瑞信-美股-股票策略-美国股票策略：q4财报季与2018年展望

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1、U.S.EquityStrategy4QEarningsSeasonand2018OutlookJonathanGolub,CFAConferenceCallDetailsChiefU.S.EquityStrategistU.S.:(877)317-6434(212)325-6239Intl:(702)224-9787jonathan.golub@credit-suisse.comID:6476508January10,2018DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORT

2、CONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofintere

3、stthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.2017ReviewS&P500DailyMarketMoves#ofTradingDaysYear>1%>2%All-TimeHighs2009117550201076220201196350201250602013384452014386532015721

4、010201648918201780622018006Long-TermAvg671816Source:Standard&Poor’s,HaverAnalytics®,CreditSuisse.Source:Standard&Poor’s,HaverAnalytics®,CreditSuisse.Note:Asof12/31/17Note:Asof1/9/18;Long-TermAvgisfrom2009-161JonathanGolub,CFA

5、ChiefU.S.EquityStrategist

6、(212)3

7、25-6239

8、jonathan.golub@credit-suisse.com2017Review2017Returns(IncludingDividends)2017Returns(IncludingDividends)Source:Standard&Poor’s,FactSet,CreditSuisse.Source:Standard&Poor’s,MSCI,FactSet,CreditSuisse.Note:TECH+includesInternetRetailfromDiscretionary;Dis

9、c-excludesInternetRetail2JonathanGolub,CFA

10、ChiefU.S.EquityStrategist

11、(212)325-6239

12、jonathan.golub@credit-suisse.com2017ReviewReturnDecomposition–S&P500ReturnDecomposition–TECH+Source:Standard&Poor’s,ThomsonFinancial,FactSet,CreditSuisse.Source:Standard&Poor'

13、s,ThomsonFinancial,FactSet,CreditSuisse.Note:TECH+includesInternetRetailfromDiscretionary3JonathanGolub,CFA

14、ChiefU.S.EquityStrategist

15、(212)325-6239

16、jonathan.golub@credit-suisse.com2017ReviewGrowthvs.Value(R1000Growthvs.R1000Value)FactorReturnofHighvs.LowTaxR

17、ateCompaniesSource:FTSERussell,FactSet,CreditSuisse.Source:Standard&Poor’s,FactSet,CreditSuisse.Note:Indexedto100on12/31/16;Asof12/31/17Note:PricereturnscalculatedasthedifferencebetweenHighTaxan