For Chinese Readers: iFAST Weekly Commentary【奕丰周报:新加坡获评亚太地区外资首选,最值得信赖的投资目的地】

2025年9月12日

iFAST Research Team
iFAST Research Team13 Sep 2025 761 Views
For Chinese Readers: iFAST Weekly Commentary【奕丰周报:新加坡获评亚太地区外资首选,最值得信赖的投资目的地】

新加坡获评亚太地区外资首选,最值得信赖的投资目的地

彭博媒体最新发布的全球外国直接投资展望调查显示,新加坡以 62% 的净投资信心,成为亚太最受信赖的投资目的地,显著领先中国大陆、日本、韩国和香港。全球 2600 名高层决策者中,超过一半受访者将政治稳定、健全法律、和税收优势视为新加坡的核心吸引力。未来一至三年,受访企业计划在亚太地区平均投入 2.14 亿美元,投资于新加坡的重点行业如先进科技、信息与电脑技术及商业服务。

奕丰中国业务部点评: 在全球地缘政治紧张与贸易摩擦升温的背景下,投资者正加速寻找稳定与安全的市场。新加坡不仅在彭博调查中以领跑亚太,更因政治稳定、法治健全与低税率环境,成为资本的区域避风港。与此同时,人工智能、供应链韧性与数码转型等新兴主题,也与新加坡的产业优势高度契合,为中长期资本流入奠定基础。

更值得关注的是,新加坡独特的区域优势正通过政策举措进一步放大。新加坡金管局近期推出的资本市场提振计划(EQDP),将聚焦提升中小盘股票的研究覆盖和市场流动性。中小盘公司往往面临流动性折价,缺乏机构关注,而 EQDP 的实施有望改善定价效率,激发更广泛的投资者参与。随着中小盘市场活跃度提升,整体资本市场的厚度和吸引力将进一步增强,这对于巩固新加坡国际金融中心地位至关重要。

在当前复杂的宏观格局下,兼顾稳健与成长的新加坡资产配置价值凸显。投资者可以关注我们新发布的推荐基金名单上的新加坡区域基金,Amova Singapore Dividend Equity SGD (更名前为Nikko AM)。投资团队采取股息导向策略,重点关注具备稳健商业模式及优秀管理层的高股息公司。展望未来,团队将继续优先配置高股息股票,并聚焦新加坡新经济主题,包括可再生能源、科技、数据、医疗保健、食品与物流等领域,把握新加坡未来经济转型所带来的长期机遇。

腾讯二季报超预期:AI技术全面赋能业务增长加速

腾讯公布2025年二季度业绩,营收同比增长15%至人民币1845亿元,Non-IFRS归母净利润同比增长10%至人民币630亿元,均好于市场预期。分业务看,核心游戏板块延续强劲动能,国内外市场均录得双位数增长;广告业务在微信视频号、搜索及小程序的带动下同比上升20%,得益于广告大模型的持续优化,显著提升了投放效率。金融科技与企业服务亦保持稳健,企业对AI相关云服务需求增加。

奕丰中国业务部点评:从盈利能力来看,腾讯二季度非IFRS经营利润率提升至37.5%,同比上升1.2个百分点,显示公司在大幅加码AI和云计算投入的同时,仍能维持良好盈利水平。这也说明AI投资并非单纯的成本消耗,而是与主营业务形成正向循环,增强了市场对其可持续盈利的信心。

与阿里巴巴侧重于算力和基础设施的投入不同,腾讯更强调AI在自身生态场景中的落地:对于腾讯最核心的游戏,AI在其中扮演了关键角色,包括生成更真实的NPC(非玩家角色)和虚拟队友、加速内容生产、以及提升玩家获取的营销效率;广告端,通过AI驱动的模型升级提升点击率和转化率,使视频号、小程序及搜索广告均实现超过50%的高速增长;云业务方面,也是得益于企业客户对AI相关服务的需求增加,具体体现在GPU租赁和API token使用,以及商家技术服务费的增长方面。整体来看,腾讯二季度业绩显示AI已经成为推动主营业务增长的实质性动力,而非仅仅是烧钱竞争,投资者可关注我们后续对该公司的研究覆盖。

最新通胀和就业数据支持降息预期,10年期美债收益率跌穿4%大关

美国国债收益率周四出现显著下行,素有全球资产定价之锚之称的10年期美债收益率盘中一度跌破4%关口,创下五个月新低,尾盘收于4.024%。市场认为,这为美联储下周可能启动九个月来的首次降息提供了条件。最新公布的经济数据显示,美国8CPI环比上涨0.4%,略高于预期,但核心CPI同比3.1%符合市场预期,同时PPI环比下跌,缓解了通胀压力。另一方面,就业数据持续走弱:8月非农新增仅2.2万人,初请失业金人数升至26.3万人,创202110月以来最高水平。

奕丰中国业务部点评:10年期美债收益率跌破4%,不仅反映了对美联储降息的高度预期,也折射出市场对美国经济增长动能的担忧。就业市场快速降温与通胀温和组合,为美联储提供了货币宽松的空间。相比此前更高更久的利率立场,如今市场已基本定价九月降息的预期。美股受益于降息预期的抬升,标普500再创历史新高,直接受益于降息预期的小盘股罗素2000领涨,美元指数走弱。

然而,潜在风险不容忽视。若通胀出现反复,美联储政策转向的预期可能落空,收益率反弹将对市场形成压力。此外,市场已提前计入宽松预期,实际降息若与点阵图路径不符,可能引发短期波动。因此,短期内短久期债券比长久期更具有性价比,可以锁定潜在资本利得。投资者可以通过iFAST USD Enhanced Liquidity A USD进行布局。

声明:

作为特别披露,在发布本报告时,奕丰金融私人有限公司(通过合作或联营公司)及撰写本报告的分析员均不持有上述证券。

All materials and contents found in this site are strictly for general circulation and informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the funds or products found/identified in this site. While iFAST Financial Pte Ltd ("IFPL") has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies and typographical errors. Any opinion or estimate contained in this report is made on a general basis and neither IFPL nor any of its servants or agents have given any consideration to nor have they or any of them made any investigation of the investment objective, financial situation or particular need of any user or reader, any specific person or group of persons. You should consider carefully if the products you are going to purchase are suitable for your investment objective, investment experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of the investment product, please seek advice from a financial adviser, before making a decision to purchase the investment product. Past performance is not indicative of future performance. The value of the investment products and the income from them may fall as well as rise. Opinions expressed herein are subject to change without notice. In respect of any matters arising from, or in connection with the said research analyses or research reports, recipients of the report are to contact IFPL at 10 Collyer Quay, #26-01 Ocean Financial Centre Building, Singapore 049315, or by telephone at +65 6557 2853. Where the report contains research analyses or research reports from a foreign research house and if the recipient of such research analyses or research reports is not an accredited investor, expert investor, institutional investor or an ex-accredited investor, IFPL accepts legal responsibility for the contents of such analyses or reports to such persons only to the extent as required by law. Please note that only certain security(ies) herein are available to all investors, while the rest are only available for certain persons to invest in, such as Accredited Investors (as defined in the Securities and Futures Act) or one who invests at least S$200,000 (or its equivalent currency) per transaction. To qualify as an Accredited Investor, one needs to submit a declaration form and certain relevant supporting documents, according to iFAST’s prevailing policies and procedures.

Please read our full disclaimers on the website at ( https://secure.fundsupermart.com/fsmone/policies/328125/investment-account-terms-&-conditions).

iFAST Financial Pte Ltd (IFPL) (registered address: 10 Collyer Quay #26-01 Ocean Financial Centre Singapore 049315, Telephone: 6557 2000) holds the Financial Advisers Licence issued by the Monetary Authority of Singapore ('MAS') to conduct regulated activities of advising on securities, marketing of collective investment schemes and arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance and the Capital Markets Services Licence issued by the MAS to conduct regulated activities of dealing in securities and providing custodial services for securities. While IFPL has made every effort to ensure the independence of the report's contents, IFPL's nature of business is such that IFPL and its connected and associated entities together with their respective directors, officers and staff may be involved in providing dealing or investment-related services in the abovementioned securities, and have taken or may take positions in the securities mentioned in this report, and may also act as the principal for any buy or sell trades.