HSBC长篇，2 月 9 日出品，90页。颇值得参考。
　　Global equities have started the year on a strong footing with a nascent cyclical recovery and faith in a dramatic shift in US fiscal policy driving market optimism.But we see only modest market upside in 2017，with a rebound in earnings growth partly offset by lower valuation multiples.And risks are skewed to the downside，in our view.Valuations look stretched，economic policy uncertainty is at record highs and structural headwinds to growth remain.