美国中期选举后，AI（人工智能）交易的瓦解迫使投资者重新思考其亚洲投资策略，重燃了对不受青睐的中国和印度股票，以及有望从通胀缓和和贸易紧张局势缓解中受益的公司的需求。
The unraveling of the AI trade after the US midterm elections is forcing investors to rethink their Asia playbook, reviving demand for out-of-favor Chinese and Indian stocks as well as companies poised to benefit from easing inflation and trade tensions.
安本投资（Aberdeen Investments）青睐由更强劲国内增长驱动的市场，包括印度和越南，并看好中国科技公司的上行空间。对冲基金莲花资产管理（Lotus Asset Management）做多香港股指期货，而安联全球投资（Allianz Global Investors）则关注医疗保健和消费类公司。
Aberdeen Investments favors markets powered by stronger domestic growth, including India and Vietnam, and sees upside in Chinese technology firms. Hedge fund Lotus Asset Management is long Hong Kong equity futures, while Allianz Global Investors is looking at healthcare and consumer companies.
民主党横扫国会引发的市场冲击波，亚洲属受创最重的地区之一。该地区许多龙头股——从三星电子、SK海力士到台积电——都是全球AI建设的关键供应商，这使得当地市场在投资者为行业面临更严格审查做准备、并质疑巨额算力基建支出能否产生足够回报之际，显得格外脆弱。
Asia has been among the hardest hit by the market fallout from the Democrats’ sweep of Congress. Many of the region’s biggest stocks — from Samsung Electronics Co. and SK Hynix Inc. to Taiwan Semiconductor Manufacturing Co. — are critical suppliers to the global AI build-out, leaving local markets especially exposed as investors brace for greater scrutiny of the industry and question whether massive spending on computing infrastructure will generate sufficient returns.
Gama Asset Management SA全球宏观投资组合经理Rajeev De Mello表示：“我预计投资者将更广泛地分散投资，并降低在AI交易上的集中度。这应当有利于中国及其他估值要求不高的市场。”他补充称，印度也可能受益，尽管其对进口能源的依赖仍是一个阻力。
“I expect investors to diversify more broadly and reduce their concentration in the AI trade,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management SA. “This should be supportive of China and other markets where valuations are less demanding.”India could also benefit, although its dependence on imported energy remains a headwind, he added.
莲花资产管理首席投资官洪灏表示，他正在做空石油和石化企业，并做多贵金属和香港股指期货。
Hao Hong, chief investment officer at Lotus, said he is betting against oil and petrochemical firms and going long precious metals and Hong Kong equity futures.
追踪内地公司的一个香港指数上周上涨5.2%，录得自2025年3月以来的最佳表现。
A Hong Kong gauge tracking mainland companies gained 5.2% last week, its best performance since March 2025.
与此同时，据法巴银行（BNP Paribas SA）亚太股票及衍生品策略主管Jason Lui称，一些全球投资者有兴趣利用中国在岸市场敞口，作为其AI重仓投资组合的分散化工具。
Meanwhile, some global investors are interested in using China’s onshore market exposure as a diversifier to their AI-heavy portfolio, according to Jason Lui, head of Asia-Pacific equity and derivatives strategy at BNP Paribas SA.
与此同时，随着油价因预期伊朗战争将提前结束而下跌，缓解了这一能源进口型经济体的一个关键压力点，印度的吸引力也随之增强。市场缺乏人工智能（AI）敞口如今也被视为一种优势。
India’s appeal, meanwhile, has grown as oil prices declined on expectations of an earlier end to the Iran war, easing a key pressure point for the energy-importing economy. The market’s lack of AI exposure is also now seen as an advantage.
LOGOS Asset Management首席投资官Charlie Hong表示，他上个月抛售了SK Hynix Inc.、Samsung Electronics Co.、Intel Corp.和Lumentum Holdings Inc.的股份，此后通过买入新时代科技公司、金融企业和合同药物制造商的股份，增加了对印度市场的持仓。
LOGOS Asset Management’s chief investment officer Charlie Hong said he sold his shares in SK Hynix Inc., Samsung Electronics Co., Intel Corp. and Lumentum Holdings Inc. last month and has since boosted his Indian holdings with shares of new-age tech companies, financial firms and contract drug manufacturers.
印度基准指数Nifty 50上周上涨8.6%，录得自2021年以来的最佳单周表现，海外投资者强势回归。截至周三，外资净买入当地股票19亿美元。
India’s benchmark Nifty 50 gained 8.6% last week. registering its best week since 2021, as overseas investors returned in force. Foreign funds poured a net $1.9 billion into local shares last week through Wednesday.
这一突然的转变让市场参与者忙碌不已。SBI-SG Global Securities Pvt.驻孟买高级经理Utkarsh Singh周五清晨6点半就开始接听新加坡客户的电话，并持续应询到深夜，当时印度股市正在上涨。
The sudden shift has kept market participants busy. Utkarsh Singh, a Mumbai-based senior manager at SBI-SG Global Securities Pvt., started taking calls from clients in Singapore as early as 6:30 a.m. Friday and continued fielding queries late into the day as Indian stocks rallied.
“外国投资者突然涌入，”Singh表示。“这周我接到的外资基金电话比全年加起来还多，”他说。“我认为我们将看到更多资金流入。”在最新一轮上涨之前，印度和中国的关键基准指数在截至10月的今年表现均位居全球表现最差的股指之列。
“Foreign investors are suddenly pouring in,” Singh said. “I have taken more calls from foreign funds this week than I have all year,” he said. “I think we will see more inflows.”Before the latest gains, key benchmarks in India and China had ranked among the world’s worst-performing stock indexes this year through October.
除了中国和印度，投资者也在重新审视亚洲市场中此前被忽视、估值具有吸引力且较少受AI热潮影响的角落。
Beyond China and India, investors are also taking a fresh look at previously overlooked corners of Asian markets that offer value and less exposure to the AI boom.
Allianz Global Investors公共市场首席投资官Michael Krautzberger和策略师Liam Wash在近期的一份报告中写道，虽然国防和金融股可能表现跑输大盘，但医疗保健和日常消费品企业可能获得提振。
While defence and financial stocks could underperform, healthcare and consumer staples firms may get a boost, Allianz Global Investors’ chief investment officer for public markets Michael Krautzberger and strategist Liam Wash wrote in a recent note.
在韩国，Fidelity长线投资组合经理Dale Nicholls表示，他看到了轮动超越半导体龙头股的早期迹象，尤其是在国内养老基金中。
In Korea, Fidelity’s long-only portfolio manager Dale Nicholls said he sees early signs of rotation beyond the semiconductor heavyweights, particularly among domestic pension funds.
“与消费相关的领域表现突出，涵盖从健康养生到部分K-pop娱乐经纪公司等板块”，以及韩国的美容化妆品行业，他说。
“Consumption-related areas stand out, spanning sectors from wellness through to some of the K-pop entertainment agencies” and Korea’s beauty and cosmetics industry, he said.
在对冲基金ACG Management Pte.的董事总经理Hui Ling Loh看来，韩国的消费股（包括零售、化妆品、食品饮料）正受益于一种认知，即它们主要面向国内市场，面临的美国关税和政策风险有限。
At hedge fund ACG Management Pte., managing director Hui Ling Loh said Korea’s consumer stocks including retailers, cosmetics, food and beverage are benefiting from the perception that they are largely domestically oriented and face limited tariff and policy risks from the US.
Rayliant Global Advisors投资组合管理主管Phillip Wool表示，他在韩国和台湾看到机会，“但这将超越那些涨幅已大、如今备受担忧的最高知名度芯片股。” Wool看好的一只股票是LG Electronics Inc.，他将其持有于旗下的主动管理型新兴市场交易所交易基金中。该公司在美国销售大量电视、冰箱和洗衣机，“随着关税压力缓解，这可能成为一些上行动力的催化剂”，他说。
Phillip Wool, head of portfolio management at Rayliant Global Advisors, said he sees opportunity in Korea and Taiwan, “but it’s going to be beyond the highest-profile chip stocks that have run up so much and are now subject to so much unease.”One stock Wool likes is LG Electronics Inc., which he holds in his active emerging-markets exchange-traded fund. The company sells a lot of TVs, refrigerators and washing machines in the US, which “could be a catalyst for some upside as tariff pressure eases,” he said.
美国贸易政策不再孤立主义的前景，也提振了投资者对包括日本丰田汽车公司和韩国现代汽车公司在内的车企的信心。
The prospect of less isolationist US trade policies has also raised investor confidence in auto firms including Japan’s Toyota Motor Corp. and South Korea’s Hyundai Motor Co.
并非所有人都准备抛弃AI。一些投资者表示，考虑到该板块长期的增长前景，抛售可能提供逢低买入的机会。但目前，谨慎仍是主基调。
Not everyone is ready to abandon AI. Some investors say the selloff may offer an opportunity to buy the dip, given the sector’s longer-term growth prospects. But for now, caution remains the prevalent mood.
Emmer Capital Partners Ltd.首席执行官Manishi Raychaudhuri表示，外资可能继续抛售亚洲AI“铲子和镐子”类股票。“印度和中国是仅有的两个大型流动性市场，提供相当丰富的非AI投资标的。”
Foreigners will likely continue to sell Asia’s AI “picks and shovels” stocks, said Manishi Raychaudhuri, chief executive officer of Emmer Capital Partners Ltd. “India and China are the only two large liquid markets offering a considerable array of non-AI exposures.”