摘要
- 亞洲總體環境好轉、盈利動能強勁，加上日益關注股東報酬，提供穩固而持久的股息基礎。
- 有別於其他地區，亞洲科技行業是主要股息來源，因此高股息策略能夠同時捕捉可觀的收益與成長機會。
- 亞洲配息股與已開發市場配息股以及亞洲及全球債券的相關性較低，為收益型投資組合提供顯著分散投資優勢。
踏入2026年，亞洲市場的收益結構位列全球最佳。綜觀全球，亞洲企業的自由現金流收益率位居前列，現金流創造亦強勁成長，有助支持可持續配息，並改善資產負債表狀況。
為何現在看好亞洲股票收益
亞洲總體經濟環境好轉，並受惠於對基建及推動供應鏈多元化的持續投資。全球人工智慧發展亦促進亞洲成長，並推高對亞洲半導體、電子產品、電力設備、電池及數據中心的需求。這些長期結構性主題正轉化為逾十年未見的盈利動能，為股息創造更穩固及持久的基礎。圖1。與此同時，亞洲股票估值仍然吸引。圖2。
圖1：亞洲企業盈利動能正在增強
資料來源：LSEG Datastream。2026年1月。
圖2：亞洲股息率吸引且估值較低
資料來源：MSCI。截至2025年12月。亞洲：MSCI亞太區高股息指數。美國：MSCI美國高股息指數。歐洲：MSCI歐洲高股息指數。已開發市場：MSCI世界高股息指數。過往表現並不代表未來報酬。
亞洲各國日益重視股東價值創造，鞏固了其積極的總體環境。2024年，韓國監管機構實施「價值提升計劃」（Value-Up Programme），旨在解決韓國股票估值偏低的問題，並激勵企業制定提高股東報酬的政策。此後，印度、中國以及最近的新加坡亦相繼推出類似計劃。亞洲企業為提高股東報酬而採取的行動獲得市場認可。對股東報酬的關注提升亦降低了股息波動。
在上述因素及較低的初始估值帶動下，亞洲配息股的經風險調整後報酬有所提高。亞洲配息股的三年經風險調整後報酬已顯著提高，並超越已開發市場。圖3。
圖3：亞洲配息股的經風險調整後報酬更佳
資料來源：MSCI。截至2025年12月。亞洲︰MSCI亞太區高股息指數。美國︰MSCI美國高股息指數。歐洲︰MSCI歐洲高股息指數。已開發市場︰MSCI世界高股息指數。過往表現並不代表未來報酬。
亞洲市場的收益各異
亞洲股息的一個獨特之處是科技行業在亞洲高股息指數中佔顯著比重，而美國及歐洲高股息指數則以必需消費品及醫療保健行業主導。圖4。因此，採取亞洲高股息策略的投資人亦有機會配置亞洲科技公司，同時捕捉股息與成長。
圖4：高股息指數行業分佈(三大行業)
資料來源︰MSCI。截至2025年12月。亞洲︰MSCI亞太區高股息指數。美國︰MSCI美國高股息指數。歐洲︰MSCI歐洲高股息指數。已開發市場︰MSCI世界高股息指數。過往表現並不代表未來報酬。
同樣值得注意的是，亞洲高息股與全球高息股以及全球及亞洲債券的相關性較低，意味著投資人可將亞洲股息納入全球收益型投資組合，從而提高投資組合的分散配置優勢。圖5。
圖5：亞洲股息與其他收益型資產類別的相關性
資料來源︰彭博。截至2026年2月2日的10年相關性。亞洲股息︰MSCI亞太區高股息指數。美國股息︰MSCI美國高股息指數。歐洲股息︰MSCI歐洲高股息指數。已開發市場股息︰MSCI世界高股息指數。全球綜合債券：彭博全球綜合總報酬指數。亞洲投資級別債券：摩根大通亞洲信貸投資級別總報酬指數。過往表現並不代表未來報酬。
亞洲各國及各行業的配息率與收益率差異廣泛，創造豐富的投資機會，但我們認為，投資人需採取主動型策略，才能充分把握市場潛力，同時控制下行風險。深入的基本因素研究有助識別與結構性趨勢或週期性行業復甦相關的新興收益機會，亦有助發掘被動型或篩選型策略可能錯過的投資機會。相關機會包括目前未出現在傳統股息篩選名單上，但卻即將迎來恢復配息的轉折點的公司，以及具備必要條件及能力派發特別股息的公司。
同樣重要的是，我們認為嚴謹的自下而上分析有助主動識別股息可持續性的風險，相關風險或源於基本因素惡化、行業變革或監管變化。此舉將促使資金由股息風險持續上升的公司重新配置到品質較高的投資機會。主動型基金經理亦可透過創新策略來獲取額外收益，例如運用掩護性買權，就現有持倉賣出單一股票期權，從而提高收益。
調整對亞洲收益的偏低配置
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