波士顿咨询（BCG）：2024年全球投资者调查报告：宏观经济风险与高估值下的乐观情绪（英文版）（16页）.pdf

1、2024 GlobalInvestor SurveyBullish in the Face of Macro Risks and High ValuationsJANUARY 2025Placement on the bear/bull spectrum%of investorsNext 12 monthsNext 3 years718252321381634404126413142313139174665422017222018322019202122202322024Extremely bullish762728251510313235262128303031416354551310720

2、1752018320195202152202312024BullishNeutralBearishExtremely bearishInvestors are quite bullish about both the near term and the next three yearsSources:BCG Global Investor Surveys,20172024.Survey question:Where would you place yourself on the bear/bull spectrum over the respective time periods?Placem

3、ent on the bear/bull spectrum by region%of investorsNext 12 monthsNext 3 yearsExtremely bullishBullishNeutralBearishExtremely bearish16201424373151404891North America22Europe&theMiddle East43Asia-Pacific81310242535615646781North America2Europe&theMiddle East1Asia-Pacific5North American investors are

4、 the most bullish on both the short and medium termsSource:BCG Global Investor Survey,2024.Survey question:Where would you place yourself on the bear/bull spectrum over the respective time periods?Most important macro risk factors%of investors ranking factor among their top 3Change vs.20235146312422

5、2120171615Geopolitical riskInterest rates and monetary policyConsumer price inflation and sentimentStagnation in world tradeInflated asset valuationsCost and wage inflationPublic-sector debt and spendingClimate and other ESG-related risksSupply chain risks and other operational risksTax policyMore s

6、ignificant change+151115n/an/c13+838n/aLess significant changeAmong investor concerns,geopolitical risk has risen to the top while interest ratesand inflation have fallen to second and third placeSources:BCG Global Investor Surveys,20232024.Survey question:What are the most important risks for inves