j.p.摩根-全球股市中短期展望-2017.8-160页.

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1、Completed28Jul201712:22AMBSTDisseminated28Jul201712:33AMBSTGlobalEquityResearch28July2017TheSMidView—August2017RemainOWSMid/Periphery/Value/EMexposurebutprotectyourselfagainsttailriskinSep/Oct.LASTCALLtosignuptoouryearlyPan-EuropeanSMid-CapconferenceSmall/Mid-CapStrat

2、egy(London,Sep12-14)—28ofouranalystspresentingand91companiesconfirmedAC*EduardoLecubarri(CEOrepresentationfrom45%ofthem,CEO/CFOfromc.100%).Toregisterand(44-20)7134-5916request1x1sCLICKHEREorcontactyourJ.P.Morganrepresentative.eduardo.lecubarri@jpmorgan.comJulydidn’tmo

3、vetheneedlemuchonewayortheother.WeremainimmersedinBloombergJPMALECUBARRIanenvironmentofglobaleconomicgrowthwithSMid-Capsedginghigher,andJ.P.MorganSecuritiesplcwithtailriskespeciallyaswemoveintoSep/Oct.RotatinginandoutofSiddharthJaindefensivesinhopesoftimingthenext

4、marketpullbackcanbeacostlygame.(44-20)7134-5584Instead,focusonthetrendsthatwehavehighlightedthisyear,mostofwhicharesiddharth.x.jain@jpmorgan.comworkingandshouldcontinuetodeliveralpha,andprotectyourselfagainsttailriskJ.P.MorganSecuritiesplcbyshortingexpensivedomesticcy

5、clicalsinrecoveredeconomies,orbybuyingDavidAserkoff,CFAportfolioinsurance(volischeap!):(44-20)7134-5887david.aserkoff@jpmorgan.comByMktCap:RemainOWSMidvsLargeinCont.Europe(+746bpsYTD)&J.P.MorganSecuritiesplcUWinUK(+241bpssinceMay).Seeour“CaseforSMid”(Pg92-96).LeonChi

6、k,CFAByStyle:RemainOWvalue(workingYTDinCont.Europe,butnotintheUK),(852)2800-8590lookingforstockswithsustainablegrowth(i.e.macroagnosticoperationsorstillleon.hk.chik@jpmorgan.comatanearlystageofrecovery).A40xP/EstockwithlowdoubledigitearningsJ.P.MorganSecurities(AsiaP

7、acific)Limitedgrowthonthe9thyearofanequitybullmarket,leavesyouwithverylittleRussellGillupsidefromhereuntilthenextrecessionhits,andquiteabitofdownsidewhen(61-2)9003-8625itdoes.ContinuetoUWYieldwhichisNOTworkingacrossPan-Europe.russell.j.gill@jpmorgan.comByCountry:Rema

8、inOWtheEurozone(Peripheryinparticular)vstheUK–theJ.P.MorganSecuritiesAustraliaLimitedMSCIEMUSCisbeatingtheFTSE250by+527bpsYT