全球主题量化观点：三大新全球主题

Three newglobal themes: Grid, Cybersecurity, AlcoholIn this latest“Quant View of Global Themes”, we add three new themes.Grid Quant StrategyGlobal Modernisationis being driven by surging electricity demand from AI data centers andelectrification which is straining existing power networks. AI adoption has significantlyincreased the potential for cyberattacks which is generating interest inCybersecuritystocks. By contrast, theAlcoholic Beveragestheme faces structural headwinds fromweaker consumption, but identifying a potential turnaround may be an opportunity. Nigel Tupper>>Quant StrategistMerrill Lynch (Australia)+61 2 9226 5735nigel.tupper@bofa.com Amar Vashi>>Quant StrategistMerrill Lynch (Australia)amar.vashi@bofa.com Performance of global themes reversed last month Among the 20 global themes wemonitor,Consulting(17%),SaaS(14%),AlcoholicBeverages(8%),Luxury Lifestyle(4%) andGold(3%) were among the best performingglobal themes in July. This marks a reversal, as these global themes have allunderperformed global equity markets this year. YTD, the best performing themes havebeenPhotonics(113%),AI Compute(77%), andData Centers(61%). Sumuhan Shanmugalingam>>Quant StrategistMerrill Lynch (Australia)sumuhan.shanmugalingam@bofa.com Top-ranked stocks globally within each themeAmong the Most ImportantStocks within each theme, the top-ranked stocks by Triple Momentum in AI Compute is ASML, Photonics is Fujikura, Data Centers is Sandisk, GridModernisation is Schneider Electric, and Robotics is Teradyne. Within the three lowest-ranked themes, the lowest-ranked stock in Consulting is Accenture, Alcoholic Beveragesis Pernod Ricard, Nuclear Energy is Oklo, and Gold is Gold Fields. Chart1:Triple Momentum for Global Themes (earnings, price, news)Strongest for AI Computeand Photonics, weakest for Consulting and Alcoholic Beverages Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for allinvestors. Investors should have experience in relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuerscovered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 112 to 114. Contents Notice to Readers:3Summary4Performance by Theme4Ranking by Triple Momentum6What’s Improving / Deteriorating?7Investor Positioning by Theme11Valuation by Theme11Global Stocks (Most Important) by Theme12Asia Stocks (Most Important) by Theme15Country Exposure to Themes18Correlation within Themes20Methodology for Identifying Stocks21AI Compute24AI Platforms28Data Centers32Photonics37Grid Modernisation41Robotics46Cybersecurity50Defense54Space59Precision Medicine63Energy Storage68Nuclear Energy72Renewable Energy76Luxury Lifestyle80Alcoholic Beverages84Gold88Rare Earths93Software-as-a-Service (SaaS)97Consulting101Quantum Computing105 Notice to Readers: The various screens identified in this report are intended to be indicative metrics onlyand may not be used for reference purposes or as a measure of performance for anyfinancial instrument or contract, or otherwise relied upon by third parties for any otherpurpose, without the prior written consent of BofA Global Research. These screens werenot created to act as a benchmark. The screens in this report are not a recommended list either individually or as a group ofstocks. Investors should consider the fundamentals of the companies and their ownindividual circumstances/objectives before making any investment decisions. The Global News Pulse (and the regional and sectors versions of it) is intended to be anindicative metric only and may not be used for reference purposes or as a measure ofperformance for any financial instrument or contract, or otherwise relied upon by thirdparties for any other purpose, without the prior written consent of BofA Global Research.This News Pulse was not created to act as a benchmark. Summary Performance by Theme YTD, the best performing global themes have been Photonics and AI Compute Consulting, SaaS, and Alcoholic Beverages were the best performing themes last month BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH Last 12 months: Photonics performed the best Ranking by Triple Momentum Chart 5: Average Triple Momentum Rank of Global ThemesTriple Momentum is currently stronger for AI Compute andPhotonics, and weakest for Consulting and Luxury Lifestyle Triple Momentumstrongest f