Equity themes for 2024
美國
歐盟
新興市場
Click on the themes to find out more about them
《降低通脹法案》的激勵措施帶來正面動力
重要主題:傳統石化企業演變;新技術及較低成本技術的比例增加;能源網處理更多間
歇性停電的能力;以及新技術的採用。
對歐盟而言為值得留意的主題,
但也面對若干挑戰。
「歐洲綠色新政」應該會支持轉型,但部分國家出現延遲、規劃許可和監管等方面的挑戰。
必須增加私人融資以支持
新興市場的關鍵企業
新興市場在全球供應鏈及能源轉型方面擔當重要角色,但於2030年,這些國家每年需要大約2兆美元才能在2050年前實現淨零排放*。私營市場需要承擔約80%至90%的投資額。
Themes
Convictions
主題
投資觀點
《降低通脹法案》的激勵措施帶來正面動力
重要主題:傳統石化企業演變;新技術及較低成本技術的比例增加;能源網處理更多間
歇性停電的能力;以及新技術的採用。
對歐盟而言為值得留意的主題,但也面對若干挑戰。
「歐洲綠色新政」應該會支持轉型,但部分國家出現延遲、規劃許可和監管等方面的挑戰。
必須增加私人融資以支持新興市場的關鍵企業
新興市場在全球供應鏈及能源轉型方面擔當重要角色,但於2030年,這些國家每年需要大約
2兆美元才能在2050年前實現淨零排放*。私營市場需要承擔約80%至90%的投資額。
美國
歐盟
新興
市場
EMERGING MARKETS
看好傳統的石化企業及資本財貨科技供應商(如樓宇控制、電氣化組件)和商品企業,亦看好
投資於碳捕集、利用和封存及氫能並於相關範疇具有競爭優勢的企業。
看好可再生能源投資,相關項目能為企業轉型提供資金,方法為透過內部現金流、電動貨車、
太陽能板、可持續航空燃料、自動化的結構性增長及回流活動。部分電纜及樓宇隔熱材料公司
亦值得考慮。
看好更加致力應對氣候變化的國家長期而言,中國是被看好的國家之一。在新興市場,可持續發展目標更受重視,特別是這些地區在電動車及可再生能源範疇擔當重要角色。
美國
歐盟
新興
市場
EMERGING MARKETS
"責任投資正從非主流市場轉至標準化環境。"
Equity themes for 2024
Themes
Convictions
Obesity
Medicine
Positive momentum amid incentives from IRA (Inflation Reduction Act)
Key themes: the evolution of traditional hydrocarbon firms; the increased share of new and lower-cost tech; the energy grids’ ability to handle more intermittent power; and the adoption of new technologies.
A notable theme for the EU, but with some challenges
The European Green Deal should support the transition, but there are challenges related to delays, planning permission in some countries and regulation.
Greater private financing needed to support EM critical players
EM play a vital role in global supply chains and the energy transition, but these countries will need about $2 trillion annually by 2030 to reach net zero emissions by 2050*. The private sector will have to support around 80-90% of the investment needed.
US
EU
EM
EMERGING MARKETS
看好傳統的石化企業及資本財貨科技供應商(如樓宇控制、電氣化組件)和商品企業,亦看好
投資於碳捕集、利用和封存及氫能並於相關範疇具有競爭優勢的企業。
看好可再生能源投資,相關項目能為企業轉型提供資金,方法為透過內部現金流、電動貨車、
太陽能板、可持續航空燃料、自動化的結構性增長及回流活動。部分電纜及樓宇隔熱材料公司
亦值得考慮。
看好更加致力應對氣候變化的國家
長期而言,中國是被看好的國家之一。在新興市場,可持續發展目標更受重視,特別是這
些地區在電動車及可再生能源範疇擔當重要角色。
US
EU
EM
EMERGING MARKETS
Opportunities in GLP-1 medicines that are approved for diabetes but aid weight loss in treating obesity. Favour GLP-1 losers with attractive valuations while remain cautious on leaders with growth priced in.
Opportunity in a certain large European pharmaceutical company involved in GLP-1 medicines but has already seen strong performance.
NA
US
EU
EM
EMERGING MARKETS
Click on the themes to find out more about them
US
EU
EM
EMERGING MARKETS
Equity themes for 2024
Capital
Allocation
Artificial
Intelligence
Obesity
Medicine
Opportunities linked to a robust capex outlook (thanks to recent underinvestment, fiscal stimulus and automation spend) and M&A.
Favour structural themes (e.g. precision agriculture, electrification supplies).
Opportunities linked to capex initiated by Next Generation European funds and factory automation. Buybacks are rising. Prefer exposure to high total return stocks, particularly among the Oil & Gas and Financial sectors.
Nearshoring offers opportunities to protect supply chains, increase employment and boost domestic demand. Favour economies close to major markets (e.g. Vietnam, Morocco, Mexico and Turkey).
美國
歐盟
新興市場
EMERGING MARKETS
Opportunities in infrastructure, software and services that use generative AI for automation and transformation. Prefer AI deployers (e.g. fintech, consumer and healthcare firms) with potential upside.
Benefit of AI earnings for European semi-conductor names has been limited so far. Favour IT service companies (such as Consultants) who are well-positioned to assist with AI preparatory work on data/IT infrastructure.
Opportunities in South Korea (i.e. dominance in memory boosts its lead in chips) and Taiwan (i.e. foundries will gain from chip demand).
EM-domiciled firms invested in the US can benefit from the IRA.
US
EU
EM
EMERGING MARKETS
Opportunities in GLP-1 medicines that are approved for diabetes but aid weight loss in treating obesity. Favour GLP-1 losers with attractive valuations while remain cautious on leaders with growth priced in.
Opportunity in a certain large European pharmaceutical company involved in GLP-1 medicines but has already seen strong performance.
NA
US
EU
EM
EMERGING MARKETS
Click on the themes to find out more about them
看好傳統的石化企業及資本財貨科技供應商(如樓宇控制、電氣化組件)和商品企業,亦看好投資於碳捕集、利用和封存及氫能並於相關範疇具有競爭優勢的企業。
看好可再生能源投資,相關項目能為企業轉型提供資金,方法為透過內部現金流、電動貨車、太陽能板、可持續航空燃料、自動化的結構性增長及回流活動。部分電纜及樓宇隔熱材料公司亦值得考慮。
看好更加致力應對氣候變化的國家
長期而言,中國是被看好的國家之一。在新興市場,可持續發展目標更受重視,特別是這些地區在電動車及可再生能源範疇擔當重要角色。
Themes
Convictions