汇丰银行（HSBC）：新兴市场股票策略：新兴市场全球基础设施聚宝盆（英文版）（88页）.pdf

1、Disclosures & Disclaimer: This report must be read with the disclosures and the analyst certifi cations inthe Disclosure appendix, and with the Disclaimer, which forms part of it.Asset / SubcategoryJune 2021Multi-Asset | Emerging MarketsThe EM global infrastructure cornucopiaPlay video withJohn Loma

2、xMulti-AssetEmerging MarketsJune 2021By: John Lomax, Herald van der Linde and HSBC Global Research teamThe EM global infrastructure cornucopiaGEMs Equity StrategyThe global infrastructure story traditional and greenwill drive EM equities both directly and indirectly through higher metal pricesIn thi

3、s report we identify a broad range of stocks that could be benefi ciaries of this theme 1 Multi-Asset Emerging Markets June 2021 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA Executive summary 2 Introduction 4 Part one: Trends in Global infrastructure spending 10 EM outlook and commodity pro

4、ducing countries 11 An ESG perspective on green infrastructure 13 Mainland China: infrastructure will continue to support growth 15 US infrastructure prospects and the American Jobs Plan 18 Next Generation EU 20 Metals & mining a selective green infrastructure play 23 Future cities: the changing sha

5、pe of urbanisation 25 Commodities and the Wests infrastructure plans 28 Part two: How to play the story in EM 31 Asian infrastructure plays 32 China metals and mining and domestic infrastructure spend 33 China industrials 35 China energy a traditional infrastructure exposure 38 ESG plays on Chinese

6、infrastructure spend 41 Asia ex mainland China playing the global infrastructure story 42 Non-Asia metals and mining plays 44 LatAm metals & mining and the global infrastructure thesis 45 EEMEA metals and mining and the global infrastructure thesis 47 Domestic-facing plays in commodity markets 49 Sa