全球主题：国防加速的势头-Global Theme Machine_ Momentum in Defence Accelerates

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Defence industry, highlighting its increasing attractiveness in the current geopolitical climate [2][9]. Core Insights - The Defence theme has seen a significant boost in momentum, breaking into the top ten themes due to improved price and earnings momentum scores [2][9]. - The performance of themes has been mixed; attractive themes outperformed the MSCI World index, while unattractive themes showed a slight increase of 35 basis points relative to attractive themes [3]. - Year-to-date performance indicates that global equities are driven by Value and Momentum outperformance, with recommendations to focus on themes like Cyber Security, Digital Currency, and Fintech, while avoiding Sustainable Materials and Biofuels [4]. Theme Rankings - The top three themes are Risky Business, FinTech, and Mobile Payments, with Defence theme now ranked 2 in Earnings Momentum and 3 in Price Momentum [9]. - The bottom-ranked themes include Greening the Home, Sustainable Materials, and Circular Economy, with five new entrants scoring poorly on valuation [10]. Performance Metrics - The MSCI World index is currently ranked 6th overall, with the Defence theme ranked 10th overall and showing improvements in quality metrics [11][34]. - The Scarce Resources theme was the biggest winner in August, increasing by nearly 10%, consistent with broader Materials sector performance [19]. Notable Trends - There is a dispersion in performance among healthcare-oriented themes, with Biotech performing strongly while Generics & Biosimilars lag behind [20]. - The Defence theme ranks highly on momentum factors, indicating a positive outlook for stocks within this sector [34]. Additional Insights - The Global Theme Machine combines insights from fundamental analysts with quantitative analysis to evaluate theme attractiveness across various financial metrics [6][7]. - The report emphasizes the importance of understanding macro sensitivities and crowdedness of themes to gauge investor interest [8]. Conclusion - The Defence industry is positioned favorably amidst current geopolitical tensions, with strong momentum and positive earnings forecasts. Investors are encouraged to consider thematic exposure in this sector while being cautious of underperforming themes.