：2021全球宏观策略展望：对复苏保持信心（英文版）（63页）.pdf

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1、MM 2021 Global Strategy Outlook Keep Faith in the Recovery AV-shaped recovery, greater clarity on vaccines and continued policy support point to early-cycle dynamics and a supportive outlook for risk assets. Keep the faith, trust the recovery, and overweight equities and credit against government bo

2、nds and cash. Due to the nature of the fixed income market, the issuers or bonds of the issuers recommended or discussed in this report may not be continuously followed. Accordingly, investors must regard this report as providing stand-alone analysis and should not expect continuing analysis or addi

3、tional reports relating to such issuers or bonds of the issuers. Matthew Hornbach, Guneet Dhingra, Tony Small, Koichi Sugisaki, David Adams, James Lord, Sheena Shah, Simon Waever, Jaiparan Khurana, Min Dai, Andres Jaime, Srikanth Sankaran, Vishwas Patkar, Max Blass, Kelvin Pang, Vishwanath Tirupattu

4、r, Jay Bacow, James Egan, Michael Zezas and Barbara Boyake are fixed income strategists and are not opining on equity securities. Their views are clearly delineated. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware

5、 that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosu

6、re Section, located at the end of this report. November 15, 2020 06:15 PM GMT MM 2021 Global Strategy Outlook Keep Faith in the Recovery Its a recovery keep the faith: Rising COVID-19 cases are a risk, but keep the faith. We think this global recovery is sustainable, synchronous and supported by pol