INTERNATIONAL MARKET INTELLIGENCE | MORNING BRIEFING

研报英文原文证据摘录

INTERNATIONAL MARKET INTELLIGENCE | MORNING BRIEFING

IDEA & INSIGHTS – IN BRIEF

- APAC DERIVS STRATEGY: We continue to prefer select non-AI Korea plays as a diversification

and rotation opportunity amid elevated market volatility. In Korea, shareholder returns remain a

compelling non-AI complement, supported by the Value-up agenda, policy follow-through and

still-discounted valuations vs. regional and EM peers. The latest AGM season showed broader

corporate engagement with the shareholder-return agenda, while buybacks, treasury-share

cancellations and dividend policy changes are translating the theme into measurable action. The

Korea buyback basket, JPKRBUBK Index, screens for companies with active buyback programs

and valuation catch-up potential, while offering lower sensitivity to broad market moves.

- CHINA EQUITY STRATEGY: Many investors are looking for a playbook on a potential Strait of

Hormuz reopening. In our view, this outcome would be a constructive tailwind for selected China

equity themes in 2H26. he impact would likely cascade through three distinct investment

channels: (1) the macro and fundamental effects of lower oil prices, (2) incremental demand from

Middle East reconstruction, and (3) a recovery in global demand that benefits Chinese exporters

- JAPAN EQUITIES: On June 24, Japan’s government called for over ¥370 trillion public-private

growth investment in 17 strategic areas by FY2040 . We believe this investment could serve to

increase Japan’s growth potential, corporate profit growth, and valuations. Expect accelerated

capital investment in the next few years in areas related to economic security and infrastructure,

including AI/semiconductors (physical AI), cybersecurity, materials, resource and energy security,