。估值方面，按其DDM与宏观模型测算，硬科技约16%上行空间，非科技约3%，MXAPJ整体约10%（对应11.3倍市盈率）。投资建议维持区域建设性看法，预计未来12个月美元价格回报26%、十年年均美元总回报14%，聚焦科技驱动的北亚并适度分散，主题包括AI、电力、非科技盈利复合增长股及股东回报。
Asian equity markets have evolved: the region is now the world's 2nd largest after the US at $50tr market cap, more liquid, and more tech-driven (tech is now about half of index cap and earnings). Market and sector leadership has changed, single stock concentration has increased, and macro sensitivity has moderated, requiring a differentiated investment approach. After 15 years of sub-par growth, regional earnings will grow 34% from 2026-2028 propelled largely by the tech sector. We expect info tech to grow at 20% CAGR over the next 5 years and revise our 10-year MXAPJ index annual earnings growth forecast to 10%. Using a DDM approach for tech and top-down macro modeling for non-tech, we estimate 16% valuation upside for hard tech, 3% for non-tech, and 10% for the MXAPJ regional index as a whole to 11.3x P/E. We maintain a constructive view regionally, expecting 26% 12m USD price return and 14% 10yr annual average USD total return. Our focus remains on tech-driven North Asia with selec