超越大流行：后COVID-19时代世界结构投资主题的全球视角.docx

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1、15July2020EquityResearchGlobalBeyondthePandemicPart1Globalperspectivesonstructuralinvestmentthemesinapost-COVID-19worldThematicResearch

2、ProductMarketingTheme§TheCreditSuisse“BeyondthePandemic”series:COVID-19hasinfectedcloseto12millionpeopleglobally.Severalcountrieshave

3、easedtheinitiallockdownmeasuresimposedattheoutsetofthispublichealthcrisis.Wehavefollowedthisinaseriesofregionalreports(US,EMEAandAPAC)publishedinrecentweeks.However,inreality,thepandemicisfarfromoveranditsimpacttodateofensuringnewwaysofliving,workingandtransactingbusin

4、esshavetakenrootlongterm.Inanewseriesofreports,CSanalystsacrosstheglobehavebeenanalysingthethemesthattheyexpectwillshapethe“newnormal”ofapost-COVID-19world.Inthisreport,wesummarisetheinsightsfromtheseriessofar,whichnowdrawsfrom36thematicreportsglobally.§10structuralglo

5、balthemespost-pandemic:Insidewehavesummarisedthereportsbyregionandthethemesthatemerge.Wealsoincludeastocksensitivitytablehighlightingthestocksmostlikelytobepositivelyandnegativelyaffectedacrossthestructuralinvestmentthemesforeachregion–seeFigures1,2and3.Whileregionalnu

6、ancesdoexist,manyemergingthemesarecommonacrossregions.Theyacceleratethemesalreadyintrainaswellestablishnewones,andallcarryinherentindustrydisruption.ThereportfromourGlobalHealthcareteamonvaccinedevelopmentanditstimelinehasprovidedanidealframingforthebroaderbodyofworkfr

7、omouranalysts.Wehighlightthefollowing:1.Accelerateddigitizationandautomation.2.Acceleratedonlineliving,includingWFHandonlineshopping/entertainment.3.COVID-19andtheneedforlarge-scaletestingandtherapeuticsolutions.4.Changingmobilitypatterns(i.e.decreasedflyingandincrease

8、dcar/railusage).5.Increased“cocooning”anddomestically-focusedconsumption.6.Increasedemphasisonhygieneandhealthandsafety.7.Infrastructurespendingwithafocusonenvironmentally-friendlyinvestments.8.Therollingbackofglobalisationandincreasinglylocalsupplychains.9.Arecalibrat

9、ionofmarketshareandM&Aopportunities:survivalofthefittest.10.AnincreasedfocusonESGininvestmentprocessesthathavethrived