全球主题策略：长期主题的逆转-Global Theme Machine_ Secular Theme Reversal

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Global Theme Machine, which analyzes the attractiveness of 93 global themes across nearly 5000 listed companies, supported by over 200 Citi Fundamental Analysts [1][8]. Core Insights - Theme Rankings: - The Pension Shortfalls theme is now the top-ranked theme, while the Risky Business theme has dropped to 5th due to a decline in momentum rankings [2][12]. - The Defence theme has re-entered the top 10, attributed to ongoing geopolitical changes [2][12]. - Model Performance: - Recent months have seen a decline in model performance, with November marking the first negative return for top themes since March. The top themes posted a performance of -1.43% compared to -1.27% for the bottom themes [3][16]. - Top Performing Themes: - Pharma-oriented themes, particularly Genetically-Informed Therapies and Biotech, have shown consistent outperformance, with returns of 6.40% and 6.10% respectively in November [4][21]. - Quantum Computing experienced a decline of -2.79% in November but remains one of the better performers over the last three months [4][20]. Additional Insights - Theme Performance Metrics: - The report provides a systematic framework to evaluate themes based on various financial metrics, including valuation, growth, and price momentum [9][35]. - Market Volatility: - The report highlights the impact of market volatility on theme performance, indicating that many long-term secular themes are under pressure [3][16]. - Changes in Fundamental Attractiveness: - Fossil Fuels showed significant improvement in ranking, moving from 82nd to 45th, indicating a potential shift in investor sentiment [31]. Notable Rankings - Top Ranked Themes: - Pension Shortfalls (1st) - Mobile Payments (2nd) - FinTech (3rd) - Digital Currency (4th) - Risky Business (5th) [12][39]. - Bottom Ranked Themes: - Energy Efficiency (82nd) - Additive Manufacturing (83rd) - PropTech (84th) - Manufacturing Onshoring (85th) - Beautiful People (86th) [12][39]. Conclusion - The Global Theme Machine continues to provide valuable insights into market trends and investment opportunities, with a focus on the evolving dynamics of various themes. The report emphasizes the importance of monitoring these themes for potential investment strategies moving forward.