全球主题机器：AI与工业主题扩大领先优势

Global Theme Machine AI and Industrial Themes Extend Their Lead CITI'S TAKE EuropeDavid T ChewAC+44-20-7986-7698david.chew@citi.com Citi’s Global Theme Machine evaluates the investment appeal of 83 globalthemes across nearly 3,600 listed companies, informed by insights fromover 170 Citi Fundamental Analysts. As part of our regular annual process,we have refreshed our thematic review and stock mappings. Our latestpublication, Global Theme Machine: Reassessment of Themes for 2026,outlines the current framework used for this analysis. If you are interested in North America Richard W SchlatterAC+1-212-816-0591richard.w.schlatter@citi.com Theme Model Performance—The Theme Model showed significant dispersion,with top-performing themes including Greening the Home and Cloud Computinggenerating returns in excess of 10%, while laggards declined between 1–2%. Despitethis, the spread between the top and bottom quintiles of model performance Anju BhandariAC+1-212-816-3812anju.bhandari@citi.com Theme Style Rankings—Theme leadership changes for the month is being drivenby a combination of Earnings and Price Momentum, with the largest improvers(Wearable Technology, Virtual Reality, Cloud Computing) seeing an uplift on thesefactors. At the top end, persistent leaders such as Risky Business, Pension Shortfall Asia Yue Hin PongAC+44-20-7986-3953yue.hin.pong@citi.com Top Performing Themes—Relative outperformance versus the MSCI World Indexwas concentrated in structural growth thematics, with excess returns led byGreening the Home (+8.8%), Cloud Computing (+6.5%), Wearable Technology(+5.2%), AI Enablers (+4.6%), and Manufacturing Onshoring (+3.7%), reflecting asustained bias toward digitisation and industrial transformation. Kuldeep M Tilara+91-22-4277-5039kuldeep.tilara@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Global Theme Machine Insights First introduced in 2013, Citi’s Global Theme Machine is a differentiated researchframework that integrates global fundamental analyst insights with a robustquantitative methodology to assess the relative attractiveness of long-terminvestment themes across multiple financial dimensions. The framework currently As part of our annual update cycle, we have recently completed a comprehensivethematic reassessment and stock remapping, reflected in our latest publication, Global Theme Machine: Reassessment of Themes for 2026. Leveraging toolsrefined over many years, we apply a systematic and data-driven approach toanalyze themes, enabling investors to rigorously compare thematic opportunities Our monthly Global Theme Machine publication provides ongoing updates on therelative fundamental attractiveness of each theme, incorporating the latestunderlying company fundamentals. In addition, we assess theme crowdedness What are the themes we cover? © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research Theme Rankings for June While the latest rankings indicate that theme leadership scores being driven by amix of factors, the largest rank improvers for the month were primarily driventhrough improved momentum (earnings and price) characteristics. CloudComputing improved to overall rank 4 from 7, supported by stronger pricemomentum at 35 from 44, improved quality at 8 from 13, and sustained earnings More broadly, the higher-ranked cohort continues to benefit from a combination ofquality, valuation support, and improving earnings visibility rather than relyingsolely on technical strength. Risky Business remains near the top at 2 from 3, whileFinTech holds rank 5 from 4 and ranks 1 when price momentum is excluded, At the weaker end, Luxury Spend, Global Tourism, and Solar Energy havedeteriorated meaningfully, largely reflecting weaker earnings momentum and lesssupportive low-risk characteristics, suggesting that the market is increasingly Model Performance Top quintile themes rose 3.6% in the latest month, modestly ahead of the 3.4%return from bottom quintile themes, although both lagged the MSCI World’s 4.6%gain. The narrow spread suggests that thematic ranking provided only limiteddifferentiation over the month, with broader market strength dominating returns. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MSCI Which Themes Delivered the Best/WorstReturns Last Month? Last month’s performance was characterized by a pronounced rotation into growth-oriented technology and industrial transformation themes, with several portfoliosmaterially outperforming the MSCI World benchmark, which rose 4.6%. Greeningthe Home led returns with a gain of 13.4%, followed by Cloud Computing at 11.1%,Wearable Technology at 9.8%, and Artificial Intelligence Enablers at 9.2%. Otherstrong performers included Manufacturing Onshoring, Additive Manufacturing, At the weaker end of the spectrum, performance lagged across resource-linked,tra