Deutsche Bank 5月 15 日长篇，42页。
　　Asian markets have outperformed most global indices year-to-date and over the last year，driven by reflation，an improving export environment and a renewed earnings revision cycle.Many of the key risks facing investors heading into 2017 have receded.Despite strong performance，Asia has more room to run，given still-attractive valuations（outright for North Asia and relative to history for the region），increasing inflationary pressures which should bolster earnings growth（the strongest driver of long-term Asian returns）and supportive regional thematics（Southbound flow，decreased political risks，improving shareholder returns）.