贝莱德投资研究所：2021全球展望报告：新的投资指令（英文版）.pdf

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1、BlackRock Investment Institute FOR PUBLIC DISTRIBUTION IN THE U.S., CANADA, HONG KONG, SINGAPORE AND AUSTRALIA. FOR INSTITUTIONAL, PROFESSIONAL, QUALIFIED INVESTORS AND QUALIFIED CLIENTS IN OTHER PERMITTED COUNTRIES. A new investment order 2021 global outlook BIIM1220U/M-1437265-1/16 2 Contents 2 We

2、 have entered a new investment order. The Covid-19 pandemic has accelerated profound shifts in how economies and societies operate. We see transformations across sustainability, inequality, geopolitics and macro policy. This is reflected in our 2021 investment themes: The new nominal, Globalization

3、rewiredand Turbocharged transformations. The new investment order is still evolving, and investors will need to adapt. Yet the features are becoming clear, and we believe this calls for a fundamental rethink of portfolio allocations starting now. Philipp Hildebrand Vice Chairman BlackRock First word

4、s Summary Introduction Macro landscape Themes The new nominal Globalization rewired Turbocharged transformations 2-4 2 3 4 5-7 5 6 7 2021 global outlook Summary Jean Boivin Head BlackRock Investment Institute Elga Bartsch Head of Macro Research BlackRock Investment Institute Mike Pyle Global Chief I

5、nvestment Strategist BlackRock Investment Institute Scott Thiel Chief Fixed Income Strategist BlackRock Investment Institute Forum focus Bottom-up Geopolitics Emerging world Asset allocation Strategic Directional Tactical The traditional business cycle playbook does not apply to the pandemic. We see

6、 the shock as more akin to that of a large-scale natural disaster followed by swift economic restart. Early in the crisis, we assessed that the ultimate cumulative economic losses what matters most for financial markets would likely prove to be a fraction of those seen in the wake of the global fina