资源描述：
《瑞信-美股-股票策略-美国股市金融指南》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、7February2018Americas/UnitedStatesEquityResearchStrategyU.S.EquityStrategyResearchAnalystsECONOMICSANDSTRATEGYJonathanGolub,CFA2123256239jonathan.golub@credit-suisse.comFinancialsNavigatorPatrickPalfrey2123257970WeRemainEnthusiasticallyOverweightFinancialspatr
2、ick.palfrey@credit-suisse.comFollowingthe2007-09crisis,Financialsexperiencedseveralheadwinds,ManishBangard,CFA2123256632includingamoreonerousregulatoryenvironment,fallinginterestrates,manish.bangard@credit-suisse.comdeterioratingcreditconditions,andescalatingl
3、itigationexpenses.EachofDanaNentin,CFAthesetrendshavereversed,andweareenthusiasticallyoverweightthegroup.2125385287dana.nentin@credit-suisse.comBackdropSupportsContinuedFinancialOutperformanceEricaCidWiththesynchronizedglobalrecoverywellunderway,centralbanksco
4、ntinue2125388148erica.cid@credit-suisse.comtorenormalizepolicy.This,coupledwiththerecentpickupininflationexpectations,hasledtoa75basispointmovein10-YearTreasuryyields.OurworkindicatesthathigherratesareapositiveforstocksuntilTreasuriesreach3½%.Financialsaretheb
5、iggestbeneficiaryofrisingrates.AttractiveFundamentalsandValuationsWhilethegrouphasoutperformedoverthepast18months,Financialsappearattractiveonabroadarrayofmetrics.Morespecifically,2018earningsgrowthissecondonlytoEnergy,andvaluationsremainattractivewiththesecto
6、rtradingata3½xdiscounttothemarket.Improvingprofitabilityandampleliquidityshouldresultinahigherreturnofcapitaltoshareholdersviadividendsandbuybacks.RelativeFinancialsPerformancesincePost-BrexitLows125120115110105100Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Note
7、:RelativeperformanceofFinancialsvs.theS&P500;indexedto100onJune27,2016.DataasofFeb.5,2018Source:Standard&Poor's,HaverAnalytics®,CreditSuisseDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTA
8、TUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestt
