摘要

 

印度市場自去年9月以來,受到諸多因素影響出現修正。瀚亞投信表示,利空因素正在逐漸消化,隨著財政壓力緩解,政府挹注流動性並持續基礎建設與產業投資,利用減稅帶動經濟成長;目前各項指標都顯示,過度恐慌與保守的環境,使印度股市來到超賣區,逢低承接的機會也已浮現。


印度股市自高點回落,瀚亞投信整理出六大主因,以及後續可能發展的態勢,靜待負面消息消化後,印度股市有望率先其他市場,反攻向上(見表1)。

表1:印股修正原因與後市發展預測
eastspring-india--202503_1_2.png

資料來源:瀚亞,2025/03。

印度製造吸引外資回流 將獲得更多競爭力

瀚亞印度基金經理人林庭樟表示,關稅議題也為印度帶來挑戰與機會,有望加速促進產業轉型、減少對美國單一市場依賴、推動製造業本地化與供應鏈多元化等變革;另外憑藉勞動力優勢與政府「印度製造」政策的支持,有機會吸引更多外資,尤其在電子、電動車及再生能源等高增長領域,可望在全球供應鏈重組中,獲得更大的競爭力。

林庭樟說,印度股市經過一波修正之後,與亞太地區其他經濟體相比,評價已回到合理區間,靜待關稅恐懼落地,美元逐漸走弱後,印度股市有望重拾投資人青睞,成為最早反彈上漲的市場。

瀚亞印度 以中大型股為主要布局

境內印度股票基金當中,歷史最悠久的就是瀚亞印度基金。該檔基金以中大型股為主,截至2月底的持有比重達8成以上;產業持股以景氣循環消費為主,並適當布局其他族群,如:金融、工業、科技等類股。


eastspring-india--202503_2.png

資料來源:瀚亞投信,資料截至2025/02/28。

註:資料僅作說明使用,無任何推薦投資標的之意圖,市場有潛在風險,過去績效不代表未來之績效表現。 *大/中/小型股定義: 市值高於USD$10bn為大型股、市值介於USD $10bn ~ $2bn為中型股、市值低於USD $2bn 為小型股 **單月及年初至今表現分別以指數為代表: 大型股指數為SENSEX Index、中型股指數為BSE Mid Cap Index、小型股指數為BSE Small Cap Index

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