瑞信深度-全球股市投资大主题-全球股市主题：投资增长4.0-20171020-credit suisse - global equity themes investing for growth 4.0

《瑞信深度-全球股市投资大主题-全球股市主题：投资增长4.0-20171020-credit suisse - global equity themes investing for growth 4.0》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、20October2017GlobalEquityResearchThematicResearchGlobalEquityThemesTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverTHEMEincisivecross-sectorandcross-borderthematicinsightsforourclients.InvestingforGrowth4.0ResearchAnalystsEugeneKlerkInthefourthofou

2、rseriesofInvestingforGrowthreports,werevisitthekey442078834678eugene.klerk@credit-suisse.comthemesthatwebelieveofferpotentialforstructural“GDP-plus”growth.®RichardKersleyLeveragingtheprinciplesofCreditSuisse'sHOLTscorecard,wetranslate442078880313themesintospecificstocks.Wehighlightthefollowing

3、:richard.kersley@credit-suisse.comBrandonVair■Weremainina"growth"-stock-friendlyworldaidedbystubbornlylow442078886381realyieldssustainingdurationqualitiesandthegrowingscarcityofbrandon.vair@credit-suisse.compremiumtop-linequalities.DisruptionincreasinglyimpactscorporateprofitMariaBhatticycles,

4、splittingstocksintothosethathavegrowthandthosethathavenot.442078881503maria.bhatti@credit-suisse.com■Operationalqualityand,crucially,momentumarethekeyfactorstoscreenforamongstgrowthstocks.OursystematicapproachofusingHOLTtoselectthehighestquality/strongestmomentumstocksfromourtopthreerankedthem

5、eshasdeliveredc2700bpofoutperformancevsMSCIACWorldsinceJanuary2015andc1000bpinthepast12months.■Ourapproachcontinuestohighlightstocksthatareexposedtoconnectivitythemes:the"PotentialoftheInternet","BigData"and"Content".HOLT's"growthpercentile"whichestimatesandranksthelikelythree-yearforwardcash-

6、flowgrowthout-turnforstocksversustheirpeersunderpinstheirattraction.■What'snewin4.0?Alongsideourquantitativestockscreening,weupdateouranalyst-drivenglobal"Thematic30"(seepage6).Wealsoincludesixspecialfocus"articles"fromouranalyststhatdrillintospecificareasofgrowthanddisruption,includingvideo-g

7、aming/Esports,cyber-securityinacloud-world,China'sOneBelt,OneRoad(OBOR)plan,IndustrialIoT,theMillennialtravellerandBlockchain.Figure1:Higherqualityandmomentumthemeshaveabove-averagelikelihoodofgrowingcashflowsfasterthanequitiesgenerally