大摩最新报告，64页


Strategy and Economics
3 Global Strategy & Economics Roundups
5 Global Equity Strategy  A Quality Trade   Gerard Minack, Jason Todd
7 US Economics  Recovery Arrives – But Not a ‘V’ Richard Berner, David Greenlaw
9 Europe Equity Strategy
The Rally Is Not Over Yet Teun Draaisma
11 Latin America Economics
V-Shaped Recovery? Daniel Volberg
US Technology Sector Rotation: Out of Software, into Hardware
13 US Semiconductors
From Early- to Middle-Innings: Product Cycle Focus — Industry View Remains Attractive Mark Lipacis, Sanjay Devgan, Atif Malik
15 ↓ US Software Downgrading Software to In- Line; Back to a Stock-Pickers’ Market Adam Holt, Keith Weiss, Jennifer Swanson
17 ↑ US Systems and PC Hardware
Upgrading Industry View to Attractive; Operating Leverage Underappreciated Kathryn Huberty, Scott Schmitz, Mat Schneider, Jerry Liu
19 US Banks
Go Long Banks, but Avoid Heavy CRE Exposure Ken A. Zerbe, Betsy L. Graseck et al.
21 US Electrical Equip. & Industrial Conglom.
Morgan Stanley Industrials Conference Recap —Classic Cycle Playing Out Scott Davis, Robert Wertheimer, Michael Stein, Matt Gugino
23 US Retail, Food and Drug Tipping into Deflation — Relative Price Positioning Remains Roughly the Same Mark Wiltamuth, Joseph Parkhill
25 Europe Capital Goods Opex and Mining Major Beneficiaries of the Recovery; Sandvik to Overweight Guillermo Peigneux, Kasedith Vardhanabhuti
29 ↑ Europe Oil & Gas Value or Growth — Buy Energy   Theepan Jothilingam, James Hubbard, Martijn Rats, Matthew Thomas
33 Indonesia Banks The Final Stretch: How High Can Valuations Go? Roger Lum, Samantha L. Horton