瑞信-全球-投资策略-全球股市主题：投资增长4.0

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

2、rkInthefourthofourseriesofInvestingforGrowthreports,werevisitthekey442078834678eugene.klerk@credit-suisse.comthemesthatwebelieveofferpotentialforstructural“GDP-plus”growth.®RichardKersleyLeveragingtheprinciplesofCreditSuisse'sHOLTscorecard,wetranslate442078880313themesintospec

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

4、ncreasinglyimpactscorporateprofitMariaBhatticycles,splittingstocksintothosethathavegrowthandthosethathavenot.442078881503maria.bhatti@credit-suisse.com■Operationalqualityand,crucially,momentumarethekeyfactorstoscreenforamongstgrowthstocks.OursystematicapproachofusingHOLTtosele

5、ctthehighestquality/strongestmomentumstocksfromourtopthreerankedthemeshasdeliveredc2700bpofoutperformancevsMSCIACWorldsinceJanuary2015andc1000bpinthepast12months.■Ourapproachcontinuestohighlightstocksthatareexposedtoconnectivitythemes:the"PotentialoftheInternet","BigData"and"C

6、ontent".HOLT's"growthpercentile"whichestimatesandranksthelikelythree-yearforwardcash-flowgrowthout-turnforstocksversustheirpeersunderpinstheirattraction.■What'snewin4.0?Alongsideourquantitativestockscreening,weupdateouranalyst-drivenglobal"Thematic30"(seepage6).Wealsoincludesi

7、xspecialfocus"articles"fromouranalyststhatdrillintospecificareasofgrowthanddisruption,includingvideo-gaming/Esports,cyber-securityinacloud-world,China'sOneBelt,OneRoad(OBOR)plan,IndustrialIoT,theMillennialtravellerandBlockchain.Figure1:Higherqualityandmomentumthemeshaveabove-a

8、veragelikelihoodofgrowingcashflowsfasterthanequitiesgenerally