汇丰银行-2017全球股票投资策略手册-20170209-90页.pdfVIP

EQUITY STRATEGY GLOBAL February 2017 By: Ben Laidler, Daniel Grosvenor, and the HSBC Global Equity Sector Teams Global Sector Playbook Sixteen high-conviction themes HSBC’s global sector analysts’ key sector themes and stock ideas for an increasingly fragmented world Four common themes: impact of high commodity prices and inflation; digital economy disruptions; regulatory roll-back; and corporate restructuring and self-help 56 international stock beneficiaries, from Nestle and Verizon, to Samsung and Hyundai, and Sberbank and Petrobras Disclaimer Disclosures: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it EQUITY STRATEGY ● GLOBAL  February 2017 Conviction themes for a fragmenting world 16 conviction sector themes (and 56 international stock ideas) Global equities have started the year on a strong footing with a nascent cyclical recovery and Cautious global equity view + faith in a dramatic shift in US fiscal policy driving market optimism. But we see only modest lowest equity correlations in market upside in 2017, with a rebound in earnings growth partly offset by lower valuation a decade = a focus on bottom multiples. And risks are skewed to the downside, in our view. Valuations look stretched, up drivers economic policy uncertainty is at record highs and structural headwinds to growth remain.