JPMORGAN－全球新兴市场－股票策略－关键交易和风险－2017.7.19－113页－Key_Trade...

秋云飞

Table of contents
Table of contents......................................................................2
Some old with the new .............................................................3
Risks for 2H17.........................................................................11
G4 central bank balance sheet and EM ................................15
Key trades ...............................................................................19
Q strategy screen ...................................................................31
Guide to emerging markets strategy recommendations ....43
Global emerging markets model portfolio by country ........48
Global emerging markets model portfolio by sector...........49
China: Economy tracking risks reducing .............................56
South Korea: Running tech while adding laggards.............58
Taiwan: Selective focus .........................................................60
Brazil: Rates and profits vs. politics.....................................62
South Africa: Downgrade to UW ...........................................64
India: Fully valued ..................................................................66
Mexico: Acknowledge positive bottom-up / macro, FX is the
risk ...........................................................................................68
Russia: Will a good year start in July? ................................70
Malaysia: Green shoots .........................................................72
Indonesia: Steadily advancing ..............................................74
Thailand: Uplift by exports ....................................................76
CE3: Growth, rates and revisions .........................................78
Turkey: 1H strong, but can it last?........................................80
Philippines: Peso woes cloud the market ............................82
MENA: What Blockades performance ..................................84
Greece: Party like it’s 1999 ...................................................86
Extended markers ..................................................................89
Consensus Asset Allocation .................................................91
Hindsight trades: What has worked......................................92
Composite valuation indicators ............................................93
EMBIG100................................................................................97
Emerging Markets Strategy Dashboards ...........................104