<p>亚洲以分化的局面开始了这一周，东京和首尔延续了创纪录的涨势，而澳大利亚和香港则落后。</p>
<p>日经 225 指数和韩国 Kospi 指数在新高开盘，反映出市场对强劲盈利动能和清晰的科技主导叙事的持续需求。</p>
<p>澳大利亚 ASX 200 在假期交易中小幅下滑，香港恒生指数也略有下跌。</p>
<p>中国大陆股市小幅上涨，使得区域市场的基调比表面分化所暗示的更为坚挺。</p>
<p><strong>亚洲市场：日经 225 和 Kospi 保持领导地位</strong></p>
<p>本次交易的初步读数很简单：投资者仍愿意为日本和韩国支付溢价。</p>
<p>早盘亚洲交易中，Kospi 和日经指数均创下历史新高，表明交易员继续支持该地区最强劲的盈利故事和与人工智能相关的主题。</p>
<p>在这一点上，市场仍然高度选择性，资金并未涌入每一个亚洲指数，而是集中在增长可见性和企业动能看似完好的地方。</p>
<p>这种领导地位很重要，因为它塑造了区域风险偏好的整体基调。</p>
<p>日本市场因治理改革、改善的股东回报以及仍然支持的盈利背景而受到奖励。</p>
<p>韩国继续受益于与芯片相关的强劲表现以及其在全球半导体周期中的地位。</p>
<p>结果是市场仍然偏好经过验证的赢家，而非广泛的市场贝塔。</p>
<p><strong>中国数据为大陆股票提供支撑</strong></p>
<p>中国大陆是本次交易的关键支撑故事。</p>
<p>中国 3 月份工业利润同比增长 15.8%，高于 1-2 月份的 15.2%，而第一季度工业利润增长加速至 15.5%，为半年以来的最快增速。</p>
<p>这一改善增加了不均衡复苏的迹象，强劲的领域与人工智能和先进制造业相关，而消费领域则持续疲软。</p>
<p>这一细微差别很重要，因为利润数据并不是全面确认中国已回到全速扩张模式。</p>
<p>更好的解读是，企业盈利动能在需求背景不均的情况下仍然存在。</p>
<p>对于交易员来说，这足以保持周期性和工业类股票的偏好。</p>
<p>CSI 300 指数小幅上涨符合这一解读：投资者愿意在数据改善时支持大陆股票，但尚未将每一个积极的发布视为全面重新评级的信号。</p>
<p><strong>仍然是一个选择性市场</strong></p>
<p>在该地区的其他地方，澳大利亚和香港的疲软基调提醒人们，亚洲并不是在同步移动。</p>
<p>澳大利亚的疲软开盘表明对商品、利率和风险偏好的更谨慎解读。</p>
<p>香港的轻微回撤表明投资者仍希望获得更多证据，以证明大陆复苏是可持续的。</p>

恒生指数

安硕恒生指数

南方恒生指数ETF

2 倍做空日圓 ETF - ProShares

<p>亚洲市场在本周初表现参差不齐，日本的日经 225 指数和韩国的 Kospi 指数创下新高，受强劲的财报和科技故事的推动。相比之下，澳大利亚的 ASX 200 指数和香港的恒生指数则表现疲软，反映出谨慎的市场情绪。中国大陆的工业利润有所上升，显示出一定的复苏迹象，但整体市场仍然较为挑剔，更倾向于选择经过验证的赢家，而非广泛的趋势。投资者仍然保持警惕，寻求更多可持续复苏的证据</p>

<p>Asia began the week with a split-screen session, as Tokyo and Seoul extended their record run, while Australia and Hong Kong lagged behind.</p>
<div class="lb-trans"><p>亚洲以分化的局面开始了这一周，东京和首尔延续了创纪录的涨势，而澳大利亚和香港则落后。</p>
</div><p>The Nikkei 225 and South Korea’s Kospi opened at fresh highs, reflecting continued appetite for markets with strong earnings momentum and clear technology-led narratives.</p>
<div class="lb-trans"><p>日经 225 指数和韩国 Kospi 指数在新高开盘，反映出市场对强劲盈利动能和清晰的科技主导叙事的持续需求。</p>
</div><p>Australia’s ASX 200 slipped in holiday-thinned trade and Hong Kong’s Hang Seng was marginally lower.</p>
<div class="lb-trans"><p>澳大利亚 ASX 200 在假期交易中小幅下滑，香港恒生指数也略有下跌。</p>
</div><p>Mainland China managed a modest gain, giving the regional tape a firmer undertone than the headline split might suggest.</p>
<div class="lb-trans"><p>中国大陆股市小幅上涨，使得区域市场的基调比表面分化所暗示的更为坚挺。</p>
</div><p><strong>Asian markets: Nikkei 225 and Kospi keep the leadership</strong></p>
<div class="lb-trans"><p><strong>亚洲市场：日经 225 和 Kospi 保持领导地位</strong></p>
</div><p>The first reading from the session was straightforward: investors are still willing to pay a premium for Japan and South Korea.</p>
<div class="lb-trans"><p>本次交易的初步读数很简单：投资者仍愿意为日本和韩国支付溢价。</p>
</div><p>Early Asia trade saw both the Kospi and Nikkei rise to record highs, a sign that traders continue to back the region’s strongest earnings stories and AI-linked themes.</p>
<div class="lb-trans"><p>早盘亚洲交易中，Kospi 和日经指数均创下历史新高，表明交易员继续支持该地区最强劲的盈利故事和与人工智能相关的主题。</p>
</div><p>The market remains highly selective in that sense, as money is not flooding every Asian index; it is concentrating in the places where growth visibility and corporate momentum looks intact.</p>
<div class="lb-trans"><p>在这一点上，市场仍然高度选择性，资金并未涌入每一个亚洲指数，而是集中在增长可见性和企业动能看似完好的地方。</p>
</div><p>That leadership is important because it shapes the broader tone for regional risk appetite.</p>
<div class="lb-trans"><p>这种领导地位很重要，因为它塑造了区域风险偏好的整体基调。</p>
</div><p>Japan’s market has been rewarded for governance reforms, better shareholder returns, and a still-supportive earnings backdrop.</p>
<div class="lb-trans"><p>日本市场因治理改革、改善的股东回报以及仍然支持的盈利背景而受到奖励。</p>
</div><p>South Korea continues to benefit from chip-related strength and its place in the global semiconductor cycle.</p>
<div class="lb-trans"><p>韩国继续受益于与芯片相关的强劲表现以及其在全球半导体周期中的地位。</p>
</div><p>The result is a market that still prefers proven winners over broad beta.</p>
<div class="lb-trans"><p>结果是市场仍然偏好经过验证的赢家，而非广泛的市场贝塔。</p>
</div><p><strong>China data gives mainland stocks a floor</strong></p>
<div class="lb-trans"><p><strong>中国数据为大陆股票提供支撑</strong></p>
</div><p>Mainland China was the key supporting story behind the session.</p>
<div class="lb-trans"><p>中国大陆是本次交易的关键支撑故事。</p>
</div><p>China’s industrial profits rose 15.8% year on year in March, up from 15.2% in January-February, while first-quarter industrial profit growth accelerated to 15.5%, the fastest pace in half a year.</p>
<div class="lb-trans"><p>中国 3 月份工业利润同比增长 15.8%，高于 1-2 月份的 15.2%，而第一季度工业利润增长加速至 15.5%，为半年以来的最快增速。</p>
</div><p>The improvement added to signs of an uneven recovery, with stronger pockets tied to AI and advanced manufacturing offset by continued weakness in consumer-facing sectors.</p>
<div class="lb-trans"><p>这一改善增加了不均衡复苏的迹象，强劲的领域与人工智能和先进制造业相关，而消费领域则持续疲软。</p>
</div><p>That nuance is important as the profit figures are not a sweeping confirmation that China is back in full-throttle expansion mode.</p>
<div class="lb-trans"><p>这一细微差别很重要，因为利润数据并不是全面确认中国已回到全速扩张模式。</p>
</div><p>It is better read as evidence that corporate earnings momentum is still alive beneath a patchy demand backdrop.</p>
<div class="lb-trans"><p>更好的解读是，企业盈利动能在需求背景不均的情况下仍然存在。</p>
</div><p>For traders, that is enough to keep cyclical and industrial exposure in favor.</p>
<div class="lb-trans"><p>对于交易员来说，这足以保持周期性和工业类股票的偏好。</p>
</div><p>The fact that the CSI 300 held a small gain fits that interpretation: investors are willing to back mainland shares when the data improves, but they are not yet treating every positive release as a signal for a full-scale rerating.</p>
<div class="lb-trans"><p>CSI 300 指数小幅上涨符合这一解读：投资者愿意在数据改善时支持大陆股票，但尚未将每一个积极的发布视为全面重新评级的信号。</p>
</div><p><strong>Still a selective market</strong></p>
<div class="lb-trans"><p><strong>仍然是一个选择性市场</strong></p>
</div><p>Elsewhere in the region, the softer tone in Australia and Hong Kong served as a reminder that Asia is not moving in lockstep.</p>
<div class="lb-trans"><p>在该地区的其他地方，澳大利亚和香港的疲软基调提醒人们，亚洲并不是在同步移动。</p>
</div><p>Australia’s weaker open points to a more cautious read-through on commodities, rates, and risk appetite.</p>
<div class="lb-trans"><p>澳大利亚的疲软开盘表明对商品、利率和风险偏好的更谨慎解读。</p>
</div><p>Hong Kong’s slight retreat suggests investors still want more proof that the mainland recovery is sustainable.</p>
<div class="lb-trans"><p>香港的轻微回撤表明投资者仍希望获得更多证据，以证明大陆复苏是可持续的。</p>
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恒生指数下跌，亚洲市场走势分化；日经指数和 Kospi 创下新高