人工智能颠覆带来的机遇

Equity ResearchMarch 3, 2026 EUROPE | Europe Insights Opportunities from AI Disruption The pace of AI disruption is accelerating and markets are responding withspeed rather than subtlety. Where growth is perceived to be structurallyimpaired, de‑ratings have been aggressive. Against this backdrop, wesurvey our EMEA analysts to identify: 1) quality franchises that haveovershot on the downside; and 2) names where AI risk has yet to bereflected. We also highlight sectors that appear structurally less exposed. FullPendulum Swing AI is acting less as a driver for broader equity markets andmoreas a force for concentration,dispersion and rapid re‑pricing.Investors areincreasingly discriminating between companies able to monetise AI and those facinggenuine business‑model erosion. Software has been the natural early casualty - c.25%underperformance YTD and debates around liquidation value indicate just how far thependulum has swung. However, the circle of concern continues to widen and has recentlytaken aim at Wealth Managers, Insurance Brokers, Logistics and REITs. Source: Factset, Jefferies Framing Risks & OpportunitiesDesh Peramunetilleke, Jefferies Global Head of QuantStrategy, highlights US Software underperformance is approaching levels last seen in thedotcom bust (see AI Beneficiaries & Risk Baskets). European Software underperformance iseven more extreme and the sector PEG now sits below the broader market. More colour onrelative growth and valuations by sector inside. Fiction Vs RealityHeightened AI volatility prompts us to separate price action from reality. Weasked our EMEA analysts to identify stocks which fit the following two buckets: •Oversold Structural Winners with entrenched competitive advantages•Names where AI risk is plausible but not yet priced in Oversold Structural WinnersTechnologysits at the centre of investor anxiety, and positioningnow looks extreme. We see long‑term winners among companies with embedded workflows,proprietary data or hard‑to‑replicate infrastructure. Names include SAP, Experian, Scout24,CTS Eventim, Adyen and Zalando. InIndustrials, several high‑quality franchises trade at valuations inconsistent with theircompetitive positioning and growth outlook. Names here include Bechtle, Compass and DSV. Fears of AI‑driven disintermediation inFinancialsappear overstated. We see misplacedconcern around LSEG, Euronext, Fineco, Admiral and Gecina, where considerations aroundproprietary data, capital‑markets exposure or resilient demand dynamics have been cast aside. Raj Jilka * | Equity Research Team Desh Peramunetilleke ^ | Head of QuantitativeStrategy Moat ErosionBy contrast, some names face more credible valuation risk. Dassault, BritishLand / Land Securities, Eurofins and HG Capital Trust screen as exposed - whether throughcompetitive pressure, labour‑market sensitivity or leveraged exposure to software multiples.Insurance conglomerates with large, commoditised distribution networks also look vulnerable. Mahesh Kedia, CFA ^ | Quantitative Strategist Mark Braley * | Equity Research Team Flight to SafetySeveral sectors remain comparatively insulated."Real assets"have alreadyattracted defensive flows, with Infrastructure, Mining, Steel, Paper & Packaging, Utilities andConstruction emerging as beneficiaries.Consumersectors - Beverages, Food, HPC andDiscretionary Retail - also screen well, reflecting consumable demand and the enduringimportance of brands.Healthcarestands out for similar reasons, reinforced by regulatory andtechnical barriers to disruption. Jefferies EMEA Product Management * |Equity Research Team See inside for more detailed commentary by sector. Table of Contents EMEA - AI Disruption in Charts3Business Services4Capital Goods5Financials - Diversified5Financials - Insurance7Financials - Investment Companies8Financials - Italian Wealth Managers8Financials - UK Banks9Internet10Payments10REITs11Retail12Semis12Software13Transport & Logistics14 EMEA - AI Disruption in Charts .Source: Factset, Jefferies Business Services Oversold Winners - Experian (EXPN LN, Buy) & Compass (CPG LN, Buy) Experianhas de-rated from >30x to c19x on disruption fears related to the data broker and creditbureau business. Specifically, the market appears to fear that AI’s ability to ingest and analyze dataefficiently could reduce the value of Experian’s large proprietary data and analytics products overtime, driving new entrants to use open banking / data. However, we note the following: •Database We would argue this is near impossible to replicate even with AI, and even with theability/willingness to try a in tight regulatory environment is questionable. In the event thatAI were able to replicate the database, significant investment would need to be made in acomparable distribution platform.• Insight / Software AI could have an impact here, and we will likely see AI-led ID verificationand financial product platforms. However, the dataset they will be building is unlikely to