摘要
日股自美國川普宣布解放日關稅後,吸引全球投資者買進,日股其低調但具爆發力的走勢,更被媒體稱之為「忍者式隱形漲勢(ninja stealth rally)」。瀚亞投資-日本動力股票基金搭乘著日本忍者精神,堅持由下而上找出成長題材,並且瞄準價格被低估的股票,發揮最大投資效益。
自2025年4月以來,日本股市展現出一波被外媒形容為「忍者式隱形漲勢」的走勢,而日股的核心驅動力來自全球資金的重新配置,資金正從中國與美國分散至日本市場。9月以來,全球避險基金在亞洲市場的資金配置顯著增加,對日本股市的淨買入也表現得尤為強勁。
此外,隨著名目成長率持續上升的情況下,企業獲利強勁支撐,日股未來可進一步與國際接軌,市場預期本益比有望提升至20至23倍,漲勢可能進入「新常態」。
根據統計,過去20年日本股市的本益比上限約落在 17.5至18倍之間。隨著企業獲利與名目成長率同步上升,長期來看本益比有機會上升至20至23倍。此外,目前全球投資人對日股的平均配置仍僅處於中單位數(single-digit),隨著歐洲機構投資人與退休基金陸續進場,故看好日股具備潛在成長空間。
2026年日本企業的重要性預期將成為投資人關注的焦點,讓日股的投資價值與成長潛力不亞於美股。主動型投資人也展現出由下而上研究的優勢。日股後市動能強勁,建議投資人長期持有日股基金。
科技股趨勢連動 後市可期
此外,全球科技股近期漲勢凌厲,日本科技股亦同步受惠。若採取由下而上的研究方式,可深入供應鏈中尚未大幅上漲、且具韌性的投資機會,並在低點加碼布局。待庫存回到健康水位後,股價有望回升。由於各產業的成長空間不一,主動投資策略更能發揮加值效果。
瀚亞投資-日本動力股票基金採取由下而上的主動選股策略,精選具長期成長題材且股價被低估的潛力個股,透過系統性分析,挖掘具反轉契機的投資標的。
與市場多數基金偏重大型股不同,瀚亞投資-日本動力股票基金約四成資產配置於中小型股。目前中小型股仍具備顯著的上漲空間,預期未來內需動能將成為推升中小型股表現的主要驅力。基金研究團隊已率先布局相關標的,藉由主動式管理策略,協助投資人掌握價值成長機會。
看好日股的理由

資料來源:Bloomberg, 瀚亞投資整理,2025年。本資料僅作說明使用,無任何推薦投資投標的之意圖,市場有潛在風險,過去績效不代表未來之績效表現。
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