汇丰银行（HSBC）：2025年第一季度全球投资展望报告：驱动新时代的增长引擎（英文版）（36页）.pdf

1、A Fertile Ground for Investment ReturnsNew Growth Engines for a Changing WorldInvestment OutlookQ1 2025Global Private BankingChief Investment Officer,Southeast Asia and India James Cheo Chief Investment Officer,EMEA and Switzerland Georgios Leontaris Chief Investment Officer,North Asia Patrick Ho Ch

2、ief Investment Officer,China Desmond Kuang DChief Investment Officer,Americas Jose RascoHead of Asset Allocation Stanko Milojevic Director,Global Market Strategist and Managing Editor Neha Sahni Chief Investment Officer,UK Jonathan Sparks ContributorsChief Investment Officer,Asia Cheuk Wan Fan Globa

3、l Market Analyst,Real Estate Investment Guy Sheppard Senior Product Specialist,Private Market Investments Jorge Huitron Global Head of Fixed Income Laurent Lacroix Global Head of Equities Kevin Lyne Smith kevin.lyne-Currencies and Commodities Strategist Rodolphe Bohn Director,Global Equities Bryan O

4、Carroll Head of European Hedge Fund Research Alex Grievson A Global Chief Investment Officer Willem Sels 2 2New Growth Engines for a Changing WorldInvestment Outlook Q1 2025 3Contents05 Client Letter06 Our Portfolio Strategy10 Top Five Trends and High Conviction Themes 10 1.Asia in the New World Ord

5、er 12 2.Disruptive Technologies 14 3.Climate Action 16 4.Evolving Society 18 5.Riding the Earnings and Rate Cut Tailwinds20 Equities22 Fixed Income24 Currencies and Commodities26 Hedge Funds28 Private Markets30 Real Estate32 DisclaimersInvestment OutlookNew Growth Engines for a Changing WorldQ1 2025

6、.Issued on 21 November 2024Investment OutlookDiscover domestic resilience in an evolving AsiaQ1 2025.Issued on 21 November 20244Dear client The past few months were dominated by US election uncertainty,which left investors in limbo but still allowed equity markets to rally.Markets are happy that the