摘要
高市早苗競選自民黨總裁時曾提出「Japan is back（日本回來了）」口號，蘊含許多戰略，包括AI與半導體、量子科技、核融合、新材料、造船等關鍵產業。隨著高市經濟接棒，日股長線表現備受市場期待。
日本央行表示，金融體系整體前景「保持穩定」，短期內不會出現不穩定，從利率政策來看，目前日圓疲軟並未影響進口通膨，整體來看，日本內需前景穩定，經濟仍處於溫和增長趨勢，預期信心得以持續。
「新常態」及「新氣象」 日股新新向榮
根據日本財務省統計至2025/10/11，自民黨總裁選舉前一周，外國投資者在日本股市的淨買入量創下歷史新高，買進力道超越了往年的季節性因素，顯示外國投資人對日股的期待明顯提升。
瀚亞投信表示，看好強勁的企業獲利、薪資上調、財務重整發酵，日本現在擁有「新常態」及「新氣象」，日股具備升級優勢。
- 新常態：
日本企業財務重整改善效能發酵，為少數具備結構性成長的經濟體並邁入「新常態」，靠著整體企業獲利上修與強勁的經濟，日股本益比進入20-23倍的空間。此外，從2003年到2025年，M3*供給量(即活/定存與停泊在銀行體系的資金)穩步上升，反映市場整體流動性佳。
從資金面來看，全球投資人配置日股的比重持續上升，也成為「新常態」的表現。觀察全球主要券商帳戶中，亞洲已成為最超額配置地區，日本更是領漲的核心市場，反映出日本企業治理改革與資本效率提升的成果逐漸獲得全球投資者認可。不過，全球投資人平均配置於日本仍僅位於中單位數(single-digit)，相比10-15%，仍擁有相當大潛在成長空間。
- 新氣象：
過往一年日本股市表現與匯率敏感度，明顯隨時間呈下降趨勢，從0.8+下降至0.1至0.2，這反映了日本經濟結構的變化，也就是說，日圓貶值所可能導致出口量不再增加、以及匯率對企業獲利的影響，已見減弱。
主動篩選個股
瀚亞投資-日本動力股票基金的投資策略，是專注從下而上、找尋未被市場完全挖掘之日本低估股票，從逆向滲透方式受惠於各產業，大中小型股票兼具。
- 提高中小型股布局：
相對於大型股，39%的中小型股交易價格處於折價。認為中小型股尚未完全發揮股票價值，未來受惠於財務重整。此外，中小型企業也將受到內需強勁的順風所帶動其漲勢。
- AI科技供應鏈 逆向滲透：
本基金瞄準半導體供應鏈不同階段的受惠類股，由下而上高度滲透供應鏈中「尚未漲高」且「較具韌性」之投資機會，並且在低點加碼布局。除AI科技股外，基金尋找並增持日本內需、防禦型、與化工類股機會，主動精選個股。
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