新兴市场-投资策略-全球新兴市场股票策略：2020年展望.docx

By:JohnLomax,HeraldvanderLinde,FranciscoSchumacherandDevendraJoshiGEMsEquityStrategyYearahead2020Emergingmarketequitiestobehelpedbysupply-sidechange……op-downpreferencesandbottom-upthemesPlayvideowithJohnLomaxDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer, 2EMStrategyList 11GlobalEmergingMarketsdashboard 15CEEMEAandLatAmmarket,andsectoroverview 22Asianmarketsandsectoroverviews 26Markets&regions:CEEMEA 29CE3(underweight) 30Greece(overweight) 35Russia(overweight) 37Turkey(neutral) 40SouthAfrica(neutral) 42Egypt(neutral) 45SaudiArabia(neutral) 47UAE(neutral) 50Qatar(underweight) 52Kuwait(off-benchmark) 54Markets&regions:LatAm 57Brazil(overweight) 58Mexico(underweight) 61Argentina(neutral) 64Chile(underweight) 67Colombia(overweight) 69Peru(neutral) 72Markets&regions:EMAsia 75MainlandChina(overweight) 76Indonesia(overweight) 78ThePhilippines(overweight) 80Thailand(overweight) 82India(underweight) 84Malaysia(neutral) 87Korea(neutral) 89Pakistan(underweight) 91Taiwan(underweight) 93Disclosureappendix 96Disclaimer 100Thisreportthatofthesametitleanddatetoincludetheconflictdisclosuresforstocksinthestrategylistonpages12and13TheyearaheadEmergingmarketequitiestobehelpedbysupply-sidechange……op-downpreferencesandbottom-upthemesJohnLomax*@+442079923712AseemMadan*AssociateBangalore,:supply-sidechange,structuralgrowthandcyclicalsupport(theoverlapbetweenglobalandlocal cycles).Thesesupportourcountryandsectorweightings;wealsopresentourstrategylistonEmployedbyanon-USaffiliateofHSBCSec