景顺投资：2026年中投资展望报告：全球格局遭遇扰动？市场韧性持续凸显（英文版）（21页）.PDF

1、Presented byInvesco Strategy&Insights2 0 2 6 M IDYE AR INVE STM E NT O UTLO O KA world disrupted?Resilience has enduredThink uncertainty is weighing down markets?Rethink where markets are finding opportunity.For public use in the US and Canada.US:Not a Deposit;Not FDIC Insured;Not Guaranteed by the

2、Bank;May Lose Value;Not Insured by any Federal Government AgencyExecutive summaryOur 2026 Outlook,“Resilience and rebalancing,”argued that firmer global growth would favor non-US equities and weigh on the US dollar.We believe recent events have delayed but not curtailed this story.In a world undergo

3、ing immense disruption,we believe resilience has endured which should provide a favorable investment environment.Our outlook reflects these two keythemes:Key takeawaysResilience has endured amid disruption and shocksThe first half of 2026 has seen a host of events with the potential to disrupt globa

4、l economies and markets in a world that appears increasingly fragmented.Yet economic data and corporate results suggest the global economy has remained resilient.The artificial intelligence investment boom is still being feltOur analysis shows that earnings growth has been strong so far in 2026,led

5、by the technology sector.1 Demand for chips and power from large data center investments is expected tocontinue to support semiconductors and hardware companies.Acceleration deferred,not deadWe expect the global economy to re-accelerate later in 2026.However,outcomes will depend critically on the ti

6、ming of any resumption in energy flows through the Strait of Hormuz.Weexpect that,the longer the Strait of Hormuz remains closed,the more challenging the growth and inflation mix will become.Central banks on holdCentral banks appear reluctant to continue the easing path weexpected at the start of th