股票策略月度总结- 2025年5月

Monthly WrapOur monthly wrap contains keycharts on performance, valuationand technicalsRestricted - External European Equity StrategyMagesh Kumar Chandrasekaran, CFA+44 (0)20 3134 5983magesh.kumarchandrasekaran@barclays.comBarclays, UKEmmanuel Cau, CFA+44 (0)20 3134 0475emmanuel.cau@barclays.comBarclays, UKMatthew Joyce, CFA+33 (0)1 4458 3341matthew.joyce@barclays.comBBI, ParisEmmanuel Makonga+44 (0)20 7773 2593emmanuel.makonga@barclays.comBarclays, UKArihanth Bohra Jain+91 (0)22 6175 1406arihanth.bohrajain@barclays.comBarclays, UK FIGURE 2. Regional equity performance in May0%1%2%3%4%5%6%7%Perf($) over the last monthSource: LSEG Data & Analytics, Bloomberg, Barclays ResearchSource: LSEG Data & Analytics, Barclays Researchwere lowered, Low vol underperformed and small caps were boosted, especially outside theUS with a lower dollar acting as a tailwind.Sector Performance:Global sector leadership was cyclically driven astariffrelief newsboosted the high beta names. Tech rose the most boosted by Big Tech while Industrials andDiscretionary also outperformed despite the mixed Q1 earnings season. Meanwhile,Financials fared well on strong results and higher yields. Commodity sectors underperformeddue to weaker oil prices and subdued results. In the defensive space, Healthcareunderperformed the most while Telcos and Utilities outperformed.Fund Flows:Equity inflows slowed down in May as re-risking was muted despite theliftinsentiment and the market going back almost to the highs. US to RoW rotation was in play asflows started following the weaker dollar. In Europe, repatriation from the US paused but theregion continued to see steady inflows driven by domestic investors. EM (ex China) sawinflows driven by a weaker USD while Japan equity demand improved too as JPY remainscapped. See Muted re-risking, but more rotation into ROW, 28 May for details.2 FIGURE 1. Cross-asset performance in May•• FIGURE 3. MSCI AC World factor performance in MaySource: LSEG Data & Analytics, Barclays Research2 June 2025 Analyst(s) Certification(s):We, Magesh Kumar Chandrasekaran, CFA, Emmanuel Cau, CFA, Matthew Joyce, CFA, Arihanth Bohra Jain and Emmanuel Makonga, hereby certify (1)that the views expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to inthis research report and (2) no part of our compensation was, is or will be directly or indirectly related to the specific recommendations or viewsexpressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicres