全球主题：估值因素拖累 AI 主题排名，但吸引力仍存-Global Theme Machine Valuation weighs on AI theme rankings but theyre still attractive

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Global Theme Machine, which evaluates the attractiveness of various investment themes across nearly 5,000 listed companies, analyzed by over 200 Citi Fundamental Analysts [1][8]. Core Insights - Valuation Impact: The attractiveness of AI themes is currently weighed down by valuation concerns, despite high interest [4][17]. - Performance Recovery: After two months of underperformance, the Global Theme Machine model rebounded, with attractive portfolios outperforming by nearly 2% [2][18]. - Top Themes: The 'Fintech' sector remains dominant, with Mobile Payments, Digital Currency, and FinTech in the top five themes. The Space Race theme was the best performer in December, increasing by nearly 10% [3][4][22]. - AI Themes: AI Enablers and AI Adopters rank just outside the top 10, primarily due to valuation issues. AI Enablers are ranked 13th, while AI Adopters are 15th [4][17]. Rankings and Changes - Top Ranked Themes: - Risky Business remains the top theme, followed by Mobile Payments, Digital Currency, and FinTech [12][40]. - Infrastructure has entered the top rankings, replacing Defence, which has dropped out of the top 10 [3][12]. - Bottom Ranked Themes: - Greening the Home continues to be the lowest-ranked theme, focusing on sustainable residential solutions [13][24]. - New entrants in the bottom 10 include Feminine Health & Fem Tech, Biofuels, and Immunotherapy [13]. Performance Metrics - Monthly Performance: The MSCI World index showed a return of 0.84% in the last month, with the Space Race theme leading at 9.36% [23][24]. - Underperforming Themes: Healthcare-related themes, including Generics & Biosimilars and Immunotherapy, were among the worst performers [24]. Additional Insights - Theme Mapping: The Global Theme Machine includes over 90 themes and provides a systematic framework for investors to evaluate and compare these themes quantitatively [8][9]. - Macro Sensitivity: The report highlights the macro sensitivities of themes, allowing investors to gauge interest levels and contextualize themes within broader economic conditions [9]. Conclusion - The Global Theme Machine continues to provide valuable insights into investment themes, with notable shifts in rankings and performance metrics. The focus on AI themes, while currently hindered by valuation concerns, remains a point of interest for future investment strategies [1][4][17].